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gsam:AssetReport4ColumnTrendMinusBasedRotationTiltCTIMember gsam:C000144475Member 2024-08-31 0000822977 gsam:AssetReport4ColumnUS10yrTreasuryBondsCTIMember gsam:C000144475Member 2024-08-31 0000822977 gsam:AssetReport4ColumnUS2yrReceiverSwaptionsCTIMember gsam:C000144475Member 2024-08-31 0000822977 gsam:AssetReport4ColumnUSStaplesSectorCTIMember gsam:C000144475Member 2024-08-31 0000822977 gsam:AssetReport4ColumnUSDCHFOptionsCTIMember gsam:C000144475Member 2024-08-31 iso4217:USD shares iso4217:USD shares pure utr:D gsam:Holding 0000822977 false N-CSR GOLDMAN SACHS TRUST N-1A 2024-08-31 Annual Shareholder Report Goldman Sachs Global Managed Beta Fund GGMBX Institutional Class This annual shareholder report contains important information about Goldman Sachs Global Managed Beta Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 30 0.0027 Goldman Sachs Global Managed Beta Fund Institutional Shares MSCI ACWI IMI (Net, USD, 50% Non-US Developed Hedged to USD) MSCI ACWI IMI Index 921900 918200 989475 985871 1158082 1154258 1303884 1290461 1296583 1272007 1488218 1468405 1940784 1910542 1662864 1600270 1887185 1813586 2316896 2223819 2015-04-30 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Global Managed Beta Fund

4279340979

1210

0.56

7616756 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2024 at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs or upon request at 1-800-621-2550. <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">The Fund’s net expense ratio decreased from the prior period as a result of an increase in average net assets. 0.805 0.100 0.050 Goldman Sachs Global Managed Beta Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Global Managed Beta Fund Annual Shareholder Report Goldman Sachs Strategic Factor Allocation Fund GSQPX Class P This annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 76 0.0070 Goldman Sachs Strategic Factor Allocation Fund Class P Strategic Factor Allocation Composite Index Bloomberg U.S. Aggregate Bond Index S&P 500 Index 10427 10061 10801 11153 11084 11116 12788 11801 13555 14676 11792 17781 13050 10433 15784 14006 10309 18300 16378 11062 23266 2018-04-17 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Strategic Factor Allocation Fund

2399259628

14467400 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2024 at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs or upon request at 1-800-621-2550. <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Effective March 31, 2024, the Fund changed its principal investment strategy to invest in volatility index derivatives and in a wholly-owned subsidiary, through which the Fund seeks to gain exposure to volatility index derivatives and the commodities markets. As part of these changes, the Fund revised its principal investment risks and restated its fees and expenses to reflect these investments. 0.077 0.077 0 0.077 0.131 0.015 0.116 -0.101 0.051 0.051 0 0.051 3.316 1.316 1.999 -0.683 0.618 0.618 0 0.618 0.166 0 0.166 -0.166 0.161 0 0.161 -0.161 0.049 0.049 0 0.049 0.049 0.049 0 0.049 0.916 0.916 0 0.916 0.625 0.625 0 0.625 Goldman Sachs Strategic Factor Allocation Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Strategic Factor Allocation Fund Annual Shareholder Report Goldman Sachs Strategic Factor Allocation Fund SFAFX Institutional Class This annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 77 0.0071 Goldman Sachs Strategic Factor Allocation Fund Institutional Shares Bloomberg U.S. Aggregate Bond Index Strategic Factor Allocation Composite Index S&P 500 Index 1023200 1032200 1041000 1028214 1116428 1209954 1017417 1216459 1447831 1120889 1301125 1490108 1193410 1491870 1817038 1192456 1712219 2383408 1055085 1522505 2115752 1042529 1633953 2453002 1118634 1910744 3118747 2016-05-31 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Strategic Factor Allocation Fund

2399259628

14467400 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2024 at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs or upon request at 1-800-621-2550. <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Effective March 31, 2024, the Fund changed its principal investment strategy to invest in volatility index derivatives and in a wholly-owned subsidiary, through which the Fund seeks to gain exposure to volatility index derivatives and the commodities markets. As part of these changes, the Fund revised its principal investment risks and restated its fees and expenses to reflect these investments. 0.077 0.077 0 0.077 0.131 0.015 0.116 -0.101 0.051 0.051 0 0.051 3.316 1.316 1.999 -0.683 0.618 0.618 0 0.618 0.166 0 0.166 -0.166 0.161 0 0.161 -0.161 0.049 0.049 0 0.049 0.049 0.049 0 0.049 0.916 0.916 0 0.916 0.625 0.625 0 0.625 Goldman Sachs Strategic Factor Allocation Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Strategic Factor Allocation Fund Annual Shareholder Report Goldman Sachs Strategic Volatility Premium Fund SVPBX Class P This annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 43 0.0041 Goldman Sachs Strategic Volatility Premium Fund Class P Bloomberg 1-5 Year U.S. Treasury Index Bloomberg U.S. Aggregate Bond Index 10000 10000 10000 10000 10035 10284 9460 9099 9530 8991 10117 9647 2021-03-29 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Strategic Volatility Premium Fund

444612507

1173140 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2024 at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs or upon request at 1-800-621-2550. <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Effective March 31, 2024, the Fund changed its principal investment strategy to invest in volatility index derivatives and in a wholly-owned subsidiary, through which the Fund seeks to gain exposure to volatility index derivatives and the commodities markets. As part of these changes, the Fund revised its principal investment risks and restated its fees and expenses to reflect these investments. 0.052 0.052 0 0.052 3.139 1.247 1.892 -0.645 0.528 0.528 0 0.528 0.166 0 0.166 -0.166 0.161 0 0.161 -0.161 0.008 0.008 0 0.008 0.008 0.008 0 0.008 0.947 0.947 0 0.947 0.005 0.005 0 0.005 Goldman Sachs Strategic Volatility Premium Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Strategic Volatility Premium Fund Annual Shareholder Report Goldman Sachs Strategic Volatility Premium Fund SVPFX Institutional Class This annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 44 0.0042 Goldman Sachs Strategic Volatility Premium Fund Institutional Shares Bloomberg 1-5 Year U.S. Treasury Index Bloomberg U.S. Aggregate Bond Index 1000000 1000000 1000000 1000000 1003500 1028400 945999 909928 953000 899100 1011705 964734 2021-03-29 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Strategic Volatility Premium Fund

444612507

1173140 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2024 at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs or upon request at 1-800-621-2550. <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Effective March 31, 2024, the Fund changed its principal investment strategy to invest in volatility index derivatives and in a wholly-owned subsidiary, through which the Fund seeks to gain exposure to volatility index derivatives and the commodities markets. As part of these changes, the Fund revised its principal investment risks and restated its fees and expenses to reflect these investments. 0.052 0.052 0 0.052 3.139 1.247 1.892 -0.645 0.528 0.528 0 0.528 0.166 0 0.166 -0.166 0.161 0 0.161 -0.161 0.008 0.008 0 0.008 0.008 0.008 0 0.008 0.947 0.947 0 0.947 0.005 0.005 0 0.005 Goldman Sachs Strategic Volatility Premium Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Strategic Volatility Premium Fund Annual Shareholder Report Goldman Sachs Tactical Tilt Overlay Fund GSLPX Class P This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 74 0.0072 Goldman Sachs Tactical Tilt Overlay Fund Class P ICE BofA 3-Month U.S. Treasury Bill Index S&P 500 Index 10071 10801 10309 11116 10439 13555 10447 17781 10486 15784 10931 18300 11530 23266 2018-04-17 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Tactical Tilt Overlay Fund

4701415728

227

0.41

31599045 0.007 0.007 0 0.007 0.019 0.019 0 0.019 0.020 0 0.020 -0.020 0.660 0.660 0 0.660 0.013 0.013 0 0.013 0.012 0.012 0 0.012 0.013 0.013 0 0.013 0.003 0.003 0 0.003 0.009 0.009 0 0.009 0.011 0 0.011 -0.011 0.010 0.010 0 0.010 0.007 0.007 0 0.007 0.020 0.020 0 0.020 0.017 0.017 0 0.017 0.065 0.065 0 0.065 0.013 0.013 0 0.013 0.008 0.008 0 0.008 Goldman Sachs Tactical Tilt Overlay Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Tactical Tilt Overlay Fund Annual Shareholder Report Goldman Sachs Tactical Tilt Overlay Fund TTRFX Class R6 This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 74 0.0072 Goldman Sachs Tactical Tilt Overlay Fund Class R6 ICE BofA 3-Month U.S. Treasury Bill Index S&P 500 Index 10115 10994 10354 11315 10484 13798 10493 18098 10531 16066 10979 18627 11581 23682 2017-12-29 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Tactical Tilt Overlay Fund

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31599045 0.007 0.007 0 0.007 0.019 0.019 0 0.019 0.020 0 0.020 -0.020 0.660 0.660 0 0.660 0.013 0.013 0 0.013 0.012 0.012 0 0.012 0.013 0.013 0 0.013 0.003 0.003 0 0.003 0.009 0.009 0 0.009 0.011 0 0.011 -0.011 0.010 0.010 0 0.010 0.007 0.007 0 0.007 0.020 0.020 0 0.020 0.017 0.017 0 0.017 0.065 0.065 0 0.065 0.013 0.013 0 0.013 0.008 0.008 0 0.008 Goldman Sachs Tactical Tilt Overlay Fund <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs 1-800-621-2550 Goldman Sachs Tactical Tilt Overlay Fund Annual Shareholder Report Goldman Sachs Tactical Tilt Overlay Fund TTIFX Institutional Class This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com or <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550. <span style="box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">am.gs.com 1-800-621-2550 75 0.0073 Goldman Sachs Tactical Tilt Overlay Fund Institutional Shares ICE BofA 3-Month U.S. Treasury Bill Index S&P 500 Index 1000000 1000000 1000300 1004800 1002601 1130902 1008817 1314448 1024151 1572868 1048321 1618796 1061530 1973960 1062379 2589243 1066310 2298471 1111628 2664848 1172545 3388087 <p style="box-sizing: border-box; color: rgb(0, 0, 0); display: block; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;"><span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left;">Performance data quoted above represents past performance. Past performance does not guarantee future results. Goldman Sachs Tactical Tilt Overlay Fund

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0.41