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)

Caroline Kraus, Esq.	Copies to:
Goldman Sachs & Co. LLC	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	100 Oliver Street
	40th Floor
	Boston, MA 02110-2605

(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, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	November 30, 2020
	Financial Square FundsSM
	Federal Instruments
	Government
	Money Market
	Prime Obligations
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

Goldman Sachs Financial Square Funds

∎ FEDERAL INSTRUMENTS FUND

∎ GOVERNMENT FUND

∎ MONEY MARKET FUND

∎ PRIME OBLIGATIONS FUND

∎ TREASURY INSTRUMENTS FUND

∎ TREASURY OBLIGATIONS FUND

∎ TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	5
Yield Summary	6
Sector Allocations	7
Schedules of Investments	9
Financial Statements	42
Financial Highlights	52
Federal Instruments Fund	52
Government Fund	56
Money Market Fund	63
Prime Obligations Fund	68
Treasury Instruments Fund	73
Treasury Obligations Fund	78
Treasury Solutions Fund	83
Notes to Financial Statements	88
Report of Independent Registered Public Accounting Firm	104
Other Information	105

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Investment Objective and Principal Investment Strategies

Each of the Goldman Sachs Financial Square Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Prime Obligations Fund and the Goldman Sachs Money Market Fund pursue this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). They may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Treasury Obligations Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos collateralized by U.S. Treasury obligations. The Goldman Sachs Treasury Instruments Fund pursues the investment objective by investing only in U.S. Treasury obligations, the interest from which is generally exempt from state income taxation. The Goldman Sachs Treasury Solutions Fund pursues the investment objective by investing only in U.S. Treasury obligations and repos with the Federal Reserve Bank of New York collateralized by U.S. Treasury obligations. The Goldman Sachs Government Fund pursues the investment objective by investing only in U.S. government securities and repos collateralized by such securities. The Goldman Sachs Federal Instruments Fund pursues the investment objective by investing only in U.S. government securities, the interest from which is generally exempt from state income taxation.

Portfolio Management Discussion and Analysis

The Board of Trustees of the Goldman Sachs Trust approved a change to the fiscal year end of the Financial Square Funds (the “Funds”). Effective September 1, 2020, the Funds’ fiscal year end changed from August 31 to November 30. Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Funds’ performance and positioning for the period from September 1, 2020 through November 30, 2020 (the “Reporting Period”).

Q What economic and market factors most influenced the money markets as a whole during the Reporting Period?

A During the Reporting Period, the money markets were most influenced by Federal Reserve (“Fed”) policy and the outlook for the U.S. economy.

The Fed held the targeted federal funds rate in a range of between 0% and 0.25% throughout the Reporting Period. Policymakers also signaled the monetary policy backdrop was likely to remain accommodative and short-term interest rates would likely stay low for the foreseeable future. In addition, Fed officials adopted a flexible form of average inflation targeting wherein they would aim for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time.

Positive news about COVID-19 vaccines benefited the medium-term outlook for U.S. economic activity and growth as well as the labor market. However, it was unclear to what extent stronger economic growth and a smaller output gap would translate to higher price inflation.

In this environment, the yields of money market funds generally remained stable and close to zero. Investments in U.S. money market funds declined during the Reporting Period, dropping from $4.5 trillion in August 2020 to $4.3 trillion in November 2020, according to iMoneyNet. Much of the decrease could be attributed to an improvement in investor risk sentiment. Investors rotated into riskier asset classes as uncertainties surrounding the outcome of the November U.S. election and the effectiveness of COVID-19 vaccines eased.

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The Funds’ yields remained rather stable during the Reporting Period primarily because of the economic and market factors discussed above. The money market yield curve steepened slightly, as the front, or short-term, end of

1

PORTFOLIO RESULTS

the U.S. Treasury curve shifted downward and the intermediate- to longer-term end shifted upward. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

During the Reporting Period, the Funds’ positioning along the money market yield curve and in specific securities was predicated on market expectations that interest rates would remain low and Fed monetary policy would stay accommodative.

Q How did you manage the Funds during the Reporting Period?

A Collectively, the Funds had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, time deposits, certificates of deposit, floating rate securities, repurchase agreements (“repos”), non-U.S. sovereign debt, municipal securities, variable rate demand notes (“VRDNs”) and other instruments during the Reporting Period.

In our commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we maintained weighted average maturities in a rather narrow range between 38 and 43 days from the beginning of the Reporting Period to the end of October 2020. In November, we extended the weighted average maturities of the commercial paper strategies to between 48 and 49 days. Among our government repo strategies (i.e., the Goldman Sachs Financial Square Government Fund, the Goldman Sachs Financial Square Treasury Obligations Fund and the Goldman Sachs Financial Square Treasury Solutions Fund), the weighted average maturity of the Goldman Sachs Financial Square Government Fund remained rather stable during the Reporting Period in a range between 48 and 53 days. As for the Goldman Sachs Financial Square Treasury Obligations Fund, its weighted average maturity was 53 days when the Reporting Period began. We shortened it to 37 days in September and to 34 days in October. During November, we extended its weighted average maturity to 51 days. Regarding the Goldman Sachs Financial Square Treasury Solutions Fund, its weighted average maturity was 46 days at the start of the Reporting Period. We extended it to 53 days in October and to 56 by the end of the Reporting Period. In our government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund), we maintained rather stable weighted average maturities of between 44 and 57 days throughout the Reporting Period.

During the Reporting Period overall, our commercial paper strategies focused their investments on U.S. Treasury securities, VRDNs and repos. Our government repo strategies focused their investments on government agency securities, government agency repos, U.S. Treasury securities and U.S. Treasury repos. Our government non-repo strategies focused their investments on U.S. Treasury securities. During the course of the Reporting Period, our commercial paper strategies increased their holdings of VRDNs, while our government repo strategies generally increased their holdings of U.S. Treasury repos.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Funds, taking into consideration any available maturity shortening features.

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the Funds at less than 115 days. In our commercial paper strategies, we managed the Funds’ weighted average life in a range between approximately 38 and 49 days. In our government repo strategies, we managed the Funds’ weighted average life in a range between approximately 82 and 113 days. In our government non-repo strategies, we managed the Funds’ weighted average life in a range between approximately 100 and 113 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to

2

PORTFOLIO RESULTS

specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

Q What is the Funds’ tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we expected interest rates would remain low in the near term and the Fed to be ready to respond to market conditions as the U.S. and its economy recover from the COVID-19 pandemic. In our view, news of the efficacy of COVID-19 vaccine candidates boded well for the medium-term economic outlook, but we considered the near-term picture less certain given the backdrop of rapidly rising COVID-19 infections and increased restrictions at the end of the Reporting Period. We believed the resurgence of COVID-19 cases and efforts to curb its spread could weigh on economic activity in the short term. Regarding fiscal policy, the prospects for additional stimulus were uncertain when the Reporting Period concluded, though we noted ongoing discussions in Washington, D.C. about a potential deal.

Looking ahead, the Funds will continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of the Fed’s accommodative monetary policy. Duration management and duration positioning will continue to play key roles in the management of the Funds. (Duration is a measure of a fund’s sensitivity to changes in interest rates.) That said, regardless of the interest rate environment, we intend to utilize an active management approach to provide the best possible return within the framework of the Funds’ guidelines and objectives. Our investment approach remains tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curves, as we strive to navigate the interest rate environment.

3

PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

∎ Federal Instruments Fund

∎ Government Fund

∎ Treasury Instruments Fund

∎ Treasury Obligations Fund

∎ Treasury Solutions Fund

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

INSTITUTIONAL MONEY MARKET FUNDS

∎ Money Market Fund

∎ Prime Obligations Fund

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

4

FUND BASICS

Financial Square Funds

as of November 30, 2020

PERFORMANCE REVIEW1,2
September 1, 2020– November 30, 2020	Fund Total Return (based on NAV)3 Institutional Shares			SEC 7-Day Current Yield4			iMoneyNet Institutional Average5
Federal Instruments		0.00	%		0.00	%		0.02	%6
Government		0.01			0.01			0.02	6
Money Market		-0.01			-0.03			-0.01	7
Prime Obligations		-0.01			-0.03			-0.01	7
Treasury Instruments		0.00			0.00			0.01	8
Treasury Obligations		0.00			0.03			0.02	9
Treasury Solutions		0.00			0.00			0.02	9

The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  Each of the Treasury Obligations, Money Market, Treasury Instruments and Treasury Solutions Funds offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Federal Instruments Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management and Premier), the Prime Obligations Fund offers ten separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource and Drexel Hamilton Class), and the Government Fund offers thirteen separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Drexel Hamilton Class, Class R6, Class A and Class C), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional, Drexel Hamilton Class, and Class R6 Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1), administration and/ or service (non-12b-1) fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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 performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return reflects the reinvestment of dividends and other distributions.

⁴  The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Fund Total Return figures.

⁵  Source: iMoneyNet, Inc. November 2020. The iMoneyNet Institutional Average represents total return.

⁶  Government & Agencies Institutional–Category includes the most broadly based of the government institutional funds. These funds may generally invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

⁷  First Tier Institutional–Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁸  Treasury Institutional–Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

⁹  Treasury & Repo Institutional–Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

5

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1,2 AS OF 11/30/20
Funds	7-Day Dist. Yield11			SEC 7-Day Effective Yield12			30-Day Average Yield13			Weighted Avg. Maturity (days)14		Weighted Avg. Life (days)15
Federal Instruments		0.01	%		0.00	%		0.01	%		57		100
Government		0.02			0.01			0.02			53		98
Money Market		0.10			-0.03			0.08			49		49
Prime Obligations		0.03			-0.03			0.03			48		48
Treasury Instruments		0.01			0.00			0.01			56		108
Treasury Obligations		0.04			0.03			0.03			51		82
Treasury Solutions		0.01			0.00			0.01			56		108

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

¹¹  The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

¹²  The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹³  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹⁴  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹⁵  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

6

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS16
As of November 30, 2020
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit - Eurodollar		—			—			1.1	%		—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			2.9			3.3	%		—			—			—
Commercial Paper & Corporate Obligations		—			—			18.0			18.5			—			—			—
Repurchase Agreements		—			32.5	%		25.8			25.5			—			35.5	%		—
Time Deposits		—			—			8.2			7.4			—			—			—
U.S. Government Agency Obligations		42.9	%		16.5			0.5			0.6			—			—			—
U.S. Treasury Obligations		68.7			53.9			32.1			34.9			105.2	%		71.5			104.2	%
Variable Rate Municipal Debt Obligations		—			—			13.5			13.1			—			—			—

¹⁶ Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

7

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS17
As of August 31, 2020
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			—			0.7	%		—			—			—
Certificates of Deposit - Eurodollar		—			—			0.3	%		—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			4.3			5.5			—			—			—
Commercial Paper & Corporate Obligations		—			—			19.0			24.4			—			—			—
Repurchase Agreements		—			27.7	%		12.4			13.1			—			22.4	%		—
Time Deposits		—			—			12.6			6.6			—			—			—
U.S. Government Agency Obligations		40.2	%		16.1			0.2			0.3			—			—			—
U.S. Treasury Obligations		60.8			56.9			30.8			34.1			102.4	%		75.3	%		100.0	%
Variable Rate Municipal Debt Obligations		—			—			7.7			8.8			—			—			—
Variable Rate Obligations		—			—			13			6.8			—			—			—

¹⁷  Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

8

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 42.9%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.05%)
$	3,400,000		0.096	%(a)		01/13/21	$	3,399,984
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
	8,200,000		0.171	(a)		09/15/21		8,199,871
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	1,100,000		0.231	(a)		09/13/21		1,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	2,000,000		0.246	(a)		12/23/21		2,000,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.13%)
	1,300,000		0.268	(a)		11/05/21		1,300,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	300,000		0.164	(a)		07/02/21		300,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	300,000		0.230	(a)		04/23/21		300,000
	70,000,000		0.231	(a)		04/18/22		70,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.21%)
	47,115,000		0.290	a)		03/17/22		47,129,294
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.25%)
	19,000,000		0.335	(a)		02/22/22		19,021,160
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	1,250,000		0.180	(a)		12/16/20		1,249,995
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	2,200,000		0.200	(a)		04/23/21		2,200,000
	3,000,000		0.195	(a)		02/14/22		3,000,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	3,400,000		0.225	(a)		01/21/21		3,399,991
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	5,400,000		0.250	(a)		01/13/22		5,399,555
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	4,600,000		0.280	(a)		11/29/21		4,599,959
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	3,100,000		0.290	(a)		12/13/21		3,099,746
	Federal Farm Credit Bank (Prime Rate – 2.80%)
	2,700,000		0.450	(a)		11/23/21		2,701,863
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	2,000,000		0.380	(a)		02/07/22		1,999,761
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	900,000		0.310	(a)		02/26/21		900,000
	1,500,000		0.310	(a)		11/08/21		1,500,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	3,000,000		0.300	(a)		03/15/21		3,000,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	3,500,000		0.290	(a)		03/29/21		3,500,000
	2,700,000		0.290	(a)		12/13/21		2,699,862
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	2,300,000		0.285	(a)		04/08/21		2,300,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	1,800,000		0.275	(a)		02/26/21		1,800,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	3,900,000		0.240	(a)		02/25/21		3,899,954
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	4,200,000		0.234	(a)		01/13/22		4,200,000
	Federal Farm Credit Bank (Prime Rate – 3.05%)
	5,000,000		0.200	(a)		08/13/21		4,994,706
	Federal Farm Credit Bank (SOFR + 0.12%)
	900,000		0.200	(a)		03/18/21		900,000
U.S. Government Agency Obligations – (continued)
	Federal Farm Credit Bank (SOFR + 0.13%)
	1,200,000		0.210	%(a)		02/11/22		1,200,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	8,600,000		0.260	(a)		01/14/22		8,590,204
	Federal Farm Credit Bank (SOFR + 0.28%)
	35,000,000		0.360	(a)		10/01/21		35,000,000
	Federal Home Loan Bank
	35,000,000		0.094			12/02/20		34,999,910
	95,000,000		0.092			12/04/20		94,999,288
	30,000,000		0.107			12/04/20		29,999,738
	30,000,000		0.117			12/09/20		29,999,233
	1,000,000		0.117			12/11/20		999,968
	50,000,000		0.111			12/16/20		49,997,729
	11,000,000		0.089			12/28/20		10,999,274
	80,000,000		0.076			01/20/21		79,991,667
	140,000,000		0.093			01/27/21		139,979,828
	50,000,000		0.100			01/29/21		49,991,969
	20,000,000		0.095			02/03/21		19,996,693
	60,000,000		0.089			02/24/21		59,987,534
	17,200,000		0.530			03/15/21		17,174,162
	20,000,000		0.356			03/16/21		19,979,583
	80,000,000		0.116			04/16/21		79,965,547
	40,000,000		0.116			04/21/21		39,982,140
	110,000,000		0.107			04/28/21		109,952,517
	80,000,000		0.105			05/07/21		79,963,715
	95,000,000		0.105			05/12/21		94,955,540
	44,000,000		0.093			05/21/21		43,980,772
	55,000,000		0.089			05/28/21		54,975,797
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	1,600,000		0.165	(a)		03/24/21		1,600,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	1,600,000		0.190	(a)		06/24/21		1,600,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	4,600,000		0.152	(a)		03/19/21		4,600,000
	Federal Home Loan Bank (SOFR + 0.02%)
	100,000,000		0.100	(a)		02/12/21		100,000,000
	Federal Home Loan Bank (SOFR + 0.12%)
	2,600,000		0.200	(a)		02/28/22		2,600,000
	Federal Home Loan Bank (SOFR + 0.17%)
	12,300,000		0.250	(a)		07/21/22		12,300,000
	Federal Home Loan Bank (SOFR + 0.28%)
	20,300,000		0.360	(a)		03/25/21		20,300,000
	Federal Home Loan Bank (SOFR + 0.29%)
	17,500,000		0.370	(a)		10/06/21		17,500,000
	Federal Home Loan Bank (SOFR + 0.31%)
	75,000,000		0.390	(a)		09/24/21		75,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	1,633,258,509

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 68.7%
	United States Treasury Bills
$	225,000,000		0.041	%		12/01/20	$	225,000,000
	9,600,000		0.061			12/01/20		9,600,000
	59,000,000		0.046			12/03/20		58,999,853
	7,400,000		0.102			12/03/20		7,399,959
	4,800,000		0.112			12/03/20		4,799,971
	125,000,000		0.041			12/08/20		124,999,028
	50,000,000		0.092			12/08/20		49,999,125
	43,000,000		0.051			12/10/20		42,999,463
	115,000,000		0.081			12/10/20		114,997,700
	100,000		0.114			12/10/20		99,997
	15,000,000		0.122			12/15/20		14,999,096
	120,900,000		0.086			12/17/20		120,895,433
	1,800,000		0.102			12/17/20		1,799,920
	61,100,000		0.112			12/17/20		61,097,013
	25,100,000		0.188			12/17/20		25,097,936
	1,470,000		0.132			12/22/20		1,469,888
	9,100,000		0.092			12/24/20		9,099,477
	60,000,000		0.097			12/24/20		59,996,358
	19,000,000		0.112			12/24/20		18,998,665
	180,000,000		0.081	(b)		12/29/20		179,988,800
	75,000,000		0.086			12/29/20		74,995,042
	2,400,000		0.112			12/29/20		2,399,795
	2,280,000		0.124			12/29/20		2,279,784
	100,000		0.112			12/31/20		99,991
	550,000,000		0.076			01/07/21		549,957,604
	1,000,000		0.102			01/07/21		999,897
	900,000		0.112			01/07/21		899,898
	60,000,000		0.122			01/07/21		59,992,600
	2,700,000		0.112			01/12/21		2,699,653
	4,100,000		0.148			01/14/21		4,099,273
	180,000,000		0.081	(b)		01/26/21		179,977,601
	3,400,000		0.132			01/28/21		3,399,288
	4,400,000		0.112			02/02/21		4,399,153
	33,200,000		0.107			02/04/21		33,193,706
	39,200,000		0.122			02/11/21		39,190,592
	2,400,000		0.122			02/18/21		2,399,368
	15,000,000		0.102			02/23/21		14,996,500
	11,500,000		0.122			02/25/21		11,496,703
	7,617,000		0.086	(b)		03/04/21		7,615,363
	35,000,000		0.107			03/09/21		34,989,996
	30,000,000		0.101			03/11/21		29,991,667
	40,000,000		0.127			03/11/21		39,986,111
	10,000,000		0.086	(b)		03/16/21		9,997,521
	11,325,000		0.096			03/18/21		11,321,802
	40,000,000		0.122			03/18/21		39,985,733
	5,500,000		0.114			03/23/21		5,498,084
	5,500,000		0.115			03/23/21		5,498,066
	1,600,000		0.119			03/23/21		1,599,415
	11,000,000		0.122			03/23/21		10,995,893
	20,000,000		0.091			03/25/21		19,994,300
	45,200,000		0.107			03/25/21		45,184,971
	2,100,000		0.107			04/01/21		2,099,259
	4,000,000		0.112			04/08/21		3,998,436
	7,228,000		0.112			04/29/21		7,224,709
	15,000,000		0.091	(b)		05/04/21		14,994,225
	1,000,000		0.112			05/13/21		999,502
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	35,000,000		0.090			05/27/21		34,984,512
	50,000,000		0.091	(b)		06/03/21		49,977,250
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	7,900,000		0.200	(a)		01/31/21		7,900,368
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	14,800,000		0.224	(a)		04/30/21		14,796,484
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	4,300,000		0.239	(a)		01/31/22		4,299,871
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	39,800,000		0.305	(a)		07/31/21		39,817,980
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	20,600,000		0.385	(a)		10/31/21		20,623,532
	United States Treasury Notes
	3,800,000		1.875			12/15/20		3,801,743
	6,000,000		2.500			12/31/20		6,006,641
	1,200,000		1.375			01/31/21		1,200,003
	900,000		2.250			02/15/21		902,134
	900,000		3.625			02/15/21		904,672
	16,700,000		2.500			02/28/21		16,753,568
	3,800,000		2.375			03/15/21		3,810,727
	TOTAL U.S. TREASURY OBLIGATIONS						$	2,617,568,668
	TOTAL INVESTMENTS – 111.6%						$	4,250,827,177
	LIABILITIES IN EXCESS OF OTHER ASSETS – (11.6)%							(441,720,127	)
	NET ASSETS – 100.0%						$	3,809,107,050

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, 2020.
(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.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Investment Abbreviations:
FEDL01	— US Federal Funds Effective Rate
LIBOR	— London Interbank Offered Rates
MMY	— Money Market Yield
Prime	— Federal Reserve Bank Prime Loan Rate US
SOFR	— Secured Overnight Financing Rate
T-Bill	— Treasury Bill

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 16.5%
	Federal Farm Credit Bank
$	49,500,000		0.347	%		01/04/21	$	49,484,105
	49,500,000		0.357			02/24/21		49,459,094
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.05%)
	237,200,000		0.096	(a)		01/13/21		237,198,877
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
	545,900,000		0.171	(a)		09/15/21		545,891,403
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	85,100,000		0.231	(a)		09/13/21		85,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	191,600,000		0.227	(a)		09/09/21		191,600,000
	107,000,000		0.246	(a)		12/23/21		107,000,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.13%)
	93,100,000		0.268	(a)		11/05/21		93,100,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	49,000,000		0.164	(a)		07/02/21		49,000,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	29,500,000		0.230	(a)		04/23/21		29,500,000
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	94,480,000		0.180	(a)		12/16/20		94,479,611
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	189,100,000		0.195	(a)		02/14/22		189,100,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	261,300,000		0.225	(a)		01/21/21		261,299,270
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	367,700,000		0.250	(a)		01/13/22		367,669,485
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	336,800,000		0.280	(a)		11/29/21		336,797,015
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	217,000,000		0.290	(a)		12/13/21		216,982,201
	Federal Farm Credit Bank (Prime Rate – 2.80%)
	123,400,000		0.450	(a)		11/23/21		123,485,156
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	95,500,000		0.380	(a)		02/07/22		95,488,579
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	98,300,000		0.310	(a)		02/26/21		98,300,000
	117,700,000		0.310	(a)		11/08/21		117,700,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	344,300,000		0.300	(a)		03/15/21		344,300,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	344,300,000		0.290	(a)		03/29/21		344,300,000
	193,000,000		0.290	(a)		12/13/21		192,990,109
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	246,000,000		0.285	(a)		04/08/21		246,000,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	188,600,000		0.275	(a)		02/26/21		188,600,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	282,900,000		0.240	(a)		02/25/21		282,896,671
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	294,000,000		0.234	(a)		01/13/22		294,000,000
	Federal Farm Credit Bank (Prime Rate – 3.05%)
	245,000,000		0.200	(a)		08/13/21		244,740,597
	Federal Farm Credit Bank (SOFR + 0.12%)
	103,300,000		0.200	(a)		03/18/21		103,300,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	235,600,000		0.260	(a)		01/14/22		235,147,449
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank
	99,000,000		0.356			03/09/21		98,905,675
	155,000,000		0.530			03/09/21		154,780,589
	961,200,000		0.530			03/15/21		959,756,064
	212,500,000		0.407			03/18/21		212,247,361
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	118,200,000		0.165	(a)		03/24/21		118,200,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	118,200,000		0.190	(a)		06/24/21		118,200,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.07%)
	993,500,000		0.155	(a)		04/01/21		993,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	492,100,000		0.152	(a)		03/19/21		492,100,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.09%)
	481,100,000		0.149	(a)		07/06/21		481,100,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.11%)
	240,300,000		0.120	(a)		04/08/21		240,300,000
	59,500,000		0.120	(a)		04/09/21		59,500,000
	Federal Home Loan Bank (SOFR + 0.17%)
	933,500,000		0.250	(a)		07/21/22		933,500,000
	Federal Home Loan Bank (SOFR + 0.29%)
	958,000,000		0.370	(a)		10/06/21		958,000,000
	Federal Home Loan Bank (SOFR + 0.30%)
	1,400,000,000		0.380	(a)		09/29/21		1,400,000,000
	Federal Home Loan Bank (SOFR + 0.35%)
	990,000,000		0.430	(a)		09/23/21		990,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.29%)
	1,490,000,000		0.370	(a)		10/01/21		1,490,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.30%)
	3,053,600,000		0.380	(a)		09/24/21		3,053,600,000
	500,000,000		0.380	(a)		10/25/21		500,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.31%)
	498,000,000		0.390	(a)		01/03/22		498,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.32%)
	745,000,000		0.400	(a)		09/27/21		745,000,000
	496,500,000		0.400	(a)		09/30/21		496,500,000
	Federal National Mortgage Association (SOFR + 0.10%)
	117,700,000		0.180	(a)		12/03/21		117,401,116
	Federal National Mortgage Association (SOFR + 0.29%)
	486,900,000		0.370	(a)		10/04/21		486,900,000
	Federal National Mortgage Association (SOFR + 0.30%)
	993,500,000		0.380	(a)		09/24/21		993,500,000
	Federal National Mortgage Association (SOFR + 0.34%)
	1,789,500,000		0.420	(a)		10/20/21		1,789,500,000
	990,725,000		0.420	(a)		12/30/21		990,725,000
	993,000,000		0.420	(a)		01/21/22		993,000,000
	Federal National Mortgage Association (SOFR + 0.35%)
	248,000,000		0.430	(a)		10/15/21		248,000,000
	Federal National Mortgage Association (SOFR + 0.36%)
	499,000,000		0.440	(a)		01/20/22		499,000,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	597,843,782		0.130	(a)		12/07/20		597,843,782
	194,435,564		0.140	(a)		12/07/20		194,435,565
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	27,718,404,774

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations - 53.9%
	United States Treasury Bills
$	3,044,000,000		0.188	%		12/17/20	$	3,043,749,715
	732,650,000		0.132			12/22/20		732,588,030
	600,000,000		0.112			12/24/20		599,957,833
	3,662,400,000		0.178			12/24/20		3,661,990,524
	109,900,000		0.112			12/29/20		109,890,597
	556,530,000		0.124			12/29/20		556,477,191
	132,800,000		0.133			12/29/20		132,786,469
	767,500,000		0.137			12/29/20		767,419,413
	51,900,000		0.112			12/31/20		51,895,243
	140,100,000		0.163			12/31/20		140,081,320
	4,666,400,000		0.168			12/31/20		4,665,758,367
	58,000,000		0.112			01/05/21		57,993,797
	1,402,700,000		0.122			01/07/21		1,402,527,000
	300,700,000		0.112			01/12/21		300,661,410
	3,832,000,000		0.148			01/14/21		3,831,320,880
	899,700,000		0.122			01/19/21		899,553,050
	22,400,000		0.102			01/21/21		22,396,827
	17,400,000		0.112			01/21/21		17,397,289
	2,958,350,000		0.132			01/21/21		2,957,805,172
	1,993,500,000		0.114			01/26/21		1,993,143,388
	3,324,900,000		0.132			01/28/21		3,324,203,621
	279,400,000		0.112			02/02/21		279,346,216
	1,533,550,000		0.107			02/04/21		1,533,259,266
	2,521,350,000		0.112			02/11/21		2,250,854,705
	2,563,570,000		0.122			02/11/21		2,562,954,740
	1,882,200,000		0.097			02/16/21		1,881,817,547
	2,071,200,000		0.122			02/18/21		2,070,654,584
	999,150,000		0.102			02/23/21		998,916,865
	501,800,000		0.122			02/25/21		501,656,151
	850,000,000		0.096			03/02/21		849,795,884
	352,286,400		0.086	(b)		03/04/21		352,210,708
	1,353,000,000		0.106			03/04/21		1,352,632,999
	751,000,000		0.117			03/04/21		750,776,890
	2,512,000,000		0.107			03/09/21		2,511,281,987
	1,399,000,000		0.101			03/11/21		1,398,611,389
	1,250,000,000		0.127			03/11/21		1,249,565,975
	343,757,000		0.086	(b)		03/16/21		343,671,777
	2,760,000,000		0.112			03/16/21		2,759,114,492
	564,750,000		0.096			03/18/21		564,590,537
	267,600,000		0.114			03/23/21		267,506,756
	267,600,000		0.115			03/23/21		267,505,924
	80,500,000		0.119			03/23/21		80,470,573
	2,748,000,000		0.122			03/23/21		2,746,974,080
	963,000,000		0.091			03/25/21		962,725,545
	2,211,100,000		0.107			03/25/21		2,210,364,814
	1,099,000,000		0.117			03/30/21		1,098,582,231
	4,071,700,000		0.107			04/01/21		4,070,263,038
	1,302,000,000		0.107			04/06/21		1,301,521,515
	82,200,000		0.107			04/08/21		82,169,312
	95,600,000		0.109			04/08/21		95,563,460
	3,026,600,000		0.112			04/08/21		3,025,416,265
	1,860,450,000		0.107			04/13/21		1,859,728,300
	1,503,600,000		0.117			04/15/21		1,502,951,571
	850,000,000		0.101			04/20/21		849,669,443
	1,001,300,000		0.117			04/22/21		1,000,845,798
	484,400,000		0.112			04/29/21		484,179,463
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	1,339,011,000		0.091	%(b)		05/04/21		1,338,495,481
	2,848,800,000		0.112			05/06/21		2,847,442,075
	2,799,050,000		0.112			05/13/21		2,797,655,920
	2,367,400,000		0.101			05/20/21		2,366,282,051
	1,400,000,000		0.090			05/27/21		1,399,380,500
	2,324,300,000		0.091	(b)		06/03/21		2,323,242,444
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	19,600,000		0.224	(a)		04/30/21		19,594,303
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	8,050,000		0.239	(a)		01/31/22		8,050,000
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	28,640,000		0.305	(a)		07/31/21		28,626,757
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	15,700,000		0.385	(a)		10/31/21		15,707,105
	United States Treasury Notes
	229,700,000		1.875			12/15/20		229,805,347
	378,800,000		2.500			12/31/20		379,215,982
	79,000,000		1.375			01/31/21		79,000,226
	29,200,000		2.125			01/31/21		29,270,416
	117,700,000		2.250			02/15/21		118,033,439
	117,700,000		3.625			02/15/21		118,366,595
	771,900,000		2.500			02/28/21		774,007,353
	247,500,000		2.375			03/15/21		248,198,641
	16,100,000		2.250			03/31/21		16,200,372
	3,000,000		2.375			04/15/21		3,022,464
	TOTAL U.S. TREASURY OBLIGATIONS						$	90,527,345,407
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	118,245,750,181
Repurchase Agreements(c) – 32.5%
	Banco Santander, S.A.
$	400,000,000		0.060	%		12/01/20	$	400,000,000
	Maturity Value: $400,000,667
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30 and U.S. Treasury Notes, 0.125% to 3.125%, due 01/15/21 to 05/15/30. The aggregate market value of the collateral, including accrued interest, was $371,261,691 and $36,018,617 in cash.
	1,100,000,000		0.060			12/01/20		1,100,000,000
	Maturity Value: $1,100,001,833
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 12/01/28 to 02/01/50, Federal National Mortgage Association, 3.000% to 4.500%, due 06/01/32 to 01/01/57 and Government National Mortgage Association, 8.500% to 9.000%, due 12/20/30 to 02/20/33. The aggregate market value of the collateral, including accrued interest, was $1,125,082,320.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Banco Santander, S.A. – (continued)
$	800,000,000		0.090	%		12/01/20	$	800,000,000
	Maturity Value: $800,002,000
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.000%, due 09/01/42 to 02/01/50 and Federal National Mortgage Association, 2.000% to 6.000%, due 06/01/32 to 09/01/57. The aggregate market value of the collateral, including accrued interest, was $824,002,061.
	Bank of Montreal
	100,000,000		0.100			12/01/20		100,000,000
	Maturity Value: $100,000,278
	Collateralized by Federal National Mortgage Association, 2.000% to 4.000%, due 12/01/35 to 11/01/50. The aggregate market value of the collateral, including accrued interest, was $103,000,001.
	317,500,000		0.110	(d)		12/07/20		317,500,000
	Maturity Value: $317,589,254
	Settlement Date: 11/18/20
	Collateralized by U.S. Treasury Notes, 0.125% to 2.875%, due 10/31/22 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $323,850,066.
	142,000,000		0.120	(d)		12/07/20		142,000,000
	Maturity Value: $142,085,199
	Settlement Date: 11/12/20
	Collateralized by Federal National Mortgage Association, 2.000% to 2.500%, due 10/01/50 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $146,260,001.
	410,500,000		0.120	(d)		12/07/20		410,500,000
	Maturity Value: $410,580,731
	Settlement Date: 11/09/20
	Collateralized by U.S. Treasury Notes, 0.125% to 1.750%, due 05/31/22 to 02/15/30. The aggregate market value of the collateral, including accrued interest, was $418,710,099.
	422,000,000		0.130	(d)		12/07/20		422,000,000
	Maturity Value: $422,277,347
	Settlement Date: 11/02/20
	Collateralized by U.S. Treasury Notes, 1.750% to 2.875%, due 06/15/22 to 07/31/25. The aggregate market value of the collateral, including accrued interest, was $430,440,112.
	99,000,000		0.140	(d)		12/07/20		99,000,000
	Maturity Value: $99,068,530
	Settlement Date: 09/14/20
	Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 12/01/35 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $101,970,000.
Repurchase Agreements(c) – (continued)
	Bank of Montreal – (continued)
	BMO Capital Markets Corp.
	284,000,000		0.120	%(d)		12/07/20		284,000,000
	Maturity Value: $284,170,398
	Settlement Date: 11/12/20
	Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.500%, due 02/01/50 to 12/01/50, Federal National Mortgage Association, 1.500% to 5.000%, due 12/01/35 to 12/01/50, Government National Mortgage Association, 2.500% to 5.500%, due 11/20/39 to 11/20/50, U.S. Treasury Bills, 0.000%, due 05/20/21 to 09/09/21, U.S. Treasury Bonds, 1.625% to 2.000%, due 02/15/50 to 11/15/50, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/46, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 01/15/25 and U.S. Treasury Notes, 0.125% to 2.125%, due 06/30/21 to 05/15/30. The aggregate market value of the collateral, including accrued interest, was $289,698,344.
	BNP Paribas
	181,300,000		0.100			12/01/20		181,300,000
	Maturity Value: $181,300,504
	Collateralized by Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Government National Mortgage Association, 3.000% to 3.500%, due 11/20/47 to 12/20/48, a U.S. Treasury Bill, 0.000%, due 01/07/21, U.S. Treasury Notes, 0.125% to 2.750%, due 08/15/21 to 10/15/23 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/50. The aggregate market value of the collateral, including accrued interest, was $184,926,056.
	1,990,000,000		0.110	(d)		12/01/20		1,990,000,000
	Maturity Value: $1,990,553,339
	Settlement Date: 09/01/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/25/21 to 04/22/21, U.S. Treasury Bonds, 2.875% to 8.125%, due 05/15/21 to 05/15/48, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/25 to 02/15/46, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.750%, due 01/15/22 to 07/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 05/15/49, U.S. Treasury Notes, 0.125% to 2.875%, due 12/31/20 to 11/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $2,029,800,000.
	1,555,000,000		0.100	(d)(e)		12/07/20		1,555,000,000
	Maturity Value: $1,555,211,653
	Settlement Date: 12/01/20
	450,000,000		0.110	(d)		12/07/20		450,000,000
	Maturity Value: $450,125,127
	Settlement Date: 10/16/20
	Collateralized by a U.S. Treasury Bond, 8.125%, due 05/15/21, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.000%, due 01/15/26 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 01/15/23 to 01/15/27, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/47, U.S. Treasury Notes, 0.125% to 2.875%, due 01/31/21 to 08/31/24 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/40. The aggregate market value of the collateral, including accrued interest, was $459,000,077.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	450,000,000		0.110	%(d)		12/07/20	$	450,000,000
	Maturity Value: $450,126,502
	Settlement Date: 10/19/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/15/20 to 04/01/21, U.S. Treasury Bonds, 2.750% to 3.125%, due 02/15/43 to 11/15/47, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Notes, 0.125% to 2.750%, due 09/30/22 to 11/15/27 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $459,000,044.
	450,000,000		0.110	(d)		12/07/20		450,000,000
	Maturity Value: $450,209,003
	Settlement Date: 10/28/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/21, U.S. Treasury Bonds, 3.125% to 8.125%, due 05/15/21 to 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.375% to 0.500%, due 07/15/23 to 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/31 to 08/15/48, U.S. Treasury Notes, 0.125% to 2.500%, due 11/30/22 to 07/31/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 05/15/44. The aggregate market value of the collateral, including accrued interest, was $459,000,056.
	990,000,000		0.110	(d)		12/07/20		990,000,000
	Maturity Value: $990,275,279
	Settlement Date: 10/09/20
	Collateralized by U.S. Treasury Bonds, 5.250% to 8.125%, due 05/15/21 to 11/15/28, a U.S. Treasury Floating Rate Note, 0.239%, due 01/31/22, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/26 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 07/15/21 to 01/15/28, U.S. Treasury Notes, 0.125% to 3.000%, due 03/31/21 to 02/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/48 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $1,009,800,091.
	1,350,000,000		0.110	(d)		12/07/20		1,350,000,000
	Maturity Value: $1,350,750,761
	Settlement Date: 10/27/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 01/07/21 to 11/04/21, U.S. Treasury Bonds, 1.125% to 8.125%, due 02/15/21 to 08/15/49, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.375%, due 01/15/27 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 01/15/23 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 05/15/49, U.S. Treasury Notes, 1.625% to 2.875%, due 01/15/21 to 11/30/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $1,377,000,089.
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
	1,980,000,000		0.120	%(d)		12/07/20		1,980,000,000
	Maturity Value: $1,980,600,594
	Settlement Date: 10/09/20
	Collateralized by Federal Farm Credit Bank, 3.980%, due 04/05/38,Federal Home Loan Bank, 3.370%, due 02/12/30,Federal Home Loan Mortgage Corp., 0.375% to 3.500%, due 04/20/23 to 06/01/49, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/28 to 07/15/32, Federal National Mortgage Association, 2.500% to 5.000%, due 06/22/21 to 11/01/50, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/22 to 05/15/30, Government National Mortgage Association, 4.000%, due 09/20/43, U.S. Treasury Bills, 0.000%, due 12/08/20 to 08/12/21, U.S. Treasury Bonds, 1.375% to 8.125%, due 05/15/21 to 08/15/50, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 01/15/28 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 01/15/22 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/47, U.S. Treasury Notes, 0.125% to 3.125%, due 05/15/21 to 11/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 11/15/48. The aggregate market value of the collateral, including accrued interest, was $2,019,600,083.
	990,000,000		0.110	(d)		12/07/20		990,000,000
	Maturity Value: $990,278,304
	Settlement Date: 10/19/20
	Collateralized by Federal Farm Credit Bank, 3.980%, due 04/05/38,Federal Home Loan Bank, 3.500% to 4.000%, due 09/01/28 to 02/25/36,Federal Home Loan Mortgage Corp., 0.375% to 6.500%, due 05/05/23 to 02/01/50, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/28 to 07/15/32, Federal National Mortgage Association, 2.500% to 6.000%, due 01/11/22 to 12/01/50, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/22 to 03/23/28, Government National Mortgage Association, 2.500% to 6.500%, due 12/15/26 to 07/20/49, U.S. Treasury Bills, 0.000%, due 03/11/21 to 04/27/21, U.S. Treasury Bonds, 1.375% to 8.125%, due 05/15/21 to 08/15/50, U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.500%, due 01/15/27 to 02/15/50, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 02/15/44, U.S. Treasury Notes, 0.500% to 2.750%, due 07/31/21 to 05/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $1,011,009,126.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	495,000,000		0.110	%(d)		12/07/20	$	495,000,000
	Maturity Value: $495,137,640
	Settlement Date: 10/23/20
	Collateralized by Federal Home Loan Bank, 4.125%, due 05/25/35, Federal National Mortgage Association, 2.000% to 6.500%, due 01/11/22 to 12/01/50, Federal National Mortgage Association Stripped Security, 0.000%, due 03/23/28, Government National Mortgage Association, 2.000% to 4.500%, due 11/20/47 to 11/20/50, U.S. Treasury Bills, 0.000%, due 03/25/21 to 11/04/21, U.S. Treasury Bonds, 2.750% to 8.125%, due 05/15/21 to 05/15/48, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 01/15/26 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.500%, due 01/15/23 to 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 08/15/48, U.S. Treasury Notes, 0.125% to 2.875%, due 07/31/21 to 11/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $506,365,660.
	350,000,000		0.130			05/18/21		350,000,000
	Maturity Value: $350,227,500
	Settlement Date: 11/19/20
	Collateralized by Federal Home Loan Mortgage Corp., 0.375%, due 04/20/23, Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/49 to 05/01/50, U.S. Treasury Bills, 0.000%, due 01/07/21 to 03/25/21 and U.S. Treasury Notes, 0.875% to 2.750%, due 06/30/21 to 11/15/30. The aggregate market value of the collateral, including accrued interest, was $358,498,478.
	BNP Paribas (Overnight MBS + 0.02%)
	550,000,000		0.120	(a)(d)		12/01/20		550,000,000
	Maturity Value: $553,211,968
	Settlement Date: 02/23/16
	Collateralized by Federal Farm Credit Bank, 3.540%, due 01/25/38, Federal Home Loan Bank, 4.100%, due 10/24/33, Federal Home Loan Mortgage Corp., 0.000% to 6.500%, due 12/11/25 to 12/01/46, Federal National Mortgage Association, 4.000% to 5.500%, due 06/01/41 to 08/01/58, Government National Mortgage Association, 2.500% to 6.500%, due 05/15/23 to 06/20/50, U.S. Treasury Bills, 0.000%, due 03/25/21 to 04/15/21, U.S. Treasury Bonds, 3.000% to 6.375%, due 08/15/27 to 05/15/48, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 0.875%, due 07/15/23 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 11/15/39, U.S. Treasury Notes, 0.125% to 2.750%, due 01/15/21 to 05/15/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 08/15/49. The aggregate market value of the collateral, including accrued interest, was $561,007,329.
Repurchase Agreements(c) – (continued)
	BNP Paribas (Overnight MBS + 0.02%) – (continued)
	500,000,000		0.120	%(a)(d)		12/01/20		500,000,000
	Maturity Value: $502,931,637
	Settlement Date: 02/23/16
	Collateralized by Federal Farm Credit Bank, 2.990% to 3.980%, due 07/18/34 to 04/05/38, Federal Home Loan Mortgage Corp., 0.000% to 6.500%, due 03/01/22 to 02/01/43, Federal National Mortgage Association, 0.500% to 5.500%, due 01/11/22 to 01/01/48, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/22 to 03/23/28, Government National Mortgage Association, 3.000% to 6.500%, due 05/20/33 to 07/20/49, U.S. Treasury Bonds, 6.250% to 8.125%, due 05/15/21 to 08/15/27, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 01/15/23 to 01/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/47, U.S. Treasury Notes, 1.250% to 2.750%, due 01/31/21 to 06/30/25 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $510,903,065.
	BofA Securities, Inc.
	400,000,000		0.030			12/01/20		400,000,000
	Maturity Value: $400,000,333
	Collateralized by a U.S. Treasury Note, 0.125%, due 11/30/22. The market value of the collateral, including accrued interest, was $408,000,038.
	978,500,000		0.100			12/01/20		978,500,000
	Maturity Value: $978,502,718
	Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 3.500%, due 03/01/50 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $1,007,855,001.
	900,000,000		0.130			12/07/20		900,000,000
	Maturity Value: $900,201,500
	Settlement Date: 10/06/20
	Collateralized by U.S. Treasury Bonds, 5.500% to 7.625%, due 02/15/25 to 08/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/21 to 11/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/21 to 05/15/30. The aggregate market value of the collateral, including accrued interest, was $918,000,048.
	Canadian Imperial Bank of Commerce
	495,000,000		0.110	(d)		12/07/20		495,000,000
	Maturity Value: $495,090,751
	Settlement Date: 11/06/20
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/25, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.125% to 3.125%, due 10/31/21 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $504,900,022.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Canadian Imperial Bank of Commerce – (continued)
$	248,000,000		0.120	%(d)		12/07/20	$	248,000,000
	Maturity Value: $248,074,399
	Settlement Date: 10/14/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 3.500%, due 11/01/29 to 10/01/42, Federal National Mortgage Association, 3.000% to 4.500%, due 01/01/47 to 04/01/50, Government National Mortgage Association, 4.000% to 4.500%, due 07/15/47 to 08/20/48, a U.S. Treasury Floating Rate Note, 0.199%, due 04/30/22, a U.S. Treasury Inflation- Indexed Bond, 2.375%, due 01/15/25 and U.S. Treasury Notes, 0.250% to 2.750%, due 08/31/23 to 05/31/25. The aggregate market value of the collateral, including accrued interest, was $255,437,173.
	99,000,000		0.110	(d)		12/07/20		99,000,000
	Maturity Value: $99,027,225
	Settlement Date: 10/21/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 10/01/42, Federal National Mortgage Association, 3.000% to 5.000%, due 04/01/43 to 07/01/50, Government National Mortgage Association, 4.500%, due 03/20/49 and U.S. Treasury Notes, 0.250% to 2.875%, due 10/31/21 to 08/15/28. The aggregate market value of the collateral, including accrued interest, was $101,967,622.
	148,000,000		0.110	(d)		12/07/20		148,000,000
	Maturity Value: $148,040,701
	Settlement Date: 10/21/20
	Collateralized by Federal National Mortgage Association, 3.000% to 5.000%, due 10/01/35 to 07/01/50, Government National Mortgage Association, 4.000%, due 07/15/47, a U.S. Treasury Bond, 1.375%, due 08/15/50 and U.S. Treasury Notes, 0.125% to 1.750%, due 04/30/22 to 09/30/25. The aggregate market value of the collateral, including accrued interest, was $152,439,142.
	149,000,000		0.110	(d)		12/07/20		149,000,000
	Maturity Value: $149,071,024
	Settlement Date: 10/28/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 11/01/29, Federal National Mortgage Association, 2.500% to 4.000%, due 10/01/45 to 11/01/50, a U.S. Treasury Bond, 1.375%, due 08/15/50 and U.S. Treasury Notes, 1.750% to 2.500%, due 02/15/22 to 07/31/24. The aggregate market value of the collateral, including accrued interest, was $153,469,364.
	995,000,000		0.110	(d)		12/07/20		995,000,000
	Maturity Value: $995,474,290
	Settlement Date: 10/28/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 12/01/29 to 01/01/50, Federal National Mortgage Association, 2.000% to 5.500%, due 01/01/29 to 07/01/50 and Government National Mortgage Association, 4.000% to 4.500%, due 01/15/41 to 08/20/48. The aggregate market value of the collateral, including accrued interest, was $1,024,850,000.
Repurchase Agreements(c) – (continued)
	Citigroup Global Markets Inc.
$	1,718,500,000		0.100	%		12/01/20	$	1,718,500,000
	Maturity Value: $1,718,504,774
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.000%, due 12/01/50, Federal National Mortgage Association, 2.000% to 5.000%, due 11/01/50 to 12/01/50 and Government National Mortgage Association, 4.000% to 8.500%, due 10/15/24 to 06/15/38. The aggregate market value of the collateral, including accrued interest, was $1,752,870,927.
	Citigroup Global Markets, Inc. (Overnight MBS + 0.01%)
	1,000,000,000		0.110	(a)		12/07/20		1,000,000,000
	Maturity Value: $1,002,346,701
	Settlement Date: 11/01/18
	Collateralized by Federal Farm Credit Bank, 0.140% to 3.120%, due 12/11/20 to 04/24/34, Federal Home Loan Bank, 0.125% to 5.625%, due 06/10/22 to 07/15/36, Federal Home Loan Mortgage Corp., 0.000% to 8.500%, due 12/18/20 to 12/01/50, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/28 to 03/15/31, Federal National Mortgage Association, 0.375% to 8.500%, due 02/01/21 to 08/01/56, Government National Mortgage Association, 2.500% to 10.000%, due 12/15/20 to 08/20/50, Tennessee Valley Authority, 0.000% to 5.980%, due 09/15/24 to 04/01/36, U.S. Treasury Bills, 0.000%, due 04/29/21 to 11/04/21, U.S. Treasury Bonds, 1.125% to 8.125%, due 02/15/21 to 02/15/49, a U.S. Treasury Floating Rate Note, 0.224%, due 04/30/21, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.375%, due 01/15/27 to 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/21 to 07/15/30 and U.S. Treasury Notes, 0.125% to 3.125%, due 12/31/20 to 08/15/29. The aggregate market value of the collateral, including accrued interest, was $1,020,000,081.
	Credit Agricole Corporate and Investment Bank
	150,000,000		0.030			12/01/20		150,000,000
	Maturity Value: $150,000,125
	Collateralized by U.S. Treasury Bonds, 1.125% to 3.625%, due 08/15/40 to 11/15/48 and U.S. Treasury Inflation-Indexed Bonds, 0.250% to 2.000%, due 01/15/26 to 02/15/50. The aggregate market value of the collateral, including accrued interest, was $153,000,108.
	Daiwa Capital Markets America Inc.
	50,612,745		0.100			12/01/20		50,612,745
	Maturity Value: $50,612,886
	Collateralized by a U.S. Treasury Note, 1.250%, due 07/31/23. The market value of the collateral, including accrued interest, was $51,625,000.
	61,044,730		0.100			12/01/20		61,044,730
	Maturity Value: $61,044,900
	Collateralized by a U.S. Treasury Note, 0.250%, due 06/30/25. The market value of the collateral, including accrued interest, was $62,265,625.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Daiwa Capital Markets America Inc. – (continued)
$	76,194,852		0.100	%		12/01/20	$	76,194,852
	Maturity Value: $76,195,064
	Collateralized by a U.S. Treasury Note, 1.625%, due 12/15/22. The market value of the collateral, including accrued interest, was $77,718,749.
	84,787,842		0.100			12/01/20		84,787,842
	Maturity Value: $84,788,078
	Collateralized by a U.S. Treasury Note, 2.875%, due 08/15/28. The market value of the collateral, including accrued interest, was $86,483,599.
	103,033,088		0.100			12/01/20		103,033,088
	Maturity Value: $103,033,374
	Collateralized by a U.S. Treasury Note, 2.375%, due 04/30/26. The market value of the collateral, including accrued interest, was $105,093,750.
	103,676,470		0.100			12/01/20		103,676,470
	Maturity Value: $103,676,758
	Collateralized by a U.S. Treasury Note, 2.500%, due 03/31/23. The market value of the collateral, including accrued interest, was $105,749,999.
	121,573,405		0.100			12/01/20		121,573,405
	Maturity Value: $121,573,743
	Collateralized by a U.S. Treasury Note, 1.750%, due 12/31/24. The market value of the collateral, including accrued interest, was $124,004,873.
	127,132,351		0.100			12/01/20		127,132,351
	Maturity Value: $127,132,704
	Collateralized by a U.S. Treasury Note, 0.500%, due 06/30/27. The market value of the collateral, including accrued interest, was $129,674,998.
	131,691,174		0.100			12/01/20		131,691,174
	Maturity Value: $131,691,540
	Collateralized by a U.S. Treasury Note, 0.500%, due 05/31/27. The market value of the collateral, including accrued interest, was $134,324,997.
	134,577,391		0.100			12/01/20		134,577,391
	Maturity Value: $134,577,765
	Collateralized by a U.S. Treasury Note, 1.750%, due 07/31/24. The market value of the collateral, including accrued interest, was $137,268,939.
	163,005,880		0.100			12/01/20		163,005,880
	Maturity Value: $163,006,333
	Collateralized by a U.S. Treasury Note, 2.875%, due 09/30/23. The market value of the collateral, including accrued interest, was $166,265,998.
	165,038,049		0.100			12/01/20		165,038,049
	Maturity Value: $165,038,507
	Collateralized by a U.S. Treasury Note, 1.125%, due 02/28/25. The market value of the collateral, including accrued interest, was $168,338,810.
	179,619,484		0.100			12/01/20		179,619,484
	Maturity Value: $179,619,983
	Collateralized by a U.S. Treasury Note, 2.875%, due 05/31/25. The market value of the collateral, including accrued interest, was $183,211,874.
Repurchase Agreements(c) – (continued)
	Daiwa Capital Markets America Inc. – (continued)
	185,241,599		0.100			12/01/20		185,241,599
	Maturity Value: $185,242,114
	Collateralized by a U.S. Treasury Bond, 1.625%, due 09/30/26. The market value of the collateral, including accrued interest, was $188,946,431.
	210,496,837		0.100			12/01/20		210,496,837
	Maturity Value: $210,497,422
	Collateralized by a U.S. Treasury Note, 2.875%, due 05/15/28. The market value of the collateral, including accrued interest, was $214,706,774.
	243,851,205		0.100			12/01/20		243,851,205
	Maturity Value: $243,851,882
	Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/28. The market value of the collateral, including accrued interest, was $248,728,229.
	244,445,745		0.100			12/01/20		244,445,745
	Maturity Value: $244,446,424
	Collateralized by a U.S. Treasury Note, 0.625%, due 03/31/27. The market value of the collateral, including accrued interest, was $249,334,660.
	259,271,274		0.100			12/01/20		259,271,274
	Maturity Value: $259,271,994
	Collateralized by a U.S. Treasury Floating Rate Note, 0.140%, due 10/31/22. The market value of the collateral, including accrued interest, was $264,456,699.
	354,705,879		0.100			12/01/20		354,705,879
	Maturity Value: $354,706,864
	Collateralized by a U.S. Treasury Note, 2.125%, due 05/15/25. The market value of the collateral, including accrued interest, was $361,799,997.
	Fixed Income Clearing Corp.
	1,000,000,000		0.080			12/01/20		1,000,000,000
	Maturity Value: $1,000,002,222
	Collateralized by U.S. Treasury Bonds, 2.250% to 3.375%, due 05/15/48 to 11/15/49 and a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48. The aggregate market value of the collateral, including accrued interest, was $1,020,000,110.
	2,600,000,000		0.090			12/01/20		2,600,000,000
	Maturity Value: $2,600,006,500
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.000%, due 02/15/46 to 05/15/49, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.250% to 0.375%, due 07/15/27 to 07/15/29 and U.S. Treasury Notes, 0.250% to 3.125%, due 06/30/25 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $2,652,000,087.
	1,400,000,000		0.100			12/01/20		1,400,000,000
	Maturity Value: $1,400,003,889
	Collateralized by a U.S. Treasury Bill, 0.000%, due 09/09/21 and U.S. Treasury Notes, 0.125% to 2.875%, due 09/15/23 to 05/15/30. The aggregate market value of the collateral, including accrued interest, was $1,428,000,020.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	HSBC Bank PLC
$	100,000,000		0.100	%		12/01/20	$	100,000,000
	Maturity Value: $100,000,278
	Collateralized by Federal Farm Credit Bank, 1.990% to 3.980%, due 05/16/28 to 07/30/40, Federal Home Loan Bank, 0.375% to 4.050%, due 10/12/21 to 05/07/35, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 07/15/22 to 09/15/27, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/21 to 05/15/30, Government National Mortgage Association, 3.500% to 5.000%, due 04/20/41 to 08/20/50 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $102,821,346.
	100,000,000		0.100			12/01/20		100,000,000
	Maturity Value: $100,000,278
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47 and U.S. Treasury Notes, 1.875% to 2.000%, due 03/31/22 to 02/15/25. The aggregate market value of the collateral, including accrued interest, was $102,000,004.
	HSBC Bank PLC (Overnight MBS + 0.01%)
	1,250,000,000		0.110	(a)		12/07/20		1,250,000,000
	Maturity Value: $1,250,183,336
	Settlement Date: 10/21/20
	Collateralized by Federal Farm Credit Bank, 1.850% to 4.350%, due 02/23/21 to 11/27/43,Federal Home Loan Bank, 2.000% to 4.250%, due 12/10/21 to 10/19/38,Federal Home Loan Mortgage Corp., 2.700% to 6.000%, due 10/01/25 to 10/01/48, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/21 to 03/15/31, Federal National Mortgage Association, 2.875% to 6.625%, due 09/12/23 to 11/15/30, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/24 to 07/15/37, Government National Mortgage Association, 3.500% to 4.000%, due 10/20/47 to 08/20/50, Tennessee Valley Authority, 0.000% to 4.250%, due 03/15/34 to 09/15/65, U.S. Treasury Bonds, 3.000% to 6.250%, due 08/15/23 to 05/15/42, a U.S. Treasury Floating Rate Note, 0.239%, due 01/31/22, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 02/15/50, U.S. Treasury Notes, 0.125% to 2.875%, due 02/28/21 to 08/15/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/23 to 02/15/50. The aggregate market value of the collateral, including accrued interest, was $1,275,113,284.
	HSBC Bank PLC (Overnight Treasury + 0.02%)
	400,000,000		0.120	(a)		12/07/20		400,000,000
	Maturity Value: $400,687,993
	Settlement Date: 07/11/19
	Collateralized by U.S. Treasury Bonds, 1.000% to 4.375%, due 01/15/28 to 08/15/47 and U.S. Treasury Notes, 0.625% to 3.000%, due 07/15/21 to 02/15/30. The aggregate market value of the collateral, including accrued interest, was $408,000,033.
Repurchase Agreements(c) – (continued)
	HSBC Bank PLC (Overnight Treasury + 0.02%) – (continued)
	1,025,000,000		0.120	(a)		12/07/20		1,025,000,000
	Maturity Value: $1,026,889,398
	Settlement Date: 06/04/19
	Collateralized by U.S. Treasury Bonds, 0.750% to 4.375%, due 05/15/40 to 02/15/50 and U.S. Treasury Notes, 0.500% to 2.875%, due 06/30/22 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $1,045,500,063.
	500,000,000		0.120	(a)		12/07/20		500,000,000
	Maturity Value: $500,136,665
	Settlement Date: 09/17/20
	Shared collateral consisting of U.S. Treasury Bonds, 0.250% to 3.875%, due 04/15/29 to 02/15/50 and U.S. Treasury Notes, 0.250% to 3.125%, due 01/31/21 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $1,530,000,132.
	500,000,000		0.120	(a)		12/07/20		500,000,000
	Maturity Value: $500,128,332
	Settlement Date: 09/22/20
	Shared collateral consisting of U.S. Treasury Bonds, 0.250% to 3.875%, due 04/15/29 to 02/15/50 and U.S. Treasury Notes, 0.250% to 3.125%, due 01/31/21 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $1,530,000,132.
	500,000,000		0.120	(a)		12/07/20		500,000,000
	Maturity Value: $500,106,666
	Settlement Date: 10/05/20
	Shared collateral consisting of U.S. Treasury Bonds, 0.250% to 3.875%, due 04/15/29 to 02/15/50 and U.S. Treasury Notes, 0.250% to 3.125%, due 01/31/21 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $1,530,000,132.
	ING Financial Markets LLC
	150,000,000		0.130			01/14/21		150,000,000
	Maturity Value: $150,035,208
	Settlement Date: 11/10/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.013% to 7.000%, due 03/17/31 to 07/01/48 and Federal National Mortgage Association, 2.000% to 5.000%, due 01/01/29 to 05/01/58. The aggregate market value of the collateral, including accrued interest, was $152,999,999.
	300,000,000		0.130			01/14/21		300,000,000
	Maturity Value: $300,083,417
	Settlement Date: 10/29/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 10/01/29 to 07/01/50 and Federal National Mortgage Association, 2.000% to 4.500%, due 04/01/32 to 09/01/57. The aggregate market value of the collateral, including accrued interest, was $306,000,001.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	J.P. Morgan Securities LLC
$	700,000,000		0.100	%		12/01/20	$	700,000,000
	Maturity Value: $700,001,944
	Collateralized by Federal Farm Credit Bank, 0.715% to 6.180%, due 10/25/27 to 08/13/40, Federal Home Loan Bank, 2.900% to 5.500%, due 12/01/26 to 07/15/36, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 02/12/25 to 12/01/50, Federal National Mortgage Association, 1.500%, due 12/01/35, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/32 and Government National Mortgage Association, 2.000% to 6.000%, due 05/15/29 to 11/20/50. The aggregate market value of the collateral, including accrued interest, was $719,761,023.
	Joint Account I
	1,000,000,000		0.080			12/01/20		1,000,000,000
	Maturity Value: $1,000,002,208
	Joint Account III
	1,605,900,000		0.100			12/01/20		1,605,900,000
	Maturity Value: $1,605,904,461
	Mizuho Securities USA LLC
	100,000,000		0.090			12/01/20		100,000,000
	Maturity Value: $100,000,250
	Collateralized by U.S. Treasury Notes, 0.125% to 2.875%, due 01/31/21 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $102,000,092.
	Morgan Stanley & Co. LLC
	200,000,000		0.100			12/01/20		200,000,000
	Maturity Value: $200,000,556
	Collateralized by Federal Home Loan Bank, 0.000%, due 12/01/20, Federal Home Loan Mortgage Corp., 0.250% to 5.500%, due 03/01/21 to 09/01/50, Federal National Mortgage Association, 1.500% to 6.000%, due 04/01/22 to 12/01/50, Government National Mortgage Association, 2.500% to 8.500%, due 03/15/22 to 11/20/50, a U.S. Treasury Bond, 7.500%, due 11/15/24 and a U.S. Treasury Note, 1.875%, due 08/31/24. The aggregate market value of the collateral, including accrued interest, was $205,701,406.
	MUFG Securities Americas Inc.
	8,000,000		0.080			12/01/20		8,000,000
	Maturity Value: $8,000,018
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/38 and U.S. Treasury Notes, 0.125%, due 07/31/22 to 11/30/22. The aggregate market value of the collateral, including accrued interest, was $8,160,003.
	750,000,000		0.100			12/01/20		750,000,000
	Maturity Value: $750,002,083
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 01/01/31 to 12/01/50 and Federal National Mortgage Association, 2.000% to 5.000%, due 06/01/27 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $772,500,001.
Repurchase Agreements(c) – (continued)
	MUFG Securities Americas Inc. – (continued)
	250,000,000		0.130			12/18/20		250,000,000
	Maturity Value: $250,050,556
	Settlement Date: 10/23/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 09/01/26 to 12/01/50 and Federal National Mortgage Association, 2.000% to 4.500%, due 01/01/34 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $257,499,998.
	400,000,000		0.120			01/05/21		400,000,000
	Maturity Value: $400,081,333
	Settlement Date: 11/05/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/03/20 to 02/23/21, U.S. Treasury Bonds, 1.375% to 4.500%, due 02/15/36 to 11/15/50, U.S. Treasury Floating Rate Notes, 0.224% to 0.305%, due 04/30/21 to 07/31/21, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.375%, due 01/15/25 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 07/15/22 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 02/15/44, U.S. Treasury Notes, 0.125% to 3.625%, due 02/15/21 to 05/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/49. The aggregate market value of the collateral, including accrued interest, was $407,999,998.
	250,000,000		0.140			01/14/21		250,000,000
	Maturity Value: $250,070,000
	Settlement Date: 11/03/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.000%, due 12/01/30 to 11/01/50 and Federal National Mortgage Association, 1.500% to 4.500%, due 08/01/35 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $257,499,999.
	500,000,000		0.135			01/27/21		500,000,000
	Maturity Value: $500,170,625
	Settlement Date: 10/28/20
	Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.000%, due 01/01/24 to 12/01/50 and Federal National Mortgage Association, 1.500% to 6.000%, due 03/01/24 to 04/01/51. The aggregate market value of the collateral, including accrued interest, was $514,999,998.
	250,000,000		0.120			03/15/21		250,000,000
	Maturity Value: $250,087,500
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 03/01/23 to 12/01/50 and Federal National Mortgage Association, 2.000% to 6.000%, due 09/01/21 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $257,499,998.
	MUFG Securities Americas Inc. (Overnight MBS + 0.08%)
	250,000,000		0.180	(a)		01/04/21		250,000,000
	Maturity Value: $250,961,250
	Settlement Date: 11/28/18
	Shared collateral consisting of Federal Home Loan Mortgage Corp., 1.500% to 4.000%, due 12/01/30 to 12/01/50 and Federal National Mortgage Association, 2.000% to 5.000%, due 08/01/30 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $515,000,003.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	MUFG Securities Americas Inc. (Overnight MBS + 0.08%) – (continued)
$	250,000,000		0.180	%  (a)		01/04/21	$	250,000,000
	Maturity Value: $250,801,250
	Settlement Date: 04/05/19
	Shared collateral consisting of Federal Home Loan Mortgage Corp., 1.500% to 4.000%, due 12/01/30 to 12/01/50 and Federal National Mortgage Association, 2.000% to 5.000%, due 08/01/30 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $515,000,003.
	MUFG Securities Americas Inc. (Overnight Treasury + 0.03%)
	450,000,000		0.110	(a)		12/07/20		450,000,000
	Maturity Value: $450,067,376
	Settlement Date: 10/20/20
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.375% to 2.375%, due 01/15/25 to 02/15/44, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.750%, due 04/15/22 to 07/15/30 and U.S. Treasury Notes, 0.125% to 2.500%, due 02/28/21 to 11/30/25. The aggregate market value of the collateral, including accrued interest, was $459,000,029.
	MUFG Securities Americas Inc. (SOFR + 0.04%)
	250,000,000		0.120	(a)		01/04/21		250,000,000
	Maturity Value: $250,041,666
	Settlement Date: 11/16/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 06/01/35 to 12/01/50 and Federal National Mortgage Association, 1.500% to 5.000%, due 12/01/30 to 12/01/50. The aggregate market value of the collateral, including accrued interest, was $257,499,998.
	Nomura Securities International, Inc.
	1,500,000,000		0.100			12/01/20		1,500,000,000
	Maturity Value: $1,500,004,167
	Collateralized by Federal Farm Credit Bank, 3.460% to 3.470%, due 03/26/37 to 03/09/38, Federal Home Loan Bank, 0.125% to 5.500%, due 10/21/22 to 07/15/36, Federal Home Loan Mortgage Corp., 0.125% to 2.750%, due 08/12/21 to 11/24/23, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/29 to 09/15/30, Federal National Mortgage Association, 0.250% to 6.250%, due 01/19/23 to 05/15/29, Federal National Mortgage Association Stripped Securities, 0.000%, due 10/08/27 to 07/15/37, Tennessee Valley Authority, 0.000% to 6.150%, due 03/15/23 to 04/01/56, a U.S. Treasury Bill, 0.000%, due 02/09/21, U.S. Treasury Floating Rate Notes, 0.140% to 0.239%, due 01/31/22 to 10/31/22, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/46, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/21 to 05/15/41 and U.S. Treasury Notes, 2.125% to 2.875%, due 12/31/22 to 02/29/24. The aggregate market value of the collateral, including accrued interest, was $1,530,000,006.
Repurchase Agreements(c) – (continued)
	Norinchukin Bank (The)
	650,000,000		0.110			12/16/20		650,000,000
	Maturity Value: $650,043,694
	Settlement Date: 11/24/20
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and a U.S. Treasury Note, 2.000%, due 06/30/24. The aggregate market value of the collateral, including accrued interest, was $663,000,036.
	Northwestern Mutual Life Insurance Company
	513,750,000		0.100			12/01/20		513,750,000
	Maturity Value: $513,751,427
	Collateralized by a U.S. Treasury Bond, 6.375%, due 08/15/27. The market value of the collateral, including accrued interest, was $524,025,000.
	Prudential Insurance Company of America (The)
	4,858,750		0.100			12/01/20		4,858,750
	Maturity Value: $4,858,763
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/39. The market value of the collateral, including accrued interest, was $4,955,925.
	6,375,500		0.100			12/01/20		6,375,500
	Maturity Value: $6,375,518
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $6,503,010.
	7,050,000		0.100			12/01/20		7,050,000
	Maturity Value: $7,050,020
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/31. The market value of the collateral, including accrued interest, was $7,191,000.
	8,572,500		0.100			12/01/20		8,572,500
	Maturity Value: $8,572,524
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $8,743,950.
	10,783,500		0.100			12/01/20		10,783,500
	Maturity Value: $10,783,530
	Collateralized by a U.S. Treasury Bond, 6.625%, due 02/15/27. The market value of the collateral, including accrued interest, was $10,999,170.
	11,156,250		0.100			12/01/20		11,156,250
	Maturity Value: $11,156,281
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/45. The market value of the collateral, including accrued interest, was $11,379,375.
	15,090,000		0.100			12/01/20		15,090,000
	Maturity Value: $15,090,042
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $15,391,800.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Prudential Insurance Company of America (The) – (continued)
$	18,218,750		0.100	%		12/01/20	$	18,218,750
	Maturity Value: $18,218,801
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $18,583,125.
	21,031,250		0.100			12/01/20		21,031,250
	Maturity Value: $21,031,308
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $21,451,875.
	21,406,250		0.100			12/01/20		21,406,250
	Maturity Value: $21,406,309
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $21,834,375.
	22,823,750		0.100			12/01/20		22,823,750
	Maturity Value: $22,823,813
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/41. The market value of the collateral, including accrued interest, was $23,280,225.
	25,155,000		0.100			12/01/20		25,155,000
	Maturity Value: $25,155,070
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/43. The market value of the collateral, including accrued interest, was $25,658,100.
	25,286,250		0.100			12/01/20		25,286,250
	Maturity Value: $25,286,320
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $25,791,975.
	26,220,000		0.100			12/01/20		26,220,000
	Maturity Value: $26,220,073
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $26,744,400.
	27,125,000		0.100			12/01/20		27,125,000
	Maturity Value: $27,125,075
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $27,667,500.
	31,255,000		0.100			12/01/20		31,255,000
	Maturity Value: $31,255,087
	Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/35. The market value of the collateral, including accrued interest, was $31,880,100.
	33,406,250		0.100			12/01/20		33,406,250
	Maturity Value: $33,406,343
	Collateralized by a U.S. Treasury Bond, 3.125%, due 05/15/48. The market value of the collateral, including accrued interest, was $34,074,375.
Repurchase Agreements(c) – (continued)
	Prudential Insurance Company of America (The) – (continued)
	34,750,000		0.100			12/01/20		34,750,000
	Maturity Value: $34,750,097
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $35,445,000.
	35,943,750		0.100			12/01/20		35,943,750
	Maturity Value: $35,943,850
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $36,662,625.
	56,418,750		0.100			12/01/20		56,418,750
	Maturity Value: $56,418,907
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $57,547,125.
	60,281,250		0.100			12/01/20		60,281,250
	Maturity Value: $60,281,417
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $61,486,875.
	96,000,000		0.100			12/01/20		96,000,000
	Maturity Value: $96,000,267
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/47. The market value of the collateral, including accrued interest, was $97,920,000.
	107,437,500		0.100			12/01/20		107,437,500
	Maturity Value: $107,437,798
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/41. The market value of the collateral, including accrued interest, was $109,586,250.
	127,125,000		0.100			12/01/20		127,125,000
	Maturity Value: $127,125,353
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $129,667,500.
	141,562,500		0.100			12/01/20		141,562,500
	Maturity Value: $141,562,893
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/27. The market value of the collateral, including accrued interest, was $144,393,750.
	153,671,250		0.100			12/01/20		153,671,250
	Maturity Value: $153,671,677
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $156,744,675.
	Royal Bank of Canada
	2,350,000,000		0.110	(d)		12/07/20		2,350,000,000
	Maturity Value: $2,350,402,117
	Settlement Date: 11/19/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 9.000%, due 01/01/27 to 11/01/50, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/23 to 04/01/59 and a U.S. Treasury Note, 1.625%, due 11/30/26. The aggregate market value of the collateral, including accrued interest, was $2,397,000,008.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Royal Bank of Canada – (continued)
	$ 2,480,000,000		0.100	%  (d)		12/07/20	$	2,480,000,000
	Maturity Value: $2,480,192,890
	Settlement Date: 11/16/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.000%, due 07/01/30 to 11/01/50, Federal National Mortgage Association, 1.500% to 5.500%, due 03/01/33 to 08/01/59 and a U.S. Treasury Note, 1.625%, due 11/30/26. The aggregate market value of the collateral, including accrued interest, was $2,529,600,002.
	992,000,000		0.100	(d)		12/07/20		992,000,000
	Maturity Value: $992,077,156
	Settlement Date: 11/17/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.000%, due 01/01/41 to 10/01/50, Federal National Mortgage Association, 2.000% to 5.000%, due 10/01/26 to 06/01/51 and a U.S. Treasury Note, 1.625%, due 11/30/26. The aggregate market value of the collateral, including accrued interest, was $1,011,840,003.
	Sumitomo Mitsui Banking Corp.
	1,000,000,000		0.100			12/01/20		1,000,000,000
	Maturity Value: $1,000,002,778
	Collateralized by U.S. Treasury Notes, 0.500% to 1.375%, due 03/15/23 to 01/31/25. The aggregate market value of the collateral, including accrued interest, was $1,020,144,929.
	Wells Fargo Securities, LLC
	350,000,000		0.020			12/01/20		350,000,000
	Maturity Value: $350,000,194
	Collateralized by U.S. Treasury Bonds, 1.375% to 4.500%, due 02/15/36 to 05/15/49. The aggregate market value of the collateral, including accrued interest, was $357,000,113.
	TOTAL REPURCHASE AGREEMENTS						$	54,640,954,000
	TOTAL INVESTMENTS – 102.9%						$	172,886,704,181
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (2.9)%							(4,806,441,021	)
	NET ASSETS – 100.0%						$	168,080,263,160

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, 2020.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on November 30, 2020. 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.
(e)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

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:
FEDL01	—US Federal Funds Effective Rate
LIBOR	—London Interbank Offered Rates
MMY	—Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate US
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 18.0%
	Agricultural Bank of China Ltd.
$	15,000,000		0.326	%		12/14/20	$	14,998,950
	2,250,000		0.397			02/23/21		2,248,210
	Albion Capital LLC
	20,000,000		0.132			12/04/20		19,999,740
	9,572,000		0.234			02/16/21		9,567,935
	19,100,000		0.254			02/22/21		19,091,176
	Antalis S.A.
	11,000,000		0.224			02/09/21		10,996,095
	11,965,000		0.234			02/16/21		11,960,334
	Bank of China Ltd.-Hong Kong Branch
	17,792,000		0.275			12/03/20		17,791,792
	Barton Capital S.A.
	11,000,000		0.214			01/26/21		10,996,726
	9,456,000		0.214			02/08/21		9,452,451
	Chariot Funding LLC
	46,000,000		0.173			12/18/20		45,996,550
	CNPC Finance (HK) Ltd.
	25,000,000		0.437			12/01/20		24,999,908
	Collateralized Commercial Paper Flex Co., LLC
	15,000,000		0.234			02/16/21		14,994,865
	Collateralized Commercial Paper V Co., LLC
	18,000,000		0.203			02/08/21		17,994,750
	Columbia Funding Company, LLC
	15,000,000		0.203			01/13/21		14,996,718
	Fairway Finance Company, LLC
	20,000,000		0.214	(a)		02/23/21		19,989,375
	First Abu Dhabi Bank P.J.S.C.
	13,902,000		0.234			02/09/21		13,897,421
	Industrial & Commercial Bank of China Ltd.-New York Branch
	10,000,000		0.356			02/09/21		9,994,991
	Ionic Capital II Trust
	18,413,000		0.244			02/19/21		18,401,648
	39,540,000		0.315			02/26/21		39,513,034
	J.P. Morgan Securities LLC
	50,000,000		0.173			12/01/20		49,999,861
	20,000,000		0.173			12/09/20		19,999,500
	Macquarie Bank Ltd.
	40,000,000		0.209			02/08/21		39,982,889
	Manhattan Asset Funding Company LLC
	11,410,000		0.203			01/14/21		11,407,433
	48,000,000		0.214			02/12/21		47,979,872
	Metropolitan Life Global Funding I
	1,831,000		2.400	(b)		01/08/21		1,834,893
	Mizuho Bank, Ltd.-Singapore Branch
	20,000,000		0.234			02/09/21		19,992,229
	Nationwide Building Society
	35,000,000		0.183			12/22/20		34,996,428
	Ridgefield Funding Company, LLC
	17,000,000		0.203			01/05/21		16,997,042
	Sheffield Receivables Company LLC
	23,000,000		0.210			02/10/21		22,990,708
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	25,000,000		0.244			02/10/21		24,991,200
	Toronto-Dominion Bank (The)
	25,000,000		0.214			02/16/21		24,989,492
	15,000,000		0.224			02/19/21		14,993,317
Commercial Paper and Corporate Obligations – (continued)
	Victory Receivables Corp.
	22,202,000		0.214			02/12/21		22,192,918
	25,000,000		0.233			03/01/21		24,986,160
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $726,195,919)						$	726,216,611
Certificates of Deposit-Eurodollar – 1.1%
	Mizuho Bank, Ltd.-London Branch
$	20,000,000		0.240	%		12/04/20	$	19,999,555
	Sumitomo Mitsui Trust Bank, Ltd.
	24,000,000		0.255			02/12/21		23,988,856
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR
	(Cost $43,987,198)						$	43,988,411
Certificates of Deposit-Yankeedollar – 2.9%
	Landesbank Hessen-Thueringen Girozentrale
$	19,582,000		0.150	%		12/17/20	$	19,582,194
	National Bank of Kuwait S.A.K.P
	20,000,000		0.330			02/10/21		20,002,237
	Norinchukin Bank (The)
	33,000,000		0.200			12/03/20		33,000,278
	15,000,000		0.220			02/10/21		15,000,659
	5,000,000		0.240			02/22/21		5,000,163
	Sumitomo Mitsui Banking Corp.
	26,730,000		0.260			02/04/21		26,734,598
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $119,314,119)						$	119,320,129
Time Deposit – 8.2%
	Australia and New Zealand Banking Group Ltd.
$	100,000,000		0.090	%		12/01/20	$	100,000,138
	Canadian Imperial Bank of Commerce
	50,000,000		0.080			12/01/20		50,000,056
	Credit Industriel et Commercial
	100,000,000		0.100			12/01/20		100,000,166
	DNB Bank ASA
	34,000,000		0.080			12/01/20		34,000,000
	Royal Bank of Canada
	50,000,000		0.090			12/01/20		50,000,069
	TOTAL TIME DEPOSIT
	(Cost $334,000,000)						$	334,000,429
U.S. Government Agency Obligations – 0.5%
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
$	10,500,000		0.130	%(c)		12/07/20	$	10,500,000
	10,000,000		0.140	(c)		12/07/20		10,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $20,500,000)						$	20,500,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 32.1%
	United States Treasury Bills
$	65,500,000		0.092	%		12/24/20	$	65,496,652
	14,900,000		0.094			12/24/20		14,899,238
	2,560,000		0.112			12/29/20		2,559,826
	400,000		0.112			02/02/21		399,951
	8,900,000		0.117			02/02/21		8,898,910
	122,500,000		0.097			02/16/21		122,484,279
	47,000,000		0.102			02/23/21		46,992,323
	25,300,000		0.096			03/02/21		25,294,564
	18,300,000		0.101			03/02/21		18,295,374
	15,300,000		0.102			03/02/21		15,296,713
	33,800,000		0.103			03/02/21		33,792,738
	5,700,000		0.104			03/02/21		5,698,775
	40,000,000		0.106			03/04/21		39,991,248
	8,400,000		0.117			03/04/21		8,398,162
	55,000,000		0.107			03/09/21		54,988,771
	40,500,000		0.101			03/11/21		40,490,156
	29,500,000		0.127			03/11/21		29,492,830
	7,300,000		0.114			03/23/21		7,297,956
	7,300,000		0.115			03/23/21		7,297,956
	2,200,000		0.119			03/23/21		2,199,384
	42,300,000		0.122			03/23/21		42,288,156
	60,400,000		0.107			03/25/21		60,382,068
	36,000,000		0.117			03/30/21		35,988,695
	45,000,000		0.107			04/01/21		44,985,253
	14,900,000		0.108			04/01/21		14,895,117
	85,000,000		0.107			04/06/21		84,973,225
	1,200,000		0.107			04/08/21		1,199,616
	1,400,000		0.109			04/08/21		1,399,552
	59,000,000		0.112			04/08/21		58,981,120
	90,000,000		0.107			04/13/21		89,970,740
	25,000,000		0.101			04/20/21		24,991,250
	30,000,000		0.117			04/22/21		29,989,202
	13,887,000		0.112			04/29/21		13,881,827
	140,000,000		0.112			05/06/21		139,946,853
	83,200,000		0.112			05/13/21		83,166,473
	27,500,000		0.091	(a)		06/03/21		27,487,488
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,304,711,840)						$	1,304,792,441
Variable Rate Municipal Debt Obligations(d) – 13.5%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	18,600,000		0.180	%		12/07/20	$	18,600,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	45,800,000		0.130			12/07/20		45,800,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
	30,400,000		0.140			12/07/20		30,400,000
	Commonwealth of Massachusetts GO VRDN for Central Artery/ Ted Williams Tunnel Infrastructure Loan Act Series 2000 A RMKT (Citibank N.A., SPA)
	15,000,000		0.100			12/07/20		15,000,000
Variable Rate Municipal Debt Obligations(d) – (continued)
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2016 Subseries E-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	24,570,000		0.090			12/07/20		24,570,000
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
	9,000,000		0.100			12/07/20		9,000,000
	Health & Educational Facilities Authority of The State of Missouri VRDN RB for SSM Health Care Series 2014 F
	15,000,000		0.100			12/07/20		15,000,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F
	4,300,000		0.110			12/07/20		4,300,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2009 B
	10,000,000		0.110			12/07/20		10,000,000
	Mass General Brigham Inc.
	150,000		0.100			12/07/20		150,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (Bank of America N.A., SPA)
	2,395,000		0.020			12/01/20		2,395,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	20,000,000		0.150			12/07/20		20,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT – Chevron Corp.)
	11,595,000		0.100			12/07/20		11,595,000
	Murray City, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B
	9,100,000		0.070			12/07/20		9,100,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	35,000,000		0.100			12/07/20		35,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
	27,045,000		0.150			12/07/20		27,045,000
	Orlando, FL Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)
	18,550,000		0.120			12/07/20		18,550,000
	Providence Health & Services Obligated Group VRDN RB Series 12-E (U.S. Bank N.A., SPA)
	59,200,000		0.210			12/07/20		59,200,000
	Providence St. Joseph Health Obligated Group VRDN Series 16-G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	35,950,000		0.150			12/07/20		35,950,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	35,025,000		0.110			12/07/20		35,025,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	22,735,000		0.110			12/07/20		22,735,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Municipal Debt Obligations(d) – (continued)
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
$	52,000,000		0.100	%		12/07/20	$	52,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	15,000,000		0.110			12/07/20		15,000,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)
	7,000,000		0.020			12/01/20		7,000,000
	Valdez Alaska Marine Terminal
	135,000		0.040			12/01/20		135,000
	Washington Health Care Facilities Authority Revenue Bonds Refunding for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)
	17,740,000		0.100			12/07/20		17,740,000
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 D (U.S. Bank N.A., SPA)
	8,550,000		0.100			12/07/20		8,550,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $549,839,989)						$	549,840,000
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $3,098,549,065)						$	3,098,658,021
Repurchase Agreements(e) – 25.8%
	Bank of Montreal
$	8,500,000		0.110	%(f)		12/07/20	$	8,500,000
	Maturity Value: $8,502,389
	Settlement Date: 11/18/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/31. The market value of the collateral, including accrued interest, was $8,670,000.
	4,000,000		0.120	(f)		12/07/20		4,000,000
	Maturity Value: $4,002,400
	Settlement Date: 11/12/20
	Collateralized by Federal National Mortgage Association, 2.500% to 4.000%, due 08/01/27 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $4,120,000.
	12,000,000		0.120	(f)		12/07/20		12,000,000
	Maturity Value: $12,002,360
	Settlement Date: 11/09/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/35. The market value of the collateral, including accrued interest, was $12,240,000.
	13,000,000		0.130	(f)		12/07/20		13,000,000
	Maturity Value: $13,008,544
	Settlement Date: 11/02/20
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/34 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $13,260,000.
Repurchase Agreements(e) – (continued)
	BMO Capital Markets Corp.
	8,000,000		0.120	%(f)		12/07/20		8,000,000
	Maturity Value: $8,004,800
	Settlement Date: 11/12/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 01/14/21, a U.S. Treasury Inflation-Indexed Note, 0.750%, due 07/15/28 and a U.S. Treasury Note, 0.125%, due 06/30/22. The aggregate market value of the collateral, including accrued interest, was $8,160,557.
	BNP Paribas
	38,000,000		0.100	(f)(g)		12/07/20		38,000,000
	Maturity Value: $38,005,172
	Settlement Date: 12/01/20
	BofA Securities, Inc.
	120,000,000		0.180			12/01/20		120,000,300
	Maturity Value: $120,000,600
	Collateralized by various equity securities. The market value of the collateral, including accrued interest, was $129,600,203.
	Canadian Imperial Bank of Commerce
	14,500,000		0.110	(f)		12/07/20		14,500,000
	Maturity Value: $14,502,658
	Settlement Date: 11/06/20
	Collateralized by U.S. Treasury Notes, 1.250% to 2.250%, due 01/15/23 to 08/15/25. The aggregate market value of the collateral, including accrued interest, was $14,790,027.
	ING Financial Markets LLC
	40,000,000		0.230			12/01/20		40,000,155
	Maturity Value: $40,000,256
	Collateralized by various sovereign debt security issuers, 8.750% to 8.875%, due 04/15/24 to 02/04/25. The aggregate market value of the collateral, including accrued interest, was $44,000,341.
	Joint Account III
	300,000,000		0.100			12/01/20		300,000,081
	Maturity Value: $300,000,833
	Mizuho Securities USA LLC
	30,000,000		0.380			12/01/20		30,000,242
	Maturity Value: $30,000,317
	Collateralized by a U.S. Treasury Note, 0.875%, due 11/15/30. The market value of the collateral, including accrued interest, was $30,600,050.
	MUFG Securities Americas Inc.
	135,000,000		0.250			12/01/20		135,000,599
	Maturity Value: $135,000,938
	Collateralized by various corporate security issuers, 0.000% to 3.250%, due 08/15/23 to 09/01/27 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $145,800,017.
	Royal Bank of Canada
	110,000,000		0.180			12/01/20		110,000,275
	Maturity Value: $110,000,550
	Collateralized by various corporate security issuers, 0.464% to 10.200%, due 01/19/21 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $115,547,631.

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
Repurchase Agreements(e) – (continued)
$	60,000,000		0.110	%(f)		12/07/20	$	60,000,000
	Maturity Value: $60,010,267
	Settlement Date: 11/19/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.423%, due 08/01/28 to 07/01/50 and Federal National Mortgage Association, 2.000% to 3.500%, due 05/01/50 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $61,200,000.
	Scotia Capital (USA) Inc.
	45,000,000		0.180			12/01/20		45,000,112
	Maturity Value: $45,000,225
	Collateralized by various corporate security issuers, 0.531% to 9.250%, due 02/23/21 to 02/01/61. The aggregate market value of the collateral, including accrued interest, was $47,250,426.
	45,000,000		0.330			12/01/20		45,000,300
	Maturity Value: $45,000,413
	Collateralized by various corporate security issuers, 0.333% to 12.250%, due 03/29/21 to perpetual maturity and various sovereign debt security issuer, 9.500%, due 09/15/27. The aggregate market value of the collateral, including accrued interest, was $48,624,296.
	Wells Fargo Securities, LLC
	65,000,000		0.230			12/04/20		65,000,000
	Maturity Value: $65,002,907
	Settlement Date: 11/27/20
	Collateralized by various corporate security issuers, 0.000% to 7.400%, due 12/01/20 to 09/15/60. The aggregate market value of the collateral, including accrued interest, was $68,058,824.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $1,048,000,000)						$	1,048,002,064
	TOTAL INVESTMENTS – 102.1%
	(Cost $4,146,549,065)						$	4,146,660,085
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (2.1)%							(86,272,092	)
	NET ASSETS – 100.0%						$	4,060,387,993

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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, 2020.
(d)	Rate shown is that which is in effect on November 30, 2020. 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, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(f)	The instrument is subject to a demand feature.
(g)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

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:
FHLB	—Insured by Federal Home Loan Bank
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IHC	—Intermountain Health Care
LOC	—Letter of Credit
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 18.5%
	Agricultural Bank of China Ltd.
$	9,000,000		0.326	%		12/14/20	$	8,999,370
	1,750,000		0.397			02/23/21		1,748,608
	Albion Capital LLC
	20,000,000		0.132			12/04/20		19,999,740
	6,279,000		0.234			02/16/21		6,276,333
	10,000,000		0.254			02/22/21		9,995,380
	Antalis S.A.
	6,000,000		0.224			02/09/21		5,997,870
	7,849,000		0.234			02/16/21		7,845,939
	Bank of China Ltd.-Hong Kong Branch
	12,488,000		0.275			12/03/20		12,487,854
	Barton Capital S.A.
	6,000,000		0.214			01/26/21		5,998,214
	7,129,000		0.214			02/08/21		7,126,325
	Chariot Funding LLC
	30,000,000		0.173			12/18/20		29,997,750
	CNPC Finance (HK) Ltd.
	20,000,000		0.437			12/01/20		19,999,926
	Collateralized Commercial Paper Flex Co., LLC
	10,000,000		0.234			02/16/21		9,996,577
	Collateralized Commercial Paper V Co., LLC
	10,000,000		0.203			02/08/21		9,997,083
	Columbia Funding Company, LLC
	10,000,000		0.203			01/13/21		9,997,812
	Fairway Finance Company, LLC
	14,000,000		0.214	(a)		02/23/21		13,992,562
	First Abu Dhabi Bank P.J.S.C.
	9,259,000		0.234			02/09/21		9,255,951
	15,000,000		0.244			02/18/21		14,994,233
	Industrial & Commercial Bank of China Ltd.-New York Branch
	20,000,000		0.356			02/09/21		19,989,981
	Ionic Capital II Trust
	11,964,000		0.244			02/19/21		11,956,624
	32,612,000		0.315			02/26/21		32,589,759
	J.P. Morgan Securities LLC
	35,000,000		0.173			12/01/20		34,999,903
	15,000,000		0.173			12/09/20		14,999,625
	Macquarie Bank Ltd.
	30,000,000		0.209			02/08/21		29,987,167
	Manhattan Asset Funding Company LLC
	7,147,000		0.203			01/14/21		7,145,392
	32,000,000		0.214			02/12/21		31,986,581
	Metropolitan Life Global Funding I
	1,366,000		2.400	(b)		01/08/21		1,368,904
	Mizuho Bank, Ltd.-Singapore Branch
	16,000,000		0.234			02/09/21		15,993,784
	National Bank of Canada
	10,000,000		0.214			02/16/21		9,996,273
	Nationwide Building Society
	25,000,000		0.183			12/22/20		24,997,448
	Ridgefield Funding Company, LLC
	11,000,000		0.203			01/05/21		10,998,086
	Sheffield Receivables Company LLC
	16,000,000		0.210			02/10/21		15,993,536
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	10,000,000		0.244			02/10/21		9,996,480
Commercial Paper and Corporate Obligations – (continued)
	Toronto-Dominion Bank (The)
	25,000,000		0.214			02/16/21		24,989,492
	10,000,000		0.224			02/19/21		9,995,545
	Victory Receivables Corp.
	13,479,000		0.214			02/12/21		13,473,486
	23,500,000		0.233			03/01/21		23,486,991
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $549,634,160)						$	549,652,584
Certificates of Deposit-Yankeedollar – 3.3%
	Bank of Montreal
$	23,000,000		0.210	%		02/18/21	$	23,000,664
	Landesbank Hessen-Thueringen Girozentrale
	12,739,000		0.150			12/17/20		12,739,126
	National Bank of Kuwait S.A.K.P
	15,000,000		0.295			12/11/20		15,000,641
	5,000,000		0.330			02/10/21		5,000,559
	Norinchukin Bank (The)
	8,000,000		0.220			02/10/21		8,000,352
	15,000,000		0.240			02/22/21		15,000,489
	Sumitomo Mitsui Banking Corp.
	17,823,000		0.260			02/04/21		17,826,066
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $96,563,351)						$	96,567,897
Time Deposit – 7.4%
	Australia and New Zealand Banking Group Ltd.
$	100,000,000		0.090	%		12/01/20	$	100,000,138
	Canadian Imperial Bank of Commerce
	50,000,000		0.080			12/01/20		50,000,056
	DNB Bank ASA
	21,000,000		0.080			12/01/20		21,000,000
	Royal Bank of Canada
	50,000,000		0.090			12/01/20		50,000,069
	TOTAL TIME DEPOSIT
	(Cost $221,000,000)						$	221,000,263
U.S. Government Agency Obligations – 0.6%
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
$	9,500,000		0.130	%(c)		12/07/20	$	9,500,000
	7,587,788		0.140	(c)		12/07/20		7,587,788
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $17,087,788)						$	17,087,788
U.S. Treasury Obligations – 34.9%
	United States Treasury Bills
$	70,760,000		0.092	%		12/24/20	$	70,756,383

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	14,500,000		0.094	%		12/24/20	$	14,499,259
	4,700,000		0.097			12/24/20		4,699,760
	700,000		0.102			12/24/20		699,964
	4,800,000		0.107			12/24/20		4,799,755
	5,900,000		0.108			12/24/20		5,899,698
	33,000,000		0.112			12/24/20		32,998,313
	2,500,000		0.117			12/24/20		2,499,872
	81,500,000		0.178			12/24/20		81,495,835
	2,070,000		0.112			12/29/20		2,069,859
	400,000		0.112			02/02/21		399,951
	7,100,000		0.117			02/02/21		7,099,130
	83,500,000		0.097			02/16/21		83,489,284
	21,600,000		0.102			02/23/21		21,596,472
	16,200,000		0.096			03/02/21		16,196,519
	14,100,000		0.101			03/02/21		14,096,970
	12,600,000		0.102			03/02/21		12,597,293
	26,200,000		0.103			03/02/21		26,194,371
	4,600,000		0.104			03/02/21		4,599,012
	6,300,000		0.117			03/04/21		6,298,622
	45,000,000		0.107			03/09/21		44,990,812
	27,500,000		0.101			03/11/21		27,493,316
	22,100,000		0.127			03/11/21		22,094,628
	5,800,000		0.114			03/23/21		5,798,376
	5,800,000		0.115			03/23/21		5,798,376
	1,700,000		0.119			03/23/21		1,699,524
	33,500,000		0.122			03/23/21		33,490,620
	47,600,000		0.107			03/25/21		47,585,869
	27,700,000		0.117			03/30/21		27,691,301
	35,500,000		0.107			04/01/21		35,488,366
	11,800,000		0.108			04/01/21		11,796,133
	58,000,000		0.107			04/06/21		57,981,730
	1,000,000		0.107			04/08/21		999,680
	1,100,000		0.109			04/08/21		1,099,648
	48,200,000		0.112			04/08/21		48,184,576
	36,500,000		0.107			04/13/21		36,488,134
	16,000,000		0.101			04/20/21		15,994,400
	22,500,000		0.117			04/22/21		22,491,902
	11,283,400		0.112			04/29/21		11,279,197
	30,139,000		0.091	(a)		05/04/21		30,127,397
	60,000,000		0.112			05/06/21		59,976,925
	55,200,000		0.112			05/13/21		55,177,756
	20,000,000		0.091	(a)		06/03/21		19,990,900
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,036,648,695)						$	1,036,705,888
Variable Rate Municipal Debt Obligations(d) – 13.1%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	8,000,000		0.180	%		12/07/20	$	8,000,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	25,000,000		0.130			12/07/20		25,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
	24,800,000		0.140			12/07/20		24,800,000
Variable Rate Municipal Debt Obligations(d) – (continued)
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
	7,000,000		0.100			12/07/20		7,000,000
	Health & Educational Facilities Authority of The State of Missouri VRDN RB for SSM Health Care Series 2014 F
	3,400,000		0.100			12/07/20		3,400,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (Bank of America N.A., SPA)
	4,000,000		0.020			12/01/20		4,000,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	20,000,000		0.150			12/07/20		20,000,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	27,000,000		0.100			12/07/20		27,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
$	20,000,000		0.150	%		12/07/20	$	20,000,000
	Port of Port Arthur Navigation District VRDN RB Refunding for Texaco, Inc. Project Series 1994
	8,000,000		0.040			12/01/20		8,000,000
	Providence Health & Services Obligated Group VRDN RB Series 12-E (U.S. Bank N.A., SPA)
	48,795,000		0.210			12/07/20		48,795,000
	Providence St. Joseph Health Obligated Group VRDN Series 16-G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	20,000,000		0.150			12/07/20		20,000,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	30,000,000		0.110			12/07/20		30,000,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	18,495,000		0.110			12/07/20		18,495,000
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
	41,025,000		0.100			12/07/20		41,025,000
	State of Texas Veterans Bonds, Series 2012 B
	46,425,000		0.140			12/07/20		46,425,000
	State of Texas Veterans Housing Assistance Program Fund II Series 2003 A
	11,500,000		0.180			12/07/20		11,500,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	4,000,000		0.110			12/07/20		4,000,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A
	10,000,000		0.090			12/07/20		10,000,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)
	5,000,000		0.020			12/01/20		5,000,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Municipal Debt Obligations(d) – (continued)
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 D (U.S. Bank N.A., SPA)
$	8,000,000		0.100	%		12/07/20	$	8,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $390,440,000)						$	390,440,000
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $2,311,373,994)						$	2,311,454,420
Repurchase Agreements(e) – 25.5%
	Bank of Montreal
$	8,000,000		0.120	%(f)		12/07/20	$	8,000,000
	Maturity Value: $8,001,573
	Settlement Date: 11/09/20
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $8,160,000.
	6,000,000		0.110	(f)		12/07/20		6,000,000
	Maturity Value: $6,001,687
	Settlement Date: 11/18/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $6,120,000.
	9,000,000		0.130	(f)		12/07/20		9,000,000
	Maturity Value: $9,005,915
	Settlement Date: 11/02/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/31. The market value of the collateral, including accrued interest, was $9,180,000.
	2,500,000		0.120	(f)		12/07/20		2,500,000
	Maturity Value: $2,501,500
	Settlement Date: 11/12/20
	Collateralized by Federal National Mortgage Association, 2.500% to 5.500%, due 09/01/25 to 10/01/48. The aggregate market value of the collateral, including accrued interest, was $2,575,000.
	BMO Capital Markets Corp.
	5,000,000		0.120	(f)		12/07/20		5,000,000
	Maturity Value: $5,003,000
	Settlement Date: 11/12/20
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/25/21 to 09/09/21 and a U.S. Treasury Note, 0.250%, due 08/31/25. The aggregate market value of the collateral, including accrued interest, was $5,101,127.
	BNP Paribas
	30,000,000		0.100	(g)		12/07/20		30,000,000
	Maturity Value: $30,004,083
	Settlement Date: 12/01/20
	BofA Securities, Inc.
	80,000,000		0.180			12/01/20		80,000,200
	Maturity Value: $80,000,400
	Collateralized by various equity securities. The market value of the collateral, including accrued interest, was $86,400,181.
Repurchase Agreements(e) – (continued)
	Canadian Imperial Bank of Commerce
	10,000,000		0.110	(f)		12/07/20		10,000,000
	Maturity Value: $10,001,833
	Settlement Date: 11/06/20
	Collateralized by a U.S. Treasury Bond, 2.250%, due 08/15/46 and U.S. Treasury Notes, 1.250% to 2.250%, due 10/31/21 to 08/31/24. The aggregate market value of the collateral, including accrued interest, was $10,200,097.
	ING Financial Markets LLC
	30,000,000		0.230			12/01/20		30,000,116
	Maturity Value: $30,000,192
	Collateralized by various sovereign debt security issuer, 8.750%, due 02/04/25. The market value of the collateral, including accrued interest, was $33,000,176.
	Joint Account III
	300,000,000		0.100			12/01/20		300,000,081
	Maturity Value: $300,000,833
	Mizuho Securities USA LLC
	20,000,000		0.380			12/01/20		20,000,161
	Maturity Value: $20,000,211
	Collateralized by a U.S. Treasury Note, 0.875%, due 11/15/30. The market value of the collateral, including accrued interest, was $20,400,100.
	MUFG Securities Americas Inc.
	90,000,000		0.250			12/01/20		90,000,400
	Maturity Value: $90,000,625
	Collateralized by an Exchange-Traded Fund and various equity securities. The aggregate market value of the collateral, including accrued interest, was $97,200,007.
	Royal Bank of Canada
	45,000,000		0.110	(f)		12/07/20		45,000,000
	Maturity Value: $45,007,700
	Settlement Date: 11/19/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 07/01/42 to 10/01/48 and Federal National Mortgage Association, 3.500%, due 05/01/50. The aggregate market value of the collateral, including accrued interest, was $45,899,999.
	Scotia Capital (USA) Inc.
	33,000,000		0.180			12/01/20		33,000,083
	Maturity Value: $33,000,165
	Collateralized by various corporate security issuers, 0.483% to 4.000%, due 02/02/21 to 10/24/31. The aggregate market value of the collateral, including accrued interest, was $34,650,208.
	40,000,000		0.330			12/01/20		40,000,266
	Maturity Value: $40,000,367
	Collateralized by various corporate security issuers, 0.333% to 12.250%, due 01/15/21 to perpetual maturity and various sovereign debt security issuer, 9.500%, due 09/15/27. The aggregate market value of the collateral, including accrued interest, was $43,335,381.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
Repurchase Agreements(e) – (continued)
	Wells Fargo Securities, LLC
$	50,000,000		0.230	%		12/04/20	$	50,000,000
	Maturity Value: $50,002,236
	Settlement Date: 11/27/20
	Collateralized by various corporate security issuers, 0.000% to 8.000%, due 12/24/20 to 09/30/59. The aggregate market value of the collateral, including accrued interest, was $52,426,469.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $758,500,000)						$	758,501,307
	TOTAL INVESTMENTS – 103.3%
	(Cost $3,069,873,994)						$	3,069,955,727
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.3)%							(96,669,031	)
	NET ASSETS – 100.0%						$	2,973,286,696

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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, 2020.
(d)	Rate shown is that which is in effect on November 30, 2020. 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, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(f)	The instrument is subject to a demand feature.
(g)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

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:
FHLB	—Insured by Federal Home Loan Bank
GO	—General Obligation
LOC	—Letter of Credit
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 105.2%
	United States Treasury Bills
$	132,400,000		0.025	%		12/01/20	$	132,400,000
	235,000,000		0.051			12/01/20		235,000,000
	1,306,100,000		0.086			12/01/20		1,306,100,000
	235,000,000		0.112			12/01/20		235,000,000
	19,900,000		0.128			12/01/20		19,900,000
	40,000,000		0.031			12/03/20		39,999,933
	244,800,000		0.041			12/03/20		244,799,456
	561,400,000		0.046			12/03/20		561,398,596
	3,800,000,000		0.092			12/03/20		3,799,981,000
	190,300,000		0.102			12/03/20		190,298,943
	126,000,000		0.112			12/03/20		125,999,230
	200,000,000		0.107			12/08/20		199,995,917
	28,400,000		0.142			12/08/20		28,399,227
	650,000,000		0.158			12/08/20		649,980,410
	133,000,000		0.071			12/10/20		132,997,672
	472,200,000		0.112			12/10/20		472,187,015
	19,900,000		0.114			12/10/20		19,899,440
	32,800,000		0.117			12/10/20		32,799,057
	3,917,000,000		0.097			12/15/20		3,916,855,286
	131,300,000		0.086			12/17/20		131,295,040
	1,369,800,000		0.112			12/17/20		1,369,733,032
	1,319,000,000		0.188			12/17/20		1,318,891,549
	2,500,000,000		0.071			12/22/20		2,499,897,925
	1,000,000,000		0.092			12/22/20		999,947,500
	9,700,000		0.107			12/22/20		9,699,406
	225,000,000		0.117			12/22/20		224,984,906
	218,700,000		0.092			12/24/20		218,687,425
	264,000,000		0.112			12/24/20		263,981,447
	595,700,000		0.178			12/24/20		595,633,398
	5,000,000,000		0.086			12/29/20		4,999,669,450
	28,200,000		0.112			12/29/20		28,197,587
	43,200,000		0.124			12/29/20		43,195,901
	250,000,000		0.097			12/31/20		249,980,208
	459,100,000		0.117			12/31/20		459,056,003
	36,600,000		0.163			12/31/20		36,595,120
	1,100,000,000		0.168			12/31/20		1,099,848,749
	315,000,000		0.112			01/05/21		314,966,312
	700,000,000		0.076			01/07/21		699,946,042
	23,000,000		0.102			01/07/21		22,997,636
	13,500,000		0.112			01/07/21		13,498,474
	1,200,000,000		0.122			01/07/21		1,199,852,000
	51,100,000		0.112			01/12/21		51,093,442
	86,300,000		0.102			01/14/21		86,289,452
	11,700,000		0.117			01/14/21		11,698,355
	1,023,200,000		0.148			01/14/21		1,023,018,665
	629,900,000		0.122			01/19/21		629,797,117
	32,400,000		0.102			01/21/21		32,395,410
	4,700,000		0.112			01/21/21		4,699,268
	453,700,000		0.132			01/21/21		453,616,444
	2,000,000,000		0.081	(a)		01/26/21		1,999,751,120
	175,000,000		0.117			01/26/21		174,968,695
	1,938,600,000		0.132			01/28/21		1,938,193,972
	100,400,000		0.112			02/02/21		100,380,673
	871,300,000		0.107			02/04/21		871,134,817
	1,350,000,000		0.112			02/11/21		1,349,703,001
	933,910,000		0.122			02/11/21		933,685,860
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	1,080,000,000		0.097			02/16/21		1,079,780,550
	561,600,000		0.122			02/18/21		561,452,112
	355,000,000		0.102			02/23/21		354,917,167
	125,000,000		0.122			02/25/21		124,964,167
	61,500,000		0.573			02/25/21		61,417,727
	426,600,000		1.308			02/25/21		425,305,743
	400,000,000		0.096			03/02/21		399,903,946
	169,478,200		0.086	(a)		03/04/21		169,441,786
	700,000,000		0.106			03/04/21		699,810,125
	750,000,000		0.117			03/04/21		749,777,187
	750,000,000		0.107			03/09/21		749,785,625
	650,000,000		0.101			03/11/21		649,819,444
	750,000,000		0.127			03/11/21		749,739,585
	164,815,000		0.086	(a)		03/16/21		164,774,140
	1,500,000,000		0.112			03/16/21		1,499,518,745
	293,850,000		0.096			03/18/21		293,767,028
	750,700,000		0.122			03/18/21		750,432,249
	59,700,000		0.114			03/23/21		59,679,198
	59,700,000		0.115			03/23/21		59,679,012
	17,900,000		0.119			03/23/21		17,893,457
	732,900,000		0.122			03/23/21		732,626,384
	460,000,000		0.091			03/25/21		459,868,900
	493,800,000		0.107			03/25/21		493,635,813
	500,000,000		0.117			03/30/21		499,809,932
	1,476,700,000		0.107			04/01/21		1,476,178,851
	750,000,000		0.107			04/06/21		749,724,375
	29,900,000		0.107			04/08/21		29,888,837
	34,700,000		0.109			04/08/21		34,686,737
	1,339,300,000		0.112			04/08/21		1,338,776,186
	750,000,000		0.107			04/13/21		749,709,062
	900,000,000		0.117			04/15/21		899,611,874
	400,000,000		0.101			04/20/21		399,844,444
	500,000,000		0.117			04/22/21		499,773,194
	157,340,000		0.112			04/29/21		157,268,367
	645,819,000		0.091	(a)		05/04/21		645,570,360
	1,000,000,000		0.112			05/06/21		999,523,334
	1,361,800,000		0.112			05/13/21		1,361,121,749
	1,750,000,000		0.101			05/20/21		1,749,173,604
	675,000,000		0.090			05/27/21		674,701,312
	1,110,000,000		0.091	(a)		06/03/21		1,109,494,950
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	828,650,000		0.200	(b)		01/31/21		828,650,318
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	3,331,360,000		0.224	(b)		04/30/21		3,331,869,448
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	1,796,825,000		0.239	(b)		01/31/22		1,796,804,495
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	8,519,800,000		0.305	(b)		07/31/21		8,525,819,479
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	2,301,000,000		0.385	(b)		10/31/21		2,303,312,669

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Notes
$	180,900,000		1.875	%		12/15/20	$	180,990,077
	688,800,000		2.500			12/31/20		689,867,190
	395,500,000		2.000			01/15/21		396,281,578
	115,100,000		1.375			01/31/21		115,223,444
	389,400,000		2.125			01/31/21		390,510,329
	46,000,000		2.500			01/31/21		46,160,587
	58,800,000		2.250			02/15/21		58,966,228
	58,800,000		3.625			02/15/21		59,132,657
	162,000,000		1.125			02/28/21		162,262,181
	407,200,000		2.500			02/28/21		408,370,202
	202,400,000		2.375			03/15/21		203,204,651
	2,400,000		2.250			03/31/21		2,414,469
	1,200,000		2.375			04/15/21		1,208,986
	TOTAL INVESTMENTS – 105.2%						$	82,988,868,829
	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.2)%							(4,073,110,740	)
	NET ASSETS – 100.0%						$	78,915,758,089

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, 2020.

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 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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 71.5%
	United States Treasury Bills
$	440,000,000		0.188	%		12/17/20	$	439,963,822
	370,160,000		0.148			12/22/20		370,128,691
	75,600,000		0.092			12/24/20		75,595,653
	1,500,000,000		0.097			12/24/20		1,499,908,958
	337,600,000		0.178			12/24/20		337,562,255
	1,491,450,000		0.081	(a)		12/29/20		1,491,357,202
	300,000,000		0.086			12/29/20		299,980,167
	6,500,000		0.112			12/29/20		6,499,444
	72,500,000		0.124			12/29/20		72,493,121
	16,900,000		0.133			12/29/20		16,898,278
	100,000,000		0.137			12/29/20		99,989,500
	2,750,000,000		0.097			12/31/20		2,749,782,292
	2,500,000		0.112			12/31/20		2,499,771
	19,200,000		0.163			12/31/20		19,197,440
	350,000,000		0.168			12/31/20		349,951,875
	2,250,000,000		0.086			01/05/21		2,249,814,065
	51,500,000		0.112			01/05/21		51,494,492
	9,300,000		0.102			01/07/21		9,299,044
	750,000,000		0.092			01/12/21		749,921,250
	10,700,000		0.102			01/14/21		10,698,692
	3,300,000		0.117			01/14/21		3,299,536
	530,200,000		0.148			01/14/21		530,106,036
	9,000,000		0.102			01/21/21		8,998,725
	50,000,000		0.117			01/26/21		49,991,056
	38,900,000		0.112			02/02/21		38,892,512
	71,800,000		0.107			02/04/21		71,786,388
	150,000,000		0.112			02/11/21		149,967,000
	377,550,000		0.122			02/11/21		377,459,388
	70,000,000		0.097			02/16/21		69,985,776
	353,000,000		0.092			02/18/21		352,930,282
	500,000,000		0.102			02/23/21		499,883,333
	45,000,000		0.122			02/25/21		44,987,100
	16,800,000		0.573			02/25/21		16,777,525
	112,700,000		1.308			02/25/21		112,358,081
	140,000,000		0.096			03/02/21		139,966,381
	199,946,200		0.086	(a)		03/04/21		199,903,240
	500,000,000		0.106			03/04/21		499,864,375
	75,000,000		0.117			03/04/21		74,977,719
	150,000,000		0.107			03/09/21		149,957,125
	495,500,000		0.101			03/11/21		495,362,361
	15,000,000		0.127			03/11/21		14,994,792
	117,725,000		0.086	(a)		03/16/21		117,695,814
	100,000,000		0.112			03/16/21		99,967,916
	113,050,000		0.096			03/18/21		113,018,079
	10,500,000		0.114			03/23/21		10,496,341
	10,500,000		0.115			03/23/21		10,496,309
	3,100,000		0.119			03/23/21		3,098,867
	254,000,000		0.122			03/23/21		253,905,173
	320,000,000		0.091			03/25/21		319,908,800
	86,700,000		0.107			03/25/21		86,671,172
	110,000,000		0.117			03/30/21		109,958,185
	229,600,000		0.107			04/01/21		229,518,971
	50,000,000		0.107			04/06/21		49,981,625
	4,700,000		0.107			04/08/21		4,698,245
	5,400,000		0.109			04/08/21		5,397,936
	41,500,000		0.112			04/08/21		41,483,769
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	1,050,000,000		0.107			04/13/21		1,049,592,688
	100,000,000		0.117			04/15/21		99,956,875
	140,000,000		0.101			04/20/21		139,945,555
	48,420,000		0.112			04/29/21		48,397,955
	460,689,000		0.091	(a)		05/04/21		460,511,635
	825,000,000		0.112			05/06/21		824,606,751
	983,500,000		0.112			05/13/21		983,010,163
	1,150,000,000		0.101			05/20/21		1,149,456,940
	618,800,000		0.090			05/27/21		618,526,181
	1,050,000,000		0.091	(a)		06/03/21		1,049,522,250
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	182,600,000		0.200	(b)		01/31/21		182,596,113
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	354,100,000		0.224	(b)		04/30/21		354,122,406
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	674,275,000		0.239	(b)		01/31/22		674,260,577
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	948,600,000		0.305	(b)		07/31/21		949,030,722
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	1,850,200,000		0.385	(b)		10/31/21		1,853,437,126
	United States Treasury Notes
	264,000,000		1.750			12/31/20		264,328,968
	32,800,000		2.500			12/31/20		32,829,386
	10,300,000		1.375			01/31/21		10,300,030
	3,900,000		2.125			01/31/21		3,909,405
	15,700,000		2.250			02/15/21		15,744,487
	15,700,000		3.625			02/15/21		15,788,927
	564,900,000		1.125			02/28/21		565,890,665
	116,100,000		2.500			02/28/21		116,455,231
	67,300,000		2.375			03/15/21		67,597,266
	8,200,000		2.250			03/31/21		8,248,471
	2,500,000		2.375			04/15/21		2,518,625
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	27,802,367,343
Repurchase Agreements(c) – 35.5%
	Banco Santander, S.A.
	650,000,000		0.060	%		12/01/20	$	650,000,000
	Maturity Value: $650,001,083
	Collateralized by a U.S. Treasury Bond, 1.125%, due 05/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 01/15/22 to 01/15/30 and U.S. Treasury Notes, 1.125% to 1.750%, due 07/31/21 to 07/15/22. The aggregate market value of the collateral, including accrued interest, was $663,001,131.
	Bank of Montreal
	61,500,000		0.110	(d)		12/07/20		61,500,000
	Maturity Value: $61,517,289
	Settlement Date: 11/18/20
	Collateralized by U.S. Treasury Bonds, 2.500% to 4.375%, due 05/15/41 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $62,730,087.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Bank of Montreal – (continued)
$	61,500,000		0.120	% (d)		12/07/20	$	61,500,000
	Maturity Value: $61,512,095
	Settlement Date: 11/09/20
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.875%, due 08/15/40 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $62,730,114.
	48,000,000		0.130	(d)		12/07/20		48,000,000
	Maturity Value: $48,031,547
	Settlement Date: 11/02/20
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.500% to 3.875%, due 01/15/29 to 04/15/29. The aggregate market value of the collateral, including accrued interest, was $48,960,152.
	BNP Paribas
	350,000,000		0.100	(d)(e)		12/07/20		350,000,000
	Maturity Value: $350,047,639
	Settlement Date: 12/01/20
	47,000,000		0.110	(d)		12/07/20		47,000,000
	Maturity Value: $47,013,069
	Settlement Date: 10/16/20
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/32 to 08/15/34, a U.S. Treasury Note, 0.125%, due 11/30/22 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $47,940,032.
	47,000,000		0.110	(d)		12/07/20		47,000,000
	Maturity Value: $47,013,212
	Settlement Date: 10/19/20
	Collateralized by a U.S. Treasury Floating Rate Note, 0.239%, due 01/31/22, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/49. The aggregate market value of the collateral, including accrued interest, was $47,940,012.
	47,000,000		0.110	(d)		12/07/20		47,000,000
	Maturity Value: $47,021,829
	Settlement Date: 10/28/20
	Collateralized by U.S. Treasury Bonds, 2.750% to 8.000%, due 11/15/21 to 11/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/33 to 05/15/47, a U.S. Treasury Note, 0.125%, due 11/30/22 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/39 to 11/15/48. The aggregate market value of the collateral, including accrued interest, was $47,940,032.
	140,000,000		0.110	(d)		12/07/20		140,000,000
	Maturity Value: $140,077,857
	Settlement Date: 10/27/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 11/04/21 and U.S. Treasury Notes, 1.875% to 2.875%, due 08/15/21 to 11/30/23. The aggregate market value of the collateral, including accrued interest, was $142,800,084.
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
	375,000,000		0.110	%(d)		12/07/20		375,000,000
	Maturity Value: $375,104,272
	Settlement Date: 10/09/20
	Collateralized by a U.S. Treasury Bond, 8.125%, due 05/15/21, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/23, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 2.000% to 2.750%, due 05/31/21 to 02/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/44 to 11/15/49. The aggregate market value of the collateral, including accrued interest, was $382,500,068.
	150,000,000		0.120			05/18/21		150,000,000
	Maturity Value: $150,090,000
	Settlement Date: 11/19/20
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/23 and a U.S. Treasury Note, 2.250%, due 01/31/24. The aggregate market value of the collateral, including accrued interest, was $153,000,011.
	BNP Paribas (Overnight Treasury + 0.02%)
	700,000,000		0.100	(b)(d)		12/01/20		700,000,000
	Maturity Value: $703,420,305
	Settlement Date: 02/23/16
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/31/20 to 11/04/21, U.S. Treasury Bonds, 3.125% to 8.125%, due 05/15/21 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/27 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/22 to 01/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/48, U.S. Treasury Notes, 0.125% to 3.125%, due 05/15/21 to 11/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 05/15/49. The aggregate market value of the collateral, including accrued interest, was $714,000,047.
	BofA Securities, Inc.
	100,000,000		0.030			12/01/20		100,000,000
	Maturity Value: $100,000,083
	Collateralized by a U.S. Treasury Note, 0.500%, due 03/31/25. The market value of the collateral, including accrued interest, was $102,000,056.
	100,000,000		0.130			12/07/20		100,000,000
	Maturity Value: $100,022,389
	Settlement Date: 10/06/20
	Collateralized by a U.S. Treasury Note, 0.375%, due 11/30/25. The market value of the collateral, including accrued interest, was $102,000,095.
	Canadian Imperial Bank of Commerce
	1,000,000,000		0.080	(d)		12/07/20		1,000,000,000
	Maturity Value: $1,000,066,666
	Settlement Date: 11/23/20
	Collateralized by U.S. Treasury Notes, 0.125% to 1.750%, due 08/31/22 to 05/31/25. The aggregate market value of the collateral, including accrued interest, was $1,020,000,052.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Canadian Imperial Bank of Commerce – (continued)
$	1,000,000,000		0.100	%(d)		12/07/20	$	1,000,000,000
	Maturity Value: $1,000,191,668
	Settlement Date: 11/17/20
	Collateralized by U.S. Treasury Bonds, 1.375% to 3.125%, due 02/15/43 to 08/15/50, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.875%, due 04/15/22 to 01/15/29 and U.S. Treasury Notes, 0.125% to 2.875%, due 01/15/22 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $1,020,000,054.
	71,000,000		0.110	(d)		12/07/20		71,000,000
	Maturity Value: $71,013,017
	Settlement Date: 11/06/20
	Collateralized by U.S. Treasury Notes, 0.125% to 2.625%, due 10/31/21 to 01/31/26. The aggregate market value of the collateral, including accrued interest, was $72,420,073.
	Citigroup Global Markets Inc.
	17,000,000		0.080			12/01/20		17,000,000
	Maturity Value: $17,000,038
	Collateralized by U.S. Treasury Bills, 0.000%, due 06/17/21 to 11/04/21. The aggregate market value of the collateral, including accrued interest, was $17,340,041.
	Credit Agricole Corporate and Investment Bank
	100,000,000		0.030	%		12/01/20		100,000,000
	Maturity Value: $100,000,083
	Collateralized by U.S. Treasury Bonds, 1.125% to 3.375%, due 08/15/40 to 05/15/45 and U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.500%, due 01/15/29 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $102,000,055.
	Daiwa Capital Markets America Inc.
	135,845,594		0.100			12/01/20		135,845,594
	Maturity Value: $135,845,971
	Collateralized by a U.S. Treasury Note, 0.625%, due 03/31/27. The market value of the collateral, including accrued interest, was $138,562,506.
	364,154,406		0.100			12/01/20		364,154,406
	Maturity Value: $364,155,418
	Collateralized by a U.S. Treasury Note, 2.000%, due 05/31/24. The market value of the collateral, including accrued interest, was $371,437,494.
	Fixed Income Clearing Corp.
	4,400,000,000		0.090			12/01/20		4,400,000,000
	Maturity Value: $4,400,011,000
	Collateralized by U.S. Treasury Bonds, 2.750% to 4.375%, due 05/15/40 to 05/15/49, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 04/15/25 to 07/15/29 and U.S. Treasury Notes, 0.125% to 3.125%, due 07/15/23 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $4,488,000,090.
Repurchase Agreements(c) – (continued)
	Fixed Income Clearing Corp. – (continued)
	2,100,000,000		0.100			12/01/20		2,100,000,000
	Maturity Value: $2,100,005,833
	Collateralized by U.S. Treasury Bonds, 3.375% to 4.500%, due 05/15/38 to 11/15/48 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $2,142,000,001.
	HSBC Bank PLC (Overnight Treasury + 0.02%)
	100,000,000		0.120	(b)		12/07/20		100,000,000
	Maturity Value: $100,171,998
	Settlement Date: 07/11/19
	Collateralized by U.S. Treasury Notes, 0.250% to 2.750%, due 07/31/23 to 07/31/25. The aggregate market value of the collateral, including accrued interest, was $102,000,005.
	175,000,000		0.120	(b)		12/07/20		175,000,000
	Maturity Value: $175,322,580
	Settlement Date: 06/04/19
	Collateralized by U.S. Treasury Notes, 0.239% to 2.750%, due 12/31/21 to 02/15/24. The aggregate market value of the collateral, including accrued interest, was $178,500,076.
	J.P. Morgan Securities LLC
	6,900,000		0.080			12/01/20		6,900,000
	Maturity Value: $6,900,015
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/08/20 to 01/05/21, U.S. Treasury Notes, 0.500% to 2.625%, due 02/28/21 to 06/30/24 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/49. The aggregate market value of the collateral, including accrued interest, was $7,038,016.
	Joint Account I
	1,000,000,000		0.080	%		12/01/20		1,000,000,000
	Maturity Value: $1,000,002,208
	MUFG Securities Americas Inc.
	2,000,000		0.080			12/01/20		2,000,000
	Maturity Value: $2,000,004
	Collateralized by a U.S. Treasury Bill, 0.000%, due 04/27/21, U.S. Treasury Bonds, 1.375% to 2.250%, due 08/15/46 to 08/15/50, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and a U.S. Treasury Note, 2.750%, due 05/31/23. The aggregate market value of the collateral, including accrued interest, was $2,040,009.
	100,000,000		0.120			01/05/21		100,000,000
	Maturity Value: $100,020,333
	Settlement Date: 11/05/20
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.000%, due 02/15/45 to 02/15/50, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.625%, due 04/15/22 to 04/15/25, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/44 and U.S. Treasury Notes, 0.250% to 0.375%, due 10/31/25 to 11/30/25. The aggregate market value of the collateral, including accrued interest, was $102,000,005.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	MUFG Securities Americas Inc. (Overnight Treasury + 0.03%)
$	50,000,000		0.110	% (b)		12/07/20	$	50,000,000
	Maturity Value: $50,007,486
	Settlement Date: 10/20/20
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.250% to 1.750%, due 01/15/28 to 02/15/50 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 01/15/23 to 07/15/25. The aggregate market value of the collateral, including accrued interest, was $51,000,083.
	Norinchukin Bank (The)
	150,000,000		0.110			12/16/20		150,000,000
	Maturity Value: $150,010,083
	Settlement Date: 11/24/20
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and U.S. Treasury Notes, 2.000%, due 06/30/24 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $153,000,088.
	Wells Fargo Securities, LLC
	150,000,000		0.020			12/01/20		150,000,000
	Maturity Value: $150,000,083
	Collateralized by U.S. Treasury Bonds, 2.750% to 3.750%, due 11/15/43 to 11/15/48. The aggregate market value of the collateral, including accrued interest, was $153,000,063.
	TOTAL REPURCHASE AGREEMENTS						$	13,798,900,000
	TOTAL INVESTMENTS – 107.0%						$	41,601,267,343
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (7.0)%							(2,715,768,555	)
	NET ASSETS – 100.0%						$	38,885,498,788

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, 2020.
(c)	Unless noted, all repurchase agreements were entered into on November 30, 2020. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.
(d)	The instrument is subject to a demand feature.
(e)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

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. 37

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 104.2%
	United States Treasury Bills
$	1,700,000		0.025	%		12/01/20	$	1,700,000
	65,000,000		0.051			12/01/20		65,000,000
	136,800,000		0.086			12/01/20		136,800,000
	35,000,000		0.112			12/01/20		35,000,000
	48,500,000		0.168			12/01/20		48,500,000
	57,400,000		0.041			12/03/20		57,399,872
	70,600,000		0.046			12/03/20		70,599,824
	29,000,000		0.102			12/03/20		28,999,839
	14,800,000		0.112			12/03/20		14,799,910
	245,000,000		0.092			12/08/20		244,995,712
	7,200,000		0.142			12/08/20		7,199,804
	95,000,000		0.158			12/08/20		94,997,137
	25,000,000		0.071			12/10/20		24,999,563
	450,000,000		0.081			12/10/20		449,991,000
	72,300,000		0.112			12/10/20		72,298,012
	3,100,000		0.114			12/10/20		3,099,913
	4,100,000		0.117			12/10/20		4,099,882
	450,000,000		0.097			12/15/20		449,983,375
	7,800,000		0.122			12/15/20		7,799,636
	75,000,000		0.158			12/15/20		74,995,479
	36,100,000		0.112			12/17/20		36,098,235
	200,100,000		0.188			12/17/20		200,083,547
	52,000,000		0.081			12/22/20		51,997,573
	600,000		0.107			12/22/20		599,963
	9,400,000		0.132			12/22/20		9,399,287
	85,000,000		0.112			12/24/20		84,994,026
	139,000,000		0.178			12/24/20		138,984,459
	650,000,000		0.086			12/29/20		649,957,029
	1,800,000		0.112			12/29/20		1,799,846
	21,700,000		0.124			12/29/20		21,697,941
	400,000,000		0.097			12/31/20		399,968,333
	500,000		0.112			12/31/20		499,954
	5,600,000		0.163			12/31/20		5,599,253
	195,000,000		0.168			12/31/20		194,973,187
	250,000,000		0.086			01/05/21		249,979,341
	32,500,000		0.112			01/05/21		32,496,524
	550,000,000		0.076			01/07/21		549,957,604
	3,500,000		0.102			01/07/21		3,499,640
	100,000,000		0.122			01/07/21		99,987,667
	125,000,000		0.092			01/12/21		124,986,875
	400,000		0.112			01/12/21		399,949
	11,400,000		0.102			01/14/21		11,398,607
	600,000		0.117			01/14/21		599,916
	232,500,000		0.148			01/14/21		232,458,796
	99,000,000		0.122			01/19/21		98,983,830
	145,200,000		0.132			01/21/21		145,173,259
	325,000,000		0.081	(a)		01/26/21		324,959,557
	227,900,000		0.132			01/28/21		227,852,268
	14,800,000		0.112			02/02/21		14,797,151
	85,000,000		0.107			02/04/21		84,983,885
	60,000,000		0.112			02/11/21		59,986,800
	143,130,000		0.122			02/11/21		143,095,649
	265,000,000		0.097			02/16/21		264,946,153
	52,500,000		0.102			02/23/21		52,487,750
	55,000,000		0.122			02/25/21		54,984,233
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	9,500,000		0.573			02/25/21		9,487,291
	62,700,000		1.308			02/25/21		62,509,775
	60,000,000		0.096			03/02/21		59,985,592
	24,755,200		0.086	(a)		03/04/21		24,749,881
	100,000,000		0.106			03/04/21		99,972,875
	110,000,000		0.107			03/09/21		109,968,558
	100,000,000		0.101			03/11/21		99,972,222
	65,000,000		0.127			03/11/21		64,977,431
	175,000,000		0.112			03/16/21		174,943,854
	45,300,000		0.096			03/18/21		45,287,209
	55,000,000		0.122			03/18/21		54,980,383
	8,700,000		0.114			03/23/21		8,696,969
	8,700,000		0.115			03/23/21		8,696,941
	2,600,000		0.119			03/23/21		2,599,050
	105,100,000		0.122			03/23/21		105,060,763
	70,000,000		0.091			03/25/21		69,980,050
	71,500,000		0.107			03/25/21		71,476,226
	175,000,000		0.117			03/30/21		174,933,476
	246,000,000		0.107			04/01/21		245,913,183
	185,000,000		0.107			04/06/21		184,932,013
	5,000,000		0.107			04/08/21		4,998,133
	5,800,000		0.109			04/08/21		5,797,783
	192,600,000		0.112			04/08/21		192,524,672
	110,000,000		0.107			04/13/21		109,957,329
	40,000,000		0.117			04/15/21		39,982,750
	60,000,000		0.101			04/20/21		59,976,667
	200,000,000		0.117			04/22/21		199,909,278
	48,420,000		0.112			04/29/21		48,397,955
	235,000,000		0.112			05/06/21		234,887,984
	204,300,000		0.112			05/13/21		204,198,247
	275,000,000		0.101			05/20/21		274,870,138
	100,000,000		0.090			05/27/21		99,955,750
	162,500,000		0.091	(a)		06/03/21		162,426,063
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	123,800,000		0.200	(b)		01/31/21		123,800,953
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	546,500,000		0.224	(b)		04/30/21		546,563,341
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.15%)
	310,800,000		0.239	(b)		01/31/22		310,795,767
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.22%)
	887,950,000		0.305	(b)		07/31/21		888,483,177
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	545,700,000		0.385	(b)		10/31/21		546,237,921
	United States Treasury Notes
	17,900,000		1.875			12/15/20		17,908,209
	80,000,000		1.750			12/31/20		80,105,133
	28,200,000		2.500			12/31/20		28,231,232
	5,700,000		1.375			01/31/21		5,700,016
	2,300,000		2.125			01/31/21		2,305,547
	9,000,000		2.250			02/15/21		9,025,622
	9,000,000		3.625			02/15/21		9,051,099

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	106,900,000		2.500	%		02/28/21	$	107,280,144
	58,000,000		2.375			03/15/21		58,280,381
	1,800,000		2.250			03/31/21		1,810,852
	1,100,000		2.375			04/15/21		1,108,237
	TOTAL U.S. TREASURY OBLIGATIONS						$	12,521,621,167
	TOTAL INVESTMENTS – 104.2%						$	12,521,621,167
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (4.2)%							(509,943,086	)
	NET ASSETS – 100.0%						$	12,011,678,081

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, 2020.

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. 39

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

November 30, 2020

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At November 30, 2020, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 1, 2020, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,000,000,000	$	1,000,002,208	$	1,006,489,864
Treasury Obligations		1,000,000,000		1,000,002,208		1,006,489,864

REPURCHASE AGREEMENTS — At November 30, 2020, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Treasury Obligations
Bank of Nova Scotia (The)		0.080	%	$	600,000,000	$	600,000,000
BNP Paribus		0.080			350,000,000		350,000,000
Wells Fargo Securities, LLC		0.070			50,000,000		50,000,000
TOTAL				$	1,000,000,000	$	1,000,000,000

At November 30, 2020, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		01/07/21 to 09/09/21
U.S. Treasury Bonds		1.375 to 7.625			11/15/22 to 02/15/50
U.S. Treasury Inflation-Indexed Bonds		0.250 to 2.375			01/15/25 to 02/15/50
U.S. Treasury Inflation-Indexed Notes		0.125 to 0.750			04/15/24 to 07/15/30
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/27 to 05/15/48
U.S. Treasury Notes		0.125 to 3.125			03/31/21 to 11/15/30
U.S. Treasury Principal-Only Stripped Securities		0.000			02/15/36 to 11/15/49

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III — At November 30, 2020, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 1, 2020, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,605,900,000	$	1,605,904,461	$	1,652,866,465
Money Market		300,000,000		300,000,833		308,773,859
Prime Obligations		300,000,000		300,000,833		308,773,859

REPURCHASE AGREEMENTS — At November 30, 2020, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		0.100	%	$	505,561,111	$	94,444,444	$	94,444,444
Bank of America, N.A.		0.100			297,388,889		55,555,556		55,555,556
BofA Securities, Inc.		0.100			208,172,222		38,888,889		38,888,889
Bank of Nova Scotia (The)		0.100			594,777,778		111,111,111		111,111,111
TOTAL				$	1,605,900,000	$	300,000,000	$	300,000,000

At November 30, 2020, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 5.500	%		01/01/24 to 12/01/50
Federal National Mortgage Association		2.000 to 5.500			07/01/25 to 10/01/50
Government National Mortgage Association		2.000 to 4.000			07/20/45 to 08/20/50
U.S. Treasury Bills		0.000			01/28/21 to 08/12/21
U.S. Treasury Bonds		3.000			11/15/44
U.S. Treasury Inflation-Indexed Notes		0.250			7/15/29
U.S. Treasury Notes		0.125 to 2.750			11/30/22 to 05/15/29

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

November 30, 2020

	Federal Instruments Fund		Government Fund		Money Market Fund			Prime Obligations Fund
Assets:
Investments , at value (cost $4,250,827,177, $118,245,750,181, $3,098,549,065 and $2,311,373,994)	$	4,250,827,177	$	118,245,750,181	$	3,098,658,021		$	2,311,454,420
Repurchase agreements , at value (cost $0, $54,640,954,000, $1,048,000,000 and $758,500,000)		—		54,640,954,000		1,048,002,064			758,501,307
Cash		1,066,828		1,092,181,605		—			450,927
Receivables:
Interest		449,542		31,145,403		199,807			141,457
Reimbursement from investment advisor		333,255		10,137,601		73,138			78,687
Fund shares sold		32,153		16,457,852		—			4,717,947
Other assets		138,516		8,820,438		124,994			109,348
Total assets		4,252,847,471		174,045,447,080		4,147,058,024			3,075,454,093
Liabilities:
Due to custodian		—		—		172,950			—
Payables:
Investments purchased		442,550,760		5,912,620,409		85,477,687			94,111,437
Management fees		335,819		20,385,804		577,956			407,555
Fund shares redeemed		301,014		14,968,687		—			7,351,808
Distribution and Service fees and Transfer Agency fees		86,975		1,180,429		36,119			25,285
Dividend distribution		7,087		1,380,726		63,168			18,036
Payable to Broker		—		2,927,813		—			—
Accrued expenses		458,766		11,720,052		342,151			253,276
Total liabilities		443,740,421		5,965,183,920		86,670,031			102,167,397
Net Assets:
Paid-in capital		3,809,029,227		168,080,051,383		4,066,765,801			2,972,914,530
Total distributable earnings (loss)		77,823		211,777		(6,377,808	)		372,166
NET ASSETS	$	3,809,107,050	$	168,080,263,160	$	4,060,387,993		$	2,973,286,696
Net Assets:
Class A Shares	$	—	$	282,556,394	$	—		$	—
Class C Shares		—		6,326,992		—			—
Institutional Shares		3,639,742,351		154,904,106,175		4,042,144,683			2,747,965,330
Capital Shares		3,267,130		1,435,345,003		11,540,663			911,421
Service Shares		10,277,455		860,075,253		2,655			9,178
Preferred Shares		6,019,198		820,201,211		65,877			3,363,975
Select Shares		49,422		448,540,068		2,361,279			38,230,180
Administration Shares		76,144,397		5,706,516,813		4,269,716			81,919,695
Cash Management Shares		73,555,208		168,903,263		1,033			1,034
Premier Shares		51,889		219,114,181		1,049			1,048
Resource Shares		—		93,980,731		1,038			1,037
Class R6 Shares		—		91,629,579		—			—
Drexel Hamilton Shares		—		3,042,967,497		—			100,883,798
Total Net Assets	$	3,809,107,050	$	168,080,263,160	$	4,060,387,993		$	2,973,286,696
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		—		282,556,024		—			—
Class C Shares		—		6,326,984		—			—
Institutional Shares		3,639,672,691		154,903,905,969		4,038,892,932			2,745,136,918
Capital Shares		3,267,068		1,435,343,148		11,529,680			910,563
Service Shares		10,277,258		860,074,141		2,655			9,177
Preferred Shares		6,019,083		820,200,151		65,822			3,361,301
Select Shares		49,421		448,539,488		2,359,634			38,192,616
Administration Shares		76,142,940		5,706,509,437		4,266,598			81,838,335
Cash Management Shares		73,553,801		168,903,046		1,033			1,033
Premier Shares		51,888		219,113,898		1,049			1,048
Resource Shares		—		93,980,610		1,039			1,038
Class R6 Shares		—		91,629,459		—			—
Drexel Hamilton Shares		—		3,042,963,564		—			100,786,770
Net asset value, offering and redemption price per share:
Class A Shares		$—		$1.00		$—			$—
Class C Shares		—		1.00		—			—
Institutional Shares		1.00		1.00		1.0008			1.0010
Capital Shares		1.00		1.00		1.0010			1.0009
Service Shares		1.00		1.00		1.0000			1.0001
Preferred Shares		1.00		1.00		1.0008			1.0008
Select Shares		1.00		1.00		1.0007			1.0010
Administration Shares		1.00		1.00		1.0007			1.0010
Cash Management Shares		1.00		1.00		0.9999			1.0000
Premier Shares		1.00		1.00		1.0000			1.0000
Resource Shares		—		1.00		0.9999			1.0000
Class R6 Shares		—		1.00		—			—
Drexel Hamilton Shares		—		1.00		—			1.0010

42 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, 2020

	Treasury Instruments Fund		Treasury Obligations Fund		Treasury Solutions Fund
Assets:
Investments , at value (cost $82,988,868,829, $27,802,367,343 and $12,521,621,167)	$	82,988,868,829	$	27,802,367,343	$	12,521,621,167
Repurchase agreements , at value (cost $0, $13,798,900,000 and $0)		—		13,798,900,000		—
Cash		55,475,314		1,271,486,840		696,627
Receivables:
Interest		24,813,495		6,714,143		2,840,816
Fund shares sold		751,504		—		59,472
Reimbursement from investment advisor		—		—		42,805
Other assets		2,194,330		847,130		320,628
Total assets		83,072,103,472		42,880,315,456		12,525,581,515
Liabilities:
Payables:
Investments purchased		4,139,032,168		3,668,990,140		512,135,500
Management fees		9,465,385		2,410,655		1,431,897
Fund shares redeemed		6,663,681		317,712,104		52,986
Dividend distribution		170,869		542,952		—
Payable to Broker		—		4,766,370		—
Accrued expenses		1,013,280		394,447		283,051
Total liabilities		4,156,345,383		3,994,816,668		513,903,434
Net Assets:
Paid-in capital		78,915,274,167		38,885,213,264		12,011,554,796
Total distributable earnings (loss)		483,922		285,524		123,285
NET ASSETS	$	78,915,758,089	$	38,885,498,788	$	12,011,678,081
Net Assets:
Institutional Shares	$	75,892,231,825	$	34,576,104,126	$	10,518,867,440
Capital Shares		675,658,567		330,015,549		234,343,996
Service Shares		122,542,207		911,412,840		240,184,041
Preferred Shares		137,606,922		440,733,459		59,339,970
Select Shares		336,761,402		213,173,594		6,547,483
Administration Shares		1,578,688,982		2,380,298,551		610,538,707
Cash Management Shares		9,743,578		20,187,068		262,647,291
Premier Shares		162,523,579		13,572,572		79,208,125
Resource Shares		1,027		1,029		1,028
Total Net Assets	$	78,915,758,089	$	38,885,498,788	$	12,011,678,081
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		75,891,768,871		34,575,849,991		10,518,759,479
Capital Shares		675,654,446		330,013,146		234,341,591
Service Shares		122,541,460		911,406,202		240,181,575
Preferred Shares		137,606,082		440,730,249		59,339,361
Select Shares		336,759,348		213,172,041		6,547,416
Administration Shares		1,578,679,353		2,380,281,215		610,532,440
Cash Management Shares		9,743,519		20,186,920		262,644,595
Premier Shares		162,522,588		13,572,473		79,207,312
Resource Shares		1,027		1,029		1,028
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00		$1.00		$1.00
Capital Shares		1.00		1.00		1.00
Service Shares		1.00		1.00		1.00
Preferred Shares		1.00		1.00		1.00
Select Shares		1.00		1.00		1.00
Administration Shares		1.00		1.00		1.00
Cash Management Shares		1.00		1.00		1.00
Premier Shares		1.00		1.00		1.00
Resource Shares		1.00		1.00		1.00

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

	Federal Instruments Fund						Government Fund
	For the Period Ended November 30, 2020†			Year Ended August 31, 2020			For the Period Ended November 30, 2020†			Year Ended August 31, 2020
Investment Income:
Interest income	$	1,290,351		$	21,438,590		$	77,237,878		$	1,445,995,596
Interest income — from affiliated issuers		—			—			—			124,028
Total investment income		1,290,351			21,438,590			77,237,878			1,446,119,624
Expenses:
Fund-Level Expenses:
Management fees		1,546,757			4,655,574			69,363,116			258,645,980
Transfer Agency fees		85,930			258,643			4,335,195			16,165,374
Professional fees		49,407			124,514			49,486			158,255
Printing and mailing fees		46,356			—			228,042			973,833
Registration fees		46,289			404,174			2,862,037			1,593,448
Custody, accounting and administrative services		33,101			116,950			1,333,970			5,092,015
Trustee fees		6,675			23,364			76,972			281,360
Shareholder meeting expense		—			5,487			—			503,772
Other		13,693			33,048			113,437			594,903
Subtotal		1,828,208			5,621,754			78,362,255			284,008,940
Class Specific Expenses:
Cash Management Share fees		86,699			61,909			218,910			847,195
Distribution fees — Cash Management Shares		52,020			37,145			131,346			508,317
Administration Share fees		45,840			153,932			3,377,410			14,131,618
Service Share fees		6,004			25,907			594,086			2,014,075
Shareholder Administration Plan fees — Service Shares		6,003			25,906			594,086			2,014,074
Preferred Share fees		2,327			12,260			251,447			1,089,973
Capital Share fees		455			1,577			445,512			2,310,644
Premier Share fees		45			182			168,858			664,070
Select Share fees		4			15			33,944			147,401
Distribution fees — Resource Shares		—			—			35,746			120,000
Resource Share fees		—			—			119,154			400,001
Distribution and Service fees — Class A Shares		—			—			195,075			852,161
Distribution fees — Class C Shares		—			—			17,044			57,767
Total expenses		2,027,605			5,940,587			84,544,873			309,166,236
Less — expense reductions		(792,945	)		(1,845,721	)		(8,162,550	)		(4,338,240	)
Net expenses		1,234,660			4,094,866			76,382,323			304,827,996
NET INVESTMENT INCOME	$	55,691		$	17,343,724		$	855,555		$	1,141,291,628
Net realized gain from investment transactions		78,375			966,791			2,404,541			40,401,445
Net realized gain		78,375			966,791			2,404,541			40,401,445
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	134,066		$	18,310,515		$	3,260,096		$	1,181,693,073

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

	Money Market Fund						Prime Obligations Fund
	For the Period Ended November 30, 2020†			Year Ended August 31, 2020			For the Period Ended November 30, 2020†			Year Ended August 31, 2020
Investment Income:
Interest income	$	2,481,626		$	214,895,888		$	1,790,224		$	89,134,392
Total investment income		2,481,626			214,895,888			1,790,224			89,134,392
Expenses:
Fund-Level Expenses:
Management fees		2,076,090			20,621,350			1,560,950			9,793,299
Transfer Agency fees		129,756			1,288,834			97,559			612,081
Custody, accounting and administrative services		91,333			601,037			52,381			282,556
Printing and mailing fees		68,739			50,328			63,108			64,149
Registration fees		60,881			734,602			56,099			376,018
Professional fees		54,605			116,370			31,002			199,604
Trustee fees		6,407			44,941			4,419			4,115
Shareholder meeting expense		—			9,632			—			10,034
Other		30,887			167,556			30,784			124,944
Subtotal		2,518,698			23,634,650			1,896,302			11,466,800
Class Specific Expenses:
Capital Share fees		4,523			21,294			357			10,785
Administration Share fees		2,269			12,620			33,411			92,542
Preferred Share fees		421			3,183			836			3,902
Select Share fees		177			5,878			3,880			19,802
Service Share fees		2			59			6			1,043
Shareholder Administration Plan fees — Service Shares		2			59			6			1,042
Premier Share fees		1			4			1			4
Cash Management Share fees		1			5			1			5
Distribution fees — Cash Management Shares		1			3			1			3
Resource Share fees		1			5			1			5
Distribution fees — Resource Shares		—			2			—			2
Total expenses		2,526,096			23,677,762			1,934,802			11,595,935
Less — expense reductions		(135,784	)		(4,146,234	)		(132,399	)		(1,673,045	)
Net expenses		2,390,312			19,531,528			1,802,403			9,922,890
NET INVESTMENT INCOME (LOSS)	$	91,314		$	195,364,360		$	(12,179	)	$	79,211,502
Net realized gain (loss) from investment transactions		125,878			(7,538,258	)		92,119			604,703
Net change in unrealized loss from investment transactions		(461,899	)		(4,400,659	)		(342,897	)		(1,341,419	)
Net realized and unrealized loss		(336,021	)		(11,938,917	)		(250,778	)		(736,716	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(244,707	)	$	183,425,443		$	(262,957	)	$	78,474,786

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

	Treasury Instruments Fund						Treasury Obligations Fund
	For the Period Ended November 30, 2020†			Year Ended August 31, 2020			For the Period Ended November 30, 2020†			Year Ended August 31, 2020
Investment Income:
Interest income	$	33,876,397		$	734,787,328		$	9,655,333		$	207,727,315
Interest income — from affiliated issuers		—			—			—			34,826
Total investment income		33,876,397			734,787,328			9,655,333			207,762,141
Expenses:
Fund-Level Expenses:
Management fees		36,020,782			145,037,770			10,576,438			41,164,599
Transfer Agency fees		2,001,154			8,057,364			587,580			2,286,844
Registration fees		1,390,449			302,320			520,802			400,311
Custody, accounting and administrative services		612,781			2,532,760			180,431			730,975
Printing and mailing fees		113,324			774,558			70,062			59,766
Professional fees		48,032			112,621			50,854			99,320
Trustee fees		36,019			146,675			14,070			56,626
Shareholder meeting expense		—			560,182			—			15,569
Other		75,700			349,452			43,525			164,930
Subtotal		40,298,241			157,873,702			12,043,762			44,978,940
Class Specific Expenses:
Administration Share fees		1,037,052			4,304,049			1,409,131			5,272,818
Capital Share fees		239,545			1,391,696			129,888			661,227
Premier Share fees		168,238			518,952			12,921			68,550
Service Share fees		72,353			143,950			638,058			2,717,361
Shareholder Administration Plan fees — Service Shares		72,353			143,950			638,058			2,717,360
Select Share fees		31,998			80,926			14,922			19,974
Preferred Share fees		30,662			128,660			138,037			458,186
Cash Management Share fees		13,895			59,979			19,209			140,272
Distribution fees — Cash Management Shares		8,337			35,988			11,526			84,164
Resource Share fees		1			7			1			7
Total expenses		41,972,675			164,681,859			15,055,513			57,118,859
Less — expense reductions		(8,837,701	)		(1,973,405	)		(5,897,634	)		(2,892,378	)
Net expenses		33,134,974			162,708,454			9,157,879			54,226,481
NET INVESTMENT INCOME	$	741,423		$	572,078,874		$	497,454		$	153,535,660
Net realized gain from investment transactions		129,652			20,901,374			358,383			6,731,060
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	871,075		$	592,980,248		$	855,837		$	160,266,720

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations (continued)

	Treasury Solutions Fund
	For the Period Ended November 30, 2020†			Year Ended August 31, 2020
Investment Income:
Interest income	$	5,039,214		$	112,448,619
Total investment income		5,039,214			112,448,619
Expenses:
Fund-Level Expenses:
Management fees		5,255,122			22,303,746
Transfer Agency fees		291,951			1,239,054
Registration fees		215,173			139,489
Custody, accounting and administrative services		95,101			421,642
Printing and mailing fees		76,361			49,534
Professional fees		38,401			132,748
Trustee fees		9,128			39,416
Shareholder meeting expense		—			18,434
Other		43,437			118,940
Subtotal		6,024,674			24,463,003
Class Specific Expenses:
Cash Management Share fees		359,584			1,299,314
Administration Share fees		321,399			1,015,183
Distribution fees — Cash Management Shares		215,750			779,588
Service Share fees		140,567			382,659
Shareholder Administration Plan fees — Service Shares		140,566			382,658
Premier Share fees		87,233			477,976
Capital Share fees		80,618			268,689
Preferred Share fees		13,794			53,847
Select Share fees		495			2,872
Resource Share fees		1			7
Total expenses		7,384,681			29,125,796
Less — expense reductions		(2,409,092	)		(1,621,982	)
Net expenses		4,975,589			27,503,814
NET INVESTMENT INCOME	$	63,625		$	84,944,805
Net realized gain from investment transactions		14,950			6,294,118
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	78,575		$	91,238,923

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Instruments Fund									Government Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	55,691		$	17,343,724		$	19,992,507		$	855,555		$	1,141,291,628		$	2,230,447,557
Net realized gain from investment transactions		78,375			966,791			287,443			2,404,541			40,401,445			16,512,656
Net increase in net assets resulting from operations		134,066			18,310,515			20,279,950			3,260,096			1,181,693,073			2,246,960,213
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			—			(7,067	)		(2,446,431	)		(2,048,233	)
Class C Shares		—			—			—			(157	)		(15,977	)		(55,218	)
Institutional Shares		(153,445	)		(17,708,073	)		(18,771,613	)		(10,101,326	)		(1,090,135,900	)		(2,060,931,674	)
Capital Shares		(19	)		(8,246	)		(23,515	)		(29,079	)		(12,087,734	)		(29,262,373	)
Service Shares		(147	)		(63,442	)		(166,265	)		(21,453	)		(4,939,299	)		(10,479,301	)
Preferred Shares		(143	)		(50,399	)		(198,625	)		(21,766	)		(9,976,513	)		(20,494,217	)
Select Shares		(1	)		(471	)		(1,031	)		(10,452	)		(4,341,608	)		(14,157,360	)
Administration Shares		(1,119	)		(450,857	)		(1,036,837	)		(127,935	)		(44,718,381	)		(99,448,265	)
Cash Management Shares		(1,058	)		(18,572	)		(768	)		(4,047	)		(640,681	)		(204,841	)
Premier Shares		(1	)		(373	)		(922	)		(4,585	)		(1,394,940	)		(3,719,283	)
Resource Shares		—			—			—			(2,219	)		(395,702	)		(973,664	)
Class R6 Shares		—			—			—			(6,378	)		(942,873	)		(1,249,033	)
Drexel Hamilton Shares		—			—			—			(129,393	)		(7,956,702	)		—
Total distributions to shareholders		(155,933	)		(18,300,433	)		(20,199,576	)		(10,465,857	)		(1,179,992,741	)		(2,243,023,462	)
From share transactions
Proceeds from sales of shares		2,947,369,126			11,735,557,360			2,606,772,443			271,552,310,234			1,370,830,683,323			943,916,446,686
Reinvestment of distributions		121,757			14,243,623			15,043,280			5,233,911			577,812,056			1,079,167,668
Cost of shares redeemed		(3,060,198,196	)		(9,361,084,182	)		(1,675,554,481	)		(321,675,383,431	)		(1,263,859,504,231	)		(939,203,429,811	)
Net increase (decrease) in net assets resulting from share transactions		(112,707,313	)		2,388,716,801			946,261,242			(50,117,839,286	)		107,548,991,148			5,792,184,543
NET INCREASE (DECREASE)		(112,729,180	)		2,388,726,883			946,341,616			(50,125,045,047	)		107,550,691,480			5,796,121,294
Net assets:
Beginning of period		3,921,836,230			1,533,109,347			586,767,731			218,205,308,207			110,654,616,727			104,858,495,433
End of period	$	3,809,107,050		$	3,921,836,230		$	1,533,109,347		$	168,080,263,160		$	218,205,308,207		$	110,654,616,727

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Money Market Fund									Prime Obligations Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income (loss)	$	91,314		$	195,364,360		$	333,909,991		$	(12,179	)	$	79,211,502		$	112,999,607
Net realized gain (loss) from investment transactions		125,878			(7,538,258	)		1,138,835			92,119			604,703			473,503
Net change in unrealized gain (loss) from investment transactions		(461,899	)		(4,400,659	)		3,681,721			(342,897	)		(1,341,419	)		1,330,549
Net increase (decrease) in net assets resulting from operations		(244,707	)		183,425,443			338,730,547			(262,957	)		78,474,786			114,803,659
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(990,729	)		(193,310,637	)		(333,758,870	)		(619,875	)		(77,559,806	)		(110,684,532	)
Capital Shares		(486	)		(135,656	)		(125,595	)		(39	)		(76,698	)		(118,561	)
Service Shares		(2	)		(300	)		(1,391	)		(1	)		(6,973	)		(102,511	)
Preferred Shares		(70	)		(42,411	)		(48,834	)		(152	)		(42,649	)		(61,378	)
Select Shares		(278	)		(319,301	)		(776,671	)		(5,954	)		(789,855	)		(1,798,426	)
Administration Shares		(146	)		(45,086	)		(45,826	)		(2,152	)		(444,229	)		(535,405	)
Cash Management Shares		(1	)		(9	)		(18	)		(1	)		(9	)		(18	)
Premier Shares		(1	)		(11	)		(22	)		(1	)		(11	)		(22	)
Resource Shares		(1	)		(11	)		(22	)		(1	)		(11	)		(22	)
Drexel Hamilton Shares		—			—			—			(15,151	)		(222,875	)		—
Total distributions to shareholders		(991,714	)		(193,853,422	)		(334,757,249	)		(643,327	)		(79,143,116	)		(113,300,875	)
From share transactions
Proceeds from sales of shares		4,518,751,604			78,480,208,605			85,569,465,008			1,598,365,808			23,481,618,298			16,195,180,217
Reinvestment of distributions		711,579			103,679,725			162,186,050			449,261			46,774,158			68,630,093
Cost of shares redeemed		(7,077,678,629	)		(89,738,454,628	)		(79,561,685,600	)		(3,433,760,005	)		(24,964,599,237	)		(13,862,825,962	)
Net increase (decrease) in net assets resulting from share transactions		(2,558,215,446	)		(11,154,566,298	)		6,169,965,458			(1,834,944,936	)		(1,436,206,781	)		2,400,984,348
NET INCREASE (DECREASE)		(2,559,451,867	)		(11,164,994,277	)		6,173,938,756			(1,835,851,220	)		(1,436,875,111	)		2,402,487,132
Net assets:
Beginning of period		6,619,839,860			17,784,834,137			11,610,895,381			4,809,137,916			6,246,013,027			3,843,525,895
End of period	$	4,060,387,993		$	6,619,839,860		$	17,784,834,137		$	2,973,286,696		$	4,809,137,916		$	6,246,013,027

 † The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Instruments Fund									Treasury Obligations Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	741,423		$	572,078,874		$	1,135,422,170		$	497,454		$	153,535,660		$	342,100,566
Net realized gain from investment transactions		129,652			20,901,374			19,078,477			358,383			6,731,060			3,418,497
Net increase in net assets resulting from operations		871,075			592,980,248			1,154,500,647			855,837			160,266,720			345,519,063
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,172,410	)		(572,962,578	)		(1,082,622,274	)		(935,691	)		(132,077,257	)		(274,501,344	)
Capital Shares		(9,741	)		(8,336,562	)		(14,187,561	)		(13,279	)		(3,428,674	)		(6,772,558	)
Service Shares		(1,765	)		(176,314	)		(1,707,995	)		(40,579	)		(6,461,492	)		(18,360,886	)
Preferred Shares		(1,871	)		(919,744	)		(1,261,805	)		(18,987	)		(3,661,923	)		(7,482,570	)
Select Shares		(6,506	)		(1,704,555	)		(6,174,970	)		(8,500	)		(486,531	)		(1,362,803	)
Administration Shares		(25,304	)		(13,043,114	)		(40,483,530	)		(91,693	)		(14,614,602	)		(35,857,421	)
Cash Management Shares		(170	)		(53,744	)		(89,437	)		(633	)		(108,803	)		(16,375	)
Premier Shares		(2,932	)		(1,019,410	)		(2,487,259	)		(571	)		(128,767	)		(299,438	)
Resource Shares		(1	)		(6	)		(16	)		(1	)		(6	)		(16	)
Total distributions to shareholders		(1,220,700	)		(598,216,027	)		(1,149,014,847	)		(1,109,934	)		(160,968,055	)		(344,653,411	)
From share transactions
Proceeds from sales of shares		60,196,183,321			355,916,515,357			212,108,690,475			66,608,512,585			255,687,212,214			200,902,685,375
Reinvestment of distributions		700,269			325,529,187			641,161,052			429,229			66,582,114			133,108,626
Cost of shares redeemed		(68,435,569,288	)		(323,780,571,442	)		(212,588,469,412	)		(54,621,016,772	)		(245,417,780,026	)		(198,899,965,807	)
Net increase (decrease) in net assets resulting from share transactions		(8,238,685,698	)		32,461,473,102			161,382,115			11,987,925,042			10,336,014,302			2,135,828,194
NET INCREASE (DECREASE)		(8,239,035,323	)		32,456,237,323			166,867,915			11,987,670,945			10,335,312,967			2,136,693,846
Net assets:
Beginning of period		87,154,793,412			54,698,556,089			54,531,688,174			26,897,827,843			16,562,514,876			14,425,821,030
End of period	$	78,915,758,089		$	87,154,793,412		$	54,698,556,089		$	38,885,498,788		$	26,897,827,843		$	16,562,514,876

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Solutions Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	63,625		$	84,944,805		$	181,047,952
Net realized gain from investment transactions		14,950			6,294,118			3,922,005
Net increase in net assets resulting from operations		78,575			91,238,923			184,969,957
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(156,692	)		(84,516,483	)		(166,889,124	)
Capital Shares		(3,278	)		(1,276,222	)		(3,373,366	)
Service Shares		(3,430	)		(810,330	)		(1,983,011	)
Preferred Shares		(842	)		(454,175	)		(797,792	)
Select Shares		(101	)		(93,299	)		(134,813	)
Administration Shares		(7,842	)		(2,714,596	)		(6,782,509	)
Cash Management Shares		(4,387	)		(1,122,646	)		(1,690,423	)
Premier Shares		(1,520	)		(950,305	)		(2,503,790	)
Resource Shares		(1	)		(6	)		(16	)
Total distributions to shareholders		(178,093	)		(91,938,062	)		(184,154,844	)
From share transactions
Proceeds from sales of shares		7,511,013,555			65,182,195,146			36,822,877,870
Reinvestment of distributions		109,544			57,158,747			131,480,668
Cost of shares redeemed		(8,356,792,865	)		(60,968,545,207	)		(36,813,589,532	)
Net increase (decrease) in net assets resulting from share transactions		(845,669,766	)		4,270,808,686			140,769,006
NET INCREASE (DECREASE)		(845,769,284	)		4,270,109,547			141,584,119
Net assets:
Beginning of period		12,857,447,365			8,587,337,818			8,445,753,699
End of period	$	12,011,678,081		$	12,857,447,365		$	8,587,337,818

† The Funds changed their fiscal year end from August 31 to November 30.

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.007			0.021			0.013			0.005			0.002
Net realized gain		—	(b)		0.003			0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.010			0.022			0.013			0.005			0.002
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.99	%		2.18	%		1.34	%		0.52	%		0.16	%
Net assets, end of period (in 000’s)	$	3,639,742		$	3,761,104		$	1,453,995		$	508,647		$	556,458		$	577,395
Ratio of net expenses to average net assets		0.14	%(f)		0.15	%		0.18	%		0.20	%		0.20	%		0.20	%(f)
Ratio of total expenses to average net assets		0.21	%(f)		0.21	%		0.22	%		0.25	%		0.28	%		0.39	%(f)
Ratio of net investment income to average net assets		0.01	%(f)		0.67	%		2.15	%		1.33	%		0.51	%		0.19	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

Financial Square Federal Instruments Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.007			0.019			0.012			0.003			—	(b)
Net realized gain		—	(b)		0.002			0.001			—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.020			0.012			0.004			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.85	%		2.03	%		1.19	%		0.37	%		0.05	%
Net assets, end of period (in 000’s)	$	3,267		$	1,135		$	626		$	5,136		$	16,147		$	50
Ratio of net expenses to average net assets		0.15	%(f)		0.28	%		0.33	%		0.35	%		0.35	%		0.33	%(f)
Ratio of total expenses to average net assets		0.36	%(f)		0.36	%		0.37	%		0.40	%		0.43	%		0.54	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.74	%		1.90	%		1.04	%		0.31	%		0.04	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.006			0.016			0.008			0.001			—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.017			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.017	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.017	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.63	%		1.67	%		0.84	%		0.10	%		0.01	%
Net assets, end of period (in 000’s)	$	10,277		$	11,490		$	11,493		$	11,003		$	15,129		$	14,949
Ratio of net expenses to average net assets		0.15	%(f)		0.50	%		0.68	%		0.70	%		0.62	%		0.39	%(f)
Ratio of total expenses to average net assets		0.71	%(f)		0.71	%		0.72	%		0.75	%		0.78	%		0.89	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.57	%		1.64	%		0.83	%		0.09	%		(0.01	)%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

Financial Square Federal Instruments Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.004			0.021			0.012			0.004			0.001
Net realized gain		—	(b)		0.005			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.012			0.004			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.89	%		2.08	%		1.24	%		0.42	%		0.08	%
Net assets, end of period (in 000’s)	$	6,019		$	22,779		$	5,536		$	2,386		$	50		$	50
Ratio of net expenses to average net assets		0.15	%(f)		0.24	%		0.28	%		0.30	%		0.30	%		0.29	%(f)
Ratio of total expenses to average net assets		0.31	%(f)		0.31	%		0.32	%		0.35	%		0.38	%		0.49	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.39	%		2.09	%		1.43	%		0.41	%		0.08	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—			0.010			0.021			0.013			0.005			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.010			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.96	%		2.15	%		1.31	%		0.49	%		0.13	%
Net assets, end of period (in 000’s)	$	49		$	49		$	49		$	48		$	47		$	50
Ratio of net expenses to average net assets		0.15	%(f)		0.18	%		0.21	%		0.23	%		0.23	%		0.23	%(f)
Ratio of total expenses to average net assets		0.24	%(f)		0.24	%		0.25	%		0.28	%		0.31	%		0.42	%(f)
Ratio of net investment income to average net assets		—	%(e)(f)		0.91	%		2.11	%		1.30	%		0.48	%		0.14	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

Financial Square Federal Instruments Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.007			0.019			0.011			0.003			—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.019			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.78	%		1.93	%		1.09	%		0.27	%		0.01	%
Net assets, end of period (in 000’s)	$	76,144		$	73,011		$	61,267		$	59,447		$	50,768		$	43,835
Ratio of net expenses to average net assets		0.15	%(f)		0.35	%		0.43	%		0.45	%		0.45	%		0.39	%(f)
Ratio of total expenses to average net assets		0.46	%(f)		0.46	%		0.47	%		0.50	%		0.53	%		0.64	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.69	%		1.89	%		1.08	%		0.26	%		(0.01	)%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Federal Instruments Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.002			0.013			0.005			—	(b)		—	(b)
Net realized gain		—	(b)		0.003			0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.005			0.014			0.005			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.005	)		(0.014	)		(0.005	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.005	)		(0.014	)		(0.005	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.46	%		1.37	%		0.53	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	73,555		$	52,216		$	92		$	50		$	50		$	50
Ratio of net expenses to average net assets		0.15	%(f)		0.45	%		0.98	%		1.00	%		0.71	%		0.38	%(f)
Ratio of total expenses to average net assets		1.01	%(f)		1.01	%		1.02	%		1.05	%		1.08	%		1.19	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.12	%		1.34	%		0.53	%		0.01	%		—	%(e)(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

Financial Square Federal Instruments Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—			0.007			0.018			0.010			0.002			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.007			0.018			0.010			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.72	%		1.82	%		0.99	%		0.19	%		0.01	%
Net assets, end of period (in 000’s)	$	52		$	52		$	52		$	51		$	50		$	50
Ratio of net expenses to average net assets		0.15	%(f)		0.42	%		0.53	%		0.55	%		0.53	%		0.38	%(f)
Ratio of total expenses to average net assets		0.56	%(f)		0.56	%		0.57	%		0.60	%		0.63	%		0.74	%(f)
Ratio of net investment income to average net assets		—	%(e)(f)		0.67	%		1.79	%		0.99	%		0.19	%		—	%(e)(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on October 30, 2015.

(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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Class A Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.007			0.019			0.011			0.003			—	(b)
Net realized gain		—	(b)		0.001			0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.020			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.76	%		1.97	%		1.12	%		0.30	%		0.01	%
Net assets, end of period (in 000’s)	$	282,556		$	366,871		$	244,295		$	69,681		$	55,506		$	1,563
Ratio of net expenses to average net assets		0.20	%(f)		0.39	%		0.43	%		0.42	%		0.43	%		0.43	%(f)
Ratio of total expenses to average net assets		0.43	%(f)		0.43	%		0.43	%		0.44	%		0.48	%		0.48	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.69	%		1.94	%		1.12	%		0.34	%		0.02	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on February 29, 2016.

(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%.

(f) Annualized.

Financial Square Government Fund — Class C Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.003			0.012			0.004			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.003			0.012			0.004			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.003	)		(0.012	)		(0.004	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.003	)		(0.012	)		(0.004	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.34	%		1.21	%		0.39	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	6,327		$	6,529		$	4,532		$	4,928		$	5,937		$	413
Ratio of net expenses to average net assets		0.20	%(f)		0.73	%		1.18	%		1.15	%		0.70	%		0.44	%(f)
Ratio of total expenses to average net assets		1.18	%(f)		1.18	%		1.18	%		1.19	%		1.23	%		1.23	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.25	%		1.19	%		0.37	%		0.01	%		0.01	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on February 29, 2016.

(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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.022			0.014			0.006			0.002
Net realized gain		—	(b)		0.003			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.010			0.022			0.014			0.006			0.002
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.01	%		0.97	%		2.23	%		1.38	%		0.55	%		0.20	%
Net assets, end of period (in 000’s)	$	154,904,106		$	204,287,540		$	100,539,271		$	96,230,361		$	79,411,937		$	63,804,041
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.17	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.70	%		2.19	%		1.39	%		0.55	%		0.21	%

† 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) Annualized.

(f) Amount is less than 0.005%.

Financial Square Government Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.008			0.021			0.012			0.004			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.021			0.012			0.004			0.001
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.021	)		(0.012	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.83	%		2.08	%		1.22	%		0.40	%		0.08	%
Net assets, end of period (in 000’s)	$	1,435,345		$	1,291,798		$	1,302,391		$	1,287,999		$	893,496		$	1,390,271
Ratio of net expenses to average net assets		0.19	%(f)		0.32	%		0.33	%		0.32	%		0.33	%		0.30	%
Ratio of total expenses to average net assets		0.33	%(f)		0.33	%		0.33	%		0.34	%		0.38	%		0.38	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.76	%		2.05	%		1.24	%		0.37	%		0.07	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 57

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.017			0.009			0.001			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.017			0.009			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.61	%		1.72	%		0.87	%		0.12	%		0.01	%
Net assets, end of period (in 000’s)	$	860,075		$	1,775,966		$	665,252		$	587,810		$	337,219		$	368,299
Ratio of net expenses to average net assets		0.20	%(f)		0.53	%		0.68	%		0.67	%		0.60	%		0.36	%
Ratio of total expenses to average net assets		0.68	%(f)		0.68	%		0.68	%		0.69	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.58	%		1.69	%		0.93	%		0.11	%		(0.01	)%

† 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%.

(f) Annualized.

Financial Square Government Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.009			0.021			0.013			0.004			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.88	%		2.13	%		1.28	%		0.45	%		0.12	%
Net assets, end of period (in 000’s)	$	820,201		$	1,627,349		$	1,755,404		$	1,330,598		$	553,781		$	536,818
Ratio of net expenses to average net assets		0.20	%(f)		0.28	%		0.28	%		0.27	%		0.28	%		0.27	%
Ratio of total expenses to average net assets		0.28	%(f)		0.28	%		0.28	%		0.29	%		0.33	%		0.33	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.89	%		2.08	%		1.32	%		0.43	%		0.13	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.009			0.022			0.013			0.005			0.002
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.009			0.022			0.013			0.005			0.002
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.022	)		(0.013	)		(0.005	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.94	%		2.20	%		1.35	%		0.52	%		0.17	%
Net assets, end of period (in 000’s)	$	448,540		$	481,493		$	825,651		$	598,258		$	2,921,971		$	2,471,275
Ratio of net expenses to average net assets		0.20	%(f)		0.21	%		0.21	%		0.20	%		0.21	%		0.21	%
Ratio of total expenses to average net assets		0.21	%(f)		0.21	%		0.21	%		0.22	%		0.26	%		0.26	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.86	%		2.16	%		1.19	%		0.52	%		0.21	%

† 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%.

(f) Annualized.

Financial Square Government Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.008			0.020			0.011			0.003			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.020			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.020	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.76	%		1.97	%		1.12	%		0.30	%		0.02	%
Net assets, end of period (in 000’s)	$	5,706,517		$	5,421,224		$	4,862,853		$	4,454,065		$	4,138,362		$	2,673,689
Ratio of net expenses to average net assets		0.20	%(f)		0.39	%		0.43	%		0.42	%		0.43	%		0.36	%
Ratio of total expenses to average net assets		0.43	%(f)		0.43	%		0.43	%		0.44	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.76	%		1.95	%		1.13	%		0.32	%		0.01	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 59

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.004			0.013			0.006			—	(b)		—	(b)
Net realized gain		—	(b)		0.001			0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.005			0.014			0.006			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.005	)		(0.014	)		(0.006	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.005	)		(0.014	)		(0.006	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.45	%		1.42	%		0.57	%		0.02	%		0.02	%
Net assets, end of period (in 000’s)	$	168,903		$	198,129		$	96,690		$	6,573		$	3,779		$	14
Ratio of net expenses to average net assets		0.20	%(f)		0.65	%		0.98	%		0.97	%		0.62	%		0.35	%
Ratio of total expenses to average net assets		0.98	%(f)		0.98	%		0.98	%		0.99	%		1.03	%		1.03	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.35	%		1.35	%		0.64	%		0.01	%		0.06	%

† 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%.

(f) Annualized.

Financial Square Government Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.019			0.010			0.003			—	(b)
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		(0.001	)		—	(b)
Total from investment operations		—	(b)		0.007			0.019			0.010			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.019	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.019	)		(0.010	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.70	%		1.87	%		1.02	%		0.22	%		0.02	%
Net assets, end of period (in 000’s)	$	219,114		$	195,822		$	190,633		$	168,032		$	101,311		$	1
Ratio of net expenses to average net assets		0.20	%(f)		0.46	%		0.53	%		0.52	%		0.52	%		0.20	%
Ratio of total expenses to average net assets		0.53	%(f)		0.53	%		0.53	%		0.54	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.70	%		1.85	%		0.99	%		0.28	%		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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.005			0.015			0.007			0.001			—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.005			0.016			0.007			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.005	)		(0.016	)		(0.007	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.005	)		(0.016	)		(0.007	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.53	%		1.57	%		0.72	%		0.05	%		0.01	%
Net assets, end of period (in 000’s)	$	93,981		$	83,378		$	70,841		$	70,747		$	74,864		$	17,634
Ratio of net expenses to average net assets		0.20	%(f)		0.60	%		0.83	%		0.82	%		0.69	%		0.43	%
Ratio of total expenses to average net assets		0.83	%(f)		0.83	%		0.83	%		0.84	%		0.88	%		0.88	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.47	%		1.54	%		0.70	%		0.06	%		(0.01	)%

† 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%.

(f) Annualized.

Financial Square Government Fund — Class R6 Shares	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
				2020			2019			2018			2017
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)		—	(b)		0.009			0.022			0.014			0.006			0.002
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.010			0.022			0.014			0.006			0.002
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.022	)		(0.014	)		(0.006	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.01	%		0.97	%		2.23	%		1.38	%		0.55	%		0.18	%
Net assets, end of period (in 000’s)	$	91,630		$	115,111		$	96,804		$	49,441		$	12,773		$	4,705
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.17	%		0.18	%		0.18	%(e)
Ratio of total expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.23	%		0.23	%(e)
Ratio of net investment income to average net assets		—	%(e)(f)		0.93	%		2.20	%		1.54	%		0.56	%		0.26	%(e)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on December 29, 2015.

(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) Annualized.

(f) Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements. 61

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Government Fund — Drexel Hamilton Class Shares	For the Period Ended November 30, 2020†			Period Ended August 31, 2020*
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income(a)		—	(b)		0.005
Net realized gain		—	(b)		0.004
Total from investment operations		—	(b)		0.009
Distributions to shareholders from net investment income		—	(b)		(0.009	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)
Net asset value, end of period	$	1.00		$	1.00
Total return(d)		0.01	%		0.93	%
Net assets, end of period (in 000’s)	$	3,042,967		$	2,354,098
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%(e)
Ratio of total expenses to average net assets		0.18	%(e)		0.18	%(e)
Ratio of net investment income to average net assets		—	%(e)(f)		0.54	%(e)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on September 9, 2019.

(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) Annualized.

(f) Amount is less than 0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0011		$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0152			0.0244			0.0187			0.0071			0.003
Net realized and unrealized gain (loss)		(0.0001	)		(0.0027	)		0.0004			(0.0019	)		0.0015			—	(b)
Total from investment operations		(0.0001	)		0.0125			0.0248			0.0168			0.0086			0.003
Distributions to shareholders from net investment income		—	(c)		(0.0120	)		(0.0245	)		(0.0168	)		(0.0082	)		(0.003	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0120	)		(0.0245	)		(0.0168	)		(0.0083	)		(0.003	)
Net asset value, end of period	$	1.0008		$	1.0011		$	1.0006		$	1.0003		$	1.0003		$	1.000
Total return(e)		(0.01	)%		1.25	%		2.52	%		1.68	%		0.87	%		0.32	%
Net assets, end of period (in 000’s)	$	4,042,145		$	6,595,783		$	17,728,767		$	11,570,439		$	2,542,693		$	15,336,774
Ratio of net expenses to average net assets		0.18	%(f)		0.15	%		0.13	%		0.11	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.19	%(f)		0.18	%		0.18	%		0.20	%		0.25	%		0.23	%
Ratio of net investment income to average net assets		0.01	%(f)		1.52	%		2.44	%		1.87	%		0.71	%		0.32	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

Financial Square Money Market Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0011		$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0100			0.0231			0.0177			0.0020			0.002
Net realized and unrealized gain		0.0001			0.0010			0.0011			0.0001			0.0051			—	(b)
Total from investment operations		0.0001			0.0110			0.0242			0.0178			0.0071			0.002
Distributions to shareholders from net investment income		—	(c)		(0.0105	)		(0.0240	)		(0.0177	)		(0.0068	)		(0.002	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		—			—	(b)
Total distributions(d)		(0.0002	)		(0.0105	)		(0.0240	)		(0.0177	)		(0.0068	)		(0.002	)
Net asset value, end of period	$	1.0010		$	1.0011		$	1.0006		$	1.0004		$	1.0003		$	1.000
Total return(e)		(0.01	)%		1.10	%		2.35	%		1.54	%		0.72	%		0.18	%
Net assets, end of period (in 000’s)	$	11,541		$	15,265		$	11,720		$	1		$	1		$	108,671
Ratio of net expenses to average net assets		0.24	%(f)		0.29	%		0.28	%		0.11	%		0.33	%		0.33	%
Ratio of total expenses to average net assets		0.34	%(f)		0.33	%		0.33	%		0.35	%		0.40	%		0.38	%
Ratio of net investment income (loss) to average net assets		(0.06	)%(f)		1.00	%		2.31	%		1.77	%		0.20	%		0.18	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 63

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0006		$	1.0002		$	1.0001		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0004			0.0126			0.0199			0.0115			0.0011			—	(b)
Net realized and unrealized gain (loss)		(0.0004	)		(0.0041	)		(0.0003	)		0.0001			0.0027			—	(b)
Total from investment operations		—			0.0085			0.0196			0.0116			0.0038			—	(b)
Distributions to shareholders from net investment income		(0.0003	)		(0.0081	)		(0.0195	)		(0.0118	)		(0.0034	)		—	(b)
Distributions to shareholders from net realized gains		(0.0003	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0006	)		(0.0081	)		(0.0195	)		(0.0118	)		(0.0035	)		—	(b)
Net asset value, end of period	$	1.0000		$	1.0006		$	1.0002		$	1.0001		$	1.0003		$	1.000
Total return(e)		(0.06	)%		0.81	%		1.99	%		1.16	%		0.38	%		0.01	%
Net assets, end of period (in 000’s)	$	3		$	3		$	8		$	128		$	67		$	17,000
Ratio of net expenses to average net assets		0.26	%(f)		0.64	%		0.63	%		0.61	%		0.60	%		0.49	%
Ratio of total expenses to average net assets		0.69	%(f)		0.68	%		0.68	%		0.70	%		0.75	%		0.73	%
Ratio of net investment income to average net assets		0.03	%(f)		1.26	%		1.99	%		1.15	%		0.11	%		—	%(g)

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005% of average net assets.

Financial Square Money Market Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0011		$	1.0006		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0136			0.0231			0.0172			0.0032			0.002
Net realized and unrealized gain (loss)		(0.0001	)		(0.0021	)		0.0008			(0.0015	)		0.0044			—	(b)
Total from investment operations		(0.0001	)		0.0115			0.0239			0.0157			0.0076			0.002
Distributions to shareholders from net investment income		—	(c)		(0.0110	)		(0.0235	)		(0.0158	)		(0.0072	)		(0.002	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0110	)		(0.0235	)		(0.0158	)		(0.0073	)		(0.002	)
Net asset value, end of period	$	1.0008		$	1.0011		$	1.0006		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.03	)%		1.15	%		2.41	%		1.58	%		0.77	%		0.22	%
Net assets, end of period (in 000’s)	$	66		$	1,919		$	4,901		$	2,752		$	1,418		$	59,053
Ratio of net expenses to average net assets		0.24	%(f)		0.25	%		0.23	%		0.21	%		0.28	%		0.28	%
Ratio of total expenses to average net assets		0.29	%(f)		0.28	%		0.28	%		0.30	%		0.35	%		0.33	%
Ratio of net investment income (loss) to average net assets		(0.05	)%(f)		1.35	%		2.31	%		1.72	%		0.32	%		0.20	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0009		$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0163			0.0240			0.0182			0.0040			0.003
Net realized and unrealized gain (loss)		—			(0.0043	)		0.0005			(0.0017	)		0.0043			—	(b)
Total from investment operations		—	(c)		0.0120			0.0245			0.0165			0.0083			0.003
Distributions to shareholders from net investment income		—	(c)		(0.0117	)		(0.0242	)		(0.0165	)		(0.0079	)		(0.003	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0117	)		(0.0242	)		(0.0165	)		(0.0080	)		(0.003	)
Net asset value, end of period	$	1.0007		$	1.0009		$	1.0006		$	1.0003		$	1.0003		$	1.000
Total return(e)		(0.01	)%		1.20	%		2.49	%		1.65	%		0.84	%		0.29	%
Net assets, end of period (in 000’s)	$	2,361		$	2,362		$	34,943		$	34,354		$	9,847		$	1,080,075
Ratio of net expenses to average net assets		0.21	%(f)		0.18	%		0.16	%		0.14	%		0.21	%		0.21	%
Ratio of total expenses to average net assets		0.22	%(f)		0.21	%		0.21	%		0.23	%		0.28	%		0.26	%
Ratio of net investment income (loss) to average net assets		(0.03	)%(f)		1.63	%		2.40	%		1.82	%		0.40	%		0.29	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

Financial Square Money Market Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0005		$	1.0003		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0094			0.0214			0.0140			0.0024			0.001
Net realized and unrealized gain (loss)		(0.0001	)		0.0007			0.0008			0.0003			0.0037			—	(b)
Total from investment operations		(0.0001	)		0.0101			0.0222			0.0143			0.0061			0.001
Distributions to shareholders from net investment income		—	(c)		(0.0096	)		(0.0220	)		(0.0143	)		(0.0057	)		(0.001	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0096	)		(0.0220	)		(0.0143	)		(0.0058	)		(0.001	)
Net asset value, end of period	$	1.0007		$	1.0010		$	1.0005		$	1.0003		$	1.0003		$	1.000
Total return(e)		(0.03	)%		1.01	%		2.25	%		1.43	%		0.61	%		0.10	%
Net assets, end of period (in 000’s)	$	4,270		$	4,506		$	4,493		$	3,218		$	5,516		$	316,162
Ratio of net expenses to average net assets		0.24	%(f)		0.38	%		0.38	%		0.36	%		0.43	%		0.40	%
Ratio of total expenses to average net assets		0.44	%(f)		0.43	%		0.43	%		0.45	%		0.50	%		0.48	%
Ratio of net investment income (loss) to average net assets		(0.05	)%(f)		0.93	%		2.14	%		1.40	%		0.24	%		0.09	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 65

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0009		$	1.0007		$	1.0004		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0097			0.0182			0.0106			0.0001			—	(b)
Net realized and unrealized gain (loss)		(0.0010	)		(0.0008	)		0.0003			0.0001			0.0017			—	(b)
Total from investment operations		(0.0001	)		0.0089			0.0185			0.0107			0.0018			—	(b)
Distributions to shareholders from net investment income		(0.0009	)		(0.0087	)		(0.0182	)		(0.0106	)		(0.0015	)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0087	)		(0.0182	)		(0.0106	)		(0.0015	)		—	(b)
Net asset value, end of period	$	0.9999		$	1.0009		$	1.0007		$	1.0004		$	1.0003		$	1.000
Total return(e)		(0.10	)%		0.60	%		1.69	%		0.89	%		0.18	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	10,742
Ratio of net expenses to average net assets		0.18	%(f)		0.68	%		0.85	%		0.83	%		0.50	%		0.51	%
Ratio of total expenses to average net assets		0.99	%(f)		0.98	%		0.98	%		1.00	%		1.05	%		1.03	%
Ratio of net investment income to average net assets		—	%(f)(g)		0.89	%		1.81	%		1.06	%		0.01	%		—	%(g)

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

Financial Square Money Market Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0115			0.0217			0.0142			0.0068			0.001
Net realized and unrealized gain (loss)		(0.0010	)		(0.0003	)		0.0002			0.0001			(0.0016	)		—	(b)
Total from investment operations		(0.0001	)		0.0112			0.0219			0.0143			0.0052			0.001
Distributions to shareholders from net investment income		(0.0009	)		(0.0108	)		(0.0217	)		(0.0142	)		(0.0049	)		(0.001	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0108	)		(0.0217	)		(0.0142	)		(0.0049	)		(0.001	)
Net asset value, end of period	$	1.0000		$	1.0010		$	1.0006		$	1.0004		$	1.0003		$	1.000
Total return(e)		(0.10	)%		0.91	%		2.15	%		1.35	%		0.52	%		0.10	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.18	%(f)		0.45	%		0.48	%		0.47	%		0.53	%		0.19	%
Ratio of total expenses to average net assets		0.54	%(f)		0.53	%		0.53	%		0.55	%		0.60	%		0.58	%
Ratio of net investment income to average net assets		—	%(f)(g)		1.10	%		2.17	%		1.42	%		0.69	%		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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Money Market Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0008		$	1.0006		$	1.0004		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0116			0.0217			0.0142			0.0068			0.001
Net realized and unrealized gain (loss)		(0.0009	)		(0.0005	)		0.0002			0.0001			(0.0040	)		—	(b)
Total from investment operations		—	(c)		0.0111			0.0219			0.0143			0.0028			0.001
Distributions to shareholders from net investment income		(0.0009	)		(0.0109	)		(0.0217	)		(0.0142	)		(0.0025	)		(0.001	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0109	)		(0.0217	)		(0.0142	)		(0.0025	)		(0.001	)
Net asset value, end of period	$	0.9999		$	1.0008		$	1.0006		$	1.0004		$	1.0003		$	1.000
Total return(e)		(0.09	)%		0.69	%		1.84	%		1.04	%		0.28	%		0.10	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.18	%(f)		0.45	%		0.49	%		0.47	%		0.53	%		0.19	%
Ratio of total expenses to average net assets		0.84	%(f)		0.83	%		0.83	%		0.85	%		0.90	%		0.88	%
Ratio of net investment income to average net assets		—	%(f)(g)		1.11	%		2.17	%		1.42	%		0.68	%		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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements. 67

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0013		$	1.0006		$	1.0003		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(b)		0.0130			0.0243			0.0182			0.0073			0.003
Net realized and unrealized gain (loss)		(0.0001	)		(0.0002	)		0.0004			(0.0014	)		0.0014			—	(c)
Total from investment operations		(0.0001	)		0.0128			0.0247			0.0168			0.0087			0.003
Distributions to shareholders from net investment income		—	(b)		(0.0121	)		(0.0244	)		(0.0168	)		(0.0083	)		(0.003	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(b)		—	(b)		—	(b)		(0.0001	)		—	(c)
Total distributions(d)		(0.0002	)		(0.0121	)		(0.0244	)		(0.0168	)		(0.0084	)		(0.003	)
Net asset value, end of period	$	1.0010		$	1.0013		$	1.0006		$	1.0003		$	1.0003		$	1.000
Total return(e)		(0.01	)%		1.28	%		2.51	%		1.68	%		0.87	%		0.29	%
Net assets, end of period (in 000’s)	$	2,747,965		$	4,619,641		$	6,122,574		$	3,766,257		$	1,467,979		$	7,299,656
Ratio of net expenses to average net assets		0.18	%(f)		0.16	%		0.13	%		0.11	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.19	%(f)		0.18	%		0.18	%		0.21	%		0.27	%		0.23	%
Ratio of net investment income to average net assets		—	%(f)(g)		1.30	%		2.43	%		1.82	%		0.73	%		0.31	%

† 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 $0.00005 per share.

(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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

Financial Square Prime Obligations Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0012		$	1.0006		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0108			0.0227			0.0178			0.0024			0.002
Net realized and unrealized gain (loss)		(0.0001	)		0.0004			0.0006			(0.0026	)		0.0048			—	(b)
Total from investment operations		(0.0001	)		0.0112			0.0233			0.0152			0.0072			0.002
Distributions to shareholders from net investment income		—	(c)		(0.0106	)		(0.0229	)		(0.0153	)		(0.0068	)		(0.002	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0106	)		(0.0229	)		(0.0153	)		(0.0069	)		(0.002	)
Net asset value, end of period	$	1.0009		$	1.0012		$	1.0006		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.03	)%		1.12	%		2.35	%		1.53	%		0.72	%		0.16	%
Net assets, end of period (in 000’s)	$	911		$	1,014		$	6,755		$	6,829		$	407		$	140,138
Ratio of net expenses to average net assets		0.23	%(f)		0.31	%		0.28	%		0.26	%		0.33	%		0.31	%
Ratio of total expenses to average net assets		0.34	%(f)		0.33	%		0.33	%		0.36	%		0.42	%		0.38	%
Ratio of net investment income (loss) to average net assets		0.05	%(f)		1.07	%		2.27	%		1.78	%		0.24	%		0.16	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0004		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(c)		0.0167			0.0197			0.0145			0.0003			—	(b)
Net realized and unrealized gain (loss)		(0.0001	)		(0.0079	)		(0.0001	)		(0.0028	)		0.0035			—	(b)
Total from investment operations		(0.0001	)		0.0088			0.0196			0.0117			0.0038			—	(b)
Distributions to shareholders from net investment income		—	(c)		(0.0088	)		(0.0194	)		(0.0118	)		(0.0034	)		—	(b)
Distributions to shareholders from net realized gains		(0.0002	)		—	(c)		—	(c)		—	(c)		(0.0001	)		—	(b)
Total distributions(d)		(0.0002	)		(0.0088	)		(0.0194	)		(0.0118	)		(0.0035	)		—	(b)
Net asset value, end of period	$	1.0001		$	1.0004		$	1.0004		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.03	)%		0.76	%		2.00	%		1.16	%		0.38	%		0.01	%
Net assets, end of period (in 000’s)	$	9		$	9		$	5,098		$	102		$	103		$	253,231
Ratio of net expenses to average net assets		0.21	%(f)		0.66	%		0.63	%		0.61	%		0.59	%		0.42	%
Ratio of total expenses to average net assets		0.69	%(f)		0.68	%		0.68	%		0.71	%		0.77	%		0.73	%
Ratio of net investment income (loss) to average net assets		(0.04	)%(f)		1.66	%		1.97	%		1.45	%		0.03	%		—	%(g)

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005% of average net assets.

Financial Square Prime Obligations Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0004		$	1.0001		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(b)		0.0111			0.0233			0.0142			0.0030			0.002
Net realized and unrealized gain		(0.0001	)		0.0006			0.0004			0.0014			0.0047			—	(c)
Total from investment operations		(0.0001	)		0.0117			0.0237			0.0156			0.0077			0.002
Distributions to shareholders from net investment income		—	(b)		(0.0111	)		(0.0234	)		(0.0158	)		(0.0073	)		(0.002	)
Distributions to shareholders from net realized gains		(0.0001	)		—	(b)		—	(b)		—	(b)		(0.0001	)		—	(c)
Total distributions(d)		(0.0001	)		(0.0111	)		(0.0234	)		(0.0158	)		(0.0074	)		(0.002	)
Net asset value, end of period	$	1.0008		$	1.0010		$	1.0004		$	1.0001		$	1.0003		$	1.000
Total return(e)		(0.02	)%		1.16	%		2.41	%		1.57	%		0.77	%		0.20	%
Net assets, end of period (in 000’s)	$	3,364		$	3,365		$	2,839		$	2,624		$	1,003		$	279,445
Ratio of net expenses to average net assets		0.22	%(f)		0.26	%		0.23	%		0.21	%		0.28	%		0.28	%
Ratio of total expenses to average net assets		0.29	%(f)		0.28	%		0.28	%		0.31	%		0.37	%		0.33	%
Ratio of net investment income (loss) to average net assets		(0.05	)%(f)		1.11	%		2.33	%		1.42	%		0.30	%		0.19	%

† 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 $0.00005 per share.

(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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 69

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0012		$	1.0004		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(b)		0.0120			0.0241			0.0181			0.0097			0.003
Net realized and unrealized gain (loss)		—			0.0006			0.0002			(0.0017	)		(0.0013	)		—	(c)
Total from investment operations		—	(b)		0.0126			0.0243			0.0164			0.0084			0.003
Distributions to shareholders from net investment income		—	(b)		(0.0118	)		(0.0241	)		(0.0165	)		(0.0080	)		(0.003	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(b)		—	(b)		—	(b)		(0.0001	)		—	(c)
Total distributions(d)		(0.0002	)		(0.0118	)		(0.0241	)		(0.0165	)		(0.0081	)		(0.003	)
Net asset value, end of period	$	1.0010		$	1.0012		$	1.0004		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.01	)%		1.25	%		2.48	%		1.64	%		0.84	%		0.26	%
Net assets, end of period (in 000’s)	$	38,230		$	76,327		$	98,996		$	60,236		$	18,082		$	9,454
Ratio of net expenses to average net assets		0.20	%(f)		0.19	%		0.16	%		0.14	%		0.21	%		0.21	%
Ratio of total expenses to average net assets		0.22	%(f)		0.21	%		0.21	%		0.24	%		0.30	%		0.26	%
Ratio of net investment income (loss) to average net assets		(0.02	)%(f)		1.19	%		2.41	%		1.81	%		0.97	%		0.29	%

† 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 $0.00005 per share.

(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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

Financial Square Prime Obligations Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0012		$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		—	(b)		0.0121			0.0222			0.0139			0.0015			0.001
Net realized and unrealized gain (loss)		—	(b)		(0.0017	)		—			0.0003			0.0047			—	(c)
Total from investment operations		—	(b)		0.0104			0.0222			0.0142			0.0062			0.001
Distributions to shareholders from net investment income		—	(b)		(0.0097	)		(0.0219	)		(0.0143	)		(0.0058	)		(0.001	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(b)		—	(b)		—	(b)		(0.0001	)		—	(c)
Total distributions(d)		(0.0002	)		(0.0097	)		(0.0219	)		(0.0143	)		(0.0059	)		(0.001	)
Net asset value, end of period	$	1.0010		$	1.0012		$	1.0005		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.02	)%		1.03	%		2.25	%		1.43	%		0.62	%		0.09	%
Net assets, end of period (in 000’s)	$	81,920		$	8,736		$	9,748		$	7,474		$	4,282		$	1,250,848
Ratio of net expenses to average net assets		0.21	%(f)		0.41	%		0.38	%		0.36	%		0.43	%		0.38	%
Ratio of total expenses to average net assets		0.44	%(f)		0.43	%		0.43	%		0.46	%		0.52	%		0.48	%
Ratio of net investment income (loss) to average net assets		(0.04	)%(f)		1.21	%		2.22	%		1.39	%		0.15	%		0.09	%

† 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 $0.00005 per share.

(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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0087			0.0181			0.0108			0.0051			0.001
Net realized and unrealized gain (loss)		(0.0010	)		0.0004			0.0003			(0.0001	)		(0.0033	)		—	(b)
Total from investment operations		(0.0001	)		0.0091			0.0184			0.0107			0.0018			0.001
Distributions to shareholders from net investment income		(0.0009	)		(0.0086	)		(0.0181	)		(0.0108	)		(0.0015	)		(0.001	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0086	)		(0.0181	)		(0.0108	)		(0.0015	)		(0.001	)
Net asset value, end of period	$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.10	)%		0.63	%		1.69	%		0.86	%		0.18	%		0.09	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.18	%(f)		0.70	%		0.85	%		0.83	%		0.73	%		0.18	%
Ratio of total expenses to average net assets		0.99	%(f)		0.98	%		0.98	%		1.01	%		1.07	%		1.03	%
Ratio of net investment income to average net assets		—	%(f)(g)		0.87	%		1.80	%		1.08	%		0.51	%		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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

Financial Square Prime Obligations Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0009		$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0115			0.0216			0.0144			0.0071			0.001
Net realized and unrealized gain (loss)		(0.0009	)		(0.0001	)		0.0003			(0.0001	)		(0.0018	)		—	(b)
Total from investment operations		(0.0009	)		0.0114			0.0219			0.0143			0.0053			0.001
Distributions to shareholders from net investment income		(0.0009	)		(0.0110	)		(0.0216	)		(0.0144	)		(0.0050	)		(0.001	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0110	)		(0.0216	)		(0.0144	)		(0.0050	)		(0.001	)
Net asset value, end of period	$	1.0000		$	1.0009		$	1.0005		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.09	)%		0.93	%		2.15	%		1.32	%		0.53	%		0.09	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.18	%(f)		0.46	%		0.49	%		0.47	%		0.53	%		0.18	%
Ratio of total expenses to average net assets		0.54	%(f)		0.53	%		0.53	%		0.56	%		0.62	%		0.58	%
Ratio of net investment income to average net assets		—	%(f)(g)		1.10	%		2.16	%		1.44	%		0.71	%		0.36	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements. 71

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Prime Obligations Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.0000		$	1.000
Net investment income(a)		0.0009			0.0106			0.0216			0.0144			0.0002			—	(b)
Net realized and unrealized gain (loss)		(0.0010	)		0.0008			0.0003			(0.0001	)		0.0025			—	(b)
Total from investment operations		(0.0001	)		0.0114			0.0219			0.0143			0.0027			—	(b)
Distributions to shareholders from net investment income		(0.0009	)		(0.0109	)		(0.0216	)		(0.0144	)		(0.0024	)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(b)
Total distributions(d)		(0.0009	)		(0.0109	)		(0.0216	)		(0.0144	)		(0.0024	)		—	(b)
Net asset value, end of period	$	1.0000		$	1.0010		$	1.0005		$	1.0002		$	1.0003		$	1.000
Total return(e)		(0.10	)%		0.73	%		1.85	%		1.01	%		0.27	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	71,804
Ratio of net expenses to average net assets		0.18	%(f)		0.47	%		0.49	%		0.47	%		0.52	%		0.46	%
Ratio of total expenses to average net assets		0.84	%(f)		0.83	%		0.83	%		0.86	%		0.92	%		0.88	%
Ratio of net investment income to average net assets		—	%(f)(g)		1.10	%		2.16	%		1.44	%		0.02	%		0.01	%

† 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) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

Financial Square Prime Obligations Fund — Drexel Hamilton Class Shares	For the Period Ended November 30, 2020†			Period Ended August 31, 2020*
Per Share Data:
Net asset value, beginning of period	$	1.0012		$	1.0006
Net investment income(a)		—	(b)		0.0080
Net realized and unrealized gain		—			0.0042
Total from investment operations		—	(b)		0.0122
Distributions to shareholders from net investment income		—	(b)		(0.0116	)
Distributions to shareholders from net realized gains		(0.0002	)		—	(b)
Total distributions(c)		(0.0002	)		(0.0116	)
Net asset value, end of period	$	1.0010		$	1.0012
Total return(d)		—	%(e)		1.22	%
Net assets, end of period (in 000’s)	$	100,884		$	100,044
Ratio of net expenses to average net assets		0.18	%(f)		0.16	%(f)
Ratio of total expenses to average net assets		0.19	%(f)		0.18	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.78	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on September 9, 2019.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.00005 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 investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Amount is less than 0.005%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.021			0.014			0.005			0.001
Net realized gain (loss)		—	(b)		0.002			—	(b)		(0.001	)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.95	%		2.16	%		1.34	%		0.48	%		0.13	%
Net assets, end of period (in 000’s)	$	75,892,232		$	84,038,158		$	51,789,901		$	51,205,454		$	44,355,448		$	50,595,412
Ratio of net expenses to average net assets		0.16	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.20	%(f)		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.71	%		2.11	%		1.35	%		0.47	%		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%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.009			0.020			0.011			0.004			—	(b)
Net realized gain (loss)		—	(b)		(0.001	)		—	(b)		0.001			(0.001	)		—	(b)
Total from investment operations		—	(b)		0.008			0.020			0.012			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.82	%		2.01	%		1.19	%		0.33	%		0.03	%
Net assets, end of period (in 000’s)	$	675,659		$	725,405		$	766,401		$	374,831		$	1,054,817		$	495,853
Ratio of net expenses to average net assets		0.16	%(f)		0.33	%		0.35	%		0.35	%		0.35	%		0.30	%
Ratio of total expenses to average net assets		0.35	%(f)		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		—	%(f)		0.85	%		1.98	%		1.08	%		0.38	%		0.02	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 73

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.003			0.016			0.008			0.001			—	(b)
Net realized gain		—	(b)		0.003			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.016			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.60	%		1.65	%		0.84	%		0.10	%		—	%(e)
Net assets, end of period (in 000’s)	$	122,542		$	116,172		$	26,723		$	22,063		$	47,234		$	91,598
Ratio of net expenses to average net assets		0.16	%(f)		0.41	%		0.70	%		0.70	%		0.55	%		0.29	%
Ratio of total expenses to average net assets		0.70	%(f)		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.28	%		1.60	%		0.79	%		0.05	%		(0.01	)%

† 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%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.020			0.012			0.003			0.001
Net realized gain		—	(b)		0.002			—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.020			0.012			0.004			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.86	%		2.06	%		1.24	%		0.38	%		0.06	%
Net assets, end of period (in 000’s)	$	137,607		$	113,769		$	92,406		$	45,007		$	39,754		$	12,735
Ratio of net expenses to average net assets		0.16	%(f)		0.29	%		0.30	%		0.30	%		0.30	%		0.26	%
Ratio of total expenses to average net assets		0.30	%(f)		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.68	%		2.02	%		1.24	%		0.34	%		0.05	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.021			0.015			0.004			0.001
Net realized gain (loss)		—	(b)		0.003			—	(b)		(0.002	)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.92	%		2.13	%		1.31	%		0.45	%		0.11	%
Net assets, end of period (in 000’s)	$	336,761		$	495,422		$	141,728		$	370,898		$	47,839		$	21,009
Ratio of net expenses to average net assets		0.16	%(f)		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%
Ratio of total expenses to average net assets		0.23	%(f)		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.60	%		2.09	%		1.49	%		0.43	%		0.07	%

† 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%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.008			0.019			0.011			0.003			—	(b)
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		(0.001	)		—	(b)
Total from investment operations		—	(b)		0.008			0.019			0.011			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.75	%		1.91	%		1.09	%		0.24	%		—	%(e)
Net assets, end of period (in 000’s)	$	1,578,689		$	1,493,968		$	1,716,942		$	2,361,026		$	2,817,291		$	2,186,426
Ratio of net expenses to average net assets		0.16	%(f)		0.40	%		0.45	%		0.45	%		0.44	%		0.32	%
Ratio of total expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.72	%		1.86	%		1.07	%		0.26	%		(0.01	)%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 75

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.004			0.014			0.006			—	(b)		—	(b)
Net realized loss		—	(b)		—	(b)		(0.001	)		(0.001	)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.004			0.013			0.005			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.004	)		(0.013	)		(0.005	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—			—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.004	)		(0.013	)		(0.005	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.43	%		1.35	%		0.54	%		0.01	%		—	%(e)
Net assets, end of period (in 000’s)	$	9,744		$	10,781		$	12,515		$	64		$	30		$	279
Ratio of net expenses to average net assets		0.16	%(f)		0.73	%		1.00	%		1.00	%		0.61	%		0.35	%
Ratio of total expenses to average net assets		1.00	%(f)		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.40	%		1.36	%		0.60	%		—	%(e)		0.05	%

† 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%.

(f) Annualized.

Financial Square Treasury Instruments Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.018			0.011			0.002			—	(b)
Net realized loss		—	(b)		—	(b)		—	(b)		(0.001	)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.007			0.018			0.010			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.69	%		1.80	%		0.99	%		0.17	%		—	%(e)
Net assets, end of period (in 000’s)	$	162,524		$	161,117		$	151,939		$	152,344		$	56,059		$	19,142
Ratio of net expenses to average net assets		0.16	%(f)		0.45	%		0.55	%		0.55	%		0.50	%		0.38	%
Ratio of total expenses to average net assets		0.55	%(f)		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.65	%		1.76	%		1.12	%		0.20	%		(0.02	)%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Instruments Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		0.001			0.003			0.016			0.009			0.004			—	(b)
Net realized gain (loss)		—	(b)		0.003			—	(b)		—	(b)		(0.004	)		—	(b)
Total from investment operations		0.001			0.006			0.016			0.009			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.006	)		(0.016	)		(0.009	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.001	)		(0.006	)		(0.016	)		(0.009	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.52	%		1.50	%		0.69	%		0.04	%		—	%(e)
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.16	%(f)		0.41	%		0.56	%		0.55	%		0.26	%		0.19	%
Ratio of total expenses to average net assets		0.85	%(f)		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		0.36	%(f)		0.57	%		1.61	%		0.87	%		0.37	%		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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 77

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.022			0.013			0.005			0.002
Net realized gain		—	(b)		0.002			—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		—	(b)		0.009			0.022			0.014			0.005			0.002
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.022	)		(0.014	)		(0.005	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.022	)		(0.014	)		(0.005	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.94	%		2.20	%		1.37	%		0.50	%		0.15	%
Net assets, end of period (in 000’s)	$	34,576,104		$	22,518,304		$	12,649,125		$	10,649,826		$	15,091,527		$	19,950,969
Ratio of net expenses to average net assets		0.15	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.20	%(f)		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		0.01	%(f)		0.68	%		2.17	%		1.31	%		0.47	%		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%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.020			0.012			0.003			—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.020			0.012			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.80	%		2.05	%		1.21	%		0.35	%		0.05	%
Net assets, end of period (in 000’s)	$	330,016		$	372,260		$	390,680		$	299,105		$	269,417		$	404,533
Ratio of net expenses to average net assets		0.15	%(f)		0.34	%		0.35	%		0.35	%		0.35	%		0.30	%
Ratio of total expenses to average net assets		0.35	%(f)		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.74	%		2.01	%		1.19	%		0.34	%		0.03	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.017			0.009			0.001			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.017			0.009			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.017	)		(0.009	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.59	%		1.69	%		0.86	%		0.11	%		0.01	%
Net assets, end of period (in 000’s)	$	911,413		$	937,649		$	936,398		$	1,342,308		$	954,846		$	787,768
Ratio of net expenses to average net assets		0.15	%(f)		0.55	%		0.70	%		0.70	%		0.59	%		0.33	%
Ratio of total expenses to average net assets		0.70	%(f)		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.55	%		1.67	%		0.88	%		0.11	%		(0.01	)%

† 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%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.008			0.021			0.013			0.004			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.021			0.013			0.004			0.001
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.021	)		(0.013	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.021	)		(0.013	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.84	%		2.10	%		1.26	%		0.40	%		0.08	%
Net assets, end of period (in 000’s)	$	440,733		$	771,943		$	461,459		$	173,807		$	123,436		$	81,542
Ratio of net expenses to average net assets		0.15	%(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.25	%
Ratio of total expenses to average net assets		0.30	%(f)		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(e)(f)		0.76	%		2.08	%		1.28	%		0.40	%		0.05	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 79

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.021			0.015			0.005			0.001
Net realized gain (loss)		—	(b)		0.002			—	(b)		(0.002	)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.91	%		2.17	%		1.34	%		0.47	%		0.13	%
Net assets, end of period (in 000’s)	$	213,174		$	178,351		$	50,890		$	134,034		$	67,865		$	505,162
Ratio of net expenses to average net assets		0.15	%(f)		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%
Ratio of total expenses to average net assets		0.23	%(f)		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.70	%		2.08	%		1.46	%		0.46	%		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%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.019			0.011			0.002			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.007			0.019			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.73	%		1.95	%		1.11	%		0.26	%		0.01	%
Net assets, end of period (in 000’s)	$	2,380,299		$	2,088,737		$	2,034,113		$	1,810,200		$	1,307,550		$	1,543,863
Ratio of net expenses to average net assets		0.15	%(f)		0.40	%		0.45	%		0.45	%		0.44	%		0.33	%
Ratio of total expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.65	%		1.91	%		1.14	%		0.25	%		(0.01	)%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.003			0.013			0.004			0.001			—	(b)
Net realized gain (loss)		—	(b)		0.001			0.001			0.002			(0.001	)		—	(b)
Total from investment operations		—	(b)		0.004			0.014			0.006			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.004	)		(0.014	)		(0.006	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.004	)		(0.014	)		(0.006	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.43	%		1.39	%		0.56	%		0.02	%		0.01	%
Net assets, end of period (in 000’s)	$	20,187		$	13,015		$	22,364		$	48		$	154		$	1
Ratio of net expenses to average net assets		0.15	%(f)		0.68	%		1.00	%		1.00	%		0.97	%		0.19	%
Ratio of total expenses to average net assets		1.00	%(f)		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		0.01	%(f)		0.35	%		1.29	%		0.43	%		0.14	%		0.36	%

† 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%.

(f) Annualized.

Financial Square Treasury Obligations Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.018			0.013			0.004			—	(b)
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.004	)		(0.002	)		—	(b)
Total from investment operations		—	(b)		0.007			0.018			0.009			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.018	)		(0.009	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.018	)		(0.009	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.68	%		1.84	%		1.01	%		0.19	%		0.01	%
Net assets, end of period (in 000’s)	$	13,573		$	17,568		$	17,485		$	16,492		$	1		$	1
Ratio of net expenses to average net assets		0.15	%(f)		0.46	%		0.55	%		0.55	%		0.27	%		0.19	%
Ratio of total expenses to average net assets		0.55	%(f)		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.62	%		1.82	%		1.32	%		0.37	%		0.36	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 81

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Obligations Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		0.001			0.006			0.016			0.008			0.004			—	(b)
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		(0.004	)		—	(b)
Total from investment operations		0.001			0.006			0.016			0.008			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.006	)		(0.016	)		(0.008	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.001	)		(0.006	)		(0.016	)		(0.008	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.51	%		1.54	%		0.71	%		0.05	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.15	%(f)		0.39	%		0.56	%		0.56	%		0.27	%		0.19	%
Ratio of total expenses to average net assets		0.85	%(f)		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		0.34	%(f)		0.59	%		1.59	%		0.78	%		0.37	%		0.36	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Institutional Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.021			0.013			0.005			0.001
Net realized gain		—	(b)		0.003			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.010			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.96	%		2.17	%		1.34	%		0.49	%		0.14	%
Net assets, end of period (in 000’s)	$	10,518,867		$	11,543,913		$	7,395,030		$	7,667,540		$	8,619,492		$	9,876,558
Ratio of net expenses to average net assets		0.17	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.20	%(f)		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.70	%		2.11	%		1.31	%		0.48	%		0.11	%

† 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.

(e) Amount is less than 0.005%.

(f) Annualized.

Financial Square Treasury Solutions Fund — Capital Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.020			0.012			0.003			—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.020			0.012			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.020	)		(0.012	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.83	%		2.02	%		1.19	%		0.34	%		0.03	%
Net assets, end of period (in 000’s)	$	234,344		$	201,227		$	162,212		$	165,645		$	215,820		$	264,092
Ratio of net expenses to average net assets		0.17	%(f)		0.32	%		0.35	%		0.35	%		0.35	%		0.32	%
Ratio of total expenses to average net assets		0.35	%(f)		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.65	%		1.97	%		1.15	%		0.30	%		0.01	%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 83

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Service Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.005			0.016			0.008			0.001			—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.016			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.62	%		1.66	%		0.84	%		0.10	%		0.01	%
Net assets, end of period (in 000’s)	$	240,184		$	208,499		$	124,910		$	155,808		$	144,728		$	142,607
Ratio of net expenses to average net assets		0.17	%(f)		0.50	%		0.70	%		0.70	%		0.58	%		0.29	%
Ratio of total expenses to average net assets		0.70	%(f)		0.70	%		0.70	%		0.71	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.47	%		1.60	%		0.83	%		0.08	%		(0.02	)%

† 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%.

(f) Annualized.

Financial Square Treasury Solutions Fund — Preferred Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.008			0.020			0.013			0.003			0.001
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.001	)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.020			0.012			0.004			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.020	)		(0.012	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.87	%		2.07	%		1.24	%		0.39	%		0.07	%
Net assets, end of period (in 000’s)	$	59,340		$	52,791		$	38,419		$	19,545		$	14,565		$	75,756
Ratio of net expenses to average net assets		0.17	%(f)		0.29	%		0.30	%		0.30	%		0.30	%		0.26	%
Ratio of total expenses to average net assets		0.30	%(f)		0.30	%		0.30	%		0.31	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.78	%		2.04	%		1.26	%		0.25	%		0.03	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Select Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.009			0.021			0.013			0.004			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.009			0.021			0.013			0.005			0.001
Distributions to shareholders from net investment income		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.009	)		(0.021	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.93	%		2.14	%		1.31	%		0.46	%		0.12	%
Net assets, end of period (in 000’s)	$	6,547		$	7,067		$	8,325		$	7,439		$	7,333		$	10,969
Ratio of net expenses to average net assets		0.17	%(f)		0.23	%		0.23	%		0.23	%		0.23	%		0.21	%
Ratio of total expenses to average net assets		0.23	%(f)		0.23	%		0.23	%		0.24	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.91	%		2.07	%		1.27	%		0.42	%		0.09	%

† 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%.

(f) Annualized.

Financial Square Treasury Solutions Fund — Administration Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.019			0.011			0.003			—	(b)
Net realized gain		—	(b)		0.002			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.019			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.77	%		1.92	%		1.09	%		0.25	%		0.01	%
Net assets, end of period (in 000’s)	$	610,539		$	443,470		$	473,937		$	360,817		$	237,557		$	189,870
Ratio of net expenses to average net assets		0.17	%(f)		0.38	%		0.45	%		0.45	%		0.44	%		0.30	%
Ratio of total expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.61	%		1.85	%		1.09	%		0.28	%		(0.02	)%

† 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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 85

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Cash Management Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.004			0.013			0.005			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.004			0.013			0.005			—	(b)		—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.004	)		(0.013	)		(0.005	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.004	)		(0.013	)		(0.005	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.45	%		1.36	%		0.54	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	262,647		$	272,981		$	223,501		$	23,332		$	33,252		$	73,211
Ratio of net expenses to average net assets		0.17	%(f)		0.70	%		1.00	%		1.00	%		0.62	%		0.31	%
Ratio of total expenses to average net assets		1.00	%(f)		1.00	%		1.00	%		1.01	%		1.03	%		1.03	%
Ratio of net investment income (loss) to average net assets		—	%(e)(f)		0.37	%		1.31	%		0.54	%		—	%(e)		(0.20	)%

† 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%.

(f) Annualized.

Financial Square Treasury Solutions Fund — Premier Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.018			0.011			0.001			—	(b)
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.001	)		0.001			—	(b)
Total from investment operations		—	(b)		0.007			0.018			0.010			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.018	)		(0.010	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.71	%		1.82	%		0.99	%		0.18	%		0.01	%
Net assets, end of period (in 000’s)	$	79,208		$	127,497		$	161,003		$	45,627		$	15,512		$	1
Ratio of net expenses to average net assets		0.17	%(f)		0.45	%		0.55	%		0.55	%		0.50	%		0.19	%
Ratio of total expenses to average net assets		0.55	%(f)		0.55	%		0.55	%		0.56	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.63	%		1.77	%		1.10	%		0.13	%		0.36	%

† 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%.

(f) Annualized.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Financial Square Treasury Solutions Fund — Resource Shares	For the Period Ended November 30, 2020†			Year Ended August 31,
				2020			2019			2018			2017			2016
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)		0.001			0.006			0.016			0.008			0.004			—	(b)
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)		(0.004	)		—	(b)
Total from investment operations		0.001			0.006			0.016			0.008			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.006	)		(0.016	)		(0.008	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.001	)		(0.006	)		(0.016	)		(0.008	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.53	%		1.51	%		0.69	%		0.05	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.17	%(f)		0.40	%		0.56	%		0.55	%		0.26	%		0.19	%
Ratio of total expenses to average net assets		0.85	%(f)		0.85	%		0.85	%		0.86	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		0.34	%(f)		0.59	%		1.59	%		0.84	%		0.37	%		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%.

(f) Annualized.

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

November 30, 2020

1. ORGANIZATION

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

Fund*	Share Classes Offered	Diversified/ Non-Diversified
Federal Instruments	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier	Diversified
Government	Class A, Class C, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, and Drexel Hamilton Class	Diversified
Money Market, Treasury Instruments, Treasury Obligations and Treasury Solutions	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified
Prime Obligations	Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, and Drexel Hamilton Class	Diversified

* Effective September 1, 2020, the Funds changed their fiscal year end from August 31 to November 30.

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 following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: Financial Square Money Market Fund and Financial Square Prime Obligations Fund (the “Institutional Money Market Funds”). Each of the Institutional Money Market Funds must price its shares at a net asset value (“NAV”) reflecting market-based values of its portfolio securities (i.e., at a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000).

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, except for the Institutional Money Market 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 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 Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. 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

88

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

determined in accordance with Valuation Procedures approved by the Trustees. 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. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the 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, the Funds are 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.

89

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 (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. The Trustees have delegated to GSAM 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, 2020, all investments and repurchase agreements, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G7 countries which are generally classified as Level 1. 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.

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, as set forth below.

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.

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 period ended November 30, 2020, Goldman Sachs has advised that it retained $596 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, as set forth below.

F.  Other Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding 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 December 29, 2021, 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, Financial Square Money Market and Financial Square Prime Obligations Funds.

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Notes to Financial Statements (continued)

November 30, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Other contractual annualized rates for each of the Funds are as follows:

	Class A Shares(a)			Class C Shares(a)			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administration Shares			Cash Management Shares			Premier Shares			Resource Shares			Class R6 Shares(a)			Drexel Hamilton Class Shares
Administration, Service and/or Shareholder Administration Fees		N/A			0.25	%		N/A			0.15	%		0.25	%		0.10	%		0.03	%		0.25	%		0.50	%		0.35	%		0.50	%		N/A			N/A
Distribution and/or Service (12b-1) Fees		0.25	%		0.75	(b)		N/A			N/A			0.25	(c)		N/A			N/A			N/A			0.30	(b)		N/A			0.15	(b)		N/A			N/A
Transfer Agency Fee		0.01			0.01			0.01	%		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01	%		0.01	%

N/A — Fees not applicable to respective share class

(a) Government Fund 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. For the period from September 1, 2020 to November 30, 2020, the investment adviser agreed to not impose a portion of the management fee equal annually to 0.06% of the Financial Square Federal Instruments Fund’s average daily net assets. This arrangement remained in effect through December 27, 2020. 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.

During the period ended November 30, 2020, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. 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 period ended November 30, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	517	$	201	$	75	$	793
Government		1,437		6,619		107		8,163
Money Market		—		5		131		136
Prime Obligations		—		31		101		132
Treasury Instruments		5,162		3,676		—		8,838
Treasury Obligations		2,294		3,547		57		5,898
Treasury Solutions		693		1,647		69		2,409

*Amount less than one thousand.

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended August 31, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers			Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	1,397		$	109	$	—	$	340	$	1,846
Government		—			4,337		1		—		4,338
Money Market		4,145			1		—		—		4,146
Prime Obligations		1,477			1		—		195		1,673
Treasury Instruments		171			1,802		—		—		1,973
Treasury Obligations		—	*		2,892		—		—		2,892
Treasury Solutions		9			1,613		—		—		1,622

*Amount less than one thousand.

For the period ended November 30, 2020, the net effective management fee rate was 0.16% for the Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations and Financial Square Treasury Solutions Funds, 0.15% for the Financial Square Treasury Instruments Fund, 0.14% for the Financial Square Treasury Obligations Fund and 0.12% for the Financial Square Federal Instruments Fund.

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 period ended November 30, 2020, 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)
Money Market	$	121,235,000	$	82,110,000	$	419
Prime Obligations		91,205,000		69,225,000		—

For the period ended August 31, 2020, 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)
Government	$	—	$	812,863,369	$	(886,542	)
Money Market		269,015,000		374,037,898		(332,960	)
Prime Obligations		100,420,000		279,425,260		(125,725	)

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of November 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Select Shares			Capital Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Federal Instruments		100	%		—	%		100	%		—	%		—	%		—	%
Money Market		—			—			100			39			100			100
Prime Obligations		—			—			100			—			100			100
Treasury Instruments		—			—			—			—			100			—
Treasury Obligations		—			—			—			—			100			—
Treasury Solutions		—			—			—			—			100			—

I.  Line of Credit Facility — As of November 30, 2020, the Funds participated in a $700,000,000 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 period ended November 30, 2020, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

The tax character of distributions paid during the period ended November 30, 2020 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	155,933	$	10,465,857	$	991,714	$	642,477	$	1,220,700	$	1,109,934	$	178,093
Net long-term capital gains		—		—		—		850		—		—		—
Total distributions	$	155,933	$	10,465,857	$	991,714	$	643,327	$	1,220,700	$	1,109,934	$	178,093

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	18,300,421	$	1,179,992,741	$	193,853,422	$	79,143,116	$	598,216,027	$	160,961,451	$	91,938,062
Net long-term capital gains		12		—		—		—		—		6,604		—
Total distributions	$	18,300,433	$	1,179,992,741	$	193,853,422	$	79,143,116	$	598,216,027	$	160,968,055	$	91,938,062

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	20,199,576	$	2,243,023,462	$	334,757,247	$	113,300,875	$	1,149,014,847	$	344,653,411	$	184,154,516
Net long-term capital gains		—		—		2		—		—		—		328
Total distributions	$	20,199,576	$	2,243,023,462	$	334,757,249	$	113,300,875	$	1,149,014,847	$	344,653,411	$	184,154,844

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5. TAX INFORMATION (continued)

As of November 30, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Undistributed ordinary income — net	$	92,661		$	2,314,165		$	987,907		$	308,469		$	806,361		$	996,574		$	150,641
Total undistributed earnings	$	92,661		$	2,314,165		$	987,907		$	308,469		$	806,361		$	996,574		$	150,641
Capital loss carryforward: Perpetual Short-Term	$	—		$	—		$	(7,413,567	)	$	—		$	—		$	—		$	—
Timing differences (Distribution Payable and Post-October Capital Loss Deferral)	$	(7,087	)	$	(1,380,726	)	$	(63,168	)	$	(18,036	)	$	(231,000	)	$	(542,952	)	$	(10,023	)
Unrealized gains (losses) — net	$	(7,751	)	$	(721,662	)	$	111,020		$	81,733		$	(91,439	)	$	(168,098	)	$	(17,333	)
Total accumulated earnings (losses) — net	$	77,823		$	211,777		$	(6,377,808	)	$	372,166		$	483,922		$	285,524		$	123,285

As of November 30, 2020, 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.

For the period ended November 30, 2020, the Financial Square Money Market Fund utilized $125,878 in Capital Loss Carryforwards.

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.

6. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily. monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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.

95

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

6. OTHER RISKS (continued)

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 securities or instruments may also be adversely affected. 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 Fund assets, or, at times, maintain a stable $1.00 share price (or, for the Institutional Money Market Funds, minimize the volatility of the Fund’s NAV per share). The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Market and Credit Risks — In the normal course of business, a Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of 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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

New Accounting Standards — In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU

provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

Other — On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

9. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Federal Instruments Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Institutional Shares
Shares sold		2,881,388,454			11,467,355,746			2,413,919,468
Reinvestment of distributions		120,380			14,134,111			14,716,134
Shares redeemed		(3,002,849,041	)		(9,174,391,868	)		(1,483,363,844	)
		(121,340,207	)		2,307,097,989			945,271,758
Capital Shares
Shares sold		2,157,185			501,043			3,027,408
Reinvestment of distributions		19			8,244			23,515
Shares redeemed		(25,009	)		(25	)		(7,561,629	)
		2,132,195			509,262			(4,510,706	)
Service Shares
Shares sold		1,685,917			3,838,675			4,095,943
Reinvestment of distributions		—			7			17
Shares redeemed		(2,898,000	)		(3,841,287	)		(3,606,548	)
		(1,212,083	)		(2,605	)		489,412
Preferred Shares
Shares sold		11,152,032			63,137,357			37,261,772
Reinvestment of distributions		101			47,563			194,287
Shares redeemed		(27,911,851	)		(45,941,975	)		(34,306,015	)
		(16,759,718	)		17,242,945			3,150,044
Select Shares
Shares sold		—			—			—
Reinvestment of distributions		1			471			1,030
Shares redeemed		—			—			—
		1			471			1,030
Administration Shares
Shares sold		16,893,097			127,819,134			148,393,733
Reinvestment of distributions		205			34,491			106,606
Shares redeemed		(13,760,098	)		(116,107,893	)		(146,683,155	)
		3,133,204			11,745,732			1,817,184
Cash Management Shares
Shares sold		34,092,441			72,905,405			74,119
Reinvestment of distributions		1,051			18,364			767
Shares redeemed		(12,754,198	)		(20,801,134	)		(33,290	)
		21,339,294			52,122,635			41,596
Premier Shares
Shares sold		—			—			—
Reinvestment of distributions		1			372			924
Shares redeemed		—			—			—
		1			372			924
NET INCREASE (DECREASE) IN SHARES		(112,707,313	)		2,388,716,801			946,261,242

† The Funds changed their fiscal year end from August 31 to November 30.

97

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Goverment Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Class A Shares
Shares sold		39,423,676			478,954,470			293,735,038
Reinvestment of distributions		6,970			2,440,074			2,034,223
Shares redeemed		(123,733,027	)		(358,818,070	)		(121,167,609	)
		(84,302,381	)		122,576,474			174,601,652
Class C Shares
Shares sold		1,052,595			5,252,082			2,254,507
Reinvestment of distributions		148			15,762			54,930
Shares redeemed		(1,254,816	)		(3,270,626	)		(2,705,871	)
		(202,073	)		1,997,218			(396,434	)
Institutional Shares
Shares sold		251,627,804,998			1,292,097,399,724			891,386,834,941
Reinvestment of distributions		5,154,007			547,567,680			1,010,265,284
Shares redeemed		(301,009,643,252	)		(1,188,898,448,031	)		(888,091,751,934	)
		(49,376,684,247	)		103,746,519,373			4,305,348,291
Capital Shares
Shares sold		2,417,065,442			12,087,534,623			11,257,171,481
Reinvestment of distributions		12,037			5,558,480			15,882,356
Shares redeemed		(2,273,488,269	)		(12,103,662,104	)		(11,258,708,341	)
		143,589,210			(10,569,001	)		14,345,496
Service Shares
Shares sold		794,222,735			4,298,412,758			2,120,569,930
Reinvestment of distributions		5,336			1,689,398			2,216,832
Shares redeemed		(1,710,060,111	)		(3,189,413,033	)		(2,045,369,736	)
		(915,832,040	)		1,110,689,123			77,417,026
Preferred Shares
Shares sold		925,989,653			5,393,398,769			5,273,993,017
Reinvestment of distributions		4,567			2,993,934			3,737,667
Shares redeemed		(1,733,087,320	)		(5,524,411,917	)		(4,852,993,321	)
		(807,093,100	)		(128,019,214	)		424,737,363
Select Shares
Shares sold		389,583,154			3,001,875,360			2,476,891,028
Reinvestment of distributions		7,563			3,062,081			12,289,471
Shares redeemed		(422,527,750	)		(3,349,068,697	)		(2,261,820,345	)
		(32,937,033	)		(344,131,256	)		227,360,154
Administration Shares
Shares sold		5,789,207,617			30,029,817,466			29,072,426,243
Reinvestment of distributions		27,402			11,968,688			29,387,533
Shares redeemed		(5,503,765,525	)		(29,483,351,252	)		(28,693,198,135	)
		285,469,494			558,434,902			408,615,641
Cash Management Shares
Shares sold		88,554,797			699,422,044			169,240,070
Reinvestment of distributions		3,574			578,821			190,391
Shares redeemed		(117,777,211	)		(598,564,352	)		(79,318,182	)
		(29,218,840	)		101,436,513			90,112,279
Premier Shares
Shares sold		103,701,740			486,735,706			583,756,477
Reinvestment of distributions		421			341,527			965,018
Shares redeemed		(80,403,685	)		(481,884,655	)		(562,127,983	)
		23,298,476			5,192,578			22,593,512
Resource Shares
Shares sold		79,128,457			179,483,137			105,554,574
Reinvestment of distributions		2,173			387,254			949,693
Shares redeemed		(68,524,922	)		(167,332,878	)		(106,412,980	)
		10,605,708			12,537,513			91,287
Class R6 Shares
Shares sold		148,795,925			1,050,370,547			1,174,019,386
Reinvestment of distributions		6,348			928,983			1,194,270
Shares redeemed		(172,280,270	)		(1,032,990,632	)		(1,127,855,380	)
		(23,477,997	)		18,308,898			47,358,276
Drexel Hamilton Class Shares
Shares sold		9,147,779,445			21,022,026,637			—
Reinvestment of distributions		3,365			279,374			—
Shares redeemed		(8,458,837,273	)		(18,668,287,984	)		—
		688,945,537			2,354,018,027			—
NET INCREASE (DECREASE) IN SHARES		(50,117,839,286	)		107,548,991,148			5,792,184,543

† The Funds changed their fiscal year end from August 31 to November 30.

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Money Market Fund
	For the Period Ended November 30, 2020†						For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		4,513,672,105		$	4,517,837,688			78,402,872,886		$	78,447,354,503			85,472,232,406		$	85,504,124,710
Reinvestment of distributions		710,000			710,649			103,111,272			103,162,872			161,155,196			161,220,324
Shares redeemed		(7,064,336,914	)		(7,070,953,571	)		(89,635,800,187	)		(89,673,066,279	)		(79,482,109,352	)		(79,510,982,209	)
		(2,549,954,809	)		(2,552,405,234	)		(11,129,816,029	)		(11,122,548,904	)		6,151,278,250			6,154,362,825
Capital Shares
Shares sold		—			—			10,333,770			10,338,077			14,344,255			14,350,053
Reinvestment of distributions		461			461			135,462			135,526			123,841			123,904
Shares redeemed		(3,718,816	)		(3,722,775	)		(6,935,013	)		(6,939,778	)		(2,755,303	)		(2,756,631	)
		(3,718,355	)		(3,722,314	)		3,534,219			3,533,825			11,712,793			11,717,326
Service Shares
Shares sold		—			—			291,521			291,550			1,904,464			1,904,571
Reinvestment of distributions		—			—			155			155			1,392			1,392
Shares redeemed		—			—			(296,725	)		(296,751	)		(2,026,500	)		(2,026,650	)
		—			—			(5,049	)		(5,046	)		(120,644	)		(120,687	)
Preferred Shares
Shares sold		1			1			842,034			842,575			4,100,461			4,102,857
Reinvestment of distributions		54			54			40,518			40,538			47,283			47,302
Shares redeemed		(1,851,319	)		(1,852,985	)		(3,863,219	)		(3,865,370	)		(2,001,549	)		(2,002,199	)
		(1,851,264	)		(1,852,930	)		(2,980,667	)		(2,982,257	)		2,146,195			2,147,960
Select Shares
Shares sold		1			1			16,063,998			16,076,882			35,383,853			35,399,217
Reinvestment of distributions		277			277			295,451			295,593			749,777			750,042
Shares redeemed		—			—			(48,923,132	)		(48,946,886	)		(35,555,683	)		(35,566,804	)
		278			278			(32,563,683	)		(32,574,411	)		577,947			582,455
Administration Shares
Shares sold		913,275			913,914			5,300,344			5,305,018			9,581,492			9,583,600
Reinvestment of distributions		138			138			45,002			45,019			43,015			43,030
Shares redeemed		(1,148,265	)		(1,149,298	)		(5,334,638	)		(5,339,564	)		(8,350,525	)		(8,351,107	)
		(234,852	)		(235,246	)		10,708			10,473			1,273,982			1,275,523
Cash Management Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			6			6			16			17
Shares redeemed		—			—			—			—			—			—
		—			—			6			6			16			17
Premier Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			9			9			22			21
Shares redeemed		—			—			—			—			—			—
		—			—			9			9			22			21
Resource Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			7			7			18			18
Shares redeemed		—			—			—			—			—			—
		—			—			7			7			18			18
NET INCREASE (DECREASE) IN SHARES		(2,555,759,002	)		(2,558,215,446	)		(11,161,820,479	)		(11,154,566,298	)		6,166,868,579			6,169,965,458

† The Funds changed their fiscal year end from August 31 to November 30.

99

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Period Ended November 30, 2020†						For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,435,424,024		$	1,437,045,564			22,881,709,784		$	22,898,819,820			15,725,452,191		$	15,732,290,883
Reinvestment of distributions		431,382			431,852			45,784,060			45,812,513			66,503,105			66,531,471
Shares redeemed		(3,304,583,089	)		(3,308,292,025	)		(24,432,416,641	)		(24,446,902,006	)		(13,438,235,559	)		(13,443,968,943	)
		(1,868,727,683	)		(1,870,814,609	)		(1,504,922,797	)		(1,502,269,673	)		2,353,719,737			2,354,853,411
Capital Shares
Shares sold		—			—			11,933,436			11,940,022			9,197,390			9,200,873
Reinvestment of distributions		37			37			74,048			74,090			116,133			116,176
Shares redeemed		(101,898	)		(102,000	)		(17,746,168	)		(17,761,637	)		(9,390,061	)		(9,392,520	)
		(101,861	)		(101,963	)		(5,738,684	)		(5,747,525	)		(76,538	)		(75,471	)
Service Shares
Shares sold		1			1			34,983			35,002			9,852,210			9,852,341
Reinvestment of distributions		—			—			6,968			6,970			102,357			102,380
Shares redeemed		—			—			(5,128,398	)		(5,129,968	)		(4,961,019	)		(4,962,303	)
		1			1			(5,086,447	)		(5,087,996	)		4,993,548			4,992,418
Preferred Shares
Shares sold		1			1			3,125,892			3,127,254			597,101			597,295
Reinvestment of distributions		151			151			42,527			42,544			61,367			61,381
Shares redeemed		—			—			(2,645,320	)		(2,647,759	)		(444,203	)		(444,303	)
		152			152			523,099			522,039			214,265			214,373
Select Shares
Shares sold		30,409,513			30,442,429			186,158,384			186,300,853			213,862,591			213,917,899
Reinvestment of distributions		5,713			5,719			773,014			773,419			1,788,204			1,788,665
Shares redeemed		(68,458,904	)		(68,532,168	)		(209,646,538	)		(209,786,488	)		(176,925,865	)		(176,970,918	)
		(38,043,678	)		(38,084,020	)		(22,715,140	)		(22,712,216	)		38,724,930			38,735,646
Administration Shares
Shares sold		129,889,428			130,027,813			151,133,246			151,197,664			229,264,877			229,320,926
Reinvestment of distributions		167			168			33,411			33,429			29,952			29,966
Shares redeemed		(56,776,710	)		(56,833,812	)		(152,184,059	)		(152,299,185	)		(227,024,448	)		(227,086,977	)
		73,112,885			73,194,169			(1,017,402	)		(1,068,092	)		2,270,381			2,263,915
Cash Management Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			6			6			17			17
Shares redeemed		—			—			—			—			—			—
		—			—			6			6			17			17
Premier Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			9			9			21			21
Shares redeemed		—			—			—			—			—			—
		—			—			9			9			21			21
Resource Shares
Shares sold		—			—			—			—			—			—
Reinvestment of distributions		—			—			7			7			18			18
Shares redeemed		—			—			—			—			—			—
		—			—			7			7			18			18
Drexel Hamilton Class Shares
Shares sold		849,151			850,000			229,984,794			230,197,683			—			—
Reinvestment of distributions		11,322			11,334			31,132			31,171			—			—
Shares redeemed		—			—			(130,089,629	)		(130,072,194	)		—			—
		860,473			861,334			99,926,297			100,156,660			—			—
NET INCREASE (DECREASE) IN SHARES		(1,832,899,711	)		(1,834,944,936	)		(1,439,031,052	)		(1,436,206,781	)		2,399,846,379			2,400,984,348

† The Funds changed their fiscal year end from August 31 to November 30.

100

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Institutional Shares
Shares sold		55,184,984,775			338,267,495,591			195,689,041,910
Reinvestment of distributions		666,472			306,303,068			590,796,167
Shares redeemed		(63,331,239,433	)		(306,320,589,797	)		(195,700,598,649	)
		(8,145,588,186	)		32,253,208,862			579,239,428
Capital Shares
Shares sold		1,455,719,190			6,524,887,948			5,079,230,616
Reinvestment of distributions		9,710			7,826,069			14,153,088
Shares redeemed		(1,505,472,694	)		(6,573,633,623	)		(4,701,892,663	)
		(49,743,794	)		(40,919,606	)		391,491,041
Service Shares
Shares sold		43,357,273			207,581,081			591,074,196
Reinvestment of distributions		6			38,855			1,482,793
Shares redeemed		(36,987,018	)		(118,168,284	)		(587,900,313	)
		6,370,261			89,451,652			4,656,676
Preferred Shares
Shares sold		98,661,659			454,026,887			282,059,008
Reinvestment of distributions		1,658			845,797			1,076,595
Shares redeemed		(74,824,911	)		(433,501,352	)		(235,745,585	)
		23,838,406			21,371,332			47,390,018
Select Shares
Shares sold		7,336,570			794,705,600			518,597,741
Reinvestment of distributions		6,321			1,695,856			6,122,100
Shares redeemed		(166,000,958	)		(442,695,849	)		(753,901,903	)
		(158,658,067	)		353,705,607			(229,182,062	)
Administration Shares
Shares sold		2,759,172,819			9,413,059,439			9,801,141,669
Reinvestment of distributions		15,938			8,768,887			27,440,637
Shares redeemed		(2,674,462,736	)		(9,644,633,665	)		(10,472,824,806	)
		84,726,021			(222,805,339	)		(644,242,500	)
Cash Management Shares
Shares sold		12,742,215			70,641,861			62,108,113
Reinvestment of distributions		164			50,579			89,430
Shares redeemed		(13,780,025	)		(72,425,029	)		(49,747,815	)
		(1,037,646	)		(1,732,589	)		12,449,728
Premier Shares
Shares sold		634,208,820			184,116,950			85,437,222
Reinvestment of distributions		—			71			227
Shares redeemed		(632,801,513	)		(174,923,843	)		(85,857,678	)
		1,407,307			9,193,178			(420,229	)
Resource Shares
Shares sold		—			—			—
Reinvestment of distributions		—			5			15
Shares redeemed		—			—			—
		—			5			15
NET INCREASE (DECREASE) IN SHARES		(8,238,685,698	)		32,461,473,102			161,382,115

† The Funds changed their fiscal year end from August 31 to November 30.

101

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

November 30, 2020

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Institutional Shares
Shares sold		61,073,254,479			230,865,756,441			179,812,019,430
Reinvestment of distributions		376,637			57,390,240			112,068,032
Shares redeemed		(49,015,633,381	)		(221,053,486,360	)		(177,925,444,505	)
		12,057,997,735			9,869,660,321			1,998,642,957
Capital Shares
Shares sold		412,761,752			2,726,402,195			2,076,412,757
Reinvestment of distributions		13,139			3,397,548			6,733,955
Shares redeemed		(455,014,733	)		(2,748,197,283	)		(1,991,593,373	)
		(42,239,842	)		(18,397,540	)		91,553,339
Service Shares
Shares sold		1,382,536,150			7,270,577,278			5,573,019,258
Reinvestment of distributions		2,503			429,872			1,193,344
Shares redeemed		(1,408,762,262	)		(7,269,693,083	)		(5,980,169,543	)
		(26,223,609	)		1,314,067			(405,956,941	)
Preferred Shares
Shares sold		381,567,066			2,114,103,134			1,617,000,097
Reinvestment of distributions		6,273			1,531,265			3,236,195
Shares redeemed		(712,770,880	)		(1,805,131,461	)		(1,332,613,451	)
		(331,197,541	)		310,502,938			287,622,841
Select Shares
Shares sold		277,320,037			553,086,606			2,598,447,379
Reinvestment of distributions		8,293			445,695			1,185,463
Shares redeemed		(242,503,331	)		(426,071,325	)		(2,682,777,751	)
		34,824,999			127,460,976			(83,144,909	)
Administration Shares
Shares sold		3,040,933,286			11,826,597,612			9,005,120,273
Reinvestment of distributions		21,254			3,165,725			8,385,089
Shares redeemed		(2,749,368,350	)		(11,775,025,397	)		(8,789,701,450	)
		291,586,190			54,737,940			223,803,912
Cash Management Shares
Shares sold		24,745,925			242,339,931			36,932,020
Reinvestment of distributions		560			93,028			14,140
Shares redeemed		(17,574,065	)		(251,781,062	)		(14,631,279	)
		7,172,420			(9,348,103	)		22,314,881
Premier Shares
Shares sold		15,393,890			88,349,017			78,328,681
Reinvestment of distributions		570			128,736			297,872
Shares redeemed		(19,389,770	)		(88,394,055	)		(77,634,454	)
		(3,995,310	)		83,698			992,099
Resource Shares
Shares sold		—			—			—
Reinvestment of distributions		—			5			15
Shares redeemed		—			—			—
		—			5			15
NET INCREASE IN SHARES		11,987,925,042			10,336,014,302			2,135,828,194

† The Funds changed their fiscal year end from August 31 to November 30.

102

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Institutional Shares
Shares sold		5,893,160,256			58,289,469,409			31,260,811,776
Reinvestment of distributions		96,601			52,958,124			122,135,595
Shares redeemed		(6,918,210,754	)		(54,192,934,647	)		(31,656,170,064	)
		(1,024,953,897	)		4,149,492,886			(273,222,693	)
Capital Shares
Shares sold		345,375,918			1,629,785,876			1,417,546,214
Reinvestment of distributions		3,265			1,257,659			3,232,299
Shares redeemed		(312,261,073	)		(1,592,015,250	)		(1,424,225,568	)
		33,118,110			39,028,285			(3,447,055	)
Service Shares
Shares sold		174,601,142			660,391,876			452,244,295
Reinvestment of distributions		987			136,487			160,698
Shares redeemed		(142,915,520	)		(576,929,878	)		(483,314,808	)
		31,686,609			83,598,485			(30,909,815	)
Preferred Shares
Shares sold		35,028,514			152,775,517			171,320,273
Reinvestment of distributions		733			343,719			361,128
Shares redeemed		(28,480,081	)		(138,743,689	)		(152,811,813	)
		6,549,166			14,375,547			18,869,588
Select Shares
Shares sold		—			5,450,000			2,500,000
Reinvestment of distributions		100			93,299			134,817
Shares redeemed		(520,000	)		(6,800,000	)		(1,750,000	)
		(519,900	)		(1,256,701	)		884,817
Administration Shares
Shares sold		635,633,882			2,651,967,361			1,812,039,680
Reinvestment of distributions		6,401			2,014,743			5,071,633
Shares redeemed		(468,570,619	)		(2,684,420,997	)		(1,704,022,196	)
		167,069,664			(30,438,893	)		113,089,117
Cash Management Shares
Shares sold		265,391,569			1,086,664,753			1,038,590,126
Reinvestment of distributions		1,098			185,626			10,627
Shares redeemed		(275,724,818	)		(1,037,350,612	)		(838,454,958	)
		(10,332,151	)		49,499,767			200,145,795
Premier Shares
Shares sold		161,822,274			705,690,354			667,825,505
Reinvestment of distributions		359			169,085			373,857
Shares redeemed		(210,110,000	)		(739,350,134	)		(552,840,125	)
		(48,287,367	)		(33,490,695	)		115,359,237
Resource Shares
Shares sold		—			—			—
Reinvestment of distributions		—			5			15
Shares redeemed		—			—			—
		—			5			15
NET INCREASE (DECREASE) IN SHARES		(845,669,766	)		4,270,808,686			140,769,006

† The Funds changed their fiscal year end from August 31 to November 30.

103

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 Money Market Fund, Goldman Sachs Financial Square Prime Obligations 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 Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2020, the related statements of operations for the period September 1, 2020 through November 30, 2020 and the year ended August 31, 2020, the statements of changes in net assets for the period September 1, 2020 through November 30, 2020 and for each of the two years in the period ended August 31, 2020, 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, 2020, the results of each of their operations for the period September 1, 2020 through November 30, 2020 and for the year ended August 31, 2020, the changes in each of their net assets for the period September 1, 2020 through November 30, 2020 and for each of the two years in the period ended August 31, 2020 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, 2020 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 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

104

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended November 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, Class R6, or Drexel Hamilton Class of a Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Institutional Shares and Class R6 Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Select Shares, Preferred Shares. Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares, Class R6 Shares, or Drexel Hamilton Class of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2020 through November 30, 2020, which represents a period of 183 days in a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the column heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

105

GOLDMAN SACHS FUNDS —FINANCIAL SQUARE FUNDS

Fund Expenses —Six Month Period Ended November 30, 2020 (Unaudited) (continued)

	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*
Class A Shares
Actual		—		—			—	$	1,000.00	$	1,000.04		$	1.25		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.82	+		1.27		—		—			—
Class C Shares
Actual		—		—			—		1,000.00		1,000.04			1.25		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,023.82	+		1.27		—		—			—
Institutional Shares
Actual	$	1,000.00	$	1,000.30		$	0.70		1,000.00		1,000.38			0.90	$	1,000.00	$	1,000.27		$	0.95
Hypothetical 5% return		1,000.00		1,024.37	+		0.71		1,000.00		1,024.17	+		0.91		1,000.00		1,024.12	+		0.96
Capital Shares
Actual		1,000.00		1,000.03			0.95		1,000.00		1,000.04			1.30		1,000.00		999.98			1.45
Hypothetical 5% return		1,000.00		1,024.12	+		0.96		1,000.00		1,023.76	+		1.32		1,000.00		1,023.61	+		1.47
Service Shares
Actual		1,000.00		1,000.03			1.00		1,000.00		1,000.04			1.20		1,000.00		999.28			1.50
Hypothetical 5% return		1,000.00		1,024.07	+		1.01		1,000.00		1,023.87	+		1.22		1,000.00		1,023.56	+		1.52
Preferred Shares
Actual		1,000.00		1,000.05			1.00		1,000.00		1,000.12			1.15		1,000.00		999.88			1.35
Hypothetical 5% return		1,000.00		1,024.07	+		1.01		1,000.00		1,023.92	+		1.17		1,000.00		1,023.71	+		1.37
Select Shares
Actual		1,000.00		1,000.19			0.80		1,000.00		1,000.27			1.00		1,000.00		1,000.22			1.10
Hypothetical 5% return		1,000.00		1,024.27	+		0.81		1,000.00		1,024.07	+		1.01		1,000.00		1,023.97	+		1.12
Administrative Shares
Actual		1,000.00		1,000.03			0.95		1,000.00		1,000.04			1.25		1,000.00		999.65			1.65
Hypothetical 5% return		1,000.00		1,024.12	+		0.96		1,000.00		1,023.82	+		1.27		1,000.00		1,023.41	+		1.67
Cash Management Shares
Actual		1,000.00		1,000.03			0.85		1,000.00		1,000.04			1.25		1,000.00		998.68			1.30
Hypothetical 5% return		1,000.00		1,024.22	+		0.86		1,000.00		1,023.82	+		1.27		1,000.00		1,023.76	+		1.32
Premier Shares
Actual		1,000.00		1,000.03			0.95		1,000.00		1,000.04			1.25		1,000.00		998.69			1.30
Hypothetical 5% return		1,000.00		1,024.12	+		0.96		1,000.00		1,023.82	+		1.27		1,000.00		1,023.76	+		1.32
Resource Shares
Actual		—		—			—		1,000.00		1,000.04			1.25		1,000.00		998.78			1.30
Hypothetical 5% return		—		—			—		1,000.00		1,023.82	+		1.27		1,000.00		1,023.76	+		1.32
Class R6 Shares
Actual		—		—			—		1,000.00		1,000.38			0.90		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.17	+		0.91		—		—			—
Drexel Hamilton Class Shares
Actual		—		—			—		1,000.00		1,000.38			0.90		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,024.17	+		0.91		—		—			—

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares			Class R6 Shares			Drexel Hamilton Class Shares
Federal Instruments Fund		N/A			N/A			0.14	%		0.19	%		0.2	%		0.2	%		0.16	%		0.19	%		0.17	%		0.19	%		N/A			N/A			N/A
Government Fund		0.25	%		0.25	%		0.18			0.26			0.24			0.23			0.2			0.25			0.25			0.25			0.25	%		0.18	%		0.18	%
Money Market Fund		N/A			N/A			0.19			0.29			0.3			0.27			0.22			0.33			0.26			0.26			0.26			N/A			N/A

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

106

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended November 30, 2020 (Unaudited) (continued)

	Prime Obligations Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*
Institutional Shares
Actual	$	1,000.00	$	1,000.17		$	0.90	$	1,000.00	$	1,000.14		$	0.90	$	1,000.00	$	1,000.30		$	0.90
Hypothetical 5% return		1,000.00		1,024.17	+		0.91		1,000.00		1,024.17	+		0.91		1,000.00		1,024.17	+		0.91
Capital Shares
Actual		1,000.00		999.80			1.55		1,000.00		1,000.02			1.05		1,000.00		1,000.05			1.20
Hypothetical 5% return		1,000.00		1,023.51	+		1.57		1,000.00		1,024.02	+		1.07		1,000.00		1,023.87	+		1.22
Service Shares
Actual		1,000.00		998.78			1.50		1,000.00		1,000.02			1.00		1,000.00		1,000.05			1.15
Hypothetical 5% return		1,000.00		1,023.56	+		1.52		1,000.00		1,024.07	+		1.01		1,000.00		1,023.92	+		1.17
Preferred Shares
Actual		1,000.00		999.92			1.25		1,000.00		1,000.02			1.05		1,000.00		1,000.09			1.10
Hypothetical 5% return		1,000.00		1,023.82	+		1.27		1,000.00		1,024.02	+		1.07		1,000.00		1,023.97	+		1.12
Select Shares
Actual		1,000.00		1,000.15			1.05		1,000.00		1,000.08			0.95		1,000.00		1,000.23			0.95
Hypothetical 5% return		1,000.00		1,024.02	+		1.07		1,000.00		1,024.12	+		0.96		1,000.00		1,024.12	+		0.96
Administrative Shares
Actual		1,000.00		999.65			1.20		1,000.00		1,000.02			1.00		1,000.00		1,000.05			1.15
Hypothetical 5% return		1,000.00		1,023.87	+		1.22		1,000.00		1,024.07	+		1.01		1,000.00		1,023.92	+		1.17
Cash Management Shares
Actual		1,000.00		998.68			1.35		1,000.00		1,000.02			1.00		1,000.00		1,000.05			1.25
Hypothetical 5% return		1,000.00		1,023.71	+		1.37		1,000.00		1,024.07	+		1.01		1,000.00		1,023.82	+		1.27
Premier Shares
Actual		1,000.00		998.69			1.35		1,000.00		1,000.02			1.00		1,000.00		1,000.05			1.20
Hypothetical 5% return		1,000.00		1,023.71	+		1.37		1,000.00		1,024.07	+		1.01		1,000.00		1,023.87	+		1.22
Resource Shares
Actual		1,000.00		998.68			1.35		1,000.00		1,000.02			0.90		1,000.00		1,000.05			0.90
Hypothetical 5% return		1,000.00		1,023.71	+		1.37		1,000.00		1,024.17	+		0.91		1,000.00		1,024.17	+		0.91
Drexel Hamilton Class Shares
Actual		1,000.00		1,000.27			0.90		—					—		—		—			—
Hypothetical 5% return		1,000.00		1,024.17	+		0.91		—		—			—		—		—			—

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares			Drexel Hamilton Class Shares
Prime Obligations Fund		0.18	%		0.31	%		0.30	%		0.25	%		0.21	%		0.24	%		0.27	%		0.27	%		0.27	%		0.18	%
Treasury Instruments Fund		0.18			0.21			0.20			0.21			0.19			0.20			0.20			0.20			0.18			N/A
Treasury Obligations Fund		0.18			0.24			0.23			0.22			0.19			0.23			0.25			0.24			0.18			N/A

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

107

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended November 30, 2020 (Unaudited) (continued)

	Treasury Solutions Fund
Share Class	Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*
Institutional Shares
Actual	$	1,000.00	$	1,000.14		$	0.95
Hypothetical 5% return		1,000.00		1,024.12	+		0.96
Capital Shares
Actual		1,000.00		1,000.03			1.05
Hypothetical 5% return		1,000.00		1,024.02	+		1.07
Service Shares
Actual		1,000.00		1,000.03			1.05
Hypothetical 5% return		1,000.00		1,024.02	+		1.07
Preferred Shares
Actual		1,000.00		1,000.03			1.05
Hypothetical 5% return		1,000.00		1,024.02	+		1.07
Select Shares
Actual		1,000.00		1,000.08			1.00
Hypothetical 5% return		1,000.00		1,024.07	+		1.01
Administrative Shares
Actual		1,000.00		1,000.03			1.05
Hypothetical 5% return		1,000.00		1,024.02	+		1.07
Cash Management Shares
Actual		1,000.00		1,000.03			1.05
Hypothetical 5% return		1,000.00		1,024.02	+		1.07
Premier Shares
Actual		1,000.00		1,000.03			1.10
Hypothetical 5% return		1,000.00		1,023.97	+		1.12
Resource Shares
Actual		1,000.00		1,000.03			0.95
Hypothetical 5% return		1,000.00		1,024.12	+		0.96

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended November 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares
Treasury Solutions Fund		0.19	%		0.21	%		0.21	%		0.21	%		0.20	%		0.21	%		0.21	%		0.22	%		0.19	%

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

108

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

109

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	164	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

110

GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of November 30, 2020.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Funds — Financial Square Funds — Tax Information (unaudited)

During the fiscal year ended November 30, 2020 100%, 100%, 34.25%, 100%, 100%, 100%, and 100% of the net investment company taxable income distributions paid by the Financial Square Federal Instruments, Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations, 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.

Pursuant to Section 852 of the Internal Revenue Code, Financial Square Treasury Obligations designates $850, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended November 30, 2020.

During the fiscal year ended November 30, 2020, the Financial Square Federal Instruments, Financial Square Government, Financial Square Money Market, Financial Square Prime Obligations, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds designate $125,960, $3,029,139, $91,314, $76,028, $808,618, $803,625, and $69,380 as Section 163(j) Interest Dividends.

111

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Financial Square Funds^SM is a registered service mark of Goldman Sachs & Co LLC.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Intermediary or from Goldman Sachs & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 226452-OTU-1335383 FSQAR-21

Goldman Sachs Funds

Annual Report	November 30, 2020
	Investor FundsSM
	Money Market
	Tax-Exempt Money Market

Goldman Sachs Investor Funds

∎ MONEY MARKET

∎ TAX-EXEMPT MONEY MARKET

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	4
Yield Summary	5
Sector Allocations	6
Schedule of Investments	8
Financial Statements	18
Financial Highlights
Money Market	21
Tax-Exempt Money Market	25
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	42
Other Information	43

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Investor Funds

Investment Objective and Principal Investment Strategies

The Goldman Sachs Investor Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Goldman Sachs Investor Money Market Fund pursues this investment objective by investing in U.S. government securities, obligations of banks (which may exceed 25% of its total assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements (“repos”). It may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Goldman Sachs Tax-Exempt Money Market Fund pursues the investment objective by investing at least 80% of its net assets in securities issued by or on behalf of states, territories and possessions of the U.S. and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia. It may also invest in short-term taxable instruments, including repos with the Federal Reserve Bank of New York, for temporary investment purposes.

Portfolio Management Discussion and Analysis

The Board of Trustees of the Goldman Sachs Trust approved a change to the fiscal year end of the Investor Funds (the “Funds”). Effective September 1, 2020, the Funds’ fiscal year end changed from August 31 to November 30. Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Funds’ performance and positioning for the period from September 1, 2020 through November 30, 2020 (the “Reporting Period”).

Q What economic and market factors most influenced the money markets as a whole during the Reporting Period?

A During the Reporting Period, the money markets were most influenced by Federal Reserve (“Fed”) policy and the outlook for the U.S. economy.

The Fed held the targeted federal funds rate in a range of between 0% and 0.25% throughout the Reporting Period. Policymakers also signaled the monetary policy backdrop was likely to remain accommodative and short-term interest rates would likely stay low for the foreseeable future. In addition, Fed officials adopted a flexible form of average inflation targeting wherein they would aim for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time.

Positive news about COVID-19 vaccines benefited the medium-term outlook for U.S. economic activity and growth as well as the labor market. However, it was unclear to what extent stronger economic growth and a smaller output gap would translate to higher price inflation.

In this environment, the yields of taxable and tax-exempt money market funds generally remained stable and close to zero. Investments in U.S. taxable money market funds declined during the Reporting Period, dropping from $4.5 trillion in August 2020 to $4.3 trillion in November 2020, according to iMoneyNet. Much of the decrease could be attributed to an improvement in investor risk sentiment. Investors rotated into riskier asset classes as uncertainties surrounding the outcome of the November U.S. election and the effectiveness of COVID-19 vaccines eased. As for U.S. tax-exempt money market funds, net outflows totaled $15 billion during the Reporting Period, according to iMoneyNet.

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The yields of the Goldman Sachs Investor Money Market Fund (“the taxable Fund”) and the Goldman Sachs Investor Tax-Exempt Money Market Fund (“the tax-exempt Fund”) remained rather stable during the Reporting Period largely because of the economic and market factors discussed above. The taxable money market yield curve steepened slightly, as the front, or short-term, end of the U.S. Treasury curve shifted downward and the intermediate- to longer-term end shifted upward. The tax-exempt money yield curve flattened during the Reporting Period, as the longer-term end of the curve shifted downward. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A

1

PORTFOLIO RESULTS

steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.)

Q How did you manage the taxable Fund during the Reporting Period?

A During the Reporting Period, the taxable Fund had investments in commercial paper, asset-backed commercial paper, time deposits, repurchase agreements (“repos”), government agency securities, U.S. Treasury securities, certificates of deposit, non-U.S. sovereign debt floating rate securities and variable rate demand notes (“VRDNs”).

We maintained the taxable Fund’s weighted average maturity at 38 days during September 2020 and 38 days during October. In November, we increased its weighted average maturity to 50 days. For the Reporting Period overall, the taxable Fund focused its investments on U.S. Treasury securities, government agency repos, VRDNs, financial company commercial paper, certificates of deposit and asset-backed commercial paper. We increased the taxable Fund’s allocations to U.S. Treasury securities during the Reporting Period.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by a Fund, taking into consideration any available maturity shortening features.

Q How did you manage the tax-exempt Fund during the Reporting Period?

A The tax-exempt Fund had investments in VRDNs, short-term tax-exempt securities, non-financial commercial paper and other municipal securities during the Reporting Period.

We decreased the tax-exempt Fund’s weighted average maturity from 36 days at the beginning of the Reporting Period to 19 days in September 2020. We subsequently reduced its weighted average maturity to 13 days in October and 11 days in November. During the Reporting Period overall, the tax-exempt Fund focused its investments on VRDNs, non-financial tax-exempt commercial paper and other municipal securities. Its allocation to VRDNs decreased slightly during the Reporting Period.

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the taxable and tax-exempt Funds at less than 120 days. In the taxable Fund, we maintained a weighted average life in a range between 38 days and 50 days. In the tax-exempt Fund, we maintained a weighted average life in a range between 11 days and 39 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

Q What is the Funds’ tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we expected interest rates would remain low in the near term and the Fed to be ready to respond to market conditions as the U.S. and its economy recover from the COVID-19 pandemic. In our view, news of the efficacy of COVID-19 vaccine candidates boded well for the medium-term economic outlook, but we considered the near-term picture less certain given the backdrop of rapidly rising COVID-19 infections and increased restrictions at the end of the Reporting Period. We believed the resurgence of COVID-19 cases and efforts to curb its spread could weigh on economic activity in the short term. Regarding fiscal policy, the prospects for additional stimulus were uncertain when the Reporting Period concluded, though we noted ongoing discussions in Washington, D.C. about a potential deal.

Looking ahead, the taxable and tax-exempt Funds will continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of the Fed’s accommodative monetary policy. Duration management and duration positioning will continue to play key roles in the management of the Funds. (Duration is a measure of a fund’s sensitivity to changes in interest rates.) That said, regardless of the interest rate environment, we

2

PORTFOLIO RESULTS

intend to utilize an active management approach to provide the best possible return within the framework of the Funds’ guidelines and objectives. Our investment approach remains tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the taxable and tax-exempt money market yield curves, as we strive to navigate the interest rate environment.

RETAIL MONEY MARKET FUNDS

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

3

FUND BASICS

Investor Funds

as of November 30, 2020

PERFORMANCE REVIEW1,2
September 1, 2020-November 30	Fund Total Return (based on NAV)3 Class I Shares			SEC 7-Day Current Yield4			iMoneyNet Institutional Average5
Investor Money Market		0.02	%		-0.04	%		0.03	%6
Investor Tax-Exempt Money Market		0.00			0.01			0.07	7

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  The Money Market Fund offers seven separate classes of shares (Class I, Administration, Service, Resource, Cash Management, Class A and Class C Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Premier Shares pay 0.35%, Service Shares pay 0.50%, Resource Shares pay 0.65%, Cash Management Shares pay 0.80%, Class A Shares pay 0.25%, and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

² 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 performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return assumes the reinvestment of dividends and other distributions.

⁴  The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Fund Total Return figures.

⁵  Source: iMoneyNet, Inc. November 2020. The iMoneyNet Institutional Average represents total return.

⁶  First Tier Retail–Category includes only non-government retail funds that also are not holding any second-tier securities. Portfolio holdings of first-tier funds include US Treasury, US other, repos, time deposits, domestic bank obligations, foreign bank obligations, first-tier commercial paper, floating rate notes and asset-backed commercial paper.

⁷  Tax-Free National Retail–Category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds—6 months & less, put bonds—over 6 months, alternative minimum tax paper and other tax-free holdings. Consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

4

YIELD SUMMARY

SUMMARY OF THE CLASS I1,2 SHARES AS OF 11/30/20
Fund	7-Day Dist. Yield8			SEC 7-Day Effective Yield9			30-Day Average Yield10			Weighted Avg. Maturity (days)11		Weighted Avg. Life (days)12
Investor Money Market		0.05	%		-0.04	%		0.05	%		50		50
Investor Tax-Exempt Money Market		0.01			0.01			0.01			11		11

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

⁸ The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

⁹ The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁰  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

¹¹  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹²  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

5

SECTOR ALLOCATIONS

INVESTOR MONEY MARKET FUND13
As of November 30, 2020
Security Type	Percentage of Net Assets
Certificates of Deposit - Eurodollar		0.5	%
Certificates of Deposit - Yankeedollar		4.3
Commercial Paper & Corporate Obligations		15.6
Repurchase Agreements		26.9
U.S. Government Agency Obligations		0.4
U.S. Treasury Obligations		42.0
Variable Rate Municipal Debt Obligations		11.6
As of August 31, 2020
Security Type	Percentage of Net Assets
Certificates of Deposit - Yankeedollar		7.2	%
Certificates of Deposit		1.2
Commercial Paper & Corporate Obligations		21.5
Repurchase Agreements		28.5
U.S. Treasury Obligations		30.8
Variable Rate Municipal Debt Obligations		6.8
Variable Rate Obligations		5.7

¹³  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

6

SECTOR ALLOCATIONS

INVESTOR TAX-EXEMPT MONEY MARKET FUND14
As of November 30, 2020
Security Type	Percentage of Net Assets
Commercial Paper		15.8	%
General Obligation		7.5
Revenue Anticipation Notes		1.0
Variable Rate Obligations		74.2
As of August 31, 2020
Security Type	Percentage of Net Assets
Commercial Paper		15.8	%
General Obligation		0.4
Revenue Anticipation Notes		2.5
Tax and Revenue Anticipation Note		5.0
Variable Rate Obligations		77.9

¹⁴  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

7

INVESTOR MONEY MARKET FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – 15.6%
	Agricultural Bank of China Ltd.
$	5,000,000		0.326	%		12/14/20	$	4,999,422
	1,250,000		0.397			02/23/21		1,248,863
	Albion Capital LLC
	10,000,000		0.234			12/04/20		9,999,892
	3,945,000		0.254			02/16/21		3,943,059
	7,000,000		0.224			02/22/21		6,995,965
	Antalis S.A.
	3,000,000		0.234			02/09/21		2,998,717
	4,932,000		0.275			02/16/21		4,929,574
	Bank of China Ltd.-Hong Kong Branch
	5,740,000		0.214			12/03/20		5,739,914
	Barton Capital S.A.
	3,000,000		0.214			01/26/21		2,999,020
	4,546,000		0.214			02/08/21		4,544,170
	CNPC Finance (HK) Ltd.
	12,000,000		0.437			12/01/20		12,000,000
	Collateralized Commercial Paper Flex Co., LLC
	5,000,000		0.234			02/16/21		4,997,540
	Collateralized Commercial Paper V Co., LLC
	7,000,000		0.203			02/08/21		6,997,317
	Columbia Funding Company, LLC
	5,000,000		0.203			01/13/21		4,998,806
	First Abu Dhabi Bank P.J.S.C.
	5,548,000		0.234			02/09/21		5,545,519
	10,000,000		0.244			02/18/21		9,994,733
	Industrial & Commercial Bank of China Ltd.-New York Branch
	12,000,000		0.356			02/09/21		11,991,833
	Ionic Capital II Trust
	7,570,000		0.244			02/19/21		7,565,963
	21,439,000		0.315			02/26/21		21,422,938
	KfW
	5,000,000		0.173			12/08/20		4,999,835
	Landesbank Baden-Wuerttemberg
	20,800,000		0.244			02/24/21		20,788,213
	Macquarie Bank Ltd.
	17,000,000		0.209			02/08/21		16,993,320
	Manhattan Asset Funding Company LLC
	3,931,000		0.203			01/14/21		3,930,039
	18,168,000		0.214			02/12/21		18,160,264
	Metropolitan Life Global Funding I
	858,000		2.400	(a)		01/08/21		859,916
	Mizuho Bank, Ltd.-Singapore Branch
	19,000,000		0.234			02/09/21		18,991,503
	National Bank of Canada
	5,000,000		0.214			02/16/21		4,997,754
	Nationwide Building Society
	15,000,000		0.183			12/22/20		14,998,425
	Ridgefield Funding Company, LLC
	6,000,000		0.203			01/05/21		5,998,833
	Sheffield Receivables Company LLC
	10,000,000		0.210			02/10/21		9,995,858
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	10,000,000		0.244			02/10/21		9,995,267
	Toronto-Dominion Bank (The)
	15,000,000		0.214			02/16/21		14,993,262
	5,000,000		0.224			02/19/21		4,997,556
Commercial Paper and Corporate Obligations – (continued)
	Victory Receivables Corp.
	8,679,000		0.214			02/12/21		8,675,304
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	293,288,594
Certificate of Deposit-Eurodollar – 0.5%
	Sumitomo Mitsui Trust Bank, Ltd.
$	10,000,000		0.255	%		02/12/21	$	9,994,833
Certificates of Deposit-Yankeedollar – 4.3%
	Bank of Montreal
$	12,000,000		0.210	%		02/18/21	$	12,000,000
	Landesbank Hessen-Thueringen Girozentrale
	8,062,000		0.150			12/17/20		8,062,000
	MUFG Bank, Ltd.-New York Branch
	15,000,000		0.240			02/26/21		15,000,000
	National Bank of Kuwait S.A.K.P
	20,000,000		0.330			02/10/21		20,000,197
	Norinchukin Bank (The)
	5,000,000		0.220			02/10/21		5,000,000
	10,000,000		0.220			02/12/21		10,000,000
	Sumitomo Mitsui Banking Corp.
	10,447,000		0.260			02/04/21		10,447,751
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	80,509,948
U.S. Government Agency Obligations – 0.4%
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
$	3,000,000		0.130	%(b)		12/07/20	$	3,000,000
	4,000,000		0.140	(b)		12/07/20		4,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	7,000,000
U.S. Treasury Obligations – 42.0%
	United States Treasury Bills
$	21,700,000		0.092	%		12/08/20	$	21,699,620
	14,200,000		0.093			12/08/20		14,199,749
	14,200,000		0.094			12/08/20		14,199,745
	11,300,000		0.098			12/08/20		11,299,789
	47,600,000		0.107			12/08/20		47,599,028
	32,060,000		0.092			12/24/20		32,058,157
	6,600,000		0.094			12/24/20		6,599,610
	2,100,000		0.097			12/24/20		2,099,872
	200,000		0.102			12/24/20		199,987
	2,000,000		0.107			12/24/20		1,999,866
	2,800,000		0.108			12/24/20		2,799,810
	14,200,000		0.112			12/24/20		14,199,002
	1,100,000		0.117			12/24/20		1,099,919
	30,300,000		0.178			12/24/20		30,296,612

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

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	690,000		0.124	%		12/29/20	$	689,934
	200,000		0.133			12/29/20		199,980
	8,100,000		0.097			01/07/21		8,099,209
	3,300,000		0.097			01/12/21		3,299,634
	1,900,000		0.098			01/12/21		1,899,787
	14,500,000		0.102			01/12/21		14,498,308
	23,800,000		0.102			01/26/21		23,796,298
	2,900,000		0.108			01/26/21		2,899,522
	2,400,000		0.114			01/26/21		2,399,580
	25,800,000		0.117			01/26/21		25,795,385
	3,500,000		0.117			02/02/21		3,499,296
	46,000,000		0.097			02/16/21		45,990,653
	19,300,000		0.102			02/23/21		19,295,497
	10,100,000		0.096			03/02/21		10,097,575
	6,800,000		0.101			03/02/21		6,798,281
	5,600,000		0.102			03/02/21		5,598,570
	12,400,000		0.103			03/02/21		12,396,803
	2,100,000		0.104			03/02/21		2,099,456
	15,000,000		0.106			03/04/21		14,995,931
	3,100,000		0.117			03/04/21		3,099,079
	22,000,000		0.107			03/09/21		21,993,712
	16,500,000		0.101			03/11/21		16,495,417
	11,000,000		0.127			03/11/21		10,996,181
	22,500,000		0.112			03/16/21		22,492,781
	3,100,000		0.114			03/23/21		3,098,920
	3,100,000		0.115			03/23/21		3,098,910
	900,000		0.119			03/23/21		899,671
	17,800,000		0.122			03/23/21		17,793,355
	25,400,000		0.107			03/25/21		25,391,555
	15,000,000		0.117			03/30/21		14,994,298
	17,200,000		0.107			04/01/21		17,193,930
	6,300,000		0.108			04/01/21		6,297,755
	32,000,000		0.107			04/06/21		31,988,240
	500,000		0.107			04/08/21		499,813
	600,000		0.109			04/08/21		599,771
	24,100,000		0.112			04/08/21		24,090,574
	37,500,000		0.107			04/13/21		37,485,453
	10,000,000		0.101			04/20/21		9,996,111
	12,500,000		0.117			04/22/21		12,494,330
	6,090,000		0.112			04/29/21		6,087,227
	57,000,000		0.112			05/06/21		56,972,830
	33,300,000		0.112			05/13/21		33,283,415
	8,000,000		0.090			05/27/21		7,996,460
	TOTAL U.S. TREASURY OBLIGATIONS						$	790,040,253
Variable Rate Municipal Debt Obligations(c) – 11.6%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	5,000,000		0.130	%		12/07/20	$	5,000,000
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
	2,000,000		0.180			12/07/20		2,000,000
Variable Rate Municipal Debt Obligations(c) – (continued)
	City of Columbus, OH GO VRDN for Sanitation Sewer System Series 2006-1
$	12,200,000		0.060	%		12/07/20	$	12,200,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (TB Bank N.A., LOC)
	10,305,000		0.140			12/07/20		10,305,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2017 Subseries A-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	26,340,000		0.080			12/07/20		26,340,000
	Connecticut Housing Finance Authority VRDN RB Mortgage Finance Program Series 2018 A, Subseries A-3 (Bank of America N.A. SPA)
	4,350,000		0.100			12/07/20		4,350,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	169,000		0.120			12/01/20		168,998
	Health & Educational Facilities Authority of The State of Missouri VRDN RB for SSM Health Care Series 2014 F
	4,000,000		0.100			12/07/20		4,000,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2009 B
	4,545,000		0.110			12/07/20		4,545,000
	Michigan Finance Authority VRDN RB Refunding for School Loan Revolving Fund Series 2019 C (Bank of America N.A., LOC)
	7,100,000		0.150			12/07/20		7,100,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT – Chevron Corp.)
	5,000,000		0.100			12/07/20		5,000,000
	Murray City, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B
	20,000,000		0.070			12/07/20		20,000,000
	New Mexico Hospital Equipment Loan Council VRDN RB Refunding for Presbyterian Healthcare Services Series 2019 C (JPMorgan Chase Bank N.A., SPA)
	10,445,000		0.100			12/07/20		10,445,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)
	5,000,000		0.150			12/07/20		5,000,000
	Orlando, FL Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)
	2,175,000		0.120			12/07/20		2,175,000
	Providence Health & Services Obligated Group VRDN RB Series 12-E (U.S. Bank N.A., SPA)
	7,880,000		0.210			12/07/20		7,880,000
	Providence St. Joseph Health Obligated Group VRDN Series 16-G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	17,000,000		0.150			12/07/20		17,000,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	15,530,000		0.110			12/07/20		15,530,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (FHLB, SPA)
	9,365,000		0.110			12/07/20		9,365,000

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Municipal Debt Obligations(c) – (continued)
	State of Texas GO VRDN Veterans Bonds Series 2019 (JPMorgan Chase Bank N.A., SPA)
$	19,590,000		0.100	%		12/07/20	$	19,590,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	6,095,000		0.110			12/07/20		6,095,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A
	7,850,000		0.090			12/07/20		7,850,000
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 D (U.S. Bank N.A., SPA)
	15,000,000		0.100			12/07/20		15,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	216,938,998
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	1,397,772,626
Repurchase Agreements(d) – 26.9%
	Bank of Montreal
$	4,000,000		0.110	%(e)		12/07/20	$	4,000,000
	Maturity Value: $4,001,124
	Settlement Date: 11/18/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/32. The market value of the collateral, including accrued interest, was $4,080,000.
	1,500,000		0.120	(e)		12/07/20		1,500,000
	Maturity Value: $1,500,900
	Settlement Date: 11/12/20
	Collateralized by Federal National Mortgage Association, 3.500% to 6.000%, due 06/01/36 to 11/01/44. The aggregate market value of the collateral, including accrued interest, was $1,545,000.
	5,000,000		0.120	(e)		12/07/20		5,000,000
	Maturity Value: $5,000,983
	Settlement Date: 11/09/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $5,100,000.
	5,000,000		0.130	(e)		12/07/20		5,000,000
	Maturity Value: $5,003,286
	Settlement Date: 11/02/20
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/33. The market value of the collateral, including accrued interest, was $5,100,000.
	BMO Capital Markets Corp.
	3,000,000		0.120	(e)		12/07/20		3,000,000
	Maturity Value: $3,001,800
	Settlement Date: 11/12/20
	Collateralized by a U.S. Treasury Bill, 0.000%, due 03/25/21. The market value of the collateral, including accrued interest, was $3,062,123.
Repurchase Agreements(d) – (continued)
	BNP Paribas
	17,000,000		0.100	%(e)(f)		12/07/20		17,000,000
	Maturity Value: $17,002,314
	Settlement Date: 12/01/20
	Canadian Imperial Bank of Commerce
	6,000,000		0.110	(e)		12/07/20		6,000,000
	Maturity Value: $6,001,100
	Settlement Date: 11/06/20
	Collateralized by a U.S. Treasury Bond, 2.250%, due 08/15/46 and U.S. Treasury Notes, 0.125% to 2.625%, due 05/31/22 to 12/31/25. The aggregate market value of the collateral, including accrued interest, was $6,120,040.
	Joint Account III
	326,000,000		0.100			12/01/20		326,000,000
	Maturity Value: $326,000,906
	RBC Capital Markets, LLC
	40,000,000		0.180			12/01/20		40,000,000
	Maturity Value: $40,000,200
	Collateralized by various corporate security issuers, 0.000% to 9.125%, due 02/22/21 to 08/08/56. The aggregate market value of the collateral, including accrued interest, was $42,119,004.
	Royal Bank of Canada
	27,000,000		0.110	(e)		12/07/20		27,000,000
	Maturity Value: $27,004,620
	Settlement Date: 11/19/20
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 04/01/47 to 07/01/50 and Federal National Mortgage Association, 3.500%, due 05/01/50. The aggregate market value of the collateral, including accrued interest, was $27,540,000.
	Scotia Capital (USA) Inc.
	22,000,000		0.180			12/01/20		22,000,000
	Maturity Value: $22,000,110
	Collateralized by various corporate security issuers, 0.531% to 4.000%, due 02/02/21 to 10/24/31. The aggregate market value of the collateral, including accrued interest, was $23,100,116.
	15,000,000		0.330			12/01/20		15,000,000
	Maturity Value: $15,000,138
	Collateralized by various corporate security issuers, 0.483% to 12.250%, due 12/14/20 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $16,218,396.
	Wells Fargo Securities, LLC
	35,000,000		0.230			12/04/20		35,000,000
	Maturity Value: $35,001,565
	Settlement Date: 11/27/20
	Collateralized by various corporate security issuers, 0.000% to 7.375%, due 01/21/21 to 10/01/60. The aggregate market value of the collateral, including accrued interest, was $36,749,999.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	506,500,000
	TOTAL INVESTMENTS – 101.3%						$	1,904,272,626
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.3)%							(23,815,463	)
	NET ASSETS – 100.0%						$	1,880,457,163

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

INVESTOR MONEY MARKET FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(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, 2020.
(c)	Rate shown is that which is in effect on November 30, 2020. 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.
(d)	Unless noted, all repurchase agreements were entered into on November 30, 2020. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(e)	The instrument is subject to a demand feature.
(f)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

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:
FHLB	—Insured by Federal Home Loan Bank
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
IHC	—Intermountain Health Care
LOC	—Letter of Credit
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 98.5%
Alabama – 0.8%
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2008 C RMKT(a)
$	11,500,000		0.190	%		12/07/20	$	11,500,000
Alaska – 1.1%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 A RMKT (Wells Fargo Bank N.A., SPA)(a)
	15,800,000		0.100			12/07/20		15,800,000
California – 7.8%
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2007 D-2 RMKT (Bank of America N.A., LOC)(a)
	3,250,000		0.080			12/07/20		3,250,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2019 A (Bank of America N.A., LOC)(a)
	16,575,000		0.080			12/07/20		16,575,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 A (GTY AGMT- Chevron Corp.)(a)
	3,000,000		0.100			12/01/20		3,000,000
	California Statewide Communities Development Authority CP for Kaiser Foundation Hospitals Series 2020 A2
	15,000,000		0.190			01/13/21		15,000,000
	Los Angeles Department of Water & Power VRDN RB Refunding Series 2001 Subseries B-7 (TD Bank N.A., SPA)(a)
	17,500,000		0.060			12/07/20		17,500,000
	Metropolitan Water District of Southern California VRDN RB Partial Refunding Series 2016 B-2 RMKT (Bank of America N.A., SPA)(a)
	2,300,000		0.080			12/01/20		2,300,000
	Regents of The University of California (The) CP Series 2020 A
	17,400,000		0.140			01/05/21		17,400,000
	8,000,000		0.190			02/03/21		8,000,000
	San Diego County Regional Transportation Commission VRDN RB Refunding for Limited Tax Series 2008 C RMKT (Bank of America N.A., SPA)(a)
	12,000,000		0.060			12/07/20		12,000,000
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 B RMKT (TD Bank N.A., SPA)(a)
	12,180,000		0.090			12/07/20		12,180,000
								107,205,000
Colorado – 6.3%
	City of Colorado Springs Utilities System VRDN RB Series 2008 A (U.S. Bank N.A., SPA)(a)
	4,365,000		0.120			12/07/20		4,365,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C RMKT (Barclays Bank PLC, SPA)(a)
	8,255,000		0.110			12/07/20		8,255,000
	City of Colorado Springs Utilities System VRDN RB Series 2012 A (U.S. Bank N.A., SPA)(a)
	4,200,000		0.110			12/07/20		4,200,000
Municipal Debt Obligations – (continued)
Colorado – (continued)
	Colorado Educational & Cultural Facilities Authority VRDN RB Refunding for Nature Conservancy Project Series 2012(a)
	21,815,000		0.120			12/07/20		21,815,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Sumitomo Mitsui Banking Corp., LOC)(a)
	8,830,000		0.120			12/07/20		8,830,000
	University of Colorado Hospital Authority VRDN RB Series 2019 A(a)
	39,000,000		0.090			12/07/20		39,000,000
								86,465,000
Connecticut – 1.9%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2012 Subseries B-3 (Royal Bank of Canada, SPA)(a)
	17,130,000		0.110			12/07/20		17,130,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)(a)
	5,000,000		0.120			12/07/20		5,000,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2019 Subseries B-3 (Bank of America N.A., SPA)(a)
	4,000,000		0.110			12/07/20		4,000,000
								26,130,000
Delaware – 1.0%
	University of Delaware VRDN RB Refunding Series 2005 (TD Bank N.A., SPA)(a)
	990,000		0.110			12/01/20		990,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)(a)
	5,725,000		0.090			12/01/20		5,725,000
	University of Delaware VRDN RB Series 2004 B (Bank of America N.A., SPA)(a)
	7,000,000		0.110			12/01/20		7,000,000
								13,715,000
District of Columbia – 2.8%
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-1 (TD Bank N.A., SPA)(a)
	10,350,000		0.120			12/07/20		10,350,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)(a)
	15,165,000		0.110			12/07/20		15,165,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	13,355,000		0.100			12/07/20		13,355,000
								38,870,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Florida – 1.1%
	City of Gainesville Utilities System VRDN RB Partial Refunding Series 2007 A RMKT (State Street Bank & Trust Co., SPA)(a)
$	14,960,000		0.110	%		12/07/20	$	14,960,000
Georgia – 2.1%
	Development Authority for Fulton County VRDN RB Refunding for Children’s Healthcare of Atlanta Series 2008 (PNC Bank N.A. SPA)(a)
	28,800,000		0.110			12/07/20		28,800,000
Illinois – 4.3%
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B(a)
	12,500,000		0.110			12/07/20		12,500,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries D(a)
	37,500,000		0.070			12/07/20		37,500,000
	Illinois Housing Development Authority VRDN Homeowner Mortgage RB Series 2018 Subseries A-2 (GNMA/FNMA/ FHLMC)(FHLB, SPA)(a)
	4,875,000		0.110			12/07/20		4,875,000
	Illinois State Finance Authority VRDN RB Refunding for Advocate Health Care Series 2008 Subseries C3A (Northern Trust Co., SPA)(a)
	4,000,000		0.140			12/07/20		4,000,000
								58,875,000
Indiana – 2.7%
	Indiana Finance Authority VRDN RB Refunding for Ascension Health Credit Group Series 2008 E-8 Convertible(a)
	25,000,000		0.110			12/07/20		25,000,000
	Indiana Finance Authority VRDN RB Refunding for Ascension Health Senior Credit Group Series 2008 E-5 Convertible(a)
	1,850,000		0.110			12/07/20		1,850,000
	Purdue University VRDN RB for Student Facilities System Series 2007 C(a)
	10,000,000		0.090			12/07/20		10,000,000
								36,850,000
Louisiana – 2.8%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A(a)
	33,000,000		0.120			12/01/20		33,000,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 B(a)
	6,000,000		0.120			12/01/20		6,000,000
								39,000,000
Maryland – 1.1%
	Maryland State Economic Development Corp. VRDN RB Refunding for Howard Hughes Medical Institute Project Series 2008 B(a)
	2,475,000		0.120			12/07/20		2,475,000
	Maryland State Health & Higher Educational Facilities Authority CP for Johns Hopkins Health System Corp. (The) Series 2020 B
	5,980,000		0.180			12/03/20		5,980,000
Municipal Debt Obligations – (continued)
Maryland – (continued)
	Washington Suburban Sanitary District GO VRDN BANS Series 2015 A-2 (County Guarantee)(TD Bank N.A., SPA)(a)
	7,300,000		0.100			12/07/20		7,300,000
								15,755,000
Massachusetts – 8.0%
	Commonwealth of Massachusetts GO VRDN for Central Artery/ Ted Williams Tunnel Infrastructure Loan Act Series 2000 A RMKT (Citibank N.A., SPA)(a)
	15,000,000		0.110			12/07/20		15,000,000
	Massachusetts Bay Transportation Authority VRDN RB for General Transportation System Refunding Series 2000 A1 (Barclays Bank PLC, SPA)(a)
	26,510,000		0.110			12/07/20		26,510,000
	Massachusetts Bay Transportation Authority VRDN RB Refunding for General Transportation System Series 2000 Subseries A-2 (Barclays Bank PLC, SPA)(a)
	14,400,000		0.110			12/07/20		14,400,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Partners HealthCare System Series 1997 P-1 RMKT (GTY AGMT- Brigham and Women’s Hospital, Inc.)(JPMorgan Chase Bank N.A., SPA)(a)
	6,900,000		0.100			12/07/20		6,900,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Partners Healthcare System Series 2005 F-3 (TD Bank N.A., LOC)(a)
	1,400,000		0.100			12/07/20		1,400,000
	Massachusetts Water Resources Authority CP Series 1999 A2
	7,350,000		0.190			02/09/21		7,350,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)(a)
	4,000,000		0.110			12/07/20		4,000,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)(a)
	12,360,000		0.110			12/07/20		12,360,000
	University of Massachusetts Building Authority VRDN RB Refunding Senior Series 2011-1 (Wells Fargo Bank N.A., SPA)(a)
	15,000,000		0.110			12/07/20		15,000,000
	University of Massachusetts Building Authority VRDN RB Senior Series 2008-1 RMKT (Barclays Bank PLC, SPA)(a)
	6,590,000		0.100			12/07/20		6,590,000
								109,510,000
Michigan – 3.5%
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-2(a)
	7,690,000		0.110			12/07/20		7,690,000
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-3(a)
	5,130,000		0.080			12/07/20		5,130,000
	University of Michigan CP Series 2020 L-1
	6,500,000		0.120			12/02/20		6,500,000
	18,000,000		0.150			01/05/21		18,000,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Michigan – (continued)
	University of Michigan CP Series 2020 L-1 – (continued)
$	10,400,000		0.170	%		02/03/21	$	10,400,000
								47,720,000
Minnesota – 2.4%
	Minnesota Housing Finance Agency VRDN Residential Housing Finance RB Refunding Series 2019 D (GNMA/FNMA/ FHLMC) (Royal Bank of Canada, SPA)(a)
	8,550,000		0.110			12/07/20		8,550,000
	Rochester Housing & Healthcare Facilities Revenue CP Series 2020 A2
	25,000,000		0.210			01/06/21		25,000,000
								33,550,000
Mississippi – 1.3%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 C (GTY AGMT – Chevron Corp.)(a)
	3,170,000		0.110			12/07/20		3,170,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 H (GTY AGMT – Chevron Corp.)(a)
	1,300,000		0.100			12/01/20		1,300,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 L (GTY AGMT – Chevron Corp.)(a)
	8,400,000		0.100			12/01/20		8,400,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 J (GTY AGMT – Chevron Corp.)(a)
	4,390,000		0.120			12/01/20		4,390,000
								17,260,000
Missouri – 0.5%
	Missouri Health & Educational Facilities Authority VRDN RB for Ascension Health Senior Credit Group Series 2008 C-4 and Series 2008 C-5(a)
	6,020,000		0.080			12/07/20		6,020,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for BJC Health System Series 2008 A (U.S. Bank N.A., LIQ)(a)
	1,350,000		0.110			12/07/20		1,350,000
								7,370,000
Multi-State – 0.8%
	Federal Home Loan Mortgage Corporation Variable Rate Tender Option Bond Certificates for Multi-Family Housing Series 2014-M031 Class A (FHLMC, LIQ)(a)(b)
	11,565,000		0.140			12/07/20		11,565,000
Nebraska – 1.0%
	Nebraska Investment Finance Authority VRDN RB for Single Family Housing Series 2019 C (FHLB, SPA)(a)
	13,675,000		0.100			12/07/20		13,675,000
Nevada – 1.8%
	Las Vegas Valley Water District CP Series 2020 A
	24,970,000		0.170			01/06/21		24,969,616
Municipal Debt Obligations – (continued)
New York – 14.1%
	Nassau County GO RANS Series 2020 A
	10,000,000		2.000			12/09/20		10,001,797
	Nassau County GO RANS Series 2020 C
	3,500,000		4.000			03/15/21		3,536,990
	Nassau County Interim Finance Authority Sales Tax Secured VRDN Refunding RB Series 2008 A (TD Bank N.A., SPA)(a)
	10,960,000		0.110			12/07/20		10,960,000
	Nassau County Interim Finance Authority Sales Tax Secured VRDN Refunding RB Series 2008 B (Sumitomo Mitsui Banking Corp., SPA)(a)
	7,800,000		0.100			12/07/20		7,800,000
	New York City GO VRDN Series 2005 E Subseries E-2 (Bank of America N.A., LOC)(a)
	2,500,000		0.100			12/01/20		2,500,000
	New York City GO VRDN Series 2005 Subseries F-4A RMKT (Sumitomo Mitsui Banking Corp. LOC)(a)
	5,680,000		0.120			12/07/20		5,680,000
	New York City GO VRDN Series 2018 Subseries B-5 (Barclays Bank PLC, SPA)(a)
	2,500,000		0.100			12/01/20		2,500,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2011 Subseries FF-1 and FF-2 (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	700,000		0.120			12/01/20		700,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2019 BB (Industrial & Commercial Bank of China, SPA)(a)
	31,950,000		0.150			12/07/20		31,950,000
	New York City Transitional Finance Authority Future Tax Secured VRDN RB Series 2010 Subseries G-6 (Barclays Bank PLC, SPA)(a)
	185,000		0.100			12/01/20		185,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT(a)
	27,330,000		0.110			12/07/20		27,330,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)(a)
	12,670,000		0.110			12/07/20		12,670,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Series 2004 A RMKT (Bank of New York Mellon, SPA)(a)
	16,595,000		0.090			12/07/20		16,595,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA, LIQ) (FNMA, LOC)(a)
	4,600,000		0.100			12/07/20		4,600,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ)(FNMA, LOC)(a)
	9,000,000		0.110			12/07/20		9,000,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ)(FNMA, LOC)(a)
	4,400,000		0.100			12/07/20		4,400,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
New York – (continued)
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LIQ) (FHLMC, LOC)(a)
$	16,950,000		0.110	%		12/07/20	$	16,950,000
	Power Authority of the State of New York CP Series 2020 A2
	12,000,000		0.370			02/01/21		12,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (State Street Bank & Trust Co., LOC)(a)
	14,420,000		0.100			12/01/20		14,420,000
								193,778,787
North Carolina – 2.9%
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)(a)
	5,700,000		0.110			12/07/20		5,700,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)(a)
	26,780,000		0.110			12/07/20		26,780,000
	University of North Carolina at Chapel Hill VRDN RB Refunding Series 2001 B(a)
	7,080,000		0.070			12/07/20		7,080,000
								39,560,000
Ohio – 6.0%
	City of Columbus Sewerage System VRDN RB Refunding Series 2008 B(a)
	22,165,000		0.060			12/07/20		22,165,000
	County of Hamilton VRDN RB Refunding for Cincinnati Children’s Hospital Medical Center Series 2018 AA(a)
	13,065,000		0.100			12/07/20		13,065,000
	Franklin County Hospital VRDN RB Refunding for Ohio Health Facilities Series 2009 B RMKT (Barclays Bank PLC, SPA)(a)
	19,485,000		0.110			12/07/20		19,485,000
	Ohio State Higher Education Facilities CP for Cleveland Clinic Series 2008 B-6
	1,190,000		0.140			12/03/20		1,190,000
	Ohio State University VRDN RB Series 2014 B-1(a)
	10,350,000		0.070			12/07/20		10,350,000
	State of Ohio GO VRDN for Common Schools Series 2006 C(a)
	7,125,000		0.100			12/07/20		7,125,000
	State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2004 A (TD Bank N.A., LOC)(a)
	9,765,000		0.100			12/07/20		9,765,000
								83,145,000
South Carolina – 0.5%
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	6,750,000		0.110			12/07/20		6,750,000
Texas – 11.4%
	Board of Regents of the University of Texas System VRDN RB Refunding for Permanent University Fund Series 2008 A(a)
	15,000,000		0.080			12/07/20		15,000,000
Municipal Debt Obligations – (continued)
Texas – (continued)
	City of El Paso Texas Water & Sewer System CP Series A
	5,000,000		0.200			12/04/20		5,000,000
	Dallas Area Rapid Transit Sr. Sub. Lien Sales Tax Revenue CP Series IIA
	500,000		0.200			02/02/21		500,000
	Dallas Area Rapid Transit Sr. Sub. Lien Sales Tax Revenue Tax-Exempt CP Series A2
	5,850,000		0.180			02/02/21		5,850,000
	Dallas Texas Waterworks & Sewer System CP Series D-1
	7,200,000		0.160			12/03/20		7,200,000
	6,300,000		0.190			12/03/20		6,300,000
	Harris County Cultural Education Facilities Finance Corp. CP Series C-1
	17,516,000		0.160			12/02/20		17,516,000
	Harris County Cultural Education Facilities Finance Corp. CP Series C-2
	6,230,000		0.220			02/11/21		6,230,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Memorial Hermann Health System Series 2014 C(a)
	28,460,000		0.100			12/07/20		28,460,000
	Harris County Industrial Development Corp. VRDN PCRB for ExxonMobil Project Series 1984(a)
	2,000,000		0.120			12/01/20		2,000,000
	Port of Port Arthur Navigation District VRDN RB Refunding for Texaco, Inc. Project Series 1994(a)
	2,000,000		0.120			12/01/20		2,000,000
	San Antonio, Texas (City of) CP Series A
	14,500,000		0.200			01/05/21		14,500,000
	San Antonio, Texas (City of) CP Series B
	3,800,000		0.190			01/05/21		3,800,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources System Series 2012 B(a)
	4,610,000		0.110			12/07/20		4,610,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A(a)
	9,800,000		0.110			12/07/20		9,800,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C(a)
	11,000,000		0.110			12/07/20		11,000,000
	Tarrant County Cultural Education Facilities Finance Corp., VRDN RB Refunding for Methodists Hospital of Dallas Project Series 2008 B RMKT (TD Bank N.A., LOC)(a)
	16,000,000		0.100			12/01/20		16,000,000
	University of Texas System VRDN RB Refunding for Financing System Series 2007 B(a)
	1,270,000		0.100			12/07/20		1,270,000
								157,036,000
Virginia – 5.8%
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2016 C(a)
	6,445,000		0.120			12/07/20		6,445,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2018 C(a)
	15,300,000		0.120			12/07/20		15,300,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

November 30, 2020

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Virginia – (continued)
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 C(a)
$	2,445,000		0.120	%		12/07/20	$	2,445,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F(a)
	2,025,000		0.110			12/07/20		2,025,000
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 A(a)
	34,250,000		0.120			12/07/20		34,250,000
	Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B(a)
	2,580,000		0.100			12/07/20		2,580,000
	Virginia College Building Authority Educational Facilities VRDN RB Refunding for University of Richmond Project Series 2004 RMKT (U.S. Bank N.A., SPA)(a)
	16,120,000		0.100			12/07/20		16,120,000
								79,165,000
Washington – 2.3%
	King County GO VRDN RB Refunding Series 2019 A (TD Bank N.A., SPA)(a)
	7,065,000		0.130			12/01/20		7,065,000
	Port of Tacoma VRDN Subordinate Lien RB Series 2008 B RMKT (Bank of America N.A., LOC)(a)
	11,500,000		0.100			12/07/20		11,500,000
	Washington Health Care Facilities Authority Revenue Bonds Refunding for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)(a)
	13,000,000		0.110			12/07/20		13,000,000
								31,565,000
Wisconsin – 0.4%
	Wisconsin Housing & Economic Development Authority VRDN Home Ownership RB Series 2019 B (FNMA)(FHLB, SPA)(a)
	5,100,000		0.110			12/07/20		5,100,000
	TOTAL INVESTMENTS – 98.5%						$	1,355,644,403
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%							21,026,894
	NET ASSETS – 100.0%						$	1,376,671,297

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Rate shown is that which is in effect on November 30, 2020. 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, 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, or the prerefunded date for those types of securities.

Investment Abbreviations:
BANS	— Bond Anticipation Notes
CP	— Commercial Paper
FHLB	— Insured by Federal Home Loan Bank
FHLMC	— Insured by Federal Home Loan Mortgage Corp.
FNMA	— Insured by Federal National Mortgage Association
GNMA	— Insured by Government National Mortgage Association
GO	— General Obligation
GTY AGMT	— Guaranty Agreement
IDA	— Industrial Development Agency
IDB	— Industrial Development Board
LIQ	— Liquidity Agreement
LOC	— Letter of Credit
PCRB	— Pollution Control Revenue Bond
RANS	— Revenue Anticipation Notes
RB	— Revenue Bond
RMKT	— Remarketed
SPA	— Stand-by Purchase Agreement
VRDN	— Variable Rate Demand Notes

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At November 30, 2020, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of December 1, 2020, as follows:

Principal Amount	Maturity Value	Collateral Value
$326,000,000	$326,000,906	$335,534,260

REPURCHASE AGREEMENTS — At November 30, 2020, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.100	%		$102,629,630
Bank of America, N.A.		0.100			60,370,370
BofA Securities, Inc.		0.100			42,259,259
Bank of Nova Scotia (The)		0.100			120,740,741
TOTAL					$326,000,000

At November 30, 2020, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 5.500	%		01/01/24 to 12/01/50
Federal National Mortgage Association		2.000 to 5.500			07/01/25 to 10/01/50
Government National Mortgage Association		2.000 to 4.000			07/20/45 to 08/20/50
U.S. Treasury Bills		0.000			01/28/21 to 08/12/21
U.S. Treasury Bonds		3.000			11/15/44
U.S. Treasury Inflation-Indexed Notes		0.250			7/15/29
U.S. Treasury Notes		0.125 to 2.750			11/30/22 to 05/15/29

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

November 30, 2020

	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments , at value (cost $1,397,772,626 and $1,355,644,403)	$	1,397,772,626	$	1,355,644,403
Repurchase agreements , at value (cost $506,500,000 and $0)		506,500,000		—
Cash		—		119,858
Receivables:
Fund shares sold		887,461		1,707
Reimbursement from investment advisor		80,446		72,650
Interest		57,173		436,527
Investments sold		—		20,700,186
Other assets		145,387		85,744
Total assets		1,905,443,093		1,377,061,075
Liabilities:
Due to custodian		169,270		—
Payables:
Investments purchased		17,000,000		—
Fund shares redeemed		7,303,952		106,157
Management fees		256,129		125,861
Distribution and Service fees and Transfer Agency fees		154,041		20,460
Dividend distribution		6,981		6,080
Accrued expenses		95,557		131,220
Total liabilities		24,985,930		389,778
Net Assets:
Paid-in capital		1,880,003,696		1,376,591,913
Total distributable earnings (loss)		453,467		79,384
NET ASSETS	$	1,880,457,163	$	1,376,671,297
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class A Shares	$	221,008,092	$	10,756,462
Class C Shares		38,986		28,534
Class I Shares		1,527,627,980		1,361,639,354
Capital Shares		—		1,032
Service Shares		50,167,259		820,205
Preferred Shares		—		277,783
Select Shares		—		1,038
Administration Shares		31,792,214		304,948
Cash Management Shares		49,811,966		1,012
Premier Shares		—		1,026
Resource Shares		10,666		2,839,903
Total Net Assets	$	1,880,457,163	$	1,376,671,297
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A Shares		220,971,286		10,755,439
Class C Shares		38,980		28,531
Class I Shares		1,527,373,661		1,361,510,445
Capital Shares		—		1,032
Service Shares		50,158,937		820,127
Preferred Shares		—		277,757
Select Shares		—		1,038
Administration Shares		31,786,940		304,919
Cash Management Shares		49,803,704		1,012
Premier Shares		—		1,025
Resource Shares		10,664		2,839,634

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
	For the Period Ended November 30, 2020†			Year Ended August 31, 2020			For the Period Ended November 30, 2020†			Year Ended August 31, 2020
Investment Income:
Interest income	$	883,328		$	25,799,932		$	515,190		$	13,935,288
Expenses:
Fund-Level Expenses:
Management fees		856,120			3,199,156			593,475			2,453,379
Registration fees		142,007			467,748			51,927			170,453
Printing and mailing fees		66,420			67,702			62,333			33,041
Transfer Agency fees		53,507			199,948			37,089			153,336
Professional fees		51,190			109,099			51,185			108,959
Custody, accounting and administrative services		26,860			110,160			28,389			113,523
Trustee fees		5,902			22,901			5,469			22,193
Shareholder meeting expense		—			19,361			—			4,827
Other		—			2,129			21,380			38,704
Subtotal		1,202,006			4,198,204			851,247			3,098,415
Class Specific Expenses:
Distribution and Service fees — Class A Shares		145,540			638,157			8,502			45,214
Cash Management Share fees		55,719			170,753			1			5
Service Share fees		33,889			123,897			507			2,484
Shareholder Administration Plan fees — Service Shares		33,889			123,897			507			2,484
Distribution fees — Cash Management Shares		33,432			102,452			1			3
Administration Share fees		20,444			91,068			189			759
Distribution fees — Class C Shares		110			244			71			282
Resource Share fees		13			53			4,019			13,468
Distribution fees — Resource Shares		4			16			1,206			4,041
Preferred Share fees		—			—			40			417
Premier Share fees		—			—			1			4
Capital Share fees		—			—			—			2
Total expenses		1,525,046			5,448,741			866,291			3,167,578
Less — expense reductions		(482,857	)		(656,593	)		(373,732	)		(329,082	)
Net expenses		1,042,189			4,792,148			492,559			2,838,496
NET INVESTMENT INCOME (LOSS)	$	(158,861	)	$	21,007,784		$	22,631		$	11,096,792
Net realized gain from investment transactions		31,683			1,236,233			78,076			7,987
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(127,178	)	$	22,244,017		$	100,707		$	11,104,779

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets

	Investor Money Market Fund									Investor Tax-Exempt Money Market Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income (loss)	$	(158,861	)	$	21,007,784		$	22,874,367		$	22,631		$	11,096,792		$	16,974,385
Net realized gain from investment transactions		31,683			1,236,233			65,956			78,076			7,987			7
Net increase (decrease) in net assets resulting from operations		(127,178	)		22,244,017			22,940,323			100,707			11,104,779			16,974,392
Distributions to shareholders:
From distributable earnings:
Class A Shares		(9,371	)		(2,297,830	)		(1,234,215	)		(208	)		(76,231	)		(74,792	)
Class C Shares		(2	)		(63	)		(142	)		(1	)		(39	)		(35	)
Class I Shares		(359,733	)		(18,363,630	)		(19,336,326	)		(22,351	)		(11,004,509	)		(16,864,762	)
Capital Shares		—			—			—			(1	)		(10	)		(17	)
Service Shares		(2,182	)		(314,654	)		(44,257	)		(12	)		(4,489	)		(14,435	)
Preferred Shares		—			—			—			(3	)		(1,884	)		(820	)
Select Shares		—			—			—			(1	)		(10	)		(33	)
Administration Shares		(1,317	)		(335,476	)		(2,153,706	)		(5	)		(1,676	)		(2,245	)
Cash Management Shares		(1,794	)		(138,019	)		(154,020	)		(1	)		(6	)		(10	)
Premier Shares		—			—			—			(1	)		(8	)		(13	)
Resource Shares		(1	)		(72	)		(183	)		(48	)		(7,929	)		(17,222	)
Total distributions to shareholders		(374,400	)		(21,449,744	)		(22,922,849	)		(22,632	)		(11,096,791	)		(16,974,384	)
From share transactions
Proceeds from sales of shares		303,870,341			4,020,278,618			2,562,005,279			409,431,141			2,567,445,330			1,938,594,915
Reinvestment of distributions		336,663			19,673,459			19,492,259			3,254			2,076,003			2,489,065
Cost of shares redeemed		(840,527,434	)		(3,193,030,924	)		(1,657,812,828	)		(564,972,424	)		(2,501,565,155	)		(1,534,774,415	)
Net increase (decrease) in net assets resulting from share transactions		(536,320,430	)		846,921,153			923,684,710			(155,538,029	)		67,956,178			406,309,565
NET INCREASE (DECREASE)		(536,822,008	)		847,715,426			923,702,184			(155,459,954	)		67,964,166			406,309,573
Net assets:
Beginning of period		2,417,279,171			1,569,563,745			645,861,561			1,532,131,251			1,464,167,085			1,057,857,512
End of period	$	1,880,457,163		$	2,417,279,171		$	1,569,563,745		$	1,376,671,297		$	1,532,131,251		$	1,464,167,085

† The Funds changed their fiscal year end from August 31 to November 30.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class A Shares				2020			2019			2018			2017
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)		—	(b)		0.009			0.021			0.016			0.008			0.001
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.003	)		(0.002	)		—	(b)
Total from investment operations		—	(b)		0.010			0.021			0.013			0.006			0.001
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.98	%		2.14	%		1.36	%		0.62	%		0.09	%
Net assets, end of period (in 000’s)	$	221,008		$	249,228		$	169,451		$	7,933		$	563		$	50
Ratio of net expenses to average net assets		0.24	%(f)		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%(f)
Ratio of total expenses to average net assets		0.47	%(f)		0.46	%		0.46	%		0.54	%		0.76	%		5.13	%(f)
Ratio of net investment income (loss) to average net assets		(0.08	)%(f)		0.88	%		2.12	%		1.59	%		0.81	%		0.16	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on January 29, 2016.

(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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class C Shares				2020			2019			2018			2017
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)		—	(b)		0.003			0.014			0.004			—	(b)		—	(b)
Net realized gain		—	(b)		0.002			—	(b)		0.002			0.001			—	(b)
Total from investment operations		—	(b)		0.005			0.014			0.006			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.005	)		(0.014	)		(0.006	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.005	)		(0.014	)		(0.006	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.46	%		1.38	%		0.60	%		0.06	%		0.05	%
Net assets, end of period (in 000’s)	$	39		$	53		$	10		$	10		$	64		$	50
Ratio of net expenses to average net assets		0.24	%(f)		0.79	%		1.18	%		1.18	%		1.02	%		0.58	%(f)
Ratio of total expenses to average net assets		1.22	%(f)		1.21	%		1.21	%		1.29	%		1.51	%		5.88	%(f)
Ratio of net investment income (loss) to average net assets		(0.08	)%(f)		0.24	%		1.38	%		0.40	%		0.04	%		0.01	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on January 29, 2016.

(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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Class I Shares				2020			2019			2018			2017
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)		—	(b)		0.011			0.024			0.017			0.009			0.002
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.001	)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.012			0.024			0.016			0.009			0.002
Distributions to shareholders from net investment income		—	(b)		(0.012	)		(0.024	)		(0.016	)		(0.009	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.012	)		(0.024	)		(0.016	)		(0.009	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.02	%		1.22	%		2.40	%		1.61	%		0.87	%		0.24	%
Net assets, end of period (in 000’s)	$	1,527,628		$	2,025,657		$	1,316,874		$	504,770		$	216,443		$	10,679
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%(e)
Ratio of total expenses to average net assets		0.22	%(e)		0.21	%		0.21	%		0.29	%		0.51	%		4.88	%(e)
Ratio of net investment income (loss) to average net assets		(0.02	)%(e)		1.11	%		2.37	%		1.68	%		0.90	%		0.41	%(e)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on January 29, 2016.

(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) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Service Shares				2020			2019			2018			2017
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)		—	(b)		0.006			0.018			0.009			0.004			—	(b)
Net realized gain		—	(b)		0.002			0.001			0.002			—	(b)		—	(b)
Total from investment operations		—	(b)		0.008			0.019			0.011			0.004			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.004	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.008	)		(0.019	)		(0.011	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.78	%		1.89	%		1.11	%		0.39	%		0.05	%
Net assets, end of period (in 000’s)	$	50,167		$	56,453		$	30,615		$	11		$	50		$	50
Ratio of net expenses to average net assets		0.24	%(f)		0.62	%		0.68	%		0.68	%		0.68	%		0.61	%(f)
Ratio of total expenses to average net assets		0.72	%(f)		0.71	%		0.71	%		0.79	%		1.01	%		5.38	%(f)
Ratio of net investment income (loss) to average net assets		(0.08	)%(f)		0.62	%		1.75	%		0.92	%		0.36	%		0.02	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on May 31, 2016.

(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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Administration Shares				2020			2019			2018			2017
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)		—	(b)		0.009			0.021			0.014			0.007			0.001
Net realized gain (loss)		—	(b)		0.001			—	(b)		(0.001	)		(0.001	)		—	(b)
Total from investment operations		—	(b)		0.010			0.021			0.013			0.006			0.001
Distributions to shareholders from net investment income		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.010	)		(0.021	)		(0.013	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.98	%		2.14	%		1.36	%		0.62	%		0.09	%
Net assets, end of period (in 000’s)	$	31,792		$	33,860		$	31,188		$	132,200		$	100,351		$	50
Ratio of net expenses to average net assets		0.24	%(f)		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%(f)
Ratio of total expenses to average net assets		0.47	%(f)		0.46	%		0.46	%		0.54	%		0.76	%		5.13	%(f)
Ratio of net investment income (loss) to average net assets		(0.08	)%(f)		0.90	%		2.12	%		1.37	%		0.72	%		0.16	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on January 29, 2016.

(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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Cash Management Shares				2020			2019			2018			2017
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)		—	(b)		0.004			0.016			0.009			0.002			—	(b)
Net realized gain (loss)		—	(b)		0.002			—	(b)		(0.001	)		(0.001	)		—	(b)
Total from investment operations		—	(b)		0.006			0.016			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.016	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.58	%		1.58	%		0.81	%		0.15	%		0.05	%
Net assets, end of period (in 000’s)	$	49,812		$	52,017		$	21,414		$	927		$	91		$	50
Ratio of net expenses to average net assets		0.24	%(f)		0.76	%		0.98	%		0.98	%		0.95	%		0.62	%(f)
Ratio of total expenses to average net assets		1.02	%(f)		1.01	%		1.01	%		1.09	%		1.31	%		5.68	%(f)
Ratio of net investment income (loss) to average net assets		(0.08	)%(f)		0.38	%		1.60	%		0.88	%		0.18	%		0.01	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on May 31, 2016.

(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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Money Market Fund — Resource Shares				2020			2019			2018			2017
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)		—	(b)		0.007			0.017			0.008			0.002			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		0.002			0.001			—	(b)
Total from investment operations		—	(b)		0.007			0.017			0.010			0.003			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.017	)		(0.010	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.017	)		(0.010	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.67	%		1.74	%		0.96	%		0.26	%		0.05	%
Net assets, end of period (in 000’s)	$	11		$	11		$	11		$	11		$	50		$	50
Ratio of net expenses to average net assets		0.23	%(f)		0.73	%		0.81	%		0.83	%		0.82	%		0.62	%(f)
Ratio of total expenses to average net assets		0.87	%(f)		0.86	%		0.86	%		0.94	%		1.16	%		5.53	%(f)
Ratio of net investment income (loss) to average net assets		(0.07	)%(f)		0.66	%		1.75	%		0.77	%		0.22	%		0.01	%(f)

† The Fund changed its fiscal year end from August 31 to November 30.

* Commenced operations on May 31, 2016.

(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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Tax-Exempt Money Market Fund — Class A Shares				2020			2019			2018			2017
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)		—	(b)		0.005			0.012			0.008			0.004			—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		—	(b)		0.006			0.012			0.008			0.004			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.012	)		(0.008	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.012	)		(0.008	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.55	%		1.16	%		0.78	%		0.38	%		0.01	%
Net assets, end of period (in 000’s)	$	10,756		$	16,678		$	14,846		$	2,296		$	643		$	10
Ratio of net expenses to average net assets		0.13	%(f)		0.36	%		0.43	%		0.43	%		0.43	%		0.30	%(f)
Ratio of total expenses to average net assets		0.48	%(f)		0.45	%		0.45	%		0.47	%		0.54	%		0.49	%(f)
Ratio of net investment income to average net assets		0.01	%(f)		0.42	%		1.11	%		0.82	%		0.35	%		0.04	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on March 31, 2016.

(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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,												Period Ended August 31, 2016*
Investor Tax-Exempt Money Market Fund — Class C Shares				2020			2019			2018			2017
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)		—	(b)		0.001			0.004			0.001			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.001			0.004			0.001			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.001	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.001	)		(0.004	)		(0.001	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.12	%		0.41	%		0.13	%		0.07	%		0.01	%
Net assets, end of period (in 000’s)	$	29		$	29		$	9		$	9		$	9		$	10
Ratio of net expenses to average net assets		0.13	%(f)		0.55	%		1.19	%		1.06	%		0.72	%		0.31	%(f)
Ratio of total expenses to average net assets		1.23	%(f)		1.20	%		1.20	%		1.22	%		1.29	%		1.24	%(f)
Ratio of net investment income to average net assets		0.01	%(f)		0.14	%		0.39	%		0.15	%		0.04	%		0.04	%(f)

 † The Fund changed its fiscal year end from August 31 to November 30.

 * Commenced operations on March 31, 2016.

(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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Class I Shares				2020			2019			2018			2017			2016
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)		—	(b)		0.007			0.014			0.010			0.006			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.007			0.014			0.010			0.007			0.001
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.014	)		(0.010	)		(0.006	)		(0.001	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.014	)		(0.010	)		(0.007	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.75	%		1.42	%		1.03	%		0.63	%		0.11	%
Net assets, end of period (in 000’s)	$	1,361,639		$	1,511,106		$	1,444,641		$	1,052,229		$	924,326		$	1,387,634
Ratio of net expenses to average net assets		0.13	%(f)		0.18	%		0.18	%		0.18	%		0.18	%		0.11	%
Ratio of total expenses to average net assets		0.23	%(f)		0.20	%		0.20	%		0.22	%		0.29	%		0.24	%
Ratio of net investment income to average net assets		0.01	%(f)		0.73	%		1.40	%		1.02	%		0.57	%		0.07	%

 † 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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Capital Shares				2020			2019			2018			2017			2016
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)		0.001			0.010			0.017			0.013			0.003			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.002			—	(b)
Total from investment operations		0.001			0.010			0.017			0.013			0.005			—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.010	)		(0.017	)		(0.013	)		(0.004	)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.001	)		(0.010	)		(0.017	)		(0.013	)		(0.005	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.62	%		1.27	%		0.88	%		0.48	%		0.04	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	886
Ratio of net expenses to average net assets		0.13	%(f)		0.18	%		0.18	%		0.18	%		0.33	%		0.19	%
Ratio of total expenses to average net assets		0.38	%(f)		0.35	%		0.35	%		0.37	%		0.44	%		0.39	%
Ratio of net investment income to average net assets		0.35	%(f)		0.99	%		1.69	%		1.31	%		0.30	%		0.04	%

 † 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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Service Shares				2020			2019			2018			2017			2016
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)		—	(b)		0.005			0.009			0.005			—	(b)		—	(b)
Net realized gain (loss)		—	(b)		(0.001	)		—	(b)		—	(b)		0.002			—	(b)
Total from investment operations		—	(b)		0.004			0.009			0.005			0.002			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.004	)		(0.009	)		(0.005	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.004	)		(0.009	)		(0.005	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.39	%		0.91	%		0.53	%		0.15	%		0.01	%
Net assets, end of period (in 000’s)	$	820		$	818		$	2,102		$	836		$	841		$	58,173
Ratio of net expenses to average net assets		0.13	%(f)		0.56	%		0.68	%		0.68	%		0.63	%		0.21	%
Ratio of total expenses to average net assets		0.73	%(f)		0.70	%		0.70	%		0.72	%		0.79	%		0.74	%
Ratio of net investment income to average net assets		0.01	%(f)		0.45	%		0.91	%		0.52	%		0.04	%		0.01	%

 † 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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Preferred Shares				2020			2019			2018			2017			2016
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)		—	(b)		0.005			0.013			0.009			0.005			0.001
Net realized gain		—	(b)		0.002			—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.007			0.013			0.009			0.006			0.001
Distributions to shareholders from net investment income		—	(b)		(0.007	)		(0.013	)		(0.009	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.007	)		(0.013	)		(0.009	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.66	%		1.32	%		0.93	%		0.53	%		0.06	%
Net assets, end of period (in 000’s)	$	278		$	91		$	61		$	68		$	37		$	46
Ratio of net expenses to average net assets		0.13	%(f)		0.26	%		0.28	%		0.28	%		0.28	%		0.13	%
Ratio of total expenses to average net assets		0.33	%(f)		0.30	%		0.30	%		0.32	%		0.39	%		0.34	%
Ratio of net investment income to average net assets		0.01	%(f)		0.45	%		1.31	%		0.93	%		0.48	%		0.03	%

 † 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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Select Shares				2020			2019			2018			2017			2016
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)		0.001			0.010			0.016			0.009			0.006			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		0.001			—	(b)		—	(b)
Total from investment operations		0.001			0.010			0.016			0.010			0.006			0.001
Distributions to shareholders from net investment income		(0.001	)		(0.010	)		(0.016	)		(0.010	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.001	)		(0.010	)		(0.016	)		(0.010	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.72	%		1.39	%		1.00	%		0.60	%		0.09	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	3		$	5,401		$	–
Ratio of net expenses to average net assets		0.13	%(f)		0.18	%		0.18	%		0.21	%		0.21	%		0.11	%
Ratio of total expenses to average net assets		0.26	%(f)		0.23	%		0.23	%		0.25	%		0.32	%		0.27	%
Ratio of net investment income to average net assets		0.35	%(f)		0.97	%		1.50	%		0.95	%		0.62	%		0.01	%

 † 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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Administration Shares				2020			2019			2018			2017			2016
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)		—	(b)		0.006			0.012			0.008			0.003			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.006			0.012			0.008			0.004			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.006	)		(0.012	)		(0.008	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.006	)		(0.012	)		(0.008	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.55	%		1.16	%		0.78	%		0.38	%		0.01	%
Net assets, end of period (in 000’s)	$	305		$	305		$	298		$	2		$	3,575		$	13,041
Ratio of net expenses to average net assets		0.13	%(f)		0.37	%		0.43	%		0.43	%		0.43	%		0.18	%
Ratio of total expenses to average net assets		0.48	%(f)		0.45	%		0.45	%		0.47	%		0.54	%		0.49	%
Ratio of net investment income to average net assets		0.01	%(f)		0.55	%		1.18	%		0.75	%		0.30	%		0.01	%

 † 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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Cash Management Shares				2020			2019			2018			2017			2016
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)		0.001			0.004			0.010			0.002			—	(b)		—	(b)
Net realized gain		—	(b)		0.001			—	(b)		0.001			0.001			—	(b)
Total from investment operations		0.001			0.005			0.010			0.003			0.001			—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.005	)		(0.010	)		(0.003	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.001	)		(0.005	)		(0.010	)		(0.003	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.22	%		0.61	%		0.24	%		0.09	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	54		$	1
Ratio of net expenses to average net assets		0.13	%(f)		0.66	%		0.90	%		0.96	%		0.77	%		0.12	%
Ratio of total expenses to average net assets		1.03	%(f)		1.00	%		1.00	%		1.02	%		1.09	%		1.04	%
Ratio of net investment income to average net assets		0.36	%(f)		0.54	%		0.96	%		0.24	%		0.01	%		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%.

(f) Annualized.

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Premier Shares				2020			2019			2018			2017			2016
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)		0.001			0.007			0.013			0.010			0.004			—	(b)
Net realized gain (loss)		—	(b)		0.001			—	(b)		—	(b)		(0.001	)		—	(b)
Total from investment operations		0.001			0.008			0.013			0.010			0.003			—	(b)
Distributions to shareholders from net investment income		(0.001	)		(0.008	)		(0.013	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.001	)		(0.008	)		(0.013	)		(0.010	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.49	%		1.06	%		0.68	%		0.29	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.13	%(f)		0.43	%		0.54	%		0.54	%		0.47	%		0.12	%
Ratio of total expenses to average net assets		0.58	%(f)		0.55	%		0.55	%		0.57	%		0.64	%		0.59	%
Ratio of net investment income to average net assets		0.36	%(f)		0.75	%		1.32	%		0.95	%		0.43	%		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%.

(f) Annualized.

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

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights (continued)

	For the Period Ended November 30, 2020†			Year Ended August 31,
Investor Tax-Exempt Money Market Fund — Resource Shares				2020			2019			2018			2017			2016
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)		—	(b)		0.003			0.008			0.004			—	(b)		—	(b)
Net realized gain (loss)		—	(b)		—	(b)		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		—	(b)		0.003			0.008			0.004			0.001			—	(b)
Distributions to shareholders from net investment income		—	(b)		(0.003	)		(0.008	)		(0.004	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		(0.001	)		—	(b)
Total distributions(c)		—	(b)		(0.003	)		(0.008	)		(0.004	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		—	%(e)		0.30	%		0.76	%		0.37	%		0.08	%		0.01	%
Net assets, end of period (in 000’s)	$	2,840		$	3,101		$	2,206		$	2,412		$	3,731		$	6,469
Ratio of net expenses to average net assets		0.13	%(f)		0.61	%		0.83	%		0.83	%		0.73	%		0.20	%
Ratio of total expenses to average net assets		0.88	%(f)		0.85	%		0.85	%		0.87	%		0.94	%		0.89	%
Ratio of net investment income to average net assets		0.01	%(f)		0.29	%		0.75	%		0.36	%		0.02	%		0.01	%

 † 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%.

(f) Annualized.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

November 30, 2020

1. ORGANIZATION

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

Fund*	Share Classes Offered	Diversified/ Non-diversified
Investor Money Market	Class A, Class C, Class I, Service, Administration, Cash Management, and Resource	Diversified
Investor Tax-Exempt Money Market	Class A, Class C, Class I, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, and Resource	Diversified

* Effective September 1, 2020, the Funds changed their fiscal year end from August 31 to November 30.

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 Valuation Procedures approved by the Trustees. 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. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

31

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

32

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The 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. The Trustees have delegated to GSAM 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, 2020, 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, as set forth below.

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, as set forth below.

C.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of the Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

33

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

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 period ended November 30, 2020, Goldman Sachs has advised that it did not retain any CDSCs with respect to Class C Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to 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 limit certain “Other Expenses” of the Funds (excluding 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 December 29, 2021, 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 annualized rates for each of the Funds are as follows:

	Class A Shares			Class C Shares			Class I Shares			Capital Shares(a)			Service Shares			Preferred Shares(a)			Select Shares(a)			Administration Shares			Cash Management Shares			Premier Shares(a)			Resource Shares
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.25			N/A			0.15			0.25			0.10			0.03			0.25			0.50			0.35			0.50
Distribution and/or Service (12b-1) Fees		0.25			0.75	(c)		N/A			N/A			0.25	(b)		N/A			N/A			N/A			0.30	(c)		N/A			0.15	(c)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A – Fees not applicable to respective share class

(a) Tax-Exempt Money Market Fund only.

(b) Service (12b-1) fee only.

(c) Distribution (12b-1) fee only.

34

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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.

During the period ended November 30, 2020, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. 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 period ended November 30, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	—	$	265	$	218	$	483
Investor Tax-Exempt Money Market		153		52		169		374

For the period ended August 31, 2020, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	22	$	134	$	1	$	500	$	657
Investo Tax-Exempt Money Market		21		29		7		272		329

For the period ended November 30, 2020, the net effective management fee rate was 0.16% for Investor Money Market and 0.12% for Investor Tax-Exempt Money Market.

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 period ended November 30, 2020, 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	$	74,085,000	$	10,065,000	$	—
Investor Tax-Exempt Money Market		161,510,000		286,525,000		—

35

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended August 31, 2020, 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	$	42,615,000	$	75,953,750	$	(4,200	)
Investor Tax-Exempt Money Market		631,880,000		408,025,000		—

As of November 30, 2020, 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		Class C Shares			Class I Shares		Capital Shares			Service Shares		Preferred Shares		Select Shares			Administration Shares		Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market		—		27	%		—		—			—		—		—			—		—			—			100	%
Investor Tax-Exempt Money Market		—		32	%		—		100	%		—		—		100	%		—		100	%		100	%		—

I.  Line of Credit Facility — As of November 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and 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 period ended November 30, 2020, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

The tax character of distributions paid during the period ended November 30, 2020 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	374,400	$	652
Tax-Exempt income		—		21,980
Total distributions	$	374,400	$	22,632

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	21,449,744	$	95,585
Tax-Exempt income		—		11,001,206
Total distributions	$	21,449,744	$	11,096,791

36

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

5. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	22,922,849	$	9,551
Tax-Exempt income		—		16,964,833
Total distributions	$	22,922,849	$	16,974,384

As of November 30, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Investor Money Market			Investor Tax-Exempt Money Market
Undistributed ordinary income — net	$	460,478		$	79,046
Undistributed Tax Exempt income — net		—			6,051
Undistributed long-term capital gains		—			367
Total undistributed earnings	$	460,478		$	85,464
Timing differences (Distribution Payable)	$	(6,981	)	$	(6,080	)
Unrealized gains (losses) — net	$	(30	)	$	—
Total accumulated earnings (losses) — net	$	453,467		$	79,384

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.

The Investor Money Market Fund re-classed $127,185 from paid in capital to distributable earnings for the period ending November 30, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund’s and result primarily from net operating losses and redemptions utilized as distributions.

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.

6. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily. monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2020

6. OTHER RISKS (continued)

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investment resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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.

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 securities or instruments may also be adversely affected. 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 Fund assets, or, at times, maintain a stable $1.00 share price. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Geographic and Sector Risk — The Investor Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

Credit/Default Risk — An issuer or guarantor of a security held by the 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 the Fund’s liquidity and cause significant deterioration in NAV.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

New Accounting Standards — In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

Other — On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

9. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

39

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

November 30, 2020

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Investor Money Market Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Class A Shares
Shares sold		16,805,199			397,334,164			233,206,163
Reinvestment of distributions		9,354			2,296,684			1,234,169
Shares redeemed		(44,988,673	)		(319,934,660	)		(72,924,150	)
		(28,174,120	)		79,696,188			161,516,182
Class C Shares
Shares sold		—			57,382			—
Reinvestment of distributions		1			60			141
Shares redeemed		(13,651	)		(15,154	)		—
		(13,650	)		42,288			141
Class I Shares
Shares sold		244,513,031			3,317,488,991			2,044,394,288
Reinvestment of distributions		322,218			16,633,231			16,005,984
Shares redeemed		(742,434,339	)		(2,626,006,125	)		(1,248,311,787	)
		(497,599,090	)		708,116,097			812,088,485
Service Shares
Shares sold		14,774,282			152,624,789			51,047,061
Reinvestment of distributions		2,158			309,238			44,251
Shares redeemed		(21,051,684	)		(127,114,736	)		(20,486,954	)
		(6,275,244	)		25,819,291			30,604,358
Administration Shares
Shares sold		9,194,711			60,612,773			143,845,234
Reinvestment of distributions		1,172			298,507			2,074,710
Shares redeemed		(11,257,998	)		(58,250,110	)		(246,931,728	)
		(2,062,115	)		2,661,170			(101,011,784	)
Cash Management Shares
Shares sold		18,583,118			92,160,519			89,512,534
Reinvestment of distributions		1,760			135,668			132,823
Shares redeemed		(20,781,089	)		(61,710,139	)		(69,158,210	)
		(2,196,211	)		30,586,048			20,487,147
Resource Shares
Shares sold		—			—			—
Reinvestment of distributions		—			71			181
Shares redeemed		—			—			—
		—			71			181
NET INCREASE (DECREASE) IN SHARES		(536,320,430	)		846,921,153			923,684,710

† The Fund changed its fiscal year end from August 31 to November 30.

40

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Investor Tax-Exempt Money Market Fund
	For the Period Ended November 30, 2020†			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
Class A Shares
Shares sold		517,326			39,422,787			30,165,331
Reinvestment of distributions		207			76,182			74,748
Shares redeemed		(6,439,317	)		(37,666,872	)		(17,690,238	)
		(5,921,784	)		1,832,097			12,549,841
Class C Shares
Shares sold		—			81,993			—
Reinvestment of distributions		—			37			37
Shares redeemed		—			(62,543	)		—
		—			19,487			37
Class I Shares
Shares sold		406,405,883			2,514,777,537			1,897,694,232
Reinvestment of distributions		2,986			1,987,323			2,390,808
Shares redeemed		(555,953,190	)		(2,450,307,364	)		(1,507,672,416	)
		(149,544,321	)		66,457,496			392,412,624
Capital Shares
Shares sold		—			—			—
Reinvestment of distributions		—			6			13
Shares redeemed		—			—			—
		—			6			13
Service Shares
Shares sold		44,493			1,562,721			1,989,188
Reinvestment of distributions		8			2,073			4,908
Shares redeemed		(41,873	)		(2,849,099	)		(728,127	)
		2,628			(1,284,305	)		1,265,969
Preferred Shares
Shares sold		202,046			1,100,394			6,422
Reinvestment of distributions		1			1,436			14
Shares redeemed		(15,536	)		(1,071,605	)		(13,502	)
		186,511			30,225			(7,066	)
Select Shares
Shares sold		—			—			—
Reinvestment of distributions		—			8			30
Shares redeemed		—			—			(2,177	)
		—			8			(2,147	)
Administration Shares
Shares sold		—			5,100			946,528
Reinvestment of distributions		5			1,674			1,970
Shares redeemed		—			(50	)		(652,497	)
		5			6,724			296,001
Cash Management Shares
Shares sold		—			—			10
Reinvestment of distributions		—			2			7
Shares redeemed		—			—			(10	)
		—			2			7
Premier Shares
Shares sold		—			—			—
Reinvestment of distributions		—			5			10
Shares redeemed		—			—			—
		—			5			10
Resource Shares
Shares sold		2,261,393			10,494,798			7,793,204
Reinvestment of distributions		47			7,257			16,520
Shares redeemed		(2,522,508	)		(9,607,622	)		(8,015,448	)
		(261,068	)		894,433			(205,724	)
NET INCREASE (DECREASE) IN SHARES		(155,538,029	)		67,956,178			406,309,565

† The Fund changed its fiscal year end from August 31 to November 30.

41

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 and Goldman Sachs Investor Tax-Exempt Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of November 30, 2020, the related statements of operations for the period September 1, 2020 through November 30, 2020 and the year ended August 31, 2020, the statements of changes in net assets for the period September 1, 2020 through November 30, 2020 and for each of the two years in the period ended August 31, 2020, 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, 2020, the results of each of their operations for the period September 1, 2020 through November 30, 2020 and for the year ended August 31, 2020, the changes in each of their net assets for the period September 1, 2020 through November 30, 2020 and for each of the two years in the period ended August 31, 2020 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, 2020 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 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

42

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended  November 30, 2020 (Unaudited)

As a shareholder of Class A Shares, Class C Shares, Class I Shares, Service Shares, Preferred Shares, Select Shares, Administration Shares, Cash Management Shares, Premier Shares, or Resource Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2020 through November 30, 2020, which represents a period of 183 days in a 365-day year.

Actual Expenses — The first line under each Share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each Share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*
Class A Shares
Actual	$	1,000.00	$	1,000.24		$	1.65	$	1,000.00	$	1,000.03		$	0.90
Hypothetical 5% return		1,000.00		1,023.41	+		1.67		1,000.00		1,024.17	+		0.91
Class C Shares
Actual		1,000.00		1,000.08			1.70		1,000.00		1,000.03			0.90
Hypothetical 5% return		1,000.00		1,023.36	+		1.72		1,000.00		1,024.17	+		0.91
Class I Shares
Actual		1,000.00		1,000.94			0.90		1,000.00		1,000.15			0.75
Hypothetical 5% return		1,000.00		1,024.17	+		0.91		1,000.00		1,024.32	+		0.76
Capital Shares
Actual		1,000.00		—			—		1,000.00		1,000.03			0.75
Hypothetical 5% return		1,000.00		—			—		1,000.00		1,024.32	+		0.76
Service Shares
Actual		1,000.00		1,000.08			1.81		1,000.00		1,000.03			0.85
Hypothetical 5% return		1,000.00		1,023.26	+		1.83		1,000.00		1,024.22	+		0.86
Preferred Shares
Actual		1,000.00		—			—		1,000.00		1,000.03			0.95
Hypothetical 5% return		1,000.00		—			—		1,000.00		1,024.12	+		0.96
Select Shares
Actual		1,000.00		—			—		1,000.00		1,000.10			0.75
Hypothetical 5% return		1,000.00		—			—		1,000.00		1,024.32	+		0.76
Administrative Shares
Actual		1,000.00		1,000.24			1.65		1,000.00		1,000.03			0.85
Hypothetical 5% return		1,000.00		1,023.41	+		1.67		1,000.00		1,024.22	+		0.86
Cash Management Shares
Actual		1,000.00		1,000.08			1.75		1,000.00		1,000.03			0.75
Hypothetical 5% return		1,000.00		1,023.31	+		1.78		1,000.00		1,024.32	+		0.76

43

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended November 30, 2020  (Unaudited) (continued)

	Investor Money Market Fund							Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*		Beginning Account Value 6/1/20		Ending Account Value 11/30/20			Expenses Paid for the 6 months ended 11/30/2020*
Premier Shares
Actual	$	1,000.00	$	—		$	—	$	1,000.00	$	1,000.03		$	0.75
Hypothetical 5% return		1,000.00		—			—		1,000.00		1,024.32	+		0.76
Resource Shares
Actual		1,000.00		1,000.08			1.65		1,000.00		1,000.03			0.85
Hypothetical 5% return		1,000.00		1,023.41	+		1.67		1,000.00		1,024.22	+		0.86

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended 11/30/2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Class I Shares			Capital Shares			Service Shares			Preferred Shares			Select Shares			Administrative Shares			Cash Management Shares			Premier Shares			Resource Shares
Investor Money Market Fund		0.33	%		0.34	%		0.18	%		—			0.36	%		—			—			0.33	%		0.35	%		—			0.33	%
Investor Tax-Exempt Money Market Fund		0.18	%		0.18	%		0.15	%		0.15	%		0.17	%		0.19	%		0.15	%		0.17	%		0.15	%		0.15	%		0.17	%

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

44

GOLDMAN SACHS — INVESTOR FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

45

GOLDMAN SACHS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	164	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of November 30, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of November 30, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

46

GOLDMAN SACHS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of November 30, 2020.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Trust — Investor Money Market Funds — Tax Information (Unaudited)

During the fiscal year ended November 30, 2020, 97.12% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

During the fiscal year ended November 30, 2020, 100% of the net investment company taxable income distributions paid by the Investor Money Market Fund were designated as either interest-related dividends or short-term capital gain pursuant to Section 871(k) of the Internal Revenue Code.

47

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Goldman Sachs Investor Funds^SM is a service mark of Goldman Sachs & Co. LLC.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Intermediary or from Goldman Sachs & Co. LLC by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 226453-OTU-1335385 IMMITEMMAR-21

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(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. Gregory G. Weaver is the “audit committee financial expert” and is “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.

	2020			2019			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	4,031,292		$	3,492,375	Financial Statement audits.
Audit-Related Fees:
• PwC		$	344,654		$	210,602	Other attest services.
Tax Fees:
• PwC		$	54,425		$	1,069,045	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns and certain other tax-related services.

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.

	2020			2019			Description of Services Rendered
Audit-Related Fees:
• PwC		$	2,026,617		$	2,339,266	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, 2020 and November 30, 2019 were approximately $399,079 and $1,279,647, 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, 2019 and December 31, 2018 were approximately $14.7 million and $12.3 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2020. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2019 and 2018 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 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

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:	February 5, 2021

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:	February 5, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	February 5, 2021