UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive,
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
| | |
Robert Griffith, Esq. Goldman Sachs & Co. LLC 200 West Street New York, NY 10282 | | Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: November 30
Date of reporting period: November 30, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders for the Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund, and Goldman Sachs Investor Tax-Exempt New York Money Market Fund is filed herewith.
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 |
|---|
| D | $21 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38150C333-AR-1124 Class D
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
Institutional Class: FIRXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U692-AR-1124 Institutional Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 |
|---|
| Capital | $36 | 0.35% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U676-AR-1124 Capital Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 | $72 | 0.70% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U627-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 |
|---|
| Preferred | $31 | 0.30% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U650-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
Administration Class: FIOXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 |
|---|
| Administration | $46 | 0.45% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U684-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Federal Instruments Fund
Cash Management Class: FIWXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 74.4% |
| U.S. Government Agency Securities | 28.7% |
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 |
|---|
| Cash Management | $102 | 1.00% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$6,894,679,733
- # of Portfolio Holdings339
- Total Net Advisory Fees Paid$11,069,702
Goldman Sachs Financial Square Federal Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Federal Instruments Fund
38148U668-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Class A | $44 | 0.43% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38148U452-AR-1124 Class A
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Class C | $120 | 1.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38148U445-AR-1124 Class C
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Class D | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38150C366-AR-1124 Class D
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
Institutional Class: FGTXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38141W273-AR-1124 Institutional Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Capital | $34 | 0.33% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38143H506-AR-1124 Capital Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 | $70 | 0.68% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38141W257-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Preferred | $29 | 0.28% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38141W240-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Select | $22 | 0.21% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38142Y716-AR-1124 Select Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
Administration Class: FOAXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Administration | $44 | 0.43% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38141W265-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
Cash Management Class: GVCXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Cash Management | $100 | 0.98% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38145C828-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Premier | $54 | 0.53% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38145C836-AR-1124 Premier Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Resource | $85 | 0.83% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38145C810-AR-1124 Resource Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Class R6 | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38148U619-AR-1124 Class R6
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
Drexel Hamilton Class : VETXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Drexel Hamilton | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38150C762-AR-1124 Drexel Hamilton Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Loop | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38150C481-AR-1124 Loop Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Government Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Repurchase Agreements | 49.5% |
| U.S. Treasury Obligations | 37.2% |
| U.S. Government Agency Securities | 11.8% |
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 |
|---|
| Seelaus | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$263,944,324,607
- # of Portfolio Holdings547
- Total Net Advisory Fees Paid$376,182,816
Goldman Sachs Financial Square Government 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Government Fund
38150C499-AR-1124 Seelaus Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| D | $21 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38150C341-AR-1124 Class D
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
Institutional Class: FTIXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38142B500-AR-1124 Institutional Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Capital | $36 | 0.35% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38143H407-AR-1124 Capital Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 | $71 | 0.69% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38142B708-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Preferred | $31 | 0.30% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38142B807-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Select | $24 | 0.23% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38142Y724-AR-1124 Select Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
Administration Class: FRAXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Administration | $46 | 0.45% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38142B609-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
Cash Management Class: GICXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Cash Management | $101 | 0.99% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38145C729-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Premier | $56 | 0.55% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38145C737-AR-1124 Premier Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Loop | $21 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38150C465-AR-1124 Loop Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Instruments Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 99.9% |
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 |
|---|
| Seelaus | $19 | 0.19% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$93,753,462,649
- # of Portfolio Holdings279
- Total Net Advisory Fees Paid$150,799,705
Goldman Sachs Financial Square Treasury Instruments 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Instruments Fund
38150C473-AR-1124 Seelaus Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
Institutional Class: FTOXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38141W323-AR-1124 Institutional Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Capital | $36 | 0.35% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38143H308-AR-1124 Capital Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 | $72 | 0.70% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38141W299-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Preferred | $31 | 0.30% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38141W281-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Select | $24 | 0.23% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38142Y732-AR-1124 Select Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
Administration Class: FGAXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Administration | $46 | 0.45% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38141W315-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
Cash Management Class: GTOXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Cash Management | $102 | 1.00% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38145C786-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Premier | $56 | 0.55% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38145C794-AR-1124 Premier Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Obligations Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 51.8% |
| Repurchase Agreements | 51.7% |
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 |
|---|
| Resource | $87 | 0.85% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$44,821,077,322
- # of Portfolio Holdings286
- Total Net Advisory Fees Paid$76,083,076
Goldman Sachs Financial Square Treasury Obligations 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Obligations Fund
38145C778-AR-1124 Resource Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
Institutional Class: FEDXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 | 0.20% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38142B880-AR-1124 Institutional Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Capital | $36 | 0.35% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38143H605-AR-1124 Capital Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 | $72 | 0.70% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38142B864-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Preferred | $31 | 0.30% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38142B856-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Select | $24 | 0.23% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38142Y690-AR-1124 Select Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
Administration Class: FVAXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Administration | $46 | 0.45% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38142B872-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
Cash Management Class: GFCXX
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Cash Management | $102 | 1.00% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38145C752-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Financial Square Treasury Solutions Fund
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 61.8% |
| Repurchase Agreements | 48.1% |
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 |
|---|
| Premier | $56 | 0.55% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$14,685,889,276
- # of Portfolio Holdings239
- Total Net Advisory Fees Paid$26,105,956
Goldman Sachs Financial Square Treasury Solutions 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Financial Square Treasury Solutions Fund
38145C760-AR-1124 Premier Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Class A | $44 | 0.43% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U593-AR-1124 Class A
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Class C | $122 | 1.19% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U585-AR-1124 Class C
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Class D | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38150C358-AR-1124 Class D
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Class I | $18 | 0.18% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U577-AR-1124 Class I
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 | $70 | 0.68% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U296-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
Administration Class: FMKXX
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Administration | $44 | 0.43% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U569-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Money Market Fund
Cash Management Class: FHMXX
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| U.S. Treasury Obligations | 23.6% |
| Commercial Paper and Corporate Obligations | 24.9% |
| Repurchase Agreements | 19.1% |
| Variable Rate Municipal Debt Obligations | 8.8% |
| Certificate of Deposit | 7.3% |
| Variable Rate Obligations | 4.6% |
| Certificate of Deposit-Yankeedollar | 4.3% |
| Medium Term Notes | 2.2% |
| U.S. Government Agency Obligations | 1.9% |
| Other | 2.7% |
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 |
|---|
| Cash Management | $100 | 0.98% |
|---|
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$10,220,112,106
- # of Portfolio Holdings575
- Total Net Advisory Fees Paid$14,763,034
Goldman Sachs Investor Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Money Market Fund
38148U320-AR-1124 Cash Management Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt California Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 48.0% |
| Other Municipal Security | 22.7% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.7% |
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 |
|---|
| Class A | $10Footnote Reference(a) | 0.43%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,029,603
- # of Portfolio Holdings41
- Total Net Advisory Fees Paid$1,796
Goldman Sachs Investor Tax-Exempt California Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt California Money Market Fund
38150C325-AR-1124 Class A
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt California Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 48.0% |
| Other Municipal Security | 22.7% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.7% |
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 |
|---|
| Class I | $4Footnote Reference(a) | 0.18%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,029,603
- # of Portfolio Holdings41
- Total Net Advisory Fees Paid$1,796
Goldman Sachs Investor Tax-Exempt California Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt California Money Market Fund
38150C317-AR-1124 Class I
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt California Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 48.0% |
| Other Municipal Security | 22.7% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.7% |
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 | $15Footnote Reference(a) | 0.68%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,029,603
- # of Portfolio Holdings41
- Total Net Advisory Fees Paid$1,796
Goldman Sachs Investor Tax-Exempt California Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt California Money Market Fund
38150C283-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt California Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 48.0% |
| Other Municipal Security | 22.7% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.7% |
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 |
|---|
| Preferred | $7Footnote Reference(a) | 0.29%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,029,603
- # of Portfolio Holdings41
- Total Net Advisory Fees Paid$1,796
Goldman Sachs Investor Tax-Exempt California Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt California Money Market Fund
38150C275-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt California Money Market Fund
Administration Class: ICBXX
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 48.0% |
| Other Municipal Security | 22.7% |
| Non-Financial Company Commercial Paper | 18.9% |
| U.S. Treasury Debt | 7.7% |
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 |
|---|
| Administration | $10Footnote Reference(a) | 0.43%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,029,603
- # of Portfolio Holdings41
- Total Net Advisory Fees Paid$1,796
Goldman Sachs Investor Tax-Exempt California Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt California Money Market Fund
38150C291-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 |
|---|
| Class A | $45 | 0.44% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38148U353-AR-1124 Class A
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 |
|---|
| Class C | $120 | 1.19% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38148U346-AR-1124 Class C
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 |
|---|
| Class I | $19 | 0.19% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38141W182-AR-1124 Class I
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 | $70 | 0.69% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38141W166-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 |
|---|
| Preferred | $29 | 0.29% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38141W158-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt Money Market Fund
Administration Class: FEAXX
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 55.5% |
| Non-Financial Company Commercial Paper | 31.5% |
| Other Municipal Security | 9.4% |
| Tender Option Bond | 1.6% |
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 |
|---|
| Administration | $45 | 0.44% |
|---|
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 March 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective October 20, 2024, the Fund changed its principal investment strategy to permit the Fund to invest up to 20% of its net assets in securities the interest from which may be subject to federal income tax and an item of tax preference under the federal alternative minimum tax (“AMT”), including securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The Fund will continue to invest at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the AMT.
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$2,470,475,985
- # of Portfolio Holdings198
- Total Net Advisory Fees Paid$3,635,438
Goldman Sachs Investor Tax-Exempt Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt Money Market Fund
38141W174-AR-1124 Administration Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 65.3% |
| Other Municipal Security | 18.6% |
| Non-Financial Company Commercial Paper | 7.0% |
| U.S. Treasury Bills | 3.2% |
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 |
|---|
| Class A | $10Footnote Reference(a) | 0.43%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,707,484
- # of Portfolio Holdings37
- Total Net Advisory Fees Paid$1,979
Goldman Sachs Investor Tax-Exempt New York Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
38150C267-AR-1124 Class A
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 65.3% |
| Other Municipal Security | 18.6% |
| Non-Financial Company Commercial Paper | 7.0% |
| U.S. Treasury Bills | 3.2% |
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 |
|---|
| Class I | $4Footnote Reference(a) | 0.18%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,707,484
- # of Portfolio Holdings37
- Total Net Advisory Fees Paid$1,979
Goldman Sachs Investor Tax-Exempt New York Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
38150C259-AR-1124 Class I
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 65.3% |
| Other Municipal Security | 18.6% |
| Non-Financial Company Commercial Paper | 7.0% |
| U.S. Treasury Bills | 3.2% |
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 | $15Footnote Reference(a) | 0.68%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,707,484
- # of Portfolio Holdings37
- Total Net Advisory Fees Paid$1,979
Goldman Sachs Investor Tax-Exempt New York Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
38150C234-AR-1124 Service Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 65.3% |
| Other Municipal Security | 18.6% |
| Non-Financial Company Commercial Paper | 7.0% |
| U.S. Treasury Bills | 3.2% |
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 |
|---|
| Preferred | $7Footnote Reference(a) | 0.29%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,707,484
- # of Portfolio Holdings37
- Total Net Advisory Fees Paid$1,979
Goldman Sachs Investor Tax-Exempt New York Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
38150C226-AR-1124 Preferred Class
Annual Shareholder Report
November 30, 2024
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
Administration Class: INDXX
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of September 10, 2024 to November 30, 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 did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
| Variable Rate Demand Note | 65.3% |
| Other Municipal Security | 18.6% |
| Non-Financial Company Commercial Paper | 7.0% |
| U.S. Treasury Bills | 3.2% |
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 |
|---|
| Administration | $10Footnote Reference(a) | 0.43%Footnote Reference* |
|---|
| Footnote | Description |
Footnote(a) | Based on the period September 10, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
Footnote* | Annualized |
Key Fund Statistics (as of November 30, 2024)
- Total Net Assets$5,707,484
- # of Portfolio Holdings37
- Total Net Advisory Fees Paid$1,979
Goldman Sachs Investor Tax-Exempt New York Money Market 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.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Investor Tax-Exempt New York Money Market Fund
38150C242-AR-1124 Administration Class
| | (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”) | | | $ | 4,331,760 | | | | $ | 4,436,596 | | | 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 November 30, 2024 and November 30, 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. The figures for these entities are not yet available for the twelve months ended December 31, 2024. 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 November 30, 2024 Financial Square FundsSM Goldman Sachs Financial Square Federal Instruments Fund Goldman Sachs Financial Square Government Fund Goldman Sachs Financial Square Treasury Instruments Fund Goldman Sachs Financial Square Treasury Obligations Fund Goldman Sachs Financial Square Treasury Solutions Fund
Goldman Sachs Financial Square Funds
GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – 28.7% | |
| | |
| | Federal Farm Credit Bank | | | | |
| | $ | | | 1,395,000 | | | | 4.451 | % | | 05/06/25 | | $ | 1,369,127 | |
| | | | | 2,325,000 | | | | 4.342 | | | 05/15/25 | | | 2,279,924 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.000%)) | |
| | | | | 2,400,000 | | | | 4.750 | (a) | | 01/24/25 | | | 2,399,983 | |
| | Federal Farm Credit Bank ((SOFR + 0.005%)) | | | | |
| | | | | 75,000,000 | | | | 4.575 | (a) | | 04/09/25 | | | 75,000,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.010%)) | | | | |
| | | | | 125,000,000 | | | | 4.580 | (a) | | 04/25/25 | | | 125,000,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.090%)) | | | | |
| | | | | 1,057,000 | | | | 4.660 | (a) | | 03/07/25 | | | 1,057,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.110%)) | | | | |
| | | | | 8,791,000 | | | | 4.680 | (a) | | 03/11/25 | | | 8,791,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.115%)) | | | | |
| | | | | 1,803,000 | | | | 4.685 | (a) | | 12/03/24 | | | 1,803,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.125%)) | | | | |
| | | | | 1,979,000 | | | | 4.695 | (a) | | 02/10/25 | | | 1,979,000 | |
| | | | | 11,118,000 | | | | 4.695 | (a) | | 03/24/25 | | | 11,118,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.130%)) | | | | |
| | | | | 1,744,000 | | | | 4.700 | (a) | | 08/13/25 | | | 1,744,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.135%)) | | | | |
| | | | | 3,640,000 | | | | 4.705 | (a) | | 04/29/25 | | | 3,640,070 | |
| | Federal Farm Credit Bank ((SOFR + 0.145%)) | | | | |
| | | | | 3,845,000 | | | | 4.715 | (a) | | 04/28/25 | | | 3,845,000 | |
| | | | | 1,532,000 | | | | 4.715 | (a) | | 06/27/25 | | | 1,532,000 | |
| | | | | 2,517,000 | | | | 4.715 | (a) | | 07/30/25 | | | 2,517,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.150%)) | | | | |
| | | | | 3,957,000 | | | | 4.720 | (a) | | 05/27/25 | | | 3,957,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.160%)) | | | | |
| | | | | 987,000 | | | | 4.730 | (a) | | 01/30/25 | | | 987,000 | |
| | | | | 5,074,000 | | | | 4.730 | (a) | | 07/21/25 | | | 5,074,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.165%)) | | | | |
| | | | | 10,669,000 | | | | 4.735 | (a) | | 08/14/25 | | | 10,669,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.170%)) | | | | |
| | | | | 3,931,000 | | | | 4.740 | (a) | | 01/23/25 | | | 3,931,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.180%)) | | | | |
| | | | | 5,000,000 | | | | 4.750 | (a) | | 01/03/25 | | | 5,000,000 | |
| | | | | 1,588,000 | | | | 4.748 | (a) | | 04/28/25 | | | 1,588,175 | |
| | Federal Farm Credit Bank ((SOFR + 0.200%)) | | | | |
| | | | | 776,000 | | | | 4.766 | (a) | | 12/05/24 | | | 776,006 | |
| | Federal Farm Credit Bank ((US Federal Funds Effective Rate + 0.155%)) | |
| | | | | 3,139,000 | | | | 4.735 | (a) | | 06/27/25 | | | 3,139,000 | |
| | Federal Farm Credit Bank (SOFR + 0.180%) | | | | |
| | | | | 4,900,000 | | | | 4.749 | | | 12/19/24 | | | 4,900,019 | |
| | | | | 4,470,000 | | | | 4.750 | | | 12/19/24 | | | 4,470,018 | |
| | Federal Home Loan Bank | | | | |
| | | | | 250,000,000 | | | | 4.536 | | | 12/02/24 | | | 249,969,028 | |
| | | | | 846,000 | | | | 5.188 | | | 12/26/24 | | | 843,089 | |
| | | | | 9,397,000 | | | | 5.197 | | | 12/26/24 | | | 9,364,669 | |
| | | | | 6,658,000 | | | | 5.225 | | | 12/26/24 | | | 6,635,093 | |
| | | | | 2,117,000 | | | | 5.366 | | | 12/26/24 | | | 2,109,716 | |
| | | | | 2,865,000 | | | | 5.155 | | | 01/17/25 | | | 2,846,878 | |
| | | | | 21,489,000 | | | | 5.103 | | | 01/23/25 | | | 21,336,277 | |
| | | | | 2,746,000 | | | | 5.134 | | | 01/23/25 | | | 2,726,484 | |
| | | | | 2,951,000 | | | | 5.135 | | | 01/23/25 | | | 2,930,027 | |
| | | | | 9,168,000 | | | | 5.148 | | | 01/23/25 | | | 9,102,843 | |
| | | | | 7,461,000 | | | | 5.151 | | | 01/23/25 | | | 7,407,974 | |
| | | | | 7,163,000 | | | | 5.153 | | | 01/23/25 | | | 7,112,092 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – (continued) | |
| | | | | |
| | $ | | | 9,377,000 | | | | 5.160 | % | | 01/23/25 | | $ | 9,310,357 | |
| | | | | 4,065,000 | | | | 5.161 | | | 01/23/25 | | | 4,036,110 | |
| | | | | 411,000 | | | | 5.228 | | | 01/23/25 | | | 408,079 | |
| | | | | 416,000 | | | | 5.140 | | | 01/24/25 | | | 412,929 | |
| | | | | 10,530,000 | | | | 4.945 | | | 02/05/25 | | | 10,440,521 | |
| | | | | 8,029,000 | | | | 5.083 | | | 02/10/25 | | | 7,953,626 | |
| | | | | 234,000 | | | | 5.115 | | | 02/14/25 | | | 231,665 | |
| | | | | 6,214,000 | | | | 5.190 | | | 02/18/25 | | | 6,146,500 | |
| | | | | 315,000 | | | | 5.065 | | | 03/20/25 | | | 310,393 | |
| | | | | 4,029,000 | | | | 5.066 | | | 03/20/25 | | | 3,970,079 | |
| | | | | 5,359,000 | | | | 5.070 | | | 03/28/25 | | | 5,274,790 | |
| | | | | 5,231,000 | | | | 4.390 | | | 05/15/25 | | | 5,129,824 | |
| | | | | 1,744,000 | | | | 4.400 | | | 05/19/25 | | | 1,709,369 | |
| | | | | 3,589,000 | | | | 4.321 | | | 06/12/25 | | | 3,509,246 | |
| | | | | 6,292,000 | | | | 4.318 | | | 06/16/25 | | | 6,149,455 | |
| | Federal Home Loan Bank ((SOFR + 0.005%)) | | | | |
| | | | | 480,185,000 | | | | 4.575 | (a) | | 02/06/25 | | | 480,185,000 | |
| | | | | 250,000,000 | | | | 4.575 | (a) | | 02/10/25 | | | 250,000,000 | |
| | Federal Home Loan Bank ((SOFR + 0.010%)) | | | | |
| | | | | 70,000,000 | | | | 4.580 | (a) | | 04/08/25 | | | 70,000,000 | |
| | Federal Home Loan Bank ((SOFR + 0.020%)) | | | | |
| | | | | 85,000,000 | | | | 4.590 | (a) | | 01/27/25 | | | 85,001,989 | |
| | | | | 1,875,000 | | | | 4.590 | (a) | | 06/10/25 | | | 1,874,567 | |
| | Federal Home Loan Bank ((SOFR + 0.095%)) | | | | |
| | | | | 21,020,000 | | | | 4.665 | (a) | | 03/13/25 | | | 21,020,000 | |
| | Federal Home Loan Bank ((SOFR + 0.110%)) | | | | |
| | | | | 6,830,000 | | | | 4.680 | (a) | | 04/07/26 | | | 6,830,000 | |
| | Federal Home Loan Bank ((SOFR + 0.120%)) | | | | |
| | | | | 8,885,000 | | | | 4.690 | (a) | | 01/03/25 | | | 8,885,000 | |
| | | | | 20,870,000 | | | | 4.690 | (a) | | 04/17/25 | | | 20,870,000 | |
| | Federal Home Loan Bank ((SOFR + 0.125%)) | | | | |
| | | | | 7,670,000 | | | | 4.695 | (a) | | 03/24/25 | | | 7,670,000 | |
| | | | | 4,175,000 | | | | 4.695 | (a) | | 05/28/25 | | | 4,175,000 | |
| | Federal Home Loan Bank ((SOFR + 0.130%)) | | | | |
| | | | | 20,440,000 | | | | 4.700 | (a) | | 05/09/25 | | | 20,440,000 | |
| | Federal Home Loan Bank ((SOFR + 0.135%)) | | | | |
| | | | | 8,885,000 | | | | 4.705 | (a) | | 05/02/25 | | | 8,885,000 | |
| | Federal Home Loan Bank ((SOFR + 0.150%)) | | | | |
| | | | | 9,420,000 | | | | 4.720 | (a) | | 05/28/25 | | | 9,420,000 | |
| | | | | 9,640,000 | | | | 4.720 | (a) | | 06/06/25 | | | 9,640,000 | |
| | Federal Home Loan Bank ((SOFR + 0.155%)) | | | | |
| | | | | 8,455,000 | | | | 4.725 | (a) | | 07/08/25 | | | 8,455,000 | |
| | Federal Home Loan Bank ((SOFR + 0.160%)) | | | | |
| | | | | 16,170,000 | | | | 4.730 | (a) | | 07/10/25 | | | 16,170,000 | |
| | | | | 14,760,000 | | | | 4.730 | (a) | | 07/14/25 | | | 14,760,000 | |
| | | | | 6,445,000 | | | | 4.730 | (a) | | 07/25/25 | | | 6,445,000 | |
| | Federal Home Loan Bank ((SOFR + 0.165%)) | | | | |
| | | | | 8,545,000 | | | | 4.735 | (a) | | 01/17/25 | | | 8,545,000 | |
| | Tennessee Valley Authority | | | | |
| | | | | 117,000,000 | | | | 4.606 | | | 12/11/24 | | | 116,853,100 | |
| | | | | 129,200,000 | | | | 4.610 | | | 12/18/24 | | | 128,924,230 | |
| | | |
| | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | | $ | 1,980,992,321 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Treasury Obligations – 74.4% | |
| | |
| | United States Treasury Bills | | | | |
| | | | | 26,000,000 | | | | 4.612 | | | 12/10/24 | | | 25,970,555 | |
| | | | | 96,514,000 | | | | 4.635 | | | 12/19/24 | | | 96,294,779 | |
| | | | | 139,820,900 | | | | 4.645 | | | 12/19/24 | | | 139,503,312 | |
| | | | | 4,603,600 | | | | 4.651 | | | 12/19/24 | | | 4,593,143 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 1,970,400 | | | | 4.888 | % | | 12/19/24 | | $ | 1,965,924 | |
| | | | | 10,820,400 | | | | 4.601 | | | 12/24/24 | | | 10,789,042 | |
| | | | | 522,441,800 | | | | 4.622 | | | 12/24/24 | | | 520,927,744 | |
| | | | | 44,391,000 | | | | 4.642 | | | 12/24/24 | | | 44,262,353 | |
| | | | | 13,952,000 | | | | 4.646 | | | 12/24/24 | | | 13,911,567 | |
| | | | | 7,709,800 | | | | 4.683 | | | 12/24/24 | | | 7,687,457 | |
| | | | | 21,215,900 | | | | 4.699 | | | 12/24/24 | | | 21,154,415 | |
| | | | | 6,537,200 | | | | 4.700 | | | 12/24/24 | | | 6,518,255 | |
| | | | | 2,483,000 | | | | 4.704 | | | 12/24/24 | | | 2,475,804 | |
| | | | | 16,467,600 | | | | 4.705 | | | 12/24/24 | | | 16,419,876 | |
| | | | | 1,613,700 | | | | 4.585 | | | 12/26/24 | | | 1,608,620 | |
| | | | | 57,206,200 | | | | 4.630 | | | 12/26/24 | | | 57,026,110 | |
| | | | | 3,414,700 | | | | 4.643 | | | 12/26/24 | | | 3,403,950 | |
| | | | | 9,105,800 | | | | 4.648 | | | 12/26/24 | | | 9,077,134 | |
| | | | | 411,154,400 | | | | 4.613 | | | 12/31/24 | | | 409,638,377 | |
| | | | | 2,064,700 | | | | 4.628 | | | 12/31/24 | | | 2,057,087 | |
| | | | | 19,065,100 | | | | 4.633 | | | 12/31/24 | | | 18,994,802 | |
| | | | | 220,450,000 | | | | 4.642 | (b) | | 12/31/24 | | | 219,637,149 | |
| | | | | 229,952,200 | | | | 4.579 | | | 01/02/25 | | | 229,034,455 | |
| | | | | 21,456,000 | | | | 4.604 | | | 01/02/25 | | | 21,370,369 | |
| | | | | 53,296,400 | | | | 4.612 | | | 01/02/25 | | | 53,083,693 | |
| | | | | 2,265,600 | | | | 4.617 | | | 01/02/25 | | | 2,256,558 | |
| | | | | 9,953,000 | | | | 4.622 | | | 01/02/25 | | | 9,913,277 | |
| | | | | 20,247,800 | | | | 4.628 | | | 01/02/25 | | | 20,166,990 | |
| | | | | 23,887,100 | | | | 4.633 | | | 01/02/25 | | | 23,791,766 | |
| | | | | 47,181,400 | | | | 4.592 | | | 01/07/25 | | | 46,962,478 | |
| | | | | 11,517,700 | | | | 4.489 | | | 01/09/25 | | | 11,461,798 | |
| | | | | 172,800 | | | | 4.489 | | | 01/09/25 | | | 171,961 | |
| | | | | 27,196,500 | | | | 4.513 | | | 01/09/25 | | | 27,064,500 | |
| | | | | 202,300 | | | | 4.526 | | | 01/09/25 | | | 201,318 | |
| | | | | 167,408,600 | | | | 4.503 | | | 01/14/25 | | | 166,488,137 | |
| | | | | 6,378,300 | | | | 4.503 | | | 01/14/25 | | | 6,343,230 | |
| | | | | 15,664,600 | | | | 4.519 | | | 01/14/25 | | | 15,578,471 | |
| | | | | 4,233,700 | | | | 4.524 | | | 01/14/25 | | | 4,210,422 | |
| | | | | 115,831,300 | | | | 4.571 | | | 01/21/25 | | | 115,098,619 | |
| | | | | 1,387,200 | | | | 4.613 | | | 02/04/25 | | | 1,375,956 | |
| | | | | 209,300 | | | | 4.614 | | | 02/04/25 | | | 207,603 | |
| | | | | 563,400 | | | | 4.618 | | | 02/04/25 | | | 558,833 | |
| | | | | 2,889,600 | | | | 4.644 | | | 02/04/25 | | | 2,866,178 | |
| | | | | 22,675,300 | | | | 4.544 | | | 02/06/25 | | | 22,482,953 | |
| | | | | 10,408,100 | | | | 4.547 | | | 02/06/25 | | | 10,319,811 | |
| | | | | 21,976,600 | | | | 4.550 | | | 02/06/25 | | | 21,790,180 | |
| | | | | 94,855,400 | | | | 4.555 | | | 02/06/25 | | | 94,050,773 | |
| | | | | 578,700 | | | | 4.558 | | | 02/06/25 | | | 573,791 | |
| | | | | 2,594,700 | | | | 4.969 | | | 02/06/25 | | | 2,572,690 | |
| | | | | 707,000 | | | | 4.983 | | | 02/06/25 | | | 701,003 | |
| | | | | 13,279,700 | | | | 4.985 | | | 02/06/25 | | | 13,167,053 | |
| | | | | 12,222,700 | | | | 4.987 | | | 02/06/25 | | | 12,119,019 | |
| | | | | 13,233,000 | | | | 4.990 | | | 02/06/25 | | | 13,120,749 | |
| | | | | 6,418,200 | | | | 4.991 | | | 02/06/25 | | | 6,363,756 | |
| | | | | 13,591,500 | | | | 4.993 | | | 02/06/25 | | | 13,476,208 | |
| | | | | 27,543,200 | | | | 4.995 | | | 02/06/25 | | | 27,309,560 | |
| | | | | 16,358,100 | | | | 4.998 | | | 02/06/25 | | | 16,219,340 | |
| | | | | 4,393,900 | | | | 4.478 | | | 02/13/25 | | | 4,350,513 | |
| | | | | 3,040,600 | | | | 4.479 | | | 02/13/25 | | | 3,010,576 | |
| | | | | 2,139,200 | | | | 4.481 | | | 02/13/25 | | | 2,118,077 | |
| | | | | 12,341,500 | | | | 4.490 | | | 02/13/25 | | | 12,219,637 | |
| | | | | 1,114,200 | | | | 4.490 | | | 02/13/25 | | | 1,103,198 | |
| | | | | 36,264,700 | | | | 4.996 | | | 02/13/25 | | | 35,906,612 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 7,642,800 | | | | 4.511 | % | | 02/27/25 | | $ | 7,561,716 | |
| | | | | 8,361,400 | | | | 4.511 | | | 03/04/25 | | | 8,266,367 | |
| | | | | 13,172,300 | | | | 4.527 | | | 03/04/25 | | | 13,022,587 | |
| | | | | 4,225,500 | | | | 4.543 | | | 03/04/25 | | | 4,177,474 | |
| | | | | 1,483,800 | | | | 4.548 | | | 03/04/25 | | | 1,466,936 | |
| | | | | 9,449,100 | | | | 4.553 | | | 03/04/25 | | | 9,341,704 | |
| | | | | 4,206,400 | | | | 4.558 | | | 03/04/25 | | | 4,158,591 | |
| | | | | 9,523,900 | | | | 4.823 | | | 03/06/25 | | | 9,407,159 | |
| | | | | 30,687,500 | | | | 4.506 | | | 03/11/25 | | | 30,313,125 | |
| | | | | 5,969,500 | | | | 4.506 | | | 03/11/25 | | | 5,896,675 | |
| | | | | 6,609,800 | | | | 4.507 | | | 03/11/25 | | | 6,529,163 | |
| | | | | 437,300 | | | | 4.508 | | | 03/11/25 | | | 431,965 | |
| | | | | 11,948,600 | | | | 4.511 | | | 03/11/25 | | | 11,802,832 | |
| | | | | 1,449,600 | | | | 4.512 | | | 03/11/25 | | | 1,431,915 | |
| | | | | 1,093,200 | | | | 4.517 | | | 03/11/25 | | | 1,079,863 | |
| | | | | 6,516,200 | | | | 4.522 | | | 03/11/25 | | | 6,436,705 | |
| | | | | 711,200 | | | | 4.526 | | | 03/11/25 | | | 702,524 | |
| | | | | 22,227,900 | | | | 4.527 | | | 03/11/25 | | | 21,956,729 | |
| | | | | 4,476,400 | | | | 4.532 | | | 03/11/25 | | | 4,421,790 | |
| | | | | 20,565,800 | | | | 4.537 | | | 03/11/25 | | | 20,314,906 | |
| | | | | 1,796,500 | | | | 4.645 | | | 03/13/25 | | | 1,773,450 | |
| | | | | 13,717,900 | | | | 4.650 | | | 03/13/25 | | | 13,541,896 | |
| | | | | 2,800 | | | | 4.696 | | | 03/13/25 | | | 2,764 | |
| | | | | 34,443,700 | | | | 4.701 | | | 03/13/25 | | | 34,001,779 | |
| | | | | 500 | | | | 4.705 | | | 03/13/25 | | | 494 | |
| | | | | 14,953,500 | | | | 4.742 | | | 03/13/25 | | | 14,761,643 | |
| | | | | 22,211,500 | | | | 4.503 | | | 03/18/25 | | | 21,922,379 | |
| | | | | 7,674,800 | | | | 4.503 | | | 03/18/25 | | | 7,574,899 | |
| | | | | 3,651,500 | | | | 4.506 | | | 03/18/25 | | | 3,603,969 | |
| | | | | 1,827,200 | | | | 4.510 | | | 03/18/25 | | | 1,803,416 | |
| | | | | 2,866,100 | | | | 4.511 | | | 03/18/25 | | | 2,828,793 | |
| | | | | 17,430,000 | | | | 4.517 | | | 03/18/25 | | | 17,203,118 | |
| | | | | 2,692,700 | | | | 4.504 | | | 03/25/25 | | | 2,655,316 | |
| | | | | 51,680,200 | | | | 4.506 | | | 03/25/25 | | | 50,962,708 | |
| | | | | 31,327,500 | | | | 4.510 | | | 03/25/25 | | | 30,892,571 | |
| | | | | 10,656,500 | | | | 4.510 | | | 03/25/25 | | | 10,508,553 | |
| | | | | 4,838,000 | | | | 4.511 | | | 03/25/25 | | | 4,770,833 | |
| | | | | 5,831,800 | | | | 4.516 | | | 03/25/25 | | | 5,750,835 | |
| | | | | 34,384,400 | | | | 4.517 | | | 03/25/25 | | | 33,907,031 | |
| | | | | 6,732,400 | | | | 4.521 | | | 03/25/25 | | | 6,638,932 | |
| | | | | 133,022,500 | | | | 4.388 | | | 03/27/25 | | | 131,190,424 | |
| | | | | 572,500 | | | | 4.423 | | | 03/27/25 | | | 564,615 | |
| | | | | 1,802,900 | | | | 4.432 | | | 03/27/25 | | | 1,778,069 | |
| | | | | 2,381,300 | | | | 4.447 | | | 03/27/25 | | | 2,348,503 | |
| | | | | 422,600 | | | | 4.447 | | | 03/27/25 | | | 416,780 | |
| | | | | 634,800 | | | | 4.447 | | | 03/27/25 | | | 626,057 | |
| | | | | 50,282,400 | | | | 4.418 | | | 04/03/25 | | | 49,557,757 | |
| | | | | 1,404,900 | | | | 4.418 | | | 04/03/25 | | | 1,384,653 | |
| | | | | 682,600 | | | | 4.397 | | | 04/10/25 | | | 671,987 | |
| | | | | 2,127,400 | | | | 4.397 | | | 04/10/25 | | | 2,094,325 | |
| | | | | 127,575,900 | | | | 4.427 | | | 04/10/25 | | | 125,592,439 | |
| | | | | 210,700 | | | | 4.429 | | | 04/10/25 | | | 207,424 | |
| | | | | 1,957,200 | | | | 4.433 | | | 04/10/25 | | | 1,926,771 | |
| | | | | 2,218,500 | | | | 4.451 | | | 04/10/25 | | | 2,184,008 | |
| | | | | 1,920,200 | | | | 4.394 | | | 04/24/25 | | | 1,886,971 | |
| | | | | 20,473,800 | | | | 4.394 | | | 04/24/25 | | | 20,119,499 | |
| | | | | 493,100 | | | | 4.399 | | | 04/24/25 | | | 484,567 | |
| | | | | 3,928,600 | | | | 4.399 | | | 04/24/25 | | | 3,860,615 | |
| | | | | 330,100 | | | | 4.415 | | | 04/24/25 | | | 324,388 | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 704,500 | | | | 4.415 | % | | 04/24/25 | | $ | 692,309 | |
| | | | | 6,573,100 | | | | 4.427 | | | 04/24/25 | | | 6,459,352 | |
| | | | | 3,020,200 | | | | 4.422 | | | 05/01/25 | | | 2,965,426 | |
| | | | | 78,176,700 | | | | 4.444 | | | 05/01/25 | | | 76,758,908 | |
| | | | | 25,538,300 | | | | 4.414 | | | 05/08/25 | | | 25,059,810 | |
| | | | | 22,956,800 | | | | 4.425 | | | 05/08/25 | | | 22,526,678 | |
| | | | | 14,945,000 | | | | 4.427 | | | 05/08/25 | | | 14,664,988 | |
| | | | | 9,165,300 | | | | 4.438 | | | 05/08/25 | | | 8,993,577 | |
| | | | | 13,056,400 | | | | 4.443 | | | 05/08/25 | | | 12,811,773 | |
| | | | | 6,925,900 | | | | 4.099 | | | 05/15/25 | | | 6,784,194 | |
| | | | | 2,360,600 | | | | 4.099 | | | 05/15/25 | | | 2,312,301 | |
| | | | | 1,255,800 | | | | 4.099 | | | 05/15/25 | | | 1,230,106 | |
| | | | | 1,458,300 | | | | 4.102 | | | 05/15/25 | | | 1,428,463 | |
| | | | | 34,763,400 | | | | 4.102 | | | 05/15/25 | | | 34,052,129 | |
| | | | | 16,475,900 | | | | 4.124 | | | 05/15/25 | | | 16,138,798 | |
| | | | | 11,419,500 | | | | 4.125 | | | 05/15/25 | | | 11,185,853 | |
| | | | | 3,645,800 | | | | 4.125 | | | 05/15/25 | | | 3,571,206 | |
| | | | | 3,060,300 | | | | 4.128 | | | 05/15/25 | | | 2,997,685 | |
| | | | | 8,704,600 | | | | 4.182 | | | 05/15/25 | | | 8,526,501 | |
| | | | | 5,739,200 | | | | 4.206 | | | 05/15/25 | | | 5,621,774 | |
| | | | | 2,869,600 | | | | 4.216 | | | 05/15/25 | | | 2,810,887 | |
| | | | | 5,739,200 | | | | 4.280 | | | 05/15/25 | | | 5,621,774 | |
| | | | | 4,399,600 | | | | 4.280 | | | 05/15/25 | | | 4,309,583 | |
| | | | | 4,562,400 | | | | 4.280 | | | 05/15/25 | | | 4,469,052 | |
| | | | | 760,900 | | | | 4.469 | | | 05/15/25 | | | 745,332 | |
| | | | | 11,435,200 | | | | 4.470 | | | 05/15/25 | | | 11,201,232 | |
| | | | | 15,387,200 | | | | 4.474 | | | 05/15/25 | | | 15,072,373 | |
| | | | | 2,571,100 | | | | 4.475 | | | 05/15/25 | | | 2,518,494 | |
| | | | | 1,779,500 | | | | 4.476 | | | 05/15/25 | | | 1,743,091 | |
| | | | | 474,500 | | | | 4.458 | | | 05/22/25 | | | 464,717 | |
| | | | | 7,383,400 | | | | 4.462 | | | 05/22/25 | | | 7,231,178 | |
| | | | | 524,800 | | | | 4.463 | | | 05/22/25 | | | 513,980 | |
| | | | | 2,592,600 | | | | 4.468 | | | 05/22/25 | | | 2,539,149 | |
| | | | | 52,580,100 | | | | 4.475 | | | 05/22/25 | | | 51,496,064 | |
| | | | | 2,697,800 | | | | 4.477 | | | 05/22/25 | | | 2,642,180 | |
| | | | | 6,562,400 | | | | 4.480 | | | 05/22/25 | | | 6,427,104 | |
| | | | | 191,400 | | | | 4.486 | | | 05/22/25 | | | 187,454 | |
| | | | | 1,323,400 | | | | 4.488 | | | 05/22/25 | | | 1,296,116 | |
| | | | | 380,500 | | | | 4.491 | | | 05/22/25 | | | 372,655 | |
| | | | | 10,022,000 | | | | 4.496 | | | 05/22/25 | | | 9,815,378 | |
| | | | | 5,988,500 | | | | 4.459 | | | 05/29/25 | | | 5,859,736 | |
| | | | | 3,208,200 | | | | 4.459 | | | 05/29/25 | | | 3,139,218 | |
| | | | | 1,000,600 | | | | 4.467 | | | 05/29/25 | | | 979,085 | |
| | | | | 3,839,900 | | | | 4.469 | | | 05/29/25 | | | 3,757,335 | |
| | | | | 2,274,900 | | | | 4.488 | | | 05/29/25 | | | 2,225,986 | |
| | | | | 35,291,900 | | | | 4.498 | | | 05/29/25 | | | 34,533,060 | |
| | | | | 2,250,700 | | | | 3.964 | | | 08/07/25 | | | 2,185,571 | |
| | | | | 471,500 | | | | 3.964 | | | 08/07/25 | | | 457,856 | |
| | | | | 282,900 | | | | 3.978 | | | 08/07/25 | | | 274,714 | |
| | | | | 320,200 | | | | 3.986 | | | 08/07/25 | | | 310,934 | |
| | | | | 282,900 | | | | 4.000 | | | 08/07/25 | | | 274,714 | |
| | | | | 1,947,000 | | | | 4.016 | | | 08/07/25 | | | 1,890,659 | |
| | | | | 9,589,600 | | | | 4.029 | | | 08/07/25 | | | 9,312,102 | |
| | | | | 4,554,200 | | | | 4.033 | | | 08/07/25 | | | 4,422,413 | |
| | | | | 3,369,900 | | | | 4.033 | | | 08/07/25 | | | 3,272,384 | |
| | | | | 596,900 | | | | 4.061 | | | 08/07/25 | | | 579,627 | |
| | | | | 2,264,800 | | | | 4.065 | | | 08/07/25 | | | 2,199,262 | |
| | | | | 96,300 | | | | 4.076 | | | 08/07/25 | | | 93,513 | |
| | | | | 1,925,600 | | | | 4.120 | | | 08/07/25 | | | 1,869,878 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 2,888,500 | | | | 4.147 | % | | 08/07/25 | | $ | 2,804,914 | |
| | | | | 257,300 | | | | 4.162 | | | 08/07/25 | | | 249,854 | |
| | | | | 5,959,700 | | | | 4.178 | | | 08/07/25 | | | 5,787,242 | |
| | | | | 2,339,800 | | | | 4.404 | | | 08/07/25 | | | 2,272,092 | |
| | | | | 2,127,800 | | | | 4.418 | | | 08/07/25 | | | 2,066,227 | |
| | | | | 1,262,800 | | | | 4.447 | | | 08/07/25 | | | 1,226,258 | |
| | | | | 383,600 | | | | 4.457 | | | 08/07/25 | | | 372,500 | |
| | | | | 446,800 | | | | 4.460 | | | 08/07/25 | | | 433,871 | |
| | | | | 1,200,800 | | | | 4.311 | | | 09/04/25 | | | 1,162,918 | |
| | | | | 5,484,500 | | | | 4.214 | | | 10/02/25 | | | 5,297,715 | |
| | | | | 4,380,400 | | | | 4.244 | | | 10/02/25 | | | 4,231,217 | |
| | | | | 1,516,300 | | | | 4.246 | | | 10/02/25 | | | 1,464,660 | |
| | | | | 1,616,800 | | | | 4.321 | | | 10/30/25 | | | 1,555,577 | |
| | | | | 2,658,800 | | | | 4.361 | | | 10/30/25 | | | 2,558,119 | |
| | | | | 1,940,400 | | | | 4.366 | | | 10/30/25 | | | 1,866,923 | |
| | | | | 2,994,400 | | | | 4.376 | | | 10/30/25 | | | 2,881,011 | |
| | | | | 778,500 | | | | 4.382 | | | 10/30/25 | | | 749,021 | |
| | | | | 598,800 | | | | 4.390 | | | 10/30/25 | | | 576,125 | |
| | | | | 4,799,500 | | | | 4.390 | | | 10/30/25 | | | 4,617,757 | |
| | | | | 3,901,200 | | | | 4.390 | | | 10/30/25 | | | 3,753,473 | |
| | | | | 57,000,000 | | | | 4.393 | | | 10/30/25 | | | 54,841,580 | |
| | | | | 25,012,200 | | | | 4.436 | | | 11/28/25 | | | 23,958,366 | |
| | United States Treasury Floating Rate Note | |
| | | | | 46,000 | | | | 5.091 | | | 02/28/25 | | | 45,564 | |
| | | | | 520,900 | | | | 5.102 | | | 02/28/25 | | | 515,966 | |
| | | | | 52,468,000 | | | | 4.634 | | | 04/30/25 | | | 52,464,221 | |
| | | | | 33,790,900 | | | | 4.635 | | | 04/30/25 | | | 33,788,466 | |
| | | | | 1,594,600 | | | | 4.330 | | | 05/15/25 | | | 1,578,377 | |
| | | | | 1,160,500 | | | | 4.361 | | | 05/15/25 | | | 1,151,914 | |
| | | | | 2,287,300 | | | | 4.429 | | | 05/15/25 | | | 2,264,030 | |
| | | | | 13,105,800 | | | | 4.439 | | | 05/15/25 | | | 12,972,469 | |
| | | | | 1,143,600 | | | | 4.449 | | | 05/15/25 | | | 1,131,966 | |
| | | | | 285,800 | | | | 4.315 | | | 07/31/25 | | | 285,212 | |
| | | | | 4,527,500 | | | | 4.595 | | | 07/31/25 | | | 4,525,653 | |
| | | | | 9,169,700 | | | | 4.987 | | | 07/31/25 | | | 8,890,932 | |
| | | | | 12,389,900 | | | | 4.989 | | | 07/31/25 | | | 12,013,234 | |
| | | | | 9,757,800 | | | | 5.075 | | | 07/31/25 | | | 9,461,153 | |
| | | | | 9,273,300 | | | | 5.096 | | | 07/31/25 | | | 9,254,224 | |
| | | | | 282,900 | | | | 4.289 | | | 08/15/25 | | | 280,373 | |
| | | | | 13,064,900 | | | | 4.296 | | | 08/15/25 | | | 12,857,593 | |
| | | | | 952,700 | | | | 4.299 | | | 08/15/25 | | | 944,190 | |
| | | | | 570,500 | | | | 4.391 | | | 08/15/25 | | | 561,448 | |
| | | | | 380,300 | | | | 4.394 | | | 08/15/25 | | | 376,903 | |
| | | | | 1,309,400 | | | | 4.456 | | | 08/15/25 | | | 1,288,623 | |
| | | | | 4,925,100 | | | | 4.460 | | | 08/15/25 | | | 4,881,108 | |
| | | | | 6,864,100 | | | | 4.391 | | | 11/30/25 | | | 6,896,112 | |
| | | | | 91,971,500 | | | | 4.709 | | | 01/31/26 | | | 92,000,319 | |
| | | | | 458,100 | | | | 4.647 | | | 07/31/26 | | | 457,571 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.125%) | |
| | | | | 49,208,400 | | | | 4.592 | | | 07/31/25 | | | 49,188,326 | |
| | | | | 19,388,300 | | | | 4.593 | | | 07/31/25 | | | 19,380,391 | |
| | | | | 60,729,600 | | | | 4.594 | | | 07/31/25 | | | 60,704,827 | |
| | | | | 32,488,600 | | | | 4.595 | | | 07/31/25 | | | 32,475,347 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.150%) | |
| | | | | 77,375,100 | | | | 4.614 | | | 04/30/26 | | | 77,373,199 | |
| | | | | 5,908,000 | | | | 4.617 | | | 04/30/26 | | | 5,907,855 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.169%) | |
| | | | | |
| | $ | | | 5,135,300 | | | | 4.631 | % | | 04/30/25 | | $ | 5,134,930 | |
| | | | | 10,018,800 | | | | 4.632 | | | 04/30/25 | | | 10,018,079 | |
| | | | | 6,384,300 | | | | 4.633 | | | 04/30/25 | | | 6,383,840 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.170%) | |
| | | | | 30,487,000 | | | | 4.641 | | | 10/31/25 | | | 30,474,752 | |
| | | | | 69,777,600 | | | | 5.495 | | | 10/31/25 | | | 69,749,567 | |
| | | | | 59,571,700 | | | | 5.504 | | | 10/31/25 | | | 59,547,768 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.182%) | |
| | | | | 3,561,700 | | | | 4.648 | | | 07/31/26 | | | 3,557,589 | |
| | | | | 22,500,000 | | | | 4.653 | | | 07/31/26 | | | 22,474,026 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.200%) | |
| | | | | 78,096,000 | | | | 4.664 | | | 01/31/25 | | | 78,094,118 | |
| | | | | 36,929,600 | | | | 4.665 | | | 01/31/25 | | | 36,928,710 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.205%) | |
| | | | | 25,290,800 | | | | 4.668 | | | 10/31/26 | | | 25,302,474 | |
| | | | | 9,966,500 | | | | 4.669 | | | 10/31/26 | | | 9,971,100 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.245%) | |
| | | | | 3,513,600 | | | | 4.704 | | | 01/31/26 | | | 3,514,701 | |
| | | | | 39,719,000 | | | | 4.705 | | | 01/31/26 | | | 39,731,446 | |
| | | | | 76,438,600 | | | | 4.706 | | | 01/31/26 | | | 76,462,552 | |
| | | | | 17,899,200 | | | | 4.707 | | | 01/31/26 | | | 17,904,808 | |
| | | | | 34,835,900 | | | | 4.708 | | | 01/31/26 | | | 34,846,816 | |
| | | |
| | TOTAL U.S. TREASURY OBLIGATIONS | | $ | 5,130,785,456 | |
| | | |
| | TOTAL INVESTMENTS - 103.1% | | $ | 7,111,777,777 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (3.1)% | | | (217,098,044) | |
| | | |
| | NET ASSETS - 100.0% | | $ | 6,894,679,733 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
| | (b) | All or a portion represents a forward commitment. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.
| | |
| Investment Abbreviations: |
| |
| MMY | | —Money Market Yield |
| |
| Prime | | —Federal Reserve Bank Prime Loan Rate US |
| |
| SOFR | | —Secured Overnight Financing Rate |
| |
| T-Bill | | —Treasury Bill |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – 11.8% | |
| | |
| | Federal Farm Credit Bank | | | | |
| | $ | | | 58,003,000 | | | | 4.451 | % | | 05/06/25 | | $ | 56,927,237 | |
| | | | | 96,672,000 | | | | 4.342 | | | 05/15/25 | | | 94,797,772 | |
| | Federal Farm Credit Bank ((Prime Rate - 2.990%)) | |
| | | | | 237,679,000 | | | | 4.760 | (a) | | 06/18/26 | | | 237,679,000 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.000%)) | |
| | | | | 143,475,000 | | | | 4.750 | (a) | | 01/24/25 | | | 143,473,997 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.025%)) | |
| | | | | 112,926,000 | | | | 4.722 | (a) | | 03/18/26 | | | 112,973,961 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.035%)) | |
| | | | | 142,400,000 | | | | 4.715 | (a) | | 04/29/26 | | | 142,400,000 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.040%)) | |
| | | | | 120,598,000 | | | | 4.710 | (a) | | 05/21/26 | | | 120,598,000 | |
| | | | | 38,108,000 | | | | 4.710 | (a) | | 05/28/26 | | | 38,108,000 | |
| | | | | 99,052,000 | | | | 4.710 | (a) | | 06/12/26 | | | 99,052,000 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.060%)) | |
| | | | | 142,042,000 | | | | 4.690 | (a) | | 03/24/26 | | | 142,042,000 | |
| | Federal Farm Credit Bank ((Prime Rate - 3.070%)) | |
| | | | | 189,843,000 | | | | 4.680 | (a) | | 01/02/26 | | | 189,843,000 | |
| | | | | 188,864,000 | | | | 4.680 | (a) | | 01/29/26 | | | 188,864,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.085%)) | |
| | | | | 236,080,000 | | | | 4.655 | (a) | | 12/29/25 | | | 236,080,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.090%)) | |
| | | | | 96,103,000 | | | | 4.660 | (a) | | 03/07/25 | | | 96,103,000 | |
| | | | | 135,450,000 | | | | 4.660 | (a) | | 02/09/26 | | | 135,450,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.100%)) | |
| | | | | 246,870,000 | | | | 4.670 | (a) | | 04/15/26 | | | 246,870,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.105%)) | |
| | | | | 88,735,000 | | | | 4.675 | (a) | | 03/18/26 | | | 88,742,968 | |
| | | | | 245,524,000 | | | | 4.675 | (a) | | 05/26/26 | | | 245,524,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.110%)) | |
| | | | | 481,116,000 | | | | 4.680 | (a) | | 03/11/25 | | | 481,116,000 | |
| | | | | 89,344,000 | | | | 4.680 | (a) | | 03/13/26 | | | 89,344,000 | |
| | | | | 96,013,000 | | | | 4.680 | (a) | | 04/16/26 | | | 96,013,000 | |
| | | | | 118,832,000 | | | | 4.680 | (a) | | 04/21/26 | | | 118,832,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.115%)) | |
| | | | | 107,032,000 | | | | 4.685 | (a) | | 12/03/24 | | | 107,032,000 | |
| | | | | 33,651,000 | | | | 4.685 | (a) | | 04/08/26 | | | 33,651,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.120%)) | |
| | | | | 123,239,000 | | | | 4.690 | (a) | | 07/15/26 | | | 123,239,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.125%)) | |
| | | | | 96,978,000 | | | | 4.695 | (a) | | 02/10/25 | | | 96,978,000 | |
| | | | | 544,911,000 | | | | 4.695 | (a) | | 03/24/25 | | | 544,911,000 | |
| | | | | 133,264,000 | | | | 4.695 | (a) | | 06/10/26 | | | 133,264,000 | |
| | | | | 132,192,000 | | | | 4.695 | (a) | | 06/15/26 | | | 132,192,000 | |
| | | | | 266,486,000 | | | | 4.695 | (a) | | 06/18/26 | | | 266,486,000 | |
| | | | | 320,951,000 | | | | 4.695 | (a) | | 08/06/26 | | | 320,951,000 | |
| | | | | 540,136,000 | | | | 4.695 | (a) | | 09/21/26 | | | 540,136,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.130%)) | |
| | | | | 158,568,000 | | | | 4.700 | (a) | | 08/13/25 | | | 158,568,000 | |
| | | | | 158,440,000 | | | | 4.700 | (a) | | 08/28/26 | | | 158,440,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.135%)) | |
| | | | | 166,002,000 | | | | 4.705 | (a) | | 04/29/25 | | | 166,005,186 | |
| | Federal Farm Credit Bank ((SOFR + 0.140%)) | |
| | | | | 45,514,000 | | | | 4.710 | (a) | | 08/26/26 | | | 45,514,000 | |
| | | | | 155,027,000 | | | | 4.710 | (a) | | 09/04/26 | | | 155,027,000 | |
| | | | | 91,870,000 | | | | 4.710 | (a) | | 09/09/26 | | | 91,870,000 | |
| | | | | 340,680,000 | | | | 4.710 | (a) | | 10/09/26 | | | 340,680,000 | |
| | | | | 47,982,000 | | | | 4.710 | (a) | | 10/23/26 | | | 47,982,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – (continued) | |
| | |
| | Federal Farm Credit Bank ((SOFR + 0.145%)) | | | | |
| | $ | | | 228,256,000 | | | | 4.715 | %(a) | | 04/28/25 | | $ | 228,256,000 | |
| | | | | 71,945,000 | | | | 4.715 | (a) | | 06/27/25 | | | 71,945,000 | |
| | | | | 114,262,000 | | | | 4.715 | (a) | | 07/30/25 | | | 114,262,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.150%)) | | | | |
| | | | | 146,709,000 | | | | 4.720 | (a) | | 01/03/25 | | | 146,709,000 | |
| | | | | 170,305,000 | | | | 4.720 | (a) | | 05/27/25 | | | 170,305,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.155%)) | | | | |
| | | | | 308,444,000 | | | | 4.725 | (a) | | 02/10/25 | | | 308,444,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.160%)) | | | | |
| | | | | 57,378,000 | | | | 4.730 | (a) | | 01/30/25 | | | 57,378,000 | |
| | | | | 237,642,000 | | | | 4.730 | (a) | | 07/21/25 | | | 237,642,000 | |
| | | | | 358,327,000 | | | | 4.730 | (a) | | 08/04/25 | | | 358,327,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.165%)) | | | | |
| | | | | 122,917,000 | | | | 4.735 | (a) | | 08/14/25 | | | 122,917,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.170%)) | | | | |
| | | | | 234,191,000 | | | | 4.740 | (a) | | 01/23/25 | | | 234,191,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.180%)) | | | | |
| | | | | 292,500,000 | | | | 4.750 | (a) | | 01/03/25 | | | 292,500,000 | |
| | | | | 77,958,000 | | | | 4.748 | (a) | | 04/28/25 | | | 77,966,592 | |
| | Federal Farm Credit Bank ((SOFR + 0.195%)) | | | | |
| | | | | 215,599,000 | | | | 4.775 | (a) | | 06/02/25 | | | 215,599,000 | |
| | Federal Farm Credit Bank ((SOFR + 0.200%)) | | | | |
| | | | | 46,034,000 | | | | 4.766 | (a) | | 12/05/24 | | | 46,034,327 | |
| | Federal Farm Credit Bank (Prime Rate - 3.030%) | |
| | | | | 127,409,000 | | | | 4.718 | (a) | | 04/17/26 | | | 127,423,265 | |
| | | | | 211,586,000 | | | | 4.720 | (a) | | 04/17/26 | | | 211,609,690 | |
| | Federal Farm Credit Bank (SOFR + 0.180%) | | | | |
| | | | | 287,975,000 | | | | 4.749 | (a) | | 12/19/24 | | | 287,976,121 | |
| | | | | 280,910,000 | | | | 4.750 | (a) | | 12/19/24 | | | 280,911,094 | |
| | Federal Home Loan Bank | | | | |
| | | | | 311,137,000 | | | | 5.197 | | | 12/26/24 | | | 310,066,464 | |
| | | | | 238,405,000 | | | | 5.219 | | | 12/26/24 | | | 237,584,715 | |
| | | | | 297,318,000 | | | | 5.225 | | | 12/26/24 | | | 296,295,011 | |
| | | | | 78,048,000 | | | | 5.366 | | | 12/26/24 | | | 77,779,458 | |
| | | | | 96,000,000 | | | | 5.155 | | | 01/17/25 | | | 95,392,760 | |
| | | | | 719,997,000 | | | | 5.103 | | | 01/23/25 | | | 714,879,947 | |
| | | | | 91,995,000 | | | | 5.134 | | | 01/23/25 | | | 91,341,187 | |
| | | | | 98,880,000 | | | | 5.135 | | | 01/23/25 | | | 98,177,255 | |
| | | | | 307,199,000 | | | | 5.148 | | | 01/23/25 | | | 305,015,722 | |
| | | | | 250,005,000 | | | | 5.151 | | | 01/23/25 | | | 248,228,202 | |
| | | | | 239,999,000 | | | | 5.153 | | | 01/23/25 | | | 238,293,316 | |
| | | | | 314,179,000 | | | | 5.160 | | | 01/23/25 | | | 311,946,115 | |
| | | | | 136,213,000 | | | | 5.161 | | | 01/23/25 | | | 135,244,928 | |
| | | | | 13,771,000 | | | | 5.228 | | | 01/23/25 | | | 13,673,129 | |
| | | | | 13,927,000 | | | | 5.140 | | | 01/24/25 | | | 13,824,177 | |
| | | | | 474,761,000 | | | | 4.945 | | | 02/05/25 | | | 470,726,718 | |
| | | | | 336,454,000 | | | | 5.083 | | | 02/10/25 | | | 333,295,444 | |
| | | | | 480,996,000 | | | | 5.078 | | | 02/12/25 | | | 476,358,197 | |
| | | | | 9,553,000 | | | | 5.115 | | | 02/14/25 | | | 9,457,669 | |
| | | | | 240,444,000 | | | | 5.190 | | | 02/18/25 | | | 237,832,177 | |
| | | | | 12,042,000 | | | | 5.065 | | | 03/20/25 | | | 11,865,896 | |
| | | | | 154,422,000 | | | | 5.066 | | | 03/20/25 | | | 152,163,707 | |
| | | | | 207,385,000 | | | | 5.070 | | | 03/28/25 | | | 204,126,204 | |
| | | | | 217,512,000 | | | | 4.390 | | | 05/15/25 | | | 213,304,955 | |
| | | | | 72,504,000 | | | | 4.400 | | | 05/19/25 | | | 71,064,252 | |
| | | | | 144,736,000 | | | | 4.321 | | | 06/12/25 | | | 141,519,705 | |
| | | | | 253,772,000 | | | | 4.318 | | | 06/16/25 | | | 248,022,795 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – (continued) | |
| |
| | Federal Home Loan Bank ((SOFR - 0.005%)) | |
| | $ | | | 1,500,000,000 | | | | 4.565 | %(a) | | 02/19/25 | | $ | 1,500,000,000 | |
| | Federal Home Loan Bank ((SOFR + 0.005%)) | |
| | | | | 208,230,000 | | | | 4.575 | (a) | | 02/06/25 | | | 208,230,000 | |
| | Federal Home Loan Bank ((SOFR + 0.020%)) | |
| | | | | 85,485,000 | | | | 4.590 | (a) | | 06/10/25 | | | 85,485,000 | |
| | Federal Home Loan Bank ((SOFR + 0.090%)) | |
| | | | | 48,040,000 | | | | 4.660 | (a) | | 02/19/26 | | | 48,040,000 | |
| | Federal Home Loan Bank ((SOFR + 0.095%)) | |
| | | | | 950,845,000 | | | | 4.665 | (a) | | 03/13/25 | | | 950,845,000 | |
| | Federal Home Loan Bank ((SOFR + 0.100%)) | |
| | | | | 197,495,000 | | | | 4.670 | (a) | | 04/17/26 | | | 197,495,000 | |
| | Federal Home Loan Bank ((SOFR + 0.110%)) | |
| | | | | 240,065,000 | | | | 4.680 | (a) | | 04/07/26 | | | 240,065,000 | |
| | Federal Home Loan Bank ((SOFR + 0.120%)) | |
| | | | | 467,075,000 | | | | 4.690 | (a) | | 01/03/25 | | | 467,075,000 | |
| | | | | 950,320,000 | | | | 4.690 | (a) | | 04/17/25 | | | 950,320,000 | |
| | Federal Home Loan Bank ((SOFR + 0.125%)) | |
| | | | | 375,800,000 | | | | 4.695 | (a) | | 03/24/25 | | | 375,800,000 | |
| | | | | 190,065,000 | | | | 4.695 | (a) | | 05/28/25 | | | 190,065,000 | |
| | Federal Home Loan Bank ((SOFR + 0.130%)) | |
| | | | | 949,450,000 | | | | 4.700 | (a) | | 05/09/25 | | | 949,450,000 | |
| | Federal Home Loan Bank ((SOFR + 0.135%)) | |
| | | | | 467,075,000 | | | | 4.705 | (a) | | 05/02/25 | | | 467,075,000 | |
| | Federal Home Loan Bank ((SOFR + 0.140%)) | |
| | | | | 375,825,000 | | | | 4.710 | (a) | | 09/09/26 | | | 375,825,000 | |
| | | | | 493,740,000 | | | | 4.710 | (a) | | 10/08/26 | | | 493,740,000 | |
| | | | | 365,125,000 | | | | 4.710 | (a) | | 10/29/26 | | | 365,125,000 | |
| | Federal Home Loan Bank ((SOFR + 0.150%)) | |
| | | | | 559,000,000 | | | | 4.720 | (a) | | 05/28/25 | | | 559,000,000 | |
| | | | | 472,510,000 | | | | 4.720 | (a) | | 06/06/25 | | | 472,510,000 | |
| | Federal Home Loan Bank ((SOFR + 0.155%)) | |
| | | | | 66,690,000 | | | | 4.725 | (a) | | 07/08/25 | | | 66,690,000 | |
| | Federal Home Loan Bank ((SOFR + 0.160%)) | |
| | | | | 496,000,000 | | | | 4.730 | (a) | | 02/03/25 | | | 496,000,000 | |
| | | | | 300,265,000 | | | | 4.730 | (a) | | 07/25/25 | | | 300,265,000 | |
| | | | | 182,005,000 | | | | 4.730 | (a) | | 08/08/25 | | | 182,005,000 | |
| | Federal Home Loan Bank ((SOFR + 0.165%)) | |
| | | | | 476,015,000 | | | | 4.735 | (a) | | 01/17/25 | | | 476,015,000 | |
| | Federal Home Loan Mortgage Corp. ((SOFR + 0.090%)) | |
| | | | | 689,029,000 | | | | 4.660 | (a) | | 01/26/26 | | | 689,029,000 | |
| | Federal Home Loan Mortgage Corp. ((SOFR + 0.140%)) | |
| | | | | 404,828,000 | | | | 4.710 | (a) | | 09/04/26 | | | 404,828,000 | |
| | | | | 229,714,000 | | | | 4.710 | (a) | | 10/16/26 | | | 229,714,000 | |
| | Federal National Mortgage Association ((SOFR + 0.120%)) | |
| | | | | 476,898,000 | | | | 4.690 | (a) | | 07/29/26 | | | 476,898,000 | |
| | Federal National Mortgage Association ((SOFR + 0.135%)) | |
| | | | | 987,275,000 | | | | 4.705 | (a) | | 08/21/26 | | | 987,258,961 | |
| | Federal National Mortgage Association ((SOFR + 0.140%)) | |
| | | | | 863,397,000 | | | | 4.710 | (a) | | 09/11/26 | | | 863,397,000 | |
| | | | | 237,973,000 | | | | 4.710 | (a) | | 10/23/26 | | | 237,973,000 | |
| | U.S. International Development Finance Corp. | |
| | | | | 11,372,000 | | | | 0.000 | | | 09/30/25 | | | 11,454,579 | |
| | U.S. International Development Finance Corp. ((3 Mo. U.S. Treasury Bill Yield + 0.000%)) | |
| | | | | 10,050,000 | | | | 4.750 | (a) | | 06/15/25 | | | 10,050,000 | |
| | | | | 9,752,924 | | | | 4.750 | (a) | | 07/15/25 | | | 9,752,924 | |
| | | | | 3,789,474 | | | | 4.750 | (a) | | 09/15/25 | | | 3,789,474 | |
| | | | | 27,650,000 | | | | 4.750 | (a) | | 07/09/26 | | | 27,650,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Government Agency Securities – (continued) | |
| | | | | |
| | $ | | | 20,993,333 | | | | 4.750 | %(a) | | 09/15/26 | | $ | 20,993,333 | |
| | | | | 14,019,230 | | | | 4.750 | (a) | | 12/15/26 | | | 14,019,230 | |
| | | | | 5,624,999 | | | | 4.800 | (a) | | 01/20/27 | | | 5,624,999 | |
| | | | | 4,125,000 | | | | 4.750 | (a) | | 06/20/27 | | | 4,125,000 | |
| | | | | 16,714,283 | | | | 4.750 | (a) | | 09/20/27 | | | 16,714,283 | |
| | | | | 21,346,155 | | | | 4.750 | (a) | | 06/20/28 | | | 21,346,155 | |
| | | | | 30,593,091 | | | | 4.750 | (a) | | 11/15/28 | | | 30,593,091 | |
| | | | | 29,241,510 | | | | 4.750 | (a) | | 01/15/30 | | | 29,241,510 | |
| | | | | 41,957,143 | | | | 4.750 | (a) | | 03/15/30 | | | 41,957,143 | |
| | | | | 24,000,000 | | | | 4.750 | (a) | | 10/15/30 | | | 24,000,000 | |
| | | | | 9,000,000 | | | | 4.750 | (a) | | 08/15/31 | | | 9,000,000 | |
| | | | | 11,851,920 | | | | 4.770 | (a) | | 09/02/31 | | | 11,851,920 | |
| | | | | 33,572,400 | | | | 4.770 | (a) | | 09/30/31 | | | 33,572,400 | |
| | | | | 20,232,560 | | | | 4.770 | (a) | | 12/20/31 | | | 20,232,560 | |
| | | | | 40,159,252 | | | | 4.750 | (a) | | 12/15/33 | | | 40,159,253 | |
| | | | | 14,583,600 | | | | 4.800 | (a) | | 01/20/35 | | | 14,583,600 | |
| | | | | 16,418,000 | | | | 4.800 | (a) | | 04/20/35 | | | 16,418,000 | |
| | | | | 3,132,157 | | | | 4.750 | (a) | | 09/20/38 | | | 3,132,157 | |
| | | | | 36,176,368 | | | | 4.750 | (a) | | 07/07/40 | | | 36,176,368 | |
| | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.000%) | |
| | | | | 5 | | | | 4.698 | (a) | | 06/20/27 | | | 5 | |
| | | | | 5,497,556 | | | | 4.750 | (a) | | 06/20/27 | | | 5,497,556 | |
| | | |
| | TOTAL U.S. GOVERNMENT AGENCY SECURITIES | | $ | 30,979,789,816 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Treasury Obligations – 37.2% | |
| |
| | United States Treasury Bills | |
| | | | | 83,946,000 | | | | 4.622 | | | 12/24/24 | | | 83,700,950 | |
| | | | | 678,453,000 | | | | 4.646 | | | 12/24/24 | | | 676,472,503 | |
| | | | | 290,766,000 | | | | 4.647 | | | 12/24/24 | | | 289,917,214 | |
| | | | | 30,856,200 | | | | 4.699 | | | 12/24/24 | | | 30,766,126 | |
| | | | | 259,375,500 | | | | 4.700 | | | 12/24/24 | | | 258,618,347 | |
| | | | | 83,950,000 | | | | 4.704 | | | 12/24/24 | | | 83,704,938 | |
| | | | | 335,123,000 | | | | 4.705 | | | 12/24/24 | | | 334,144,730 | |
| | | | | 1,765,297,600 | | | | 4.643 | | | 12/26/24 | | | 1,759,716,752 | |
| | | | | 1,689,604,600 | | | | 4.656 | | | 12/26/24 | | | 1,684,263,050 | |
| | | | | 67,619,100 | | | | 4.598 | | | 12/31/24 | | | 67,368,378 | |
| | | | | 467,472,700 | | | | 4.608 | | | 12/31/24 | | | 465,739,378 | |
| | | | | 2,105,291,500 | | | | 4.613 | | | 12/31/24 | | | 2,097,485,382 | |
| | | | | 215,962,300 | | | | 4.619 | | | 12/31/24 | | | 215,161,543 | |
| | | | | 43,192,400 | | | | 4.624 | | | 12/31/24 | | | 43,032,249 | |
| | | | | 201,847,900 | | | | 4.629 | | | 12/31/24 | | | 201,099,477 | |
| | | | | 194,264,100 | | | | 4.634 | | | 12/31/24 | | | 193,543,797 | |
| | | | | 641,416,100 | | | | 4.637 | (b) | | 12/31/24 | | | 639,037,821 | |
| | | | | 434,653,600 | | | | 4.642 | (b) | | 12/31/24 | | | 433,041,967 | |
| | | | | 647,980,500 | | | | 4.579 | | | 01/02/25 | | | 645,391,062 | |
| | | | | 85,296,000 | | | | 4.604 | | | 01/02/25 | | | 84,955,143 | |
| | | | | 510,479,200 | | | | 4.622 | | | 01/02/25 | | | 508,439,240 | |
| | | | | 374,631,100 | | | | 4.628 | | | 01/02/25 | | | 373,134,012 | |
| | | | | 476,922,400 | | | | 4.633 | | | 01/02/25 | | | 475,016,539 | |
| | | | | 256,094,300 | | | | 4.638 | | | 01/02/25 | | | 255,070,904 | |
| | | | | 611,674,000 | | | | 4.592 | | | 01/07/25 | | | 608,835,835 | |
| | | | | 149,318,700 | | | | 4.489 | | | 01/09/25 | | | 148,605,479 | |
| | | | | 2,239,800 | | | | 4.489 | | | 01/09/25 | | | 2,229,102 | |
| | | | | 30,797,000 | | | | 4.513 | | | 01/09/25 | | | 30,649,898 | |
| | | | | 931,048,100 | | | | 4.592 | (b) | | 01/28/25 | | | 924,552,488 | |
| | | | | 303,207,100 | | | | 4.644 | | | 02/04/25 | | | 300,743,542 | |
| | | | | 5,685,100 | | | | 4.547 | | | 02/06/25 | | | 5,637,175 | |
| | | | | 170,959,000 | | | | 4.550 | | | 02/06/25 | | | 169,517,830 | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 2,291,282,300 | | | | 4.555 | % | | 02/06/25 | | $ | 2,271,966,987 | |
| | | | | 707,400 | | | | 4.558 | | | 02/06/25 | | | 701,437 | |
| | | | | 2,393,272,200 | | | | 4.560 | | | 02/06/25 | | | 2,373,097,121 | |
| | | | | 17,735,800 | | | | 4.983 | | | 02/06/25 | | | 17,586,289 | |
| | | | | 503,569,300 | | | | 4.985 | | | 02/06/25 | | | 499,324,254 | |
| | | | | 104,388,100 | | | | 4.987 | | | 02/06/25 | | | 103,508,117 | |
| | | | | 206,746,000 | | | | 4.990 | | | 02/06/25 | | | 205,003,149 | |
| | | | | 135,394,200 | | | | 4.991 | | | 02/06/25 | | | 134,252,838 | |
| | | | | 378,873,100 | | | | 4.993 | | | 02/06/25 | | | 375,679,232 | |
| | | | | 7,221,900 | | | | 4.995 | | | 02/06/25 | | | 7,161,020 | |
| | | | | 446,125,700 | | | | 4.998 | | | 02/06/25 | | | 442,364,899 | |
| | | | | 256,221,200 | | | | 4.478 | | | 02/13/25 | | | 253,685,001 | |
| | | | | 27,746,800 | | | | 4.478 | | | 02/13/25 | | | 27,472,149 | |
| | | | | 48,030,900 | | | | 4.430 | | | 02/27/25 | | | 47,512,368 | |
| | | | | 177,604,500 | | | | 4.444 | | | 02/27/25 | | | 175,687,119 | |
| | | | | 898,166,600 | | | | 4.444 | | | 02/27/25 | | | 888,470,180 | |
| | | | | 932,243,300 | | | | 4.450 | | | 02/27/25 | | | 922,178,995 | |
| | | | | 520,230,200 | | | | 4.463 | | | 02/27/25 | | | 514,613,903 | |
| | | | | 44,241,900 | | | | 4.463 | | | 02/27/25 | | | 43,764,274 | |
| | | | | 28,950,100 | | | | 4.512 | | | 03/04/25 | | | 28,620,547 | |
| | | | | 122,685,900 | | | | 4.517 | | | 03/04/25 | | | 121,289,306 | |
| | | | | 104,843,900 | | | | 4.522 | | | 03/04/25 | | | 103,650,411 | |
| | | | | 143,891,700 | | | | 4.524 | | | 03/04/25 | | | 142,253,710 | |
| | | | | 486,665,400 | | | | 4.527 | | | 03/04/25 | | | 481,125,449 | |
| | | | | 144,047,000 | | | | 4.543 | | | 03/04/25 | | | 142,407,242 | |
| | | | | 174,215,400 | | | | 4.548 | | | 03/04/25 | | | 172,232,221 | |
| | | | | 241,218,200 | | | | 4.553 | | | 03/04/25 | | | 238,472,295 | |
| | | | | 101,326,400 | | | | 4.823 | | | 03/06/25 | | | 100,084,377 | |
| | | | | 149,940,400 | | | | 4.495 | | | 03/11/25 | | | 148,112,155 | |
| | | | | 923,835,800 | | | | 4.506 | | | 03/11/25 | | | 912,571,336 | |
| | | | | 215,542,700 | | | | 4.507 | | | 03/11/25 | | | 212,914,557 | |
| | | | | 532,446,500 | | | | 4.511 | | | 03/11/25 | | | 525,954,303 | |
| | | | | 49,857,500 | | | | 4.512 | | | 03/11/25 | | | 49,249,580 | |
| | | | | 31,453,100 | | | | 4.517 | | | 03/11/25 | | | 31,069,588 | |
| | | | | 172,586,400 | | | | 4.522 | | | 03/11/25 | | | 170,482,029 | |
| | | | | 65,339,100 | | | | 4.526 | | | 03/11/25 | | | 64,542,411 | |
| | | | | 743,556,600 | | | | 4.527 | | | 03/11/25 | | | 734,490,306 | |
| | | | | 84,508,000 | | | | 4.532 | | | 03/11/25 | | | 83,477,582 | |
| | | | | 394,979,500 | | | | 4.537 | | | 03/11/25 | | | 390,163,458 | |
| | | | | 208,573,600 | | | | 4.650 | | | 03/13/25 | | | 205,893,038 | |
| | | | | 112,000 | | | | 4.696 | | | 03/13/25 | | | 110,561 | |
| | | | | 1,224,521,700 | | | | 4.701 | | | 03/13/25 | | | 1,208,784,300 | |
| | | | | 18,400 | | | | 4.707 | | | 03/13/25 | | | 18,164 | |
| | | | | 526,417,600 | | | | 4.742 | | | 03/13/25 | | | 519,652,147 | |
| | | | | 755,105,600 | | | | 4.496 | | | 03/18/25 | | | 745,265,467 | |
| | | | | 124,909,700 | | | | 4.506 | | | 03/18/25 | | | 123,281,944 | |
| | | | | 62,845,900 | | | | 4.510 | | | 03/18/25 | | | 62,026,926 | |
| | | | | 98,043,300 | | | | 4.511 | | | 03/18/25 | | | 96,765,652 | |
| | | | | 720,057,000 | | | | 4.517 | | | 03/18/25 | | | 710,673,602 | |
| | | | | 85,191,000 | | | | 4.504 | | | 03/25/25 | | | 84,006,467 | |
| | | | | 343,364,200 | | | | 4.506 | | | 03/25/25 | | | 338,589,915 | |
| | | | | 232,011,300 | | | | 4.510 | | | 03/25/25 | | | 228,785,314 | |
| | | | | 302,453,400 | | | | 4.510 | | | 03/25/25 | | | 298,247,957 | |
| | | | | 391,286,400 | | | | 4.511 | | | 03/25/25 | | | 385,845,784 | |
| | | | | 160,989,100 | | | | 4.517 | | | 03/25/25 | | | 158,750,638 | |
| | | | | 644,300,200 | | | | 4.521 | | | 03/25/25 | | | 635,341,571 | |
| | | | | 355,203,100 | | | | 4.522 | | | 03/25/25 | | | 350,264,202 | |
| | | | | 4,147,323,900 | | | | 4.388 | | | 03/27/25 | | | 4,090,198,301 | |
| | | | | 19,737,700 | | | | 4.423 | | | 03/27/25 | | | 19,465,831 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 62,481,300 | | | | 4.432 | % | | 03/27/25 | | $ | 61,620,677 | |
| | | | | 81,870,200 | | | | 4.447 | | | 03/27/25 | | | 80,742,513 | |
| | | | | 14,644,100 | | | | 4.447 | | | 03/27/25 | | | 14,442,391 | |
| | | | | 21,988,300 | | | | 4.447 | | | 03/27/25 | | | 21,685,431 | |
| | | | | 11,854,900 | | | | 4.496 | (b) | | 04/01/25 | | | 11,683,290 | |
| | | | | 390,922,000 | | | | 4.501 | (b) | | 04/01/25 | | | 385,263,075 | |
| | | | | 227,621,900 | | | | 4.506 | (b) | | 04/01/25 | | | 224,326,881 | |
| | | | | 277,771,000 | | | | 4.511 | (b) | | 04/01/25 | | | 273,750,031 | |
| | | | | 3,035,927,800 | | | | 4.418 | | | 04/03/25 | | | 2,992,187,645 | |
| | | | | 47,636,400 | | | | 4.418 | | | 04/03/25 | | | 46,950,078 | |
| | | | | 82,601,400 | | | | 4.443 | | | 04/10/25 | | | 81,317,308 | |
| | | | | 89,552,600 | | | | 4.446 | | | 04/10/25 | | | 88,160,447 | |
| | | | | 4,843,100 | | | | 4.449 | | | 04/10/25 | | | 4,767,811 | |
| | | | | 231,026,000 | | | | 4.451 | | | 04/10/25 | | | 227,434,552 | |
| | | | | 36,678,200 | | | | 4.454 | | | 04/10/25 | | | 36,108,014 | |
| | | | | 73,766,100 | | | | 4.461 | | | 04/10/25 | | | 72,619,359 | |
| | | | | 4,510,991,300 | | | | 4.462 | | | 04/10/25 | | | 4,440,865,041 | |
| | | | | 7,145,500 | | | | 4.472 | | | 04/10/25 | | | 7,034,419 | |
| | | | | 119,454,000 | | | | 4.497 | | | 04/10/25 | | | 117,597,011 | |
| | | | | 73,461,900 | | | | 4.394 | | | 04/24/25 | | | 72,190,299 | |
| | | | | 698,182,500 | | | | 4.394 | | | 04/24/25 | | | 686,097,194 | |
| | | | | 18,051,800 | | | | 4.399 | | | 04/24/25 | | | 17,739,329 | |
| | | | | 158,560,000 | | | | 4.399 | | | 04/24/25 | | | 155,815,379 | |
| | | | | 13,324,200 | | | | 4.415 | | | 04/24/25 | | | 13,093,563 | |
| | | | | 25,788,200 | | | | 4.415 | | | 04/24/25 | | | 25,341,815 | |
| | | | | 257,362,200 | | | | 4.427 | | | 04/24/25 | | | 252,907,346 | |
| | | | | 109,207,200 | | | | 4.460 | | | 05/01/25 | | | 107,226,674 | |
| | | | | 2,695,566,600 | | | | 4.483 | | | 05/01/25 | | | 2,646,681,192 | |
| | | | | 939,884,600 | | | | 4.414 | | | 05/08/25 | | | 922,273,782 | |
| | | | | 791,563,400 | | | | 4.419 | | | 05/08/25 | | | 776,731,708 | |
| | | | | 386,706,500 | | | | 4.420 | | | 05/08/25 | | | 379,460,698 | |
| | | | | 215,103,500 | | | | 4.424 | | | 05/08/25 | | | 211,073,060 | |
| | | | | 116,477,700 | | | | 4.425 | | | 05/08/25 | | | 114,295,232 | |
| | | | | 131,227,500 | | | | 4.427 | | | 05/08/25 | | | 128,768,662 | |
| | | | | 121,996,100 | | | | 4.430 | | | 05/08/25 | | | 119,710,233 | |
| | | | | 107,045,500 | | | | 4.438 | | | 05/08/25 | | | 105,039,766 | |
| | | | | 355,104,200 | | | | 4.443 | | | 05/08/25 | | | 348,450,537 | |
| | | | | 287,967,900 | | | | 4.099 | | | 05/15/25 | | | 282,082,640 | |
| | | | | 53,606,000 | | | | 4.099 | | | 05/15/25 | | | 52,510,443 | |
| | | | | 44,550,000 | | | | 4.099 | | | 05/15/25 | | | 43,639,522 | |
| | | | | 53,882,500 | | | | 4.102 | | | 05/15/25 | | | 52,781,292 | |
| | | | | 1,353,094,600 | | | | 4.102 | | | 05/15/25 | | | 1,325,441,123 | |
| | | | | 410,562,800 | | | | 4.125 | | | 05/15/25 | | | 402,168,820 | |
| | | | | 26,237,700 | | | | 4.469 | | | 05/15/25 | | | 25,701,475 | |
| | | | | 432,248,800 | | | | 4.470 | | | 05/15/25 | | | 423,414,841 | |
| | | | | 665,150,000 | | | | 4.474 | | | 05/15/25 | | | 651,556,191 | |
| | | | | 93,872,500 | | | | 4.475 | | | 05/15/25 | | | 91,954,008 | |
| | | | | 73,987,700 | | | | 4.476 | | | 05/15/25 | | | 72,475,598 | |
| | | | | 681,753,200 | | | | 4.479 | | | 05/15/25 | | | 667,820,067 | |
| | | | | 54,573,100 | | | | 4.488 | | | 05/15/25 | | | 53,457,778 | |
| | | | | 134,706,200 | | | | 4.492 | | | 05/15/25 | | | 131,953,181 | |
| | | | | 203,340,300 | | | | 5.221 | | | 05/15/25 | | | 199,184,592 | |
| | | | | 361,192,300 | | | | 5.222 | | | 05/15/25 | | | 353,810,538 | |
| | | | | 238,143,100 | | | | 5.260 | | | 05/15/25 | | | 233,276,120 | |
| | | | | 119,071,100 | | | | 5.263 | | | 05/15/25 | | | 116,637,619 | |
| | | | | 238,143,100 | | | | 5.266 | | | 05/15/25 | | | 233,276,120 | |
| | | | | 182,555,400 | | | | 5.284 | | | 05/15/25 | | | 178,824,477 | |
| | | | | 19,730,300 | | | | 4.458 | | | 05/22/25 | | | 19,323,393 | |
| | | | | 295,047,200 | | | | 4.462 | | | 05/22/25 | | | 288,962,311 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 20,616,200 | | | | 4.463 | % | | 05/22/25 | | $ | 20,191,023 | |
| | | | | 1,349,528,000 | | | | 4.467 | | | 05/22/25 | | | 1,321,696,086 | |
| | | | | 107,795,500 | | | | 4.468 | | | 05/22/25 | | | 105,572,386 | |
| | | | | 99,682,600 | | | | 4.475 | | | 05/22/25 | | | 97,626,802 | |
| | | | | 242,471,100 | | | | 4.477 | | | 05/22/25 | | | 237,470,511 | |
| | | | | 7,531,000 | | | | 4.480 | | | 05/22/25 | | | 7,375,685 | |
| | | | | 47,185,500 | | | | 4.486 | | | 05/22/25 | | | 46,212,372 | |
| | | | | 13,119,000 | | | | 4.488 | | | 05/22/25 | | | 12,848,441 | |
| | | | | 268,100,200 | | | | 4.491 | | | 05/22/25 | | | 262,571,051 | |
| | | | | 172,275,600 | | | | 4.496 | | | 05/22/25 | | | 168,722,684 | |
| | | | | 228,444,800 | | | | 4.459 | | | 05/29/25 | | | 223,541,249 | |
| | | | | 100,075,800 | | | | 4.459 | | | 05/29/25 | | | 97,927,680 | |
| | | | | 39,987,200 | | | | 4.467 | | | 05/29/25 | | | 39,128,878 | |
| | | | | 150,849,700 | | | | 4.469 | | | 05/29/25 | | | 147,611,722 | |
| | | | | 84,056,700 | | | | 4.488 | | | 05/29/25 | | | 82,252,429 | |
| | | | | 676,930,800 | | | | 4.498 | | | 05/29/25 | | | 662,400,529 | |
| | | | | 90,997,900 | | | | 3.964 | | | 08/07/25 | | | 88,364,872 | |
| | | | | 19,016,200 | | | | 3.964 | | | 08/07/25 | | | 18,465,966 | |
| | | | | 11,409,800 | | | | 3.978 | | | 08/07/25 | | | 11,079,657 | |
| | | | | 13,314,100 | | | | 3.986 | | | 08/07/25 | | | 12,928,856 | |
| | | | | 11,409,800 | | | | 4.000 | | | 08/07/25 | | | 11,079,657 | |
| | | | | 78,359,400 | | | | 4.016 | | | 08/07/25 | | | 76,092,068 | |
| | | | | 384,398,600 | | | | 4.029 | | | 08/07/25 | | | 373,276,013 | |
| | | | | 91,000,300 | | | | 4.065 | | | 08/07/25 | | | 88,367,203 | |
| | | | | 3,859,500 | | | | 4.076 | | | 08/07/25 | | | 3,747,825 | |
| | | | | 77,188,500 | | | | 4.120 | | | 08/07/25 | | | 74,955,048 | |
| | | | | 115,782,800 | | | | 4.147 | | | 08/07/25 | | | 112,432,621 | |
| | | | | 10,337,200 | | | | 4.162 | | | 08/07/25 | | | 10,038,093 | |
| | | | | 238,898,500 | | | | 4.178 | | | 08/07/25 | | | 231,985,963 | |
| | | | | 94,035,100 | | | | 4.404 | | | 08/07/25 | | | 91,314,191 | |
| | | | | 85,293,200 | | | | 4.418 | | | 08/07/25 | | | 82,825,238 | |
| | | | | 50,683,000 | | | | 4.447 | | | 08/07/25 | | | 49,216,486 | |
| | | | | 15,405,500 | | | | 4.457 | | | 08/07/25 | | | 14,959,741 | |
| | | | | 17,939,400 | | | | 4.460 | | | 08/07/25 | | | 17,420,323 | |
| | | | | 182,550,900 | | | | 4.466 | | | 08/07/25 | | | 177,268,783 | |
| | | | | 135,080,000 | | | | 4.482 | | | 08/07/25 | | | 131,171,455 | |
| | | | | 23,928,400 | | | | 4.483 | | | 08/07/25 | | | 23,236,031 | |
| | | | | 48,200,600 | | | | 4.311 | | | 09/04/25 | | | 46,680,005 | |
| | | | | 183,696,900 | | | | 4.214 | | | 10/02/25 | | | 177,436,693 | |
| | | | | 176,138,200 | | | | 4.244 | | | 10/02/25 | | | 170,135,586 | |
| | | | | 60,970,900 | | | | 4.246 | | | 10/02/25 | | | 58,893,073 | |
| | | | | 59,780,300 | | | | 4.321 | | | 10/30/25 | | | 57,516,748 | |
| | | | | 98,305,200 | | | | 4.361 | | | 10/30/25 | | | 94,582,921 | |
| | | | | 71,735,400 | | | | 4.366 | | | 10/30/25 | | | 69,019,174 | |
| | | | | 110,703,000 | | | | 4.376 | | | 10/30/25 | | | 106,511,284 | |
| | | | | 28,782,900 | | | | 4.382 | | | 10/30/25 | | | 27,693,049 | |
| | | | | 22,140,800 | | | | 4.390 | | | 10/30/25 | | | 21,302,449 | |
| | | | | 177,450,500 | | | | 4.390 | | | 10/30/25 | | | 170,731,422 | |
| | | | | 144,239,200 | | | | 4.390 | | | 10/30/25 | | | 138,777,652 | |
| | | | | 1,990,934,500 | | | | 4.393 | | | 10/30/25 | | | 1,915,548,726 | |
| | | | | 972,706,300 | | | | 4.436 | | | 11/28/25 | | | 931,723,477 | |
| | United States Treasury Floating Rate Note | | | | |
| | | | | 2,574,500 | | | | 5.091 | | | 02/28/25 | | | 2,550,115 | |
| | | | | 20,160,500 | | | | 5.102 | | | 02/28/25 | | | 19,969,542 | |
| | | | | 66,302,600 | | | | 4.330 | | | 05/15/25 | | | 65,628,074 | |
| | | | | 48,251,300 | | | | 4.416 | | | 05/15/25 | | | 47,894,313 | |
| | | | | 95,101,300 | | | | 4.424 | | | 05/15/25 | | | 94,133,792 | |
| | | | | 422,414,000 | | | | 4.429 | | | 05/15/25 | | | 418,116,596 | |
| | | | | 122,498,700 | | | | 4.439 | | | 05/15/25 | | | 121,252,467 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 47,550,700 | | | | 4.449 | % | | 05/15/25 | | $ | 47,066,946 | |
| | | | | 11,491,300 | | | | 4.315 | | | 07/31/25 | | | 11,467,662 | |
| | | | | 367,699,300 | | | | 4.987 | | | 07/31/25 | | | 356,520,757 | |
| | | | | 496,940,800 | | | | 4.989 | | | 07/31/25 | | | 481,833,146 | |
| | | | | 392,301,600 | | | | 5.075 | | | 07/31/25 | | | 380,375,115 | |
| | | | | 372,823,400 | | | | 5.096 | | | 07/31/25 | | | 372,056,495 | |
| | | | | 11,373,400 | | | | 4.289 | | | 08/15/25 | | | 11,271,748 | |
| | | | | 525,259,400 | | | | 4.296 | | | 08/15/25 | | | 516,923,421 | |
| | | | | 38,304,500 | | | | 4.299 | | | 08/15/25 | | | 37,962,145 | |
| | | | | 22,938,700 | | | | 4.391 | | | 08/15/25 | | | 22,574,658 | |
| | | | | 15,292,400 | | | | 4.394 | | | 08/15/25 | | | 15,155,721 | |
| | | | | 54,256,500 | | | | 4.456 | | | 08/15/25 | | | 53,395,438 | |
| | | | | 204,083,900 | | | | 4.460 | | | 08/15/25 | | | 202,259,856 | |
| | | | | 267,170,700 | | | | 4.391 | | | 11/30/25 | | | 268,416,703 | |
| | United States Treasury Floating Rate Note ((3M USD T-Bill + 0.170%)) | |
| | | | | 1,338,223,800 | | | | 4.641 | (a) | | 10/31/25 | | | 1,337,255,926 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.150%) | |
| | | | | 2,579,861,200 | | | | 4.614 | (a) | | 04/30/26 | | | 2,579,661,971 | |
| | | | | 226,180,500 | | | | 4.617 | (a) | | 04/30/26 | | | 226,163,033 | |
| | | | | 172,806,400 | | | | 4.618 | (a) | | 04/30/26 | | | 172,793,055 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.169%) | |
| | | | | 53,335,900 | | | | 4.631 | (a) | | 04/30/25 | | | 53,336,872 | |
| | | | | 404,469,700 | | | | 4.632 | (a) | | 04/30/25 | | | 404,477,067 | |
| | | | | 1,596,588,700 | | | | 4.634 | (a) | | 04/30/25 | | | 1,596,617,781 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.182%) | |
| | | | | 17,151,700 | | | | 4.647 | (a) | | 07/31/26 | | | 17,132,257 | |
| | | | | 539,398,400 | | | | 4.648 | (a) | | 07/31/26 | | | 538,786,932 | |
| | | | | 2,718,750,000 | | | | 4.653 | (a) | | 07/31/26 | | | 2,715,667,995 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.205%) | |
| | | | | 4,193,964,900 | | | | 4.666 | (a) | | 10/31/26 | | | 4,195,813,649 | |
| | | | | 94,517,600 | | | | 4.668 | (a) | | 10/31/26 | | | 94,559,264 | |
| | | | | 1,758,992,200 | | | | 4.669 | (a) | | 10/31/26 | | | 1,759,767,584 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.245%) | |
| | | | | 2,226,386,000 | | | | 4.705 | (a) | | 01/31/26 | | | 2,227,190,500 | |
| | | | | 3,192,542,600 | | | | 4.706 | (a) | | 01/31/26 | | | 3,193,696,219 | |
| | | | | 213,183,500 | | | | 4.707 | (a) | | 01/31/26 | | | 213,260,533 | |
| | | | | 2,620,967,000 | | | | 4.709 | (a) | | 01/31/26 | | | 2,621,914,081 | |
| | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | |
| | | | | 880,593,300 | | | | 4.472 | (a) | | 07/31/25 | | | 880,271,698 | |
| | | |
| | TOTAL U.S. TREASURY OBLIGATIONS | | $ | 98,275,576,423 | |
| | | |
| | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 129,255,366,239 | |
| | | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – 49.5% | |
| |
| | Banco Santander, S.A. | |
| | $ | | | 1,000,000,000 | | | | 4.590 | % | | 12/02/24 | | $ | 1,000,000,000 | |
| | Maturity Value: $1,000,382,500 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 9.000%, due 05/01/27 to 10/01/54, Federal National Mortgage Association, 1.500% to 8.000%, due 04/01/27 to 06/01/63, Government National Mortgage Association, 1.500% to 8.500%, due 06/20/28 to 11/20/54, U.S. Treasury Bonds, 2.875% to 4.750%, due 05/15/38 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 1.500%, due 02/15/45 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/26 to 01/15/34 and U.S. Treasury Notes, 0.750% to 4.875%, due 03/15/26 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $1,030,391,872. | |
| | | |
| | Bank of America, National Association | |
| | | | | 250,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 250,000,000 | |
| | Maturity Value: $250,095,625 | |
| | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 06/01/43 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $257,500,001. | |
| | | | | 1,085,000,000 | | | | 5.430 | | | 01/31/25 | | $ | 1,085,000,000 | |
| | Maturity Value: $1,132,459,708 | |
| | Settlement Date: 04/16/24 | |
| | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 03/01/41 to 06/01/51. The aggregate market value of the collateral, including accrued interest, was $1,117,550,001. | |
| | | | | 578,000,000 | | | | 5.310 | | | 04/30/25 | | $ | 578,000,000 | |
| | Maturity Value: $608,350,780 | |
| | Settlement Date: 05/09/24 | |
| | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 12/01/41 to 06/01/50. The aggregate market value of the collateral, including accrued interest, was $595,340,000. | |
| | | | | 297,000,000 | | | | 5.350 | | | 05/15/25 | | $ | 297,000,000 | |
| | Maturity Value: $312,492,263 | |
| | Settlement Date: 05/29/24 | |
| | Collateralized by Federal National Mortgage Association, 1.500% to 4.000%, due 08/01/42 to 10/01/51. The aggregate market value of the collateral, including accrued interest, was $305,910,000. | |
| | | |
| | Bank of Montreal | |
| | | | | 494,000,000 | | | | 4.630 | (d) | | 03/07/25 | | $ | 494,000,000 | |
| | Maturity Value: $507,532,717 | |
| | Settlement Date: 08/06/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 04/01/35 to 12/01/54 and Federal National Mortgage Association, 1.500% to 6.000%, due 11/01/34 to 11/01/54. The aggregate market value of the collateral, including accrued interest, was $508,820,000. | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Barclays Bank PLC | |
| | $ | | | 600,000,000 | | | | 4.570 | % | | 12/02/24 | | $ | 600,000,000 | |
| | Maturity Value: $600,228,500 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 4.500%, due 02/15/44 to 08/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/27 to 02/15/54, U.S. Treasury Notes, 0.750% to 4.500%, due 04/30/26 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/44 to 08/15/54. The aggregate market value of the collateral, including accrued interest, was $ 612,233,167. | |
| | | | | 1,175,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 1,175,000,000 | |
| | Maturity Value: $1,175,448,458 | |
| | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 11/15/50, U.S. Treasury Notes, 0.625% to 4.500%, due 12/31/27 to 11/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/44 to 08/15/54. The aggregate market value of the collateral, including accrued interest, was $1,198,957,482. | |
| | | | | 216,763,832 | | | | 4.630 | | | 12/02/24 | | $ | 216,763,832 | |
| | Maturity Value: $216,847,467 | |
| | Collateralized by a U.S. Treasury Note, 2.375%, due 03/31/29. The market value of the collateral, including accrued interest, was $221,099,109. | |
| | | | | 328,676,840 | | | | 4.630 | | | 12/02/24 | | $ | 328,676,840 | |
| | Maturity Value: $328,803,655 | |
| | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $335,250,377. | |
| | | | | 441,847,347 | | | | 4.630 | | | 12/02/24 | | $ | 441,847,347 | |
| | Maturity Value: $442,017,826 | |
| | Collateralized by a U.S. Treasury Note, 1.375%, due 10/31/28. The market value of the collateral, including accrued interest, was $450,684,293. | |
| | | | | 506,133,569 | | | | 4.630 | | | 12/02/24 | | $ | 506,133,569 | |
| | Maturity Value: $506,328,852 | |
| | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $516,256,240. | |
| | | | | 506,579,137 | | | | 4.630 | | | 12/02/24 | | $ | 506,579,137 | |
| | Maturity Value: $506,774,592 | |
| | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 4.750%, due 11/15/43. The market value of the collateral, including accrued interest, was $516,710,720. | |
| | | | | 845,000,000 | | | | 4.560 | (d) | | 01/09/25 | | $ | 845,000,000 | |
| | Maturity Value: $855,489,269 | |
| | Settlement Date: 10/03/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/13/25, U.S. Treasury Bonds, 1.750% to 4.750%, due 08/15/40 to 11/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/25 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 04/15/25 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 02/15/54, U.S. Treasury Notes, 0.625% to 3.750%, due 04/30/25 to 06/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/44 to 08/15/54. The aggregate market value of the collateral, including accrued interest, was $865,008,675. | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Barclays Bank PLC – (continued) | |
| | $ | | | 988,000,000 | | | | 4.560 | %(d) | | 01/31/25 | | $ | 988,000,000 | |
| | Maturity Value: $997,135,709 | |
| | Settlement Date: 11/19/24 | |
| | Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 01/20/52 to 10/20/54. The aggregate market value of the collateral, including accrued interest, was $1,019,315,713. | |
| | | | | 847,000,000 | | | | 4.560 | (d) | | 02/03/25 | | $ | 847,000,000 | |
| | Maturity Value: $866,848,039 | |
| | Settlement Date: 08/02/24 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 05/15/37 to 11/15/40, a U.S. Treasury Floating Rate Note, 4.646%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 01/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 11/15/50 and U.S. Treasury Notes, 3.375% to 4.625%, due 06/30/25 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $864,268,375. | |
| | | |
| | BNP Paribas | |
| | | | | 1,650,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 1,650,000,000 | |
| | Maturity Value: $1,650,629,750 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/18/25, a U.S. Treasury Floating Rate Note, 4.664%, due 01/31/25, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 01/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 05/15/41, U.S. Treasury Notes, 0.000% to 5.000%, due 11/30/24 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/44 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $1,683,000,018. | |
| | | | | 4,555,972,000 | | | | 4.590 | | | 12/02/24 | | $ | 4,555,972,000 | |
| | Maturity Value: $4,557,714,659 | |
| | Collateralized by Federal Farm Credit Bank, 2.310% to 3.700%, due 07/14/36 to 03/24/42, Federal Home Loan Bank, 4.000%, due 06/30/28, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 11/01/28 to 12/01/54, Federal National Mortgage Association, 1.500% to 7.500%, due 07/01/32 to 07/01/60, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 7.500%, due 03/20/35 to 11/20/54, U.S. Treasury Bills, 0.000%, due 12/12/24 to 10/30/25, U.S. Treasury Bonds, 1.250% to 3.375%, due 05/15/48 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/25 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/25 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 02/15/47, U.S. Treasury Notes, 0.000% to 4.625%, due 11/30/24 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/47. The aggregate market value of the collateral, including accrued interest, was $4,675,171,281. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BNP Paribas – (continued) | |
| | $ | | | 839,000,000 | | | | 4.600 | %(d) | | 01/27/25 | | $ | 839,000,000 | |
| | Maturity Value: $849,077,324 | |
| | Settlement Date: 10/25/24 | |
| | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.625%, due 01/15/25 to 04/15/28, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 04/15/28 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 02/15/51, U.S. Treasury Notes, 1.125% to 4.250%, due 02/29/28 to 11/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $855,780,042. | |
| | | | | 1,630,000,000 | | | | 4.520 | (d) | | 03/18/25 | | $ | 1,630,000,000 | |
| | Maturity Value: $1,654,558,675 | |
| | Settlement Date: 11/18/24 | |
| | Collateralized by Federal Farm Credit Bank, 2.310% to 5.220%, due 04/21/26 to 07/14/36, Federal Home Loan Bank, 0.875% to 4.250%, due 06/11/27 to 06/30/28, Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 11/01/28 to 12/01/54, Federal National Mortgage Association, 1.500% to 8.000%, due 01/15/30 to 07/01/60, Government National Mortgage Association, 2.500% to 7.500%, due 12/20/28 to 11/20/54, U.S. Treasury Bonds, 1.125% to 3.375%, due 05/15/40 to 11/15/48, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25 and U.S. Treasury Notes, 2.875% to 4.375%, due 05/15/28 to 03/31/31. The aggregate market value of the collateral, including accrued interest, was $1,675,520,053. | |
| | | | | 1,050,000,000 | | | | 4.510 | (d) | | 03/21/25 | | $ | 1,050,000,000 | |
| | Maturity Value: $1,065,785,003 | |
| | Settlement Date: 11/21/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 01/16/25 to 11/28/25, U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.375%, due 01/15/25 to 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31 and U.S. Treasury Notes, 0.000% to 5.000%, due 11/30/24 to 06/30/29. The aggregate market value of the collateral, including accrued interest, was $1,071,000,063. | |
| | | | | 1,268,000,000 | | | | 4.500 | (d) | | 03/24/25 | | $ | 1,268,000,000 | |
| | Maturity Value: $1,287,337,000 | |
| | Settlement Date: 11/22/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/28 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/48 to 02/15/51, U.S. Treasury Notes, 1.250% to 4.125%, due 06/30/28 to 10/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $1,293,360,092. | |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BNP Paribas – (continued) | |
| | $ | | | 103,500,000 | | | | 4.440 | %(d) | | 04/07/25 | | $ | 103,500,000 | |
| | Maturity Value: $105,823,230 | |
| | Settlement Date: 10/07/24 | |
| | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.125%, due 02/15/40 to 02/15/50, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/51, U.S. Treasury Notes, 0.000% to 4.125%, due 11/30/24 to 03/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $105,570,000. | |
| | | | | 740,000,000 | | | | 4.450 | (d) | | 04/07/25 | | $ | 740,000,000 | |
| | Maturity Value: $756,647,943 | |
| | Settlement Date: 10/07/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 07/01/25 to 12/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 12/01/30 to 07/01/60, Government National Mortgage Association, 2.000% to 8.500%, due 11/20/29 to 11/20/54, U.S. Treasury Bonds, 2.750% to 5.375%, due 02/15/31 to 11/15/48, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Notes, 0.500% to 4.375%, due 02/28/26 to 11/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/43. The aggregate market value of the collateral, including accrued interest, was $758,292,687. | |
| | | | | 597,000,000 | | | | 4.416 | (d) | | 04/08/25 | | $ | 597,000,000 | |
| | Maturity Value: $610,329,412 | |
| | Settlement Date: 10/08/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 01/16/25 to 03/13/25, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 02/15/51, U.S. Treasury Notes, 0.000% to 4.125%, due 11/30/24 to 12/31/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/45. The aggregate market value of the collateral, including accrued interest, was $608,940,059. | |
| | | | | 247,000,000 | | | | 4.500 | (d) | | 04/08/25 | | $ | 247,000,000 | |
| | Maturity Value: $252,619,250 | |
| | Settlement Date: 10/08/24 | |
| | Collateralized by Federal Farm Credit Bank, 2.310% to 4.980%, due 07/14/36 to 06/09/42, Federal Home Loan Bank, 2.800%, due 07/11/39, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/36 to 11/01/54, Federal National Mortgage Association, 2.500% to 7.500%, due 05/15/30 to 07/01/60, Government National Mortgage Association, 2.500% to 5.500%, due 09/20/51 to 01/20/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/40 and U.S. Treasury Notes, 4.125% to 4.375%, due 09/30/27 to 08/31/28. The aggregate market value of the collateral, including accrued interest, was $254,209,599. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BNP Paribas – (continued) | |
| | $ | | | 848,000,000 | | | | 4.490 | %(d) | | 04/17/25 | | $ | 848,000,000 | |
| | Maturity Value: $867,143,361 | |
| | Settlement Date: 10/18/24 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 6.500%, due 11/15/26 to 05/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/40 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.375%, due 10/15/28 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/32 to 05/15/34, U.S. Treasury Notes, 0.375% to 4.125%, due 12/15/24 to 07/31/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/54. The aggregate market value of the collateral, including accrued interest, was $864,960,030. | |
| | | | | 494,000,000 | | | | 4.470 | (d) | | 05/06/25 | | $ | 494,000,000 | |
| | Maturity Value: $505,102,241 | |
| | Settlement Date: 11/06/24 | |
| | Collateralized by Federal Home Loan Bank, 2.800%, due 07/11/39, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 07/01/32 to 11/01/54, Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/27 to 12/01/54, Government National Mortgage Association, 2.500% to 7.000%, due 09/20/36 to 11/20/54, U.S. Treasury Bills, 0.000%, due 01/16/25 to 03/18/25, U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 11/15/48, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.375%, due 01/15/27 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 01/15/27 to 01/15/32 and U.S. Treasury Notes, 0.375% to 4.125%, due 08/31/26 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $505,694,148. | |
| | | |
| | BofA Securities, Inc. | |
| | | | | 400,000,000 | | | | 4.530 | | | 12/02/24 | | $ | 400,000,000 | |
| | Maturity Value: $400,151,000 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/34. The market value of the collateral, including accrued interest, was $37,740,038. | |
| | | | | 247,000,000 | | | | 4.610 | (d) | | 01/09/25 | | $ | 247,000,000 | |
| | Maturity Value: $250,099,714 | |
| | Settlement Date: 10/03/24 | |
| | Collateralized by a U.S. Treasury Note, 5.000%, due 10/31/25. The market value of the collateral, including accrued interest, was $251,940,049. | |
| | | | | 2,970,000,000 | | | | 4.600 | (d) | | 01/27/25 | | $ | 2,970,000,000 | |
| | Maturity Value: $3,051,213,014 | |
| | Settlement Date: 06/27/24 | |
| | Collateralized by Federal Farm Credit Bank, 2.870% to 4.765%, due 01/30/25 to 02/25/30, Federal Home Loan Bank, 0.000% to 4.250%, due 03/14/25 to 12/10/27, Federal Home Loan Mortgage Corp., 0.375%, due 09/23/25, Federal National Mortgage Association, 0.750%, due 10/08/27, U.S. Treasury Bills, 0.000%, due 12/24/24 to 04/10/25, a U.S. Treasury Bond, 6.375%, due 08/15/27, a U.S. Treasury Floating Rate Note, 4.664%, due 01/31/25 and U.S. Treasury Notes, 1.250% to 4.250%, due 02/28/25 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $3,029,400,016. | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BofA Securities, Inc. – (continued) | |
| | $ | | | 990,000,000 | | | | 4.610 | %(d) | | 01/27/25 | | $ | 990,000,000 | |
| | Maturity Value: $1,017,129,859 | |
| | Settlement Date: 06/27/24 | |
| | Collateralized by Federal Farm Credit Bank, 3.990% to 4.725%, due 02/10/25 to 08/23/38, Federal Home Loan Bank, 1.250% to 4.875%, due 08/28/25 to 11/29/38, Federal Home Loan Mortgage Corp., 0.750%, due 06/23/26, Tennessee Valley Authority, 3.875%, due 03/15/28, U.S. Treasury Bills, 0.000%, due 01/02/25 to 08/07/25 and U.S. Treasury Notes, 0.625% to 4.250%, due 10/31/25 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $1,009,800,004. | |
| | | |
| | Citibank, National Association | |
| | | | | 988,000,000 | | | | 4.580 | | | 12/09/24 | | $ | 988,000,000 | |
| | Maturity Value: $993,153,517 | |
| | Settlement Date: 10/29/24 | |
| | Collateralized by Federal Farm Credit Bank, 3.450% to 5.220%, due 04/21/26 to 04/13/39, Federal Home Loan Bank, 0.375% to 4.750%, due 08/25/25 to 03/10/34, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 11/01/26 to 12/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/28 to 03/15/31, Federal National Mortgage Association, 1.500% to 9.500%, due 12/01/24 to 12/01/54, Government National Mortgage Association, 2.000% to 9.000%, due 01/20/25 to 11/20/54, Tennessee Valley Authority, 0.000% to 5.880%, due 02/01/27 to 09/15/65 and a U.S. Treasury Note, 4.625%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $1,007,760,031. | |
| | | |
| | Citigroup Global Markets, Inc. | |
| | | | | 2,000,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 2,000,000,000 | |
| | Maturity Value: $2,000,763,333 | |
| | Collateralized by U.S. Treasury Bonds, 3.625% to 4.625%, due 02/15/53 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/28 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $2,040,000,051. | |
| | | | | 2,550,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 2,550,000,000 | |
| | Maturity Value: $2,550,973,250 | |
| | Collateralized by a U.S. Treasury Floating Rate Note, 4.669%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and U.S. Treasury Notes, 0.750% to 4.625%, due 03/31/26 to 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,601,000,052. | |
| | | | | 1,494,000,000 | | | | 5.335 | | | 01/10/25 | | $ | 1,494,000,000 | |
| | Maturity Value: $1,554,664,285 | |
| | Settlement Date: 04/11/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.500%, due 09/01/54 to 10/01/54 and Federal National Mortgage Association, 4.500% to 7.500%, due 09/01/54 to 10/01/54. The aggregate market value of the collateral, including accrued interest, was $1,523,880,931. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Citigroup Global Markets, Inc. – (continued) | |
| | $ | | | 2,065,000,000 | | | | 4.580 | %(d) | | 01/15/25 | | $ | 2,065,000,000 | |
| | Maturity Value: $2,092,059,526 | |
| | Settlement Date: 10/04/24 | |
| | Collateralized by U.S. Treasury Floating Rate Notes, 4.614% to 4.646%, due 04/30/26 to 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $2,106,300,017. | |
| | | | | 2,850,000,000 | | | | 4.590 | (d) | | 01/15/25 | | $ | 2,850,000,000 | |
| | Maturity Value: $2,887,427,625 | |
| | Settlement Date: 10/04/24 | |
| | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 04/20/54 to 08/20/54 and a U.S. Treasury Note, 2.625%, due 02/15/29. The aggregate market value of the collateral, including accrued interest, was $2,907,000,048. | |
| | | | | 494,000,000 | | | | 5.200 | | | 01/15/25 | | $ | 494,000,000 | |
| | Maturity Value: $505,916,378 | |
| | Settlement Date: 08/01/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/54 and Federal National Mortgage Association, 4.000% to 6.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $503,880,841. | |
| | | | | 247,000,000 | | | | 5.210 | | | 01/17/25 | | $ | 247,000,000 | |
| | Maturity Value: $253,577,335 | |
| | Settlement Date: 07/17/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 11/01/54 to 12/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $251,940,780. | |
| | | | | 494,000,000 | | | | 5.210 | | | 01/17/25 | | $ | 494,000,000 | |
| | Maturity Value: $507,226,164 | |
| | Settlement Date: 07/16/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/54 to 11/01/54 and Federal National Mortgage Association, 4.000% to 7.000%, due 10/01/54 to 11/01/54. The aggregate market value of the collateral, including accrued interest, was $503,880,831. | |
| | | | | 346,000,000 | | | | 5.150 | | | 01/28/25 | | $ | 346,000,000 | |
| | Maturity Value: $354,860,003 | |
| | Settlement Date: 08/02/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 11/01/54 to 12/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 11/01/54 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $352,920,618. | |
| | | | | 2,846,000,000 | | | | 4.600 | (d) | | 02/10/25 | | $ | 2,846,000,000 | |
| | Maturity Value: $2,891,093,297 | |
| | Settlement Date: 10/09/24 | |
| | Collateralized by Government National Mortgage Association, 3.500% to 8.000%, due 07/20/54 to 11/20/54 and U.S. Treasury Notes, 2.875% to 4.250%, due 05/15/28 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $2,902,920,020. | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Citigroup Global Markets, Inc. – (continued) | |
| | $ | | | 494,000,000 | | | | 4.560 | % | | 04/17/25 | | $ | 494,000,000 | |
| | Maturity Value: $505,325,773 | |
| | Settlement Date: 10/18/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 7.000%, due 05/01/54 to 12/01/54 and Federal National Mortgage Association, 4.500% to 7.000%, due 12/01/44 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $503,880,830. | |
| | | | | 988,000,000 | | | | 4.520 | | | 04/24/25 | | $ | 988,000,000 | |
| | Maturity Value: $1,010,576,898 | |
| | Settlement Date: 10/24/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 06/01/36 to 12/01/54 and Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/36 to 07/01/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,879. | |
| | | | | 247,000,000 | | | | 5.350 | | | 05/29/25 | | $ | 247,000,000 | |
| | Maturity Value: $260,361,328 | |
| | Settlement Date: 05/30/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $251,940,892. | |
| | | |
| | Credit Agricole Corporate and Investment Bank | |
| | | | | 150,000,000 | | | | 4.530 | | | 12/02/24 | | $ | 150,000,000 | |
| | Maturity Value: $150,056,625 | |
| | Collateralized by U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $153,000,041. | |
| | | | | 838,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 838,000,000 | |
| | Maturity Value: $856,829,155 | |
| | Settlement Date: 07/24/24 | |
| | Collateralized by U.S. Treasury Bonds, 2.750% to 4.750%, due 11/15/43 to 11/15/54 and U.S. Treasury Notes, 0.000% to 4.750%, due 11/30/24 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $854,760,076. | |
| | | | | 845,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 845,000,000 | |
| | Maturity Value: $863,450,099 | |
| | Settlement Date: 07/29/24 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $861,900,070. | |
| | | | | 1,690,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 1,690,000,000 | |
| | Maturity Value: $1,726,900,198 | |
| | Settlement Date: 07/29/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/03/24 to 11/28/25, U.S. Treasury Bonds, 2.250% to 6.000%, due 02/15/26 to 08/15/53, a U.S. Treasury Floating Rate Note, 4.634%, due 10/31/25 and U.S. Treasury Notes, 0.375% to 4.875%, due 01/15/25 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,723,800,043. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Credit Agricole Corporate and Investment Bank – (continued) | |
| | $ | | | 1,690,000,000 | | | | 4.570 | %(d) | | 01/17/25 | | $ | 1,690,000,000 | |
| | Maturity Value: $1,729,045,559 | |
| | Settlement Date: 07/19/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/24 to 07/10/25, U.S. Treasury Bonds, 1.250% to 6.875%, due 08/15/25 to 05/15/52 and a U.S. Treasury Note, 4.500%, due 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,723,800,008. | |
| | | | | 634,000,000 | | | | 4.570 | (d) | | 03/17/25 | | $ | 634,000,000 | |
| | Maturity Value: $646,233,378 | |
| | Settlement Date: 10/16/24 | |
| | Collateralized by U.S. Treasury Notes, 0.625% to 4.000%, due 03/31/25 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $646,680,047. | |
| | | | | 844,000,000 | | | | 4.570 | (d) | | 03/27/25 | | $ | 844,000,000 | |
| | Maturity Value: $863,606,816 | |
| | Settlement Date: 09/25/24 | |
| | Collateralized by U.S. Treasury Bonds, 2.750% to 4.750%, due 02/15/43 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $860,880,059. | |
| | | |
| | Daiwa Capital Markets America, Inc. | |
| | | | | 2,500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 2,500,000,000 | |
| | Maturity Value: $2,500,956,250 | |
| | Collateralized by Federal Farm Credit Bank, 4.550% to 4.735%, due 01/09/26 to 11/12/27, Federal Home Loan Bank, 5.500%, due 11/20/34, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 02/01/29 to 12/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 10/01/27 to 12/01/54, Government National Mortgage Association, 2.500% to 7.000%, due 10/15/32 to 11/20/54, U.S. Treasury Bills, 0.000%, due 12/10/24 to 11/28/25, U.S. Treasury Bonds, 1.125% to 6.125%, due 08/15/29 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52 and U.S. Treasury Notes, 0.750% to 4.250%, due 03/15/25 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $2,572,383,599. | |
| | | | | 227,463,235 | | | | 4.600 | | | 12/02/24 | | $ | 227,463,235 | |
| | Maturity Value: $227,550,430 | |
| | Collateralized by a U.S. Treasury Note, 4.000%, due 07/31/29. The market value of the collateral, including accrued interest, was $232,012,500. | |
| | | | | 350,144,608 | | | | 4.600 | | | 12/02/24 | | $ | 350,144,608 | |
| | Maturity Value: $350,278,830 | |
| | Collateralized by a U.S. Treasury Note, 2.750%, due 05/31/29. The market value of the collateral, including accrued interest, was $357,147,500. | |
| | | | | 488,193,627 | | | | 4.600 | | | 12/02/24 | | $ | 488,193,627 | |
| | Maturity Value: $488,380,768 | |
| | Collateralized by a U.S. Treasury Note, 4.250%, due 06/30/29. The market value of the collateral, including accrued interest, was $497,957,500. | |
| | | |
| | Deutsche Bank Securities, Inc. | |
| | | | | 500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 500,000,000 | |
| | Maturity Value: $500,191,250 | |
| | Collateralized by a U.S. Treasury Bond, 5.375%, due 02/15/31 and U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 01/15/28 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $510,000,061. | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Deutsche Bank Securities, Inc. – (continued) | |
| | $ | | | 1,500,000,000 | | | | 4.590 | % | | 12/02/24 | | $ | 1,500,000,000 | |
| | Maturity Value: $1,500,573,750 | |
| | Collateralized by U.S. Treasury Bonds, 1.125% to 7.625%, due 02/15/25 to 08/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 1.000%, due 12/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 08/15/54. The aggregate market value of the collateral, including accrued interest, was $1,529,999,996. | |
| | | |
| | Federal Reserve Bank of New York | |
| | | | | 2,150,000,000 | | | | 4.550 | | | 12/02/24 | | $ | 2,150,000,000 | |
| | Maturity Value: $2,150,815,208 | |
| | Collateralized by a U.S. Treasury Note, 2.750%, due 08/15/32. The market value of the collateral, including accrued interest, was $2,150,815,284. | |
| | | |
| | Fixed Income Clearing Corporation / Bank of New York Mellon (The) | |
| | | | | 150,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 150,000,000 | |
| | Maturity Value: $150,057,375 | |
| | Collateralized by U.S. Treasury Notes, 0.750% to 4.875%, due 03/31/26 to 11/30/26. The aggregate market value of the collateral, including accrued interest, was $153,000,094. | |
| | | | | 500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 500,000,000 | |
| | Maturity Value: $500,191,250 | |
| | Collateralized by Federal Farm Credit Bank Funding Corp., 0.000%, due 12/16/24 to 07/15/25 and Federal Home Loan Bank, 4.060% to 5.380%, due 01/15/25 to 06/21/29. The aggregate market value of the collateral, including accrued interest, was $510,000,261. | |
| | | | | 8,300,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 8,300,000,000 | |
| | Maturity Value: $8,303,174,750 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 08/01/25 to 12/01/54, Federal National Mortgage Association, 1.500% to 8.000%, due 02/01/27 to 09/01/62, a U.S. Treasury Bill, 0.000%, due 01/09/25 and U.S. Treasury Notes, 0.250% to 5.000%, due 04/15/25 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,465,999,998. | |
| | | |
| | Fixed Income Clearing Corporation / Northern Trust Company (The) | |
| | | | | 1,500,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 1,500,000,000 | |
| | Maturity Value: $1,500,572,500 | |
| | Collateralized by U.S. Treasury Bonds, 0.000% to 4.250%, due 01/21/25 to 06/30/31 and a U.S. Treasury Note, 1.875%, due 02/15/32. The aggregate market value of the collateral, including accrued interest, was $1,530,522,467. | |
| | | | | 7,500,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 7,500,000,000 | |
| | Maturity Value: $7,502,862,500 | |
| | Collateralized by U.S. Treasury Bonds, 0.000%, due 01/21/25 to 02/27/25 and U.S. Treasury Notes, 0.625% to 4.625%, due 02/28/31 to 08/15/39. The aggregate market value of the collateral, including accrued interest, was $7,649,477,533. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Fixed Income Clearing Corporation / Northern Trust Company (The) – (continued) | |
| | $ | | | 1,300,000,000 | | | | 4.590 | % | | 12/02/24 | | $ | 1,300,000,000 | |
| | Maturity Value: $1,300,497,250 | |
| | Collateralized by U.S. Treasury Bonds, 0.625% to 3.750%, due 04/30/30 to 06/30/30 and a U.S. Treasury Note, 3.750%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $1,326,000,000. | |
| | | |
| | Fixed Income Clearing Corporation / State Street Bank and Trust Company | |
| | | | | 500,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 500,000,000 | |
| | Maturity Value: $500,190,833 | |
| | Collateralized by U.S. Treasury Notes, 1.875% to 4.250%, due 02/29/28 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | |
| | | | | 800,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 800,000,000 | |
| | Maturity Value: $800,306,000 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 3.625%, due 08/15/50 to 05/15/53, a U.S. Treasury Interest-Only Stripped Security, 3.000%, due 08/15/52 and a U.S. Treasury Note, 4.000%, due 11/15/52. The aggregate market value of the collateral, including accrued interest, was $816,000,000. | |
| | | | | 10,550,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 10,550,000,000 | |
| | Maturity Value: $10,554,035,375 | |
| | Collateralized by U.S. Treasury Bills, 1.750% to 4.250%, due 06/30/29 to 01/15/34, U.S. Treasury Bonds, 2.375% to 5.000%, due 08/31/28 to 11/15/43, a U.S. Treasury Interest-Only Stripped Security, 3.125%, due 11/15/41 and U.S. Treasury Notes, 0.125% to 4.875%, due 07/15/28 to 11/15/48. The aggregate market value of the collateral, including accrued interest, was $10,761,000,000. | |
| | | |
| | HSBC Bank PLC | |
| | | | | 1,424,000,000 | | | | 4.580 | | | 12/09/24 | | $ | 1,424,000,000 | |
| | Maturity Value: $1,432,152,399 | |
| | Settlement Date: 10/25/24 | |
| | Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/38 to 11/15/53, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 07/15/26 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.375% to 4.625%, due 11/30/25 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,466,635,338. | |
| | | |
| | HSBC Securities (USA), Inc. | |
| | | | | 70,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 70,000,000 | |
| | Maturity Value: $70,026,717 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/31/24 to 05/22/25, U.S. Treasury Bonds, 4.375% to 6.875%, due 08/15/25 to 08/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.500%, due 01/15/28 to 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 05/15/54, U.S. Treasury Notes, 2.750% to 4.625%, due 08/31/25 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 11/15/53. The aggregate market value of the collateral, including accrued interest, was $71,427,251. | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | HSBC Securities (USA), Inc. – (continued) | |
| | | $ | | | 850,000,000 | | | | 4.580 | % | | 12/02/24 | | $ | 850,000,000 | |
| | Maturity Value: $850,324,417 | |
| | Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/46 to 02/15/54, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/44, U.S. Treasury Notes, 1.125% to 4.375%, due 05/31/25 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 08/15/54. The aggregate market value of the collateral, including accrued interest, was $867,330,905. | |
| | | | | 100,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 100,000,000 | |
| | Maturity Value: $100,038,250 | |
| | Collateralized by a U.S. Treasury Bond, 3.000%, due 05/15/47, a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34 and a U.S. Treasury Note, 2.625%, due 04/15/25. The aggregate market value of the collateral, including accrued interest, was $102,039,056. | |
| | | | | 961,000,000 | | | | 4.570 | | | 12/09/24 | | $ | 961,000,000 | |
| | Maturity Value: $966,611,704 | |
| | Settlement Date: 10/24/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 11/15/53, U.S. Treasury Notes, 0.625% to 4.750%, due 01/31/25 to 05/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/38 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $980,593,302. | |
| | | | | 3,210,000,000 | | | | 4.580 | | | 12/09/24 | | $ | 3,210,000,000 | |
| | Maturity Value: $3,228,785,630 | |
| | Settlement Date: 10/24/24 | |
| | Collateralized by Federal Farm Credit Bank, 2.480% to 3.610%, due 01/11/36 to 02/24/42, Federal Home Loan Bank, 1.700% to 5.000%, due 02/28/25 to 01/07/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 01/04/27 to 12/01/54, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/27, Federal National Mortgage Association, 0.750% to 7.500%, due 04/24/26 to 05/01/58, Federal National Mortgage Association Stripped Securities, 0.000%, due 11/15/28 to 05/15/30, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/38, U.S. Treasury Bonds, 1.875% to 6.125%, due 08/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.875%, due 07/15/28 to 07/15/34 and U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/27 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $3,304,165,022. | |
| | | |
| | ING Financial Markets LLC | |
| | | | | 500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 500,000,000 | |
| | Maturity Value: $500,191,250 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 02/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.000%, due 12/01/47 to 06/01/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | J.P. Morgan Securities LLC | |
| | $ | | | 22,000,000 | | | | 4.580 | % | | 12/02/24 | | $ | 22,000,000 | |
| | Maturity Value: $22,008,396 | |
| | Collateralized by a U.S. Treasury Bond, 6.125%, due 11/15/27, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/25. The aggregate market value of the collateral, including accrued interest, was $22,448,565. | |
| | | | | 500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 500,000,000 | |
| | Maturity Value: $500,191,250 | |
| | Collateralized by Federal Farm Credit Bank, 1.650% to 3.980%, due 12/19/33 to 08/24/46, Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 05/01/34 to 10/01/54, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/31, Federal National Mortgage Association, 2.000% to 6.500%, due 05/01/37 to 02/01/57 and Tennessee Valley Authority, 3.500% to 5.880%, due 04/01/36 to 12/15/42. The aggregate market value of the collateral, including accrued interest, was $514,222,358. | |
| | | | | 840,000,000 | | | | 4.600 | (d) | | 01/10/25 | | $ | 840,000,000 | |
| | Maturity Value: $859,749,337 | |
| | Settlement Date: 07/10/24 | |
| | Collateralized by Federal Farm Credit Bank, 1.950% to 4.725%, due 12/03/24 to 12/09/41, Federal Home Loan Bank, 2.470% to 5.200%, due 09/28/37 to 04/30/40, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 12/01/54, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 3.000% to 6.500%, due 04/01/26 to 10/01/54, Government National Mortgage Association, 2.000% to 8.000%, due 10/20/26 to 11/20/54 and Tennessee Valley Authority, 4.375%, due 08/01/34. The aggregate market value of the collateral, including accrued interest, was $866,655,511. | |
| | | |
| | Joint Account I | |
| | | | | 1,300,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 1,300,000,000 | |
| | Maturity Value: $1,300,496,167 | |
| | | |
| | Joint Account III | |
| | | | | 2,880,200,000 | | | | 4.590 | | | 12/02/24 | | $ | 2,880,200,000 | |
| | Maturity Value: $2,881,301,677 | |
| | | |
| | Mizuho Securities USA LLC | |
| | | | | 350,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 350,000,000 | |
| | Maturity Value: $350,133,583 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 11/01/27 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $360,500,004. | |
| | | |
| | Natixis-New York Branch | |
| | | | | 250,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 250,000,000 | |
| | Maturity Value: $250,095,625 | |
| | Collateralized by U.S. Treasury Notes, 3.875% to 4.000%, due 02/28/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $255,000,089. | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Nomura Securities International, Inc. | |
| | $ | | | 715,000,000 | | | | 4.580 | % | | 12/02/24 | | $ | 715,000,000 | |
| | Maturity Value: $715,272,892 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 03/25/25 to 10/30/25, U.S. Treasury Bonds, 2.750% to 4.375%, due 02/15/39 to 05/15/44 and U.S. Treasury Notes, 0.375% to 3.250%, due 01/31/25 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $729,300,311. | |
| | | | | 8,500,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 8,500,000,000 | |
| | Maturity Value: $8,503,251,250 | |
| | Collateralized by Federal Farm Credit Bank, 1.680% to 5.480%, due 02/04/25 to 08/27/38, Federal Home Loan Bank, 0.000% to 4.130%, due 03/18/25 to 03/26/40, Federal Home Loan Mortgage Corp., 0.375% to 7.000%, due 07/21/25 to 08/01/54, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/31 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 06/17/25 to 03/01/62, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 6.500%, due 02/15/42 to 01/20/54, Tennessee Valley Authority, 0.000% to 5.880%, due 03/15/28 to 09/15/65, U.S. Treasury Bills, 0.000%, due 12/12/24 to 05/29/25, U.S. Treasury Bonds, 2.250% to 6.625%, due 02/15/27 to 05/15/52, U.S. Treasury Floating Rate Notes, 4.633% to 4.669%, due 04/30/25 to 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.875%, due 01/15/25 to 02/15/51, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 07/15/25 to 07/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 11/15/54, U.S. Treasury Notes, 0.375% to 5.000%, due 12/31/24 to 11/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/25 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $8,687,548,252. | |
| | | |
| | Norinchukin Bank (The) | |
| | | | | 430,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 430,000,000 | |
| | Maturity Value: $430,164,117 | |
| | Collateralized by a U.S. Treasury Bond, 3.875%, due 02/15/43 and U.S. Treasury Notes, 2.875% to 3.375%, due 05/15/32 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $438,600,069. | |
| | | |
| | Prudential Insurance Company of America (The) | |
| | | | | 5,462,500 | | | | 4.610 | | | 12/02/24 | | $ | 5,462,500 | |
| | Maturity Value: $5,464,598 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,571,750. | |
| | | | | 6,010,000 | | | | 4.610 | | | 12/02/24 | | $ | 6,010,000 | |
| | Maturity Value: $6,012,309 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/31. The market value of the collateral, including accrued interest, was $6,130,200. | |
| | | | | 6,205,000 | | | | 4.610 | | | 12/02/24 | | $ | 6,205,000 | |
| | Maturity Value: $6,207,384 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/45. The market value of the collateral, including accrued interest, was $6,329,100. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Prudential Insurance Company of America (The) – (continued) | |
| | $ | | | 7,940,000 | | | | 4.610 | % | | 12/02/24 | | $ | 7,940,000 | |
| | Maturity Value: $7,943,050 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $8,098,800. | |
| | | | | 8,085,000 | | | | 4.610 | | | 12/02/24 | | $ | 8,085,000 | |
| | Maturity Value: $8,088,106 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/31. The market value of the collateral, including accrued interest, was $8,246,700. | |
| | | | | 8,280,000 | | | | 4.610 | | | 12/02/24 | | $ | 8,280,000 | |
| | Maturity Value: $8,283,181 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $8,445,600. | |
| | | | | 8,305,000 | | | | 4.610 | | | 12/02/24 | | $ | 8,305,000 | |
| | Maturity Value: $8,308,190 | |
| | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/45. The market value of the collateral, including accrued interest, was $8,471,100. | |
| | | | | 11,775,000 | | | | 4.610 | | | 12/02/24 | | $ | 11,775,000 | |
| | Maturity Value: $11,779,523 | |
| | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $12,010,500. | |
| | | | | 14,647,500 | | | | 4.610 | | | 12/02/24 | | $ | 14,647,500 | |
| | Maturity Value: $14,653,127 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $14,940,450. | |
| | | | | 15,627,500 | | | | 4.610 | | | 12/02/24 | | $ | 15,627,500 | |
| | Maturity Value: $15,633,504 | |
| | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $15,940,050. | |
| | | | | 17,156,250 | | | | 4.610 | | | 12/02/24 | | $ | 17,156,250 | |
| | Maturity Value: $17,162,841 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/33. The market value of the collateral, including accrued interest, was $17,499,375. | |
| | | | | 17,325,000 | | | | 4.610 | | | 12/02/24 | | $ | 17,325,000 | |
| | Maturity Value: $17,331,656 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $17,671,500. | |
| | | | | 17,343,750 | | | | 4.610 | | | 12/02/24 | | $ | 17,343,750 | |
| | Maturity Value: $17,350,413 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $17,690,625. | |
| | | | | 19,381,250 | | | | 4.610 | | | 12/02/24 | | $ | 19,381,250 | |
| | Maturity Value: $19,388,696 | |
| | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/37. The market value of the collateral, including accrued interest, was $19,768,875. | |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | | Prudential Insurance Company of America (The) – (continued) | |
| | $ | | | 21,881,250 | | | | 4.610 | % | | 12/02/24 | | $ | 21,881,250 | |
| | Maturity Value: $21,889,656 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $22,318,875. | |
| | | | | 22,937,500 | | | | 4.610 | | | 12/02/24 | | $ | 22,937,500 | |
| | Maturity Value: $22,946,312 | |
| | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $23,396,250. | |
| | | | | 24,581,250 | | | | 4.610 | | | 12/02/24 | | $ | 24,581,250 | |
| | Maturity Value: $24,590,693 | |
| | Collateralized by a U.S. Treasury Note, 1.625%, due 11/15/50. The market value of the collateral, including accrued interest, was $25,072,875. | |
| | | | | 25,437,500 | | | | 4.610 | | | 12/02/24 | | $ | 25,437,500 | |
| | Maturity Value: $25,447,272 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/40. The market value of the collateral, including accrued interest, was $25,946,250. | |
| | | | | 25,630,000 | | | | 4.610 | | | 12/02/24 | | $ | 25,630,000 | |
| | Maturity Value: $25,639,846 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $26,142,600. | |
| | | | | 28,112,500 | | | | 4.610 | | | 12/02/24 | | $ | 28,112,500 | |
| | Maturity Value: $28,123,300 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $28,674,750. | |
| | | | | 29,375,000 | | | | 4.610 | | | 12/02/24 | | $ | 29,375,000 | |
| | Maturity Value: $29,386,285 | |
| | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $29,962,500. | |
| | | | | 36,050,000 | | | | 4.610 | | | 12/02/24 | | $ | 36,050,000 | |
| | Maturity Value: $36,063,849 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/26. The market value of the collateral, including accrued interest, was $36,771,000. | |
| | | | | 37,875,000 | | | | 4.610 | | | 12/02/24 | | $ | 37,875,000 | |
| | Maturity Value: $37,889,550 | |
| | Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/52. The market value of the collateral, including accrued interest, was $38,632,500. | |
| | | | | 41,750,000 | | | | 4.610 | | | 12/02/24 | | $ | 41,750,000 | |
| | Maturity Value: $41,766,039 | |
| | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $42,585,000. | |
| | | | | 41,817,500 | | | | 4.610 | | | 12/02/24 | | $ | 41,817,500 | |
| | Maturity Value: $41,833,565 | |
| | Collateralized by a U.S. Treasury Note, 4.000%, due 02/15/34. The market value of the collateral, including accrued interest, was $42,653,850. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Prudential Insurance Company of America (The) – (continued) | |
| | $ | | | 45,375,000 | | | | 4.610 | % | | 12/02/24 | | $ | 45,375,000 | |
| | Maturity Value: $45,392,432 | |
| | Collateralized by a U.S. Treasury Note, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $46,282,500. | |
| | | | | 50,628,750 | | | | 4.610 | | | 12/02/24 | | $ | 50,628,750 | |
| | Maturity Value: $50,648,200 | |
| | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $51,641,325. | |
| | | | | 151,500,000 | | | | 4.610 | | | 12/02/24 | | $ | 151,500,000 | |
| | Maturity Value: $151,558,201 | |
| | Collateralized by a U.S. Treasury Note, 3.000%, due 08/15/52. The market value of the collateral, including accrued interest, was $154,530,000. | |
| | | | | 172,406,250 | | | | 4.610 | | | 12/02/24 | | $ | 172,406,250 | |
| | Maturity Value: $172,472,483 | |
| | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,854,375. | |
| | | |
| | RBC Dominion Securities Inc. | |
| | | | | 100,000,000 | | | | 4.500 | | | 12/02/24 | | $ | 100,000,000 | |
| | Maturity Value: $100,037,500 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/24. The market value of the collateral, including accrued interest, was $102,000,001. | |
| | | |
| | Royal Bank of Canada | |
| | | | | 1,980,000,000 | | | | 5.260 | (d) | | 01/02/25 | | $ | 1,980,000,000 | |
| | Maturity Value: $2,032,941,900 | |
| | Settlement Date: 07/03/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.500%, due 05/01/25 to 12/01/54 and Federal National Mortgage Association, 1.500% to 7.500%, due 02/01/31 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $2,019,599,995. | |
| | | | | 148,000,000 | | | | 4.540 | (d) | | 01/30/25 | | $ | 148,000,000 | |
| | Maturity Value: $149,306,511 | |
| | Settlement Date: 11/21/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 10/01/32 to 11/01/54 and Federal National Mortgage Association, 3.000% to 6.000%, due 09/01/52 to 06/01/54. The aggregate market value of the collateral, including accrued interest, was $150,960,000. | |
| | | | | 245,000,000 | | | | 4.560 | (d) | | 01/30/25 | | $ | 245,000,000 | |
| | Maturity Value: $247,575,768 | |
| | Settlement Date: 11/08/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 12/01/51 to 12/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 08/01/42 to 12/01/54. The aggregate market value of the collateral, including accrued interest, was $249,900,002. | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | | Royal Bank of Canada – (continued) | |
| | $ | | | 4,940,000,000 | | | | 4.560 | %(d) | | 01/30/25 | | $ | 4,940,000,000 | |
| | Maturity Value: $4,991,935,880 | |
| | Settlement Date: 11/08/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 08/01/32 to 12/01/54 and Federal National Mortgage Association, 1.500% to 7.500%, due 12/01/27 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $5,038,800,014. | |
| | | | | 742,500,000 | | | | 5.090 | (d) | | 02/21/25 | | $ | 742,500,000 | |
| | Maturity Value: $779,978,309 | |
| | Settlement Date: 03/01/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/36 to 06/01/54 and Federal National Mortgage Association, 1.500% to 7.000%, due 12/01/26 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $757,349,998. | |
| | | | | 495,000,000 | | | | 5.110 | (d) | | 02/21/25 | | $ | 495,000,000 | |
| | Maturity Value: $520,153,967 | |
| | Settlement Date: 02/29/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 11/01/42 to 12/01/54 and Federal National Mortgage Association, 2.000% to 8.000%, due 06/01/28 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $504,899,996. | |
| | | | | 988,000,000 | | | | 5.030 | (d) | | 02/28/25 | | $ | 988,000,000 | |
| | Maturity Value: $1,037,420,301 | |
| | Settlement Date: 03/07/24 | |
| | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 09/01/26 to 12/01/54 and Federal National Mortgage Association, 2.000% to 7.500%, due 10/01/26 to 06/01/63. The aggregate market value of the collateral, including accrued interest, was $1,007,759,997. | |
| | | |
| | The Northwestern Mutual Life Insurance Company | |
| | | | | 346,920,000 | | | | 4.610 | | | 12/02/24 | | $ | 346,920,000 | |
| | Maturity Value: $347,053,275 | |
| | Collateralized by a U.S. Treasury Note, 3.875%, due 11/30/27. The market value of the collateral, including accrued interest, was $353,858,400. | |
| | | | | 386,800,000 | | | | 4.610 | | | 12/02/24 | | $ | 386,800,000 | |
| | Maturity Value: $386,948,596 | |
| | Collateralized by a U.S. Treasury Note, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $394,536,000. | |
| | | |
| | Wells Fargo Securities, LLC | |
| | | | | 2,950,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 2,950,000,000 | |
| | Maturity Value: $2,951,128,375 | |
| | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 02/20/26 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $3,038,500,002. | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Wells Fargo Securities, LLC – (continued) | |
| | $ | | | 1,086,000,000 | | | | 4.980 | % | | 01/03/25 | | $ | 1,086,000,000 | |
| | Maturity Value: $1,103,126,220 | |
| | Settlement Date: 09/11/24 | |
| | Collateralized by Federal National Mortgage Association, 1.500% to 7.500%, due 10/01/25 to 01/01/59. The aggregate market value of the collateral, including accrued interest, was $1,118,579,999. | |
| | | |
| | TOTAL REPURCHASE AGREEMENTS | | $ | 130,627,595,445 | |
| | | |
| | TOTAL INVESTMENTS - 98.5% | | $ | 259,882,961,684 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES
- 1.5% | | | 4,061,362,923 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 263,944,324,607 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
| | (b) | All or a portion represents a forward commitment. |
| | (c) | Unless noted, all repurchase agreements were entered into on November 30, 2024. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section. |
| | (d) | The instrument is subject to a demand feature. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.
| | |
| Investment Abbreviations: |
| |
| MMY | | —Money Market Yield |
| |
| PLC | | —Public Limited Company |
| |
| Prime | | —Federal Reserve Bank Prime Loan Rate US |
| |
| SOFR | | —Secured Overnight Financing Rate |
| |
| T-Bill | | —Treasury Bill |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – 99.9% | |
| |
| | United States Treasury Bills | |
| | $ | | | 5,466,890,500 | | | | 4.606 | % | | 12/10/24 | | $ | 5,460,719,741 | |
| | | | | 496,043,700 | | | | 4.584 | | | 12/12/24 | | | 495,361,640 | |
| | | | | 6,742,246,400 | | | | 4.601 | | | 12/17/24 | | | 6,728,731,936 | |
| | | | | 279,097,900 | | | | 4.614 | | | 12/19/24 | | | 278,464,047 | |
| | | | | 194,955,200 | | | | 4.615 | | | 12/19/24 | | | 194,512,441 | |
| | | | | 248,252,100 | | | | 4.620 | | | 12/19/24 | | | 247,688,300 | |
| | | | | 1,441,029,100 | | | | 4.630 | | | 12/19/24 | | | 1,437,756,410 | |
| | | | | 601,816,100 | | | | 4.635 | | | 12/19/24 | | | 600,449,328 | |
| | | | | 1,400,000,000 | | | | 4.645 | | | 12/19/24 | | | 1,396,820,490 | |
| | | | | 1,323,145,500 | | | | 4.651 | | | 12/19/24 | | | 1,320,140,533 | |
| | | | | 124,344,100 | | | | 4.888 | | | 12/19/24 | | | 124,061,705 | |
| | | | | 228,960,800 | | | | 4.601 | | | 12/24/24 | | | 228,296,024 | |
| | | | | 4,434,284,200 | | | | 4.622 | | | 12/24/24 | | | 4,421,409,484 | |
| | | | | 3,045,287,200 | | | | 4.642 | | | 12/24/24 | | | 3,036,445,366 | |
| | | | | 935,000,000 | | | | 4.647 | | | 12/24/24 | | | 932,285,276 | |
| | | | | 126,267,800 | | | | 4.683 | | | 12/24/24 | | | 125,901,188 | |
| | | | | 592,045,600 | | | | 4.699 | | | 12/24/24 | | | 590,326,626 | |
| | | | | 170,092,700 | | | | 4.700 | | | 12/24/24 | | | 169,598,845 | |
| | | | | 191,683,200 | | | | 4.705 | | | 12/24/24 | | | 191,126,658 | |
| | | | | 198,386,300 | | | | 4.585 | | | 12/26/24 | | | 197,761,929 | |
| | | | | 2,598,424,600 | | | | 4.630 | | | 12/26/24 | | | 2,590,246,714 | |
| | | | | 1,000,000,000 | | | | 4.640 | | | 12/26/24 | | | 996,852,752 | |
| | | | | 71,585,300 | | | | 4.643 | | | 12/26/24 | | | 71,360,003 | |
| | | | | 190,894,200 | | | | 4.648 | | | 12/26/24 | | | 190,293,409 | |
| | | | | 200,000,000 | | | | 4.600 | | | 12/31/24 | | | 199,247,449 | |
| | | | | 500,000,000 | | | | 4.610 | | | 12/31/24 | | | 498,118,622 | |
| | | | | 4,624,317,300 | | | | 4.613 | | | 12/31/24 | | | 4,606,917,120 | |
| | | | | 130,296,000 | | | | 4.628 | | | 12/31/24 | | | 129,805,728 | |
| | | | | 312,319,300 | | | | 4.633 | | | 12/31/24 | | | 311,144,119 | |
| | | | | 4,580,104,100 | | | | 4.579 | | | 01/02/25 | | | 4,561,831,349 | |
| | | | | 24,053,200 | | | | 4.601 | | | 01/02/25 | | | 23,957,238 | |
| | | | | 70,166,300 | | | | 4.602 | | | 01/02/25 | | | 69,886,365 | |
| | | | | 496,883,400 | | | | 4.604 | | | 01/02/25 | | | 494,901,038 | |
| | | | | 624,703,600 | | | | 4.612 | | | 01/02/25 | | | 622,211,287 | |
| | | | | 172,660,000 | | | | 4.617 | | | 01/02/25 | | | 171,971,157 | |
| | | | | 191,693,600 | | | | 4.622 | | | 01/02/25 | | | 190,928,821 | |
| | | | | 395,638,800 | | | | 4.628 | | | 01/02/25 | | | 394,060,362 | |
| | | | | 480,672,000 | | | | 4.633 | | | 01/02/25 | | | 478,754,314 | |
| | | | | 1,548,424,700 | | | | 4.597 | | | 01/07/25 | | | 1,541,117,667 | |
| | | | | 448,324,700 | | | | 4.969 | | | 01/07/25 | | | 446,209,051 | |
| | | | | 487,436,000 | | | | 4.489 | | | 01/09/25 | | | 485,088,648 | |
| | | | | 7,311,500 | | | | 4.489 | | | 01/09/25 | | | 7,276,290 | |
| | | | | 375,712,700 | | | | 4.513 | | | 01/09/25 | | | 373,903,376 | |
| | | | | 9,838,500 | | | | 4.526 | | | 01/09/25 | | | 9,791,121 | |
| | | | | 1,517,811,400 | | | | 4.503 | | | 01/14/25 | | | 1,509,384,029 | |
| | | | | 374,153,300 | | | | 4.503 | | | 01/14/25 | | | 372,075,882 | |
| | | | | 201,010,400 | | | | 4.519 | | | 01/14/25 | | | 199,894,326 | |
| | | | | 54,327,100 | | | | 4.524 | | | 01/14/25 | | | 54,025,459 | |
| | | | | 1,284,168,700 | | | | 4.571 | | | 01/21/25 | | | 1,276,037,579 | |
| | | | | 590,900 | | | | 4.600 | | | 02/04/25 | | | 586,103 | |
| | | | | 3,064,400 | | | | 4.614 | | | 02/04/25 | | | 3,039,522 | |
| | | | | 8,250,200 | | | | 4.618 | | | 02/04/25 | | | 8,183,221 | |
| | | | | 44,448,600 | | | | 4.644 | | | 02/04/25 | | | 44,087,748 | |
| | | | | 133,293,000 | | | | 4.539 | | | 02/06/25 | | | 132,159,326 | |
| | | | | 562,202,500 | | | | 4.544 | | | 02/06/25 | | | 557,420,898 | |
| | | | | 248,707,200 | | | | 4.547 | | | 02/06/25 | | | 246,591,914 | |
| | | | | 108,347,200 | | | | 4.550 | | | 02/06/25 | | | 107,425,694 | |
| | | | | 564,796,100 | | | | 4.555 | | | 02/06/25 | | | 559,992,439 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 8,512,000 | | | | 4.558 | % | | 02/06/25 | | | $ 8,439,604 | |
| | | | | 468,445,900 | | | | 4.560 | | | 02/06/25 | | | 464,461,709 | |
| | | | | 65,324,000 | | | | 4.966 | | | 02/06/25 | | | 64,768,411 | |
| | | | | 41,060,900 | | | | 4.969 | | | 02/06/25 | | | 40,711,672 | |
| | | | | 11,107,400 | | | | 4.983 | | | 02/06/25 | | | 11,012,930 | |
| | | | | 436,554,700 | | | | 4.985 | | | 02/06/25 | | | 432,841,748 | |
| | | | | 63,448,100 | | | | 4.987 | | | 02/06/25 | | | 62,908,466 | |
| | | | | 144,075,600 | | | | 4.990 | | | 02/06/25 | | | 142,850,219 | |
| | | | | 101,842,000 | | | | 4.991 | | | 02/06/25 | | | 100,975,821 | |
| | | | | 226,666,100 | | | | 4.993 | | | 02/06/25 | | | 224,738,277 | |
| | | | | 7,169,900 | | | | 4.995 | | | 02/06/25 | | | 7,108,919 | |
| | | | | 268,546,400 | | | | 4.998 | | | 02/06/25 | | | 266,262,379 | |
| | | | | 81,374,100 | | | | 4.499 | | | 02/13/25 | | | 80,571,777 | |
| | | | | 426,849,900 | | | | 4.500 | | | 02/13/25 | | | 422,641,293 | |
| | | | | 47,768,500 | | | | 4.502 | | | 02/13/25 | | | 47,297,517 | |
| | | | | 35,773,900 | | | | 4.502 | | | 02/13/25 | | | 35,421,181 | |
| | | | | 186,508,500 | | | | 4.504 | | | 02/13/25 | | | 184,669,584 | |
| | | | | 16,274,800 | | | | 4.504 | | | 02/13/25 | | | 16,114,336 | |
| | | | | 8,852,300 | | | | 4.943 | | | 02/13/25 | | | 8,765,019 | |
| | | | | 10,849,900 | | | | 4.960 | | | 02/13/25 | | | 10,742,923 | |
| | | | | 189,852,200 | | | | 4.964 | | | 02/13/25 | | | 187,980,317 | |
| | | | | 8,679,900 | | | | 4.976 | | | 02/13/25 | | | 8,594,319 | |
| | | | | 8,347,200 | | | | 4.982 | | | 02/13/25 | | | 8,264,899 | |
| | | | | 16,274,800 | | | | 4.987 | | | 02/13/25 | | | 16,114,336 | |
| | | | | 138,588,100 | | | | 4.511 | | | 02/27/25 | | | 137,117,796 | |
| | | | | 4,367,600 | | | | 4.502 | | | 03/04/25 | | | 4,318,046 | |
| | | | | 38,946,000 | | | | 4.506 | | | 03/04/25 | | | 38,504,123 | |
| | | | | 261,003,800 | | | | 4.511 | | | 03/04/25 | | | 258,042,481 | |
| | | | | 62,426,700 | | | | 4.512 | | | 03/04/25 | | | 61,718,414 | |
| | | | | 31,991,700 | | | | 4.517 | | | 03/04/25 | | | 31,628,726 | |
| | | | | 22,708,800 | | | | 4.543 | | | 03/04/25 | | | 22,451,149 | |
| | | | | 50,245,300 | | | | 4.553 | | | 03/04/25 | | | 49,675,223 | |
| | | | | 218,495,700 | | | | 4.823 | | | 03/06/25 | | | 215,817,458 | |
| | | | | 7,929,600 | | | | 4.495 | | | 03/11/25 | | | 7,832,743 | |
| | | | | 11,168,600 | | | | 4.506 | | | 03/11/25 | | | 11,032,180 | |
| | | | | 45,415,500 | | | | 4.507 | | | 03/11/25 | | | 44,860,767 | |
| | | | | 285,054,800 | | | | 4.511 | | | 03/11/25 | | | 281,572,967 | |
| | | | | 4,857,500 | | | | 4.512 | | | 03/11/25 | | | 4,798,168 | |
| | | | | 105,624,300 | | | | 4.517 | | | 03/11/25 | | | 104,334,141 | |
| | | | | 267,014,100 | | | | 4.522 | | | 03/11/25 | | | 263,752,627 | |
| | | | | 8,771,800 | | | | 4.526 | | | 03/11/25 | | | 8,664,656 | |
| | | | | 458,649,100 | | | | 4.537 | | | 03/11/25 | | | 453,046,881 | |
| | | | | 23,703,100 | | | | 4.645 | | | 03/13/25 | | | 23,398,985 | |
| | | | | 174,163,500 | | | | 4.650 | | | 03/13/25 | | | 171,928,952 | |
| | | | | 4,399,700 | | | | 4.696 | | | 03/13/25 | | | 4,343,251 | |
| | | | | 437,301,100 | | | | 4.701 | | | 03/13/25 | | | 431,690,451 | |
| | | | | 728,200 | | | | 4.707 | | | 03/13/25 | | | 718,857 | |
| | | | | 190,503,500 | | | | 4.742 | | | 03/13/25 | | | 188,059,307 | |
| | | | | 303,272,800 | | | | 4.503 | | | 03/18/25 | | | 299,324,344 | |
| | | | | 104,153,000 | | | | 4.503 | | | 03/18/25 | | | 102,796,981 | |
| | | | | 46,733,100 | | | | 4.506 | | | 03/18/25 | | | 46,124,659 | |
| | | | | 6,122,800 | | | | 4.510 | | | 03/18/25 | | | 6,043,084 | |
| | | | | 36,681,400 | | | | 4.511 | | | 03/18/25 | | | 36,203,827 | |
| | | | | 310,205,300 | | | | 4.517 | | | 03/18/25 | | | 306,166,586 | |
| | | | | 39,048,800 | | | | 4.504 | | | 03/25/25 | | | 38,506,665 | |
| | | | | 719,340,000 | | | | 4.506 | | | 03/25/25 | | | 709,353,026 | |
| | | | | 569,108,100 | | | | 4.510 | | | 03/25/25 | | | 561,206,874 | |
| | | | | 35,710,400 | | | | 4.510 | | | 03/25/25 | | | 35,214,614 | |
| | | | | 85,762,200 | | | | 4.511 | | | 03/25/25 | | | 84,571,518 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 65,084,100 | | | | 4.516 | % | | 03/25/25 | | | $ 64,180,503 | |
| | | | | 538,840,600 | | | | 4.521 | | | 03/25/25 | | | 531,359,594 | |
| | | | | 122,520,300 | | | | 4.522 | | | 03/25/25 | | | 120,819,286 | |
| | | | | 1,616,339,700 | | | | 4.388 | | | 03/27/25 | | | 1,594,077,451 | |
| | | | | 7,257,400 | | | | 4.423 | | | 03/27/25 | | | 7,157,442 | |
| | | | | 22,853,800 | | | | 4.432 | | | 03/27/25 | | | 22,539,029 | |
| | | | | 30,182,200 | | | | 4.447 | | | 03/27/25 | | | 29,766,493 | |
| | | | | 5,356,400 | | | | 4.447 | | | 03/27/25 | | | 5,282,625 | |
| | | | | 8,046,700 | | | | 4.447 | | | 03/27/25 | | | 7,935,871 | |
| | | | | 1,154,389,700 | | | | 4.418 | | | 04/03/25 | | | 1,137,758,720 | |
| | | | | 17,071,500 | | | | 4.418 | | | 04/03/25 | | | 16,825,556 | |
| | | | | 60,864,600 | | | | 4.443 | | | 04/10/25 | | | 59,918,421 | |
| | | | | 1,985,700 | | | | 4.446 | | | 04/10/25 | | | 1,954,831 | |
| | | | | 1,752,100 | | | | 4.449 | | | 04/10/25 | | | 1,724,862 | |
| | | | | 83,479,100 | | | | 4.451 | | | 04/10/25 | | | 82,181,365 | |
| | | | | 13,264,000 | | | | 4.454 | | | 04/10/25 | | | 13,057,803 | |
| | | | | 26,565,200 | | | | 4.461 | | | 04/10/25 | | | 26,152,227 | |
| | | | | 1,683,278,300 | | | | 4.462 | | | 04/10/25 | | | 1,657,110,674 | |
| | | | | 2,560,700 | | | | 4.472 | | | 04/10/25 | | | 2,520,892 | |
| | | | | 43,208,900 | | | | 4.497 | | | 04/10/25 | | | 42,537,190 | |
| | | | | 27,312,200 | | | | 4.394 | | | 04/24/25 | | | 26,839,491 | |
| | | | | 288,133,400 | | | | 4.394 | | | 04/24/25 | | | 283,146,501 | |
| | | | | 6,708,500 | | | | 4.399 | | | 04/24/25 | | | 6,592,392 | |
| | | | | 62,321,000 | | | | 4.399 | | | 04/24/25 | | | 61,242,373 | |
| | | | | 5,237,100 | | | | 4.415 | | | 04/24/25 | | | 5,146,458 | |
| | | | | 9,583,600 | | | | 4.415 | | | 04/24/25 | | | 9,417,731 | |
| | | | | 99,497,500 | | | | 4.427 | | | 04/24/25 | | | 97,775,436 | |
| | | | | 43,762,000 | | | | 4.460 | | | 05/01/25 | | | 42,968,363 | |
| | | | | 1,042,057,900 | | | | 4.483 | | | 05/01/25 | | | 1,023,159,875 | |
| | | | | 396,500,100 | | | | 4.414 | | | 05/08/25 | | | 389,071,225 | |
| | | | | 306,004,200 | | | | 4.419 | | | 05/08/25 | | | 300,270,867 | |
| | | | | 84,657,300 | | | | 4.424 | | | 05/08/25 | | | 83,071,150 | |
| | | | | 50,730,100 | | | | 4.427 | | | 05/08/25 | | | 49,779,615 | |
| | | | | 41,829,300 | | | | 4.438 | | | 05/08/25 | | | 41,045,581 | |
| | | | | 133,072,800 | | | | 4.443 | | | 05/08/25 | | | 130,579,531 | |
| | | | | 23,895,200 | | | | 4.099 | | | 05/15/25 | | | 23,404,165 | |
| | | | | 108,034,200 | | | | 4.099 | | | 05/15/25 | | | 105,814,147 | |
| | | | | 15,975,200 | | | | 4.099 | | | 05/15/25 | | | 15,646,917 | |
| | | | | 17,241,700 | | | | 4.102 | | | 05/15/25 | | | 16,887,391 | |
| | | | | 466,746,900 | | | | 4.102 | | | 05/15/25 | | | 457,155,465 | |
| | | | | 179,107,300 | | | | 4.125 | | | 05/15/25 | | | 175,426,727 | |
| | | | | 63,585,300 | | | | 4.317 | | | 05/15/25 | | | 62,278,651 | |
| | | | | 10,143,100 | | | | 4.469 | | | 05/15/25 | | | 9,934,664 | |
| | | | | 155,361,900 | | | | 4.470 | | | 05/15/25 | | | 152,169,284 | |
| | | | | 228,602,100 | | | | 4.474 | | | 05/15/25 | | | 223,904,432 | |
| | | | | 31,086,300 | | | | 4.475 | | | 05/15/25 | | | 30,447,491 | |
| | | | | 25,016,700 | | | | 4.476 | | | 05/15/25 | | | 24,502,618 | |
| | | | | 248,724,800 | | | | 4.479 | | | 05/15/25 | | | 243,613,619 | |
| | | | | 19,371,700 | | | | 4.488 | | | 05/15/25 | | | 18,973,620 | |
| | | | | 43,104,300 | | | | 4.492 | | | 05/15/25 | | | 42,218,526 | |
| | | | | 148,758,500 | | | | 5.221 | | | 05/15/25 | | | 145,701,581 | |
| | | | | 122,129,400 | | | | 5.222 | | | 05/15/25 | | | 119,619,697 | |
| | | | | 80,522,900 | | | | 5.260 | | | 05/15/25 | | | 78,868,191 | |
| | | | | 40,261,500 | | | | 5.263 | | | 05/15/25 | | | 39,434,145 | |
| | | | | 80,522,900 | | | | 5.266 | | | 05/15/25 | | | 78,868,191 | |
| | | | | 61,727,300 | | | | 5.284 | | | 05/15/25 | | | 60,458,832 | |
| | | | | 35,685,100 | | | | 4.460 | | | 05/22/25 | | | 34,949,399 | |
| | | | | 105,850,000 | | | | 4.462 | | | 05/22/25 | | | 103,667,747 | |
| | | | | 7,836,400 | | | | 4.463 | | | 05/22/25 | | | 7,674,841 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 817,174,600 | | | | 4.467 | % | | 05/22/25 | | | $ 800,327,345 | |
| | | | | 31,897,100 | | | | 4.475 | | | 05/22/25 | | | 31,239,494 | |
| | | | | 77,587,700 | | | | 4.477 | | | 05/22/25 | | | 75,988,116 | |
| | | | | 2,873,000 | | | | 4.480 | | | 05/22/25 | | | 2,813,769 | |
| | | | | 18,177,100 | | | | 4.486 | | | 05/22/25 | | | 17,802,352 | |
| | | | | 5,071,500 | | | | 4.488 | | | 05/22/25 | | | 4,966,944 | |
| | | | | 100,932,300 | | | | 4.491 | | | 05/22/25 | | | 98,851,432 | |
| | | | | 56,363,500 | | | | 4.496 | | | 05/22/25 | | | 55,201,484 | |
| | | | | 80,355,200 | | | | 4.459 | | | 05/29/25 | | | 78,627,554 | |
| | | | | 47,686,800 | | | | 4.459 | | | 05/29/25 | | | 46,661,528 | |
| | | | | 14,681,700 | | | | 4.467 | | | 05/29/25 | | | 14,366,042 | |
| | | | | 57,339,800 | | | | 4.469 | | | 05/29/25 | | | 56,106,988 | |
| | | | | 26,897,100 | | | | 4.488 | | | 05/29/25 | | | 26,318,809 | |
| | | | | 482,136,600 | | | | 4.498 | | | 05/29/25 | | | 471,770,607 | |
| | | | | 38,944,900 | | | | 3.964 | | | 08/07/25 | | | 37,816,370 | |
| | | | | 8,564,600 | | | | 3.964 | | | 08/07/25 | | | 8,316,418 | |
| | | | | 5,138,700 | | | | 3.978 | | | 08/07/25 | | | 4,989,793 | |
| | | | | 4,332,500 | | | | 3.986 | | | 08/07/25 | | | 4,206,955 | |
| | | | | 5,138,700 | | | | 4.000 | | | 08/07/25 | | | 4,989,793 | |
| | | | | 37,294,500 | | | | 4.016 | | | 08/07/25 | | | 36,213,795 | |
| | | | | 201,654,300 | | | | 4.029 | | | 08/07/25 | | | 195,810,842 | |
| | | | | 34,482,100 | | | | 4.065 | | | 08/07/25 | | | 33,482,891 | |
| | | | | 2,024,600 | | | | 4.076 | | | 08/07/25 | | | 1,965,932 | |
| | | | | 40,492,800 | | | | 4.120 | | | 08/07/25 | | | 39,319,416 | |
| | | | | 60,739,200 | | | | 4.147 | | | 08/07/25 | | | 58,979,123 | |
| | | | | 4,060,400 | | | | 4.162 | | | 08/07/25 | | | 3,942,739 | |
| | | | | 125,325,300 | | | | 4.178 | | | 08/07/25 | | | 121,693,673 | |
| | | | | 34,640,500 | | | | 4.404 | | | 08/07/25 | | | 33,636,701 | |
| | | | | 44,744,600 | | | | 4.418 | | | 08/07/25 | | | 43,448,009 | |
| | | | | 22,206,400 | | | | 4.447 | | | 08/07/25 | | | 21,562,912 | |
| | | | | 6,281,100 | | | | 4.457 | | | 08/07/25 | | | 6,099,089 | |
| | | | | 7,391,500 | | | | 4.460 | | | 08/07/25 | | | 7,177,312 | |
| | | | | 95,765,500 | | | | 4.466 | | | 08/07/25 | | | 92,990,445 | |
| | | | | 70,862,300 | | | | 4.482 | | | 08/07/25 | | | 68,808,880 | |
| | | | | 12,552,800 | | | | 4.483 | | | 08/07/25 | | | 12,189,050 | |
| | | | | 23,747,800 | | | | 4.311 | | | 09/04/25 | | | 22,998,623 | |
| | | | | 8,071,200 | | | | 3.985 | | | 10/02/25 | | | 7,796,829 | |
| | | | | 97,489,200 | | | | 4.214 | | | 10/02/25 | | | 94,175,163 | |
| | | | | 29,669,300 | | | | 4.267 | | | 10/02/25 | | | 28,660,725 | |
| | | | | 85,711,300 | | | | 4.274 | | | 10/02/25 | | | 82,797,639 | |
| | | | | 31,387,200 | | | | 4.321 | | | 10/30/25 | | | 30,199,153 | |
| | | | | 704,949,300 | | | | 4.337 | | | 10/30/25 | | | 678,266,031 | |
| | | | | 51,614,500 | | | | 4.361 | | | 10/30/25 | | | 49,660,823 | |
| | | | | 37,664,600 | | | | 4.366 | | | 10/30/25 | | | 36,238,945 | |
| | | | | 58,124,400 | | | | 4.376 | | | 10/30/25 | | | 55,924,314 | |
| | | | | 15,112,300 | | | | 4.382 | | | 10/30/25 | | | 14,540,279 | |
| | | | | 11,624,900 | | | | 4.390 | | | 10/30/25 | | | 11,184,882 | |
| | | | | 17,437,300 | | | | 4.390 | | | 10/30/25 | | | 16,777,275 | |
| | | | | 345,171,400 | | | | 4.436 | | | 11/28/25 | | | 330,628,369 | |
| | United States Treasury Floating Rate Note | |
| | | | | 7,088,300 | | | | 5.102 | | | 02/28/25 | | | 7,021,141 | |
| | | | | 19,130,100 | | | | 4.330 | | | 05/15/25 | | | 18,935,329 | |
| | | | | 15,973,400 | | | | 4.416 | | | 05/15/25 | | | 15,855,210 | |
| | | | | 38,964,400 | | | | 4.424 | | | 05/15/25 | | | 38,567,688 | |
| | | | | 137,457,200 | | | | 4.429 | | | 05/15/25 | | | 136,057,693 | |
| | | | | 39,862,300 | | | | 4.439 | | | 05/15/25 | | | 39,456,446 | |
| | | | | 19,482,200 | | | | 4.449 | | | 05/15/25 | | | 19,283,844 | |
| | | | | 16,717,500 | | | | 4.330 | | | 06/30/25 | | | 16,744,858 | |
| | | | | 10,030,500 | | | | 4.345 | | | 06/30/25 | | | 10,046,914 | |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 5,591,900 | | | | 4.315 | % | | 07/31/25 | | | $ 5,580,714 | |
| | | | | 178,550,800 | | | | 4.987 | | | 07/31/25 | | | 173,128,552 | |
| | | | | 235,177,200 | | | | 4.989 | | | 07/31/25 | | | 228,035,317 | |
| | | | | 136,993,200 | | | | 5.075 | | | 07/31/25 | | | 132,832,978 | |
| | | | | 130,191,000 | | | | 5.096 | | | 07/31/25 | | | 129,930,563 | |
| | | | | 5,534,500 | | | | 4.289 | | | 08/15/25 | | | 5,485,435 | |
| | | | | 183,421,700 | | | | 4.296 | | | 08/15/25 | | | 180,509,914 | |
| | | | | 18,639,600 | | | | 4.299 | | | 08/15/25 | | | 18,474,353 | |
| | | | | 11,162,300 | | | | 4.391 | | | 08/15/25 | | | 10,985,100 | |
| | | | | 7,441,600 | | | | 4.394 | | | 08/15/25 | | | 7,375,628 | |
| | | | | 18,248,300 | | | | 4.456 | | | 08/15/25 | | | 17,958,612 | |
| | | | | 68,640,100 | | | | 4.460 | | | 08/15/25 | | | 68,031,582 | |
| | | | | 92,159,900 | | | | 4.391 | | | 11/30/25 | | | 92,589,706 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.125%) | |
| | | | | 305,000,000 | | | | 4.587 | (a) | | 07/31/25 | | | 304,910,268 | |
| | | | | 85,386,300 | | | | 4.590 | (a) | | 07/31/25 | | | 85,361,179 | |
| | | | | 982,912,200 | | | | 4.591 | (a) | | 07/31/25 | | | 982,623,026 | |
| | | | | 634,887,400 | | | | 4.592 | (a) | | 07/31/25 | | | 634,700,615 | |
| | | | | 225,611,700 | | | | 4.593 | (a) | | 07/31/25 | | | 225,545,325 | |
| | | | | 817,721,500 | | | | 4.594 | (a) | | 07/31/25 | | | 817,480,925 | |
| | | | | 63,885,000 | | | | 4.595 | (a) | | 07/31/25 | | | 63,866,205 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.150%) | |
| | | | | 982,537,300 | | | | 4.614 | (a) | | 04/30/26 | | | 982,569,588 | |
| | | | | 79,048,900 | | | | 4.617 | (a) | | 04/30/26 | | | 79,051,498 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.169%) | |
| | | | | 487,024,600 | | | | 4.631 | (a) | | 04/30/25 | | | 487,014,516 | |
| | | | | 140,283,500 | | | | 4.632 | (a) | | 04/30/25 | | | 140,280,595 | |
| | | | | 122,820,600 | | | | 4.633 | (a) | | 04/30/25 | | | 122,818,057 | |
| | | | | 522,407,600 | | | | 4.634 | (a) | | 04/30/25 | | | 522,396,783 | |
| | | | | 393,209,100 | | | | 4.635 | (a) | | 04/30/25 | | | 393,200,959 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.170%) | |
| | | | | 256,984,100 | | | | 4.633 | (a) | | 10/31/25 | | | 256,886,487 | |
| | | | | 322,217,300 | | | | 4.634 | (a) | | 10/31/25 | | | 322,094,908 | |
| | | | | 1,564,579,800 | | | | 4.635 | (a) | | 10/31/25 | | | 1,563,985,508 | |
| | | | | 728,568,900 | | | | 4.637 | (a) | | 10/31/25 | | | 728,292,159 | |
| | | | | 1,320,550,200 | | | | 4.641 | (a) | | 10/31/25 | | | 1,320,048,601 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.182%) | |
| | | | | 5,984,400 | | | | 4.647 | (a) | | 07/31/26 | | | 5,982,453 | |
| | | | | 212,365,100 | | | | 4.648 | (a) | | 07/31/26 | | | 212,296,011 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.200%) | |
| | | | | 846,626,100 | | | | 4.664 | (a) | | 01/31/25 | | | 846,606,369 | |
| | | | | 481,080,200 | | | | 4.665 | (a) | | 01/31/25 | | | 481,068,989 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.205%) | |
| | | | | 372,358,800 | | | | 4.666 | (a) | | 10/31/26 | | | 372,514,049 | |
| | | | | 58,733,000 | | | | 4.668 | (a) | | 10/31/26 | | | 58,757,488 | |
| | | | | 235,319,900 | | | | 4.669 | (a) | | 10/31/26 | | | 235,418,013 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.245%) | |
| | | | | 48,486,400 | | | | 4.704 | (a) | | 01/31/26 | | | 48,506,938 | |
| | | | | 2,277,255,000 | | | | 4.705 | (a) | | 01/31/26 | | | 2,278,219,594 | |
| | | | | 1,115,690,300 | | | | 4.706 | (a) | | 01/31/26 | | | 1,116,162,881 | |
| | | | | 219,761,800 | | | | 4.707 | (a) | | 01/31/26 | | | 219,854,886 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 439,656,400 | | | | 4.708 | %(a) | | 01/31/26 | | $ | 439,842,629 | |
| | | | | 1,011,686,100 | | | | 4.709 | (a) | | 01/31/26 | | | 1,012,114,628 | |
| | | |
| | TOTAL INVESTMENTS - 99.9% | | $ | 93,672,193,414 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES
- 0.1% | | | 81,269,235 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 93,753,462,649 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| (a) | | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.
| | |
|
| Investment Abbreviations: |
MMY | | —Money Market Yield |
T-Bill | | —Treasury Bill |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – 51.8% | |
| |
| | United States Treasury Bills | |
| | $ | | | 302,055,100 | | | | 4.643 | % | | 12/26/24 | | $ | 301,100,167 | |
| | | | | 300,265,300 | | | | 4.656 | | | 12/26/24 | | | 299,316,025 | |
| | | | | 22,745,300 | | | | 4.598 | | | 12/31/24 | | | 22,663,376 | |
| | | | | 107,595,700 | | | | 4.608 | | | 12/31/24 | | | 107,208,163 | |
| | | | | 386,610,400 | | | | 4.613 | | | 12/31/24 | | | 385,217,912 | |
| | | | | 75,130,900 | | | | 4.619 | | | 12/31/24 | | | 74,860,295 | |
| | | | | 15,026,200 | | | | 4.624 | | | 12/31/24 | | | 14,972,079 | |
| | | | | 75,396,600 | | | | 4.629 | | | 12/31/24 | | | 75,125,038 | |
| | | | | 72,276,000 | | | | 4.634 | | | 12/31/24 | | | 72,015,677 | |
| | | | | 111,823,100 | | | | 4.637 | (a) | | 12/31/24 | | | 111,420,337 | |
| | | | | 1,839,376,600 | | | | 4.642 | (a) | | 12/31/24 | | | 1,832,751,560 | |
| | | | | 168,375,200 | | | | 4.579 | | | 01/02/25 | | | 167,702,232 | |
| | | | | 28,691,400 | | | | 4.604 | | | 01/02/25 | | | 28,576,725 | |
| | | | | 167,392,700 | | | | 4.622 | | | 01/02/25 | | | 166,723,659 | |
| | | | | 115,434,800 | | | | 4.628 | | | 01/02/25 | | | 114,973,426 | |
| | | | | 151,996,000 | | | | 4.633 | | | 01/02/25 | | | 151,388,497 | |
| | | | | 77,451,600 | | | | 4.638 | | | 01/02/25 | | | 77,142,039 | |
| | | | | 170,429,600 | | | | 4.592 | | | 01/07/25 | | | 169,638,807 | |
| | | | | 41,604,400 | | | | 4.597 | | | 01/09/25 | | | 41,405,676 | |
| | | | | 624,100 | | | | 4.614 | | | 01/09/25 | | | 621,119 | |
| | | | | 8,580,900 | | | | 4.619 | | | 01/09/25 | | | 8,539,913 | |
| | | | | 142,704,700 | | | | 4.592 | (a) | | 01/28/25 | | | 141,706,976 | |
| | | | | 250,465,600 | | | | 4.607 | (a) | | 01/28/25 | | | 248,714,462 | |
| | | | | 33,358,400 | | | | 4.644 | | | 02/04/25 | | | 33,086,607 | |
| | | | | 26,406,500 | | | | 4.547 | | | 02/06/25 | | | 26,183,021 | |
| | | | | 494,336,000 | | | | 4.555 | | | 02/06/25 | | | 490,152,425 | |
| | | | | 528,303,200 | | | | 4.560 | | | 02/06/25 | | | 523,832,159 | |
| | | | | 5,026,900 | | | | 4.983 | | | 02/06/25 | | | 4,984,357 | |
| | | | | 161,503,100 | | | | 4.985 | | | 02/06/25 | | | 160,136,296 | |
| | | | | 25,034,700 | | | | 4.987 | | | 02/06/25 | | | 24,822,831 | |
| | | | | 52,818,100 | | | | 4.990 | | | 02/06/25 | | | 52,371,099 | |
| | | | | 48,312,600 | | | | 4.991 | | | 02/06/25 | | | 47,903,729 | |
| | | | | 88,212,400 | | | | 4.993 | | | 02/06/25 | | | 87,465,857 | |
| | | | | 2,999,900 | | | | 4.995 | | | 02/06/25 | | | 2,974,512 | |
| | | | | 109,732,500 | | | | 4.998 | | | 02/06/25 | | | 108,803,832 | |
| | | | | 59,932,400 | | | | 5.011 | | | 02/13/25 | | | 59,339,151 | |
| | | | | 7,714,900 | | | | 5.017 | | | 02/13/25 | | | 7,638,533 | |
| | | | | 11,347,700 | | | | 4.511 | | | 02/27/25 | | | 11,225,193 | |
| | | | | 41,492,800 | | | | 4.533 | | | 02/27/25 | | | 41,044,853 | |
| | | | | 212,605,000 | | | | 4.536 | | | 02/27/25 | | | 210,309,761 | |
| | | | | 218,731,800 | | | | 4.539 | | | 02/27/25 | | | 216,370,418 | |
| | | | | 123,929,900 | | | | 4.544 | | | 02/27/25 | | | 122,591,979 | |
| | | | | 9,863,600 | | | | 4.549 | | | 02/27/25 | | | 9,757,115 | |
| | | | | 4,952,800 | | | | 4.512 | | | 03/04/25 | | | 4,896,427 | |
| | | | | 21,851,900 | | | | 4.517 | | | 03/04/25 | | | 21,603,179 | |
| | | | | 25,243,900 | | | | 4.522 | | | 03/04/25 | | | 24,956,571 | |
| | | | | 30,849,000 | | | | 4.524 | | | 03/04/25 | | | 30,497,873 | |
| | | | | 108,921,000 | | | | 4.527 | | | 03/04/25 | | | 107,681,248 | |
| | | | | 25,958,200 | | | | 4.543 | | | 03/04/25 | | | 25,662,741 | |
| | | | | 29,805,000 | | | | 4.548 | | | 03/04/25 | | | 29,465,756 | |
| | | | | 49,540,800 | | | | 4.553 | | | 03/04/25 | | | 48,976,921 | |
| | | | | 17,335,100 | | | | 4.823 | | | 03/06/25 | | | 17,122,613 | |
| | | | | 35,358,900 | | | | 4.495 | | | 03/11/25 | | | 34,927,822 | |
| | | | | 175,699,200 | | | | 4.506 | | | 03/11/25 | | | 173,557,165 | |
| | | | | 46,148,700 | | | | 4.507 | | | 03/11/25 | | | 45,586,079 | |
| | | | | 110,546,000 | | | | 4.511 | | | 03/11/25 | | | 109,198,280 | |
| | | | | 11,115,600 | | | | 4.512 | | | 03/11/25 | | | 10,980,084 | |
| | | | | 7,573,200 | | | | 4.517 | | | 03/11/25 | | | 7,480,871 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 39,573,600 | | | | 4.522 | % | | 03/11/25 | | $ | 39,091,139 | |
| | | | | 15,117,700 | | | | 4.526 | | | 03/11/25 | | | 14,933,393 | |
| | | | | 132,136,200 | | | | 4.527 | | | 03/11/25 | | | 130,525,263 | |
| | | | | 14,457,800 | | | | 4.532 | | | 03/11/25 | | | 14,281,538 | |
| | | | | 77,821,500 | | | | 4.537 | | | 03/11/25 | | | 76,872,740 | |
| | | | | 37,014,900 | | | | 4.650 | | | 03/13/25 | | | 36,539,223 | |
| | | | | 2,521,800 | | | | 4.696 | | | 03/13/25 | | | 2,489,392 | |
| | | | | 205,902,200 | | | | 4.701 | | | 03/13/25 | | | 203,256,162 | |
| | | | | 417,300 | | | | 4.707 | | | 03/13/25 | | | 411,937 | |
| | | | | 88,931,300 | | | | 4.742 | | | 03/13/25 | | | 87,788,449 | |
| | | | | 124,546,500 | | | | 4.496 | | | 03/18/25 | | | 122,923,072 | |
| | | | | 21,339,700 | | | | 4.506 | | | 03/18/25 | | | 21,061,543 | |
| | | | | 14,011,200 | | | | 4.510 | | | 03/18/25 | | | 13,828,568 | |
| | | | | 16,749,700 | | | | 4.511 | | | 03/18/25 | | | 16,531,372 | |
| | | | | 153,786,300 | | | | 4.517 | | | 03/18/25 | | | 151,781,740 | |
| | | | | 15,985,600 | | | | 4.492 | | | 03/25/25 | | | 15,763,272 | |
| | | | | 49,425,400 | | | | 4.504 | | | 03/25/25 | | | 48,737,991 | |
| | | | | 46,301,200 | | | | 4.506 | | | 03/25/25 | | | 45,657,242 | |
| | | | | 67,430,800 | | | | 4.510 | | | 03/25/25 | | | 66,492,971 | |
| | | | | 73,619,500 | | | | 4.511 | | | 03/25/25 | | | 72,595,599 | |
| | | | | 90,624,200 | | | | 4.516 | | | 03/25/25 | | | 89,363,797 | |
| | | | | 27,911,500 | | | | 4.517 | | | 03/25/25 | | | 27,523,306 | |
| | | | | 147,828,900 | | | | 4.521 | | | 03/25/25 | | | 145,772,893 | |
| | | | | 69,901,400 | | | | 4.522 | | | 03/25/25 | | | 68,929,210 | |
| | | | | 719,573,300 | | | | 4.425 | | | 03/27/25 | | | 709,662,002 | |
| | | | | 3,370,100 | | | | 4.482 | | | 03/27/25 | | | 3,323,681 | |
| | | | | 10,663,900 | | | | 4.488 | | | 03/27/25 | | | 10,517,017 | |
| | | | | 13,981,500 | | | | 4.527 | | | 03/27/25 | | | 13,788,921 | |
| | | | | 2,499,300 | | | | 4.533 | | | 03/27/25 | | | 2,464,875 | |
| | | | | 3,753,000 | | | | 4.544 | | | 03/27/25 | | | 3,701,307 | |
| | | | | 1,947,100 | | | | 4.496 | (a) | | 04/01/25 | | | 1,918,914 | |
| | | | | 87,660,100 | | | | 4.501 | (a) | | 04/01/25 | | | 86,391,148 | |
| | | | | 44,386,500 | | | | 4.506 | (a) | | 04/01/25 | | | 43,743,969 | |
| | | | | 61,785,900 | | | | 4.511 | (a) | | 04/01/25 | | | 60,891,498 | |
| | | | | 498,181,800 | | | | 4.367 | | | 04/03/25 | | | 491,004,079 | |
| | | | | 8,264,600 | | | | 4.473 | | | 04/03/25 | | | 8,145,525 | |
| | | | | 26,547,600 | | | | 4.446 | | | 04/10/25 | | | 26,134,898 | |
| | | | | 794,900 | | | | 4.449 | | | 04/10/25 | | | 782,543 | |
| | | | | 38,186,100 | | | | 4.451 | | | 04/10/25 | | | 37,592,469 | |
| | | | | 6,065,500 | | | | 4.454 | | | 04/10/25 | | | 5,971,207 | |
| | | | | 12,655,800 | | | | 4.461 | | | 04/10/25 | | | 12,459,056 | |
| | | | | 766,284,300 | | | | 4.462 | | | 04/10/25 | | | 754,371,838 | |
| | | | | 1,239,700 | | | | 4.472 | | | 04/10/25 | | | 1,220,428 | |
| | | | | 19,619,200 | | | | 4.497 | | | 04/10/25 | | | 19,314,205 | |
| | | | | 12,415,400 | | | | 4.450 | | | 04/24/25 | | | 12,200,390 | |
| | | | | 112,102,000 | | | | 4.467 | | | 04/24/25 | | | 110,160,621 | |
| | | | | 3,106,700 | | | | 4.484 | | | 04/24/25 | | | 3,052,898 | |
| | | | | 34,113,500 | | | | 4.485 | | | 04/24/25 | | | 33,522,723 | |
| | | | | 2,866,700 | | | | 4.494 | | | 04/24/25 | | | 2,817,055 | |
| | | | | 4,438,100 | | | | 4.497 | | | 04/24/25 | | | 4,361,241 | |
| | | | | 52,040,000 | | | | 4.523 | | | 04/24/25 | | | 51,138,773 | |
| | | | | 19,396,800 | | | | 4.460 | | | 05/01/25 | | | 19,045,028 | |
| | | | | 488,392,300 | | | | 4.483 | | | 05/01/25 | | | 479,535,018 | |
| | | | | 182,387,600 | | | | 4.414 | | | 05/08/25 | | | 178,970,338 | |
| | | | | 143,418,200 | | | | 4.419 | | | 05/08/25 | | | 140,731,079 | |
| | | | | 69,755,000 | | | | 4.420 | | | 05/08/25 | | | 68,448,052 | |
| | | | | 38,588,000 | | | | 4.424 | | | 05/08/25 | | | 37,865,005 | |
| | | | | 20,745,700 | | | | 4.425 | | | 05/08/25 | | | 20,357,003 | |
| | | | | 23,776,200 | | | | 4.427 | | | 05/08/25 | | | 23,330,723 | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 26,694,700 | | | | 4.430 | % | | 05/08/25 | | $ | 26,194,541 | |
| | | | | 19,307,900 | | | | 4.438 | | | 05/08/25 | | | 18,946,142 | |
| | | | | 61,785,400 | | | | 4.443 | | | 05/08/25 | | | 60,627,772 | |
| | | | | 18,326,200 | | | | 4.440 | | | 05/15/25 | | | 17,950,203 | |
| | | | | 56,159,800 | | | | 4.441 | | | 05/15/25 | | | 55,007,576 | |
| | | | | 8,148,600 | | | | 4.445 | | | 05/15/25 | | | 7,981,416 | |
| | | | | 9,983,800 | | | | 4.464 | | | 05/15/25 | | | 9,778,963 | |
| | | | | 240,462,900 | | | | 4.467 | | | 05/15/25 | | | 235,529,350 | |
| | | | | 4,753,900 | | | | 4.469 | | | 05/15/25 | | | 4,656,365 | |
| | | | | 77,668,000 | | | | 4.470 | | | 05/15/25 | | | 76,074,494 | |
| | | | | 116,427,500 | | | | 4.474 | | | 05/15/25 | | | 114,038,770 | |
| | | | | 17,328,800 | | | | 4.475 | | | 05/15/25 | | | 16,973,267 | |
| | | | | 13,360,700 | | | | 4.476 | | | 05/15/25 | | | 13,086,580 | |
| | | | | 118,390,400 | | | | 4.479 | | | 05/15/25 | | | 115,961,398 | |
| | | | | 107,083,500 | | | | 4.481 | | | 05/15/25 | | | 104,886,480 | |
| | | | | 9,423,500 | | | | 4.488 | | | 05/15/25 | | | 9,230,159 | |
| | | | | 24,959,500 | | | | 4.492 | | | 05/15/25 | | | 24,447,409 | |
| | | | | 62,305,500 | | | | 5.221 | | | 05/15/25 | | | 61,027,185 | |
| | | | | 62,933,300 | | | | 5.222 | | | 05/15/25 | | | 61,642,105 | |
| | | | | 41,493,400 | | | | 5.260 | | | 05/15/25 | | | 40,642,085 | |
| | | | | 20,746,700 | | | | 5.263 | | | 05/15/25 | | | 20,321,042 | |
| | | | | 41,493,400 | | | | 5.266 | | | 05/15/25 | | | 40,642,085 | |
| | | | | 31,808,000 | | | | 5.284 | | | 05/15/25 | | | 31,155,399 | |
| | | | | 32,968,300 | | | | 5.286 | | | 05/15/25 | | | 32,291,893 | |
| | | | | 19,058,400 | | | | 4.460 | | | 05/22/25 | | | 18,665,403 | |
| | | | | 50,399,400 | | | | 4.462 | | | 05/22/25 | | | 49,360,130 | |
| | | | | 4,031,100 | | | | 4.463 | | | 05/22/25 | | | 3,947,976 | |
| | | | | 315,748,700 | | | | 4.467 | | | 05/22/25 | | | 309,237,750 | |
| | | | | 18,470,100 | | | | 4.475 | | | 05/22/25 | | | 18,089,234 | |
| | | | | 44,927,100 | | | | 4.477 | | | 05/22/25 | | | 44,000,673 | |
| | | | | 1,474,300 | | | | 4.480 | | | 05/22/25 | | | 1,443,899 | |
| | | | | 8,732,300 | | | | 4.486 | | | 05/22/25 | | | 8,552,234 | |
| | | | | 2,376,900 | | | | 4.488 | | | 05/22/25 | | | 2,327,887 | |
| | | | | 48,306,800 | | | | 4.491 | | | 05/22/25 | | | 47,310,681 | |
| | | | | 31,413,500 | | | | 4.496 | | | 05/22/25 | | | 30,765,733 | |
| | | | | 43,564,500 | | | | 4.449 | | | 05/29/25 | | | 42,629,804 | |
| | | | | 20,633,100 | | | | 4.454 | | | 05/29/25 | | | 20,190,408 | |
| | | | | 29,496,100 | | | | 4.461 | | | 05/29/25 | | | 28,863,248 | |
| | | | | 7,634,400 | | | | 4.467 | | | 05/29/25 | | | 7,470,601 | |
| | | | | 15,574,700 | | | | 4.488 | | | 05/29/25 | | | 15,240,538 | |
| | | | | 113,425,200 | | | | 4.498 | | | 05/29/25 | | | 110,991,611 | |
| | | | | 40,154,200 | | | | 4.004 | | | 08/07/25 | | | 38,993,580 | |
| | | | | 7,833,500 | | | | 4.026 | | | 08/07/25 | | | 7,607,080 | |
| | | | | 4,700,100 | | | | 4.037 | | | 08/07/25 | | | 4,564,248 | |
| | | | | 2,313,900 | | | | 4.041 | | | 08/07/25 | | | 2,247,019 | |
| | | | | 4,700,100 | | | | 4.063 | | | 08/07/25 | | | 4,564,248 | |
| | | | | 31,979,000 | | | | 4.069 | | | 08/07/25 | | | 31,054,677 | |
| | | | | 13,975,700 | | | | 4.404 | | | 08/07/25 | | | 13,571,745 | |
| | | | | 34,187,000 | | | | 4.418 | | | 08/07/25 | | | 33,198,856 | |
| | | | | 2,521,600 | | | | 4.447 | | | 08/07/25 | | | 2,448,715 | |
| | | | | 154,073,300 | | | | 4.455 | | | 08/07/25 | | | 149,619,954 | |
| | | | | 1,430,500 | | | | 4.457 | | | 08/07/25 | | | 1,389,153 | |
| | | | | 1,556,600 | | | | 4.460 | | | 08/07/25 | | | 1,511,608 | |
| | | | | 73,169,300 | | | | 4.466 | | | 08/07/25 | | | 71,054,409 | |
| | | | | 54,142,200 | | | | 4.482 | | | 08/07/25 | | | 52,577,270 | |
| | | | | 9,590,900 | | | | 4.483 | | | 08/07/25 | | | 9,313,684 | |
| | | | | 12,164,400 | | | | 4.494 | | | 08/07/25 | | | 11,812,799 | |
| | | | | 1,546,900 | | | | 4.495 | | | 08/07/25 | | | 1,502,188 | |
| | | | | 30,938,400 | | | | 4.503 | | | 08/07/25 | | | 30,044,154 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 46,407,600 | | | | 4.514 | % | | 08/07/25 | | $ | 45,066,231 | |
| | | | | 1,178,400 | | | | 4.535 | | | 08/07/25 | | | 1,144,339 | |
| | | | | 95,754,400 | | | | 4.553 | | | 08/07/25 | | | 92,986,708 | |
| | | | | 17,187,000 | | | | 4.311 | | | 09/04/25 | | | 16,644,798 | |
| | | | | 66,230,700 | | | | 4.274 | | | 10/02/25 | | | 63,959,437 | |
| | | | | 24,785,100 | | | | 4.285 | | | 10/02/25 | | | 23,935,139 | |
| | | | | 12,929,800 | | | | 4.279 | | | 10/30/25 | | | 12,440,327 | |
| | | | | 21,262,400 | | | | 4.290 | | | 10/30/25 | | | 20,457,486 | |
| | | | | 15,516,000 | | | | 4.296 | | | 10/30/25 | | | 14,928,623 | |
| | | | | 23,944,400 | | | | 4.302 | | | 10/30/25 | | | 23,037,955 | |
| | | | | 6,225,500 | | | | 4.314 | | | 10/30/25 | | | 5,989,826 | |
| | | | | 4,788,800 | | | | 4.317 | | | 10/30/25 | | | 4,607,514 | |
| | | | | 38,380,900 | | | | 4.320 | | | 10/30/25 | | | 36,927,944 | |
| | | | | 31,197,600 | | | | 4.326 | | | 10/30/25 | | | 30,016,577 | |
| | | | | 360,100,600 | | | | 4.337 | | | 10/30/25 | | | 346,468,551 | |
| | | | | 163,036,900 | | | | 4.436 | | | 11/28/25 | | | 156,167,702 | |
| | United States Treasury Floating Rate Note | |
| | | | | 4,901,600 | | | | 5.102 | | | 02/28/25 | | | 4,855,159 | |
| | | | | 10,216,800 | | | | 4.330 | | | 05/15/25 | | | 10,112,779 | |
| | | | | 8,530,900 | | | | 4.416 | | | 05/15/25 | | | 8,467,779 | |
| | | | | 20,809,700 | | | | 4.424 | | | 05/15/25 | | | 20,597,828 | |
| | | | | 73,411,800 | | | | 4.429 | | | 05/15/25 | | | 72,664,365 | |
| | | | | 21,289,200 | | | | 4.439 | | | 05/15/25 | | | 21,072,446 | |
| | | | | 10,404,900 | | | | 4.449 | | | 05/15/25 | | | 10,298,964 | |
| | | | | 15,290,400 | | | | 4.330 | | | 06/30/25 | | | 15,315,422 | |
| | | | | 9,174,200 | | | | 4.345 | | | 06/30/25 | | | 9,189,213 | |
| | | | | 4,671,400 | | | | 4.315 | | | 07/31/25 | | | 4,662,649 | |
| | | | | 62,535,500 | | | | 5.075 | | | 07/31/25 | | | 60,611,820 | |
| | | | | 65,541,200 | | | | 5.096 | | | 07/31/25 | | | 65,418,425 | |
| | | | | 4,623,400 | | | | 4.289 | | | 08/15/25 | | | 4,582,913 | |
| | | | | 92,338,700 | | | | 4.296 | | | 08/15/25 | | | 90,870,976 | |
| | | | | 15,571,200 | | | | 4.299 | | | 08/15/25 | | | 15,434,844 | |
| | | | | 9,324,800 | | | | 4.391 | | | 08/15/25 | | | 9,176,582 | |
| | | | | 6,216,500 | | | | 4.394 | | | 08/15/25 | | | 6,162,062 | |
| | | | | 9,461,600 | | | | 4.456 | | | 08/15/25 | | | 9,311,208 | |
| | | | | 35,589,300 | | | | 4.460 | | | 08/15/25 | | | 35,277,646 | |
| | | | | 47,479,800 | | | | 4.391 | | | 11/30/25 | | | 47,701,231 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.125%) | |
| | | | | 317,268,800 | | | | 4.594 | (b) | | 07/31/25 | | | 317,152,930 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.150%) | |
| | | | | 273,128,600 | | | | 4.614 | (b) | | 04/30/26 | | | 273,094,524 | |
| | | | | 39,757,400 | | | | 4.617 | (b) | | 04/30/26 | | | 39,752,440 | |
| | | | | 34,621,800 | | | | 4.618 | (b) | | 04/30/26 | | | 34,617,480 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.169%) | |
| | | | | 488,251,200 | | | | 4.631 | (b) | | 04/30/25 | | | 488,281,440 | |
| | | | | 76,646,000 | | | | 4.632 | (b) | | 04/30/25 | | | 76,650,747 | |
| | | | | 499,913,800 | | | | 4.634 | (b) | | 04/30/25 | | | 499,944,762 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.170%) | |
| | | | | 705,086,100 | | | | 4.641 | (b) | | 10/31/25 | | | 704,576,145 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY +0.182%) | |
| | | | | 3,173,700 | | | | 4.647 | (b) | | 07/31/26 | | | 3,169,731 | |
| | | | | 22,705,400 | | | | 4.648 | (b) | | 07/31/26 | | | 22,677,004 | |
| | | | | 457,500,000 | | | | 4.653 | (b) | | 07/31/26 | | | 456,927,841 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
+ 0.200%) | |
| | $ | | | 430,433,000 | | | | 4.664 | %(b) | | 01/31/25 | | $ | 430,433,000 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
+ 0.205%) | |
| | | | | 899,680,100 | | | | 4.666 | (b) | | 10/31/26 | | | 899,960,102 | |
| | | | | 17,323,600 | | | | 4.668 | (b) | | 10/31/26 | | | 17,328,991 | |
| | | | | 1,016,626,900 | | | | 4.669 | (b) | | 10/31/26 | | | 1,016,943,299 | |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY
+ 0.245%) | |
| | | | | 877,172,800 | | | | 4.705 | (b) | | 01/31/26 | | | 877,552,472 | |
| | | | | 249,535,800 | | | | 4.706 | (b) | | 01/31/26 | | | 249,643,808 | |
| | | | | 25,861,000 | | | | 4.707 | (b) | | 01/31/26 | | | 25,872,193 | |
| | | | | 360,528,100 | | | | 4.709 | (b) | | 01/31/26 | | | 360,684,150 | |
| | | |
| | TOTAL U.S. TREASURY OBLIGATIONS | | $ | 23,176,541,260 | |
| | | |
| | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 23,176,541,260 | |
| | | |
| | | | |
| |
| | Repurchase Agreements(c) – 51.7% | |
| |
| | Barclays Bank PLC | |
| | | | | 25,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 25,000,000 | |
| | Maturity Value: $25,009,542 | |
| | Collateralized by U.S. Treasury Notes, 0.750% to 4.625%, due 01/31/28 to 04/30/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/44. The aggregate market value of the collateral, including accrued interest, was $25,509,797. | |
| | | | | 144,000,000 | | | | 4.560 | (d) | | 01/09/25 | | $ | 144,000,000 | |
| | Maturity Value: $145,787,520 | |
| | Settlement Date: 10/03/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/24/24, a U.S. Treasury Bond, 2.500%, due 05/15/46, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 08/15/28 to 02/15/51 and U.S. Treasury Notes, 1.625% to 2.875%, due 02/28/25 to 11/30/26. The aggregate market value of the collateral, including accrued interest, was $147,409,773. | |
| | | | | 143,000,000 | | | | 4.560 | (d) | | 02/03/25 | | $ | 143,000,000 | |
| | Maturity Value: $146,350,968 | |
| | Settlement Date: 08/02/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/31/24, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 03/31/26 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $145,915,476. | |
| | | |
| | BNP Paribas | |
| | | | | 700,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 700,000,000 | |
| | Maturity Value: $700,267,167 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/24/24, a U.S. Treasury Bond, 3.125%, due 05/15/48, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.375%, due 01/15/25 to 04/15/29, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/31 and U.S. Treasury Notes, 1.250% to 4.250%, due 04/30/25 to 07/31/31. The aggregate market value of the collateral, including accrued interest, was $714,000,039. | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| | | | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BNP Paribas – (continued) | |
| | $ | | | 500,000,000 | | | | 5.250 | %(d) | | 12/31/24 | | $ | 500,000,000 | |
| | Maturity Value: $513,197,914 | |
| | Settlement Date: 07/03/24 | |
| | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/40 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.875% to 1.625%, due 10/15/27 to 01/15/29 and U.S. Treasury Notes, 1.125% to 4.625%, due 02/15/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $510,000,062. | |
| | | | | 150,000,000 | | | | 4.600 | (d) | | 01/27/25 | | $ | 150,000,000 | |
| | Maturity Value: $151,801,667 | |
| | Settlement Date: 10/25/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/32, U.S. Treasury Notes, 1.125% to 4.625%, due 09/15/26 to 04/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $153,000,011. | |
| | | | | 100,000,000 | | | | 5.100 | (d) | | 02/28/25 | | $ | 100,000,000 | |
| | Maturity Value: $105,170,834 | |
| | Settlement Date: 02/29/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/09/25, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/34 to 02/15/44, U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 02/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/47. The aggregate market value of the collateral, including accrued interest, was $102,000,002. | |
| | | | | 180,000,000 | | | | 5.020 | (d) | | 03/07/25 | | $ | 180,000,000 | |
| | Maturity Value: $189,161,497 | |
| | Settlement Date: 03/07/24 | |
| | Collateralized by a U.S. Treasury Bond, 2.000%, due 02/15/50, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.500%, due 01/15/28 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/25 to 08/15/38, U.S. Treasury Notes, 1.125% to 3.625%, due 07/31/26 to 09/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/45. The aggregate market value of the collateral, including accrued interest, was $183,600,001. | |
| | | | | 350,000,000 | | | | 4.500 | (d) | | 03/18/25 | | $ | 350,000,000 | |
| | Maturity Value: $355,250,000 | |
| | Settlement Date: 11/18/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 01/16/25 to 05/08/25, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/45, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 08/15/51, U.S. Treasury Notes, 0.000% to 3.625%, due 11/30/24 to 09/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $357,000,008. | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BNP Paribas – (continued) | |
| | $ | | | 186,000,000 | | | | 4.510 | %(d) | | 03/21/25 | | $ | 186,000,000 | |
| | Maturity Value: $188,796,200 | |
| | Settlement Date: 11/21/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and U.S. Treasury Notes, 1.125% to 4.875%, due 05/31/26 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $189,720,022. | |
| | | | | 217,000,000 | | | | 4.500 | (d) | | 03/24/25 | | $ | 217,000,000 | |
| | Maturity Value: $220,309,250 | |
| | Settlement Date: 11/22/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/30/25, a U.S. Treasury Floating Rate Note, 4.664%, due 01/31/25, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/31 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 08/15/51, U.S. Treasury Notes, 1.125% to 4.250%, due 12/31/25 to 08/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 11/15/52. The aggregate market value of the collateral, including accrued interest, was $221,340,024. | |
| | | | | 145,000,000 | | | | 4.440 | (d) | | 04/07/25 | | $ | 145,000,000 | |
| | Maturity Value: $148,254,766 | |
| | Settlement Date: 10/07/24 | |
| | Collateralized by a U.S. Treasury Bond, 2.000%, due 02/15/50, a U.S. Treasury Floating Rate Note, 4.709%, due 01/31/26, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/29 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 02/15/47, U.S. Treasury Notes, 1.125% to 4.250%, due 12/31/25 to 08/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $147,900,098. | |
| | 145,000,000 | | | | 4.416 | (d) | | 04/08/25 | | $ | 145,000,000 | |
| | Maturity Value: $148,237,462 | |
| | Settlement Date: 10/08/24 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/24/24, U.S. Treasury Bonds, 1.125% to 2.875%, due 05/15/40 to 08/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/51 and U.S. Treasury Notes, 1.250% to 4.875%, due 06/30/25 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $147,900,004. | |
| | | | | 141,000,000 | | | | 4.490 | (d) | | 04/17/25 | | $ | 141,000,000 | |
| | Maturity Value: $144,183,035 | |
| | Settlement Date: 10/18/24 | |
| | Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 08/15/50 to 11/15/53, a U.S. Treasury Inflation-Indexed Bond, 1.375%, due 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/29 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 11/15/39 and U.S. Treasury Notes, 1.250% to 4.375%, due 07/31/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $143,819,999. | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | BofA Securities, Inc. | |
| | $ | | | 100,000,000 | | | | 4.530 | % | | 12/02/24 | | $ | 100,000,000 | |
| | Maturity Value: $100,037,750 | |
| | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/44, U.S. Treasury Notes, 1.125% to 4.000%, due 02/28/25 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 01/31/27 to 05/15/49. The aggregate market value of the collateral, including accrued interest, was $101,999,999. | |
| | | | | 700,000,000 | | | | 4.580 | (d) | | 01/27/25 | | $ | 700,000,000 | |
| | Maturity Value: $719,057,886 | |
| | Settlement Date: 06/27/24 | |
| | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.375%, due 01/15/25 to 01/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 02/28/25 to 03/31/31. The aggregate market value of the collateral, including accrued interest, was $714,000,025. | |
| | | |
| | Citigroup Global Markets, Inc. | |
| | | | | 950,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 950,000,000 | |
| | Maturity Value: $950,362,583 | |
| | Collateralized by U.S. Treasury Notes, 2.875% to 4.625%, due 04/30/29 to 09/30/29. The aggregate market value of the collateral, including accrued interest, was $969,000,100. | |
| | | | | 4,100,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 4,100,000,000 | |
| | Maturity Value: $4,101,564,833 | |
| | Collateralized by a U.S. Treasury Bond, 5.250%, due 11/15/28, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 1.500% to 4.625%, due 03/31/26 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $4,182,000,034. | |
| | | | | 825,000,000 | | | | 4.580 | (d) | | 01/15/25 | | $ | 825,000,000 | |
| | Maturity Value: $835,810,707 | |
| | Settlement Date: 10/04/24 | |
| | Collateralized by a U.S. Treasury Floating Rate Note, 4.614%, due 04/30/26 and U.S. Treasury Notes, 0.750% to 4.875%, due 03/31/26 to 05/31/26. The aggregate market value of the collateral, including accrued interest, was $841,500,048. | |
| | | | | 250,000,000 | | | | 5.120 | | | 01/28/25 | | $ | 250,000,000 | |
| | Maturity Value: $256,364,445 | |
| | Settlement Date: 08/02/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/03/24 to 12/12/24, U.S. Treasury Bonds, 3.625% to 4.750%, due 05/15/53 to 11/15/53 and a U.S. Treasury Note, 4.500%, due 03/31/26. The aggregate market value of the collateral, including accrued interest, was $255,000,049. | |
| | | | | 250,000,000 | | | | 5.130 | | | 01/28/25 | | $ | 250,000,000 | |
| | Maturity Value: $256,376,875 | |
| | Settlement Date: 08/02/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/03/24 to 12/31/24, a U.S. Treasury Bond, 4.750%, due 11/15/53 and U.S. Treasury Notes, 1.625% to 3.500%, due 05/15/31 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $255,000,084. | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Citigroup Global Markets, Inc. – (continued) | |
| | $ | | | 125,000,000 | | | | 4.480 | % | | 05/05/25 | | $ | 125,000,000 | |
| | Maturity Value: $127,831,111 | |
| | Settlement Date: 11/04/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/17/24 to 01/09/25 and a U.S. Treasury Note, 4.500%, due 03/31/26. The aggregate market value of the collateral, including accrued interest, was $127,500,079. | |
| | | | | 150,000,000 | | | | 4.480 | | | 05/08/25 | | $ | 150,000,000 | |
| | Maturity Value: $153,397,333 | |
| | Settlement Date: 11/07/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/24 to 01/23/25 and a U.S. Treasury Note, 4.500%, due 03/31/26. The aggregate market value of the collateral, including accrued interest, was $153,000,004. | |
| | | | | 125,000,000 | | | | 4.500 | | | 05/13/25 | | $ | 125,000,000 | |
| | Maturity Value: $127,828,125 | |
| | Settlement Date: 11/13/24 | |
| | Collateralized by U.S. Treasury Bills, 0.000%, due 01/09/25 to 02/06/25 and a U.S. Treasury Note, 4.500%, due 03/31/26. The aggregate market value of the collateral, including accrued interest, was $127,500,063. | |
| | | |
| | Credit Agricole Corporate and Investment Bank | |
| | | | | 100,000,000 | | | | 4.530 | | | 12/02/24 | | $ | 100,000,000 | |
| | Maturity Value: $100,037,750 | |
| | Collateralized by U.S. Treasury Notes, 0.750% to 4.375%, due 04/30/26 to 03/31/31. The aggregate market value of the collateral, including accrued interest, was $102,000,086. | |
| | | | | 138,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 138,000,000 | |
| | Maturity Value: $141,100,744 | |
| | Settlement Date: 07/24/24 | |
| | Collateralized by U.S. Treasury Notes, 0.375% to 4.500%, due 01/31/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $140,760,001. | |
| | | | | 145,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 145,000,000 | |
| | Maturity Value: $148,165,993 | |
| | Settlement Date: 07/29/24 | |
| | Collateralized by U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $147,900,050. | |
| | | | | 290,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 290,000,000 | |
| | Maturity Value: $296,331,987 | |
| | Settlement Date: 07/29/24 | |
| | Collateralized by U.S. Treasury Notes, 2.375% to 5.000%, due 08/31/25 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $295,800,081. | |
| | | | | 290,000,000 | | | | 4.570 | (d) | | 01/17/25 | | $ | 290,000,000 | |
| | Maturity Value: $296,700,125 | |
| | Settlement Date: 07/19/24 | |
| | Collateralized by U.S. Treasury Notes, 2.375% to 5.000%, due 08/31/25 to 08/15/34. The aggregate market value of the collateral, including accrued interest, was $295,800,081. | |
| | | | | 108,000,000 | | | | 4.570 | (d) | | 03/17/25 | | $ | 108,000,000 | |
| | Maturity Value: $110,083,919 | |
| | Settlement Date: 10/16/24 | |
| | Collateralized by U.S. Treasury Notes, 0.750% to 4.375%, due 04/30/26 to 03/31/31. The aggregate market value of the collateral, including accrued interest, was $110,160,062. | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Credit Agricole Corporate and Investment Bank – (continued) | |
| | $ | | | 145,000,000 | | | | 4.570 | %(d) | | 03/27/25 | | $ | 145,000,000 | |
| | Maturity Value: $148,368,470 | |
| | Settlement Date: 09/25/24 | |
| | Collateralized by U.S. Treasury Notes, 0.375% to 4.500%, due 01/31/26 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $ 147,900,089. | |
| | | |
| | Daiwa Capital Markets America, Inc. | |
| | | | | 185,382,353 | | | | 4.600 | | | 12/02/24 | | $ | 185,382,353 | |
| | Maturity Value: $185,453,416 | |
| | Collateralized by a U.S. Treasury Note, 0.750%, due 03/31/26. The market value of the collateral, including accrued interest, was $189,090,000. | |
| | | |
| | Deutsche Bank Securities, Inc. | |
| | | | | 300,000,000 | | | | 4.560 | | | 12/02/24 | | $ | 300,000,000 | |
| | Maturity Value: $300,114,000 | |
| | Collateralized by U.S. Treasury Notes, 4.250% to 4.625%, due 09/30/28 to 11/15/34. The aggregate market value of the collateral, including accrued interest, was $ 306,000,069. | |
| | | |
| | Federal Reserve Bank of New York | |
| | | | | 55,000,000 | | | | 4.550 | | | 12/02/24 | | $ | 55,000,000 | |
| | Maturity Value: $55,020,854 | |
| | Collateralized by a U.S. Treasury Note, 1.375%, due 11/15/31. The market value of the collateral, including accrued interest, was $55,020,867. | |
| | | |
| | Fixed Income Clearing Corporation / Bank of New York Mellon (The) | |
| | | | | 250,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 250,000,000 | |
| | Maturity Value: $250,095,625 | |
| | Collateralized by U.S. Treasury Bonds, 1.125% to 2.875%, due 05/15/40 to 05/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.875%, due 04/30/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $255,000,062. | |
| | | |
| | Fixed Income Clearing Corporation / Northern Trust Company (The) | |
| | | | | 400,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 400,000,000 | |
| | Maturity Value: $400,152,667 | |
| | Collateralized by U.S. Treasury Bonds, 0.000%, due 12/24/24 to 03/25/25. The aggregate market value of the collateral, including accrued interest, was $408,000,000. | |
| | | | | 1,700,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 1,700,000,000 | |
| | Maturity Value: $1,700,650,250 | |
| | Collateralized by U.S. Treasury Bonds, 0.625% to 4.625%, due 08/31/29 to 09/30/30. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000. | |
| | | |
| | Fixed Income Clearing Corporation / State Street Bank and Trust Company | |
| | | | | 200,000,000 | | | | 4.590 | | | 12/02/24 | | $ | 200,000,000 | |
| | Maturity Value: $200,076,500 | |
| | Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/49 and a U.S. Treasury Principal-Only Stripped Security, 1.375%, due 08/15/50. The aggregate market value of the collateral, including accrued interest, was $204,000,000. | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | Fixed Income Clearing Corporation / State Street Bank and Trust Company – (continued) | |
| | $ | | | 4,750,000,000 | | | | 4.590 | % | | 12/02/24 | | $ | 4,750,000,000 | |
| | Maturity Value: $4,751,816,875 | |
| | Collateralized by U.S. Treasury Bonds, 3.500% to 3.625%, due 03/31/28 to 04/30/28 and U.S. Treasury Notes, 0.750% to 4.000%, due 04/15/28 to 07/15/28. The aggregate market value of the collateral, including accrued interest, was $4,845,000,000. | |
| | | |
| | HSBC Bank PLC | |
| | | | | 558,000,000 | | | | 4.580 | | | 12/09/24 | | $ | 558,000,000 | |
| | Maturity Value: $561,194,549 | |
| | Settlement Date: 10/25/24 | |
| | Collateralized by U.S. Treasury Bonds, 1.125% to 3.625%, due 08/15/40 to 11/15/51, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/25 to 07/15/33 and U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $575,104,555. | |
| | | |
| | HSBC Securities (USA), Inc. | |
| | | | | 200,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 200,000,000 | |
| | Maturity Value: $200,076,333 | |
| | Collateralized by a U.S. Treasury Floating Rate Note, 4.633%, due 04/30/25, a U.S. Treasury Inflation-Indexed Bond, 1.375%, due 02/15/44, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/29, U.S. Treasury Notes, 0.875% to 4.500%, due 01/31/25 to 09/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/25 to 08/15/25. The aggregate market value of the collateral, including accrued interest, was $204,077,860. | |
| | | | | 377,000,000 | | | | 4.570 | | | 12/09/24 | | $ | 377,000,000 | |
| | Maturity Value: $379,201,470 | |
| | Settlement Date: 10/24/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Notes, 1.250% to 4.625%, due 02/15/26 to 06/30/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/40. The aggregate market value of the collateral, including accrued interest, was $384,686,501. | |
| | | |
| | J.P. Morgan Securities LLC | |
| | | | | 250,000,000 | | | | 4.590 | (d) | | 01/10/25 | | $ | 250,000,000 | |
| | Maturity Value: $255,865,000 | |
| | Settlement Date: 07/10/24 | |
| | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/29 and U.S. Treasury Notes, 2.500% to 4.000%, due 05/15/26 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $256,030,202. | |
| | | |
| | Joint Account I | |
| | | | | 1,300,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 1,300,000,000 | |
| | Maturity Value: $1,300,496,167 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | MUFG Securities Americas, Inc. | |
| | $ | | | 250,000,000 | | | | 5.240 | % | | 12/31/24 | | $ | 250,000,000 | |
| | Maturity Value: $255,822,222 | |
| | Settlement Date: 07/24/24 | |
| | Collateralized by U.S. Treasury Notes, 1.375% to 3.875%, due 10/15/27 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $255,000,031. | |
| | | |
| | Nomura Securities International, Inc. | |
| | | | | 185,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 185,000,000 | |
| | Maturity Value: $185,070,608 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 04/24/25, U.S. Treasury Bonds, 3.375% to 6.750%, due 08/15/26 to 05/15/44, a U.S. Treasury Floating Rate Note, 4.589%, due 07/31/25, a U.S. Treasury Inflation-Indexed Note, 0.750%, due 07/15/28 and U.S. Treasury Notes, 0.625% to 5.000%, due 12/15/24 to 03/31/30. The aggregate market value of the collateral, including accrued interest, was $188,700,744. | |
| | | |
| | Norinchukin Bank (The) | |
| | | | | 70,000,000 | | | | 4.580 | | | 12/02/24 | | $ | 70,000,000 | |
| | Maturity Value: $70,026,717 | |
| | Collateralized by a U.S. Treasury Bond, 3.875%, due 02/15/43 and U.S. Treasury Notes, 2.875% to 3.375%, due 05/15/32 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $71,400,014. | |
| | | |
| | Prudential Insurance Company of America (The) | |
| | | | | 10,885,000 | | | | 4.610 | | | 12/02/24 | | $ | 10,885,000 | |
| | Maturity Value: $10,889,182 | |
| | Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $11,102,700. | |
| | | | | 18,827,500 | | | | 4.610 | | | 12/02/24 | | $ | 18,827,500 | |
| | Maturity Value: $18,834,733 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/37. The market value of the collateral, including accrued interest, was $19,204,050. | |
| | | | | 20,875,000 | | | | 4.610 | | | 12/02/24 | | $ | 20,875,000 | |
| | Maturity Value: $20,883,019 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $21,292,500. | |
| | | | | 21,393,750 | | | | 4.610 | | | 12/02/24 | | $ | 21,393,750 | |
| | Maturity Value: $21,401,969 | |
| | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/35. The market value of the collateral, including accrued interest, was $21,821,625. | |
| | | | | 72,000,000 | | | | 4.610 | | | 12/02/24 | | $ | 72,000,000 | |
| | Maturity Value: $72,027,660 | |
| | Collateralized by a U.S. Treasury Note, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $73,440,000. | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Repurchase Agreements(c) – (continued) | |
| |
| | RBC Dominion Securities Inc. | |
| | $ | | | 100,000,000 | | | | 4.500 | % | | 12/02/24 | | $ | 100,000,000 | |
| | Maturity Value: $100,037,500 | |
| | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/26/24. The market value of the collateral, including accrued interest, was $102,000,001. | |
| | | |
| | TOTAL REPURCHASE AGREEMENTS | | $ | 23,191,363,603 | |
| | | |
| | TOTAL INVESTMENTS - 103.5% | | $ | 46,367,904,863 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS
- (3.5)% | | | (1,546,827,541) | |
| | | |
| | NET ASSETS - 100.0% | | $ | 44,821,077,322 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| (a) | | All or a portion represents a forward commitment. |
| (b) | | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
| (c) | | Unless noted, all repurchase agreements were entered into on November 30, 2024. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section. |
| (d) | | The instrument is subject to a demand feature. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.
| | |
|
| Investment Abbreviations: |
| MMY | | —Money Market Yield |
| PLC | | —Public Limited Company |
| T-Bill | | —Treasury Bill |
|
|
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – 61.8% | |
| |
| | U.S. Treasury Floating Rate Note | |
| | $ | | | 7,039,800 | | | | 4.439 | % | | 05/15/25 | | $ | 6,968,125 | |
| | | | | 3,440,600 | | | | 4.449 | | | 05/15/25 | | | 3,405,570 | |
| | | | | 3,168,600 | | | | 4.330 | | | 06/30/25 | | | 3,173,785 | |
| | | | | 1,901,200 | | | | 4.345 | | | 06/30/25 | | | 1,904,311 | |
| | | | | 1,053,000 | | | | 4.315 | | | 07/31/25 | | | 1,050,901 | |
| | | | | 34,249,700 | | | | 4.987 | | | 07/31/25 | | | 33,209,769 | |
| | | | | 44,958,200 | | | | 4.989 | | | 07/31/25 | | | 43,593,124 | |
| | | | | 24,937,800 | | | | 5.075 | | | 07/31/25 | | | 24,180,608 | |
| | | | | 23,699,500 | | | | 5.096 | | | 07/31/25 | | | 23,652,253 | |
| | | | | 33,389,300 | | | | 4.296 | | | 08/15/25 | | | 32,859,230 | |
| | | | | 2,102,000 | | | | 4.391 | | | 08/15/25 | | | 2,068,630 | |
| | | | | 3,309,300 | | | | 4.456 | | | 08/15/25 | | | 3,256,763 | |
| | | | | 12,447,700 | | | | 4.460 | | | 08/15/25 | | | 12,337,447 | |
| | | | | 15,459,500 | | | | 4.391 | | | 11/30/25 | | | 15,531,598 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) | |
| | | | | 184,969,700 | | | | 4.614 | (a) | | 04/30/26 | | | 184,961,408 | |
| | | | | 13,357,200 | | | | 4.617 | (a) | | 04/30/26 | | | 13,356,601 | |
| | | | | 10,861,400 | | | | 4.618 | (a) | | 04/30/26 | | | 10,860,913 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%) | |
| | | | | 176,895,500 | | | | 4.631 | (a) | | 04/30/25 | | | 176,906,099 | |
| | | | | 23,841,200 | | | | 4.632 | (a) | | 04/30/25 | | | 23,842,629 | |
| | | | | 188,573,000 | | | | 4.634 | (a) | | 04/30/25 | | | 188,584,299 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) | |
| | | | | 106,720,200 | | | | 4.634 | (a) | | 10/31/25 | | | 106,666,595 | |
| | | | | 242,660,000 | | | | 4.641 | (a) | | 10/31/25 | | | 242,538,112 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | |
| | | | | 1,022,300 | | | | 4.647 | (a) | | 07/31/26 | | | 1,021,036 | |
| | | | | 11,714,200 | | | | 4.648 | (a) | | 07/31/26 | | | 11,699,717 | |
| | | | | 172,500,000 | | | | 4.653 | (a) | | 07/31/26 | | | 172,286,721 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%) | |
| | | | | 142,314,700 | | | | 4.664 | (a) | | 01/31/25 | | | 142,314,700 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | |
| | | | | 148,412,900 | | | | 4.669 | (a) | | 10/31/26 | | | 148,475,487 | |
| |
| | U.S. Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | |
| | | | | 9,584,500 | | | | 4.707 | (a) | | 01/31/26 | | | 9,588,728 | |
| | | | | 91,971,500 | | | | 4.709 | (a) | | 01/31/26 | | | 92,012,068 | |
| |
| | U.S. Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | |
| | | | | 102,820,100 | | | | 4.472 | (a) | | 07/31/25 | | | 102,782,549 | |
| |
| | United States Treasury Bills | |
| | | | | 59,148,800 | | | | 4.643 | | | 12/26/24 | | | 58,961,795 | |
| | | | | 70,240,200 | | | | 4.656 | | | 12/26/24 | | | 70,018,128 | |
| | | | | 6,607,700 | | | | 4.598 | | | 12/31/24 | | | 6,583,852 | |
| | | | | 42,782,600 | | | | 4.608 | | | 12/31/24 | | | 42,628,192 | |
| | | | | 265,346,300 | | | | 4.613 | | | 12/31/24 | | | 264,388,634 | |
| | | | | 32,261,500 | | | | 4.619 | | | 12/31/24 | | | 32,145,064 | |
| | | | | 6,452,300 | | | | 4.624 | | | 12/31/24 | | | 6,429,013 | |
| | | | | 32,575,500 | | | | 4.629 | | | 12/31/24 | | | 32,457,931 | |
| | | | | 31,216,700 | | | | 4.634 | | | 12/31/24 | | | 31,104,035 | |
| | | | | 24,021,500 | | | | 4.637 | (b) | | 12/31/24 | | | 23,934,804 | |
| | | | | 898,078,200 | | | | 4.642 | (b) | | 12/31/24 | | | 894,836,929 | |
| | | | | 78,537,800 | | | | 4.579 | | | 01/02/25 | | | 78,223,916 | |
| | | | | 3,767,000 | | | | 4.604 | | | 01/02/25 | | | 3,751,945 | |
| | | | | 73,452,100 | | | | 4.622 | | | 01/02/25 | | | 73,158,541 | |
| | | | | 54,113,800 | | | | 4.628 | | | 01/02/25 | | | 53,897,529 | |
| | | | | 68,232,300 | | | | 4.633 | | | 01/02/25 | | | 67,959,603 | |
| | | | | 37,181,600 | | | | 4.638 | | | 01/02/25 | | | 37,033,000 | |
| | | | | 73,228,000 | | | | 4.592 | | | 01/07/25 | | | 72,888,222 | |
| | | | | 17,876,100 | | | | 4.489 | | | 01/09/25 | | | 17,790,715 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 268,100 | | | | 4.489 | % | | 01/09/25 | | $ | 266,819 | |
| | | | | 3,686,900 | | | | 4.513 | | | 01/09/25 | | | 3,669,290 | |
| | | | | 51,593,800 | | | | 4.592 | (b) | | 01/28/25 | | | 51,232,742 | |
| | | | | 579,433,500 | | | | 4.607 | (b) | | 01/28/25 | | | 575,378,571 | |
| | | | | 12,333,000 | | | | 4.644 | | | 02/04/25 | | | 12,232,794 | |
| | | | | 820,800 | | | | 4.547 | | | 02/06/25 | | | 813,861 | |
| | | | | 10,041,800 | | | | 4.550 | | | 02/06/25 | | | 9,956,909 | |
| | | | | 187,335,100 | | | | 4.555 | | | 02/06/25 | | | 185,751,417 | |
| | | | | 204,755,200 | | | | 4.560 | | | 02/06/25 | | | 203,024,252 | |
| | | | | 37,000 | | | | 4.983 | | | 02/06/25 | | | 36,687 | |
| | | | | 58,444,700 | | | | 4.985 | | | 02/06/25 | | | 57,950,623 | |
| | | | | 9,181,000 | | | | 4.987 | | | 02/06/25 | | | 9,103,386 | |
| | | | | 19,923,300 | | | | 4.990 | | | 02/06/25 | | | 19,754,873 | |
| | | | | 16,749,200 | | | | 4.991 | | | 02/06/25 | | | 16,607,607 | |
| | | | | 32,345,200 | | | | 4.993 | | | 02/06/25 | | | 32,071,762 | |
| | | | | 1,001,900 | | | | 4.995 | | | 02/06/25 | | | 993,430 | |
| | | | | 39,999,000 | | | | 4.998 | | | 02/06/25 | | | 39,660,859 | |
| | | | | 21,984,900 | | | | 4.478 | | | 02/13/25 | | | 21,767,280 | |
| | | | | 2,772,000 | | | | 4.478 | | | 02/13/25 | | | 2,744,561 | |
| | | | | 19,563,600 | | | | 4.533 | | | 02/27/25 | | | 19,352,378 | |
| | | | | 78,134,200 | | | | 4.536 | | | 02/27/25 | | | 77,290,611 | |
| | | | | 80,855,900 | | | | 4.539 | | | 02/27/25 | | | 79,982,926 | |
| | | | | 45,354,700 | | | | 4.544 | | | 02/27/25 | | | 44,865,021 | |
| | | | | 3,657,000 | | | | 4.549 | | | 02/27/25 | | | 3,617,517 | |
| | | | | 21,500 | | | | 5.091 | | | 02/28/25 | | | 21,296 | |
| | | | | 1,589,000 | | | | 5.102 | | | 02/28/25 | | | 1,573,945 | |
| | | | | 2,563,100 | | | | 4.512 | | | 03/04/25 | | | 2,533,921 | |
| | | | | 5,620,500 | | | | 4.517 | | | 03/04/25 | | | 5,556,514 | |
| | | | | 9,200,200 | | | | 4.522 | | | 03/04/25 | | | 9,095,461 | |
| | | | | 11,698,600 | | | | 4.524 | | | 03/04/25 | | | 11,565,418 | |
| | | | | 40,745,000 | | | | 4.527 | | | 03/04/25 | | | 40,281,141 | |
| | | | | 11,784,500 | | | | 4.543 | | | 03/04/25 | | | 11,650,340 | |
| | | | | 15,424,500 | | | | 4.548 | | | 03/04/25 | | | 15,248,901 | |
| | | | | 18,055,400 | | | | 4.553 | | | 03/04/25 | | | 17,849,849 | |
| | | | | 8,971,100 | | | | 4.823 | | | 03/06/25 | | | 8,861,135 | |
| | | | | 13,020,800 | | | | 4.495 | | | 03/11/25 | | | 12,862,056 | |
| | | | | 71,454,600 | | | | 4.506 | | | 03/11/25 | | | 70,583,458 | |
| | | | | 17,480,300 | | | | 4.507 | | | 03/11/25 | | | 17,267,188 | |
| | | | | 44,023,000 | | | | 4.511 | | | 03/11/25 | | | 43,486,291 | |
| | | | | 4,121,100 | | | | 4.512 | | | 03/11/25 | | | 4,070,857 | |
| | | | | 2,760,100 | | | | 4.517 | | | 03/11/25 | | | 2,726,450 | |
| | | | | 15,167,100 | | | | 4.522 | | | 03/11/25 | | | 14,982,190 | |
| | | | | 5,589,200 | | | | 4.526 | | | 03/11/25 | | | 5,521,059 | |
| | | | | 50,234,000 | | | | 4.527 | | | 03/11/25 | | | 49,621,570 | |
| | | | | 7,482,100 | | | | 4.532 | | | 03/11/25 | | | 7,390,882 | |
| | | | | 29,723,600 | | | | 4.537 | | | 03/11/25 | | | 29,361,223 | |
| | | | | 17,474,800 | | | | 4.650 | | | 03/13/25 | | | 17,250,289 | |
| | | | | 786,900 | | | | 4.696 | | | 03/13/25 | | | 776,790 | |
| | | | | 78,490,000 | | | | 4.701 | | | 03/13/25 | | | 77,481,583 | |
| | | | | 130,300 | | | | 4.707 | | | 03/13/25 | | | 128,626 | |
| | | | | 34,455,000 | | | | 4.742 | | | 03/13/25 | | | 34,012,332 | |
| | | | | 38,555,900 | | | | 4.496 | | | 03/18/25 | | | 38,053,221 | |
| | | | | 8,371,500 | | | | 4.506 | | | 03/18/25 | | | 8,262,355 | |
| | | | | 5,194,700 | | | | 4.510 | | | 03/18/25 | | | 5,126,973 | |
| | | | | 6,570,900 | | | | 4.511 | | | 03/18/25 | | | 6,485,231 | |
| | | | | 60,632,400 | | | | 4.517 | | | 03/18/25 | | | 59,841,895 | |
| | | | | 454,800 | | | | 4.504 | | | 03/25/25 | | | 448,477 | |
| | | | | 90,839,600 | | | | 4.506 | | | 03/25/25 | | | 89,576,650 | |
| | | | | 21,400,200 | | | | 4.510 | | | 03/25/25 | | | 21,102,671 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations– (continued) | |
| | | | | |
| | $ | | | 25,000,100 | | | | 4.510 | % | | 03/25/25 | | $ | 24,652,522 | |
| | | | | 28,055,100 | | | | 4.511 | | | 03/25/25 | | | 27,665,048 | |
| | | | | 33,504,800 | | | | 4.516 | | | 03/25/25 | | | 33,038,980 | |
| | | | | 10,440,000 | | | | 4.517 | | | 03/25/25 | | | 10,294,852 | |
| | | | | 55,463,700 | | | | 4.521 | | | 03/25/25 | | | 54,692,584 | |
| | | | | 26,266,200 | | | | 4.522 | | | 03/25/25 | | | 25,901,019 | |
| | | | | 268,709,500 | | | | 4.388 | | | 03/27/25 | | | 265,008,194 | |
| | | | | 1,306,800 | | | | 4.423 | | | 03/27/25 | | | 1,288,800 | |
| | | | | 4,101,700 | | | | 4.432 | | | 03/27/25 | | | 4,045,202 | |
| | | | | 5,443,400 | | | | 4.447 | | | 03/27/25 | | | 5,368,421 | |
| | | | | 961,300 | | | | 4.447 | | | 03/27/25 | | | 948,059 | |
| | | | | 1,444,700 | | | | 4.447 | | | 03/27/25 | | | 1,424,800 | |
| | | | | 749,200 | | | | 4.496 | (b) | | 04/01/25 | | | 738,356 | |
| | | | | 41,268,900 | | | | 4.501 | (b) | | 04/01/25 | | | 40,671,562 | |
| | | | | 16,778,000 | | | | 4.506 | (b) | | 04/01/25 | | | 16,535,150 | |
| | | | | 22,794,900 | | | | 4.511 | (b) | | 04/01/25 | | | 22,464,960 | |
| | | | | 191,783,400 | | | | 4.418 | | | 04/03/25 | | | 189,020,251 | |
| | | | | 3,086,700 | | | | 4.418 | | | 04/03/25 | | | 3,042,228 | |
| | | | | 9,985,100 | | | | 4.443 | | | 04/10/25 | | | 9,829,876 | |
| | | | | 1,142,200 | | | | 4.446 | | | 04/10/25 | | | 1,124,444 | |
| | | | | 306,000 | | | | 4.449 | | | 04/10/25 | | | 301,243 | |
| | | | | 14,641,900 | | | | 4.451 | | | 04/10/25 | | | 14,414,283 | |
| | | | | 2,325,200 | | | | 4.454 | | | 04/10/25 | | | 2,289,053 | |
| | | | | 4,755,500 | | | | 4.461 | | | 04/10/25 | | | 4,681,573 | |
| | | | | 285,349,800 | | | | 4.462 | | | 04/10/25 | | | 280,913,867 | |
| | | | | 463,000 | | | | 4.472 | | | 04/10/25 | | | 455,802 | |
| | | | | 7,549,100 | | | | 4.497 | | | 04/10/25 | | | 7,431,745 | |
| | | | | 4,652,100 | | | | 4.394 | | | 04/24/25 | | | 4,571,560 | |
| | | | | 42,448,800 | | | | 4.394 | | | 04/24/25 | | | 41,713,899 | |
| | | | | 1,145,600 | | | | 4.399 | | | 04/24/25 | | | 1,125,767 | |
| | | | | 10,688,000 | | | | 4.399 | | | 04/24/25 | | | 10,502,962 | |
| | | | | 898,200 | | | | 4.415 | | | 04/24/25 | | | 882,650 | |
| | | | | 1,636,600 | | | | 4.415 | | | 04/24/25 | | | 1,608,266 | |
| | | | | 17,042,900 | | | | 4.427 | | | 04/24/25 | | | 16,747,842 | |
| | | | | 6,888,400 | | | | 4.460 | | | 05/01/25 | | | 6,763,478 | |
| | | | | 159,882,300 | | | | 4.483 | | | 05/01/25 | | | 156,982,810 | |
| | | | | 55,390,500 | | | | 4.414 | | | 05/08/25 | | | 54,352,583 | |
| | | | | 46,950,000 | | | | 4.419 | | | 05/08/25 | | | 46,070,243 | |
| | | | | 23,054,600 | | | | 4.420 | | | 05/08/25 | | | 22,622,599 | |
| | | | | 13,174,300 | | | | 4.424 | | | 05/08/25 | | | 12,927,438 | |
| | | | | 7,345,200 | | | | 4.425 | | | 05/08/25 | | | 7,207,564 | |
| | | | | 7,783,500 | | | | 4.427 | | | 05/08/25 | | | 7,637,651 | |
| | | | | 8,827,200 | | | | 4.430 | | | 05/08/25 | | | 8,661,794 | |
| | | | | 6,455,300 | | | | 4.438 | | | 05/08/25 | | | 6,334,339 | |
| | | | | 22,229,000 | | | | 4.443 | | | 05/08/25 | | | 21,812,469 | |
| | | | | 10,715,400 | | | | 4.099 | | | 05/15/25 | | | 10,495,494 | |
| | | | | 11,693,200 | | | | 4.099 | | | 05/15/25 | | | 11,453,227 | |
| | | | | 2,662,900 | | | | 4.099 | | | 05/15/25 | | | 2,608,251 | |
| | | | | 3,255,100 | | | | 4.102 | | | 05/15/25 | | | 3,188,297 | |
| | | | | 78,294,800 | | | | 4.102 | | | 05/15/25 | | | 76,688,000 | |
| | | | | 31,340,900 | | | | 4.125 | | | 05/15/25 | | | 30,697,708 | |
| | | | | 11,531,100 | | | | 4.317 | | | 05/15/25 | | | 11,294,454 | |
| | | | | 3,378,500 | | | | 4.330 | | | 05/15/25 | | | 3,344,102 | |
| | | | | 2,820,900 | | | | 4.416 | | | 05/15/25 | | | 2,800,028 | |
| | | | | 6,881,200 | | | | 4.424 | | | 05/15/25 | | | 6,811,140 | |
| | | | | 24,275,000 | | | | 4.429 | | | 05/15/25 | | | 24,027,847 | |
| | | | | 1,556,200 | | | | 4.469 | | | 05/15/25 | | | 1,524,263 | |
| | | | | 25,556,800 | | | | 4.470 | | | 05/15/25 | | | 25,032,312 | |
| | | | | 41,172,300 | | | | 4.474 | | | 05/15/25 | | | 40,327,344 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations– (continued) | |
| | | | | |
| | $ | | | 5,653,600 | | | | 4.475 | % | | 05/15/25 | | $ | 5,537,574 | |
| | | | | 4,418,000 | | | | 4.476 | | | 05/15/25 | | | 4,327,332 | |
| | | | | 42,042,500 | | | | 4.479 | | | 05/15/25 | | | 41,179,685 | |
| | | | | 3,124,600 | | | | 4.488 | | | 05/15/25 | | | 3,060,476 | |
| | | | | 8,137,800 | | | | 4.492 | | | 05/15/25 | | | 7,970,792 | |
| | | | | 21,349,900 | | | | 5.221 | | | 05/15/25 | | | 20,911,748 | |
| | | | | 20,373,800 | | | | 5.222 | | | 05/15/25 | | | 19,955,680 | |
| | | | | 13,432,900 | | | | 5.260 | | | 05/15/25 | | | 13,157,224 | |
| | | | | 6,716,500 | | | | 5.263 | | | 05/15/25 | | | 6,578,661 | |
| | | | | 13,432,900 | | | | 5.266 | | | 05/15/25 | | | 13,157,224 | |
| | | | | 10,297,400 | | | | 5.284 | | | 05/15/25 | | | 10,086,072 | |
| | | | | 1,178,100 | | | | 4.458 | | | 05/22/25 | | | 1,153,806 | |
| | | | | 18,398,300 | | | | 4.462 | | | 05/22/25 | | | 18,018,897 | |
| | | | | 1,324,500 | | | | 4.463 | | | 05/22/25 | | | 1,297,187 | |
| | | | | 96,175,800 | | | | 4.467 | | | 05/22/25 | | | 94,192,499 | |
| | | | | 6,302,000 | | | | 4.468 | | | 05/22/25 | | | 6,172,043 | |
| | | | | 6,022,000 | | | | 4.475 | | | 05/22/25 | | | 5,897,817 | |
| | | | | 14,648,100 | | | | 4.477 | | | 05/22/25 | | | 14,346,032 | |
| | | | | 484,500 | | | | 4.480 | | | 05/22/25 | | | 474,509 | |
| | | | | 2,861,700 | | | | 4.486 | | | 05/22/25 | | | 2,802,687 | |
| | | | | 778,100 | | | | 4.488 | | | 05/22/25 | | | 762,054 | |
| | | | | 17,097,300 | | | | 4.491 | | | 05/22/25 | | | 16,744,726 | |
| | | | | 10,474,600 | | | | 4.496 | | | 05/22/25 | | | 10,258,597 | |
| | | | | 14,263,500 | | | | 4.459 | | | 05/29/25 | | | 13,957,476 | |
| | | | | 6,654,300 | | | | 4.459 | | | 05/29/25 | | | 6,511,532 | |
| | | | | 2,513,100 | | | | 4.467 | | | 05/29/25 | | | 2,459,181 | |
| | | | | 9,691,500 | | | | 4.469 | | | 05/29/25 | | | 9,483,568 | |
| | | | | 5,078,000 | | | | 4.488 | | | 05/29/25 | | | 4,969,051 | |
| | | | | 36,757,600 | | | | 4.498 | | | 05/29/25 | | | 35,968,964 | |
| | | | | 7,436,400 | | | | 3.964 | | | 08/07/25 | | | 7,220,934 | |
| | | | | 1,623,300 | | | | 3.964 | | | 08/07/25 | | | 1,576,266 | |
| | | | | 974,000 | | | | 3.978 | | | 08/07/25 | | | 945,779 | |
| | | | | 765,100 | | | | 3.986 | | | 08/07/25 | | | 742,932 | |
| | | | | 974,000 | | | | 4.000 | | | 08/07/25 | | | 945,779 | |
| | | | | 7,035,500 | | | | 4.016 | | | 08/07/25 | | | 6,831,650 | |
| | | | | 37,748,200 | | | | 4.029 | | | 08/07/25 | | | 36,654,465 | |
| | | | | 6,371,100 | | | | 4.065 | | | 08/07/25 | | | 6,186,501 | |
| | | | | 379,000 | | | | 4.076 | | | 08/07/25 | | | 368,019 | |
| | | | | 7,580,000 | | | | 4.120 | | | 08/07/25 | | | 7,360,373 | |
| | | | | 11,369,900 | | | | 4.147 | | | 08/07/25 | | | 11,040,463 | |
| | | | | 754,800 | | | | 4.162 | | | 08/07/25 | | | 732,930 | |
| | | | | 23,460,000 | | | | 4.178 | | | 08/07/25 | | | 22,780,258 | |
| | | | | 6,368,700 | | | | 4.404 | | | 08/07/25 | | | 6,184,170 | |
| | | | | 8,375,900 | | | | 4.418 | | | 08/07/25 | | | 8,133,212 | |
| | | | | 4,199,400 | | | | 4.447 | | | 08/07/25 | | | 4,077,724 | |
| | | | | 1,174,800 | | | | 4.457 | | | 08/07/25 | | | 1,140,761 | |
| | | | | 1,384,800 | | | | 4.460 | | | 08/07/25 | | | 1,344,676 | |
| | | | | 17,926,600 | | | | 4.466 | | | 08/07/25 | | | 17,407,186 | |
| | | | | 13,264,900 | | | | 4.482 | | | 08/07/25 | | | 12,880,556 | |
| | | | | 2,349,800 | | | | 4.483 | | | 08/07/25 | | | 2,281,716 | |
| | | | | 1,042,200 | | | | 4.289 | | | 08/15/25 | | | 1,032,969 | |
| | | | | 3,510,000 | | | | 4.299 | | | 08/15/25 | | | 3,478,911 | |
| | | | | 1,401,300 | | | | 4.394 | | | 08/15/25 | | | 1,388,888 | |
| | | | | 4,446,400 | | | | 4.311 | | | 09/04/25 | | | 4,306,128 | |
| | | | | 7,420,300 | | | | 4.214 | | | 10/02/25 | | | 7,166,765 | |
| | | | | 16,139,600 | | | | 4.244 | | | 10/02/25 | | | 15,588,146 | |
| | | | | 5,586,800 | | | | 4.246 | | | 10/02/25 | | | 5,395,912 | |
| | | | | 4,140,600 | | | | 4.321 | | | 10/30/25 | | | 3,983,850 | |
| | | | | 6,809,100 | | | | 4.361 | | | 10/30/25 | | | 6,551,329 | |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | U.S. Treasury Obligations – (continued) | |
| | | | | |
| | $ | | | 4,968,900 | | | | 4.366 | % | | 10/30/25 | | $ | 4,780,793 | |
| | | | | 7,668,100 | | | | 4.376 | | | 10/30/25 | | | 7,377,810 | |
| | | | | 1,993,700 | | | | 4.382 | | | 10/30/25 | | | 1,918,225 | |
| | | | | 1,533,600 | | | | 4.390 | | | 10/30/25 | | | 1,475,543 | |
| | | | | 12,291,000 | | | | 4.390 | | | 10/30/25 | | | 11,825,702 | |
| | | | | 9,990,700 | | | | 4.390 | | | 10/30/25 | | | 9,612,484 | |
| | | | | 116,684,400 | | | | 4.393 | | | 10/30/25 | | | 112,267,103 | |
| | | | | 52,567,700 | | | | 4.436 | | | 11/28/25 | | | 50,352,597 | |
| | United States Treasury Bills (3 Mo. U.S. T-Bill MMY + 0.205%) | |
| | | | | 292,752,400 | | | | 4.666 | (a) | | 10/31/26 | | | 292,875,857 | |
| | | | | 5,089,000 | | | | 4.668 | (a) | | 10/31/26 | | | 5,091,146 | |
| | United States Treasury Bills (3 Mo. U.S. T-Bill MMY + 0.245%) | |
| | | | | 220,786,100 | | | | 4.705 | (a) | | 01/31/26 | | | 220,883,487 | |
| | | | | 123,325,300 | | | | 4.706 | (a) | | 01/31/26 | | | 123,379,698 | |
| | | |
| | TOTAL U.S. TREASURY OBLIGATIONS | | $ | 9,078,090,080 | |
| | | |
| | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 9,078,090,080 | |
| | | |
| | | |
| |
| | Repurchase Agreements(c) – 48.1% | |
| |
| | Federal Reserve Bank of New York | |
| | | | | 7,057,000,000 | | | | 4.550 | (a) | | 12/02/24 | | $ | 7,057,000,000 | |
| | Maturity Value: $7,059,675,779 | |
| | Collateralized by a U.S. Treasury Note, 1.500%, due 02/15/30. The market value of the collateral, including accrued interest, was $7,059,675,854. | |
| | TOTAL INVESTMENTS - 109.9% | | $ | 16,135,090,080 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS
- (9.9)% | | | (1,449,200,804) | |
| | | |
| | NET ASSETS - 100.0% | | $ | 14,685,889,276 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
| (b) | All or a portion represents a forward commitment. |
| (c) | Unless noted, all repurchase agreements were entered into on November 30, 2024. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.
| | |
| Investment Abbreviations: |
| MMY | | —Money Market Yield |
| T-Bill | | —Treasury Bill |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Schedule of Investments (continued) November 30, 2024 |
|
|
ADDITIONAL INVESTMENT INFORMATION |
JOINT REPURCHASE AGREEMENT ACCOUNT I—At November 30, 2024, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 2, 2024, as follows:
| | | | | | | | | | | | |
| Fund | | Principal Amount | | | Maturity Value | | | Collateral Value
Allocation | |
| |
Financial Square Government | | | $1,300,000,000 | | | | $1,300,496,167 | | | | $1,326,136,319 | |
| |
Financial Square Treasury Obligations | | | 1,300,000,000 | | | | 1,300,496,167 | | | | 1,326,136,319 | |
| |
REPURCHASE AGREEMENTS— At November 30, 2024, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:
| | | | | | | | | | |
| Counterparty | | Interest Rate | | Financial Square
Government | | | Financial Square Treasury
Obligations | |
| |
Bank of Nova Scotia (The) | | 4.580% | | | $350,000,000 | | | | $350,000,000 | |
| |
BNP Paribus | | 4.580 | | | 950,000,000 | | | | 950,000,000 | |
| |
| Total | | | | | $1,300,000,000 | | | | $1,300,000,000 | |
| |
At November 30, 2024, the Joint Repurchase Agreement Account I was fully collateralized by cash and:
| | | | | | | | |
| Issuer | | Interest Rate | | | Maturity Dates | |
| |
U.S. Treasury Bills | | | – | | | | 12/03/24 to 10/02/25 | |
| |
U.S. Treasury Bonds | | | 1.125% to 7.625 | | | | 02/15/25 to 08/15/53 | |
| |
U.S. Treasury Inflation-Indexed Bonds | | | 0.125 to 0.125 | | | | 02/15/52 to 02/15/52 | |
| |
U.S. Treasury Inflation-Indexed Notes | | | 0.125 to 2.125 | | | | 07/15/25 to 07/15/34 | |
| |
U.S. Treasury Interest-Only Stripped Securities | | | – | | | | 11/15/28 to 08/15/51 | |
| |
U.S. Treasury Notes | | | 0.250 to 4.875 | | | | 12/15/24 to 05/15/34 | |
| |
U.S. Treasury Principal-Only Stripped Securities | | | – | | | | 02/15/36 to 11/15/53 | |
| |
JOINT REPURCHASE AGREEMENT ACCOUNT III—At November 30, 2024, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of December 2, 2024, as follows:
| | | | | | | | | | | | |
| Fund | | Principal Amount | | | Maturity Value | | | Collateral Value
Allocation | |
| |
Financial Square Government | | $ | 2,880,200,000 | | | $ | 2,881,301,677 | | | $ | 2,966,594,081 | |
| |
REPURCHASE AGREEMENTS—At November 30, 2024, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:
| | | | | | | | | | | | | | | | |
| Counterparty | | Interest Rate | | | Financial Square
Government | | | | | | | |
| | | | | | | | | |
ABN Amro Bank N.V. | | | 4.590% | | | | $171,952,239 | | | | | | | | | |
| | | | | | | | | |
Bank of America, N.A. | | | 4.590 | | | | 644,820,895 | | | | | | | | | |
| | | | | | | | | |
Bank of Montreal | | | 4.590 | | | | 429,880,597 | | | | | | | | | |
| | | | | | | | | |
Credit Agricole Corporate and Investment Bank | | | 4.590 | | | | 773,785,075 | | | | | | | | | |
| | | | | | | | | |
Wells Fargo Securities, LLC | | | 4.590 | | | | 859,761,194 | | | | | | | | | |
| | | | | | | | | |
Total | | | | | | | $2,880,200,000 | | | | | | | | | |
| | | | | | | | | |
At November 30, 2024, the Joint Repurchase Agreement Account III was fully collateralized by cash and:
| | | | | | | | |
| Issuer | | Interest Rate | | | Maturity Dates | |
| |
Federal Home Loan Mortgage Corp. | | | 3.000% to 6.000% | | | | 06/01/51 to 12/01/54 | |
| |
Federal National Mortgage Association | | | 2.000 to 7.000 | | | | 07/01/33 to 09/01/61 | |
| |
Government National Mortgage Association | | | 1.500 to 7.500 | | | | 12/20/26 to 11/20/54 | |
| |
U.S. Treasury Notes | | | 0.375 to 4.500 | | | | 11/30/25 to 11/15/33 | |
| |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Assets and Liabilities November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square
Federal Instruments
Fund | | Financial Square
Government Fund | | Financial Square
Treasury Instruments
Fund | | Financial Square
Treasury Obligations
Fund | | | |
| | | | | | |
| | Assets: | | | | | | | | | | | | | | | | | | | | |
| | Investments, at value (cost $7,111,777,777, $129,255,366,239, $93,672,193,414 and $23,176,541,260, respectively) | | $ | 7,111,777,777 | | | $ | 129,255,366,239 | | | $ | 93,672,193,414 | | | $ | 23,176,541,260 | | | | | |
| | Repurchase agreements, at value (Cost $–, $130,627,595,445, $– and $23,191,363,603, respectively) | | | — | | | | 130,627,595,445 | | | | — | | | | 23,191,363,603 | | | | | |
| | Cash | | | — | | | | 4,818,265,663 | | | | — | | | | 797,762,092 | | | | | |
| | Receivables: | | | | | | | | | | | | | | | | | | | | |
| | Investments sold | | | 38,107,885 | | | | 1,285,241,255 | | | | 938,750,764 | | | | 289,527,641 | | | | | |
| | Interest | | | 9,939,682 | | | | 658,509,958 | | | | 77,692,202 | | | | 79,216,724 | | | | | |
| | Fund shares sold | | | 251,508 | | | | 1,682,110,833 | | | | 193,887,873 | | | | 124,084,606 | | | | | |
| | Other assets | | | 530,072 | | | | 921,859 | | | | 436,653 | | | | 387,425 | | | | | |
| | | |
| | Total assets | | | 7,160,606,924 | | | | 268,328,011,252 | | | | 94,882,960,906 | | | | 47,658,883,351 | | | | | |
| | | |
| | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | | | | | |
| | Payables: | | | | | | | | | | | | | | | | | | | | |
| | Investments purchased | | | 257,745,586 | | | | 3,778,745,247 | | | | 938,205,200 | | | | 2,728,596,376 | | | | | |
| | Dividend distribution | | | 5,911,093 | | | | 503,774,294 | | | | 151,023,775 | | | | 94,220,045 | | | | | |
| | Fund shares redeemed | | | 743,287 | | | | 74,468,659 | | | | 15,328,582 | | | | 9,264,986 | | | | | |
| | Due to custodian | | | 737,675 | | | | — | | | | 13,759,146 | | | | — | | | | | |
| | Management fees | | | 540,907 | | | | 18,396,709 | | | | 7,398,037 | | | | 3,513,524 | | | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 119,657 | | | | 5,148,137 | | | | 2,276,857 | | | | 1,710,196 | | | | | |
| | Accrued expenses | | | 128,986 | | | | 3,153,599 | | | | 1,506,660 | | | | 500,902 | | | | | |
| | | |
| | Total liabilities | | | 265,927,191 | | | | 4,383,686,645 | | | | 1,129,498,257 | | | | 2,837,806,029 | | | | | |
| | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | Paid-in capital | | | 6,893,897,483 | | | | 263,922,533,273 | | | | 93,744,567,652 | | | | 44,814,971,484 | | | | | |
| | Total distributable earnings | | | 782,250 | | | | 21,791,334 | | | | 8,894,997 | | | | 6,105,838 | | | | | |
| | | |
| | NET ASSETS | | $ | 6,894,679,733 | | | $ | 263,944,324,607 | | | $ | 93,753,462,649 | | | $ | 44,821,077,322 | | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Assets and Liabilities (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square
Federal Instruments
Fund | | Financial Square
Government Fund | | Financial Square
Treasury Instruments
Fund | | Financial Square
Treasury Obligations
Fund | | |
| | | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | | $ | — | | | $ | 4,346,729,446 | | | $ | — | | | $ | — | | | |
| | | Class C Shares | | | — | | | | 4,648,415 | | | | — | | | | — | | | |
| | | Class D Shares | | | 1,226,339 | | | | 86,563,246 | | | | 31,500,796 | | | | — | | | |
| | | Institutional Shares | | | 6,482,065,472 | | | | 219,702,380,893 | | | | 86,340,276,913 | | | | 37,458,284,200 | | | |
| | | Capital Shares | | | 58,164 | | | | 3,764,795,898 | | | | 1,054,741,034 | | | | 1,433,494,050 | | | |
| | | Service Shares | | | 27,105,448 | | | | 1,333,375,739 | | | | 2,048,742,810 | | | | 1,728,728,911 | | | |
| | | Preferred Shares | | | 140,080,828 | | | | 1,971,950,766 | | | | 80,799,004 | | | | 832,274,025 | | | |
| | | Select Shares | | | — | | | | 1,136,816,860 | | | | 357,644,232 | | | | 373,803,447 | | | |
| | | Administration Shares | | | 188,163,432 | | | | 12,512,473,725 | | | | 2,518,815,114 | | | | 2,915,737,053 | | | |
| | | Cash Management Shares | | | 55,980,050 | | | | 638,454,573 | | | | 55,281,524 | | | | 29,690,673 | | | |
| | | Premier Shares | | | — | | | | 121,603,486 | | | | 1,222,917,174 | | | | 16,648,093 | | | |
| | | Resource Shares | | | — | | | | 10,428,740 | | | | — | | | | 32,416,870 | | | |
| | | Class R6 Shares | | | — | | | | 518,092,722 | | | | — | | | | — | | | |
| | | Drexel Hamilton Class Shares | | | — | | | | 11,749,434,515 | | | | — | | | | — | | | |
| | | Loop Class Shares | | | — | | | | 3,700,089,167 | | | | 42,732,892 | | | | — | | | |
| | | Seelaus Class Shares | | | — | | | | 2,346,486,416 | | | | 11,156 | | | | — | | | |
| | | Total Net Assets | | $ | 6,894,679,733 | | | $ | 263,944,324,607 | | | $ | 93,753,462,649 | | | $ | 44,821,077,322 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | | | — | | | | 4,346,374,217 | | | | — | | | | — | | | |
| | | Class C Shares | | | — | | | | 4,648,033 | | | | — | | | | — | | | |
| | | Class D Shares | | | 1,226,204 | | | | 86,556,029 | | | | 31,497,655 | | | | — | | | |
| | | Institutional Shares | | | 6,481,333,407 | | | | 219,684,230,554 | | | | 86,332,080,258 | | | | 37,453,103,379 | | | |
| | | Capital Shares | | | 58,157 | | | | 3,764,485,434 | | | | 1,054,645,663 | | | | 1,433,301,191 | | | |
| | | Service Shares | | | 27,102,413 | | | | 1,333,267,064 | | | | 2,048,539,157 | | | | 1,728,489,663 | | | |
| | | Preferred Shares | | | 140,065,756 | | | | 1,971,795,238 | | | | 80,791,811 | | | | 832,168,138 | | | |
| | | Select Shares | | | — | | | | 1,136,723,100 | | | | 357,595,910 | | | | 373,746,704 | | | |
| | | Administration Shares | | | 188,142,808 | | | | 12,511,472,915 | | | | 2,518,583,356 | | | | 2,915,417,938 | | | |
| | | Cash Management Shares | | | 55,973,662 | | | | 638,404,602 | | | | 55,276,010 | | | | 29,686,768 | | | |
| | | Premier Shares | | | — | | | | 121,593,185 | | | | 1,222,820,302 | | | | 16,645,796 | | | |
| | | Resource Shares | | | — | | | | 10,427,896 | | | | — | | | | 32,411,911 | | | |
| | | Class R6 Shares | | | — | | | | 518,049,555 | | | | — | | | | — | | | |
| | | Drexel Hamilton Class Shares | | | — | | | | 11,748,347,753 | | | | — | | | | — | | | |
| | | Loop Class Shares | | | — | | | | 3,699,848,693 | | | | 42,728,903 | | | | — | | | |
| | | Seelaus Class Shares | | | — | | | | 2,346,305,519 | | | | 11,155 | | | | — | | | |
| | | Net asset value, offering and redemption price per share: | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | | $ | — | | | $ | 1.00 | | | $ | — | | | $ | — | | | |
| | | Class C Shares | | | — | | | | 1.00 | | | | — | | | | — | | | |
| | | Class D Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | — | | | |
| | | Institutional Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Capital Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Service Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Preferred Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Select Shares | | | — | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Administration Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Cash Management Shares | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Premier Shares | | | — | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | |
| | | Resource Shares | | | — | | | | 1.00 | | | | — | | | | 1.00 | | | |
| | | Class R6 Shares | | | — | | | | 1.00 | | | | — | | | | — | | | |
| | | Drexel Hamilton Class Shares | | | — | | | | 1.00 | | | | — | | | | — | | | |
| | | Loop Class Shares | | | — | | | | 1.00 | | | | 1.00 | | | | — | | | |
| | | Seelaus Class Shares | | | — | | | | 1.00 | | | | 1.00 | | | | — | | | |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Assets and Liabilities (continued) November 30, 2024 |
| | | | | | | | | | |
| | | | | Financial Square
Treasury Solutions Fund | | | |
| | | |
| | Assets: | | | | | | | | |
| | Investments, at value (cost $9,078,090,080) | | $ | 9,078,090,080 | | | | | |
| | Repurchase agreements, at value (Cost $7,057,000,000)) | | | 7,057,000,000 | | | | | |
| | Cash | | | 129,031,514 | | | | | |
| | Receivables: | | | | | | | | |
| | Investments sold | | | 117,022,247 | | | | | |
| | Fund shares sold | | | 15,173,612 | | | | | |
| | Interest | | | 12,362,692 | | | | | |
| | Other assets | | | 128,927 | | | | | |
| | | |
| | Total assets | | | 16,408,809,072 | | | | | |
| | | |
| | | |
| | Liabilities: | | | | | | | | |
| | Payables: | | | | | | | | |
| | Investments purchased | | | 1,701,364,929 | | | | | |
| | Dividend distribution | | | 17,702,836 | | | | | |
| | Fund shares redeemed | | | 1,897,796 | | | | | |
| | Management fees | | | 1,160,752 | | | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 637,811 | | | | | |
| | Accrued expenses | | | 155,672 | | | | | |
| | | |
| | Total liabilities | | | 1,722,919,796 | | | | | |
| | | |
| | | |
| | Net Assets: | | | | | | | | |
| | Paid-in capital | | | 14,683,914,762 | | | | | |
| | Total distributable earnings | | | 1,974,514 | | | | | |
| | | |
| | NET ASSETS | | $ | 14,685,889,276 | | | | | |
| | | | | | | | | | |
| | | Net Assets: | | | | | | | | |
| | | Institutional Shares | | $ | 12,840,989,537 | | | | | |
| | | Capital Shares | | | 156,600,288 | | | | | |
| | | Service Shares | | | 440,946,854 | | | | | |
| | | Preferred Shares | | | 53,668,166 | | | | | |
| | | Select Shares | | | 8,852,193 | | | | | |
| | | Administration Shares | | | 817,770,366 | | | | | |
| | | Cash Management Shares | | | 264,893,055 | | | | | |
| | | Premier Shares | | | 102,168,817 | | | | | |
| | | Total Net Assets | | $ | 14,685,889,276 | | | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | |
| | | Institutional Shares | | | 12,839,272,901 | | | | | |
| | | Capital Shares | | | 156,577,408 | | | | | |
| | | Service Shares | | | 440,884,913 | | | | | |
| | | Preferred Shares | | | 53,660,478 | | | | | |
| | | Select Shares | | | 8,851,014 | | | | | |
| | | Administration Shares | | | 817,662,621 | | | | | |
| | | Cash Management Shares | | | 264,850,434 | | | | | |
| | | Premier Shares | | | 102,154,992 | | | | | |
| | | Net asset value, offering and redemption price per share: | | | | | | | | |
| | | Institutional Shares | | $ | 1.00 | | | | | |
| | | Capital Shares | | | 1.00 | | | | | |
| | | Service Shares | | | 1.00 | | | | | |
| | | Preferred Shares | | | 1.00 | | | | | |
| | | Select Shares | | | 1.00 | | | | | |
| | | Administration Shares | | | 1.00 | | | | | |
| | | Cash Management Shares | | | 1.00 | | | | | |
| | | Premier Shares | | | 1.00 | | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Operations For the Year Ended November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square
Federal Instruments
Fund | | Financial Square
Government Fund | | Financial Square
Treasury Instruments
Fund | | Financial Square
Treasury Obligations
Fund | | |
| |
| | Investment Income: |
| | | | | | |
| | Interest income | | $ | 322,899,608 | | | $ | 12,396,367,981 | | | $ | 4,397,178,641 | | | $ | 2,226,217,350 | | | |
| | |
| | |
| |
| | Expenses: |
| |
| | Fund-Level Expenses: |
| | | | | | |
| | Management fees | | | 11,069,702 | | | | 376,182,816 | | | | 150,799,705 | | | | 76,083,076 | | | |
| | | | | | |
| | Transfer Agency fees | | | 614,934 | | | | 23,509,274 | | | | 8,377,080 | | | | 4,226,494 | | | |
| | | | | | |
| | Registration fees | | | 183,762 | | | | 2,423,756 | | | | 388,454 | | | | 924,421 | | | |
| | | | | | |
| | Custody, accounting and administrative services | | | 180,029 | | | | 6,785,618 | | | | 2,395,973 | | | | 1,184,412 | | | |
| | | | | | |
| | Professional fees | | | 103,024 | | | | 113,908 | | | | 220,436 | | | | 93,055 | | | |
| | | | | | |
| | Printing and mailing fees | | | 85,788 | | | | 2,656,312 | | | | 1,222,519 | | | | 193,321 | | | |
| | | | | | |
| | Trustee fees | | | 39,618 | | | | 514,298 | | | | 203,234 | | | | 118,549 | | | |
| | | | | | |
| | Other | | | 142,244 | | | | 1,357,822 | | | | 649,386 | | | | 366,621 | | | |
| | |
| | | | | | |
| | Subtotal | | | 12,419,101 | | | | 413,543,804 | | | | 164,256,787 | | | | 83,189,949 | | | |
| |
| | Class Specific Expenses: |
| | | | | | |
| | Administration Share fees | | | 447,353 | | | | 25,268,676 | | | | 5,263,365 | | | | 5,465,766 | | | |
| | | | | | |
| | Service Share fees | | | 175,637 | | | | 6,902,571 | | | | 6,602,715 | | | | 7,999,524 | | | |
| | | | | | |
| | Cash Management Share fees | | | 142,308 | | | | 2,975,938 | | | | 195,118 | | | | 105,550 | | | |
| | | | | | |
| | Preferred Share fees | | | 129,107 | | | | 2,064,475 | | | | 66,163 | | | | 824,553 | | | |
| | | | | | |
| | Distribution fees - Cash Management Shares | | | 85,385 | | | | 1,785,558 | | | | 117,070 | | | | 93,313 | | | |
| | | | | | |
| | Capital Share fees | | | 85 | | | | 5,066,483 | | | | 878,650 | | | | 1,958,645 | | | |
| | | | | | |
| | Distribution fees - Resource Shares | | | — | | | | 14,148 | | | | — | | | | — | | | |
| | | | | | |
| | Select Share fees | | | — | | | | 334,208 | | | | 129,578 | | | | 34,066 | | | |
| | | | | | |
| | Resource Share fees | | | — | | | | 47,159 | | | | — | | | | 99,941 | | | |
| | | | | | |
| | Premier Share fees | | | — | | | | 413,240 | | | | 3,019,664 | | | | 52,046 | | | |
| | | | | | |
| | Distribution and Service fees - Class A Shares | | | — | | | | 8,793,778 | | | | — | | | | — | | | |
| | | | | | |
| | Distribution fees - Class C Shares | | | — | | | | 52,014 | | | | — | | | | — | | | |
| | |
| | Total expenses | | | 13,398,976 | | | | 467,262,052 | | | | 180,529,110 | | | | 99,823,353 | | | |
| | |
| | Less - expense reductions | | | — | | | | (18,309 | ) | | | — | | | | — | | | |
| | |
| | Net expenses | | | 13,398,976 | | | | 467,243,743 | | | | 180,529,110 | | | | 99,823,353 | | | |
| | |
| | NET INVESTMENT INCOME | | $ | 309,500,632 | | | $ | 11,929,124,238 | | | $ | 4,216,649,531 | | | $ | 2,126,393,997 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | |
| | Net realized gain from investment transactions | | | 2,971,972 | | | | 66,115,285 | | | | 26,609,997 | | | | 11,526,747 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 312,472,604 | | | $ | 11,995,239,523 | | | $ | 4,243,259,528 | | | $ | 2,137,920,744 | | | |
| | |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Operations (continued) For the Year Ended November 30, 2024 |
| | | | | | | | |
| | | | | Financial Square
Treasury Solutions
Fund | | |
| | | |
| | Investment Income: | | | | | | |
| | | |
| | Interest income | | $ | 762,828,953 | | | |
| | |
| | | | | | | | |
| | | |
| | Expenses: | | | | | | |
| | | |
| | Fund-Level Expenses: | | | | | | |
| | | |
| | Management fees | | | 26,105,956 | | | |
| | | |
| | Transfer Agency fees | | | 1,450,212 | | | |
| | | |
| | Custody, accounting and administrative services | | | 404,177 | | | |
| | | |
| | Registration fees | | | 302,193 | | | |
| | | |
| | Printing and mailing fees | | | 144,742 | | | |
| | | |
| | Professional fees | | | 122,560 | | | |
| | | |
| | Trustee fees | | | 59,049 | | | |
| | | |
| | Other | | | 202,491 | | | |
| |
| | |
| | | |
| | Subtotal | | | 28,791,380 | | | |
| | | |
| | Class Specific Expenses: | | | | | | |
| | | |
| | Service Share fees | | | 2,267,294 | | | |
| | | |
| | Administration Share fees | | | 2,249,622 | | | |
| | | |
| | Cash Management Share fees | | | 1,160,920 | | | |
| | | |
| | Distribution fees – Cash Management Shares | | | 696,550 | | | |
| | | |
| | Premier Share fees | | | 261,977 | | | |
| | | |
| | Capital Share fees | | | 244,853 | | | |
| | | |
| | Preferred Share fees | | | 57,990 | | | |
| | | |
| | Select Share fees | | | 1,148 | | | |
| | |
| | Total expenses | | | 35,731,734 | | | |
| | |
| | Less - expense reductions | | | — | | | |
| | |
| | NET INVESTMENT INCOME | | $ | 727,097,219 | | | |
| | |
| | | | | | | | |
| | |
| | Net realized gain from investment transactions | | | 4,319,986 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 731,417,205 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Changes in Net Assets November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund | | Financial Square Government Fund | | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | For the Fiscal
Year Ended
November 30, 2023 | | For the Fiscal
Year Ended
November 30, 2024 | | For the Fiscal
Year Ended
November 30, 2023 | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 309,500,632 | | | $ | 250,692,032 | | | $ | 11,929,124,238 | | | $ | 12,123,976,591 | | | |
| | | | | | |
| | Net realized gain (loss) from investment transactions | | | 2,971,972 | | | | 605,201 | | | | 66,115,285 | | | | (4,044,388 | ) | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 312,472,604 | | | | 251,297,233 | | | | 11,995,239,523 | | | | 12,119,932,203 | | | |
| | |
| | |
| |
| | Distributions to shareholders: |
| |
| | From distributable earnings: |
| | | | | | |
| | Class A Shares | | | – | | | | – | | | | (170,717,165 | ) | | | (72,685,018 | ) | | |
| | | | | | |
| | Class C Shares | | | – | | | | – | | | | (214,820 | ) | | | (216,622 | ) | | |
| | | | | | |
| | Class D Shares | | | (65,062 | ) | | | (391,869 | ) | | | (4,774,141 | ) | | | (3,619,247 | ) | | |
| | | | | | |
| | Institutional Shares | | | (293,772,553 | ) | | | (235,326,812 | ) | | | (10,200,051,897 | ) | | | (10,522,118,650 | ) | | |
| | | | | | |
| | Capital Shares | | | (2,803 | ) | | | (3,861 | ) | | | (168,016,405 | ) | | | (136,777,569 | ) | | |
| | | | | | |
| | Service Shares | | | (1,622,079 | ) | | | (1,540,243 | ) | | | (63,853,386 | ) | | | (61,010,250 | ) | | |
| | | | | | |
| | Preferred Shares | | | (6,449,799 | ) | | | (6,832,196 | ) | | | (103,819,227 | ) | | | (91,598,847 | ) | | |
| | | | | | |
| | Select Shares | | | – | | | | (1,408 | ) | | | (56,648,693 | ) | | | (66,259,446 | ) | | |
| | | | | | |
| | Administration Shares | | | (8,673,411 | ) | | | (6,378,524 | ) | | | (491,332,579 | ) | | | (429,061,209 | ) | | |
| | | | | | |
| | Cash Management Shares | | | (1,211,972 | ) | | | (597,412 | ) | | | (25,696,228 | ) | | | (13,224,212 | ) | | |
| | | | | | |
| | Premier Shares | | | – | | | | (1,371 | ) | | | (5,639,585 | ) | | | (7,728,220 | ) | | |
| | | | | | |
| | Resource Shares | | | – | | | | – | | | | (421,192 | ) | | | (356,100 | ) | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | – | | | | (22,641,792 | ) | | | (14,094,386 | ) | | |
| | | | | | |
| | Drexel Hamilton Class Shares | | | – | | | | – | | | | (487,340,891 | ) | | | (449,135,354 | ) | | |
| | | | | | |
| | Loop Class Shares | | | – | | | | – | | | | (123,987,023 | ) | | | (176,056,718 | ) | | |
| | | | | | |
| | Seelaus Class Shares | | | – | | | | – | | | | (48,263,703 | ) | | | (73,173,095 | ) | | |
| | |
| | Total distributions to shareholders | | | (311,797,679 | ) | | | (251,073,696 | ) | | | (11,973,418,727 | ) | | | (12,117,114,943 | ) | | |
| | |
| | |
| |
| | From share transactions: |
| | | | | | |
| | Proceeds from sales of shares | | | 14,049,554,425 | | | | 15,977,811,218 | | | | 1,926,484,939,957 | | | | 1,939,531,164,447 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 250,249,627 | | | | 215,364,671 | | | | 6,065,250,586 | | | | 6,372,884,347 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (12,632,733,678 | ) | | | (14,467,328,023 | ) | | | (1,920,396,654,282 | ) | | | (1,953,843,155,556 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 1,667,070,374 | | | | 1,725,847,866 | | | | 12,153,536,261 | | | | (7,939,106,762 | ) | | |
| | |
| | TOTAL INCREASE (DECREASE) | | | 1,667,745,299 | | | | 1,726,071,403 | | | | 12,175,357,057 | | | | (7,936,289,502 | ) | | |
| | |
| | |
| |
| | Net Assets: |
| | | | | | |
| | Beginning of year | | $ | 5,226,934,434 | | | $ | 3,500,863,031 | | | $ | 251,768,967,550 | | | $ | 259,705,257,052 | | | |
| | |
| | End of year | | $ | 6,894,679,733 | | | $ | 5,226,934,434 | | | $ | 263,944,324,607 | | | $ | 251,768,967,550 | | | |
| | |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Changes in Net Assets (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund | | Financial Square Treasury Obligations Fund | | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | For the Fiscal
Year Ended
November 30, 2023 | | For the Fiscal
Year Ended
November 30, 2024 | | For the Fiscal
Year Ended
November 30, 2023 | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 4,216,649,531 | | | $ | 4,130,126,991 | | | $ | 2,126,393,997 | | | $ | 2,082,713,390 | | | |
| | | | | | |
| | Net realized gain (loss) from investment transactions | | | 26,609,997 | | | | (7,188,332 | ) | | | 11,526,747 | | | | 4,239,329 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 4,243,259,528 | | | | 4,122,938,659 | | | | 2,137,920,744 | | | | 2,086,952,719 | | | |
| | |
| | |
| |
| | Distributions to shareholders: |
| |
| | From distributable earnings: |
| | | | | | |
| | Class D Shares | | | (1,785,033 | ) | | | (1,367,670 | ) | | | – | | | | – | | | |
| | | | | | |
| | Institutional Shares | | | (3,971,606,283 | ) | | | (3,861,789,006 | ) | | | (1,840,909,864 | ) | | | (1,826,913,610 | ) | | |
| | | | | | |
| | Capital Shares | | | (28,684,223 | ) | | | (41,430,892 | ) | | | (64,374,620 | ) | | | (41,696,476 | ) | | |
| | | | | | |
| | Service Shares | | | (59,786,879 | ) | | | (29,943,775 | ) | | | (73,328,182 | ) | | | (67,464,668 | ) | | |
| | | | | | |
| | Preferred Shares | | | (3,279,846 | ) | | | (4,182,906 | ) | | | (41,188,617 | ) | | | (45,884,337 | ) | | |
| | | | | | |
| | Select Shares | | | (21,739,352 | ) | | | (20,706,162 | ) | | | (5,624,363 | ) | | | (5,859,394 | ) | | |
| | | | | | |
| | Administration Shares | | | (101,528,752 | ) | | | (99,125,318 | ) | | | (105,661,621 | ) | | | (94,223,573 | ) | | |
| | | | | | |
| | Cash Management Shares | | | (1,652,764 | ) | | | (1,291,142 | ) | | | (898,421 | ) | | | (908,816 | ) | | |
| | | | | | |
| | Premier Shares | | | (40,634,026 | ) | | | (16,124,159 | ) | | | (703,977 | ) | | | (646,252 | ) | | |
| | | | | | |
| | Resource Shares | | | – | | | | (26 | ) | | | (875,533 | ) | | | (742,723 | ) | | |
| | | | | | |
| | Loop Class Shares | | | (2,137,910 | ) | | | (4,909,184 | ) | | | – | | | | – | | | |
| | | | | | |
| | Seelaus Class Shares | | | (654,525 | ) | | | (27,100,254 | ) | | | – | | | | – | | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (4,233,489,593 | ) | | | (4,107,970,494 | ) | | | (2,133,565,198 | ) | | | (2,084,339,849 | ) | | |
| | |
| | |
| |
| | From share transactions: |
| | | | | | |
| | Proceeds from sales of shares | | | 267,342,902,572 | | | | 295,884,528,346 | | | | 262,240,291,367 | | | | 415,862,061,039 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 2,486,395,452 | | | | 2,396,101,440 | | | | 971,913,553 | | | | 944,233,062 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (259,967,824,245 | ) | | | (311,373,669,749 | ) | | | (268,758,449,637 | ) | | | (410,533,964,153 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 9,861,473,779 | | | | (13,093,039,963 | ) | | | (5,546,244,717 | ) | | | 6,272,329,948 | | | |
| | |
| | TOTAL INCREASE (DECREASE) | | | 9,871,243,714 | | | | (13,078,071,798 | ) | | | (5,541,889,171 | ) | | | 6,274,942,818 | | | |
| | |
| | |
| |
| | Net Assets: |
| | | | | | |
| | Beginning of year | | $ | 83,882,218,935 | | | $ | 96,960,290,733 | | | $ | 50,362,966,493 | | | $ | 44,088,023,675 | | | |
| | |
| | End of year | | $ | 93,753,462,649 | | | $ | 83,882,218,935 | | | $ | 44,821,077,322 | | | $ | 50,362,966,493 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Statements of Changes in Net Assets (continued) November 30, 2024 |
| | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund | | | | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | | For the Fiscal
Year Ended
November 30, 2023 | | | | |
| | | | |
| | From operations: | | | | | | | | | | | | |
| | | | |
| | Net investment income | | $ | 727,097,219 | | | $ | 712,650,725 | | | | | |
| | | | |
| | Net realized gain from investment transactions | | | 4,319,986 | | | | 1,576,143 | | | | | |
| | | |
| | Net increase in net assets resulting from operations | | | 731,417,205 | | | | 714,226,868 | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Distributions to shareholders: | | | | | | | | | | | | |
| | | | |
| | From distributable earnings: | | | | | | | | | | | | |
| | | | |
| | Institutional Shares | | | (641,223,516 | ) | | | (640,453,144 | ) | | | | |
| | | | |
| | Capital Shares | | | (8,058,747 | ) | | | (8,754,429 | ) | | | | |
| | | | |
| | Service Shares | | | (20,794,517 | ) | | | (9,662,626 | ) | | | | |
| | | | |
| | Preferred Shares | | | (2,891,504 | ) | | | (2,591,509 | ) | | | | |
| | | | |
| | Select Shares | | | (186,806 | ) | | | (306,624 | ) | | | | |
| | | | |
| | Administration Shares | | | (43,598,921 | ) | | | (36,164,078 | ) | | | | |
| | | | |
| | Cash Management Shares | | | (9,878,827 | ) | | | (11,090,008 | ) | | | | |
| | | | |
| | Premier Shares | | | (3,538,242 | ) | | | (4,186,689 | ) | | | | |
| | | | |
| | Resource Shares | | | – | | | | (26 | ) | | | | |
| | | |
| | Total distributions to shareholders | | | (730,171,080 | ) | | | (713,209,133 | ) | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | From share transactions: | | | | | | | | | | | | |
| | | | |
| | Proceeds from sales of shares | | | 45,387,595,776 | | | | 63,899,985,993 | | | | | |
| | | | |
| | Reinvestment of distributions | | | 488,880,189 | | | | 438,300,342 | | | | | |
| | | | |
| | Cost of shares redeemed | | | (46,478,548,399 | ) | | | (65,049,705,531 | ) | | | | |
| | | |
| | | | |
| | Net decrease in net assets resulting from share transactions | | | (602,072,434 | ) | | | (711,419,196 | ) | | | | |
| |
| | | |
| | | | |
| | TOTAL DECREASE | | | (600,826,309 | ) | | | (710,401,461 | ) | | | | |
| | | |
| | | | | | | | | | | | | | |
| | | | |
| | Net Assets: | | | | | | | | | | | | |
| | | | |
| | Beginning of year | | $ | 15,286,715,585 | | | $ | 15,997,117,046 | | | | | |
| | | |
| | End of year | | $ | 14,685,889,276 | | | $ | 15,286,715,585 | | | | | |
| | | |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Class D Shares |
| | | |
| | | | | For the Fiscal Year Ended November 30, 2024 | | | Period Ended November 30, 2023(a) |
| | | | |
| | Per Share Data | | | | | | | | | | |
| | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.041 | | | |
| | | | |
| | Net realized gain | | | – | | | | – | (c) | | |
| | |
| | | | |
| | Total from investment operations | | | 0.051 | | | | 0.041 | | | |
| | |
| | | | |
| | Distributions to shareholders from net investment income | | | (0.051) | | | | (0.041 | ) | | |
| | | | |
| | Distributions to shareholders from net realized gains | | | –(c) | | | | – | (c) | | |
| | |
| | | | |
| | Total distributions (d) | | | (0.051) | | | | (0.041 | ) | | |
| | |
| | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | |
| | Total Return(e) | | | 5.22% | | | | 4.90 | % | | |
| | |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 1,226 | | | $ | 1,441 | | | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.20% | | | | 0.20 | %(f) | | |
| | | | |
| | Ratio of total expenses to average net assets | | | 0.20% | | | | 0.20 | %(f) | | |
| | | | |
| | Ratio of net investment income to average net assets | | | 5.07% | | | | 4.93 | %(f) | | |
| | |
| | (a) | Commenced operations on January 31, 2023. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 43 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Institutional Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.010 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.22 | % | | | 4.90 | % | | | 1.18 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.99 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 6,482,065 | | | $ | 4,869,355 | | | $ | 3,229,145 | | | $ | 2,667,247 | | | $ | 3,639,742 | | | | | $ | 3,761,104 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.18 | % | | | 0.09 | % | | | 0.14 | %(f) | | | | | 0.15 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.21 | % | | | 0.20 | % | | | 0.21 | %(f) | | | | | 0.21 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.05 | % | | | 4.83 | % | | | 1.18 | % | | | – | %(e) | | | 0.01 | %(f) | | | | | 0.67 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 44 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Capital Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.045 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.06 | % | | | 4.74 | % | | | 1.08 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.85 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 58 | | | $ | 55 | | | $ | 130 | | | $ | 527 | | | $ | 3,267 | | | | | $ | 1,135 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.27 | % | | | 0.09 | % | | | 0.15 | %(f) | | | | | 0.28 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.36 | % | | | 0.35 | % | | | 0.36 | %(f) | | | | | 0.36 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.91 | % | | | 4.49 | % | | | 0.66 | % | | | – | %(e) | | | (0.01 | )%(f) | | | | | 0.74 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 45 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.70 | % | | | 4.38 | % | | | 0.86 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.63 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 27,105 | | | $ | 44,902 | | | $ | 10,055 | | | $ | 9,839 | | | $ | 10,277 | | | | | $ | 11,490 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.51 | % | | | 0.09 | % | | | 0.15 | %(f) | | | | | 0.50 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.71 | % | | | 0.70 | % | | | 0.71 | %(f) | | | | | 0.71 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.59 | % | | | 4.31 | % | | | 0.86 | % | | | – | %(e) | | | (0.01 | )%(f) | | | | | 0.57 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 46 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Preferred Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.11 | % | | | 4.80 | % | | | 1.11 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.89 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 140,081 | | | $ | 107,656 | | | $ | 174,388 | | | $ | 2,873 | | | $ | 6,019 | | | | | $ | 22,779 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.28 | % | | | 0.09 | % | | | 0.15 | %(f) | | | | | 0.24 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.31 | % | | | 0.30 | % | | | 0.31 | %(f) | | | | | 0.31 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.96 | % | | | 4.61 | % | | | 1.75 | % | | | – | %(e) | | | (0.01 | )%(f) | | | | | 0.39 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 47 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020†,† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.046 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.048 | | | | 0.045 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.96 | % | | | 4.64 | % | | | 1.01 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.78 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 188,163 | | | $ | 182,443 | | | $ | 79,251 | | | $ | 63,937 | | | $ | 76,144 | | | | | $ | 73,011 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.36 | % | | | 0.09 | % | | | 0.15 | %(f) | | | | | 0.35 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.46 | % | | | 0.45 | % | | | 0.46 | %(f) | | | | | 0.46 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.81 | % | | | 4.60 | % | | | 1.19 | % | | | – | %(e) | | | (0.01 | )%(f) | | | | | 0.69 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 48 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Federal Instruments Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.042 | | | | 0.041 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | 0.001 | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.043 | | | | 0.040 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.043 | ) | | | (0.040 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.043 | ) | | | (0.040 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.38 | % | | | 4.07 | % | | | 0.70 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.46 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 55,980 | | | $ | 21,081 | | | $ | 7,791 | | | $ | 127,537 | | | $ | 73,555 | | | | | $ | 52,216 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 0.58 | % | | | 0.09 | % | | | 0.15 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 1.01 | % | | | 1.00 | % | | | 1.01 | %(f) | | | | | 1.01 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.22 | % | | | 4.07 | % | | | 0.33 | % | | | – | %(e) | | | (0.01 | )%(f) | | | | | 0.12 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 49 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Class A Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | 0.001 | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.98 | % | | | 4.67 | % | | | 1.07 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.76 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 4,346,729 | | | $ | 2,578,102 | | | $ | 609,601 | | | $ | 600,756 | | | $ | 282,556 | | | | | $ | 366,871 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.31 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.39 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | %(f) | | | | | 0.43 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.83 | % | | | 4.72 | % | | | 0.99 | % | | | 0.03 | % | | | (0.01 | )%(f) | | | | | 0.69 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 50 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Class C Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.041 | | | | 0.038 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.041 | | | | 0.038 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.041 | ) | | | (0.038 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.003 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.041 | ) | | | (0.038 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.003 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.20 | % | | | 3.89 | % | | | 0.67 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.34 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 4,648 | | | $ | 5,211 | | | $ | 5,578 | | | $ | 5,029 | | | $ | 6,327 | | | | | $ | 6,529 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 1.18 | % | | | 1.18 | % | | | 0.75 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.73 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | %(f) | | | | | 1.18 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.11 | % | | | 3.80 | % | | | 0.68 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.25 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 51 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Class D Shares |
| | | |
| | | | | Year Ended November 30, | | | Period Ended November 30, 2022(a) |
| | | | | 2024 | | | 2023 | |
| | | | | |
| | Per Share Data | | | | | | | | | | | | | | |
| | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.050 | | | | 0.008 | | | |
| | | | | |
| | Net realized loss | | | – | | | | (0.002 | ) | | | – | | | |
| | |
| | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.008 | | | |
| | |
| | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.008 | ) | | |
| | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | (c) | | | – | | | |
| | |
| | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.008 | ) | | |
| | |
| | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | |
| | Total Return(d) | | | 5.25 | % | | | 4.93 | % | | | 0.82 | % | | |
| | |
| | | | | |
| | Net assets, end of period (in 000’s) | | $ | 86,563 | | | $ | 81,635 | | | $ | 10 | | | |
| | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | %(e) | | |
| | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(e) | | |
| | | | | |
| | Ratio of net investment income to average net assets | | | 5.11 | % | | | 4.98 | % | | | 2.92 | %(e) | | |
| | |
| | (a) | Commenced operations on August 22, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| 52 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Institutional Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.010 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.25 | % | | | 4.93 | % | | | 1.25 | % | | | 0.03 | % | | | 0.01 | % | | | | | 0.97 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 219,702,381 | | | $ | 214,557,639 | | | $ | 230,046,292 | | | $ | 194,824,984 | | | $ | 154,904,106 | | | | | $ | 204,287,540 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | % | | | 0.07 | % | | | 0.18 | %(e) | | | | | 0.18 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(e) | | | | | 0.18 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.10 | % | | | 4.82 | % | | | 1.30 | % | | | 0.02 | % | | | – | %(e)(f) | | | | | 0.70 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (f) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 53 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Capital Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.09 | % | | | 4.77 | % | | | 1.14 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.83 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,764,796 | | | $ | 3,856,324 | | | $ | 3,087,619 | | | $ | 1,675,429 | | | $ | 1,435,345 | | | | | $ | 1,291,798 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.33 | % | | | 0.33 | % | | | 0.27 | % | | | 0.07 | % | | | 0.19 | %(f) | | | | | 0.32 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.33 | % | | | 0.33 | % | | | 0.33 | % | | | 0.33 | % | | | 0.33 | %(f) | | | | | 0.33 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.96 | % | | | 4.70 | % | | | 1.40 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.76 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 54 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.72 | % | | | 4.41 | % | | | 0.92 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.61 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,333,376 | | | $ | 1,476,967 | | | $ | 1,190,570 | | | $ | 908,881 | | | $ | 860,075 | | | | | $ | 1,775,966 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.68 | % | | | 0.68 | % | | | 0.50 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.53 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.68 | % | | | 0.68 | % | | | 0.68 | % | | | 0.68 | % | | | 0.68 | %(f) | | | | | 0.68 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.61 | % | | | 4.34 | % | | | 1.01 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.58 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 55 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Preferred Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.14 | % | | | 4.82 | % | | | 1.18 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.88 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,971,951 | | | $ | 2,183,829 | | | $ | 1,742,072 | | | $ | 1,077,741 | | | $ | 820,201 | | | | | $ | 1,627,349 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.28 | % | | | 0.28 | % | | | 0.23 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.28 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.28 | % | | | 0.28 | % | | | 0.28 | % | | | 0.28 | % | | | 0.28 | %(f) | | | | | 0.28 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 5.01 | % | | | 4.76 | % | | | 1.40 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.89 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 56 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Select Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.21 | % | | | 4.90 | % | | | 1.23 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.94 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,136,817 | | | $ | 1,355,264 | | | $ | 1,119,156 | | | $ | 1,181,542 | | | $ | 448,540 | | | | | $ | 481,493 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.21 | % | | | 0.21 | % | | | 0.17 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.21 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.21 | % | | | 0.21 | % | | | 0.21 | % | | | 0.21 | % | | | 0.21 | %(f) | | | | | 0.21 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 5.07 | % | | | 4.81 | % | | | 1.42 | % | | | 0.03 | % | | | (0.01 | )%(f) | | | | | 0.86 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 57 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.98 | % | | | 4.67 | % | | | 1.07 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.76 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 12,512,474 | | | $ | 10,067,366 | | | $ | 9,178,619 | | | $ | 7,904,302 | | | $ | 5,706,517 | | | | | $ | 5,421,224 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.32 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.39 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | %(f) | | | | | 0.43 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.84 | % | | | 4.59 | % | | | 1.07 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.76 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 58 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.043 | | | | 0.041 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.043 | | | | 0.040 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.41 | % | | | 4.09 | % | | | 0.76 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.45 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 638,455 | | | $ | 542,413 | | | $ | 148,429 | | | $ | 302,333 | | | $ | 168,903 | | | | | $ | 198,129 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.98 | % | | | 0.98 | % | | | 0.61 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.65 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % | | | 0.98 | % | | | 0.98 | %(f) | | | | | 0.98 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.30 | % | | | 4.14 | % | | | 0.45 | % | | | 0.03 | % | | | (0.01 | )%(f) | | | | | 0.35 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 59 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Premier Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.048 | | | | 0.045 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.88 | % | | | 4.56 | % | | | 1.01 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.70 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 121,603 | | | $ | 119,784 | | | $ | 365,028 | | | $ | 9,922,502 | | | $ | 219,114 | | | | | $ | 195,822 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.53 | % | | | 0.53 | % | | | 0.33 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.46 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | %(f) | | | | | 0.53 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.76 | % | | | 4.39 | % | | | 0.33 | % | | | 0.03 | % | | | (0.01 | )%(f) | | | | | 0.70 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 60 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Resource Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.044 | | | | 0.042 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | | | | | | | | |
| | Net realized loss | | | 0.001 | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.045 | | | | 0.042 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.045 | ) | | | (0.042 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.045 | ) | | | (0.042 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.005 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.57 | % | | | 4.25 | % | | | 0.84 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.53 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 10,429 | | | $ | 8,513 | | | $ | 9,214 | | | $ | 10,447 | | | $ | 93,981 | | | | | $ | 83,378 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.83 | % | | | 0.56 | % | | | 0.07 | % | | | 0.20 | %(f) | | | | | 0.60 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.83 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83 | %(f) | | | | | 0.83 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.45 | % | | | 4.16 | % | | | 0.83 | % | | | 0.02 | % | | | (0.01 | )%(f) | | | | | 0.47 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 61 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Class R6 Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.010 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.25 | % | | | 4.93 | % | | | 1.25 | % | | | 0.03 | % | | | 0.01 | % | | | | | 0.97 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 518,093 | | | $ | 316,732 | | | $ | 268,194 | | | $ | 311,454 | | | $ | 91,630 | | | | | $ | 115,111 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | % | | | 0.07 | % | | | 0.18 | %(e) | | | | | 0.18 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(e) | | | | | 0.18 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.08 | % | | | 4.83 | % | | | 1.26 | % | | | 0.03 | % | | | – | %(e)(f) | | | | | 0.93 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (f) | Amount is less than 0.005%. |
| | |
| 62 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Drexel Hamilton Class Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | Period Ended |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | August 31, 2020(a) |
| | | | | November 30, 2020† | | |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.049 | | | | 0.012 | | | | – | (c) | | | – | (c) | | | | | 0.005 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | (0.001 | ) | | | – | (c) | | | – | (c) | | | – | (c) | | | | | 0.004 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (c) | | | – | (c) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | | – | (c) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | (c) | | | – | (c) | | | – | (c) | | | – | (c) | | | | | – | (c) | | |
| | |
| | | | | | | | | |
| | Total distributions (d) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | | – | (c) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(e) | | | 5.25 | % | | | 4.93 | % | | | 1.25 | % | | | 0.03 | % | | | 0.01 | % | | | | | 0.93 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 11,749,435 | | | $ | 11,012,314 | | | $ | 7,563,684 | | | $ | 4,948,288 | | | $ | 3,042,967 | | | | | $ | 2,354,098 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | % | | | 0.07 | % | | | 0.18 | %(f) | | | | | 0.18 | %(f) | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(f) | | | | | 0.18 | %(f) | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.09 | % | | | 4.91 | % | | | 1.33 | % | | | 0.03 | % | | | – | %(f)(g) | | | | | 0.54 | %(f) | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Commenced operations on September 9, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (g) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 63 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Loop Class Shares |
| | | |
| | | | | Year Ended November 30, | | | Period Ended November 30, 2021(a) |
| | | | | 2024 | | | 2023 | | | 2022 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.049 | | | | 0.012 | | | | – | (c) | | |
| | | | | | |
| | Net realized loss | | | – | | | | (0.001 | ) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (c) | | |
| | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | (c) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total distributions (d) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | |
| | |
| | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Total Return(e) | | | 5.25 | % | | | 4.93 | % | | | 1.25 | % | | | – | %(f) | | |
| | |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 3,700,089 | | | $ | 2,922,240 | | | $ | 2,365,925 | | | $ | 504,408 | | | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | % | | | 0.07 | %(g) | | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(g) | | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 5.09 | % | | | 4.95 | % | | | 1.36 | % | | | 0.03 | %(g) | | |
| | |
| | (a) | Commenced operations on August 23, 2021. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (f) | Amount is less than 0.005%. |
| | |
| 64 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Government Fund |
| | |
| | | | | Seelaus Class Shares |
| | | |
| | | | | Year Ended November 30, | | | Period Ended November 30, 2021(a) |
| | | | | 2024 | | | 2023 | | | 2022 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Net investment income(b) | | | 0.050 | | | | 0.049 | | | | 0.012 | | | | – | (c) | | |
| | | | | | |
| | Net realized loss | | | 0.001 | | | | (0.001 | ) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | |
| | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | (c) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total distributions (d) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (c) | | |
| | |
| | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Total Return(e) | | | 5.25 | % | | | 4.93 | % | | | 1.25 | % | | | – | %(f) | | |
| | |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 2,346,486 | | | $ | 684,634 | | | $ | 2,005,266 | | | $ | 10 | | | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.15 | % | | | 0.07 | %(g) | | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % | | | 0.18 | %(g) | | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 5.00 | % | | | 4.91 | % | | | 1.55 | % | | | 0.03 | %(g) | | |
| | |
| | (a) | Commenced operations on August 23, 2021. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (f) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 65 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Class D Shares |
| | | |
| | | | | For the Fiscal Year Ended November 30, 2024 | | | Period Ended November 30, 2023(a) |
| | | | |
| | Per Share Data | | | | | | | | | | |
| | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.041 | | | |
| | |
| | | | |
| | Total from investment operations | | | 0.051 | | | | 0.041 | | | |
| | |
| | | | |
| | Distributions to shareholders from net investment income | | | (0.051) | | | | (0.041 | ) | | |
| | | | |
| | Distributions to shareholders from net realized gains | | | –(c) | | | | – | (c) | | |
| | |
| | | | |
| | Total distributions (d) | | | (0.051) | | | | (0.041 | ) | | |
| | |
| | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | |
| | Total Return(e) | | | 5.20% | | | | 4.14 | % | | |
| | |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 31,501 | | | $ | 28,025 | | | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.20% | | | | 0.24 | %(f) | | |
| | | | |
| | Ratio of total expenses to average net assets | | | 0.20% | | | | 0.24 | %(f) | | |
| | | | |
| | Ratio of net investment income to average net assets | | | 5.07% | | | | 4.93 | %(f) | | |
| | |
| | (a) | Commenced operations on January 31, 2023. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| 66 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Institutional Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.20 | % | | | 4.84 | % | | | 1.14 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.95 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 86,340,277 | | | $ | 79,002,981 | | | $ | 92,045,963 | | | $ | 101,041,091 | | | $ | 75,892,232 | | | | | $ | 84,038,158 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.17 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.05 | % | | | 4.75 | % | | | 1.11 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.71 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 67 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Capital Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.045 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | (0.001 | ) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.04 | % | | | 4.68 | % | | | 1.03 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.82 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,054,741 | | | $ | 520,343 | | | $ | 957,608 | | | $ | 826,871 | | | $ | 675,659 | | | | | $ | 725,405 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.27 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.33 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | %(f) | | | | | 0.35 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.87 | % | | | 4.50 | % | | | 1.09 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.85 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 68 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.045 | | | | 0.042 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.046 | | | | 0.043 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.046 | ) | | | (0.043 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.046 | ) | | | (0.043 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.68 | % | | | 4.32 | % | | | 0.82 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.60 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,048,743 | | | $ | 698,078 | | | $ | 912,338 | | | $ | 1,569,931 | | | $ | 122,542 | | | | | $ | 116,172 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.69 | % | | | 0.70 | % | | | 0.47 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.41 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.69 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | %(f) | | | | | 0.70 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.50 | % | | | 4.20 | % | | | 0.69 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.28 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 69 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Preferred Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.048 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | 0.001 | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.10 | % | | | 4.73 | % | | | 1.07 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.86 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 80,799 | | | $ | 63,099 | | | $ | 36,610 | | | $ | 78,191 | | | $ | 137,607 | | | | | $ | 113,769 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.24 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.29 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | %(f) | | | | | 0.30 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.94 | % | | | 4.80 | % | | | 0.99 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.68 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 70 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Select Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.047 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.17 | % | | | 4.81 | % | | | 1.12 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.92 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 357,644 | | | $ | 590,745 | | | $ | 444,262 | | | $ | 208,542 | | | $ | 336,761 | | | | | $ | 495,422 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.19 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.01 | % | | | 4.80 | % | | | 1.38 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.60 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 71 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.045 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.048 | | | | 0.045 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.048 | ) | | | (0.045 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.94 | % | | | 4.58 | % | | | 0.96 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.75 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,518,815 | | | $ | 2,199,709 | | | $ | 2,188,569 | | | $ | 2,038,029 | | | $ | 1,578,689 | | | | | $ | 1,493,968 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.34 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.40 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.80 | % | | | 4.49 | % | | | 0.95 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.72 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 72 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.042 | | | | 0.040 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.043 | | | | 0.040 | | | | 0.007 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.043 | ) | | | (0.040 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.043 | ) | | | (0.040 | ) | | | (0.007 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.37 | % | | | 4.01 | % | | | 0.66 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.43 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 55,282 | | | $ | 31,043 | | | $ | 6,964 | | | $ | 11,716 | | | $ | 9,744 | | | | | $ | 10,781 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.99 | % | | | 1.00 | % | | | 0.54 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.73 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.99 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | %(f) | | | | | 1.00 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.21 | % | | | 3.99 | % | | | 0.31 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.40 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 73 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Premier Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.047 | | | | 0.046 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | (0.002 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.047 | | | | 0.044 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.047 | ) | | | (0.044 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.047 | ) | | | (0.044 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.83 | % | | | 4.47 | % | | | 0.90 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.69 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,222,917 | | | $ | 694,503 | | | $ | 215,864 | | | $ | 204,641 | | | $ | 162,524 | | | | | $ | 161,117 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.39 | % | | | 0.07 | % | | | 0.16 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | %(f) | | | | | 0.55 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.69 | % | | | 4.59 | % | | | 0.87 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.65 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 74 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Loop Class Shares |
| | | |
| | | | | Year Ended November 30, | | | Period Ended November 30, 2021(a) |
| | | | | 2024 | | | 2023 | | | 2022 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Net investment income(b) | | | 0.051 | | | | 0.046 | | | | 0.011 | | | | – | (c) | | |
| | | | | | |
| | Net realized gain | | | – | | | | 0.002 | | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.011 | | | | – | (c) | | |
| | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (c) | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | (c) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total distributions (d) | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (c) | | |
| | |
| | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Total Return(e) | | | 5.20 | % | | | 4.84 | % | | | 1.14 | % | | | 0.01 | % | | |
| | |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 42,733 | | | $ | 41,599 | | | $ | 152,101 | | | $ | 200,012 | | | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.17 | % | | | 0.07 | %(f) | | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(f) | | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 5.06 | % | | | 4.60 | % | | | 1.08 | % | | | 0.01 | %(f) | | |
| | |
| | (a) | Commenced operations on August 23, 2021. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 75 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Instruments Fund |
| | |
| | | | | Seelaus Class Shares |
| | | |
| | | | | Year Ended November 30, | | | Period Ended November 30, 2021(a) |
| | | | | 2024 | | | 2023 | | | 2022 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Net investment income(b) | | | 0.047 | | | | 0.052 | | | | 0.011 | | | | – | (c) | | |
| | | | | | |
| | Net realized gain (loss) | | | 0.004 | | | | (0.004 | ) | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.011 | | | | – | (c) | | |
| | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (c) | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (c) | | | – | | | | – | (c) | | | – | (c) | | |
| | |
| | | | | | |
| | Total distributions (d) | | | (0.051 | ) | | | (0.048 | ) | | | (0.011 | ) | | | – | (c) | | |
| | |
| | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| | | | | | |
| | Total Return(e) | | | 5.20 | % | | | 4.84 | % | | | 1.14 | % | | | 0.01 | % | | |
| | |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 11 | | | $ | 12,094 | | | $ | 10 | | | $ | 10 | | | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.19 | % | | | 0.20 | % | | | 0.17 | % | | | 0.07 | %(f) | | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.19 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(f) | | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 4.73 | % | | | 5.17 | % | | | 1.15 | % | | | 0.03 | %(f) | | |
| | |
| | (a) | Commenced operations on August 23, 2021. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| 76 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Institutional Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.21 | % | | | 4.91 | % | | | 1.24 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.94 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 37,458,284 | | | $ | 44,096,664 | | | $ | 39,033,144 | | | $ | 21,699,895 | | | $ | 34,576,104 | | | | | $ | 22,518,304 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.18 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.07 | % | | | 4.80 | % | | | 1.56 | % | | | 0.01 | % | | | 0.01 | %(f) | | | | | 0.68 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 77 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Capital Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.047 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.05 | % | | | 4.75 | % | | | 1.13 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.80 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,433,494 | | | $ | 1,089,014 | | | $ | 743,723 | | | $ | 371,230 | | | $ | 330,016 | | | | | $ | 372,260 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.29 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.34 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | %(f) | | | | | 0.35 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.91 | % | | | 4.72 | % | | | 1.29 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.74 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 78 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.046 | | | | 0.043 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.69 | % | | | 4.39 | % | | | 0.92 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.59 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,728,729 | | | $ | 1,535,201 | | | $ | 1,408,940 | | | $ | 1,703,918 | | | $ | 911,413 | | | | | $ | 937,649 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.50 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.55 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | %(f) | | | | | 0.70 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.57 | % | | | 4.30 | % | | | 0.89 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.55 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 79 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Preferred Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.10 | % | | | 4.81 | % | | | 1.17 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.84 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 832,274 | | | $ | 1,064,306 | | | $ | 682,319 | | | $ | 500,987 | | | $ | 440,733 | | | | | $ | 771,943 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.25 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.30 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | %(f) | | | | | 0.30 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.98 | % | | | 4.73 | % | | | 1.27 | % | | | 0.01 | % | | | (0.01 | )%(f) | | | | | 0.76 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 80 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Select Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.002 | | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.18 | % | | | 4.88 | % | | | 1.22 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.91 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 373,803 | | | $ | 240,995 | | | $ | 163,715 | | | $ | 87,703 | | | $ | 213,174 | | | | | $ | 178,351 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.20 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.92 | % | | | 4.71 | % | | | 1.48 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.70 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 81 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.048 | | | | 0.045 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.048 | ) | | | (0.045 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.048 | ) | | | (0.045 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.95 | % | | | 4.65 | % | | | 1.06 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.73 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,915,737 | | | $ | 2,294,770 | | | $ | 1,986,064 | | | $ | 2,923,435 | | | $ | 2,380,299 | | | | | $ | 2,088,737 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.36 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.40 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.82 | % | | | 4.56 | % | | | 1.15 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.65 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 82 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.042 | | | | 0.038 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | 0.002 | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.043 | | | | 0.040 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions(b) | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(c) | | | 4.37 | % | | | 4.08 | % | | | 0.76 | % | | | 0.02 | % | | | – | %(d) | | | | | 0.43 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 29,691 | | | $ | 14,974 | | | $ | 28,115 | | | $ | 29,933 | | | $ | 20,187 | | | | | $ | 13,015 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 0.63 | % | | | 0.07 | % | | | 0.15 | %(e) | | | | | 0.68 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | %(e) | | | | | 1.00 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.24 | % | | | 3.82 | % | | | 0.60 | % | | | 0.01 | % | | | 0.01 | %(e) | | | | | 0.35 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (d) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 83 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Premier Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.84 | % | | | 4.55 | % | | | 1.00 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.68 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 16,648 | | | $ | 15,290 | | | $ | 42,003 | | | $ | 13,495 | | | $ | 13,573 | | | | | $ | 17,568 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.45 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.46 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | %(f) | | | | | 0.55 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.72 | % | | | 4.38 | % | | | 1.45 | % | | | 0.01 | % | | | – | %(e)(f) | | | | | 0.62 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 84 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Obligations Fund |
| | |
| | | | | Resource Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.044 | | | | 0.044 | | | | 0.009 | | | | – | (b) | | | 0.001 | | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized loss | | | – | | | | (0.002 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.044 | | | | 0.042 | | | | 0.009 | | | | – | (b) | | | 0.001 | | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.044 | ) | | | (0.042 | ) | | | (0.009 | ) | | | – | (b) | | | (0.001 | ) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.044 | ) | | | (0.042 | ) | | | (0.009 | ) | | | – | (b) | | | (0.001 | ) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.53 | % | | | 4.23 | % | | | 0.83 | % | | | 0.02 | % | | | – | %(e) | | | | | 0.51 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 32,417 | | | $ | 11,752 | | | $ | 1 | | | $ | 1 | | | $ | 1 | | | | | $ | 1 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.35 | % | | | 0.07 | % | | | 0.15 | %(f) | | | | | 0.39 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | %(f) | | | | | 0.85 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.36 | % | | | 4.38 | % | | | 0.88 | % | | | 0.03 | % | | | 0.34 | %(f) | | | | | 0.59 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 85 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Institutional Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.003 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.010 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.21 | % | | | 4.91 | % | | | 1.24 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.96 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 12,840,990 | | | $ | 13,623,371 | | | $ | 14,341,376 | | | $ | 9,632,239 | | | $ | 10,518,867 | | | | | $ | 11,543,913 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.17 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(f) | | | | | 0.20 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 5.06 | % | | | 4.82 | % | | | 1.41 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.70 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 86 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Capital Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.049 | | | | 0.046 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.049 | ) | | | (0.046 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.05 | % | | | 4.76 | % | | | 1.13 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.83 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 156,600 | | | $ | 164,197 | | | $ | 206,167 | | | $ | 243,876 | | | $ | 234,344 | | | | | $ | 201,227 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.27 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.32 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | %(f) | | | | | 0.35 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.92 | % | | | 4.60 | % | | | 0.94 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.65 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 87 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.046 | | | | 0.045 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.005 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.046 | | | | 0.045 | | | | 0.009 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.046 | ) | | | (0.043 | ) | | | (0.009 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.68 | % | | | 4.39 | % | | | 0.91 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.62 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 440,947 | | | $ | 418,452 | | | $ | 158,102 | | | $ | 233,842 | | | $ | 240,184 | | | | | $ | 208,499 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.45 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.50 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | %(f) | | | | | 0.70 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.57 | % | | | 4.45 | % | | | 0.81 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.47 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 88 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Preferred Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.10 | % | | | 4.81 | % | | | 1.17 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.87 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 53,668 | | | $ | 46,330 | | | $ | 64,568 | | | $ | 51,188 | | | $ | 59,340 | | | | | $ | 52,791 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.24 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.29 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | %(f) | | | | | 0.30 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.97 | % | | | 4.69 | % | | | 1.14 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.78 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 89 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Select Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.046 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.003 | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.051 | | | | 0.046 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.051 | ) | | | (0.048 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.009 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.18 | % | | | 4.88 | % | | | 1.22 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.93 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,852 | | | $ | 2,039 | | | $ | 10,533 | | | $ | 5,519 | | | $ | 6,547 | | | | | $ | 7,067 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.20 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | % | | | 0.23 | %(f) | | | | | 0.23 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.83 | % | | | 4.55 | % | | | 1.51 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.91 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 90 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.048 | | | | 0.045 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.048 | | | | 0.045 | | | | 0.011 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.048 | ) | | | (0.045 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.048 | ) | | | (0.045 | ) | | | (0.011 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.95 | % | | | 4.65 | % | | | 1.06 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.77 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 817,770 | | | $ | 799,651 | | | $ | 803,909 | | | $ | 375,220 | | | $ | 610,539 | | | | | $ | 443,470 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.37 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.38 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.83 | % | | | 4.53 | % | | | 1.16 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.61 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 91 |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.042 | | | | 0.039 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | | | | | | | | |
| | Net realized gain | | | 0.001 | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.043 | | | | 0.039 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.043 | ) | | | (0.040 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.004 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.37 | % | | | 4.08 | % | | | 0.76 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.45 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 264,893 | | | $ | 165,859 | | | $ | 320,794 | | | $ | 371,768 | | | $ | 262,647 | | | | | $ | 272,981 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 0.61 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.70 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | %(f) | | | | | 1.00 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.23 | % | | | 3.90 | % | | | 0.64 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.37 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 92 | | The accompanying notes are an integral part of these consolidated financial statements. |
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Financial Square Treasury Solutions Fund |
| | |
| | | | | Premier Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.007 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.007 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.84 | % | | | 4.55 | % | | | 1.00 | % | | | 0.01 | % | | | – | %(e) | | | | | 0.71 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 102,169 | | | $ | 66,816 | | | $ | 91,667 | | | $ | 122,233 | | | $ | 79,208 | | | | | $ | 127,497 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.39 | % | | | 0.09 | % | | | 0.17 | %(f) | | | | | 0.45 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | %(f) | | | | | 0.55 | % | | |
| | | | | | | | | |
| | Ratio of net investment income to average net assets | | | 4.71 | % | | | 4.40 | % | | | 0.85 | % | | | – | %(e) | | | – | %(e)(f) | | | | | 0.63 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 93 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements November 30, 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 |
| | |
| Financial Square Federal Instruments Fund | | D, Institutional, Capital, Service, Preferred, Administration and Cash Management | | Diversified |
| | |
| Financial Square Government Fund | | A, C, D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, R6, Drexel Hamilton, Loop and Seelaus | | Diversified |
| | |
| Financial Square Treasury Instruments Fund | | D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Loop and Seelaus | | Diversified |
| | |
| Financial Square Treasury Obligations Fund | | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier and Resource | | Diversified |
| | |
| Financial Square Treasury Solutions Fund | | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier | | Diversified |
Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.
B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.
F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.
If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
|
|
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
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
As of November 30, 2024, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.
C. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.
The Trust, on behalf of Class C, Resource and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C, Resource and Cash Management Shares of the Funds, as set forth below.
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended November 30, 2024, Goldman Sachs retained $1,875 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.
F. Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.
In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
G. Total Fund Expenses
Fund Contractual Fees
The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government Fund. The Transfer Agency Fee is 0.01% for all funds.
Other contractual annualized rates for each of the Funds are as follows:
| | | | | | | | | | | | |
| | | Class A
Shares(a) | | Class C
Shares(a) | | Capital Shares | | Service Shares | | Preferred
Shares | | Select Shares |
| | | | | | |
Administration, Service and/or Shareholder Administration Fees* | | N/A | | 0.25% | | 0.15% | | 0.25% | | 0.10% | | 0.03% |
| | | | | | |
Distribution and/or Service (12b-1) Fees | | 0.25% | | 0.75%(b) | | N/A | | 0.25%(c) | | N/A | | N/A |
| | | | | | | | |
| | | Administration
Shares | | Cash
Management
Shares | | Premier Shares | | Resource
Shares |
| | | | |
Administration, Service and/or Shareholder Administration Fees* | | 0.25% | | 0.50% | | 0.35% | | 0.50% |
| | | | |
Distribution and/or Service (12b-1) Fees | | N/A | | 0.30%(b) | | N/A | | 0.15%(b) |
| * | Class D Shares, Institutional Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares, and Seelaus Class Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees. |
| (a) | Financial Square Government Fund only. |
| (b) | Distribution (12b-1) fee only. |
| (c) | Service (12b-1) fee only. |
N/A Fees not applicable to respective share class.
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Fund Effective Net Expenses (After Waivers and Reimbursements)
The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.
The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.
For the fiscal year ended November 30, 2024, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):
| | | | |
| Fund | | Other Expense
Reimbursements | | Total Expense
Reductions |
|
|
| | |
Financial Square Government Fund | | $ 18 | | $ 18 |
|
|
For the fiscal year ended November 30, 2024, the net effective management fee rate was 0.16% for the Financial Square Government Fund and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds.
H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.
For the fiscal year ended November 30, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Purchases | | | | | | Sales | | | | | | Net Realized Gain/(Loss) |
| | | | | |
Financial Square Federal Instruments Fund | | $ | 7,698,151 | | | | | | | $ | — | | | | | | | $ | — | |
| | | | | |
Financial Square Government Fund | | | 155,079,865 | | | | | | | | — | | | | | | | | — | |
| | | | | |
Financial Square Treasury Instruments Fund | | | — | | | | | | | | 200,185,967 | | | | | | | | 27,129 | |
| | | | | |
Financial Square Treasury Obligations Fund | | | 30,092,355 | | | | | | | | — | | | | | | | | — | |
| | | | | |
Financial Square Treasury Solutions Fund | | | 18,702,975 | | | | | | | | — | | | | | | | | — | |
As of November 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:
| | | | | | | | |
| Fund | | Capital Shares | | | | Seelaus Class
Shares | | |
| | | | |
Financial Square Federal Instruments Fund | | 100% | | | | –% | | |
| | | | |
Financial Square Treasury Instruments Fund | | – | | | | 100 | | |
I. Line of Credit Facility — As of November 30, 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 November 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Financial Square
Federal Instruments
Fund | | | Financial Square
Government Fund | | | Financial Square
Treasury Instruments
Fund | | | Financial Square
Treasury Obligations
Fund | | | Financial Square
Treasury Solutions
Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 311,797,679 | | | $ | 11,973,418,727 | | | $ | 4,233,489,593 | | | $ | 2,133,455,919 | | | $ | 730,171,080 | |
| | | | | |
Long-term capital gains | | | — | | | | — | | | | — | | | | 109,279 | | | | — | |
| | | | | |
Total taxable distributions | | $ | 311,797,679 | | | $ | 11,973,418,727 | | | $ | 4,233,489,593 | | | $ | 2,133,565,198 | | | $ | 730,171,080 | |
The tax character of distributions paid during the fiscal year ended November 30, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Financial Square
Federal Instruments
Fund | | | Financial Square
Government Fund | | | Financial Square
Treasury Instruments
Fund | | | Financial Square
Treasury Obligations
Fund | | | Financial Square
Treasury Solutions
Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 251,073,696 | | | $ | 12,117,114,943 | | | $ | 4,107,970,494 | | | $ | 2,084,339,849 | | | $ | 713,209,133 | |
| | | | | |
Total taxable distributions | | $ | 251,073,696 | | | $ | 12,117,114,943 | | | $ | 4,107,970,494 | | | $ | 2,084,339,849 | | | $ | 713,209,133 | |
As of November 30, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Financial Square Federal
Instruments Fund | | | Financial Square
Government Fund | | | Financial Square Treasury
Instruments Fund | | | Financial Square Treasury
Obligations Fund | | | Financial Square
Treasury Solutions Fund |
| | | | | |
Undistributed ordinary income — net | | $ | 6,773,053 | | | $ | 528,076,447 | | | $ | 180,672,032 | | | $ | 100,887,435 | | | $ | 19,864,591 | |
| | | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Perpetual Short-Term | | | — | | | | — | | | | (18,234,570 | ) | | | — | | | | — | |
| | | | | |
Perpetual Long-Term | | | — | | | | — | | | | (1,320,417 | ) | | | — | | | | — | |
| | | | | |
Total capital loss carryforwards | | | — | | | | — | | | | (19,554,987 | ) | | | — | | | | — | |
| | | | | |
Timing differences — Dividends Payable | | | (5,911,093 | ) | | | (503,774,294 | ) | | | (151,023,774 | ) | | | (94,220,045 | ) | | | (17,702,836 | ) |
| | | | | |
Timing differences — (Post October Capital Loss Deferral) | | | — | | | | — | | | | — | | | | — | | | | (1,182 | ) |
| | | | | |
Unrealized gains (losses) — net | | | (79,710 | ) | | | (2,510,819 | ) | | | (1,198,274 | ) | | | (561,552 | ) | | | (186,059 | ) |
| | | | | |
Total accumulated earnings (losses) — net | | $ | 782,250 | | | $ | 21,791,334 | | | $ | 8,894,997 | | | $ | 6,105,838 | | | $ | 1,974,514 | |
For the period ended November 30, 2024, the Financial Square Federal Instruments Fund, Financial Square Government Fund, Financial Square Treasury Instruments Fund, and Financial Square Treasury Solutions Fund utilized $493,410, $41,163,646, $27,697,732, and $1,071,449, respectively, in Capital Loss Carryforwards.
The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
The Funds’ risks include, but are not limited to, the following:
Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.
Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund’s NAV per share and/ or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.
Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
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.
Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
|
|
10. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | |
| | | Financial Square Federal Instruments Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Class D Shares | | | | | | | | |
Shares sold | | | 1,807,286 | | | | 15,623,952 | |
| | |
Reinvestment of distributions | | | 65,066 | | | | 391,900 | |
| | |
Shares redeemed | | | (2,087,340 | ) | | | (14,574,660 | ) |
| | |
| | | | (214,988 | ) | | | 1,441,192 | |
| | |
Institutional Shares | | | | | | | | |
Shares sold | | | 13,360,449,583 | | | | 15,223,542,211 | |
| | |
Reinvestment of distributions | | | 236,236,811 | | | | 202,583,320 | |
| | |
Shares redeemed | | | (11,984,612,501 | ) | | | (13,786,122,450 | ) |
| | |
| | | | 1,612,073,893 | | | | 1,640,003,081 | |
| | |
Capital Shares | | | | | | | | |
Shares sold | | | — | | | | — | |
| | |
Reinvestment of distributions | | | 2,802 | | | | 3,861 | |
| | |
Shares redeemed | | | — | | | | (78,421 | ) |
| | |
| | | | 2,802 | | | | (74,560 | ) |
| | |
Service Shares | | | | | | | | |
Shares sold | | | 8,990,966 | | | | 41,384,629 | |
| | |
Reinvestment of distributions | | | 140,947 | | | | 994,836 | |
| | |
Shares redeemed | | | (26,931,011 | ) | | | (7,533,677 | ) |
| | |
| | | | (17,799,098 | ) | | | 34,845,788 | |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| | | Financial Square Federal Instruments Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Preferred Shares | | | | | | | | |
Shares sold | | | 272,729,867 | | | | 227,803,873 | |
| | |
Reinvestment of distributions | | | 6,405,232 | | | | 6,556,817 | |
| | |
Shares redeemed | | | (246,723,389 | ) | | | (301,100,789 | ) |
| | |
| | | | 32,411,710 | | | | (66,740,099 | ) |
| | |
Select Shares | | | | | | | | |
Shares sold | | | — | | | | — | |
| | |
Reinvestment of distributions | | | — | | | | 1,316 | |
| | |
Shares redeemed | | | — | | | | (51,316 | ) |
| | |
| | | | — | | | | (50,000 | ) |
| | |
Administration Shares | | | | | | | | |
Shares sold | | | 283,397,839 | | | | 390,381,509 | |
| | |
Reinvestment of distributions | | | 6,209,080 | | | | 4,246,158 | |
| | |
Shares redeemed | | | (283,903,711 | ) | | | (291,442,209 | ) |
| | |
| | | | 5,703,208 | | | | 103,185,458 | |
| | |
Cash Management Shares | | | | | | | | |
Shares sold | | | 122,178,884 | | | | 79,075,044 | |
| | |
Reinvestment of distributions | | | 1,189,689 | | | | 585,183 | |
| | |
Shares redeemed | | | (88,475,726 | ) | | | (66,370,789 | ) |
| | |
| | | | 34,892,847 | | | | 13,289,438 | |
| | |
NET INCREASE IN SHARES | | | 1,667,070,374 | | | | 1,725,847,866 | |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | |
| | | Financial Square Government Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Class A Shares | | | | | | | | |
Shares sold | | | 5,177,644,426 | | | | 3,864,020,769 | |
| | |
Reinvestment of distributions | | | 170,167,908 | | | | 72,665,575 | |
| | |
Shares redeemed | | | (3,579,540,174 | ) | | | (1,968,192,183 | ) |
| | |
| | | | 1,768,272,160 | | | | 1,968,494,161 | |
| | |
Class C Shares | | | | | | | | |
Shares sold | | | 1,697,540 | | | | 2,342,066 | |
| | |
Reinvestment of distributions | | | 214,120 | | | | 215,966 | |
| | |
Shares redeemed | | | (2,475,103 | ) | | | (2,924,360 | ) |
| | |
| | | | (563,443 | ) | | | (366,328 | ) |
| | |
Class D Shares | | | | | | | | |
Shares sold | | | 175,653,273 | | | | 222,067,784 | |
| | |
Reinvestment of distributions | | | 4,774,265 | | | | 3,619,467 | |
| | |
Shares redeemed | | | (175,506,817 | ) | | | (144,062,024 | ) |
| | |
| | | | 4,920,721 | | | | 81,625,227 | |
| | |
Institutional Shares | | | | | | | | |
Shares sold | | | 1,658,674,501,351 | | | | 1,709,281,167,244 | |
| | |
Reinvestment of distributions | | | 5,371,160,186 | | | | 5,771,603,696 | |
| | |
Shares redeemed | | | (1,658,919,093,398 | ) | | | (1,730,543,918,279 | ) |
| | |
| | | | 5,126,568,139 | | | | (15,491,147,339 | ) |
| | |
Capital Shares | | | | | | | | |
Shares sold | | | 14,037,858,495 | | | | 16,024,764,086 | |
| | |
Reinvestment of distributions | | | 30,417,784 | | | | 33,725,975 | |
| | |
Shares redeemed | | | (14,160,115,567 | ) | | | (15,289,818,201 | ) |
| | |
| | | | (91,839,288 | ) | | | 768,671,860 | |
| | |
Service Shares | | | | | | | | |
Shares sold | | | 5,583,832,229 | | | | 4,940,393,679 | |
| | |
Reinvestment of distributions | | | 26,165,438 | | | | 28,851,225 | |
| | |
Shares redeemed | | | (5,753,697,632 | ) | | | (4,682,860,862 | ) |
| | |
| | | | (143,699,965 | ) | | | 286,384,042 | |
| | |
Preferred Shares | | | | | | | | |
Shares sold | | | 12,127,366,091 | | | | 6,919,362,284 | |
| | |
Reinvestment of distributions | | | 22,083,645 | | | | 25,590,909 | |
| | |
Shares redeemed | | | (12,361,483,772 | ) | | | (6,503,214,745 | ) |
| | |
| | | | (212,034,036 | ) | | | 441,738,448 | |
| | |
Select Shares | | | | | | | | |
Shares sold | | | 3,109,381,194 | | | | 4,424,529,505 | |
| | |
Reinvestment of distributions | | | 41,655,190 | | | | 54,671,621 | |
| | |
Shares redeemed | | | (3,369,577,006 | ) | | | (4,243,105,221 | ) |
| | |
| | | | (218,540,622 | ) | | | 236,095,905 | |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| | | Financial Square Government Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Administration Shares | | | | | | | | |
Shares sold | | | 43,561,825,529 | | | | 38,738,042,080 | |
| | |
Reinvestment of distributions | | | 125,010,801 | | | | 102,992,227 | |
| | |
Shares redeemed | | | (41,242,731,091 | ) | | | (37,952,384,761 | ) |
| | |
| | | | 2,444,105,239 | | | | 888,649,546 | |
| | |
Cash Management Shares | | | | | | | | |
Shares sold | | | 3,336,371,978 | | | | 2,061,358,471 | |
| | |
Reinvestment of distributions | | | 24,789,215 | | | | 12,596,239 | |
| | |
Shares redeemed | | | (3,265,169,768 | ) | | | (1,679,972,433 | ) |
| | |
| | | | 95,991,425 | | | | 393,982,277 | |
| | |
Premier Shares | | | | | | | | |
Shares sold | | | 405,822,231 | | | | 287,481,937 | |
| | |
Reinvestment of distributions | | | 4,879,914 | | | | 4,785,225 | |
| | |
Shares redeemed | | | (408,892,817 | ) | | | (537,515,419 | ) |
| | |
| | | | 1,809,328 | | | | (245,248,257 | ) |
| | |
Resource Shares | | | | | | | | |
Shares sold | | | 4,939,555 | | | | 1,557,257 | |
| | |
Reinvestment of distributions | | | 421,205 | | | | 356,102 | |
| | |
Shares redeemed | | | (3,446,086 | ) | | | (2,614,239 | ) |
| | |
| | | | 1,914,674 | | | | (700,880 | ) |
| | |
Class R6 Shares | | | | | | | | |
Shares sold | | | 993,107,976 | | | | 783,381,015 | |
| | |
Reinvestment of distributions | | | 22,611,977 | | | | 13,991,762 | |
| | |
Shares redeemed | | | (814,402,699 | ) | | | (748,837,643 | ) |
| | |
| | | | 201,317,254 | | | | 48,535,134 | |
| | |
Drexel Hamilton Class Shares | | | | | | | | |
Shares sold | | | 135,748,179,191 | | | | 99,187,153,689 | |
| | |
Reinvestment of distributions | | | 89,961,783 | | | | 102,468,930 | |
| | |
Shares redeemed | | | (135,102,108,404 | ) | | | (95,841,074,801 | ) |
| | |
| | | | 736,032,570 | | | | 3,448,547,818 | |
| | |
Loop Class Shares | | | | | | | | |
Shares sold | | | 37,927,378,602 | | | | 45,907,230,224 | |
| | |
Reinvestment of distributions | | | 89,142,673 | | | | 92,450,535 | |
| | |
Shares redeemed | | | (37,238,910,651 | ) | | | (45,443,393,352 | ) |
| | |
| | | | 777,610,624 | | | | 556,287,407 | |
| | |
Seelaus Class Shares | | | | | | | | |
Shares sold | | | 5,619,380,296 | | | | 6,886,314,332 | |
| | |
Reinvestment of distributions | | | 41,794,482 | | | | 52,298,893 | |
| | |
Shares redeemed | | | (3,999,503,297 | ) | | | (8,259,267,031 | ) |
| | |
| | | | 1,661,671,481 | | | | (1,320,653,806 | ) |
| | |
NET INCREASE (DECREASE) IN SHARES | | | 12,153,536,261 | | | | (7,939,104,785 | ) |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | |
| | | Financial Square Treasury Instruments Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Class D Shares | | | | | | | | |
Shares sold | | | 99,722,223 | | | | 94,725,973 | |
| | |
Reinvestment of distributions | | | 1,785,104 | | | | 1,367,762 | |
| | |
Shares redeemed | | | (98,034,476 | ) | | | (68,068,931 | ) |
| | |
| | | | 3,472,851 | | | | 28,024,804 | |
| | |
Institutional Shares | | | | | | | | |
Shares sold | | | 236,924,705,390 | | | | 267,705,156,936 | |
| | |
Reinvestment of distributions | | | 2,360,013,397 | | | | 2,251,019,401 | |
| | |
Shares redeemed | | | (231,956,446,174 | ) | | | (283,013,373,801 | ) |
| | |
| | | | 7,328,272,613 | | | | (13,057,197,464 | ) |
| | |
Capital Shares | | | | | | | | |
Shares sold | | | 7,375,272,512 | | | | 7,637,581,127 | |
| | |
Reinvestment of distributions | | | 27,046,255 | | | | 41,096,265 | |
| | |
Shares redeemed | | | (6,868,021,930 | ) | | | (8,116,093,238 | ) |
| | |
| | | | 534,296,837 | | | | (437,415,846 | ) |
| | |
Service Shares | | | | | | | | |
Shares sold | | | 5,806,243,704 | | | | 2,038,762,441 | |
| | |
Reinvestment of distributions | | | 6,190,523 | | | | 2,831,532 | |
| | |
Shares redeemed | | | (4,461,980,036 | ) | | | (2,255,996,645 | ) |
| | |
| | | | 1,350,454,191 | | | | (214,402,672 | ) |
| | |
Preferred Shares | | | | | | | | |
Shares sold | | | 447,691,934 | | | | 417,084,596 | |
| | |
Reinvestment of distributions | | | 3,017,825 | | | | 3,752,623 | |
| | |
Shares redeemed | | | (433,017,868 | ) | | | (394,353,199 | ) |
| | |
| | | | 17,691,891 | | | | 26,484,020 | |
| | |
Select Shares | | | | | | | | |
Shares sold | | | 1,423,770,747 | | | | 1,275,716,708 | |
| | |
Reinvestment of distributions | | | 20,853,305 | | | | 18,072,556 | |
| | |
Shares redeemed | | | (1,677,779,047 | ) | | | (1,147,373,058 | ) |
| | |
| | | | (233,154,995 | ) | | | 146,416,206 | |
| | |
Administration Shares | | | | | | | | |
Shares sold | | | 12,790,943,965 | | | | 13,308,710,724 | |
| | |
Reinvestment of distributions | | | 63,718,092 | | | | 71,506,073 | |
| | |
Shares redeemed | | | (12,535,810,483 | ) | | | (13,369,411,281 | ) |
| | |
| | | | 318,851,574 | | | | 10,805,516 | |
| | |
Cash Management Shares | | | | | | | | |
Shares sold | | | 171,795,793 | | | | 135,978,468 | |
| | |
Reinvestment of distributions | | | 1,630,068 | | | | 1,254,666 | |
| | |
Shares redeemed | | | (149,193,335 | ) | | | (113,155,176 | ) |
| | |
| | | | 24,232,526 | | | | 24,077,958 | |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| | | Financial Square Treasury Instruments Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Premier Shares | | | | | | | | |
Shares sold | | | 1,896,256,304 | | | | 946,809,233 | |
| | |
Reinvestment of distributions | | | 53 | | | | 47 | |
| | |
Shares redeemed | | | (1,367,946,604 | ) | | | (468,197,857 | ) |
| | |
| | | | 528,309,753 | | | | 478,611,423 | |
| | |
Loop Class Shares | | | | | | | | |
Shares sold | | | 88,250,000 | | | | 223,778,796 | |
| | |
Reinvestment of distributions | | | 2,112,986 | | | | 4,813,716 | |
| | |
Shares redeemed | | | (89,233,731 | ) | | | (339,119,142 | ) |
| | |
| | | | 1,129,255 | | | | (110,526,630 | ) |
| | |
Seelaus Class Shares | | | | | | | | |
Shares sold | | | 318,250,000 | | | | 2,100,223,346 | |
| | |
Reinvestment of distributions | | | 27,844 | | | | 386,774 | |
| | |
Shares redeemed | | | (330,360,561 | ) | | | (2,088,526,362 | ) |
| | |
| | | | (12,082,717 | ) | | | 12,083,758 | |
| | |
NET INCREASE (DECREASE) IN SHARES | | | 9,861,473,779 | | | | (13,093,039,961 | ) |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | |
| | | Financial Square Treasury Obligations Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Institutional Shares | | | | | | | | |
Shares sold | | | 235,444,904,789 | | | | 384,438,590,123 | |
| | |
Reinvestment of distributions | | | 905,031,371 | | | | 882,265,535 | |
| | |
Shares redeemed | | | (242,991,956,870 | ) | | | (380,259,638,671 | ) |
| | |
| | | | (6,642,020,710 | ) | | | 5,061,216,987 | |
| | |
Capital Shares | | | | | | | | |
Shares sold | | | 6,019,043,023 | | | | 4,313,561,384 | |
| | |
Reinvestment of distributions | | | 10,763,735 | | | | 16,068,099 | |
| | |
Shares redeemed | | | (5,685,482,185 | ) | | | (3,984,390,716 | ) |
| | |
| | | | 344,324,573 | | | | 345,238,767 | |
| | |
Service Shares | | | | | | | | |
Shares sold | | | 3,141,927,751 | | | | 7,802,524,332 | |
| | |
Reinvestment of distributions | | | 5,466,063 | | | | 5,245,588 | |
| | |
Shares redeemed | | | (2,954,053,312 | ) | | | (7,681,588,061 | ) |
| | |
| | | | 193,340,502 | | | | 126,181,859 | |
| | |
Preferred Shares | | | | | | | | |
Shares sold | | | 2,969,107,699 | | | | 3,937,327,356 | |
| | |
Reinvestment of distributions | | | 16,664,209 | | | | 13,562,971 | |
| | |
Shares redeemed | | | (3,217,875,337 | ) | | | (3,568,951,427 | ) |
| | |
| | | | (232,103,429 | ) | | | 381,938,900 | |
| | |
Select Shares | | | | | | | | |
Shares sold | | | 1,067,823,252 | | | | 871,734,758 | |
| | |
Reinvestment of distributions | | | 5,554,512 | | | | 5,740,236 | |
| | |
Shares redeemed | | | (940,618,385 | ) | | | (800,205,779 | ) |
| | |
| | | | 132,759,379 | | | | 77,269,215 | |
| | |
Administration Shares | | | | | | | | |
Shares sold | | | 13,222,800,303 | | | | 14,090,092,914 | |
| | |
Reinvestment of distributions | | | 25,971,414 | | | | 19,160,673 | |
| | |
Shares redeemed | | | (12,628,046,111 | ) | | | (13,800,663,988 | ) |
| | |
| | | | 620,725,606 | | | | 308,589,599 | |
| | |
Cash Management Shares | | | | | | | | |
Shares sold | | | 139,362,851 | | | | 184,593,387 | |
| | |
Reinvestment of distributions | | | 883,403 | | | | 817,795 | |
| | |
Shares redeemed | | | (125,533,218 | ) | | | (198,552,848 | ) |
| | |
| | | | 14,713,036 | | | | (13,141,666 | ) |
| | |
Premier Shares | | | | | | | | |
Shares sold | | | 102,671,552 | | | | 74,970,967 | |
| | |
Reinvestment of distributions | | | 703,843 | | | | 632,835 | |
| | |
Shares redeemed | | | (102,019,221 | ) | | | (102,318,236 | ) |
| | |
| | | | 1,356,174 | | | | (26,714,434 | ) |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| | | Financial Square Treasury Obligations Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Resource Shares | | | | | | | | |
Shares sold | | | 132,650,147 | | | | 148,665,818 | |
| | |
Reinvestment of distributions | | | 875,003 | | | | 739,331 | |
| | |
Shares redeemed | | | (112,864,998 | ) | | | (137,654,427 | ) |
| | |
| | | | 20,660,152 | | | | 11,750,722 | |
| | |
NET INCREASE (DECREASE) IN SHARES | | | (5,546,244,717 | ) | | | 6,272,329,949 | |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | |
| | | Financial Square Treasury Solutions Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Institutional Shares | | | | | | | | |
Shares sold | | | 34,812,760,224 | | | | 55,985,116,445 | |
| | |
Reinvestment of distributions | | | 421,684,181 | | | | 388,272,523 | |
| | |
Shares redeemed | | | (36,017,893,110 | ) | | | (57,092,302,812 | ) |
| | |
| | | | (783,448,705 | ) | | | (718,913,844 | ) |
| | |
Capital Shares | | | | | | | | |
Shares sold | | | 1,835,906,949 | | | | 1,744,157,751 | |
| | |
Reinvestment of distributions | | | 8,028,787 | | | | 8,617,700 | |
| | |
Shares redeemed | | | (1,851,547,577 | ) | | | (1,794,757,159 | ) |
| | |
| | | | (7,611,841 | ) | | | (41,981,708 | ) |
| | |
Service Shares | | | | | | | | |
Shares sold | | | 3,131,652,097 | | | | 1,528,761,646 | |
| | |
Reinvestment of distributions | | | 15,211,211 | | | | 5,432,622 | |
| | |
Shares redeemed | | | (3,124,410,344 | ) | | | (1,273,866,954 | ) |
| | |
| | | | 22,452,964 | | | | 260,327,314 | |
| | |
Preferred Shares | | | | | | | | |
Shares sold | | | 172,410,229 | | | | 137,866,210 | |
| | |
Reinvestment of distributions | | | 2,470,863 | | | | 2,032,057 | |
| | |
Shares redeemed | | | (167,548,919 | ) | | | (158,138,872 | ) |
| | |
| | | | 7,332,173 | | | | (18,240,605 | ) |
| | |
Select Shares | | | | | | | | |
Shares sold | | | 12,024,875 | | | | 5,594,000 | |
| | |
Reinvestment of distributions | | | 186,816 | | | | 280,403 | |
| | |
Shares redeemed | | | (5,400,000 | ) | | | (14,368,219 | ) |
| | |
| | | | 6,811,691 | | | | (8,493,816 | ) |
| | |
Administration Shares | | | | | | | | |
Shares sold | | | 3,809,475,062 | | | | 3,203,505,871 | |
| | |
Reinvestment of distributions | | | 40,111,981 | | | | 32,499,776 | |
| | |
Shares redeemed | | | (3,831,537,091 | ) | | | (3,240,316,890 | ) |
| | |
| | | | 18,049,952 | | | | (4,311,243 | ) |
| | |
Cash Management Shares | | | | | | | | |
Shares sold | | | 1,201,754,691 | | | | 907,844,484 | |
| | |
Reinvestment of distributions | | | 460,967 | | | | 453,621 | |
| | |
Shares redeemed | | | (1,103,216,483 | ) | | | (1,063,246,228 | ) |
| | |
| | | | 98,999,175 | | | | (154,948,123 | ) |
| | |
Premier Shares | | | | | | | | |
Shares sold | | | 411,611,649 | | | | 387,139,585 | |
| | |
Reinvestment of distributions | | | 725,383 | | | | 711,613 | |
| | |
Shares redeemed | | | (376,994,875 | ) | | | (412,707,336 | ) |
| | |
| | | | 35,342,157 | | | | (24,856,138 | ) |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| | | Financial Square Treasury Solutions Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Resource Shares | | | | | | | | |
Shares sold | | | — | | | | — | |
| | |
Reinvestment of distributions | | | — | | | | 24 | |
| | |
Shares redeemed | | | — | | | | (1,060 | ) |
| | |
| | | | — | | | | (1,036 | ) |
| | |
NET DECREASE IN SHARES | | | (602,072,434 | ) | | | (711,419,199 | ) |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund and Goldman Sachs Financial Square Treasury Solutions Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2024, the related statements of operations for the year ended November 30, 2024, the statements of changes in net assets for each of the two years in the period ended November 30, 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 November 30, 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 November 30, 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 November 30, 2024 by correspondence with the custodian 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
January 23, 2025
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS — FINANCIAL SQUARE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions 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 information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (d) | 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; |
| | (e) | 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; |
| | (f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| | (g) | 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; |
| | (h) | whether the Fund’s existing management fee adequately addressed any economies of scale; |
| | (i) | 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, distribution and other services; |
GOLDMAN SACHS — FINANCIAL SQUARE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (k) | information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution; |
| | (l) | 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 |
| | (m) | 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 compiled by the Outside Data Provider as of December 31, 2023. 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.
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 considered the performance of the Funds in light of their respective investment policies and strategies. They considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Funds’ yields improved compared to other recent periods as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during recent periods, including during the near-zero interest
GOLDMAN SACHS — FINANCIAL SQUARE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
rate environment following the market disruptions related to the COVID-19 pandemic and related actions by the Federal Reserve. The Trustees acknowledged, however, that although the Federal Reserve had signaled that it may cut interest rates in the near future, the interest rate environment remains uncertain in light of broader economic conditions and persistent inflationary concerns. They considered that, since last approval, the Investment Adviser had reimbursed expenses for the Financial Square Government Fund in order to maintain competitive yields. The Trustees also considered that each of the Funds had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”) had reimbursed expenses for the Financial Square Government Fund in order to maintain competitive yields. The Trustees also acknowledged the growth of the Money Market Funds in recent periods. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 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 noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.
GOLDMAN SACHS — FINANCIAL SQUARE 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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (h) 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; and (i) reputational benefits associated with the distribution of certain Fund share classes designed to help further diversity, equity, and inclusion initiatives. 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 FUNDS — FINANCIAL SQUARE FUNDS
Goldman Sachs Trust – Financial Square Funds - Tax Information (Unaudited)
During the year ended November 30, 2024, 100% of the net investment company taxable income distributions paid by each of the Financial Square Federal Instruments, Financial Square Government, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
During the fiscal year ended November 30, 2024, the Financial Square Federal Instruments, Financial Square Government, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds designate 99.26%, 99.63%, 99.60%, 99.67%, and 99.58%, respectively, of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.
Pursuant to Section 852 of the Internal Revenue Code, the Financial Square Treasury Obligations Fund designates $109,279, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended November 30, 2024.
(This page intentionally left blank)
(This page intentionally left blank)
(This page intentionally left blank)
Goldman Sachs FundsAnnual Financial Statements November 30, 2024Investor FundsSM Goldman Sachs Investor Money Market Fund Goldman Sachs Investor Tax-Exempt California Money Market Fund Goldman Sachs Investor Tax-Exempt Money Market Fund Goldman Sachs Investor Tax-Exempt New York Money Market FundAsset Management
Goldman Sachs Investor Funds
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Commercial Paper and Corporate Obligations – 24.9% | |
| | Advocate Health and Hospitals Corporation | |
| | $ | | | 4,826,000 | | | | 4.688 | % | | 01/21/25 | | $ | 4,794,209 | |
| | Albion Capital LLC | |
| | | | | 17,058,000 | | | | 4.614 | | | 12/02/24 | | | 17,055,816 | |
| | | | | 10,111,000 | | | | 5.201 | | | 12/16/24 | | | 10,089,725 | |
| | | | | 15,126,000 | | | | 4.808 | | | 01/21/25 | | | 15,024,643 | |
| | | | | 13,283,000 | | | | 4.657 | | | 02/18/25 | | | 13,148,915 | |
| | | | | 5,086,000 | | | | 4.726 | | | 02/21/25 | | | 5,031,899 | |
| | Antalis | |
| | | | | 7,066,000 | | | | 4.815 | | | 01/10/25 | | | 7,028,629 | |
| | | | | 10,000,000 | | | | 5.344 | | | 02/03/25 | | | 9,907,555 | |
| | | | | 16,959,000 | | | | 4.778 | | | 02/04/25 | | | 16,814,472 | |
| | Ascension Health | |
| | | | | 22,085,000 | | | | 4.829 | | | 12/13/24 | | | 22,049,664 | |
| | | | | 1,920,000 | | | | 4.799 | | | 01/14/25 | | | 1,908,853 | |
| | | | | 7,682,000 | | | | 4.808 | | | 01/28/25 | | | 7,623,212 | |
| | Ascension Health Alliance | |
| | | | | 9,602,000 | | | | 4.823 | | | 12/03/24 | | | 9,599,439 | |
| | Atlantic Asset Securitization LLC | |
| | | | | 28,178,000 | | | | 4.983 | | | 12/20/24 | | | 28,104,831 | |
| | | | | 5,000,000 | | | | 5.036 | | | 02/07/25 | | | 4,953,628 | |
| | | | | 7,363,000 | | | | 5.089 | | | 02/19/25 | | | 7,281,843 | |
| | | | | 16,859,000 | | | | 4.669 | | | 05/05/25 | | | 16,532,357 | |
| | Banco Santander, S.A. | |
| | | | | 10,537,000 | | | | 5.212 | | | 01/15/25 | | | 10,469,958 | |
| | Banner Health | |
| | | | | 20,465,000 | | | | 4.806 | | | 12/19/24 | | | 20,416,191 | |
| | | | | 5,151,000 | | | | 4.647 | | | 01/15/25 | | | 5,121,317 | |
| | Baptist Healthcare System, Inc. | |
| | | | | 23,764,000 | | | | 4.833 | | | 12/05/24 | | | 23,751,299 | |
| | | | | 21,000,000 | | | | 4.671 | | | 12/19/24 | | | 20,951,175 | |
| | | | | 18,000,000 | | | | 4.669 | | | 12/26/24 | | | 17,941,875 | |
| | | | | 7,500,000 | | | | 4.649 | | | 02/12/25 | | | 7,430,042 | |
| | Barclays Bank PLC | |
| | | | | 15,988,000 | | | | 4.808 | | | 12/19/24 | | | 15,950,029 | |
| | | | | 18,564,000 | | | | 5.476 | | | 01/16/25 | | | 18,440,178 | |
| | | | | 19,217,000 | | | | 5.149 | | | 01/31/25 | | | 19,053,213 | |
| | | | | 13,400,000 | | | | 4.507 | | | 03/21/25 | | | 13,219,435 | |
| | | | | 22,290,000 | | | | 4.678 | | | 04/10/25 | | | 21,922,153 | |
| | Barton Capital S.A. | |
| | | | | 4,800,000 | | | | 4.807 | | | 12/19/24 | | | 4,788,600 | |
| | | | | 10,124,000 | | | | 4.775 | | | 12/20/24 | | | 10,098,612 | |
| | | | | 37,290,000 | | | | 4.819 | | | 12/20/24 | | | 37,196,487 | |
| | | | | 10,057,000 | | | | 4.709 | | | 01/15/25 | | | 9,998,669 | |
| | | | | 22,541,000 | | | | 4.837 | | | 02/25/25 | | | 22,288,992 | |
| | Bedford Row Funding Corp. | |
| | | | | 20,248,000 | | | | 4.714 | | | 01/07/25 | | | 20,151,231 | |
| | BNP Paribas | |
| | | | | 3,000,000 | | | | 5.003 | | | 02/04/25 | | | 2,973,567 | |
| | BNP Paribas-New York Branch | |
| | | | | 40,000,000 | | | | 5.401 | | | 12/16/24 | | | 39,912,000 | |
| | | | | 5,000,000 | | | | 5.003 | | | 02/04/25 | | | 4,955,944 | |
| | BofA Securities, Inc. | |
| | | | | 2,500,000 | | | | 5.429 | | | 12/13/24 | | | 2,495,567 | |
| | | | | 21,487,000 | | | | 5.311 | | | 03/11/25 | | | 21,186,182 | |
| | | | | 9,133,000 | | | | 5.251 | | | 04/24/25 | | | 8,948,513 | |
| | | | | 11,934,000 | | | | 4.638 | | | 11/13/25 | | | 11,424,415 | |
| | | | | 21,407,000 | | | | 4.671 | | | 11/25/25 | | | 20,454,900 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Amortized Cost | |
| |
| | Commercial Paper and Corporate Obligations – (continued) | |
| | Bon Secours Mercy Health, Inc. | |
| | $ | | | 14,879,000 | | | | 4.820 | % | | 12/02/24 | | $ | 14,877,016 | |
| | | | | 15,453,000 | | | | 4.657 | | | 12/11/24 | | | 15,433,083 | |
| | | | | 4,551,000 | | | | 4.666 | | | 12/24/24 | | | 4,537,480 | |
| | BPCE | |
| | | | | 7,574,000 | | | | 5.412 | | | 01/23/25 | | | 7,515,348 | |
| | | | | 33,939,000 | | | | 5.304 | | | 01/31/25 | | | 33,642,260 | |
| | | | | 27,599,000 | | | | 4.561 | | | 10/28/25 | | | 26,492,617 | |
| | | | | 30,441,000 | | | | 4.583 | | | 11/06/25 | | | 29,173,132 | |
| | Brighthouse Financial Short Term Funding, LLC | |
| | | | | 7,310,000 | | | | 4.959 | | | 03/03/25 | | | 7,219,583 | |
| | Cabot Trail Funding LLC | |
| | | | | 10,000,000 | | | | 5.101 | | | 12/06/24 | | | 9,993,000 | |
| | | | | 5,823,000 | | | | 5.061 | | | 12/12/24 | | | 5,814,104 | |
| | | | | 9,600,000 | | | | 4.931 | | | 01/03/25 | | | 9,556,734 | |
| | | | | 6,500,000 | | | | 5.085 | | | 01/03/25 | | | 6,470,706 | |
| | | | | 6,835,000 | | | | 4.707 | | | 01/13/25 | | | 6,794,050 | |
| | | | | 11,465,000 | | | | 5.377 | | | 01/13/25 | | | 11,396,311 | |
| | | | | 28,285,000 | | | | 4.797 | | | 02/05/25 | | | 28,039,722 | |
| | | | | 7,837,000 | | | | 5.070 | | | 02/07/25 | | | 7,763,724 | |
| | | | | 1,944,000 | | | | 4.703 | | | 04/07/25 | | | 1,912,392 | |
| | | | | 15,346,000 | | | | 4.720 | | | 04/07/25 | | | 15,096,488 | |
| | | | | 9,119,000 | | | | 4.636 | | | 05/15/25 | | | 8,929,667 | |
| | Caisse D’Amortissement De La Dette Sociale | |
| | | | | 9,492,000 | | | | 5.187 | | | 12/13/24 | | | 9,475,844 | |
| | | | | 1,750,000 | | | | 5.239 | | | 12/13/24 | | | 1,747,022 | |
| | | | | 4,245,000 | | | | 5.179 | | | 04/01/25 | | | 4,173,660 | |
| | Cancara Asset Securitisation LLC | |
| | | | | 10,000,000 | | | | 5.046 | | | 02/06/25 | | | 9,908,433 | |
| | Cisco Systems, Inc. | |
| | | | | 1,322,000 | | | | 5.322 | | | 01/31/25 | | | 1,310,397 | |
| | | | | 3,992,000 | | | | 5.034 | | | 02/03/25 | | | 3,957,154 | |
| | Citigroup Global Markets, Inc. | |
| | | | | 43,172,000 | | | | 5.492 | | | 01/06/25 | | | 42,941,462 | |
| | | | | 45,716,000 | | | | 5.377 | | | 05/01/25 | | | 44,728,471 | |
| | | | | 16,000,000 | | | | 5.509 | | | 05/12/25 | | | 15,622,720 | |
| | | | | 18,237,000 | | | | 5.511 | | | 06/02/25 | | | 17,753,081 | |
| | Cornell University | |
| | | | | 4,035,000 | | | | 4.806 | | | 12/02/24 | | | 4,034,464 | |
| | Credit Agricole Corporate and Investment Bank-New York Branch | |
| | | | | 4,902,000 | | | | 4.572 | | | 12/09/24 | | | 4,897,033 | |
| | | | | 35,000,000 | | | | 4.979 | | | 02/26/25 | | | 34,589,348 | |
| | Dexia | |
| | | | | 39,768,000 | | | | 5.271 | | | 02/03/25 | | | 39,405,316 | |
| | | | | 8,202,000 | | | | 4.539 | | | 03/21/25 | | | 8,090,726 | |
| | | | | 29,653,000 | | | | 4.540 | | | 03/21/25 | | | 29,250,708 | |
| | | | | 42,999,000 | | | | 4.665 | | | 06/26/25 | | | 41,876,511 | |
| | Eli Lilly and Company | |
| | | | | 6,250,000 | | | | 4.839 | | | 12/02/24 | | | 6,249,167 | |
| | Gotham Funding Corporation | |
| | | | | 9,214,000 | | | | 5.134 | | | 12/03/24 | | | 9,211,405 | |
| | | | | 16,618,000 | | | | 4.703 | | | 01/08/25 | | | 16,536,609 | |
| | | | | 10,000,000 | | | | 4.755 | | | 01/15/25 | | | 9,941,250 | |
| | | | | 10,000,000 | | | | 4.836 | | | 01/17/25 | | | 9,938,639 | |
| | | | | 24,592,000 | | | | 4.704 | | | 01/24/25 | | | 24,421,208 | |
| | | | | 11,752,000 | | | | 4.687 | | | 02/25/25 | | | 11,622,016 | |
| | Ing (U.S.) Funding LLC | |
| | | | | 4,500,000 | | | | 4.790 | | | 12/23/24 | | | 4,499,949 | |
| | | | | 45,667,000 | | | | 4.791 | | | 12/23/24 | | | 45,666,485 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Amortized Cost | |
| |
| | Commercial Paper and Corporate Obligations – (continued) | |
| | Liberty Street Funding LLC | |
| | $ | | | 36,722,000 | | | | 4.741 | % | | 01/09/25 | | $ | 36,535,024 | |
| | | | | 10,601,000 | | | | 4.653 | | | 03/17/25 | | | 10,457,797 | |
| | | | | 36,883,000 | | | | 4.663 | | | 03/17/25 | | | 36,384,769 | |
| | Lloyds Bank Corporate Markets PLC/New York NY | |
| | | | | 19,985,000 | | | | 4.823 | | | 12/27/24 | | | 19,917,018 | |
| | LMA-Americas LLC | |
| | | | | 6,802,000 | | | | 4.711 | | | 02/07/25 | | | 6,743,412 | |
| | | | | 25,000,000 | | | | 4.737 | | | 02/24/25 | | | 24,724,931 | |
| | | | | 17,993,000 | | | | 5.078 | | | 02/27/25 | | | 17,778,803 | |
| | | | | 5,572,000 | | | | 4.710 | | | 04/09/25 | | | 5,480,155 | |
| | Manhattan Asset Funding Company LLC | |
| | | | | 10,124,000 | | | | 4.775 | | | 12/20/24 | | | 10,098,780 | |
| | Matchpoint Finance Public Limited Company | |
| | | | | 10,185,000 | | | | 4.887 | | | 03/04/25 | | | 10,059,496 | |
| | | | | 11,945,000 | | | | 4.679 | | | 04/16/25 | | | 11,738,776 | |
| | Mont Blanc Capital Corporation | |
| | | | | 27,730,000 | | | | 5.162 | | | 01/21/25 | | | 27,531,615 | |
| | | | | 6,500,000 | | | | 4.724 | | | 02/20/25 | | | 6,431,994 | |
| | MUFG Bank, Ltd.-New York Branch | |
| | | | | 14,116,000 | | | | 5.034 | | | 02/04/25 | | | 13,990,858 | |
| | Natixis-New York Branch | |
| | | | | 1,000,000 | | | | 5.255 | | | 02/19/25 | | | 988,667 | |
| | | | | NRW.Bank | | | | | | | | | | | |
| | | | | 12,272,000 | | | | 4.880 | | | 02/13/25 | | | 12,151,062 | |
| | | | | 11,043,000 | | | | 4.916 | | | 02/13/25 | | | 10,934,174 | |
| | Paradelle Funding LLC | |
| | | | | 30,553,000 | | | | 5.479 | | | 03/17/25 | | | 30,079,802 | |
| | | | | 16,000,000 | | | | 5.472 | | | 05/14/25 | | | 15,620,249 | |
| | | | | 500,000 | | | | 4.519 | | | 06/06/25 | | | 488,624 | |
| | | | | 10,079,000 | | | | 5.475 | | | 06/13/25 | | | 9,797,107 | |
| | | | | 5,268,000 | | | | 4.467 | | | 06/18/25 | | | 5,142,200 | |
| | | | | 25,000,000 | | | | 4.269 | | | 07/08/25 | | | 24,371,896 | |
| | Pepsico, Inc. | |
| | | | | 3,870,000 | | | | 5.055 | | | 01/17/25 | | | 3,844,940 | |
| | Pfizer Inc. | |
| | | | | 4,865,000 | | | | 5.240 | | | 02/05/25 | | | 4,819,512 | |
| | | | | 17,170,000 | | | | 4.973 | | | 02/06/25 | | | 17,015,017 | |
| | Podium Funding Trust | |
| | | | | 17,490,000 | | | | 4.726 | | | 02/05/25 | | | 17,340,898 | |
| | | | | 2,541,000 | | | | 4.518 | | | 04/16/25 | | | 2,498,667 | |
| | Regents of The University of California (The) | |
| | | | | 1,329,000 | | | | 4.628 | | | 12/04/24 | | | 1,328,488 | |
| | Ridgefield Funding Company, LLC | |
| | | | | 4,931,000 | | | | 5.250 | | | 12/13/24 | | | 4,922,519 | |
| | Royal Bank of Canada-New York Branch | |
| | | | | 23,000,000 | | | | 4.810 | | | 12/13/24 | | | 23,000,000 | |
| | Rutgers, The State University of New Jersey | |
| | | | | 4,817,000 | | | | 4.660 | | | 01/08/25 | | | 4,817,000 | |
| | | | | 2,649,000 | | | | 4.660 | | | 01/09/25 | | | 2,649,000 | |
| | | | | 6,744,000 | | | | 4.660 | | | 01/10/25 | | | 6,744,000 | |
| | Santander UK PLC | |
| | | | | 13,135,000 | | | | 4.799 | | | 12/06/24 | | | 13,126,335 | |
| | | | | 10,522,000 | | | | 5.102 | | | 01/02/25 | | | 10,475,142 | |
| | | | | 18,165,000 | | | | 5.111 | | | 01/02/25 | | | 18,084,105 | |
| | Sheffield Receivables Company LLC | |
| | | | | 15,000,000 | | | | 5.077 | | | 12/20/24 | | | 14,960,971 | |
| | | | | 18,236,000 | | | | 4.771 | | | 02/03/25 | | | 18,083,304 | |
| | | | | 19,654,000 | | | | 4.737 | | | 02/26/25 | | | 19,432,663 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Amortized Cost | |
| |
| | Commercial Paper and Corporate Obligations – (continued) | |
| | $ | | | 20,000,000 | | | | 4.683 | % | | 03/12/25 | | $ | 19,740,767 | |
| | Societe Generale | |
| | | | | 10,000,000 | | | | 5.212 | | | 01/10/25 | | | 9,945,000 | |
| | SSM Health Care Corporation | |
| | | | | 9,753,000 | | | | 4.806 | | | 12/17/24 | | | 9,732,324 | |
| | | | | 4,000,000 | | | | 4.885 | | | 12/19/24 | | | 3,990,500 | |
| | | | | 40,564,000 | | | | 4.778 | | | 01/23/25 | | | 40,282,125 | |
| | | | | 54,817,000 | | | | 4.654 | | | 02/20/25 | | | 54,249,644 | |
| | State of California | |
| | | | | 1,648,000 | | | | 4.650 | | | 01/14/25 | | | 1,648,000 | |
| | The Procter & Gamble Company | |
| | | | | 21,001,000 | | | | 4.911 | | | 04/11/25 | | | 20,638,004 | |
| | Toronto-Dominion Bank (The) | |
| | | | | 140,514,000 | | | | 4.604 | | | 12/06/24 | | | 140,424,227 | |
| | Totalenergies Capital | |
| | | | | 27,376,000 | | | | 5.392 | | | 12/18/24 | | | 27,307,743 | |
| | | | | 45,484,000 | | | | 5.388 | | | 12/20/24 | | | 45,357,491 | |
| | Toyota Motor Credit Corporation | |
| | | | | 12,053,000 | | | | 4.880 | | | 06/23/25 | | | 12,053,000 | |
| | UBS AG - London Branch | |
| | | | | 54,439,000 | | | | 5.656 | | | 12/04/24 | | | 54,414,729 | |
| | | | | 10,000,000 | | | | 5.483 | | | 12/31/24 | | | 9,955,546 | |
| | | | | 8,000,000 | | | | 5.494 | | | 12/31/24 | | | 7,964,437 | |
| | | | | 27,117,000 | | | | 5.533 | | | 05/12/25 | | | 26,477,581 | |
| | University of Chicago (The) | |
| | | | | 2,523,000 | | | | 5.296 | | | 04/03/25 | | | 2,479,037 | |
| | University of Notre Dame Du Lac | |
| | | | | 38,378,000 | | | | 4.842 | | | 12/11/24 | | | 38,326,829 | |
| | Versailles Commercial Paper LLC | |
| | | | | 10,124,000 | | | | 4.721 | | | 01/17/25 | | | 10,062,539 | |
| | | | | 7,627,000 | | | | 4.781 | | | 01/31/25 | | | 7,566,001 | |
| | | | | 16,057,000 | | | | 4.792 | | | 02/04/25 | | | 15,919,869 | |
| | | | | 29,153,000 | | | | 4.597 | | | 02/14/25 | | | 28,878,476 | |
| | | | | 30,440,000 | | | | 4.684 | | | 03/04/25 | | | 30,076,698 | |
| | Victory Receivables Corporation | |
| | | | | 20,000,000 | | | | 5.009 | | | 12/12/24 | | | 19,969,750 | |
| | | | | 7,315,000 | | | | 4.684 | | | 02/19/25 | | | 7,239,737 | |
| | | | | 59,600,000 | | | | 4.762 | | | 02/24/25 | | | 58,948,456 | |
| | | |
| | |
| | TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | | $ | 2,545,235,009 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Certificate of Deposit – 7.3% | |
| | Bank of Montreal - Chicago Branch (SOFR + 0.40%) | |
| | | | | 14,900,000 | | | | 4.970 | (a) | | 11/07/25 | | | 14,900,000 | |
| | Bank of Nova Scotia - Houston Branch (SOFR + 0.48%) | |
| | | | | 5,050,000 | | | | 5.044 | (a) | | 12/02/24 | | | 5,050,040 | |
| | Barclays Bank PLC (SOFR + 0.38%) | |
| | | | | 25,496,000 | | | | 4.960 | (a) | | 02/07/25 | | | 25,496,000 | |
| | Barclays Bank PLC - New York Branch (SOFR + 0.38%) | |
| | | | | 26,728,000 | | | | 4.960 | (a) | | 05/08/25 | | | 26,728,000 | |
| | BNP Paribas (SOFR + 0.31%) | |
| | | | | 6,419,000 | | | | 4.880 | (a) | | 03/07/25 | | | 6,419,000 | |
| | BNP Paribas-New York Branch | |
| | | | | 11,464,000 | | | | 5.150 | | | 12/31/24 | | | 11,464,000 | |
| | Credit Agricole Corporate and Investment Bank (SOFR + 0.22%) | |
| | | | | 42,512,000 | | | | 4.790 | (a) | | 04/03/25 | | | 42,512,000 | |
| | Deutsche Bank AG-New York Branch (SOFR + 0.37%) | |
| | | | | 12,000,000 | | | | 4.945 | (a) | | 06/11/25 | | | 12,000,000 | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Amortized Cost | |
| |
| | Certificate of Deposit – (continued) | |
| | Deutsche Bank AG-New York Branch (SOFR + 0.39%) | |
| | $ | | | 16,211,000 | | | | 4.970 | %(a) | | 11/21/25 | | $ | 16,211,000 | |
| | Deutsche Bank AG-New York Branch (SOFR + 0.40%) | |
| | | | | 18,900,000 | | | | 4.980 | (a) | | 10/10/25 | | | 18,900,000 | |
| | | | | 15,281,000 | | | | 4.980 | (a) | | 10/21/25 | | | 15,281,000 | |
| | HSBC Bank USA, National Association (SOFR + 0.28%) | |
| | | | | 10,000,000 | | | | 4.849 | (a) | | 01/21/25 | | | 10,001,248 | |
| | HSBC Bank USA, National Association (SOFR + 0.35%) | |
| | | | | 16,058,000 | | | | 4.920 | (a) | | 05/08/25 | | | 16,058,000 | |
| | HSBC Bank USA, National Association (SOFR + 0.36%) | |
| | | | | 10,394,000 | | | | 4.930 | (a) | | 09/24/25 | | | 10,394,000 | |
| | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.27%) | |
| | | | | 23,441,000 | | | | 4.840 | (a) | | 08/18/25 | | | 23,441,000 | |
| | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.35%) | |
| | | | | 4,100,000 | | | | 4.927 | (a) | | 05/14/25 | | | 4,101,885 | |
| | Mitsubishi UFJ Trust and Banking Corporation-London Branch | |
| | | | | 21,500,000 | | | | 4.860 | | | 01/09/25 | | | 21,388,191 | |
| | | | | 60,000,000 | | | | 4.810 | | | 01/24/25 | | | 59,574,033 | |
| | | | | 27,000,000 | | | | 4.820 | | | 02/03/25 | | | 26,771,516 | |
| | | | | 14,000,000 | | | | 4.750 | | | 02/27/25 | | | 13,839,394 | |
| | | | | 22,200,000 | | | | 4.770 | | | 03/10/25 | | | 21,913,424 | |
| | | | | 27,000,000 | | | | 4.730 | | | 03/13/25 | | | 26,643,771 | |
| | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.23%) | |
| | | | | 37,225,000 | | | | 4.810 | (a) | | 03/06/25 | | | 37,225,000 | |
| | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.25%) | |
| | | | | 44,903,000 | | | | 4.820 | (a) | | 02/24/25 | | | 44,903,000 | |
| | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.35%) | |
| | | | | 25,128,000 | | | | 4.917 | (a) | | 02/07/25 | | | 25,133,967 | |
| | Mitsubishi UFJ Trust and Banking Corporation-New York Branch (SOFR + 0.40%) | |
| | | | | 16,036,000 | | | | 4.970 | (a) | | 05/01/25 | | | 16,036,000 | |
| | | | | 18,330,000 | | | | 4.970 | (a) | | 07/01/25 | | | 18,330,000 | |
| | Mizuho Bank, Ltd-New York Branch (SOFR + 0.22%) | |
| | | | | 34,700,000 | | | | 4.800 | (a) | | 01/15/25 | | | 34,699,992 | |
| | Mizuho Bank, Ltd-New York Branch (SOFR + 0.23%) | |
| | | | | 65,488,000 | | | | 4.810 | (a) | | 05/13/25 | | | 65,488,000 | |
| | Mizuho Bank, Ltd-New York Branch (SOFR + 0.24%) | |
| | | | | 12,623,000 | | | | 4.820 | (a) | | 02/18/25 | | | 12,622,988 | |
| | Mizuho Bank, Ltd-New York Branch (SOFR + 0.36%) | |
| | | | | 825,000 | | | | 4.937 | (a) | | 01/24/25 | | | 825,169 | |
| | Mizuho Bank, Ltd-New York Branch (SOFR + 0.40%) | |
| | | | | 4,250,000 | | | | 4.977 | (a) | | 01/10/25 | | | 4,250,692 | |
| | MUFG Bank, Ltd.-London Branch | |
| | | | | 25,000,000 | | | | 4.810 | | | 01/17/25 | | | 24,844,913 | |
| | MUFG Bank, Ltd.-New York Branch (SOFR + 0.22%) | |
| | | | | 4,050,000 | | | | 4.801 | (a) | | 01/30/25 | | | 4,049,656 | |
| | MUFG Bank, Ltd.-New York Branch (SOFR + 0.24%) | |
| | | | | 1,950,000 | | | | 4.821 | (a) | | 02/14/25 | | | 1,949,889 | |
| | Natixis-New York Branch (SOFR + 0.34%) | |
| | | | | 8,049,000 | | | | 4.908 | (a) | | 02/03/25 | | | 8,050,535 | |
| | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.33%) | |
| | | | | 7,119,000 | | | | 4.907 | (a) | | 04/01/25 | | | 7,122,034 | |
| | Wells Fargo Bank, National Association | |
| | | | | 9,968,000 | | | | 5.230 | | | 12/13/24 | | | 9,968,000 | |
| | | |
| | TOTAL CERTIFICATE OF DEPOSIT | | $ | 744,587,337 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Amortized Cost | |
| |
| | Certificate of Deposit-Eurodollar – 2.0% | |
| | Bank of Montreal - London Branch | |
| | $ | | | 50,000,000 | | | | 4.660 | % | | 01/21/25 | | $ | 49,672,545 | |
| | Sumitomo Mitsui Banking Corporation - Brussels Branch | |
| | | | | 95,000,000 | | | | 4.740 | | | 01/21/25 | | | 94,368,231 | |
| | Sumitomo Mitsui Banking Corporation - Brussels Branch (SOFR + 0.19%) | |
| | | | | 6,000,000 | | | | 4.760 | (a) | | 12/16/24 | | | 6,000,227 | |
| | Sumitomo Mitsui Banking Corporation - Brussels Branch (SOFR + 0.21%) | |
| | | | | 5,000,000 | | | | 4.780 | (a) | | 01/14/25 | | | 5,000,000 | |
| | Sumitomo Mitsui Banking Corporation - Brussels Branch (SOFR + 0.22%) | |
| | | | | 2,300,000 | | | | 4.790 | (a) | | 01/21/25 | | | 2,300,093 | |
| | Sumitomo Mitsui Banking Corporation - Brussels Branch (SOFR + 0.24%) | |
| | | | | 23,343,000 | | | | 4.810 | (a) | | 02/13/25 | | | 23,343,000 | |
| | | | | 19,491,000 | | | | 4.810 | (a) | | 02/14/25 | | | 19,491,000 | |
| | | |
| | TOTAL CERTIFICATE OF DEPOSIT-EURODOLLAR | | $ | 200,175,096 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Certificate of Deposit-Yankeedollar – 4.3% | |
| | Banco Santander, S.A. | |
| | | | | 24,500,000 | | | | 5.370 | | | 03/07/25 | | | 24,500,000 | |
| | Banco Santander, S.A.-New York Branch | |
| | | | | 11,650,000 | | | | 5.310 | | | 01/02/25 | | | 11,650,000 | |
| | | | | 10,053,000 | | | | 5.400 | | | 03/19/25 | | | 10,053,000 | |
| | BNP Paribas | |
| | | | | 20,188,000 | | | | 4.390 | | | 10/07/25 | | | 20,188,000 | |
| | BNP Paribas-New York Branch | |
| | | | | 20,022,000 | | | | 5.290 | | | 02/21/25 | | | 20,022,000 | |
| | | | | 24,000,000 | | | | 4.770 | | | 05/27/25 | | | 24,000,000 | |
| | Credit Agricole Corporate and Investment Bank | |
| | | | | 6,000,000 | | | | 5.500 | | | 06/02/25 | | | 6,000,000 | |
| | Credit Agricole Corporate and Investment Bank-New York Branch | |
| | | | | 31,185,000 | | | | 4.640 | | | 11/13/25 | | | 31,185,000 | |
| | Deutsche Bank AG-New York Branch | |
| | | | | 27,300,000 | | | | 4.630 | | | 11/06/25 | | | 27,300,000 | |
| | HSBC Bank USA, National Association | |
| | | | | 6,000,000 | | | | 5.250 | | | 01/03/25 | | | 6,000,000 | |
| | Landesbank Baden-Wuerttemberg - New York Branch | |
| | | | | 134,000,000 | | | | 4.590 | | | 12/02/24 | | | 134,000,000 | |
| | Lloyds Bank Corporate Markets PLC/New York NY | |
| | | | | 24,000,000 | | | | 5.210 | | | 01/03/25 | | | 24,000,000 | |
| | | | | 21,548,000 | | | | 5.510 | | | 05/22/25 | | | 21,548,000 | |
| | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.32%) | |
| | | | | 18,284,000 | | | | 4.898 | (a) | | 03/06/25 | | | 18,287,807 | |
| | National Bank of Kuwait S.A.K.P - New York Branch | |
| | | | | 18,585,000 | | | | 4.620 | | | 12/06/24 | | | 18,585,026 | |
| | Toronto-Dominion Bank (The) - New York Branch | |
| | | | | 28,821,000 | | | | 5.400 | | | 01/03/25 | | | 28,821,000 | |
| | | | | 11,483,000 | | | | 4.500 | | | 10/07/25 | | | 11,483,000 | |
| | | |
| | TOTAL CERTIFICATE OF DEPOSIT-YANKEEDOLLAR | | $ | 437,622,833 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Medium Term Notes – 2.2% | |
| | Banco Santander, S.A. | |
| | | | | 800,000 | | | | 4.714 | | | 03/24/25 | | | 795,124 | |
| | | | | 600,000 | | | | 4.887 | | | 03/24/25 | | | 596,343 | |
| | | | | 1,000,000 | | | | 5.416 | | | 03/24/25 | | | 993,904 | |
| | | | | 800,000 | | | | 5.417 | | | 03/24/25 | | | 795,124 | |
| | | | | 1,600,000 | | | | 5.550 | | | 03/24/25 | | | 1,590,247 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Medium Term Notes – (continued) | |
| | | | | |
| | $ | | | 4,000,000 | | | | 5.556 | % | | 03/24/25 | | $ | 3,975,619 | |
| | | | | 2,200,000 | | | | 5.557 | | | 03/24/25 | | | 2,186,590 | |
| | | | | 19,200,000 | | | | 5.580 | | | 03/24/25 | | | 19,082,970 | |
| | Bank of America NA | | | | | | | |
| | | | | 15,479,000 | | | | 4.950 | | | 07/03/25 | | | 15,479,000 | |
| | BPCE | | | | | | | |
| | | | | 7,000,000 | | | | 4.941 | (b) | | 01/15/25 | | | 6,997,545 | |
| | | | | 1,070,000 | | | | 5.250 | (b) | | 01/15/25 | | | 1,069,625 | |
| | | | | 10,216,000 | | | | 5.594 | (b) | | 01/15/25 | | | 10,212,418 | |
| | Credit Agricole S.A. | | | | | | | |
| | | | | 1,131,000 | | | | 5.007 | (b) | | 02/28/25 | | | 1,130,900 | |
| | | | | 3,867,000 | | | | 5.783 | (b) | | 02/28/25 | | | 3,866,656 | |
| | Credit Agricole S.A.-London Branch | | | | |
| | | | | 2,049,000 | | | | 5.232 | (b) | | 01/22/25 | | | 2,040,913 | |
| | Deutsche Bank AG-New York Branch | | | | |
| | | | | 400,000 | | | | 4.752 | | | 05/13/25 | | | 397,760 | |
| | | | | 945,000 | | | | 5.297 | | | 05/13/25 | | | 939,709 | |
| | | | | 1,229,000 | | | | 5.539 | | | 05/13/25 | | | 1,222,119 | |
| | | | | 1,717,000 | | | | 5.562 | | | 05/13/25 | | | 1,707,387 | |
| | | | | 1,696,000 | | | | 5.572 | | | 05/13/25 | | | 1,686,504 | |
| | Merrill Lynch B.V. (SOFR + 0.45%) | | | | |
| | | | | 60,000,000 | | | | 5.020 | (a) | | 04/30/25 | | | 60,000,000 | |
| | Morgan Stanley Bank, National Association | |
| | | | | 933,000 | | | | 5.271 | | | 07/16/25 | | | 934,098 | |
| | Societe Generale | | | | | | | |
| | | | | 210,000 | | | | 5.018 | (b) | | 06/13/25 | | | 209,276 | |
| | | | | 215,000 | | | | 4.723 | (b) | | 07/08/25 | | | 210,776 | |
| | Toronto-Dominion Bank (The) (SOFR + 0.48%) | |
| | | | | 22,408,000 | | | | 5.050 | (a) | | 08/29/25 | | | 22,408,000 | |
| | Toyota Motor Credit Corporation (SOFR + 0.56%) | |
| | | | | 9,583,000 | | | | 5.134 | (a) | | 01/10/25 | | | 9,586,543 | |
| | UBS AG - London Branch | | | | |
| | | | | 2,591,000 | | | | 5.434 | (b) | | 01/13/25 | | | 2,578,979 | |
| | | | | 7,724,000 | | | | 5.465 | (b) | | 01/13/25 | | | 7,688,165 | |
| | | | | 1,000,000 | | | | 5.640 | (b) | | 01/13/25 | | | 995,360 | |
| | UBS AG - London Branch (SOFR + 0.47%) | |
| | | | | 1,500,000 | | | | 5.048 | (a)(b) | | 01/13/25 | | | 1,500,088 | |
| | UBS AG - New York Branch (SOFRINDX + 1.26%) | |
| | | | | 15,000,000 | | | | 5.793 | (a) | | 02/21/25 | | | 15,030,965 | |
| | | | | 3,068,000 | | | | 5.794 | (a) | | 02/21/25 | | | 3,074,333 | |
| | | | | 1,825,000 | | | | 5.798 | (a) | | 02/21/25 | | | 1,828,767 | |
| | UBS AG - Stamford Branch | | | | |
| | | | | 250,000 | | | | 5.041 | | | 01/09/25 | | | 250,647 | |
| | | | | 1,280,000 | | | | 5.414 | | | 01/09/25 | | | 1,283,310 | |
| | | | | 1,825,000 | | | | 5.533 | | | 01/09/25 | | | 1,829,720 | |
| | | | | 942,000 | | | | 5.454 | | | 02/21/25 | | | 938,195 | |
| | | | | 2,012,000 | | | | 5.463 | | | 02/21/25 | | | 2,003,873 | |
| | | | | 1,819,000 | | | | 5.678 | | | 02/21/25 | | | 1,811,652 | |
| | | | | 911,000 | | | | 5.684 | | | 02/21/25 | | | 907,320 | |
| | | | | 584,000 | | | | 4.697 | | | 04/09/25 | | | 579,563 | |
| | | | | 389,000 | | | | 4.831 | | | 04/09/25 | | | 386,044 | |
| | | | | 948,000 | | | | 5.359 | | | 04/09/25 | | | 940,797 | |
| | | | | 562,000 | | | | 5.547 | | | 04/09/25 | | | 557,730 | |
| | Wells Fargo Bank, National Association | |
| | | | | 18,396,000 | | | | 4.751 | | | 08/01/25 | | | 18,487,259 | |
| | | |
| | |
| | TOTAL MEDIUM TERM NOTES | | $ | 232,787,917 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| | |
| | | | | Time Deposits – 0.7% | |
| | Credit Agricole Corporate and Investment Bank-New York Branch | |
| | $ | | | 70,000,000 | | | | 4.570 | % | | 12/02/24 | | $ | 70,000,000 | |
| | | |
| | |
| | TOTAL TIME DEPOSITS | | $ | 70,000,000 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Government Agency Obligations – 1.9% | |
| | Federal Farm Credit Bank (SOFR + 0.12%) | |
| | | | | 1,338,000 | | | | 4.685 | (a) | | 12/03/24 | | | 1,338,000 | |
| | Federal Farm Credit Bank (SOFR + 0.20%) | |
| | | | | 576,000 | | | | 4.766 | (a) | | 12/05/24 | | | 576,004 | |
| | Federal Farm Credit Banks Funding Corporation (Prime Rate - 3.03%) | |
| | | | | 5,002,000 | | | | 4.718 | (a) | | 04/17/26 | | | 5,003,490 | |
| | Federal Farm Credit Banks Funding Corporation (Prime Rate - 3.04%) | |
| | | | | 3,857,000 | | | | 4.710 | (a) | | 06/12/26 | | | 3,857,000 | |
| | Federal Farm Credit Banks Funding Corporation (Prime Rate - 3.06%) | |
| | | | | 5,576,000 | | | | 4.690 | (a) | | 03/24/26 | | | 5,576,000 | |
| | Federal Farm Credit Banks Funding Corporation (SOFR + 0.09%) | |
| | | | | 5,510,000 | | | | 4.660 | (a) | | 02/09/26 | | | 5,510,000 | |
| | Federal Farm Credit Banks Funding Corporation (SOFR + 0.11%) | |
| | | | | 3,605,000 | | | | 4.675 | (a) | | 03/18/26 | | | 3,605,324 | |
| | Federal Farm Credit Banks Funding Corporation (SOFR + 0.12%) | |
| | | | | 4,845,000 | | | | 4.690 | (a) | | 07/15/26 | | | 4,845,000 | |
| | Federal Farm Credit Banks Funding Corporation (SOFR + 0.17%) | |
| | | | | 6,800,000 | | | | 4.740 | (a) | | 01/23/25 | | | 6,800,000 | |
| | Federal Farm Credit Banks Funding Corporation (SOFR + 0.18%) | |
| | | | | 8,300,000 | | | | 4.749 | (a) | | 12/19/24 | | | 8,300,036 | |
| | | | | 6,570,000 | | | | 4.750 | (a) | | 12/19/24 | | | 6,570,028 | |
| | Federal Home Loan Bank System | |
| | | | | 6,514,000 | | | | 5.160 | | | 12/26/24 | | | 6,491,689 | |
| | | | | 346,000 | | | | 5.180 | | | 12/26/24 | | | 344,815 | |
| | | | | 9,444,000 | | | | 5.188 | | | 12/26/24 | | | 9,411,653 | |
| | | | | 10,676,000 | | | | 5.197 | | | 12/26/24 | | | 10,639,434 | |
| | | | | 7,082,000 | | | | 5.219 | | | 12/26/24 | | | 7,057,743 | |
| | | | | 8,831,000 | | | | 5.225 | | | 12/26/24 | | | 8,800,753 | |
| | | | | 2,579,000 | | | | 5.366 | | | 12/26/24 | | | 2,570,167 | |
| | | | | 13,937,000 | | | | 5.190 | | | 02/18/25 | | | 13,785,609 | |
| | | | | 461,000 | | | | 5.065 | | | 03/20/25 | | | 454,258 | |
| | | | | 6,076,000 | | | | 5.066 | | | 03/20/25 | | | 5,987,144 | |
| | Federal Home Loan Bank System (SOFR + 0.09%) | |
| | | | | 18,450,000 | | | | 4.655 | (a) | | 01/02/26 | | | 18,450,000 | |
| | | | | 1,955,000 | | | | 4.660 | (a) | | 02/02/26 | | | 1,955,000 | |
| | Federal Home Loan Bank System (SOFR + 0.12%) | |
| | | | | 4,535,000 | | | | 4.690 | (a) | | 01/03/25 | | | 4,535,000 | |
| | Federal National Mortgage Association (SOFR + 0.12%) | |
| | | | | 12,591,000 | | | | 4.690 | (a) | | 07/29/26 | | | 12,591,000 | |
| | U.S. International Development Finance Corporation (3 Mo. U.S. T-Bill + 0.00%) | |
| | | | | 4,800,000 | | | | 4.750 | (a) | | 09/15/26 | | | 4,800,000 | |
| | | | | 6,545,454 | | | | 4.750 | (a) | | 09/30/27 | | | 6,545,454 | |
| | | | | 4,038,463 | | | | 4.750 | (a) | | 06/20/28 | | | 4,038,463 | |
| | | | | 7,043,273 | | | | 4.750 | (a) | | 11/15/28 | | | 7,043,273 | |
| | | | | 11,000,000 | | | | 4.750 | (a) | | 03/15/30 | | | 11,000,000 | |
| | | | | 9,750,000 | | | | 4.750 | (a) | | 08/15/31 | | | 9,750,000 | |
| | | | | 5,460,458 | | | | 4.750 | (a) | | 06/15/34 | | | 5,460,458 | |
| | | |
| | |
| | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | | $ | 203,692,795 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Treasury Obligations – 23.6% | |
| | | | | United States Treasury Bills | |
| | | | | 2,015,000 | | | | 4.622 | | | 12/24/24 | | | 2,009,094 | |
| | | | | 7,985,900 | | | | 4.699 | | | 12/24/24 | | | 7,962,494 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
| | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | Amortized Cost |
| |
| | U.S. Treasury Obligations – (continued) |
| | $ | | 7,959,200 | | | 4.700 | % | | 12/24/24 | | $ 7,935,872 |
| | | | 2,513,000 | | | 4.704 | | | 12/24/24 | | 2,505,635 |
| | | | 7,539,000 | | | 4.705 | | | 12/24/24 | | 7,516,904 |
| | | | 18,316,100 | | | 4.608 | | | 12/31/24 | | 18,247,096 |
| | | | 7,915,400 | | | 4.619 | | | 12/31/24 | | 7,885,579 |
| | | | 1,583,100 | | | 4.624 | | | 12/31/24 | | 1,577,136 |
| | | | 8,890,500 | | | 4.629 | | | 12/31/24 | | 8,857,006 |
| | | | 8,473,500 | | | 4.634 | | | 12/31/24 | | 8,441,577 |
| | | | 18,523,100 | | | 4.579 | | | 01/02/25 | | 18,449,114 |
| | | | 10,820,400 | | | 4.622 | | | 01/02/25 | | 10,777,181 |
| | | | 6,873,200 | | | 4.628 | | | 01/02/25 | | 6,845,747 |
| | | | 10,534,600 | | | 4.633 | | | 01/02/25 | | 10,492,522 |
| | | | 4,182,200 | | | 4.638 | | | 01/02/25 | | 4,165,495 |
| | | | 20,468,900 | | | 4.592 | | | 01/07/25 | | 20,373,924 |
| | | | 4,996,700 | | | 4.489 | (c) | | 01/09/25 | | 4,972,833 |
| | | | 75,000 | | | 4.489 | | | 01/09/25 | | 74,642 |
| | | | 1,030,600 | | | 4.513 | | | 01/09/25 | | 1,025,677 |
| | | | 15,132,000 | | | 4.592 | (c) | | 01/28/25 | | 15,026,429 |
| | | | 9,213,900 | | | 4.644 | | | 02/04/25 | | 9,139,037 |
| | | | 6,809,400 | | | 4.547 | | | 02/06/25 | | 6,752,213 |
| | | | 5,590,900 | | | 4.550 | | | 02/06/25 | | 5,543,946 |
| | | | 91,579,800 | | | 4.555 | | | 02/06/25 | | 90,810,691 |
| | | | 175,600 | | | 4.558 | | | 02/06/25 | | 174,125 |
| | | | 100,914,100 | | | 4.560 | | | 02/06/25 | | 100,066,600 |
| | | | 18,947,900 | | | 4.985 | | | 02/06/25 | | 18,788,771 |
| | | | 2,894,000 | | | 4.987 | | | 02/06/25 | | 2,869,696 |
| | | | 11,552,800 | | | 4.990 | | | 02/06/25 | | 11,455,777 |
| | | | 4,446,300 | | | 4.991 | | | 02/06/25 | | 4,408,959 |
| | | | 8,959,400 | | | 4.993 | | | 02/06/25 | | 8,884,157 |
| | | | 115,400 | | | 4.995 | | | 02/06/25 | | 114,431 |
| | | | 12,179,000 | | | 4.998 | | | 02/06/25 | | 12,076,718 |
| | | | 7,472,700 | | | 4.478 | | | 02/13/25 | | 7,398,731 |
| | | | 892,600 | | | 4.478 | | | 02/13/25 | | 883,765 |
| | | | 1,779,800 | | | 4.430 | (c) | | 02/27/25 | | 1,760,585 |
| | | | 8,323,800 | | | 4.444 | | | 02/27/25 | | 8,233,934 |
| | | | 31,712,700 | | | 4.444 | | | 02/27/25 | | 31,370,322 |
| | | | 40,422,500 | | | 4.450 | | | 02/27/25 | | 39,986,089 |
| | | | 15,325,200 | | | 4.463 | | | 02/27/25 | | 15,159,746 |
| | | | 5,178,200 | | | 4.463 | | | 02/27/25 | | 5,122,295 |
| | | | 1,810,900 | | | 4.527 | | | 03/04/25 | | 1,790,186 |
| | | | 5,986,000 | | | 4.543 | | | 03/04/25 | | 5,917,527 |
| | | | 6,958,200 | | | 4.548 | | | 03/04/25 | | 6,878,607 |
| | | | 10,003,800 | | | 4.553 | | | 03/04/25 | | 9,889,369 |
| | | | 102,081,100 | | | 4.558 | | | 03/04/25 | | 100,913,415 |
| | | | 4,047,000 | | | 4.823 | | | 03/06/25 | | 3,997,393 |
| | | | 62,616,700 | | | 4.506 | | | 03/11/25 | | 61,853,680 |
| | | | 1,855,100 | | | 4.506 | | | 03/11/25 | | 1,832,495 |
| | | | 22,038,200 | | | 4.507 | | | 03/11/25 | | 21,769,652 |
| | | | 5,878,700 | | | 4.508 | (c) | | 03/11/25 | | 5,807,065 |
| | | | 70,013,900 | | | 4.511 | | | 03/11/25 | | 69,160,741 |
| | | | 5,835,500 | | | 4.512 | | | 03/11/25 | | 5,764,391 |
| | | | 621,600 | | | 4.517 | | | 03/11/25 | | 614,025 |
| | | | 3,984,400 | | | 4.522 | | | 03/11/25 | | 3,935,848 |
| | | | 4,175,600 | | | 4.526 | | | 03/11/25 | | 4,124,718 |
| | | | 25,920,100 | | | 4.527 | | | 03/11/25 | | 25,604,249 |
| | | | 3,375,300 | | | 4.532 | | | 03/11/25 | | 3,334,170 |
| | | | 11,962,000 | | | 4.537 | | | 03/11/25 | | 11,816,236 |
| | | | 2,888,200 | | | 4.607 | | | 03/13/25 | | 2,851,576 |
| | | | 19,608,200 | | | 4.645 | | | 03/13/25 | | 19,359,556 |
| | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | Amortized Cost |
| |
| | U.S. Treasury Obligations – (continued) |
| | $ | | 4,200 | | | 4.696 | % | | 03/13/25 | | $ 4,147 |
| | | | 700 | | | 4.708 | | | 03/13/25 | | 691 |
| | | | 109,668,200 | | | 4.517 | | | 03/18/25 | | 108,235,881 |
| | | | 5,305,500 | | | 4.504 | (c) | | 03/25/25 | | 5,231,724 |
| | | | 7,617,300 | | | 4.506 | | | 03/25/25 | | 7,511,378 |
| | | | 8,736,100 | | | 4.510 | | | 03/25/25 | | 8,614,620 |
| | | | 35,399,900 | | | 4.510 | | | 03/25/25 | | 34,907,646 |
| | | | 23,348,500 | | | 4.511 | | | 03/25/25 | | 23,023,827 |
| | | | 25,031,100 | | | 4.516 | | | 03/25/25 | | 24,683,030 |
| | | | 6,461,200 | | | 4.517 | | | 03/25/25 | | 6,371,354 |
| | | | 30,889,400 | | | 4.521 | | | 03/25/25 | | 30,459,867 |
| | | | 16,633,000 | | | 4.522 | | | 03/25/25 | | 16,401,710 |
| | | | 170,137,200 | | | 4.388 | | | 03/27/25 | | 167,794,921 |
| | | | 395,800 | | | 4.423 | | | 03/27/25 | | 390,351 |
| | | | 1,639,500 | | | 4.432 | | | 03/27/25 | | 1,616,929 |
| | | | 1,384,800 | | | 4.447 | | | 03/27/25 | | 1,365,735 |
| | | | 384,200 | | | 4.447 | | | 03/27/25 | | 378,911 |
| | | | 564,100 | | | 4.447 | | | 03/27/25 | | 556,334 |
| | | | 475,500 | | | 4.496 | (c) | | 04/01/25 | | 468,618 |
| | | | 24,688,400 | | | 4.501 | (c) | | 04/01/25 | | 24,331,091 |
| | | | 15,952,100 | | | 4.506 | (c) | | 04/01/25 | | 15,721,229 |
| | | | 8,814,200 | | | 4.511 | (c) | | 04/01/25 | | 8,686,634 |
| | | | 121,737,200 | | | 4.418 | | | 04/03/25 | | 119,983,256 |
| | | | 1,950,700 | | | 4.418 | | | 04/03/25 | | 1,922,595 |
| | | | 648,600 | | | 4.392 | | | 04/10/25 | | 638,544 |
| | | | 49,836,600 | | | 4.397 | | | 04/10/25 | | 49,063,902 |
| | | | 14,112,200 | | | 4.397 | | | 04/10/25 | | 13,893,396 |
| | | | 8,095,200 | | | 4.427 | | | 04/10/25 | | 7,969,687 |
| | | | 29,757,000 | | | 4.429 | | | 04/10/25 | | 29,295,629 |
| | | | 194,200 | | | 4.433 | | | 04/10/25 | | 191,189 |
| | | | 9,288,800 | | | 4.437 | | | 04/10/25 | | 9,144,781 |
| | | | 1,479,500 | | | 4.442 | | | 04/10/25 | | 1,456,561 |
| | | | 3,038,200 | | | 4.445 | | | 04/10/25 | | 2,991,094 |
| | | | 31,233,800 | | | 4.445 | | | 04/10/25 | | 30,749,531 |
| | | | 292,600 | | | 4.446 | | | 04/10/25 | | 288,063 |
| | | | 4,791,500 | | | 4.446 | | | 04/10/25 | | 4,717,210 |
| | | | 2,176,600 | | | 4.394 | | | 04/24/25 | | 2,138,939 |
| | | | 25,721,000 | | | 4.394 | | | 04/24/25 | | 25,275,964 |
| | | | 151,100 | | | 4.399 | | | 04/24/25 | | 148,486 |
| | | | 6,199,500 | | | 4.399 | | | 04/24/25 | | 6,092,233 |
| | | | 521,000 | | | 4.415 | | | 04/24/25 | | 511,985 |
| | | | 215,900 | | | 4.415 | | | 04/24/25 | | 212,164 |
| | | | 7,685,200 | | | 4.427 | | | 04/24/25 | | 7,552,227 |
| | | | 751,400 | | | 4.422 | | | 05/01/25 | | 737,841 |
| | | | 449,800 | | | 4.444 | | | 05/01/25 | | 441,683 |
| | | | 181,300 | | | 4.449 | | | 05/01/25 | | 178,028 |
| | | | 3,743,700 | | | 4.460 | (c) | | 05/01/25 | | 3,676,144 |
| | | | 1,891,600 | | | 4.499 | | | 05/01/25 | | 1,857,465 |
| | | | 1,341,900 | | | 4.424 | | | 05/08/25 | | 1,316,564 |
| | | | 4,024,000 | | | 4.425 | | | 05/08/25 | | 3,948,444 |
| | | | 145,300 | | | 4.427 | | | 05/08/25 | | 142,572 |
| | | | 1,065,200 | | | 4.438 | | | 05/08/25 | | 1,045,199 |
| | | | 2,435,000 | | | 4.443 | | | 05/08/25 | | 2,389,279 |
| | | | 13,727,700 | | | 4.102 | | | 05/15/25 | | 13,456,098 |
| | | | 241,500 | | | 4.108 | | | 05/15/25 | | 236,722 |
| | | | 1,879,300 | | | 4.108 | | | 05/15/25 | | 1,842,118 |
| | | | 13,879,300 | | | 4.114 | | | 05/15/25 | | 13,604,699 |
| | | | 1,546,200 | | | 4.117 | | | 05/15/25 | | 1,515,609 |
| | | | 383,500 | | | 4.124 | | | 05/15/25 | | 375,912 |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | Amortized Cost |
| |
| | U.S. Treasury Obligations – (continued) |
| | $ | | 6,282,800 | | | 4.440 | % | | 05/15/25 | | $ 6,158,494 |
| | | | 84,700 | | | 4.445 | | | 05/15/25 | | 83,024 |
| | | | 153,400 | | | 4.464 | | | 05/15/25 | | 150,365 |
| | | | 31,900 | | | 4.469 | | | 05/15/25 | | 31,269 |
| | | | 5,989,000 | | | 4.470 | | | 05/15/25 | | 5,870,508 |
| | | | 501,100 | | | 4.458 | | | 05/22/25 | | 490,757 |
| | | | 6,244,500 | | | 4.462 | | | 05/22/25 | | 6,115,605 |
| | | | 159,600 | | | 4.463 | | | 05/22/25 | | 156,306 |
| | | | 2,806,400 | | | 4.468 | | | 05/22/25 | | 2,748,472 |
| | | | 283,800 | | | 4.475 | | | 05/22/25 | | 277,942 |
| | | | 690,300 | | | 4.477 | | | 05/22/25 | | 676,051 |
| | | | 59,200 | | | 4.480 | | | 05/22/25 | | 57,978 |
| | | | 140,700 | | | 4.486 | | | 05/22/25 | | 137,796 |
| | | | 15,900 | | | 4.488 | | | 05/22/25 | | 15,572 |
| | | | 6,381,500 | | | 4.491 | | | 05/22/25 | | 6,249,777 |
| | | | 1,388,600 | | | 4.496 | | | 05/22/25 | | 1,359,937 |
| | | | 1,241,200 | | | 4.459 | (c) | | 05/29/25 | | 1,214,718 |
| | | | 707,000 | | | 4.459 | (c) | | 05/29/25 | | 691,915 |
| | | | 527,300 | | | 4.467 | | | 05/29/25 | | 516,049 |
| | | | 1,168,000 | | | 4.469 | | | 05/29/25 | | 1,143,079 |
| | | | 239,300 | | | 4.488 | | | 05/29/25 | | 234,194 |
| | | | 5,206,500 | | | 3.964 | | | 08/07/25 | | 5,058,260 |
| | | | 836,000 | | | 3.964 | | | 08/07/25 | | 812,197 |
| | | | 501,600 | | | 3.978 | | | 08/07/25 | | 487,318 |
| | | | 398,200 | | | 3.986 | | | 08/07/25 | | 386,862 |
| | | | 501,600 | | | 4.000 | | | 08/07/25 | | 487,318 |
| | | | 2,755,400 | | | 4.016 | | | 08/07/25 | | 2,676,948 |
| | | | 1,570,600 | | | 4.022 | | | 08/07/25 | | 1,525,882 |
| | | | 7,078,600 | | | 4.022 | | | 08/07/25 | | 6,877,058 |
| | | | 3,361,600 | | | 4.022 | | | 08/07/25 | | 3,265,888 |
| | | | 440,600 | | | 4.029 | | | 08/07/25 | | 428,055 |
| | | | 71,100 | | | 4.033 | | | 08/07/25 | | 69,076 |
| | | | 1,421,400 | | | 4.033 | | | 08/07/25 | | 1,380,930 |
| | | | 2,132,100 | | | 4.033 | | | 08/07/25 | | 2,071,395 |
| | | | 4,399,200 | | | 4.061 | | | 08/07/25 | | 4,273,946 |
| | | | 2,487,500 | | | 4.482 | | | 08/07/25 | | 2,416,676 |
| | | | 912,900 | | | 4.311 | | | 09/04/25 | | 884,101 |
| | | | 2,670,800 | | | 4.225 | | | 10/02/25 | | 2,579,231 |
| | | | 5,546,400 | | | 4.244 | | | 10/02/25 | | 5,356,241 |
| | | | 1,919,900 | | | 4.246 | | | 10/02/25 | | 1,854,076 |
| | | | 1,440,100 | | | 4.321 | | | 10/30/25 | | 1,385,815 |
| | | | 2,368,100 | | | 4.361 | | | 10/30/25 | | 2,278,833 |
| | | | 1,728,200 | | | 4.366 | | | 10/30/25 | | 1,663,054 |
| | | | 2,666,900 | | | 4.376 | | | 10/30/25 | | 2,566,369 |
| | | | 693,400 | | | 4.382 | | | 10/30/25 | | 667,262 |
| | | | 533,400 | | | 4.390 | | | 10/30/25 | | 513,293 |
| | | | 4,274,700 | | | 4.390 | | | 10/30/25 | | 4,113,562 |
| | | | 3,474,700 | | | 4.390 | | | 10/30/25 | | 3,343,719 |
| | United States Treasury Floating Rate Note |
| | | | 94,800 | | | 5.091 | | | 02/28/25 | | 93,902 |
| | | | 791,100 | | | 5.102 | | | 02/28/25 | | 783,607 |
| | | | 2,850,400 | | | 4.330 | | | 05/15/25 | | 2,821,509 |
| | | | 1,256,200 | | | 4.361 | | | 05/15/25 | | 1,247,220 |
| | | | 12,634,100 | | | 4.429 | | | 05/15/25 | | 12,506,042 |
| | | | 3,663,800 | | | 4.439 | | | 05/15/25 | | 3,626,664 |
| | | | 361,800 | | | 4.315 | | | 07/31/25 | | 362,816 |
| | | | 358,100 | | | 4.289 | | | 08/15/25 | | 355,166 |
| | | | 1,206,100 | | | 4.299 | | | 08/15/25 | | 1,196,216 |
| | | | 722,300 | | | 4.391 | | | 08/15/25 | | 710,450 |
| | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | Amortized Cost |
| |
| | U.S. Treasury Obligations – (continued) |
| | $ | | 481,600 | | | 4.394 | % | | 08/15/25 | | $ 477,654 |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) |
| | | | 116,802,100 | | | 4.594 | (a) | | 07/31/25 | | 116,758,244 |
| | | | 7,090,700 | | | 4.595 | (a) | | 07/31/25 | | 7,088,037 |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) |
| | | | 77,948,900 | | | 4.614 | (a) | | 04/30/26 | | 77,948,900 |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%) |
| | | | 132,108,100 | | | 4.641 | (a) | | 10/31/25 | | 132,012,559 |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) |
| | | | 2,282,600 | | | 4.668 | (a) | | 10/31/26 | | 2,282,862 |
| | | | 4,860,800 | | | 4.669 | (a) | | 10/31/26 | | 4,861,359 |
| | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
| | | | 60,605,200 | | | 4.706 | (a) | | 01/31/26 | | 60,614,308 |
| | | | 132,924,700 | | | 4.709 | (a) | | 01/31/26 | | 132,944,676 |
| | United States Treasury Floating Rate Note (3M USD T-Bill + 0.18%) |
| | | | 1,249,300 | | | 4.648 | (a) | | 07/31/26 | | 1,248,736 |
| | |
| | |
| | TOTAL U.S. TREASURY OBLIGATIONS | | $ 2,414,859,985 |
| | |
| | | | | | | | | | | | |
| |
| | Variable Rate Municipal Debt Obligations – 8.8% |
| | Alaska Housing Finance Corporation |
| | | | 5,700,000 | | | 4.600 | (d) | | 12/01/44 | | 5,700,000 |
| | | | 12,000,000 | | | 4.600 | (d) | | 12/01/47 | | 12,000,000 |
| | | | 94,000,000 | | | 4.600 | (d) | | 06/01/52 | | 94,000,000 |
| | Banner Health |
| | | | 82,700,000 | | | 4.600 | (d) | | 01/01/56 | | 82,700,000 |
| | Colorado Housing and Finance Authority |
| | | | 10,770,000 | | | 4.600 | (d) | | 05/01/43 | | 10,770,000 |
| | | | 3,440,000 | | | 4.600 | (d) | | 05/01/44 | | 3,440,000 |
| | | | 10,300,000 | | | 4.600 | (d) | | 11/01/50 | | 10,300,000 |
| | | | 14,640,000 | | | 4.600 | (d) | | 05/01/51 | | 14,640,000 |
| | | | 13,865,000 | | | 4.600 | (d) | | 11/01/51 | | 13,865,000 |
| | | | 7,000,000 | | | 4.600 | (d) | | 05/01/52 | | 7,000,000 |
| | | | 41,000,000 | | | 4.600 | (d) | | 11/01/54 | | 41,000,000 |
| | | | 11,320,000 | | | 4.620 | (d) | | 05/01/55 | | 11,320,000 |
| | Illinois Housing Development Authority |
| | | | 5,500,000 | | | 4.600 | (d) | | 10/01/48 | | 5,500,000 |
| | Kimberly-Clark Corporation |
| | | | 38,000,000 | | | 4.630 | (b)(d) | | 08/01/45 | | 38,000,000 |
| | Maine State Housing Authority |
| | | | 19,700,000 | | | 4.600 | (d) | | 11/15/52 | | 19,700,000 |
| | Metropolitan Water District of Southern California (The) |
| | | | 65,615,000 | | | 4.600 | (d) | | 07/01/37 | | 65,615,000 |
| | | | 19,700,000 | | | 4.600 | (d) | | 07/01/42 | | 19,700,000 |
| | Minnesota State Housing Finance Agency |
| | | | 7,500,000 | | | 4.600 | (d) | | 01/01/50 | | 7,500,000 |
| | | | 17,500,000 | | | 4.600 | (d) | | 07/01/54 | | 17,500,000 |
| | | | 42,000,000 | | | 4.600 | (d) | | 01/01/55 | | 42,000,000 |
| | New York State Housing Finance Agency |
| | | | 2,800,000 | | | 4.600 | (d) | | 05/15/33 | | 2,800,000 |
| | | | 22,350,000 | | | 4.600 | (d) | | 11/01/45 | | 22,350,000 |
| | Nuveen Credit Strategies Income Fund |
| | | | 31,000,000 | | | 4.720 | (b) | | 07/01/32 | | 31,000,000 |
| | | | 15,000,000 | | | 4.740 | (b) | | 08/01/37 | | 15,000,000 |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
| | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | Amortized Cost |
| |
| | Variable Rate Municipal Debt Obligations – (continued) |
| | Nuveen Preferred & Income Opportunities Fund |
| | $ | | 35,000,000 | | | 4.720 | %(b) | | 07/01/32 | | $ 35,000,000 |
| | Regents of The University of California (The) |
| | | | 42,175,000 | | | 4.600 | (d) | | 07/01/41 | | 42,175,000 |
| | Rhode Island Housing and Mortgage Finance Corporation |
| | | | 47,055,000 | | | 4.600 | (d) | | 10/01/53 | | 47,055,000 |
| | SSM Health Care Corporation |
| | | | 91,500,000 | | | 4.590 | (d) | | 06/01/53 | | 91,500,000 |
| | State of New York Mortgage Agency |
| | | | 12,500,000 | | | 4.630 | (d) | | 10/01/53 | | 12,500,000 |
| | State of Texas |
| | | | 22,800,000 | | | 4.680 | (d) | | 12/01/54 | | 22,800,000 |
| | University of Chicago (The) |
| | | | 38,000,000 | | | 4.830 | (d) | | 10/01/42 | | 38,000,000 |
| | Utah Hsg Corp Single Family Mtg Rev |
| | | | 14,000,000 | | | 4.600 | (d) | | 07/01/55 | | 14,000,000 |
| | |
| | |
| | TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | | $ 896,430,000 |
| | |
| | | | | | | | | | | | |
| |
| | Variable Rate Obligations – 4.6% |
| | Atlantic Asset Securitization LLC |
| | | | 16,383,000 | | | 4.730 | | | 02/03/25 | | 16,383,000 |
| | Banco Santander, S.A. |
| | | | 23,150,000 | | | 5.036 | | | 01/07/25 | | 23,154,175 |
| | Barclays US CCP Funding LLC |
| | | | 9,000,000 | | | 5.020 | | | 01/23/25 | | 9,000,000 |
| | | | 24,585,000 | | | 4.800 | | | 04/04/25 | | 24,585,000 |
| | BofA Securities, Inc. |
| | | | 10,096,000 | | | 4.880 | | | 04/24/25 | | 10,095,664 |
| | | | 20,057,000 | | | 4.890 | | | 06/06/25 | | 20,057,000 |
| | BPCE |
| | | | 14,000,000 | | | 4.820 | | | 02/03/25 | | 14,000,000 |
| | | | 32,284,000 | | | 4.820 | | | 03/03/25 | | 32,284,000 |
| | Collateralized Commercial Paper Flex Co., LLC |
| | | | 47,871,000 | | | 4.890 | | | 03/03/25 | | 47,871,000 |
| | | | 26,692,000 | | | 4.890 | | | 03/07/25 | | 26,692,000 |
| | Hsbc Bank PLC |
| | | | 850,000 | | | 4.958 | | | 01/03/25 | | 850,107 |
| | | | 16,392,000 | | | 4.960 | | | 01/28/25 | | 16,392,000 |
| | | | 21,232,000 | | | 4.910 | | | 02/07/25 | | 21,232,000 |
| | | | 8,238,000 | | | 4.910 | | | 02/14/25 | | 8,238,000 |
| | | | 7,200,000 | | | 4.780 | | | 04/07/25 | | 7,200,000 |
| | Ing (U.S.) Funding LLC |
| | | | 7,831,000 | | | 4.880 | | | 02/10/25 | | 7,830,844 |
| | Metlife Short Term Funding LLC |
| | | | 3,000,000 | | | 4.740 | | | 12/06/24 | | 2,999,992 |
| | Morgan Stanley Bank, National Association (SOFR + 0.78%) |
| | | | 1,000,000 | | | 5.331 | (a) | | 07/16/25 | | 1,002,690 |
| | Ridgefield Funding Company, LLC |
| | | | 10,000,000 | | | 4.647 | | | 05/22/25 | | 9,784,044 |
| | Royal Bank of Canada |
| | | | 2,000,000 | | | 4.927 | | | 01/21/25 | | 2,000,301 |
| | Sheffield Receivables Company LLC |
| | | | 9,839,000 | | | 4.760 | | | 12/16/24 | | 9,838,957 |
| | | | 11,238,000 | | | 4.760 | | | 02/13/25 | | 11,238,000 |
| | Starbird Funding Corporation |
| | | | 16,791,000 | | | 4.780 | | | 12/05/24 | | 16,791,000 |
| | | | 12,897,000 | | | 4.790 | | | 12/23/24 | | 12,897,000 |
| | | | 13,491,000 | | | 4.750 | | | 03/03/25 | | 13,491,000 |
| | | | 4,000,000 | | | 4.810 | | | 03/03/25 | | 3,999,888 |
| | | | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | | Amortized Cost |
| |
| | Variable Rate Obligations – (continued) |
| | $ | | 30,239,000 | | | 4.810 | % | | | 05/16/25 | | | $ 30,239,000 |
| | The Bank of Nova Scotia |
| | | | 9,500,000 | | | 4.950 | | | | 01/10/25 | | | 9,500,000 |
| | UBS AG - London Branch |
| | | | 5,700,000 | | | 4.950 | | | | 05/14/25 | | | 5,700,000 |
| | Versailles Commercial Paper LLC |
| | | | 10,000,000 | | | 4.810 | | | | 01/02/25 | | | 10,000,000 |
| | | | 40,000,000 | | | 4.770 | | | | 02/03/25 | | | 40,000,000 |
| | |
| | |
| | TOTAL VARIABLE RATE OBLIGATIONS | | | $ 465,346,662 |
| | |
| | |
| | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | | $ 8,210,737,634 |
| | |
| | | | | | | | | | | | | | |
| |
| | Repurchase Agreements(e) – 19.1% |
| | BNP Paribas |
| | | | 150,000,000 | | | 4.650 | | | | 12/02/24 | | | $ 150,000,000 |
| | Maturity Value: $150,058,125 |
| | Collateralized by mortgage-backed obligations, 2.500% to 14.234%, due 06/05/30 to 06/25/68, various asset-backed obligations, 1.030% to 6.372%, due 02/15/28 to 10/20/54 and various corporate security issuers, 1.650% to 7.375%, due 03/01/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $168,848,416. |
| | | | 25,000,000 | | | 4.750 | | | | 12/09/24 | | | $ 25,000,000 |
| | Maturity Value: $25,775,173 |
| | Settlement Date: 04/18/24 |
| | Collateralized by various asset-backed obligations, 4.875% to 10.500%, due 07/15/26 to 10/25/68 and various corporate security issuers, 3.875% to 12.000%, due 03/01/26 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $27,510,428. |
| | |
| | BofA Securities, Inc. |
| | | | 230,000,000 | | | 4.620 | | | | 12/02/24 | | | $ 230,000,000 |
| | Maturity Value: $230,088,550 |
| | Collateralized by municipal debt obligations, 3.158% to 4.616%, due 12/25/38 to 08/25/41 and various corporate security issuers, 0.000% to 8.250%, due 12/02/24 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $240,196,985. |
| | |
| | Citigroup Global Markets, Inc. |
| | | | 83,000,000 | | | 4.580 | (f) | | | 01/15/25 | | | $ 83,000,000 |
| | Maturity Value: $84,087,622 |
| | Settlement Date: 10/04/24 |
| | Collateralized by a U.S. Treasury Floating Rate Note, 4.614%, due 04/30/26 and U.S. Treasury Notes, 0.750% to 4.875%, due 04/30/26 to 05/31/26. The aggregate market value of the collateral, including accrued interest, was $84,660,097. |
| | | | 114,000,000 | | | 4.590 | (f) | | | 01/15/25 | | | $ 114,000,000 |
| | Maturity Value: $115,497,105 |
| | Settlement Date: 10/04/24 |
| | Collateralized by Government National Mortgage Association, 3.500% to 6.500%, due 03/20/54 to 04/20/54. The aggregate market value of the collateral, including accrued interest, was $116,280,923. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | | Amortized Cost |
| |
| | Repurchase Agreements(e) – (continued) |
| | Citigroup Global Markets, Inc. – (continued) |
| | $ | | 116,000,000 | | | 4.600 | %(f) | | | 02/10/25 | | | $ 116,000,000 |
| | Maturity Value: $117,837,956 |
| | Settlement Date: 10/09/24 |
| | Collateralized by Government National Mortgage Association, 3.500% to 6.500%, due 04/20/54. The aggregate market value of the collateral, including accrued interest, was $ 118,320,079. |
| | |
| | J.P. Morgan Securities LLC |
| | | | 100,000,000 | | | 4.690 | (f) | | | 12/11/24 | | | $ 100,000,000 |
| | Maturity Value: $101,159,473 |
| | Settlement Date: 09/13/24 |
| | Collateralized by auction rate preferred securities, 5.625% to 9.448%, due 04/30/29 to 01/01/49, an Exchange-Traded Fund, 0.000%, due 01/01/49, various corporate security issuers, 0.000% to 5.750%, due 05/01/25 to 06/01/54 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,018,608. |
| | | | 200,000,000 | | | 4.780 | (f) | | | 12/30/24 | | | $ 200,000,000 |
| | Maturity Value: $202,390,000 |
| | Settlement Date: 10/01/24 |
| | Collateralized by various corporate security issuers, 1.267% to 14.750%, due 01/15/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $218,822,965. |
| | |
| | Joint Account III |
| | | | 100,000,000 | | | 4.590 | | | | 12/02/24 | | | $ 100,000,000 |
| | Maturity Value: $100,038,250 |
| | |
| | Mizuho Securities USA LLC |
| | | | 100,000,000 | | | 4.680 | | | | 12/02/24 | | | $ 100,000,000 |
| | Maturity Value: $100,039,000 |
| | Collateralized by various asset-backed obligations, 0.480% to 9.250%, due 06/16/26 to 01/20/73. The aggregate market value of the collateral, including accrued interest, was $ 115,000,000. |
| | |
| | RBC Capital Markets LLC |
| | | | 200,000,000 | | | 4.680 | | | | 12/02/24 | | | $ 200,000,000 |
| | Maturity Value: $200,078,000 |
| | Collateralized by Federal Agricultural Mortgage Corp., 4.250%, due 11/18/27, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/25 and various corporate security issuers, 0.000% to 9.625%, due 01/17/25 to 04/15/12. The aggregate market value of the collateral, including accrued interest, was $209,654,616. |
| | |
| | Societe Generale |
| | | | 300,000,000 | | | 4.690 | | | | 12/02/24 | | | $ 300,000,000 |
| | Maturity Value: $300,117,250 |
| | Collateralized by mortgage-backed obligations, 3.250% to 9.264%, due 11/25/35 to 01/15/60, various asset-backed obligations, 5.197% to 13.587%, due 01/28/30 to 03/25/37, various corporate security issuers, 1.050% to 11.000%, due 05/01/25 to perpetual maturity and various sovereign debt security issuers, 3.230% to 8.950%, due 01/07/25 to 07/28/21. The aggregate market value of the collateral, including accrued interest, was $335,458,499. |
| | |
| | | | | | | | | | | | | | |
| | | | | Principal
Amount | | Interest
Rate | | | Maturity
Date | | | Amortized Cost |
| |
| | Repurchase Agreements(e) – (continued) |
| | TD Securities (USA) LLC |
| | $ | | 150,000,000 | | | 4.650 | % | | | 12/02/24 | | | $ 150,000,000 |
| | Maturity Value: $150,058,125 |
| | Collateralized by various corporate security issuers, 3.400% to 12.250%, due 06/16/25 to 10/15/32. The aggregate market value of the collateral, including accrued interest, was $165,000,793. |
| | Wells Fargo Securities, LLC |
| | | | 80,000,000 | | | 5.260 | | | | 05/28/25 | | | $ 80,000,000 |
| | Maturity Value: $82,431,289 |
| | Settlement Date: 11/01/24 |
| | Collateralized by mortgage-backed obligations, 2.500% to 11.224%, due 08/10/31 to 05/25/65 and various asset-backed obligation, 4.950%, due 02/15/29. The aggregate market value of the collateral, including accrued interest, was $91,319,893. |
| | |
| | TOTAL REPURCHASE AGREEMENTS | | | $ 1,948,000,000 |
| | |
| | TOTAL INVESTMENTS – 99.4% | | | $ 10,158,737,634 |
| | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6% | | | 61,374,472 |
| | |
| | NET ASSETS – 100.0% | | | $ 10,220,112,106 |
| | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | |
| (a) | | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2024. |
| (b) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | | All or a portion represents a forward commitment. |
| (d) | | Rate shown is that which is in effect on November 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (e) | | Unless noted, all repurchase agreements were entered into on November 30, 2024. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section. |
| (f) | | The instrument is subject to a demand feature. |
| |
| | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| |
| | Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |
| | |
|
| Investment Abbreviations: |
| MMY | | —Money Market Yield |
| PLC | | —Public Limited Company |
| Prime | | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | | —Secured Overnight Financing Rate |
| SOFRINDX | | —Secured Overnight Financing Rate Index |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
| | |
|
| Investment Abbreviations: (continued) |
| T-Bill | | —Treasury Bill |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized
Cost | |
| |
| | Non-Financial Company Commercial Paper – 18.9% | |
| | California – 18.9% | |
| | California Health Facilities Financing Authority | |
| | | | $ | 200,000 | | | | 2.950 | % | | 01/15/2025 | | $ | 200,000 | |
| | Department of Water Resources of The State of California | |
| | | | | 150,000 | | | | 3.050 | | | 12/04/2024 | | | 150,000 | |
| | | | | 100,000 | | | | 3.080 | | | 01/13/2025 | | | 100,000 | |
| | Los Angeles California Wastewater | |
| | | | | 100,000 | | | | 3.100 | | | 12/09/2024 | | | 100,000 | |
| | San Diego County Water Authority | |
| | | | | 200,000 | | | | 2.980 | | | 12/03/2024 | | | 200,000 | |
| | Stanford Health Care | |
| | | | | 200,000 | | | | 2.980 | | | 01/07/2025 | | | 200,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 950,000 | |
| | | |
| | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | | | 950,000 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Other Municipal Security – 22.7% | |
| | California – 22.7% | |
| | California Municipal Finance Authority | |
| | | | | 50,000 | | | | 2.463 | | | 06/01/2025 | | | 50,562 | |
| | | | | 20,000 | | | | 3.340 | | | 06/01/2025 | | | 20,224 | |
| | Los Angeles Unified School District | |
| | | | | 40,000 | | | | 2.717 | | | 07/01/2025 | | | 40,523 | |
| | Los Angeles, California (City of) | |
| | | | | 10,000 | | | | 2.720 | | | 06/26/2025 | | | 10,113 | |
| | | | | 100,000 | | | | 2.982 | | | 06/26/2025 | | | 101,130 | |
| | Los Angeles, California (County of) | |
| | | | | 55,000 | | | | 2.617 | | | 06/30/2025 | | | 55,721 | |
| | | | | 5,000 | | | | 3.381 | | | 06/30/2025 | | | 5,065 | |
| | Riverside, California (County of) | |
| | | | | 20,000 | | | | 2.620 | | | 06/30/2025 | | | 20,226 | |
| | | | | 5,000 | | | | 2.921 | | | 06/30/2025 | | | 5,057 | |
| | | | | 100,000 | | | | 3.032 | | | 06/30/2025 | | | 101,131 | |
| | | | | 5,000 | | | | 3.134 | | | 06/30/2025 | | | 5,057 | |
| | | | | 10,000 | | | | 3.329 | | | 06/30/2025 | | | 10,113 | |
| | Sacramento County Water Authority | |
| | | | | 15,000 | | | | 2.503 | | | 06/01/2025 | | | 15,184 | |
| | San Diego California Unified School District | |
| | | | | 155,000 | | | | 2.296 | | | 07/01/2025 | | | 157,404 | |
| | | | | 70,000 | | | | 2.876 | | | 07/01/2025 | | | 70,853 | |
| | San Francisco Bay Area Rapid Transit District | |
| | | | | 100,000 | | | | 2.351 | | | 08/01/2025 | | | 101,737 | |
| | | | | 60,000 | | | | 2.418 | | | 08/01/2025 | | | 61,016 | |
| | Santa Clara Valley Transportation Authority | |
| | | | | 100,000 | | | | 2.332 | | | 06/01/2025 | | | 101,313 | |
| | Sonoma County Transportation Authority | |
| | | | | 110,000 | | | | 3.002 | | | 12/01/2024 | | | 110,000 | |
| | | | | 100,000 | | | | 3.048 | | | 12/01/2024 | | | 100,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,142,429 | |
| | | |
| | TOTAL OTHER MUNICIPAL SECURITY | | | 1,142,429 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Treasury Debt – 7.7% | |
| | United States Treasury Bills | |
| | | | | 385,000 | | | | 4.580 | | | 12/05/2024 | | | 384,808 | |
| | | |
| | TOTAL U.S. TREASURY DEBT | | | 384,808 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized
Cost | |
| |
| | Variable Rate Demand Note - 48.0% | |
| | California – 48.0% | |
| | Airport Commission of The City and County of San Francisco | |
| | | | $ | 200,000 | | | | 1.750 | %(a) | | 05/01/2058 | | $ | 200,000 | |
| | Blackrock Muniholdings California Quality Fund Inc. | |
| | | | | 200,000 | | | | 3.000 | (a) | | 09/01/2054 | | | 200,000 | |
| | California Educational Facilities Authority | |
| | | | | 225,000 | | | | 1.760 | (a) | | 10/01/2036 | | | 225,000 | |
| | Chevron Corporation | |
| | | | | 130,000 | | | | 2.500 | (a) | | 11/01/2035 | | | 130,000 | |
| | Housing Authority of The County of Sacramento (FNMA) | |
| | | | | 185,000 | | | | 1.900 | (a) | | 07/15/2029 | | | 185,000 | |
| | Metropolitan Water District of Southern California (The) | |
| | | | | 200,000 | | | | 4.600 | (a) | | 07/01/2037 | | | 200,000 | |
| | Orange County Water District | |
| | | | | 100,000 | | | | 3.022 | | | 02/15/2025 | | | 100,151 | |
| | Pasadena, California (City of) | |
| | | | | 200,000 | | | | 2.130 | (a) | | 02/01/2035 | | | 200,000 | |
| | Rady Children’s Hospital-San Diego | |
| | | | | 200,000 | | | | 1.800 | (a) | | 08/15/2047 | | | 200,000 | |
| | Regents of The University of California (The) | |
| | | | | 100,000 | | | | 2.350 | (a) | | 05/15/2048 | | | 100,000 | |
| | San Mateo County Joint Powers Financing Authority | |
| | | | | 175,000 | | | | 1.900 | (a) | | 04/01/2039 | | | 175,000 | |
| | Santa Clara, California (County of) | |
| | | | | 100,000 | | | | 2.050 | (a) | | 05/15/2035 | | | 100,000 | |
| | Scripps Health | |
| | | | | 200,000 | | | | 1.800 | (a) | | 08/01/2035 | | | 200,000 | |
| | Southern California Public Power Authority | |
| | | | | 200,000 | | | | 2.850 | (a) | | 07/01/2036 | | | 200,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,415,151 | |
| | | |
| | TOTAL VARIABLE RATE DEMAND NOTE | | | 2,415,151 | |
| | | |
| | TOTAL INVESTMENTS – 97.3% (Cost $4,892,388) | | $ | 4,892,388 | |
| | | |
| | OTHER ASSETS IN EXCESS
OF LIABILITIES – 2.7% | | | 137,215 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 5,029,603 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | |
| (a) | | Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| |
| | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| |
| | Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
| | |
|
| Investment Abbreviations: |
| FNMA | | - Insured by Federal National Mortgage Association |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Non-Financial Company Commercial Paper – 31.5% | |
| | Alabama – 0.1% | |
| | Health Care Authority of The City of Huntsville (The) | |
| | $ | | | 2,000,000 | | | | 3.290 | % | | 12/20/2024 | | $ | 2,000,000 | |
| | | |
| | Colorado – 2.2% | |
| | Denver Board of Water Commissioners | |
| | | | | 18,750,000 | | | | 3.150 | | | 01/06/2025 | | | 18,750,000 | |
| | Lower Colorado River Authority | |
| | | | | 25,248,000 | | | | 3.300 | | | 01/14/2025 | | | 25,248,000 | |
| | | | | 8,552,000 | | | | 3.250 | | | 01/22/2025 | | | 8,552,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 52,550,000 | |
| | | |
| | District of Columbia – 1.5% | |
| | King, Washington (County of) | |
| | | | | 36,000,000 | | | | 3.220 | | | 01/27/2025 | | | 36,000,000 | |
| | | |
| | Georgia – 0.4% | |
| | Municipal Electric Authority of Georgia (The) | |
| | | | | 10,000,000 | | | | 3.350 | | | 12/10/2024 | | | 10,000,000 | |
| | | |
| | Illinois – 1.0% | |
| | Illinois Finance Authority | |
| | | | | 25,300,000 | | | | 3.100 | | | 05/20/2025 | | | 25,300,000 | |
| | | |
| | Indiana – 0.3% | |
| | Indiana University | |
| | | | | 6,866,000 | | | | 3.230 | | | 12/03/2024 | | | 6,866,000 | |
| | | |
| | Massachusetts – 0.2% | |
| | Massachusetts Bay Transportation Authority | |
| | | | | 5,000,000 | | | | 3.200 | | | 12/17/2024 | | | 5,000,000 | |
| | | |
| | Michigan – 0.8% | |
| | University of Michigan | |
| | | | | 20,500,000 | | | | 3.250 | | | 12/12/2024 | | | 20,500,000 | |
| | | |
| | Minnesota – 1.7% | |
| | Hennepin County, Minnesota | |
| | | | | 27,000,000 | | | | 3.180 | | | 12/10/2024 | | | 27,000,000 | |
| | | | | 15,000,000 | | | | 3.300 | | | 12/17/2024 | | | 15,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 42,000,000 | |
| | | |
| | Nebraska – 2.8% | |
| | Omaha Pub Pwr Dist Neb | |
| | | | | 5,000,000 | | | | 3.160 | | | 12/05/2024 | | | 5,000,000 | |
| | Omaha Public Power District | |
| | | | | 5,725,000 | | | | 3.250 | | | 12/03/2024 | | | 5,725,000 | |
| | | | | 7,400,000 | | | | 3.250 | | | 12/10/2024 | | | 7,400,000 | |
| | | | | 6,900,000 | | | | 3.250 | | | 12/12/2024 | | | 6,900,000 | |
| | | | | 14,000,000 | | | | 3.250 | | | 12/16/2024 | | | 14,000,000 | |
| | | | | 10,000,000 | | | | 3.160 | | | 12/19/2024 | | | 10,000,000 | |
| | | | | 6,250,000 | | | | 3.320 | | | 01/15/2025 | | | 6,250,000 | |
| | | | | 13,150,000 | | | | 3.210 | | | 01/23/2025 | | | 13,150,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 68,425,000 | |
| | | |
| | New York – 0.8% | |
| | Power Authority of The State of New York | |
| | | | | 6,122,000 | | | | 3.300 | | | 12/06/2024 | | | 6,122,000 | |
| | Trustees of Columbia University in The City of New York (The) | |
| | | | | 14,300,000 | | | | 3.350 | | | 12/05/2024 | | | 14,300,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 20,422,000 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Non-Financial Company Commercial Paper – (continued) | |
| | North Carolina – 1.2% | |
| | University of North Carolina System | |
| | $ | | | 10,000,000 | | | | 3.180 | % | | 02/13/2025 | | $ | 10,000,000 | |
| | | | | 19,000,000 | | | | 3.110 | | | 02/25/2025 | | | 19,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 29,000,000 | |
| | | |
| | Ohio – 1.4% | |
| | Ohio St Wtr Dev Auth | |
| | | | | 5,000,000 | | | | 3.120 | | | 01/30/2025 | | | 5,000,000 | |
| | Ohio Water Development Authority | |
| | | | | 14,000,000 | | | | 3.180 | | | 12/11/2024 | | | 14,000,000 | |
| | | | | 15,000,000 | | | | 3.100 | | | 03/05/2025 | | | 15,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 34,000,000 | |
| | | |
| | Oregon – 0.4% | |
| | Oregon Department of Transportation | |
| | | | | 9,163,000 | | | | 3.200 | | | 02/13/2025 | | | 9,163,000 | |
| | | |
| | Pennsylvania – 1.4% | |
| | California Statewide Communities Development Authority | |
| | | | | 15,285,000 | | | | 2.986 | | | 01/14/2025 | | | 15,284,359 | |
| | The Trustees of The University of Pennsylvania | |
| | | | | 12,500,000 | | | | 3.100 | | | 02/19/2025 | | | 12,500,000 | |
| | | | | 8,335,000 | | | | 3.050 | | | 05/14/2025 | | | 8,335,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 36,119,359 | |
| | | |
| | Tennessee – 1.0% | |
| | Nashville and Davidson County, Tennessee | |
| | | | | 20,000,000 | | | | 3.250 | | | 12/11/2024 | | | 20,000,000 | |
| | The Vanderbilt University | |
| | | | | 5,000,000 | | | | 3.600 | | | 12/02/2024 | | | 5,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 25,000,000 | |
| | | |
| | Texas – 14.3% | |
| | Austin, Texas (City of) | |
| | | | | 5,000,000 | | | | 3.330 | | | 12/04/2024 | | | 5,000,000 | |
| | | | | 21,200,000 | | | | 3.270 | | | 12/05/2024 | | | 21,200,000 | |
| | | | | 5,000,000 | | | | 3.550 | | | 12/05/2024 | | | 5,000,000 | |
| | | | | 15,000,000 | | | | 3.350 | | | 12/19/2024 | | | 15,000,000 | |
| | Board of Regents of The Texas A&M University System | |
| | | | | 12,195,000 | | | | 3.180 | | | 02/18/2025 | | | 12,195,000 | |
| | Dallas Texas Waterworks & Sewer System | |
| | | | | 24,800,000 | | | | 3.270 | | | 12/19/2024 | | | 24,800,000 | |
| | | | | 25,000,000 | | | | 3.380 | | | 12/19/2024 | | | 25,000,000 | |
| | Harris County Cultural Education Facilities Finance Corporation | |
| | | | | 43,280,000 | | | | 3.300 | | | 12/02/2024 | | | 43,280,000 | |
| | Harris Texas (County of) | |
| | | | | 5,280,000 | | | | 3.250 | | | 02/20/2025 | | | 5,280,000 | |
| | | | | 8,875,000 | | | | 3.180 | | | 03/04/2025 | | | 8,875,000 | |
| | Montgomery, Maryland (County of) | |
| | | | | 20,000,000 | | | | 3.220 | | | 12/02/2024 | | | 20,000,000 | |
| | Regents of The University of Michigan | |
| | | | | 23,535,000 | | | | 3.210 | | | 12/04/2024 | | | 23,535,000 | |
| | San Antonio Water System | |
| | | | | 40,800,000 | | | | 3.230 | | | 12/09/2024 | | | 40,800,000 | |
| | The University of Texas System | |
| | | | | 24,500,000 | | | | 3.560 | | | 12/18/2024 | | | 24,500,000 | |
| | | | | 10,000,000 | | | | 3.150 | | | 01/08/2025 | | | 10,000,000 | |
| | | | | 9,875,000 | | | | 3.200 | | | 01/09/2025 | | | 9,875,000 | |
| | | | | 15,000,000 | | | | 3.320 | | | 01/14/2025 | | | 15,000,000 | |
| | | | | 13,400,000 | | | | 3.200 | | | 02/05/2025 | | | 13,400,000 | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized
Cost | |
| |
| | Non-Financial Company Commercial Paper – (continued) | |
| | Texas – (continued) | |
| | The University of Texas System – (continued) | |
| | $ | | | 5,000,000 | | | | 3.150 | % | | 02/14/2025 | | $ | 5,000,000 | |
| | University of North Texas System | |
| | | | | 14,300,000 | | | | 3.180 | | | 12/05/2024 | | | 14,300,000 | |
| | | | | 14,760,000 | | | | 3.150 | | | 01/08/2025 | | | 14,760,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 356,800,000 | |
| | | |
| | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | | | 779,145,359 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Other Municipal Security – 9.4% | |
| | California – 2.9% | |
| | Los Angeles Department of Water and Power | |
| | | | | 15,100,000 | | | | 2.500 | (a) | | 07/01/2034 | | | 15,100,000 | |
| | Los Angeles Unified School District | |
| | | | | 3,695,000 | | | | 2.717 | | | 07/01/2025 | | | 3,743,326 | |
| | Los Angeles, California (City of) | |
| | | | | 32,260,000 | | | | 3.420 | | | 06/26/2025 | | | 32,539,634 | |
| | Los Angeles, California (County of) | |
| | | | | 11,500,000 | | | | 3.250 | | | 06/30/2025 | | | 11,612,659 | |
| | Riverside, California (County of) | |
| | | | | 2,900,000 | | | | 2.620 | | | 06/30/2025 | | | 2,929,854 | |
| | | | | 30,000 | | | | 2.921 | | | 06/30/2025 | | | 30,309 | |
| | | | | 4,705,000 | | | | 3.032 | | | 06/30/2025 | | | 4,753,436 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 70,709,218 | |
| | | |
| | Colorado – 0.0% | |
| | Regents of The University of Colorado (The) | |
| | | | | 920,000 | | | | 3.460 | | | 06/01/2025 | | | 926,946 | |
| | | |
| | Florida – 4.1% | |
| | Broward County Florida School District | |
| | | | | 50,440,000 | | | | 3.349 | | | 01/29/2025 | | | 50,491,263 | |
| | | | | 410,000 | | | | 3.883 | | | 01/29/2025 | | | 410,417 | |
| | Pinellas County School Board | |
| | | | | 24,085,000 | | | | 3.232 | | | 06/30/2025 | | | 24,324,824 | |
| | School Board of Miami–Dade County (The) | |
| | | | | 18,790,000 | | | | 3.137 | | | 01/07/2025 | | | 18,814,487 | |
| | | | | 1,600,000 | | | | 3.325 | | | 01/07/2025 | | | 1,602,085 | |
| | | | | 3,675,000 | | | | 3.363 | | | 01/07/2025 | | | 3,679,789 | |
| | | | | 5,000 | | | | 3.408 | | | 01/07/2025 | | | 5,006 | |
| | | | | 10,000 | | | | 3.456 | | | 01/07/2025 | | | 10,013 | |
| | | | | 5,000 | | | | 3.469 | | | 01/07/2025 | | | 5,007 | |
| | | | | 10,000 | | | | 3.659 | | | 01/07/2025 | | | 10,013 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 99,352,904 | |
| | | |
| | Louisiana – 0.5% | |
| | Louisiana (State of) | |
| | | | | 11,720,000 | | | | 2.661 | | | 10/01/2025 | | | 11,943,815 | |
| | | |
| | New York – 0.0% | |
| | City of New York | |
| | | | | 1,000,000 | | | | 2.757 | | | 08/01/2025 | | | 1,014,614 | |
| | | | | 225,000 | | | | 2.809 | | | 08/01/2025 | | | 228,288 | |
| | | | | 10,000 | | | | 2.897 | | | 08/01/2025 | | | 10,146 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,253,048 | |
| | | |
| | South Carolina – 0.9% | |
| | Charleston County School District (SCSDE) | |
| | | | | 4,105,000 | | | | 3.037 | (b) | | 04/01/2025 | | | 4,117,315 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Other Municipal Security – (continued) | |
| | South Carolina – (continued) | |
| | Greenville County School District | |
| | $ | | | 17,585,000 | | | | 2.938 | % | | 06/24/2025 | | $ | 17,783,575 | |
| | | | | 10,000 | | | | 3.456 | | | 06/24/2025 | | | 10,113 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 21,911,003 | |
| | | |
| | Texas – 0.7% | |
| | Houston, Texas (City of) | |
| | | | | 17,715,000 | | | | 2.946 | | | 06/30/2025 | | | 17,820,381 | |
| | | |
| | Washington – 0.3% | |
| | Washington (State of) | |
| | | | | 7,350,000 | | | | 3.177 | | | 07/01/2025 | | | 7,426,821 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 7,426,821 | |
| | | |
| | TOTAL OTHER MUNICIPAL SECURITY | | | 231,344,136 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Tender Option Bond – 1.6% | |
| | Connecticut – 0.1% | |
| | Connecticut Housing Finance Authority | |
| | | | | 1,000,000 | | | | 2.890 | (c) | | 11/15/2052 | | | 1,000,000 | |
| | | |
| | Nebraska – 0.2% | |
| | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | |
| | | | | 5,725,000 | | | | 2.890 | (c) | | 09/01/2043 | | | 5,725,000 | |
| | | |
| | New Jersey – 1.3% | |
| | New Jersey Transportation Trust Fund Authority | |
| | | | | 32,660,000 | | | | 3.010 | (c) | | 06/15/2049 | | | 32,660,000 | |
| | | |
| | TOTAL TENDER OPTION BOND | | | 39,385,000 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Variable Rate Demand Note – 55.5% | |
| | Alaska – 2.4% | |
| | Alaska Housing Finance Corporation | |
| | | | | 18,330,000 | | | | 3.350 | (a) | | 12/01/2030 | | | 18,330,000 | |
| | | | | 27,085,000 | | | | 2.800 | (a) | | 12/01/2040 | | | 27,085,000 | |
| | | | | 15,000,000 | | | | 2.800 | (a) | | 12/01/2041 | | | 15,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 60,415,000 | |
| | | |
| | Arizona – 1.5% | |
| | Arizona State University | |
| | | | | 13,755,000 | | | | 2.800 | (a) | | 07/01/2034 | | | 13,755,000 | |
| | Banner Health | |
| | | | | 1,375,000 | | | | 3.250 | (a) | | 01/01/2046 | | | 1,375,000 | |
| | Maricopa County Arizona Industrial Development Authority | |
| | | | | 18,920,000 | | | | 2.860 | (a) | | 01/01/2048 | | | 18,920,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 34,050,000 | |
| | | |
| | California – 0.1% | |
| | Los Angeles Department of Water and Power | |
| | | | | 2,750,000 | | | | 2.500 | (a) | | 07/01/2051 | | | 2,750,000 | |
| | | |
| | Colorado – 1.7% | |
| | Colorado Health Facilities Authority | |
| | | | | 10,000,000 | | | | 2.800 | (a) | | 05/15/2064 | | | 10,000,000 | |
| | Colorado Springs Colorado (Combined Utilities Sytem) | |
| | | | | 565,000 | | | | 2.880 | (a) | | 11/01/2035 | | | 565,000 | |
| | | | | 18,010,000 | | | | 2.850 | (a) | | 11/01/2036 | | | 18,010,000 | |
| | | | | 2,730,000 | | | | 2.880 | (a) | | 11/01/2038 | | | 2,730,000 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Amortized
Cost | |
| |
| | Variable Rate Demand Note – (continued) | |
| | Colorado – (continued) | |
| | University of Colorado Hospital Authority | |
| | $ | | | 11,100,000 | | | | 2.800 | %(a) | | 11/15/2039 | | $ | 11,100,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 42,405,000 | |
| | | |
| | Connecticut – 2.1% | |
| | Connecticut Housing Finance Authority | |
| | | | | 4,200,000 | | | | 2.960 | (a) | | 05/15/2034 | | | 4,200,000 | |
| | | | | 12,520,000 | | | | 2.860 | (a) | | 11/15/2043 | | | 12,520,000 | |
| | | | | 16,000,000 | | | | 2.860 | (a) | | 05/15/2048 | | | 16,000,000 | |
| | | | | 18,870,000 | | | | 2.800 | (a) | | 11/15/2048 | | | 18,870,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 51,590,000 | |
| | | |
| | District of Columbia – 1.4% | |
| | District of Columbia Water & Sewer Authority | |
| | | | | 10,000,000 | | | | 3.170 | (a) | | 10/01/2054 | | | 10,000,000 | |
| | Metropolitan Washington Airports Authority | |
| | | | | 24,965,000 | | | | 2.860 | (a) | | 10/01/2039 | | | 24,965,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 34,965,000 | |
| | | |
| | Florida – 3.7% | |
| | Adventist Health System Sunbelt Healthcare Corporation | |
| | | | | 24,875,000 | | | | 2.800 | (a) | | 11/15/2032 | | | 24,875,000 | |
| | | | | 28,515,000 | | | | 2.850 | (a) | | 11/15/2034 | | | 28,515,000 | |
| | | | | 7,465,000 | | | | 2.860 | (a) | | 11/15/2037 | | | 7,465,000 | |
| | Baptist Health System, Inc. | |
| | | | | 3,655,000 | | | | 2.860 | (a) | | 08/01/2036 | | | 3,655,000 | |
| | Florida Power & Light Company | |
| | | | | 27,885,000 | | | | 2.950 | (a) | | 05/01/2046 | | | 27,885,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 92,395,000 | |
| | | |
| | Idaho – 0.1% | |
| | Trinity Health Corporation | |
| | | | | 2,000,000 | | | | 3.550 | (a) | | 12/01/2048 | | | 2,000,000 | |
| | | |
| | Illinois – 1.7% | |
| | Northwestern Memorial Healthcare | |
| | | | | 6,900,000 | | | | 2.750 | (a) | | 07/15/2055 | | | 6,900,000 | |
| | Northwestern University | |
| | | | | 8,050,000 | | | | 2.880 | (a) | | 12/01/2034 | | | 8,050,000 | |
| | | | | 26,760,000 | | | | 2.860 | (a) | | 12/01/2046 | | | 26,760,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 41,710,000 | |
| | | |
| | Indiana – 0.7% | |
| | Ascension Health | |
| | | | | 11,125,000 | | | | 2.850 | (a) | | 11/15/2033 | | | 11,125,000 | |
| | Purdue University | |
| | | | | 5,085,000 | | | | 2.750 | (a) | | 07/01/2033 | | | 5,085,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 16,210,000 | |
| | | |
| | Louisiana – 0.8% | |
| | Air Products and Chemicals, Inc. | |
| | | | | 3,800,000 | | | | 3.250 | (a) | | 05/01/2042 | | | 3,800,000 | |
| | Exxon Mobil Corporation | |
| | | | | 9,980,000 | | | | 3.220 | (a) | | 08/01/2035 | | | 9,980,000 | |
| | Louisiana Public Facilities Authority | |
| | | | | 7,000,000 | | | | 2.860 | (a) | | 09/01/2057 | | | 7,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 20,780,000 | |
| | | |
| | Maryland – 0.4% | |
| | Maricopa County Arizona Industrial Development Authority | |
| | | | | 10,000,000 | | | | 2.800 | (a) | | 06/01/2042 | | | 10,000,000 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Amortized
Cost | |
| |
| | Variable Rate Demand Note – (continued) | |
| | Massachusetts – 1.7% | |
| | Massachusetts Housing Finance Agency | |
| $ | | | | | 16,270,000 | | | | 2.800 | %(a) | | 11/01/2048 | | $ | 16,270,000 | |
| | Massachusetts Water Resources Authority | |
| | | | | 6,515,000 | | | | 2.750 | (a) | | 08/01/2037 | | | 6,515,000 | |
| | Museum of Fine Arts | |
| | | | | 18,625,000 | | | | 3.310 | (a) | | 12/01/2037 | | | 18,625,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 41,410,000 | |
| | | |
| | Minnesota – 4.3% | |
| | Hennepin County, Minnesota | |
| | | | | 6,820,000 | | | | 2.800 | (a) | | 12/01/2038 | | | 6,820,000 | |
| | | | | 19,300,000 | | | | 2.800 | (a) | | 12/01/2041 | | | 19,300,000 | |
| | | | | Mayo Clinic | |
| | | | | 31,670,000 | | | | 2.800 | (a) | | 12/07/2023 | | | 31,670,000 | |
| | | | | 20,000,000 | | | | 2.850 | (a) | | 11/15/2047 | | | 20,000,000 | |
| | Minnesota State Housing Finance Agency (GNMA/FNMA/ FHLMC) | |
| | | | | 26,360,000 | | | | 2.800 | (a) | | 01/01/2042 | | | 26,360,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 104,150,000 | |
| | | |
| | Mississippi – 1.1% | |
| | Chevron Corporation | |
| | | | | 1,245,000 | | | | 3.220 | (a) | | 12/01/2023 | | | 1,245,000 | |
| | | | | 6,605,000 | | | | 2.780 | (a) | | 12/07/2023 | | | 6,605,000 | |
| | | | | 20,000,000 | | | | 3.200 | (a) | | 12/01/2030 | | | 20,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 27,850,000 | |
| | | |
| | Missouri – 0.3% | |
| | Ascension Health | |
| | | | | 8,100,000 | | | | 2.850 | (a) | | 11/15/2039 | | | 8,100,000 | |
| | | |
| | New York – 7.7% | |
| | | | | City of New York | |
| | | | | 12,000,000 | | | | 3.200 | (a) | | 03/01/2042 | | | 12,000,000 | |
| | | | | 1,850,000 | | | | 3.300 | (a) | | 04/01/2042 | | | 1,850,000 | |
| | | | | 2,520,000 | | | | 3.200 | (a) | | 08/01/2044 | | | 2,520,000 | |
| | Cold Spring Harbor Laboratory, Inc. | |
| | | | | 1,600,000 | | | | 3.250 | (a) | | 01/01/2034 | | | 1,600,000 | |
| | Long Island Power Authority | |
| | | | | 34,110,000 | | | | 2.800 | (a) | | 05/01/2033 | | | 34,110,000 | |
| | Nassau County Local Economic Assistance and Financing Corporation | |
| | | | | 5,000,000 | | | | 2.800 | (a) | | 01/01/2045 | | | 5,000,000 | |
| | New York City Housing Development Corporation | |
| | | | | 23,295,000 | | | | 2.900 | (a) | | 03/15/2036 | | | 23,295,000 | |
| | New York City Municipal Water Finance Authority | |
| | | | | 12,995,000 | | | | 3.250 | (a) | | 06/15/2044 | | | 12,995,000 | |
| | | | | 1,355,000 | | | | 3.250 | (a) | | 06/15/2050 | | | 1,355,000 | |
| | New York City Transitional Finance Authority | |
| | | | | 7,890,000 | | | | 3.200 | (a) | | 08/01/2043 | | | 7,890,000 | |
| | | | | 2,000,000 | | | | 3.250 | (a) | | 08/01/2045 | | | 2,000,000 | |
| | | | | 2,500,000 | | | | 2.850 | (a) | | 05/01/2053 | | | 2,500,000 | |
| | New York State Energy Research and Development Authority | |
| | | | | 1,300,000 | | | | 2.850 | (a) | | 05/01/2039 | | | 1,300,000 | |
| | New York State Housing Finance Agency | |
| | | | | 14,500,000 | | | | 2.830 | (a) | | 05/15/2037 | | | 14,500,000 | |
| | | | | 21,900,000 | | | | 2.750 | (a) | | 11/15/2037 | | | 21,900,000 | |
| | | | | 23,500,000 | | | | 2.750 | (a) | | 05/15/2039 | | | 23,500,000 | |
| | | | | 18,050,000 | | | | 2.830 | (a) | | 05/15/2041 | | | 18,050,000 | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Amortized
Cost | |
| |
| | Variable Rate Demand Note – (continued) | |
| | New York – (continued) | |
| | State of New York Mortgage Agency | |
| | $ | | | 4,945,000 | | | | 2.800 | %(a) | | 04/01/2051 | | $ | 4,945,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 191,310,000 | |
| | | |
| | North Carolina – 1.1% | |
| | Duke University | |
| | | | | 4,410,000 | | | | 3.100 | (a) | | 06/01/2027 | | | 4,410,000 | |
| | The Charlotte-Mecklenburg Hospital Authority | |
| | | | | 13,900,000 | | | | 2.900 | (a) | | 01/15/2048 | | | 13,900,000 | |
| | University of North Carolina Hospital | |
| | | | | 4,075,000 | | | | 2.800 | (a) | | 02/01/2029 | | | 4,075,000 | |
| | | | | 3,350,000 | | | | 2.870 | (a) | | 02/01/2029 | | | 3,350,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 25,735,000 | |
| | | |
| | Ohio – 6.0% | |
| | Columbus Ohio Sewerage System (City of) | |
| | | | | 4,285,000 | | | | 2.850 | (a) | | 12/01/2026 | | | 4,285,000 | |
| | | | | 6,415,000 | | | | 2.850 | (a) | | 06/01/2032 | | | 6,415,000 | |
| | Ohio State University (The) | |
| | | | | 9,710,000 | | | | 2.800 | (a) | | 06/01/2043 | | | 9,710,000 | |
| | | | | 19,400,000 | | | | 2.950 | (a) | | 12/01/2044 | | | 19,400,000 | |
| | Ohiohealth Corporation | |
| | | | | 14,000,000 | | | | 2.800 | (a) | | 11/15/2041 | | | 14,000,000 | |
| | | | | 35,875,000 | | | | 2.750 | (a) | | 05/15/2053 | | | 35,875,000 | |
| | | | | 7,400,000 | | | | 2.850 | (a) | | 05/15/2053 | | | 7,400,000 | |
| | State of Ohio | |
| | | | | 4,115,000 | | | | 2.850 | (a) | | 03/15/2025 | | | 4,115,000 | |
| | | | | 10,000,000 | | | | 2.800 | (a) | | 10/01/2040 | | | 10,000,000 | |
| | | | | 31,755,000 | | | | 2.750 | (a) | | 12/01/2040 | | | 31,755,000 | |
| | Trinity Health Corporation | |
| | | | | 4,500,000 | | | | 3.550 | (a) | | 12/01/2046 | | | 4,500,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 147,455,000 | |
| | | |
| | Other – 3.0% | |
| | Nuveen Insd Tax-Free Advantage Mun Fd | |
| | | | | 75,000,000 | | | | 2.950 | (a)(c) | | 09/11/2026 | | | 75,000,000 | |
| | | |
| | Pennsylvania – 2.8% | |
| | Northampton County General Purpose Authority | |
| | | | | 14,800,000 | | | | 2.860 | (a) | | 11/15/2039 | | | 14,800,000 | |
| | Pennsylvania Higher Educational Facilities Authority | |
| | | | | 10,000,000 | | | | 3.250 | (a) | | 11/01/2061 | | | 10,000,000 | |
| | Pennsylvania Housing Finance Agency | |
| | | | | 30,900,000 | | | | 2.800 | (a) | | 10/01/2050 | | | 30,900,000 | |
| | United Parcel Service, Inc. | |
| | | | | 14,915,000 | | | | 3.200 | (a) | | 09/01/2045 | | | 14,915,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 70,615,000 | |
| | | |
| | South Carolina – 1.2% | |
| | South Carolina Public Service Authority Variable Rate Revenue Obligations, 2019 Tax-Exempt Refunding Series A (Sc) | |
| | | | | 31,000,000 | | | | 3.050 | (a) | | 01/01/2036 | | | 31,000,000 | |
| | | |
| | Texas – 4.6% | |
| | Cook Children’s Medical Center | |
| | | | | 3,065,000 | | | | 2.950 | (a) | | 12/01/2039 | | | 3,065,000 | |
| | Exxon Mobil Corporation | |
| | | | | 14,380,000 | | | | 3.250 | (a) | | 11/01/2029 | | | 14,380,000 | |
| | | | | 9,955,000 | | | | 3.250 | (a) | | 11/01/2038 | | | 9,955,000 | |
| | | | | 12,800,000 | | | | 3.250 | (a) | | 11/01/2041 | | | 12,800,000 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Amortized
Cost | |
| |
| | Variable Rate Demand Note – (continued) | |
| | Texas – (continued) | |
| | Exxon Mobil Corporation – (continued) | |
| $ | | | | | 15,115,000 | | | | 3.250 | %(a) | | 05/01/2046 | | $ | 15,115,000 | |
| | | | | 13,505,000 | | | | 3.250 | (a) | | 11/01/2051 | | | 13,505,000 | |
| | Houston Texas (Combined Utilities System) | |
| | | | | 4,500,000 | | | | 3.080 | (a) | | 05/15/2034 | | | 4,500,000 | |
| | Methodist Hospital-Houston (The) | |
| | | | | 5,765,000 | | | | 3.250 | (a) | | 12/01/2041 | | | 5,765,000 | |
| | State of Texas | |
| | | | | 3,800,000 | | | | 2.920 | (a) | | 06/01/2042 | | | 3,800,000 | |
| | | | | 200,000 | | | | 3.000 | (a) | | 06/01/2053 | | | 200,000 | |
| | Texas Health Resources | |
| | | | | 27,600,000 | | | | 2.050 | (a) | | 11/15/2047 | | | 27,600,000 | |
| | | | | 1,950,000 | | | | 2.880 | (a) | | 11/15/2051 | | | 1,950,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 112,635,000 | |
| | | |
| | Utah – 0.1% | |
| | IHC Health Services, Inc. | |
| | | | | 3,000,000 | | | | 2.950 | (a) | | 05/15/2051 | | | 3,000,000 | |
| | | |
| | Virginia – 2.7% | |
| | Sentara Healthcare | |
| | | | | 58,650,000 | | | | 2.800 | (a) | | 11/01/2034 | | | 58,650,000 | |
| | University of Richmond | |
| | | | | 6,375,000 | | | | 2.800 | (a) | | 08/01/2034 | | | 6,375,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 65,025,000 | |
| | | |
| | Washington – 1.5% | |
| | Port of Tacoma | |
| | | | | 18,205,000 | | | | 2.850 | (a) | | 12/01/2044 | | | 18,205,000 | |
| | The City of Seattle, Washington Municipal Light and Power | |
| | | | | 10,050,000 | | | | 3.200 | (a) | | 12/01/2023 | | | 10,050,000 | |
| | Washington Suburban Sanitary District (CNTY GTD) | |
| | | | | 10,000,000 | | | | 3.170 | (a) | | 06/01/2027 | | | 10,000,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 38,255,000 | |
| | | |
| | Wisconsin – 0.8% | |
| | Public Finance Authority | |
| | | | | 20,000,000 | | | | 2.860 | (a) | | 10/01/2044 | | | 20,000,000 | |
| | | |
| | TOTAL VARIABLE RATE DEMAND NOTE | | | 1,370,810,000 | |
| | | |
| | TOTAL INVESTMENTS – 98.0%
(Cost $2,420,684,495) | | $ | 2,420,684,495 | |
| | | |
| | OTHER ASSETS IN EXCESS
OF LIABILITIES – 2.0% | | | 49,791,490 | |
| | | |
| | NET ASSETS – 100.0% | | | $ 2,470,475,985 | |
| | | |
| | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| | |
| (a) | | Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | | All or a portion represents a forward commitment. |
| (c) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Schedule of Investments (continued) November 30, 2024 |
| | |
|
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |
| | |
|
| Investment Abbreviations: |
| CNTY GTD | | - County Guaranteed |
| FHLMC | | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | | - Insured by Federal National Mortgage Association |
| GNMA | | - Insured by Government National Mortgage Association |
| IHC | | - Intermountain Health Care |
| SCSDE | | - South Carolina State Department of Education |
|
|
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Schedule of Investments November 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized
Cost | |
| |
| | Non-Financial Company Commercial Paper – 7.0% | |
| | New York – 7.0% | |
| | Long Island Power Authority | |
| | | | $ | 150,000 | | | | 4.633 | % | | 12/20/2024 | | $ | 149,996 | |
| | New York University | |
| | | | | 100,000 | | | | 3.100 | | | 12/10/2024 | | | 100,000 | |
| | Power Authority of The State of New York | |
| | | | | 150,000 | | | | 3.300 | | | 12/06/2024 | | | 150,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 399,996 | |
| | | |
| | |
| | TOTAL NON-FINANCIAL COMPANY
COMMERCIAL PAPER | | | 399,996 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Other Municipal Security – 18.6% | |
| | New York – 18.6% | |
| | American Museum of Natural History (The) | |
| | | | | 260,000 | | | | 2.750 | (a) | | 04/01/2029 | | | 260,000 | |
| | City of Rochester (The) | |
| | | | | 60,000 | | | | 2.991 | | | 02/15/2025 | | | 60,117 | |
| | | | | 100,000 | | | | 2.996 | | | 02/15/2025 | | | 100,195 | |
| | | | | 45,000 | | | | 3.223 | | | 02/15/2025 | | | 45,087 | |
| | Monroe, New York (County of) (BAM) | |
| | | | | 25,000 | | | | 3.055 | | | 06/01/2025 | | | 25,238 | |
| | New York (State of) | |
| | | | | 100,000 | | | | 2.355 | | | 03/01/2025 | | | 100,650 | |
| | Orange New York (County of) | |
| | | | | 35,000 | | | | 2.824 | | | 03/15/2025 | | | 35,115 | |
| | | | | 125,000 | | | | 2.843 | | | 03/15/2025 | | | 125,411 | |
| | Oyster Bay, Town of | |
| | | | | 135,000 | | | | 3.049 | | | 03/07/2025 | | | 135,274 | |
| | | | | 25,000 | | | | 3.239 | | | 03/07/2025 | | | 25,051 | |
| | | | | 25,000 | | | | 3.532 | | | 03/07/2025 | | | 25,051 | |
| | | | | 15,000 | | | | 3.737 | | | 03/07/2025 | | | 15,030 | |
| | | | | 10,000 | | | | 3.740 | | | 03/07/2025 | | | 10,020 | |
| | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series | |
| | | | | 100,000 | | | | 3.205 | | | 09/01/2025 | | | 101,317 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,063,556 | |
| | | |
| | TOTAL OTHER MUNICIPAL SECURITY | | | 1,063,556 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | U.S. Treasury Debt – 3.2% | |
| | United States Treasury Bills | |
| | | | | 180,000 | | | | 4.580 | | | 12/05/2024 | | | 179,910 | |
| | | |
| | TOTAL U.S. TREASURY DEBT | | | 179,910 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Variable Rate Demand Note – 65.3% | |
| | New York – 65.3% | |
| | Blackrock Muniholdings New York Quality Fund, Inc. | |
| | | | | 200,000 | | | | 3.000 | (a) | | 07/01/2041 | | | 200,000 | |
| | Blackrock New York Municipal Income Trust | |
| | | | | 200,000 | | | | 3.000 | (a)(b) | | 03/31/2051 | | | 200,000 | |
| | Cold Spring Harbor Laboratory, Inc. | |
| | | | | 225,000 | | | | 3.250 | (a) | | 01/01/2034 | | | 225,000 | |
| | Dormitory Authority of The State of New York | |
| | | | | 330,000 | | | | 2.810 | (a) | | 07/01/2032 | | | 330,000 | |
| | Metropolitan Museum of Art (The) | |
| | | | | 265,000 | | | | 2.750 | (a) | | 10/01/2036 | | | 265,000 | |
| | Metropolitan Transportation Authority | |
| | | | | 260,000 | | | | 3.150 | (a) | | 11/01/2032 | | | 260,000 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Amortized Cost | |
| |
| | Variable Rate Demand Note – (continued) | |
| | New York – (continued) | |
| | New York Botanical Garden | |
| $ | | | | | 200,000 | | | | 2.850 | %(a) | | 07/01/2032 | | $ | 200,000 | |
| | New York City Housing Development Corporation | |
| | | | | 200,000 | | | | 2.900 | (a) | | 03/15/2036 | | | 200,000 | |
| | New York City Transitional Finance Authority | |
| | | | | 200,000 | | | | 3.200 | (a) | | 08/01/2043 | | | 200,000 | |
| | New York State Energy Research and Development Authority | |
| | | | | 300,000 | | | | 2.850 | (a) | | 05/01/2039 | | | 300,000 | |
| | New York State Housing Finance Agency | |
| | | | | 200,000 | | | | 2.750 | (a) | | 11/15/2037 | | | 200,000 | |
| | New York State Thruway Authority | | | | |
| | | | | 120,000 | | | | 2.744 | | | 01/01/2025 | | | 120,226 | |
| | New York University | | | | | | | |
| | | | | 50,000 | | | | 2.431 | | | 07/01/2025 | | | 50,736 | |
| | | | | 50,000 | | | | 2.672 | | | 07/01/2025 | | | 50,666 | |
| | Rockefeller University (The) | | | | |
| | | | | 200,000 | | | | 2.800 | (a) | | 07/01/2032 | | | 200,000 | |
| | State of New York Mortgage Agency | | | | |
| | | | | 200,000 | | | | 2.800 | (a) | | 04/01/2051 | | | 200,000 | |
| | Triborough Bridge and Tunnel Authority | |
| | | | | 200,000 | | | | 3.150 | (a) | | 01/01/2032 | | | 200,000 | |
| | Trustees of Columbia University in The City of New York (The) | |
| | | | | 225,000 | | | | 2.700 | (a) | | 09/01/2039 | | | 225,000 | |
| | University of Rochester | | | | |
| | | | | 100,000 | | | | 2.471 | | | 07/01/2025 | | | 101,448 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,728,076 | |
| | | |
| | TOTAL VARIABLE RATE DEMAND NOTE | | | 3,728,076 | |
| | | |
| | TOTAL INVESTMENTS – 94.1%
(Cost $5,371,538) | | $ | 5,371,538 | |
| | | |
| | OTHER ASSETS IN EXCESS
OF LIABILITIES – 5.9% | | | 335,946 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 5,707,484 | |
| | | |
| | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| | |
| (a) | | Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | |
|
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
ADDITIONAL INVESTMENT INFORMATION |
JOINT REPURCHASE AGREEMENT ACCOUNT III— At November 30, 2024, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of December 2, 2024, as follows:
| | | | | | | | | | | | |
| Fund | | Principal Amount | | | Maturity Value | | | Collateral Value
Allocation | |
| |
Investor Money Market | | $ | 100,000,000 | | | $ | 100,038,250 | | | $ | 102,999,586 | |
| |
REPURCHASE AGREEMENTS— At November 30, 2024, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:
| | | | | | | | |
| Counterparty | | Interest Rate | | | Investor Money Market | |
| |
ABN Amro Bank N.V. | | | 4.590% | | | | $5,970,149 | |
| |
Bank of America, N.A. | | | 4.590 | | | | 22,388,060 | |
| |
Bank of Montreal | | | 4.590 | | | | 14,925,373 | |
| |
Credit Agricole Corporate and Investment Bank | | | 4.590 | | | | 26,865,672 | |
| |
Wells Fargo Securities, LLC | | | 4.590 | | | | 29,850,746 | |
| |
Total | | | | | | | $100,000,000 | |
| |
At November 30, 2024, the Joint Repurchase Agreement Account III was fully collateralized by:
| | | | | | | | |
| Issuer | | Interest Rate | | | Maturity Dates | |
| |
Federal Home Loan Mortgage Corp. | | | 3.000% to 6.000% | | | | 06/01/51 to 12/01/54 | |
| |
Federal National Mortgage Association | | | 2.000 to 7.000 | | | | 07/01/33 to 09/01/61 | |
| |
Government National Mortgage Association | | | 1.500 to 7.500 | | | | 12/20/26 to 11/20/54 | |
| |
U.S. Treasury Notes | | | 0.375 to 4.500 | | | | 11/30/25 to 11/15/33 | |
| |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS - INVESTOR FUNDS
|
Statements of Assets and Liabilities November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market
Fund | | | Investor Tax-Exempt
California Money
Market Fund | | | Investor Tax-Exempt
Money Market Fund | | | Investor Tax-Exempt
New York Money
Market Fund | | | |
| | | | | | |
| | | Assets: | | | | | | | | | | | | | | | | | | |
| | Investments, at value (cost $8,210,737,634, $4,892,388, $2,420,684,495 and $5,371,538, respectively) | | $ | 8,210,737,634 | | | $ | 4,892,388 | | | $ | 2,420,684,495 | | | $ | 5,371,538 | | | |
| | Repurchase agreements, at value (Cost $1,948,000,000, $–, $– and $–, respectively) | | | 1,948,000,000 | | | | — | | | | — | | | | — | | | |
| | Cash | | | 83,792,757 | | | | 54,239 | | | | 45,728,740 | | | | 56,020 | | | |
| | Receivables: | | | | | | | | | | | | | | | | | | |
| | Investments sold | | | 48,203,256 | | | | — | | | | — | | | | 200,000 | | | |
| | Interest | | | 27,007,794 | | | | 32,187 | | | | 11,642,807 | | | | 29,206 | | | |
| | Fund shares sold | | | 12,736,628 | | | | — | | | | 2,416,161 | | | | — | | | |
| | Reimbursement from investment adviser | | | 9,812 | | | | 23,238 | | | | 120,940 | | | | 23,235 | | | |
| | Deferred offering costs | | | — | | | | 156,322 | | | | — | | | | 156,322 | | | |
| | Other assets | | | 528,483 | | | | 1,422 | | | | 89,210 | | | | 1,422 | | | |
| | |
| | Total assets | | | 10,331,016,364 | | | | 5,159,796 | | | | 2,480,682,353 | | | | 5,837,743 | | | |
| | |
| | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | | | |
| | Payables: | | | | | | | | | | | | | | | | | | |
| | Investments purchased | | | 87,591,623 | | | | — | | | | 4,117,315 | | | | — | | | |
| | Fund shares redeemed | | | 21,011,482 | | | | — | | | | 1,936,445 | | | | — | | | |
| | Dividend distribution | | | 1,041,620 | | | | — | | | | 3,855,686 | | | | 1 | | | |
| | Management fees | | | 711,445 | | | | 351 | | | | 177,561 | | | | 398 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 455,004 | | | | 122 | | | | 32,012 | | | | 126 | | | |
| | Organizational costs | | | — | | | | 12,000 | | | | — | | | | 12,000 | | | |
| | Offering costs | | | — | | | | 62,976 | | | | — | | | | 62,989 | | | |
| | Accrued expenses | | | 93,084 | | | | 54,744 | | | | 87,349 | | | | 54,745 | | | |
| | |
| | Total liabilities | | | 110,904,258 | | | | 130,193 | | | | 10,206,368 | | | | 130,259 | | | |
| | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Paid-in capital | | | 10,219,179,413 | | | | 5,029,489 | | | | 2,470,474,232 | | | | 5,707,391 | | | |
| | Total distributable earnings | | | 932,693 | | | | 114 | | | | 1,753 | | | | 93 | | | |
| | |
| | NET ASSETS | | $ | 10,220,112,106 | | | $ | 5,029,603 | | | $ | 2,470,475,985 | | | $ | 5,707,484 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | | $ | 2,943,597,380 | | | $ | 50,269 | | | $ | 78,674,321 | | | $ | 50,317 | | | |
| | | Class C Shares | | | 55,002 | | | | — | | | | 9,469 | | | | — | | | |
| | | Class D Shares | | | 11,748,091 | | | | — | | | | — | | | | — | | | |
| | | Class I Shares | | | 6,830,805,579 | | | | 4,828,538 | | | | 2,367,989,655 | | | | 5,506,227 | | | |
| | | Service Shares | | | 15,433,452 | | | | 50,241 | | | | 21,793,739 | | | | 50,289 | | | |
| | | Preferred Shares | | | — | | | | 50,286 | | | | 671,925 | | | | 50,334 | | | |
| | | Administration Shares | | | 392,477,612 | | | | 50,269 | | | | 1,336,876 | | | | 50,317 | | | |
| | | Cash Management Shares | | | 25,994,990 | | | | — | | | | — | | | | — | | | |
| | | Total Net Assets | | $ | 10,220,112,106 | | | $ | 5,029,603 | | | $ | 2,470,475,985 | | | $ | 5,707,484 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | | | 2,943,407,332 | | | | 50,269 | | | | 78,673,574 | | | | 50,317 | | | |
| | | Class C Shares | | | 54,998 | | | | — | | | | 9,469 | | | | — | | | |
| | | Class D Shares | | | 11,747,456 | | | | — | | | | — | | | | — | | | |
| | | Class I Shares | | | 6,830,361,823 | | | | 4,828,534 | | | | 2,367,965,601 | | | | 5,506,226 | | | |
| | | Service Shares | | | 15,432,330 | | | | 50,241 | | | | 21,793,523 | | | | 50,289 | | | |
| | | Preferred Shares | | | — | | | | 50,286 | | | | 671,918 | | | | 50,334 | | | |
| | | Administration Shares | | | 392,452,068 | | | | 50,269 | | | | 1,336,863 | | | | 50,317 | | | |
| | | Cash Management Shares | | | 25,993,276 | | | | — | | | | — | | | | — | | | |
| | | Net asset value, offering and redemption price per share: | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS FUNDS - INVESTOR FUNDS
|
Statements of Operations For the Year Ended November 30, 2024 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money
Market Fund | | | Investor Tax-Exempt
California Money
Market Fund* | | | Investor Tax-Exempt
Money Market Fund | | | Investor Tax-Exempt
New York Money
Market Fund* | | | |
| | | | | | |
| | | Investment Income: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Interest income | | $ | 496,056,878 | | | $ | 31,787 | | | $ | 77,023,140 | | | $ | 40,206 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Expenses: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Fund-Level Expenses: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Management fees | | | 14,763,034 | | | | 1,796 | | | | 3,635,438 | | | | 1,979 | | | |
| | | | | | |
| | Transfer Agency fees | | | 922,604 | | | | 113 | | | | 227,195 | | | | 125 | | | |
| | | | | | |
| | Registration fees | | | 862,010 | | | | — | | | | 187,262 | | | | — | | | |
| | | | | | |
| | Custody, accounting and administrative services | | | 294,039 | | | | 16,482 | | | | 264,430 | | | | 16,485 | | | |
| | | | | | |
| | Printing and postage fees | | | 284,294 | | | | 3,370 | | | | 24,746 | | | | 3,370 | | | |
| | | | | | |
| | Professional fees | | | 92,918 | | | | 36,794 | | | | 96,207 | | | | 36,794 | | | |
| | | | | | |
| | Trustee fees | | | 47,273 | | | | 6,097 | | | | 31,650 | | | | 6,096 | | | |
| | | | | | |
| | Amortization of offering costs | | | — | | | | 45,294 | | | | — | | | | 45,294 | | | |
| | | | | | |
| | Organizational costs | | | — | | | | 12,000 | | | | — | | | | 12,000 | | | |
| | | | | | |
| | Other | | | 50,294 | | | | 11,268 | | | | 14,273 | | | | 11,268 | | | |
| | |
| | | | | | |
| | Subtotal | | | 17,316,466 | | | | 133,214 | | | | 4,481,201 | | | | 133,411 | | | |
| | | | | | |
| | Class Specific Expenses: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distribution and Service fees - Class A Shares | | | 5,764,657 | | | | 28 | | | | 149,666 | | | | 28 | | | |
| | | | | | |
| | Administration Share fees | | | 873,306 | | | | 28 | | | | 3,661 | | | | 28 | | | |
| | | | | | |
| | Cash Management Share fees | | | 128,451 | | | | — | | | | 0 | | | | — | | | |
| | | | | | |
| | Service Share fees | | | 89,781 | | | | 56 | | | | 8,251 | | | | 56 | | | |
| | | | | | |
| | Distribution fees - Cash Management Shares | | | 77,071 | | | | — | | | | — | | | | — | | | |
| | | | | | |
| | Distribution fees - Class C Shares | | | 134 | | | | — | | | | 94 | | | | — | | | |
| | | | | | |
| | Preferred Share fees | | | — | | | | 11 | | | | 495 | | | | 11 | | | |
| | |
| | Total expenses | | | 24,249,866 | | | | 133,337 | | | | 4,643,368 | | | | 133,534 | | | |
| | |
| | Less - expense reductions | | | (360,220 | ) | | | (131,149 | ) | | | (298,035 | ) | | | (131,136 | ) | | |
| | |
| | Net expenses | | | 23,889,646 | | | | 2,188 | | | | 4,345,333 | | | | 2,398 | | | |
| | |
| | NET INVESTMENT INCOME | | $ | 472,167,232 | | | $ | 29,599 | | | $ | 72,677,807 | | | $ | 37,808 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | |
| | Net realized gain (loss) from investment transactions | | | 2,847,059 | | | | 4 | | | | (26 | ) | | | 1 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 475,014,291 | | | $ | 29,603 | | | $ | 72,677,781 | | | $ | 37,809 | | | |
| | |
| | * | For the period September 10, 2024 (commencement of operations) through November 30, 2024. |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS - INVESTOR FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund | | | Investor Tax-Exempt
California Money
Market Fund | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | | For the Fiscal
Year Ended
November 30, 2023 | | | For the Period
September 10, 2024*
to
November 30, 2024 | | | | |
| | | | | |
| | | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 472,167,232 | | | $ | 374,740,755 | | | $ | 29,599 | | | | | |
| | | | | |
| | Net realized gain | | | 2,847,059 | | | | 415,037 | | | | 4 | | | | | |
| | | |
| | | | | |
| | Net increase in net assets resulting from operations | | | 475,014,291 | | | | 375,155,792 | | | | 29,603 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | |
| | | | | |
| | Class A Shares | | | (114,116,098 | ) | | | (54,372,461 | ) | | | (269 | ) | | | | |
| | | | | |
| | Class C Shares | | | (554 | ) | | | (736 | ) | | | – | | | | | |
| | | | | |
| | Class D Shares | | | (595,068 | ) | | | (201,929 | ) | | | – | | | | | |
| | | | | |
| | Class I Shares | | | (340,133,487 | ) | | | (305,506,481 | ) | | | (28,533 | ) | | | | |
| | | | | |
| | Service Shares | | | (852,823 | ) | | | (2,182,569 | ) | | | (241 | ) | | | | |
| | | | | |
| | Preferred Shares | | | – | | | | – | | | | (286 | ) | | | | |
| | | | | |
| | Administration Shares | | | (17,335,597 | ) | | | (11,231,011 | ) | | | (270 | ) | | | | |
| | | | | |
| | Cash Management Shares | | | (1,135,378 | ) | | | (1,460,845 | ) | | | – | | | | | |
| | | | | |
| | Resource Shares | | | – | | | | (273 | ) | | | – | | | | | |
| | | |
| | | | | |
| | Total distributions to shareholders | | | (474,169,005 | ) | | | (374,956,305 | ) | | | (29,599 | ) | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 10,632,460,885 | | | | 11,273,396,347 | | | | 5,000,041 | | | | | |
| | | | | |
| | Reinvestment of distributions | | | 458,800,936 | | | | 358,658,224 | | | | 29,599 | | | | | |
| | | | | |
| | Cost of shares redeemed | | | (9,352,011,096 | ) | | | (8,876,179,028 | ) | | | (41 | ) | | | | |
| | | |
| | | | | |
| | Net increase in net assets resulting from share transactions | | | 1,739,250,725 | | | | 2,755,875,543 | | | | 5,029,599 | | | | | |
| | | |
| | | | | |
| | TOTAL INCREASE | | | 1,740,096,011 | | | | 2,756,075,030 | | | | 5,029,603 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of period | | $ | 8,480,016,095 | | | $ | 5,723,941,065 | | | $ | – | | | | | |
| | | |
| | | | | |
| | End of period | | $ | 10,220,112,106 | | | $ | 8,480,016,095 | | | $ | 5,029,603 | | | | | |
| | | |
| | * | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS FUNDS - INVESTOR FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund | | | Investor Tax-Exempt
New York Money Market
Fund | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | | For the Fiscal
Year Ended
November 30, 2023 | | | For the Period
September 10, 2024*
to
November 30, 2024 | | | | |
| | | | | |
| | | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 72,677,807 | | | $ | 62,384,193 | | | $ | 37,808 | | | | | |
| | | | | |
| | Net realized gain (loss) | | | (26 | ) | | | 12,447 | | | | 1 | | | | | |
| | | |
| | | | | |
| | Net increase in net assets resulting from operations | | | 72,677,781 | | | | 62,396,640 | | | | 37,809 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | |
| | | | | |
| | Class A Shares | | | (1,765,205 | ) | | | (1,043,008 | ) | | | (318 | ) | | | | |
| | | | | |
| | Class C Shares | | | (207 | ) | | | (319 | ) | | | – | | | | | |
| | | | | |
| | Class I Shares | | | (70,825,601 | ) | | | (61,074,264 | ) | | | (36,550 | ) | | | | |
| | | | | |
| | Capital Shares | | | (4 | ) | | | (34 | ) | | | – | | | | | |
| | | | | |
| | Service Shares | | | (40,484 | ) | | | (9,834 | ) | | | (289 | ) | | | | |
| | | | | |
| | Preferred Shares | | | (15,391 | ) | | | (10,194 | ) | | | (334 | ) | | | | |
| | | | | |
| | Select Shares | | | (5 | ) | | | (35 | ) | | | – | | | | | |
| | | | | |
| | Administration Shares | | | (43,354 | ) | | | (246,417 | ) | | | (317 | ) | | | | |
| | | | | |
| | Cash Management Shares | | | (4 | ) | | | (41 | ) | | | – | | | | | |
| | | | | |
| | Premier Shares | | | (4 | ) | | | (30 | ) | | | – | | | | | |
| | | | | |
| | Resource Shares | | | – | | | | (17 | ) | | | – | | | | | |
| | | |
| | | | | |
| | Total distributions to shareholders | | | (72,690,259 | ) | | | (62,384,193 | ) | | | (37,808 | ) | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 3,023,912,047 | | | | 2,819,004,130 | | | | 5,675,387 | | | | | |
| | | | | |
| | Reinvestment of distributions | | | 21,104,007 | | | | 11,541,497 | | | | 37,807 | | | | | |
| | | | | |
| | Cost of shares redeemed | | | (2,704,944,600 | ) | | | (2,790,135,480 | ) | | | (5,711 | ) | | | | |
| | | |
| | | | | |
| | Net increase in net assets resulting from share transactions | | | 340,071,454 | | | | 40,410,147 | | | | 5,707,483 | | | | | |
| | | |
| | | | | |
| | TOTAL INCREASE | | | 340,058,976 | | | | 40,422,594 | | | | 5,707,484 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of period | | $ | 2,130,417,009 | | | $ | 2,089,994,415 | | | $ | – | | | | | |
| | | |
| | | | | |
| | End of period | | $ | 2,470,475,985 | | | $ | 2,130,417,009 | | | $ | 5,707,484 | | | | | |
| | | |
| * | Commencement of operations. |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | | | Year Ended November 30, | | For the Period Ended
November 30, 2020† | | For the Fiscal Year Ended
August 31, 2020 | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.049 | | | | | 0.048 | | | | | 0.012 | | | | | – | (b) | | | | – | (b) | | | | 0.009 | | | |
| | | | | | | | |
| | Net realized gain (loss) | | | | 0.001 | | | | | (0.001 | ) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | 0.001 | | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.050 | | | | | 0.047 | | | | | 0.012 | | | | | – | (b) | | | | – | (b) | | | | 0.010 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.050 | ) | | | | (0.047 | ) | | | | (0.012 | ) | | | | – | (b) | | | | – | (b) | | | | (0.010 | ) | | |
| | | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | |
| | |
| | | | | | | | |
| | Total distributions(c) | | | | (0.050 | ) | | | | (0.047 | ) | | | | (0.012 | ) | | | | – | (b) | | | | – | (b) | | | | (0.010 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Total Return(d) | | | | 5.09 | % | | | | 4.80 | % | | | | 1.17 | % | | | | 0.03 | % | | | | – | %(e) | | | | 0.98 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,943,597 | | | | $ | 1,728,037 | | | | $ | 442,390 | | | | $ | 140,297 | | | | $ | 221,008 | | | | $ | 249,228 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.43 | % | | | | 0.43 | % | | | | 0.38 | % | | | | 0.12 | % | | | | 0.24 | %(f) | | | | 0.42 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.44 | % | | | | 0.44 | % | | | | 0.45 | % | | | | 0.45 | % | | | | 0.47 | %(f) | | | | 0.46 | % | | |
| | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 4.93 | % | | | | 4.81 | % | | | | 1.69 | % | | | | (0.01 | )% | | | | (0.08 | )%(f) | | | | 0.88 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 25 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | | | Year Ended November 30, | | For the
Period Ended
November 30, 2020† | | For the Fiscal
Year Ended
August 31, 2020 | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.041 | | | | | 0.039 | | | | | 0.007 | | | | | – | (b) | | | | – | (b) | | | | 0.003 | | | |
| | | | | | | | |
| | Net realized gain | | | | 0.001 | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | 0.002 | | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.042 | | | | | 0.039 | | | | | 0.007 | | | | | – | (b) | | | | – | (b) | | | | 0.005 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.042 | ) | | | | (0.039 | ) | | | | (0.007 | ) | | | | – | (b) | | | | – | (b) | | | | (0.005 | ) | | |
| | | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | |
| | |
| | | | | | | | |
| | Total distributions(c) | | | | (0.042 | ) | | | | (0.039 | ) | | | | (0.007 | ) | | | | – | (b) | | | | – | (b) | | | | (0.005 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Total Return(d) | | | | 4.31 | % | | | | 4.02 | % | | | | 0.74 | % | | | | 0.03 | % | | | | – | %(e) | | | | 0.46 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 55 | | | | $ | 11 | | | | $ | 34 | | | | $ | 39 | | | | $ | 39 | | | | $ | 53 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.19 | % | | | | 1.18 | % | | | | 0.79 | % | | | | 0.12 | % | | | | 0.24 | %(f) | | | | 0.79 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.19 | % | | | | 1.19 | % | | | | 1.20 | % | | | | 1.20 | % | | | | 1.22 | %(f) | | | | 1.21 | % | | |
| | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 4.12 | % | | | | 3.87 | % | | | | 0.62 | % | | | | (0.01 | )% | | | | (0.08 | )%(f) | | | | 0.24 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 26 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund |
| | | |
| | | | | Class D Shares | | |
| | | | |
| | | | | For the Fiscal
Year Ended
November 30, 2024 | | Period Ended
November 30, 2023(a) | | |
| | | | |
| | Per Share Data | | | | | | | | | | | | | | | |
| | | | |
| | | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | | | |
| | | |
| | | | |
| | Net investment income(b) | | | | 0.052 | | | | | 0.043 | | | | | | |
| | | | |
| | Net realized loss | | | | – | | | | | (0.001 | ) | | | | | |
| | | |
| | | | |
| | Total from investment operations | | | | 0.052 | | | | | 0.042 | | | | | | |
| | | |
| | | | |
| | Distributions to shareholders from net investment income | | | | (0.052 | ) | | | | (0.042 | ) | | | | | |
| | | | |
| | Distributions to shareholders from net realized gains | | | | – | (c) | | | | – | (c) | | | | | |
| | | |
| | | | |
| | Total distributions(d) | | | | (0.052 | ) | | | | (0.042 | ) | | | | | |
| | | |
| | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | | | |
| | | |
| | | | |
| | Total Return(e) | | | | 5.35 | % | | | | 4.30 | % | | | | | |
| | | |
| | | | |
| | Net assets, end of period (in 000’s) | | | $ | 11,748 | | | | $ | 6,124 | | | | | | |
| | | | |
| | Ratio of net expenses to average net assets | | | | 0.18 | % | | | | 0.18 | %(f) | | | | | |
| | | | |
| | Ratio of total expenses to average net assets | | | | 0.19 | % | | | | 0.19 | %(f) | | | | | |
| | | | |
| | Ratio of net investment income to average net assets | | | | 5.18 | % | | | | 5.17 | %(f) | | | | | |
| | | |
| | (a) | Commenced operations on January 31, 2023. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.0005 per share. |
| | (d) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (e) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 27 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund | | |
| | | |
| | | | | Class I Shares | | |
| | | | | Year Ended November 30, | | For the
Period Ended
November 30, 2020† | | For the Fiscal
Year Ended August 31, 2020 | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.052 | | | | | 0.050 | | | | | 0.013 | | | | | – | (b) | | | | – | (b) | | | | 0.011 | | | |
| | | | | | | | |
| | Net realized gain (loss) | | | | – | | | | | (0.001 | ) | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | 0.001 | | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.052 | | | | | 0.049 | | | | | 0.013 | | | | | – | (b) | | | | – | (b) | | | | 0.012 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.052 | ) | | | | (0.049 | ) | | | | (0.013 | ) | | | | – | (b) | | | | – | (b) | | | | (0.012 | ) | | |
| | | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | (b) | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | |
| | |
| | | | | | | | |
| | Total distributions(c) | | | | (0.052 | ) | | | | (0.049 | ) | | | | (0.013 | ) | | | | – | (b) | | | | – | (b) | | | | (0.012 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | |
| | |
| | | | | | | | |
| | Total Return(d) | | | | 5.35 | % | | | | 5.06 | % | | | | 1.35 | % | | | | 0.04 | % | | | | 0.02 | % | | | | 1.22 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 6,830,806 | | | | $ | 6,386,610 | | | | $ | 5,066,681 | | | | $ | 1,400,101 | | | | $ | 1,527,628 | | | | $ | 2,025,657 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.18 | % | | | | 0.18 | % | | | | 0.18 | % | | | | 0.12 | % | | | | 0.18 | %(e) | | | | 0.18 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.19 | % | | | | 0.19 | % | | | | 0.20 | % | | | | 0.20 | % | | | | 0.22 | %(e) | | | | 0.21 | % | | |
| | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | | 5.20 | % | | | | 4.95 | % | | | | 1.93 | % | | | | – | %(f) | | | | (0.02 | )%(e) | | | | 1.11 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (f) | Amount is less than 0.005%. |
| | |
| 28 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund |
| | |
| | | | | Service Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.047 | | | | 0.044 | | | | 0.010 | | | | – | (b) | | | – | (b) | | | | | 0.008 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions(c) | | | (0.047 | ) | | | (0.044 | ) | | | (0.010 | ) | | | – | (b) | | | – | (b) | | | | | (0.008 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.83 | % | | | 4.54 | % | | | 1.00 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.78 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 15,433 | | | $ | 35,861 | | | $ | 49,040 | | | $ | 63,427 | | | $ | 50,167 | | | | | $ | 56,453 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.68 | % | | | 0.68 | % | | | 0.54 | % | | | 0.12 | % | | | 0.24 | %(f) | | | | | 0.62 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.69 | % | | | 0.69 | % | | | 0.70 | % | | | 0.70 | % | | | 0.72 | %(f) | | | | | 0.71 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.73 | % | | | 4.40 | % | | | 1.14 | % | | | (0.01 | )% | | | (0.08 | )%(f) | | | | | 0.62 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 29 |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund |
| | |
| | | | | Administration Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.049 | | | | 0.048 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.009 | | | |
| | | | | | | | | |
| | Net realized gain (loss) | | | 0.001 | | | | (0.001 | ) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.001 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.050 | | | | 0.047 | | | | 0.012 | | | | – | (b) | | | – | (b) | | | | | 0.010 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions(c) | | | (0.050 | ) | | | (0.047 | ) | | | (0.012 | ) | | | – | (b) | | | – | (b) | | | | | (0.010 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 5.09 | % | | | 4.80 | % | | | 1.17 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.98 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 392,478 | | | $ | 297,597 | | | $ | 130,172 | | | $ | 40,662 | | | $ | 31,792 | | | | | $ | 33,860 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.39 | % | | | 0.12 | % | | | 0.24 | %(f) | | | | | 0.42 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.44 | % | | | 0.44 | % | | | 0.45 | % | | | 0.45 | % | | | 0.47 | %(f) | | | | | 0.46 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.94 | % | | | 4.77 | % | | | 1.64 | % | | | (0.01 | )% | | | (0.08 | )%(f) | | | | | 0.90 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 30 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Money Market Fund |
| | |
| | | | | Cash Management Shares |
| | | | |
| | | | | Year Ended November 30, | | | For the | | For the Fiscal |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | Period Ended | | Year Ended |
| | | | | November 30, 2020† | | August 31, 2020 |
| | | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Net investment income(a) | | | 0.044 | | | | 0.041 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.004 | | | |
| | | | | | | | | |
| | Net realized gain | | | – | | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | 0.002 | | | |
| | |
| | | | | | | | | |
| | Total from investment operations | | | 0.044 | | | | 0.041 | | | | 0.008 | | | | – | (b) | | | – | (b) | | | | | 0.006 | | | |
| | |
| | | | | | | | | |
| | Distributions to shareholders from net investment income | | | (0.044 | ) | | | (0.041 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | | | | | | | | |
| | Distributions to shareholders from net realized gains | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | – | (b) | | | | | – | (b) | | |
| | |
| | | | | | | | | |
| | Total distributions (c) | | | (0.044 | ) | | | (0.041 | ) | | | (0.008 | ) | | | – | (b) | | | – | (b) | | | | | (0.006 | ) | | |
| | |
| | | | | | | | | |
| | Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | | | $ | 1.00 | | | |
| | |
| | | | | | | | | |
| | Total Return(d) | | | 4.51 | % | | | 4.22 | % | | | 0.83 | % | | | 0.03 | % | | | – | %(e) | | | | | 0.58 | % | | |
| | |
| | | | | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 25,995 | | | $ | 25,776 | | | $ | 35,614 | | | $ | 61,039 | | | $ | 49,812 | | | | | $ | 52,017 | | | |
| | | | | | | | | |
| | Ratio of net expenses to average net assets | | | 0.98 | % | | | 0.98 | % | | | 0.61 | % | | | 0.12 | % | | | 0.24 | %(f) | | | | | 0.76 | % | | |
| | | | | | | | | |
| | Ratio of total expenses to average net assets | | | 0.99 | % | | | 0.99 | % | | | 1.00 | % | | | 1.00 | % | | | 1.02 | %(f) | | | | | 1.01 | % | | |
| | | | | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 4.40 | % | | | 4.08 | % | | | 0.75 | % | | | – | %(e) | | | (0.08 | )%(f) | | | | | 0.38 | % | | |
| | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 31 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | | | |
| | | |
| | | | | Investor Tax-
Exempt California
Money Market Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | |
| | | | | Period Ended
November 30, 2024(a) | | |
| | | |
| | Per Share Data | | | | | | | |
| | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | |
| | |
| | | |
| | | Net investment income(b) | | | | 0.005 | | | |
| | |
| | | |
| | Total from investment operations | | | | 0.005 | | | |
| | |
| | | |
| | Distributions to shareholders from net investment income | | | | (0.005 | ) | | |
| | |
| | | |
| | Net asset value, end of period | | | $ | 1.00 | | | |
| | |
| | | |
| | Total Return(c) | | | | 0.54 | % | | |
| | |
| | | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | | | |
| | | |
| | Ratio of net expenses to average net assets | | | | 0.43 | %(d) | | |
| | | |
| | Ratio of total expenses to average net assets | | | | 12.02 | %(d) | | |
| | | |
| | Ratio of net investment income to average net assets | | | | 2.40 | %(d) | | |
| | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| 32 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt California Money Market Fund |
| | |
| | | | | Class I Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.006 | |
| | | |
| | |
| | Total from investment operations | | | | 0.006 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.006) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.59% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 4,829 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.18%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 11.77%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.65%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 33 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt California Money Market Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.005 | |
| | | |
| | |
| | Total from investment operations | | | | 0.005 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.005) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.48% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.68%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 12.27%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.15%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| 34 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax-
Exempt California
Money Market Fund |
| | |
| | | | | Preferred Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.006 | |
| | | |
| | |
| | Total from investment operations | | | | 0.006 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.006) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.57% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.29%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 11.87%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.55%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 35 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt California Money Market Fund |
| | |
| | | | | Administration Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.005 | |
| | | |
| | |
| | Total from investment operations | | | | 0.005 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.005) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.54% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.43%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 12.02%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.40%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| 36 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Class A Shares |
| | | | | Year Ended November 30, | | For the Period Ended November 30, 2020† | | For the Fiscal Year Ended
August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.030 | | | | | 0.028 | | | | | 0.006 | | | | | – | (b) | | | | – | (b) | | | | 0.005 | |
| | | | | | | |
| | Net realized gain | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | 0.001 | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.030 | | | | | 0.028 | | | | | 0.006 | | | | | – | (b) | | | | – | (b) | | | | 0.006 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.030 | ) | | | | (0.028 | ) | | | | (0.006 | ) | | | | – | (b) | | | | – | (b) | | | | (0.006) | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions(c) | | | | (0.030 | ) | | | | (0.028 | ) | | | | (0.006 | ) | | | | – | (b) | | | | – | (b) | | | | (0.006) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 3.00 | % | | | | 2.80 | % | | | | 0.58 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.55% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 78,674 | | | | $ | 49,348 | | | | $ | 21,573 | | | | $ | 8,728 | | | | $ | 10,756 | | | | $ | 16,678 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.44 | % | | | | 0.43 | % | | | | 0.36 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.36% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.45 | % | | | | 0.44 | % | | | | 0.46 | % | | | | 0.45 | % | | | | 0.48 | %(f) | | | | 0.45% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.95 | % | | | | 2.80 | % | | | | 0.78 | % | | | | 0.01 | % | | | | 0.01 | %(f) | | | | 0.42% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 37 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Class C Shares |
| | | | | Year Ended November 30, | | For the Period Ended
November 30, 2020† | | For the Fiscal Year Ended
August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.022 | | | | | 0.020 | | | | | 0.003 | | | | | – | | | | | – | | | | | 0.001 | |
| | | | | | | |
| | Net realized loss | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | –(b) | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.022 | | | | | 0.020 | | | | | 0.003 | | | | | – | (b) | | | | – | (b) | | | | 0.001 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.022 | ) | | | | (0.020 | ) | | | | (0.003 | ) | | | | – | | | | | – | (b) | | | | (0.001) | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions(c) | | | | (0.022 | ) | | | | (0.020 | ) | | | | (0.003 | ) | | | | – | (b) | | | | – | (b) | | | | (0.001) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 2.23 | % | | | | 2.04 | % | | | | 0.25 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.12% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 9 | | | | $ | 9 | | | | $ | 9 | | | | $ | 9 | | | | $ | 29 | | | | $ | 29 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.19 | % | | | | 1.18 | % | | | | 0.66 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.55% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.20 | % | | | | 1.19 | % | | | | 1.21 | % | | | | 1.20 | % | | | | 1.23 | %(f) | | | | 1.20% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.21 | % | | | | 1.96 | % | | | | 0.25 | % | | | | – | %(e) | | | | 0.01 | %(f) | | | | 0.14% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 38 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Class I Shares |
| | | | | Year Ended November 30, | | For the Period Ended
November 30, 2020† | | For the Fiscal Year Ended August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.032 | | | | | 0.030 | | | | | 0.008 | | | | | – | (b) | | | | – | (b) | | | | 0.007 | |
| | | | | | | |
| | Net realized loss | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | –(b) | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.032 | | | | | 0.030 | | | | | 0.008 | | | | | – | (b) | | | | – | (b) | | | | 0.007 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.032 | ) | | | | (0.030 | ) | | | | (0.008 | ) | | | | – | (b) | | | | – | (b) | | | | (0.007 | ) |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions (c) | | | | (0.032 | ) | | | | (0.030 | ) | | | | (0.008 | ) | | | | – | (b) | | | | – | (b) | | | | (0.007) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 3.26 | % | | | | 3.06 | % | | | | 0.76 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.75% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 2,367,990 | | | | $ | 2,077,493 | | | | $ | 2,046,960 | | | | $ | 1,559,836 | | | | $ | 1,361,639 | | | | $ | 1,511,106 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.19 | % | | | | 0.18 | % | | | | 0.16 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.18% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.20 | % | | | | 0.19 | % | | | | 0.21 | % | | | | 0.20 | % | | | | 0.23 | %(f) | | | | 0.20% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.21 | % | | | | 3.01 | % | | | | 0.80 | % | | | | 0.01 | % | | | | 0.01 | %(f) | | | | 0.73% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 39 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Service Shares |
| | | | | Year Ended November 30, | | For the Period Ended November 30, 2020† | | For the Fiscal Year Ended August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.027 | | | | | 0.024 | | | | | 0.004 | | | | | – | (b) | | | | – | (b) | | | | 0.005 | |
| | | | | | | |
| | Net realized gain (loss) | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | (0.001) | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.027 | | | | | 0.024 | | | | | 0.004 | | | | | – | (b) | | | | – | (b) | | | | 0.004 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.027 | ) | | | | (0.024 | ) | | | | (0.004 | ) | | | | – | (b) | | | | – | (b) | | | | (0.004) | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions (c) | | | | (0.027 | ) | | | | (0.024 | ) | | | | (0.004 | ) | | | | – | (b) | | | | – | (b) | | | | (0.004) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 2.74 | % | | | | 2.55 | % | | | | 0.44 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.39% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 21,794 | | | | $ | 239 | | | | $ | 821 | | | | $ | 833 | | | | $ | 820 | | | | $ | 818 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.69 | % | | | | 0.68 | % | | | | 0.48 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.56% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.70 | % | | | | 0.69 | % | | | | 0.71 | % | | | | 0.70 | % | | | | 0.73 | %(f) | | | | 0.70% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.45 | % | | | | 2.37 | % | | | | 0.44 | % | | | | 0.01 | % | | | | 0.01 | %(f) | | | | 0.45% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 40 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Preferred Shares |
| | | | | Year Ended November 30, | | For the Period Ended
November 30, 2020† | | For the Fiscal Year Ended
August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.031 | | | | | 0.028 | | | | | 0.007 | | | | | – | (b) | | | | – | (b) | | | | 0.005 | |
| | | | | | | |
| | Net realized gain | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | 0.002 | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.031 | | | | | 0.028 | | | | | 0.007 | | | | | – | (b) | | | | – | (b) | | | | 0.007 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.031 | ) | | | | (0.028 | ) | | | | (0.007 | ) | | | | – | (b) | | | | – | (b) | | | | (0.007) | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions(c) | | | | (0.031 | ) | | | | (0.028 | ) | | | | (0.007 | ) | | | | – | (b) | | | | – | (b) | | | | (0.007) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 3.15 | % | | | | 2.96 | % | | | | 0.68 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.66% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 672 | | | | $ | 255 | | | | $ | 603 | | | | $ | 109 | | | | $ | 278 | | | | $ | 91 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.29 | % | | | | 0.28 | % | | | | 0.24 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.26% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.30 | % | | | | 0.29 | % | | | | 0.31 | % | | | | 0.30 | % | | | | 0.33 | %(f) | | | | 0.30% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.11 | % | | | | 2.84 | % | | | | 1.01 | % | | | | 0.01 | % | | | | 0.01 | %(f) | | | | 0.45% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 41 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Investor Tax-Exempt Money Market Fund |
| | |
| | | | | Administration Shares |
| | | | | Year Ended November 30, | | For the Period Ended November 30, 2020† | | For the Fiscal Year Ended August 31, 2020 |
| | | | | 2024 | | 2023 | | 2022 | | 2021 |
| | | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Net asset value, beginning of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Net investment income(a) | | | | 0.030 | | | | | 0.026 | | | | | 0.006 | | | | | – | (b) | | | | – | (b) | | | | 0.006 | |
| | | | | | | |
| | Net realized gain | | | | – | | | | | – | | | | | – | (b) | | | | – | (b) | | | | – | (b) | | | | –(b) | |
| | | |
| | | | | | | |
| | Total from investment operations | | | | 0.030 | | | | | 0.026 | | | | | 0.006 | | | | | – | (b) | | | | – | (b) | | | | 0.006 | |
| | | |
| | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.030 | ) | | | | (0.026 | ) | | | | (0.006 | ) | | | | – | (b) | | | | – | (b) | | | | (0.006) | |
| | | | | | | |
| | Distributions to shareholders from net realized gains | | | | – | (b) | | | | – | | | | | – | | | | | – | (b) | | | | – | | | | | – | |
| | | |
| | | | | | | |
| | Total distributions (c) | | | | (0.030 | ) | | | | (0.026 | ) | | | | (0.006 | ) | | | | – | (b) | | | | – | (b) | | | | (0.006) | |
| | | |
| | | | | | | |
| | Net asset value, end of period | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.00 | |
| | | |
| | | | | | | |
| | Total Return(d) | | | | 3.00 | % | | | | 2.80 | % | | | | 0.58 | % | | | | 0.01 | % | | | | – | %(e) | | | | 0.55% | |
| | | |
| | | | | | | |
| | Net assets, end of year (in 000’s) | | | $ | 1,337 | | | | $ | 3,069 | | | | $ | 20,022 | | | | $ | 314 | | | | $ | 305 | | | | $ | 305 | |
| | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.44 | % | | | | 0.43 | % | | | | 0.38 | % | | | | 0.04 | % | | | | 0.13 | %(f) | | | | 0.37% | |
| | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.45 | % | | | | 0.44 | % | | | | 0.46 | % | | | | 0.45 | % | | | | 0.48 | %(f) | | | | 0.45% | |
| | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.96 | % | | | | 2.61 | % | | | | 0.70 | % | | | | 0.01 | % | | | | 0.01 | %(f) | | | | 0.55% | |
| | | |
| | † | The Fund changed its fiscal year end from August 31 to November 30. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.0005 per share. |
| | (c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
| | (d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | |
| 42 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt New York Money Market Fund |
| | |
| | | | | Class A Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.006 | |
| | | |
| | |
| | Total from investment operations | | | | 0.006 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.006) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.63% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.43%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 10.95%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.83%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 43 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt New York Money Market Fund |
| | |
| | | | | Class I Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.007 | |
| | | |
| | |
| | Total from investment operations | | | | 0.007 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.007) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.69% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 5,506 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.18%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 10.70%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 3.07%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| 44 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt New York
Money Market Fund |
| | |
| | | | | Service Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.006 | |
| | | |
| | |
| | Total from investment operations | | | | 0.006 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.006) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.58% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.68%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 11.20%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.57%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 45 |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt New York Money Market Fund |
| | |
| | | | | Preferred Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.007 | |
| | | |
| | |
| | Total from investment operations | | | | 0.007 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.007) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.67% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.29%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 10.80%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.97%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| 46 | | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period |
| | | | | | | |
| | | | | Investor Tax- Exempt New York Money Market Fund |
| | |
| | | | | Administration Shares |
| | |
| | | | | Period Ended
November 30, 2024(a) |
| | |
| | | Per Share Data | | | | | |
| | |
| | Net asset value, beginning of period | | | $ | 1.00 | |
| | | |
| | |
| | Net investment income(b) | | | | 0.006 | |
| | | |
| | |
| | Total from investment operations | | | | 0.006 | |
| | | |
| | |
| | Distributions to shareholders from net investment income | | | | (0.006) | |
| | | |
| | |
| | Net asset value, end of period | | | $ | 1.00 | |
| | | |
| | |
| | Total Return(c) | | | | 0.63% | |
| | | |
| | |
| | Net assets, end of period (in 000’s) | | | $ | 50 | |
| | |
| | Ratio of net expenses to average net assets | | | | 0.43%(d) | |
| | |
| | Ratio of total expenses to average net assets | | | | 10.95%(d) | |
| | |
| | Ratio of net investment income to average net assets | | | | 2.83%(d) | |
| | | |
| | (a) | Commenced operations on September 10, 2024. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | |
| The accompanying notes are an integral part of these consolidated financial statements. | | 47 |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements November 30, 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 Investor Money Market Fund | | A, C, D, I, Service, Administration and Cash Management | | Diversified |
| | |
| Goldman Sachs Investor Tax-Exempt California Money Market Fund(a) | | A, I, Service, Preferred and Administration | | Diversified |
| | |
| Goldman Sachs Investor Tax-Exempt Money Market Fund | | A, C, I, Service, Preferred and Administration | | Diversified |
| | |
| Goldman Sachs Investor Tax-Exempt New York Money Market Fund(a) | | A, I, Service, Preferred and Administration | | Diversified |
| | (a) | Commenced operation on September 10, 2024. |
Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.
The Funds have adopted policies and procedures that allow the Trust’s Board of Trustees (“Trustees”) (or their delegate) to impose a liquidity fee if the Trustees (or their delegate) determine that it is in the best interests of a Fund to do so.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.
B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.
F. Offering and Organization Costs — Offering costs paid in connection with the offering of shares of the Investor Tax-Exempt California Money Market Fund and the Investor Tax-Exempt New York Money Market Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund were expensed on the first day of operations.
G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.
If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
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 Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
As of November 30, 2024, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Preferred, Administration, Service and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.
C. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Trust, on behalf of Class C and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C and Cash Management Shares of the Funds, as set forth below.
The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended November 30, 2024, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market Funds.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.
F. Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 29, 2025 (or, with respect to the Investor Tax-Exempt California Money Market and Investor Tax-Exempt New York Money Market Funds, August 20, 2025), and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.
In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
G. Total Fund Expenses
Fund Contractual Fees
The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.
Other contractual annualized rates for each of the Funds are as follows:
| | | | | | | | | | | | |
| | | | | | |
| | | Class A Shares | | Class C Shares | | Service Shares | | Preferred
Shares(a) | | Administration
Shares | | Cash
Management
Shares |
|
|
| | | | | | |
Administration, Service and/or Shareholder Administration Fees* | | N/A | | 0.25% | | 0.25% | | 0.10% | | 0.25% | | 0.50% |
|
|
| | | | | | |
Distribution and/or Service (12b-1) Fees | | 0.25% | | 0.75%(b) | | 0.25%(c) | | N/A | | N/A | | 0.30%(b) |
|
|
N/A – Fees not applicable to respective share class
| | * | Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees. |
| | (a) | Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds only. |
| | (b) | Distribution (12b-1) fee only. |
| | (c) | Service (12b-1) fee only. |
Fund Effective Net Expenses (After Waivers and Reimbursements)
The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.
For the fiscal year ended November 30, 2024, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | |
| | |
| Fund | | Other Expense
Reimbursements | | | Total Expense Reductions | |
|
| |
| | |
Investor Money Market Fund | | $ | 360 | | | $ | 360 | |
|
| |
| | |
Investor Tax-Exempt California Money Market Fund | | | 131 | | | | 131 | |
|
| |
| | |
Investor Tax-Exempt Money Market Fund | | | 298 | | | | 298 | |
|
| |
| | |
Investor Tax-Exempt New York Money Market Fund | | | 131 | | | | 131 | |
|
| |
For the fiscal year ended November 30, 2024, the net effective management fee rate was 0.16% for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.
H. Other Transactions with Affiliates —A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.
For the fiscal year ended November 30, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:
| | | | | | | | | | | | |
| | | |
| Fund | | Purchases | | | Sales | | | Net Realized Gain/(Loss) | |
|
| |
| | | |
Investor Money Market Fund | | $ | 203,420,000 | | | $ | — | | | $ | — | |
|
| |
| | | |
Investor Tax-Exempt California Money Market Fund | | | — | | | | — | | | | — | |
|
| |
| | | |
Investor Tax-Exempt Money Market Fund | | | 12,490,000 | | | | — | | | | — | |
|
| |
| | | |
Investor Tax-Exempt New York Money Market Fund | | | — | | | | — | | | | — | |
|
| |
As of November 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:
| | | | | | | | | | | | |
| | | | | | |
| Fund | | Class A Shares | | Administration
Shares | | Class C Shares | | Class I Shares | | Preferred Shares | | Service Shares |
|
|
| | | | | | |
Investor Money Market Fund | | —% | | —% | | 21% | | —% | | —% | | —% |
|
|
| | | | | | |
Investor Tax-Exempt California Money Market Fund | | 100 | | 100 | | — | | 100 | | 100 | | 100 |
|
|
| | | | | | |
Investor Tax-Exempt Money Market Fund | | — | | — | | 100 | | — | | — | | — |
|
|
| | | | | | |
Investor Tax-Exempt New York Money Market Fund | | 100 | | 100 | | — | | 88 | | 100 | | 100 |
|
|
I. Line of Credit Facility — As of November 30, 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 November 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Investor Money
Market Fund | | | Investor Tax-Exempt
California Money
Market Fund | | | Investor Tax-Exempt
Money Market Fund | | | Investor Tax-Exempt
New York Money Market Fund | |
|
| |
| | | | |
Distributions paid from: | | | | | | | | | | | | | | | | |
| | | | |
Ordinary Income | | $ | 474,082,839 | | | $ | 5,959 | | | $ | 47,881 | | | $ | 5,382 | |
| | | | |
Net Long-term capital gains | | | 86,166 | | | | — | | | | — | | | | — | |
| | | | |
Tax-Exempt income | | | — | | | | 23,640 | | | | 72,642,378 | | | | 32,426 | |
|
| |
| | | | |
Total taxable distributions | | $ | 474,169,005 | | | $ | 29,599 | | | $ | 72,690,259 | | | $ | 37,808 | |
|
| |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
5. TAX INFORMATION (continued) |
The tax character of distributions paid during the fiscal year ended November 30, 2023 was as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Investor Money
Market Fund | | | Investor Tax-Exempt
California Money
Market Fund | | | Investor Tax-Exempt
Money Market Fund | | | Investor Tax-Exempt New York Money Market Fund | |
|
| |
| | | | |
Distributions paid from: | | | | | | | | | | | | | | | | |
| | | | |
Ordinary Income | | $ | 374,956,305 | | | $ | — | | | $ | 51,445 | | | $ | — | |
| | | | |
Net Long-term capital gains | | | — | | | | — | | | | 1 | | | | — | |
| | | | |
Tax-Exempt income | | | — | | | | — | | | | 62,332,747 | | | | — | |
|
| |
| | | | |
Total taxable distributions | | $ | 374,956,305 | | | $ | — | | | $ | 62,384,193 | | | $ | — | |
|
| |
As of November 30, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Investor Money
Market Fund | | | Investor Tax-
Exempt California
Money Market
Fund | | | Investor Tax-
Exempt Money
Market Fund | | | Investor Tax- Exempt New York Money Market Fund | |
|
| |
| | | | |
Undistributed ordinary income — net | | $ | 1,996,091 | | | $ | 4 | | | $ | — | | | $ | — | |
| | | | |
Undistributed Tax Exempt income — net | | | — | | | | 110 | | | | 3,857,467 | | | | 94 | |
|
| |
| | | | |
Total undistributed earnings | | $ | 1,996,091 | | | $ | 114 | | | $ | 3,857,467 | | | $ | 94 | |
|
| |
| | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | |
| | | | |
Perpetual Short-Term | | | — | | | | — | | | | (26 | ) | | | — | |
|
| |
| | | | |
Timing differences — Dividend Payable | | | (1,041,620 | ) | | | — | | | | (3,855,686 | ) | | | (1) | |
| | | | |
Unrealized gains (losses) — net | | | (21,778 | ) | | | — | | | | (2 | ) | | | — | |
|
| |
| | | | |
Total accumulated earnings (losses) — net | | $ | 932,693 | | | $ | 114 | | | $ | 1,753 | | | $ | 93 | |
|
| |
The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.
Geographic and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of a Fund’s investments more than if its investments were not so focused.
Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
6. OTHER RISKS (continued) |
central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors 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 a Fund has unsettled or open transactions defaults.
Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). A Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.
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.
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
|
|
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) |
Share activity is as follows:
| | | | | | | | |
| | | Investor Money Market Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
Class A Shares | | | | | | | | |
| | |
Shares sold | | | 3,159,692,796 | | | | 2,318,926,844 | |
| | |
Reinvestment of distributions | | | 114,102,274 | | | | 54,364,832 | |
| | |
Shares redeemed | | | (2,058,462,473 | ) | | | (1,087,636,298) | |
|
| |
| | |
| | | 1,215,332,597 | | | | 1,285,655,378 | |
|
| |
| | |
Class C Shares | | | | | | | | |
| | |
Shares sold | | | 43,641 | | | | 15,054 | |
| | |
Reinvestment of distributions | | | 557 | | | | 682 | |
| | |
Shares redeemed | | | (88 | ) | | | (38,765) | |
|
| |
| | |
| | | 44,110 | | | | (23,029) | |
|
| |
| | |
Class D Shares | | | | | | | | |
| | |
Shares sold | | | 50,241,502 | | | | 24,631,328 | |
| | |
Reinvestment of distributions | | | 595,093 | | | | 201,942 | |
| | |
Shares redeemed | | | (45,213,025 | ) | | | (18,709,384) | |
|
| |
| | |
| | | 5,623,570 | | | | 6,123,886 | |
|
| |
| | |
Class I Shares | | | | | | | | |
| | |
Shares sold | | | 6,798,396,504 | | | | 8,241,879,709 | |
| | |
Reinvestment of distributions | | | 325,551,347 | | | | 289,971,629 | |
| | |
Shares redeemed | | | (6,680,333,578 | ) | | | (7,212,123,001) | |
|
| |
| | |
| | | 443,614,273 | | | | 1,319,728,337 | |
|
| |
| | |
Service Shares | | | | | | | | |
| | |
Shares sold | | | 59,384,690 | | | | 101,179,709 | |
| | |
Reinvestment of distributions | | | 839,756 | | | | 2,145,027 | |
| | |
Shares redeemed | | | (80,653,728 | ) | | | (116,506,083) | |
|
| |
| | |
| | | (20,429,282 | ) | | | (13,181,347) | |
|
| |
| | |
Administration Shares | | | | | | | | |
| | |
Shares sold | | | 456,798,165 | | | | 444,992,047 | |
| | |
Reinvestment of distributions | | | 16,600,346 | | | | 10,560,449 | |
| | |
Shares redeemed | | | (378,549,862 | ) | | | (288,129,930) | |
|
| |
| | |
| | | 94,848,649 | | | | 167,422,566 | |
|
| |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued) |
| | | | | | | | |
|
| |
| | | Investor Money Market Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Cash Management Shares | | | | | | | | |
| | |
Shares sold | | | 107,903,587 | | | | 141,771,657 | |
| | |
Reinvestment of distributions | | | 1,111,563 | | | | 1,413,408 | |
| | |
Shares redeemed | | | (108,798,342 | ) | | | (153,024,549) | |
|
| |
| | |
| | | 216,808 | | | | (9,839,484) | |
|
| |
| | |
Resource Shares* | | | | | | | | |
| | |
Reinvestment of distributions | | | — | | | | 255 | |
| | |
Shares redeemed | | | — | | | | (11,018) | |
|
| |
| | |
| | | — | | | | (10,763) | |
|
| |
| | |
NET INCREASE IN SHARES | | | 1,739,250,725 | | | | 2,755,875,544 | |
|
| |
| | * | Resource Shares liquidated on July 14, 2023. |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued) |
Share activity is as follows:
| | | | |
| | | Investor Tax-Exempt California
Money Market Fund | |
| |
| | | For the Period September 10,
2024* to
November 30, 2024 | |
| |
| | | | |
| |
| | | Shares | |
| |
| | | | |
| |
Class A Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 269 | |
|
| |
| |
| | | 50,269 | |
|
| |
| |
Class I Shares | | | | |
| |
Shares sold | | | 4,800,041 | |
| |
Reinvestment of distributions | | | 28,534 | |
| |
Shares redeemed | | | (41) | |
|
| |
| |
| | | 4,828,534 | |
|
| |
| |
Service Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 241 | |
|
| |
| |
| | | 50,241 | |
|
| |
| |
Preferred Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 286 | |
|
| |
| |
| | | 50,286 | |
|
| |
| |
Administration Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 269 | |
|
| |
| |
| | | 50,269 | |
|
| |
| |
NET INCREASE IN SHARES | | | 5,029,599 | |
|
| |
| | * | Commencement of operations. |
Share activity is as follows:
| | | | | | | | |
| | | Investor Tax-Exempt Money Market Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Class A Shares | | | | | | | | |
| | |
Shares sold | | | 84,533,905 | | | | 67,589,048 | |
| | |
Reinvestment of distributions | | | 1,764,930 | | | | 1,043,041 | |
| | |
Shares redeemed | | | (56,972,059 | ) | | | (40,858,178) | |
|
| |
| | |
| | | 29,326,776 | | | | 27,773,911 | |
|
| |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
Notes to Financial Statements (continued) November 30, 2024 |
|
|
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued) |
| | | | | | | | |
|
| |
| | | Investor Tax-Exempt Money Market Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended
November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Class C Shares | | | | | | | | |
| | |
Shares sold | | | — | | | | 30,000 | |
| | |
Reinvestment of distributions | | | 207 | | | | 317 | |
| | |
Shares redeemed | | | — | | | | (30,132) | |
|
| |
| | |
| | | 207 | | | | 185 | |
|
| |
| | |
Class I Shares | | | | | | | | |
| | |
Shares sold | | | 2,915,891,679 | | | | 2,745,237,169 | |
| | |
Reinvestment of distributions | | | 19,277,142 | | | | 10,250,744 | |
| | |
Shares redeemed | | | (2,644,659,215 | ) | | | (2,724,966,975) | |
|
| |
| | |
| | | 290,509,606 | | | | 30,520,938 | |
|
| |
| | |
Capital Shares* | | | | | | | | |
| | |
Reinvestment of distributions | | | 3 | | | | 30 | |
| | |
Shares redeemed | | | (1,072 | ) | | | — | |
|
| |
| | |
| | | (1,069 | ) | | | 30 | |
|
| |
| | |
Service Shares | | | | | | | | |
| | |
Shares sold | | | 22,293,135 | | | | 150,825 | |
| | |
Reinvestment of distributions | | | 34,687 | | | | 3,960 | |
| | |
Shares redeemed | | | (773,226 | ) | | | (737,293) | |
|
| |
| | |
| | | 21,554,596 | | | | (582,508) | |
|
| |
| | |
Preferred Shares | | | | | | | | |
| | |
Shares sold | | | 1,185,178 | | | | 893,608 | |
| | |
Reinvestment of distributions | | | 9,099 | | | | 6,472 | |
| | |
Shares redeemed | | | (777,376 | ) | | | (1,248,092) | |
|
| |
| | |
| | | 416,901 | | | | (348,012) | |
|
| |
| | |
Select Shares* | | | | | | | | |
| | |
Reinvestment of distributions | | | 3 | | | | 31 | |
| | |
Shares redeemed | | | (1,080 | ) | | | — | |
|
| |
| | |
| | | (1,077 | ) | | | 31 | |
|
| |
| | |
Administration Shares | | | | | | | | |
| | |
Shares sold | | | 8,150 | | | | 5,091,481 | |
| | |
Reinvestment of distributions | | | 17,931 | | | | 236,821 | |
| | |
Shares redeemed | | | (1,757,875 | ) | | | (22,281,778) | |
|
| |
| | |
| | | (1,731,794 | ) | | | (16,953,476) | |
|
| |
| | |
Cash Management Shares* | | | | | | | | |
| | |
Shares sold | | | — | | | | 12,000 | |
| | |
Reinvestment of distributions | | | 2 | | | | 39 | |
| | |
Shares redeemed | | | (1,635 | ) | | | (12,000) | |
|
| |
| | |
| | | (1,633 | ) | | | 39 | |
|
| |
| | |
Premier Shares* | | | | | | | | |
| | |
Reinvestment of distributions | | | 3 | | | | 28 | |
| | |
Shares redeemed | | | (1,062 | ) | | | — | |
|
| |
| | |
| | | (1,059 | ) | | | 28 | |
|
| |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
|
|
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued) |
| | | | | | | | |
|
| |
| | | Investor Tax-Exempt Money Market Fund | |
| | |
| | | For the Fiscal Year Ended
November 30, 2024 | | | For the Fiscal Year Ended November 30, 2023 | |
| |
| | | | |
| | |
| | | Shares | | | Shares | |
| |
| | | | |
| | |
Resource Shares* | | | | | | | | |
| | |
Reinvestment of distributions | | | — | | | | 13 | |
| | |
Shares redeemed | | | — | | | | (1,032) | |
|
| |
| | |
| | | — | | | | (1,019) | |
|
| |
| | |
NET INCREASE IN SHARES | | | 340,071,454 | | | | 40,410,147 | |
|
| |
| | * | Resource Shares liquidated on July 14, 2023 and Capital, Premier, Select and Cash Management Shares liquidated on January 12, 2024. |
Share activity is as follows:
| | | | |
| | | Investor Tax-Exempt New York
Money Market Fund | |
| |
| | | For the Period September 10,
2024* to November 30, 2024 | |
| |
| | | | |
| |
| | | Shares | |
| |
| | | | |
| |
Class A Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 317 | |
|
| |
| |
| | | 50,317 | |
|
| |
| |
Class I Shares | | | | |
| |
Shares sold | | | 5,475,387 | |
| |
Reinvestment of distributions | | | 36,550 | |
| |
Shares redeemed | | | (5,711) | |
|
| |
| |
| | | 5,506,226 | |
|
| |
| |
Service Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 289 | |
|
| |
| |
| | | 50,289 | |
|
| |
| |
Preferred Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 334 | |
|
| |
| |
| | | 50,334 | |
|
| |
| |
Administration Shares | | | | |
| |
Shares sold | | | 50,000 | |
| |
Reinvestment of distributions | | | 317 | |
|
| |
| |
| | | 50,317 | |
|
| |
| |
NET INCREASE IN SHARES | | | 5,707,483 | |
|
| |
| | * | Commencement of operations. |
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 November 30, 2024, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| | | | | | |
| | | | |
| Fund | | Statement of operations | | Statement of changes in net assets | | Financial highlights |
| | | | |
Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund | | For the year ended November 30, 2024 | | For the two years ended November 30, 2024 | | For each of the periods indicated therein |
| | |
Goldman Sachs Investor Tax-Exempt California Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market Fund | | For the period September 10, 2024 (commencement of operations) through November 30, 2024 |
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 November 30, 2024 by correspondence with the custodian 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
January 23, 2025
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market 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 information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (d) | 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; |
| | (e) | 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; |
| | (f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| | (g) | 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; |
| | (h) | whether the Fund’s existing management fee adequately addressed any economies of scale; |
| | (i) | 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, distribution and other services; |
| | (j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (k) | information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution; |
| | (l) | 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 |
| | (m) | 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 compiled by the Outside Data Provider as of December 31, 2023. 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.
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 considered the performance of the Funds in light of their respective investment policies and strategies. They considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Funds’ yields had improved compared to other recent periods as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during recent periods, including during the near-zero interest rate environment following the market disruptions related to the COVID-19 pandemic and related actions by the Federal
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Reserve. The Trustees acknowledged, however, that although the Federal Reserve had signaled that it may cut interest rates in the near future, the interest rate environment remains uncertain in light of broader economic conditions and persistent inflationary concerns. The Trustees also considered that the Funds had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also acknowledged the growth of the Funds in recent periods. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 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 noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.
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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the SEC permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) 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.
GOLDMAN SACHS — INVESTOR FUNDS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Investor Tax-Exempt California Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the “Funds”) are newly-organized investment portfolios of Goldman Sachs Trust (the “Trust”) that commenced investment operations on September 10, 2024. At a meeting held on June 12-14, 2024 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar money market funds; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Funds; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services to be Provided under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to each Fund by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which each Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the 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. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to money market funds and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Costs of Services to Be Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rates to be payable by each Fund thereunder. In this regard, the Trustees considered information on the services to be 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 information on the proposed management fees and each Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of each Fund’s fee rates and total operating expense ratios were prepared by the Investment Adviser and a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by each Fund.
The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.
GOLDMAN SACHS — INVESTOR FUNDS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
The Trustees noted the competitive nature of the fund marketplace, and that many of the Funds’ shareholders would be investing in the Funds in part because of the Funds’ relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their shares if they believe that the Funds’ fees and expenses are too high or if they are dissatisfied with the performance of the Funds.
Economies of Scale
The Trustees noted that the Funds, similar to many other money market funds, would not have management fee breakpoints. The Trustees considered each Fund’s projected asset levels; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the Funds’ peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser. They further noted that the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co, LLC (“Goldman Sachs”); (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the SEC permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) 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.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds are expected to 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 Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and each Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.
GOLDMAN SACHS FUNDS — INVESTOR FUNDS
Goldman Sachs Funds — Investor Money Market Funds — Tax Information (Unaudited)
During the fiscal year ended November 30, 2024, 99.95%, 85.77%, and 79.87% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund, Investor Tax-Exempt New York Money Market Fund, and Investor Tax-Exempt California Money Market Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. federal income tax.
During the fiscal year ended November 30, 2024, 83.38% of the net investment company taxable income distributions paid by the Investor Money Market Fund was designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
Pursuant to Section 852 of the Internal Revenue Code, the Investor Money Market Fund designates $86,166, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended November 30, 2024.
For the fiscal year ended November 30, 2024, the Investor Money Market Fund designates 99.56% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent TRUSTEES (continued) James A. McNamara Lawrence W. Stranghoener OFFICERS JAMES A. McNamara, President Joseph F. Dimaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282
| 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: | | | | January 31, 2025 |
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: | | | | January 31, 2025 |
| | |
| By: | | | | /s/ Joseph F. DiMaria |
| | |
| | | | Joseph F. DiMaria |
| | | | Principal Financial Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | January 31, 2025 |
