INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general guidelines for signing proxy cards may be of assistance to you and will help avoid the time and expense to the Trusta Fund involved in validating your vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card.card or voting instruction form.

2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card.card or voting instruction form.

3. All Other Accounts: The capacity of the individual signing the proxy card or voting instruction form should be indicated unless it is reflected in the form of registration. For example:

TABLE OF CONTENTS

GOLDMAN SACHS ETF TRUST

GOLDMAN SACHS ETF TRUST II

SPECIAL MEETING

OFGOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND

GOLDMAN SACHS TRUST

71 South Wacker DriveGOLDMAN SACHS TRUST II

Chicago, Illinois 60606GOLDMAN SACHS VARIABLE INSURANCE TRUST

200 West Street

New York, New York 10282

(212) 902-1000

JOINT PROXY STATEMENT FOR SPECIAL JOINT MEETING OF SHAREHOLDERS

January 28, 2021TO BE HELD ON NOVEMBER 16, 2023

This Joint Proxy Statement isand enclosed Notice of Special Joint Meeting of Shareholders (“Notice”) and proxy card are being furnished in connection with the solicitation of proxies by and on behalf of the BoardBoards of Trustees (the “Boards,” and the members thereof, the “Trustees”) of the Goldman Sachs ETF Trust (the “Trust”(“GSETF Trust”), Goldman Sachs ETF Trust II (“GSETF Trust II”), Goldman Sachs Real Estate Diversified Income Fund (“Real Estate Fund”), Goldman Sachs Trust (“GS Trust”), Goldman Sachs Trust II (“GS Trust II”) and Goldman Sachs Variable Insurance Trust (“GS VIT”) (collectively, the “Funds”). The proxies are being solicited for use at the Trust’s Special Meetinga virtual special joint meeting of shareholders of each Fund to be held virtually on April 9, 2021,November 16, 2023, at 10:0030 a.m. (Eastern time),Eastern Time (with any postponements or any postponementadjournments, the “Meeting”).

This Joint Proxy Statement is also being furnished by certain life insurance companies (the “Life Companies”) to owners, annuitants and beneficiaries (“variable contract owners”) of variable life insurance and variable annuity contracts (“variable contracts”) issued by a Life Company and having contract assets on the record date allocated to a separate account of a Life Company that has invested in shares of one or adjournment thereof, formore of the purposes set forth inFunds within GS VIT (an “Account”). Shareholders and variable contract owners are referred to herein collectively as “shareholders,” unless otherwise specified.

This Joint Proxy Statement and the accompanying Notice, of Special Meeting. Such meetingproxy card and any postponement or adjournment thereof is referred to as the “Meeting.” This Proxy Statement, the accompanying Notice of Special Meeting, and the accompanying proxy cardvoting instruction form (or, if applicable, the appropriate notice of where to access these materials) are beinganticipated to be first mailed to Shareholdersshareholders on or about February 5, 2021.September 7, 2023.

At the Meeting, and as described in this Joint Proxy Statement, shareholders of the Funds will be asked to consider and act upon the following proposals:

1. To elect nominees (the “Nominees”) to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT (the “Proposal”) as follows:

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2. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

After careful consideration, the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT unanimously recommends that shareholders vote “FOR” the Proposal (the election of each applicable Nominee). The Proposal will be voted upon separately by each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT. For each of the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, the Proposal applies on a Trust-wide basis, and all series (i.e., the respective Funds) and classes thereof will vote together on the Proposal.

As further explained below, election of all of the Nominees will bring the membership of the Boards into alignment. This alignment and consolidation would provide the opportunity to enhance the effectiveness of board oversight, and result in other potential benefits, as described below. If elected by shareholders, the Nominees would begin serving as Trustees of the applicable Board on January 1, 2024. The Boards have determined that the use of this Joint Proxy Statement for the Meeting is in the best interests of each Fund and its shareholders because similar matters are being considered and voted on by the shareholders of the other Funds.

The Meeting will be a virtual meeting conducted exclusively via live webcast starting at 10:0030 a.m. (Eastern time).Eastern Time on November 16, 2023. You will be able to attend the Meeting online submit your questions during the Meeting and vote your shares electronically. To participate in the Meeting, Shareholdersshareholders must register in advance by visiting https://www.viewproxy.com/GoldmanSachsTrust/goldmansachs/broadridgevsm/and submitting the required information to Broadridge Financial Solutions, Inc. (“Broadridge”), the Fund’sFunds’ proxy tabulator.solicitor.

Shareholders whose shares are registered directly with a Fund in the Shareholder’s name will be asked to submit their name and control number found on the Shareholder’s proxy card in order to register to participate in and vote at the Meeting. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the Shareholdershareholder with a newly-issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m., Eastern Time, on April 8, 2021,November 14. 2023, but in any event must be received by the scheduled time for commencement of the Meeting. Once Shareholdersshareholders have obtained a new control number, they must visit https://www.viewproxy.com/GoldmanSachsTrust/goldmansachs/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at the Meeting.

After Shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once a Shareholder’s registration request has been accepted, the Shareholder will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event link in order to access the Meeting.Shareholders may vote before or during the Meeting at https://www.viewproxy.com/GoldmanSachsTrust/broadridgevsm/.www.proxyvote.com. Only Shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a Shareholder, at the Meeting.

In light of the rapidly changing developments related to coronavirus (COVID-19), we are pleased to offer our Shareholders a completely virtual Meeting, which provides worldwide access and communication, while protecting the health and safety of our Shareholders, Trustees and management. We are committed to ensuring

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that Shareholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. We will try to answer as many Shareholder-submitted questions as time permits that comply with the Meeting rules of conduct. However, we reserve the right to edit profanity or other inappropriate language, or to exclude questions that are not pertinent to meeting matters or that are otherwise inappropriate. If substantially similar questions are received, we will group such questions together and provide a single response to avoid repetition.

The TrusteesBoards have fixed the close of business on January 26, 2021,August 21, 2023 as the record date for the determination of Shareholdersshareholders entitled to notice of, and to vote at, the Meeting (the “Record Date”). Shareholders of record of the TrustFunds on the Record Date are entitled to one vote per share at the Meeting. Exhibit AAppendix C to this Joint Proxy Statement sets forth the number of shares of beneficial interest of each Fund outstanding as of the Record Date.Exhibit B Appendix D to this Joint Proxy Statement sets forth the persons who owned beneficially more than 5% of any class of the Fundsa Fund as of January 18, 2021.July 31, 2023.

Goldman Sachs & Co. LLC, Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”), the Life Companies and the Accounts are the only shareholders of GS VIT. Each Life Company

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hereby solicits and agrees to vote the shares of one or more Funds within GS VIT at the Meeting, and, as applicable, in accordance with timely instructions received from persons entitled to give voting instructions under variable contracts issued by it and having contract values allocated to one of its Accounts invested in shares of one or more Funds within GS VIT. As a variable contract owner of record at the close of business on the Record Date, you have the right to instruct the Life Company that issued your contract as to the manner in which shares of one or more Funds within GS VIT attributable to your contract should be voted. The Life Companies will vote shares attributable to variable contracts as to which proxy cards or voting instruction forms are neither executed nor returned in proportion (“for” or “withhold authority”) to those shares for which instructions are received. As a result, a small number of variable contract owners could determine the outcome of the vote for the GS VIT if other owners fail to vote. GSAM will vote shares of GS VIT that it owns, if any, in proportion to the votes cast by the Life Companies on behalf of variable contract owners.

The Trust’sFunds’ officers, and personnel of the Funds’ investment adviser and transfer agentagents and any authorized proxy solicitation agent, may also solicit proxies by telephone, facsimile, Internet or in person. If the Trust recordsFunds record votes through the Internet or by telephone, it will use procedures designed to authenticate Shareholders’shareholders’ identities, to allow Shareholdersshareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their identities have been properly recorded.

GSAM will payhas agreed to bear a portion of the expensescosts associated with this Proxy Statementthe board realignment and solicitation.consolidation (up to $2,100,000). Each Fund will be allocated its respective share of the remaining costs associated with the board realignment and consolidation, with fixed costs allocated to the Funds equally and certain variable costs (e.g., costs of printing and mailing) allocated to the Funds on a pro rata basis based on the number of shareholders of each Fund. In addition, for Funds subject to an expense reimbursement arrangement, GSAM will reimburse the costs associated with the board realignment and consolidation to the extent needed to ensure that no Fund’s allocated costs would increase such Fund’s total expense ratio by more than 0.004%. In no event will the allocated costs associated with the board realignment and consolidation increase a Fund’s total expense ratio by more than 0.004%. The Trust has engagedFunds and GSAM have retained Broadridge Financial Solutions Inc. (“Broadridge”), an independenta proxy solicitation firm, to assist in the distribution of the proxy materials and the solicitation and tabulation of proxies.proxies, and Donnelley Financial Solutions (“DFIN”), to assist with the printing of proxy materials. The cost of DFIN’s and Broadridge’s services in connection with respect to the Trustproxy solicitation is estimated to be approximately $57,000, plus reasonable out-of-pocket expenses.$6.6 million.

To vote by mail, sign, date and promptly return the enclosed proxy card or voting instruction form in the accompanying postage pre-paid envelope. To vote by Internet or telephone, please use the control number on your proxy card or voting instruction form and follow the instructions as described on your proxy card.card or voting instruction form. If you have any questions regarding the proxy materials, please contact Broadridge at 855-643-7312. 855-973-0097.If the enclosed proxy card or voting instruction form is properly executed and received prior to the Meeting and has not been revoked, the shares represented thereby will be voted in accordance with the instructions marked on the returned proxy card or voting instruction form or, if no instructions are marked on the returned proxy card or voting instruction form, the proxy card or voting instruction form will be voted “FOR” Proposal 1,“FOR” the election of the Nominees described in this Joint Proxy Statement, and voted in the discretion of the persons named as proxies in connection with any other matter that may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

Any person giving a proxy may revoke it at any time before it is exercised by submitting to the Secretary of the Trust at the Trust’s principal executive officesFunds, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606, a written notice of revocation or subsequently executed proxy or voting instruction form or by virtually attending the virtual Meeting and voting duringat the webcast.Meeting.

If (i) you are a member of a household in which multiple Shareholdersshareholders of the Trusta Fund share the same address, (ii) your shares are held in “street name” and (iii) your broker or bank has received consent to household material, then your broker or bank may have sent to your household only one copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials, unless your broker or bank previously received contrary

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instructions from a Shareholdershareholder in your household. If you are part of a household that has received only one copy of this Joint Proxy Statement or the TrustNotice of Internet Availability of Proxy Materials, your Fund will deliver promptly a separate copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials to you upon written or oral request. To receive a separate copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials, please contact the Trustyour Fund by calling toll free 1-800-621-2550 (for institutional shareholders) or 1-800-526-7384 (for retail shareholders), or by mail at such Fund, c/o Goldman Sachs Funds, P.O. Box 06050,Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, Illinois 60606-6306.IL 60606. If your shares are held with certain banks, trust companies, brokers, registereddealers, investment advisers and other financial intermediaries (each, an “Authorized Institution”) and you would like to receive a separate copy of future proxy statements, notices of internet availability of proxy materials, prospectuses or annual reports or you are now receiving multiple copies of these documents and would like to receive a single copy in the future, please contact your Authorized Institution.

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING TO BE HELD ON APRIL 9, 2021NOVEMBER 16, 2023

This Joint Proxy Statement is available online at www.proxyvote.com (please have the control number found on your proxy card or voting instruction form ready when you visit this website).

IN ADDITION, COPIESIn addition, copies of the Funds’ most recent annual and semi-annual report, including financial statements, have previously been mailed to Shareholders. The Funds will furnish to any shareholder upon request, without charge, an additional copy of the Funds’ most recent annual report and semi-annual report to shareholders. Annual reports and semi-annual reports to Shareholders may be obtained by writing to: the Funds, c/o Goldman Sachs Funds, Attention: Shareholder Services Media Support, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606; or by telephone toll-free at: 1-800-621-2550 (for institutional shareholders) and 1-800-526-7384 (for retail shareholders).

The date of this Joint Proxy Statement is September 5, 2023.

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THE PROPOSAL

ELECTION OF NOMINEES TO THE BOARD OF TRUSTEES OF EACH FUND’S MOST RECENT ANNUAL AND SEMI-ANNUAL REPORT, INCLUDING FINANCIAL STATEMENTS, HAVE PREVIOUSLY BEEN MAILED TO SHAREHOLDERS. COPIES OF EACH FUND’S MOST RECENT ANNUAL AND SEMI-ANNUAL REPORT, INCLUDING FINANCIAL STATEMENTS, ARE ALSO AVAILABLE AT WWW.GSAMFUNDS.COM/MUTUALFUNDS. THEGOLDMAN SACHS ETF TRUST, WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST, WITHOUT CHARGE, AN ADDITIONAL COPY OF ANY FUND’S MOST RECENT ANNUAL REPORT AND SUBSEQUENT SEMI-ANNUAL REPORT TO SHAREHOLDERS. ANNUAL REPORTS AND SEMI-ANNUAL REPORTS TO SHAREHOLDERS MAY BE OBTAINED BY WRITING TO:GOLDMAN SACHS ETF TRUST II, GOLDMAN SACHS REAL ESTATE DIVERSIFIED INCOME FUND, GOLDMAN SACHS TRUST, P.O. BOX 06050, CHICAGO, ILLINOIS 60606-6306; OR BY TELEPHONE TOLL-FREE AT: 1-800-621-2550 (FOR INSTITUTIONAL SHAREHOLDERS)GOLDMAN SACHS TRUST II AND 1-800-526-7384 (FOR RETAIL SHAREHOLDERS).GOLDMAN SACHS VARIABLE INSURANCE TRUST

ALL FUNDS LISTED IN EXHIBIT C

The Proposal relates to the election of the following Nominees to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT:

The Board of each of the GS Trust and GS VIT is currently composed of eight Trustees: Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Paul C. Wirth and James A. McNamara. The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II is currently composed of seven Trustees: Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and James A. McNamara.

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PROPOSAL 1Each Nominee would not be deemed to be an “interested person,” as that term is defined under the Investment Company Act of 1940 (the “1940 Act”), of each of the GSETF Trust, GSETF Trust II, Real Estate Fund, GS Trust, GS Trust II and GS VIT.

If elected, the applicable Nominees would hold office with respect 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 applicable Declaration of Trust; (c) the termination of the Funds; or (d) his or her retirement (whether pursuant to the applicable retirement policy or otherwise).

These policies may be changed by the Trustees without shareholder approval. The Boards would also be able to fill future vacancies by appointment (subject to the requirement of the 1940 Act that, after such appointment, at least two-thirds of the Trustees holding office must have been elected by shareholders) without incurring the additional expense associated with calling one or more shareholder meetings to fill those vacancies.

Following discussions with GSAM and meetings of the Boards, each Governance and Nominating Committee considered each applicable Nominee (except with respect to Nominees who were appointed and currently serve on the Boards of GS Trust and GS VIT), including his or her qualifications and experience, and selected and recommended, and each Board unanimously nominated, the applicable Nominees for election by shareholders as Trustees of the applicable Boards. The Boards also increased their respective sizes to accommodate the applicable Nominees.

TO APPROVE A CHANGE TO EACH RESPECTIVE FUND’S SUB-CLASSIFICATION UNDER THEExplanation of the Board Alignment and Consolidation

INVESTMENT COMPANY ACT OF 1940 FROM “DIVERSIFIED” TO “NON-DIVERSIFIED” AND TO

ELIMINATE ANY RELATED FUNDAMENTAL INVESTMENT RESTRICTION FOR EACH FUND

The investment objectivesBoard of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II currently consists of the same six Independent Trustees (i.e., Trustees who are not “interested persons” of the applicable Funds, as defined in the 1940 Act) as well as Mr. McNamara, an Interested Trustee. The Board of each of the GS Trust and GS VIT also currently consists of the same seven Independent Trustees as well as James A. McNamara, an Interested Trustee. In order to bring the memberships of the Boards into alignment, (i) the GST/GS VIT Independent Trustees have been nominated for election to the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II; and (ii) the ETF/ETFII/RE/GSTII Independent Trustees have been nominated for election to the Board of each of the GS Trust and GS VIT. In addition, three current Independent Trustees of the GS Trust and GS VIT (Mr. Chou, Ms. Dowling and Mr. Wirth), who were previously appointed by other Independent Trustees to the Board rather than elected by shareholders, have been nominated for election to continue to serve as Trustees on the Board.

As further explained below, the election of all of the Nominees will bring the membership of the Boards into alignment. This alignment and consolidation would provide the opportunity to enhance the effectiveness of board oversight and result in other potential benefits as described in the accompanying Joint Proxy Statement.

The Boards separately determined that it is in the best interests of the Fund(s) under their respective oversight to align and consolidate the membership of the Boards so that all of the Funds are overseen by the same Trustees.

Summary of the Reasons for the Board Alignment and Consolidation

The Proposal is the result of an effort on the part of the Boards and GSAM to align and consolidate the membership of the Boards so that the same Trustees serve on each board for the Funds, in order to further enhance the effectiveness of board oversight. The Trustees met with GSAM representatives and communicated with each other to consider and develop the Proposal to align and consolidate the membership of the Boards. The Independent Trustees also met with their independent legal counsel to consider and discuss matters relating to the alignment and consolidation of the Boards.

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In reaching the conclusion that the approval of the Proposal is in the best interests of the Funds and principal meanstheir shareholders, the Boards took into account the recommendation of GSAM, and considered a number of factors, including the following:

Information concerning the Nominees and other relevant factors is provided below. Using the enclosed proxy card or voting instruction form or voting by whichthe Internet or by telephone, a shareholder may authorize proxies to vote his or her shares for the Nominees or may withhold from the proxies authority to vote his or her shares for one or more of the Nominees. If the enclosed proxy card or voting instruction form is properly executed and received prior to the Meeting (and has not been revoked) but no instructions are marked, the proxies will vote “FOR” the Nominees. Each of the Nominees has consented to his or her nomination and has agreed to serve if elected. If, at the time of the Meeting, for any reason, any Nominee is not available for election or able to serve as a Trustee, the proxies will exercise their voting power in favor of such substitute Nominee, if any, as the Trustees may designate. The Funds have no reason to believe that it will be necessary to designate a substitute Nominee. Each Fund proposes the election by all of its respective shareholders of the Nominees named in the table below to serve as members of its Board.

Information Regarding the Nominees

The following table lists the Nominees and Trustees, their ages, current position(s) held with the Funds seeklength of time served, principal occupations during the past five years, number of funds currently overseen within the Goldman Sachs Fund Complex and other directorships held by the Nominees and Trustees during the past five years, as of September 5, 2023.

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Independent Trustees/Nominees

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The significance or relevance of a Nominee’s particular experience, qualifications, attributes and/or skills is considered by the Boards on an individual basis. Experience, qualifications, attributes and/or skills common to achieveall Nominees include the ability to critically review, evaluate and discuss information provided to them and to interact effectively with the other Trustees and with representatives of the investment advisers and sub-advisers and their affiliates, other service providers, legal counsel and the Funds’ independent registered public accounting firm, the capacity to address financial and legal issues and exercise reasonable business judgment, and a commitment to the representation of the interests of the Funds and their Shareholders. The Governance and Nominating Committees’ charters contain certain other factors that are considered by the Governance and Nominating Committees in identifying and evaluating potential nominees to serve as Independent Trustees. Based on each Nominee’s experience, qualifications, attributes and/or skills, considered individually and with respect to the experience, qualifications, attributes and/or skills of other Nominees, the Boards have each concluded that each Nominee should serve as a Trustee. Below is a brief discussion of the experience, qualifications, attributes and/or skills of each individual Nominee as of September 5, 2023 that led the Boards to conclude that such individual should serve as a Trustee.

Cheryl K. Beebe. Ms. Beebe has served as a Trustee of the GS Trust II since 2015 and Chair of the Board of Trustees since 2017 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021 and Chair of the Board of Trustees since 2021. Ms. Beebe is retired. She is a member of the Board of Directors of Packaging Corporation of America, a producer of container board, where she serves as Chair of the Audit Committee. She is also a member of the Board of Directors of The Mosaic Company, a producer of phosphate and potash fertilizer, and serves as Chair of the Audit Committee. In addition, Ms. Beebe is a member of the Board of Directors of HanesBrands Inc., a multinational clothing company. Further, she serves on the Board of Trustees of Fairleigh Dickinson University, where she is Chair of the Governance Committee. Ms. Beebe was a member of the Board of Directors of Convergys Corporation, a global leader in customer experience outsourcing, where she served as Chair of the Audit Committee. Previously, she held several senior management positions at Ingredion, Inc. (formerly Corn Products International, Inc.), a leading global ingredient solutions company. Ms. Beebe also worked at Ingredion, Inc. and predecessor companies for 34 years, most recently as Executive Vice President and Chief Financial Officer. In that capacity, she was responsible for overseeing the company’s controller, treasury, tax, investor relations, internal audit, financial planning, corporate communications and global supply chain functions. Based on the foregoing, Ms. Beebe is experienced with financial, accounting and investment objectivesmatters.

Dwight L. Bush. The Honorable Dwight Bush has served as a Trustee of the GS Trust and GS VIT since 2020. He also serves as President and CEO of D.L. Bush & Associates, a financial advisory and private investment firm, and Director of MoneyLion, Inc., an operator of a data-driven, digital financial platform. From 2014 to 2017, The Honorable Dwight Bush served as U.S. Ambassador to the Kingdom of Morocco. Prior to his service as U.S. Ambassador, he established and served as CEO of Urban Trust Bank and UTB Education Finance, LLC, an integrated provider of education credit services. The Honorable Dwight Bush was previously Vice President of Corporate Development for SLM Corporation (commonly known as Sallie Mae). Formerly, he served as a member of the Board of Directors of Santander Bank, N.A., JER Investors Trust, a specialty real estate finance company, and as Vice Chairman of the Board of Directors of CASI Pharmaceuticals (formerly Entremed, Inc.) where he was Chairman of the Audit Committee. The Honorable Dwight Bush also serves as a member of the Board of Directors for several philanthropic organizations, including the Middle East Investment Initiative and the Meridian International Center, and has served on the executive committee of Cornell University. He previously served on the Trust’s Advisory Board. Based on the foregoing, The Honorable Dwight Bush is experienced with financial and investment matters.

Kathryn A. Cassidy. Ms. Cassidy has served as a Trustee of the GS Trust and GS VIT since 2015. Ms. Cassidy has been designated as the Board’s “audit committee financial expert” given her extensive accounting and finance experience. She is a member of the Board of Directors for Vertical Aerospace Ltd., a

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publicly-traded aerospace and technology company, where she serves as Chair of the Audit Committee. Previously, Ms. Cassidy held several senior management positions at General Electric Company (“GE”) and General Electric Capital Corporation (“GECapital”) and its subsidiaries, where she worked for 35 years, most recently as Advisor to the Chairman of GECapital and Senior Vice President and Treasurer of GE and GECapital. As Senior Vice President and Treasurer, Ms. Cassidy led capital markets and treasury matters of multiple initial public offerings. Ms. Cassidy was responsible for managing global treasury operations, including global funding, hedging, derivative accounting and execution, cash and liquidity management, cash operations and treasury services, and global regulatory compliance and reporting for liquidity, derivatives, market risk and counterparty credit risk. Formerly, Ms. Cassidy served as a Director of buildOn, a not-for-profit organization, where she served as Chair of the Finance Committee. Based on the foregoing, Ms. Cassidy is experienced with financial and investment matters.

John G. Chou. Mr. Chou has served as a Trustee of the GS Trust and GS VIT since 2022. Mr. Chou is retired. Formerly, he held several executive and senior management positions at Cencora, Inc. (“Cencora”) (formerly AmerisourceBergen Corporation) from 2002-2022, including Executive Vice President and Special Advisor to the Chairman and Chief Executive Officer, Executive Vice President and Chief Legal Officer, Executive Vice President and Chief Legal & Business Officer, and Executive Vice President and General Counsel. As Executive Vice President and Chief Legal Officer, Mr. Chou was responsible for managing Cencora’s legal, regulatory, quality, privacy, global business resilience and enterprise risk management functions, among others. In addition, he previously held senior legal positions at Cigna Corporation, ARCO Chemical Europe, and Arco Chemical Company, and also practiced law at various law firms, including most recently as a member of Eckert Seamens Cherin & Mellott, LLC. Mr. Chou currently serves as the President of the Board of Trustees of Episcopal Community Services and as a member of the Board of Directors of the Committee of Seventy. Based on the foregoing, Mr. Chou is experienced with financial and investment matters.

Joaquin Delgado. Dr. Delgado has served as a Trustee of the GS Trust and GS VIT since 2020. Dr. Delgado is a member of the Board of Directors for Stepan Company, a publicly-traded specialty chemical manufacturer. Previously, Dr. Delgado was a member of the Board of Directors for Hexion Inc., a privately held specialty chemical manufacturer, and held several senior management positions at 3M Company, where he worked for over 30 years, most recently as Executive Vice President of 3M Company’s Consumer Business Group. As Executive Vice President, Vice President, and General Manager at 3M Company, Dr. Delgado directed mergers and acquisitions worldwide, and was responsible for managing global operations in specialized markets such as semiconductors, consumer electronics, communications, medical and office supplies and software. Dr. Delgado also serves as a member of the Board of Directors of Ballet Austin, a not-for-profit organization. Additionally, he formerly served as a member of the Board of Directors of MacPhail Center for Music, a not-for-profit organization. Dr. Delgado previously served on the Trust’s Advisory Board. Based on the foregoing, Dr. Delgado is experienced with financial and investment matters.

Eileen H. Dowling. Ms. Dowling has served as a Trustee of the GS Trust and GS VIT since 2021. Ms. Dowling worked at BlackRock for over 10 years, where she was a Managing Director and, most recently, a Senior Advisor. While at BlackRock, Ms. Dowling held several senior management positions responsible for clients, investment products and marketing, including Global Head of Consultant Relations, Global Head of Multinationals, Global Head of the Institutional Product Group and Global Head of Institutional Marketing. She also was a member of BlackRock’s Global Operating Committee and Product Executive Committee. From 2007-2011, Ms. Dowling was a Managing Director and Global Head of Marketing at Credit Suisse Asset Management. Prior to that, over an 18-year period at Merrill Lynch, Ms. Dowling served in several roles in Investment Banking, Capital Markets and Research. Ms. Dowling currently serves as a Member of the Advisory Board and Finance Committee of New York University’s Glucksman Ireland House. Based on the foregoing, Ms. Dowling is experienced with investment, financial and accounting matters.

Lawrence Hughes. Mr. Hughes has served as a Trustee of the GS Trust II since 2016 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Hughes is retired. Previously, he held several senior

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management positions at BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation that provides wealth planning, investment management and banking services to individuals, families, family offices and charitable gift programs through a nationwide network of offices. Mr. Hughes worked at BNY Mellon Wealth Management for 24 years, most recently as Chief Executive Officer. In that capacity, he was ultimately responsible for the division’s operations and played an active role in multiple acquisitions. Based on the foregoing, Mr. Hughes is experienced with financial and investment matters.

John F. Killian. Mr. Killian has served as a Trustee of the GS Trust II since 2015 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Killian has been designated as the Board’s “audit committee financial expert” given his extensive accounting and finance experience. Mr. Killian is retired. Mr. Killian is a member of the Board of Directors of Consolidated Edison, Inc., a utility holding company, where he serves as Chair of the Audit Committee and as a member of the Corporate Governance and Nominating, and Management Development and Compensation Committees. Formerly, he was a member of the Board of Directors of Houghton Mifflin Harcourt Publishing Company, where he served as Chair of the Audit Committee and a member of the Compensation Committee. Previously, Mr. Killian worked for 31 years at Verizon Communications, Inc. and predecessor companies, most recently as Executive Vice President and Chief Financial Officer. Based on the foregoing, Mr. Killian is experienced with accounting, financial and investment matters.

Steven D. Krichmar. Mr. Krichmar has served as a Trustee of the GS Trust II since 2018 and the GSETF Trust, GSETF Trust II and Real Estate Fund since 2021. Mr. Krichmar is retired. He previously worked for fifteen years at Putnam Investments, LLC, a financial services company. Most recently, he served as Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC. He was also involved in the governance of The Putnam Funds, serving as Principal Financial Officer. Before joining Putnam, Mr. Krichmar worked for PricewaterhouseCoopers LLP and its predecessor company for 20 years, most recently as Audit Partner and Investment Management Industry Leader (Assurance) for the northeast U.S. region. Currently, Mr. Krichmar is a member of the Board of Trustees of Boston Children’s Hospital, where he serves as Chairman of the Audit & Compliance Committee, the Co-Chairman of the Finance Committee, a member of the Executive Committee and the Technology and Innovation Committee, and a member of the Physicians’ Organization Board. He is also a member of the Board of Directors and Audit Committee of The Risk Management Foundation of the Harvard Medical Institutions, a member of the Subscribers Advisory Committee of CRICO (A Reciprocal Risk Retention Group), a member of the Board of Trustees of Boys & Girls Clubs of Boston, and a member of the Board of Advisors of the University of North Carolina Kenan-Flagler Business School. Based on the foregoing, Mr. Krichmar is experienced with accounting, financial and investment matters.

Michael Latham. Mr. Latham has served as a Trustee of the GSETF Trust since 2015, the GSETF Trust II and GS Trust II since 2021 and the Real Estate Fund since inception. Mr. Latham is retired. Previously, Mr. Latham held several senior management positions for 15 years with the iShares exchange-traded fund business owned by BlackRock, Inc. and previously owned by Barclays Global Investors, most recently as Chairman and Global Head of the business. In that capacity he was one of the lead executives responsible for the growth of the business. He was also involved in governance of the iShares funds, serving initially as Principal Financial Officer and later as President and Principal Executive Officer and a member of the Board of Directors. Mr. Latham is a certified public accountant, and before joining Barclays Global Investors, he worked at Ernst and Young for over five years. Based on the foregoing, Mr. Latham is experienced with accounting, financial and investment matters.

Lawrence W. Stranghoener. Mr. Stranghoener has served as a Trustee of the GSETF Trust since 2015, the GSETF Trust II and GS Trust II since 2021 and the Real Estate Fund since inception. Mr. Stranghoener is retired. Mr. Stranghoener is Chairman of the Board of Directors of Kennametal, Inc., a global manufacturer and distributor of tooling and industrial materials. Previously, he was a member of the Board of Directors of Aleris Corporation and Aleris International, Inc., which provided aluminum rolled products and extrusions, aluminum

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recycling, and specification alloy production, where he served as Chair of the Audit Committee and also served on the Compensation Committee. Mr. Stranghoener also held several senior management positions at Mosaic Company, a fertilizer manufacturing company, where he worked for 10 years, most recently as Interim Chief Executive Officer, Executive Vice President and Chief Financial Officer. As Executive Vice President and Chief Financial Officer at Mosaic Company, Mr. Stranghoener implemented public company processes, policies and performance standards to transition the company from private to public ownership and oversaw the company’s controller, treasury, tax, investor relations, strategy and business development, and internal audit functions. He also led the integration of Mosaic Company with IMC Global, Inc. during their merger. Previously, Mr. Stranghoener served for three years as Executive Vice President and Chief Financial Officer for Thrivent Financial, a non-profit, financial services organization and Techies.com, an internet-based professional services company. Mr. Stranghoener also held several senior management positions at Honeywell International, Inc. where he worked for 17 years, most recently as Vice President and Chief Financial Officer. Based on the foregoing, Mr. Stranghoener is experienced with financial and investment matters.

Gregory G. Weaver. Mr. Weaver has served as a Trustee of the GS Trust and GS VIT since 2015 and Chair of the Board since 2023. Mr. Weaver also serves as a Director of Verizon Communications Inc., where he serves as Chair of the Audit Committee. Previously, Mr. Weaver was a partner with Deloitte & Touche LLP for 30 years. He was the firm’s first chairman and chief executive officer from 2001–2005, and was elected to serve a second term (2012–2014). While serving as chairman at Deloitte & Touche LLP, Mr. Weaver led the audit and enterprise risk services practice, overseeing all operations, strategic positioning, audit quality, and talent matters. Mr. Weaver also served as a member of the firm’s Board of Directors for six years where he served on the Governance Committee and Partner Earnings and Benefits Committee and was chairman of the Elected Leaders Committee and Strategic Investment Committee. Mr. Weaver is also a Board member and Audit Committee chair of the YMCA of Westfield, New Jersey. Mr. Weaver has also served as President of the Council of Boy Scouts of America in Long Rivers, Connecticut, President of A Better Chance in Glastonbury, Connecticut, as a member of the Financial Accounting Standards Advisory Council and as a board member of the Stan Ross Department of Accountancy, Baruch College. Based on the foregoing, Mr. Weaver is experienced with accounting, financial and investment matters.

Paul C. Wirth. Mr. Wirth has served as a Trustee of the GS Trust and GS VIT since 2022. Mr. Wirth is an Executive Advisor with My Next Season LLC, a career transition advisory firm. Previously, Mr. Wirth held various senior management positions at Morgan Stanley, where he worked for over 15 years. While with Morgan Stanley, Mr. Wirth served as Deputy Chief Financial Officer and Principal Accounting Officer, Finance Director and Principal Accounting Officer, and Managing Director, Global Controller and Chief Accounting Officer. He also was a member of Morgan Stanley’s Management Committee and Risk Committee. Prior to Morgan Stanley, Mr. Wirth held senior positions at Credit Suisse First Boston, Deloitte & Touche LLP, and KPMG LLP. Mr. Wirth served as a member of the Board of Directors of certain Morgan Stanley subsidiaries, including Morgan Stanley Europe Holding SE, where he also served as Audit Committee Chairman. He is also a member of the St. John’s University Board of Governors since October 2020 and was previously a member of the Peter J. Tobin College of Business Board of Trustees from 2011 to 2017. Mr. Wirth serves as a member of the Board of Advisors for the ARC of Essex County, a not-for-profit organization. He also has served on the Board of Trustees of the Financial Accounting Foundation. Mr. Wirth is a certified public accountant. Based on the foregoing, Mr. Wirth is experienced with accounting, financial and investment matters.

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Additional Information about the Boards and the Nominees

The Boards’ Leadership Structure

The business and affairs of the Funds are managed under the direction of the respective Boards, subject to the laws of the State of Delaware and the applicable Declaration of Trust. Each Board is responsible for deciding matters of overall policy and reviewing the actions of the applicable Funds’ service providers. The officers of the Funds conduct and supervise the Funds’ daily business operations. Trustees who are not deemed to be “interested persons” of the Fund(s) under their oversight as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Fund(s) under their oversight are referred to as “Interested Trustees.” The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II is currently composed of six Independent Trustees and one Interested Trustee. The Board of each of the GS Trust and GS VIT is currently composed of seven Independent Trustees and one Interested Trustee. Each Board has selected an Independent Trustee to act as Chair, whose duties include presiding at meetings of the Board and acting as a focal point to address significant issues that may arise between regularly scheduled Board and Committee meetings. In the performance of the Chair’s duties, the Chair will consult with the other Independent Trustees and the Funds’ officers and legal counsel, as appropriate. The Chair may perform other functions as requested by his or her Boards from time to time.

The Boards meet as often as necessary to discharge their responsibilities. Currently, the Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II conducts regular meetings at least five times a year and the Board of each of the GS Trust and GS VIT conducts regular meetings at least six times a year, and each Board holds special meetings as necessary to address specific issues that require attention prior to the next regularly scheduled meeting. In addition, the Independent Trustees of each Board meet at least annually to review, among other things, investment management agreements and sub-advisory agreements, as applicable, distribution and/or service plans and related agreements, transfer agency agreements and certain other agreements providing for the compensation of Goldman Sachs and/or its affiliates by the Fund(s) under their oversight, and to consider such other matters as they deem appropriate.

The Board of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has established five standing committees – Audit, Governance and Nominating, Compliance, Board Valuation and Contract Review Committees. The Board of each of the GS Trust and GS VIT has established four standing committees – Audit, Governance and Nominating, Compliance and Risk Oversight and Contract Review Committees. Each Board may establish other committees, or nominate one or more Trustees to examine particular issues related to such Board’s oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to its Board.

The Trustees of each Board have determined that the leadership structure of their Board is appropriate because it allows the Trustees to effectively perform their oversight responsibilities.

Standing Board Committees

Audit Committee

Each Audit Committee oversees the audit process and provides assistance to its Board with respect to fund accounting, tax compliance and financial statement matters. In performing its responsibilities, each Audit Committee selects and recommends annually to its Board an independent registered public accounting firm to audit the books and records of the Fund(s) under its oversight for the ensuing year, and reviews with the firm the scope and results of each audit. All of the Independent Trustees of each Board serve on the Audit Committee of such Board. Mr. Latham serves as Chair of the Audit Committee and the “audit committee financial expert” of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II and Ms. Cassidy serves as Chair of the Audit Committee and the “audit committee financial expert” of each of the GS Trust and GS VIT.

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Each Audit Committee acts according to its Audit Committee charter. A copy of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II Audit Committee charter is attached hereto as Appendix A.

Governance and Nominating Committee

Each Governance and Nominating Committee has been established to: (i) assist its Board in matters involving mutual fund governance, which includes making recommendations to its Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Fund(s) under its oversight and overseeing its management; (ii) select and nominate candidates for appointment or election to serve as Independent Trustees; and (iii) advise its Board on ways to improve its effectiveness. All of the Independent Trustees of each Board serve on the Governance and Nominating Committee of such Board. As stated above, each Trustee holds office for an indefinite term until the occurrence of certain events. In filling Board vacancies, each Governance and Nominating Committee will consider nominees recommended by shareholders. Nominee recommendations should be submitted to the Funds, as applicable, at its mailing address stated in the Funds’ Prospectuses and should be directed to the attention of the Governance and Nominating Committee.

Each Governance and Nominating Committee acts according to its Governance and Nominating Committee charter, a copy of which is attached hereto as Appendix B.

Compliance Committee (GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II)

The Compliance Committee of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has been established for the purpose of overseeing the compliance processes: (i) of the Fund(s); and (ii) insofar as they relate to services provided to the Fund(s), of the Fund’s Investment Adviser, Distributor, administrator (if any), and Transfer Agent, except that compliance processes relating to the accounting and financial reporting processes, and certain related matters, are overseen by the Audit Committee. In addition, the Compliance Committee provides assistance to its full Board with respect to compliance matters. All of the Independent Trustees of each Board of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II serve on the Compliance Committee of such Board.

Compliance and Risk Oversight Committee (GS Trust and GS VIT)

The Compliance and Risk Oversight Committee of each of the GS Trust and GS VIT has been established for the purpose of overseeing the compliance processes: (i) of the Funds; (ii) the adequacy and effectiveness of the Trusts’ risk management processes; and (iii) insofar as they relate to services provided to the Funds, any investment adviser, sub-adviser, principal underwriter, administrator, and transfer agent to each Fund, except that compliance processes relating to the accounting and financial reporting processes, and certain related matters, are overseen by the Audit Committee. The Compliance and Risk Oversight Committee also oversees the risk management processes administered by management of the Funds and relevant service providers to the Funds including, among other areas investment risk, which includes market, liquidity, counterparty and credit risk, operational risk (including information technology), derivatives risk and other applicable risk areas that are under the purview of the Goldman Sachs Asset Management Global Risk Management group that relate to the Funds. In addition, the Compliance and Risk Oversight Committee provides assistance to its full Board with respect to compliance matters. All of the Independent Trustees of each Board of the GS Trust and GS VIT serve on the Compliance and Risk Oversight Committee of such Board.

Board Valuation Committee (GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II)

The Board Valuation Committee of each of the GSETF Trust, GSETF Trust II, Real Estate Fund and GS Trust II has been established for the purpose of reviewing valuation matters requiring prompt notification from the valuation designee in accordance with the valuation procedures approved by the Trustees. The Board Valuation Committee does not have regular, standing meetings.

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Contract Review Committee

Each Contract Review Committee has been established for the purpose of overseeing the processes of its Board for reviewing and monitoring performance under the investment management and sub-advisory (as applicable), distribution, transfer agency, and certain other agreements with the investment Adviser of the Fund(s) under its oversight and its affiliates. Each Contract Review Committee is also responsible for overseeing its Board’s processes for considering and reviewing performance under the operation of the distribution, service, shareholder administration and other plans of the Fund(s) under its oversight, and any agreements related to the plans, whether or not such plans and agreements are adopted pursuant to Rule 12b-1 under the 1940 Act. Each Contract Review Committee also provides appropriate assistance to its Board in connection with the Board’s approval, oversight and review of the other service providers including, without limitation, the sub-advisers (as applicable), custodian/fund accounting agent, sub-transfer agents, securities lending agents (as applicable), professional (legal and accounting) firms and printing firms of the Fund(s) under its oversight. All of the Independent Trustees of each Board serve on the Contract Review Committee of such Board.

Risk Oversight

Each Board is responsible for the oversight of the activities of the Fund(s), including oversight of risk management. Day-to-day risk management with respect to the Funds is the responsibility of GSAM or other service providers including sub-advisers (depending on the nature of the risk), subject to supervision by GSAM. The risks of the Funds include, but are not limited to, liquidity risk, investment risk, derivatives risk, compliance risk, manager selection risk, operational risk, reputational risk, credit risk and counterparty risk. Each of GSAM and the other service providers, including sub-advisers, have their own independent interest in risk management and their policies and methods of risk management may differ from the Funds and each other’s in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result, the Boards recognize that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects, and that some risks are simply beyond the control of the Funds or GSAM, their respective affiliates or other service providers, including sub-advisers.

Each Board effectuates its oversight role primarily through regular and special meetings of the Board and Board committees. In certain cases, risk management issues are specifically addressed in reports, presentations and discussions. For example, on an annual basis, GSAM (or personnel from GSAM) will provide the Boards with written reports that address the operation, adequacy and effectiveness of each Fund’s liquidity risk management and derivatives risk management programs, which are generally designed to assess and manage liquidity risk, and for Full Compliance Funds (as defined in Rule 18f-4 under the 1940 Act), derivatives risk. In addition, investment risk is discussed in the context of regular presentations to each Board on Fund strategy and performance. Other types of risk are addressed as part of presentations on related topics (e.g., compliance policies) or in the context of presentations focused specifically on one or more risks. The Boards also receive reports from GSAM management on operational risks, reputational risks and counterparty risks relating to the Funds.

Board oversight of risk management is also performed by various Board committees. For example, the Audit Committees meet with both the Funds’ independent registered public accounting firm and GSAM’s internal audit group to review risk controls in place that support the Funds as well as test results, and the Compliance Committees meets with the CCO and representatives of GSAM’s compliance group to review testing results of the Funds’ compliance policies and procedures and other compliance issues. Board oversight of risk is also performed as needed between meetings through communications between the GSAM and each Board. Each Board may, at any time and in its discretion, change the manner in which it conducts risk oversight. Each Board’s oversight role does not make the Board a guarantor of the investments or activities.

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Meetings of Trustees and Standing Board Committees

The numbers of meetings of the Boards and their Committees held during the Funds’ respective most recent fiscal years are set forth below:

No Trustee attended fewer than seventy-five percent of the meetings held by his or her Board or by any Committee of which he or she was a member while he or she was a Trustee during the applicable fiscal year.

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Nominee/Trustee Ownership of Fund Shares

The following table shows the dollar range of shares beneficially owned by each Nominee/Trustee in the investment portfolios of the Funds and the Goldman Sachs Fund Complex as of July 31, 2023:

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As of July 31, 2023, the Nominees, Trustees and Officers of the Funds as a group owned less than 1% of the outstanding shares of beneficial interest of each share class of the Real Estate Fund, and of each share class of each of the Funds within the GSETF Trust, GSETF Trust II, GS Trust, GS Trust II and GS VIT, except for Class P shares of the Goldman Sachs Income Builder Fund. As of July 31, 2023, the Nominees, Trustees and Officers of the Funds as a group owned 1.44% of the outstanding Class P shares of the Goldman Sachs Income Builder Fund.

As of a recent date, none of the Independent Trustees nor any member of their immediate family owned any securities issued by GSAM or a sub-adviser or any other person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with GSAM or a sub-adviser.

Board Compensation

Each Independent Trustee is compensated with a unitary annual fee for his or her services as a Trustee of the applicable Funds and as a member of the applicable Board committees. Each Chair and “audit committee

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financial expert” receive additional compensation for their services. The Independent Trustees are also reimbursed for reasonable travel expenses incurred in connection with attending such meetings. The Funds may also pay the reasonable incidental costs of a Trustee to attend training or other types of conferences relating to the investment company industry.

The following tables set forth certain information with respect to the compensation of each Trustee for the Funds’ respective most recent fiscal years:

Goldman Sachs ETF Trust (Fiscal Years Ended August 31, 2022 and December 31, 2022)

Goldman Sachs ETF Trust II (Fiscal Year Ended August 31, 2022)

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Goldman Sachs Real Estate Diversified Income Fund (Fiscal Year Ended September 30, 2022)

Goldman Sachs Trust (Fiscal Years Ended August 31, 2022, October 31, 2022, November 30, 2022, December 31, 2022 and March 31, 2023)

Goldman Sachs Trust II (Fiscal Year Ended October 31, 2022)

Goldman Sachs Variable Insurance Trust (Fiscal Year Ended December 31, 2022)

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Additional Information about Officers of the Funds

Information pertaining to the officers of the Funds as of September 5, 2023 is set forth below. The Funds’ officers do not receive any compensation from the Funds for serving as such.

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29

30

31

32

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Information about the Funds’ Independent Registered Public Accounting Firm

Each Audit Committee has selected and recommended, and its respective Board, including a majority of the Independent Trustees, has approved, the selection of PricewaterhouseCoopers LLP to act as independent registered public accountant for the Fund(s) under its oversight for the current applicable fiscal years.

Representatives of PricewaterhouseCoopers LLP are expected to be present at the Meeting and will be available to respond to appropriate questions from shareholders if necessary. Representatives of PricewaterhouseCoopers LLP will be given the opportunity to make statements at the Meeting, if they so desire.

Audit Fees

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for professional services for the audit of the annual financial statements for the Funds’ last two fiscal years are reflected in the tables below.

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Audit-Related Fees

Audit-related fees are for any services rendered to the Funds that are reasonably related to the performance of the audits of the financial statements (but not reported as audit fees above). These services include attestation services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

The aggregate audit-related fees billed by PricewaterhouseCoopers LLP to the Funds for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate audit-related fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting for the Funds’ last two fiscal years are reflected in the tables below.

Tax Fees

Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountant’s tax division except those services related to the audits. This category comprises fees for tax compliance services provided in connection with the preparation and review of the Fund’s tax returns.

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for services rendered to the Funds for tax compliance, tax advice and tax planning for the Funds’ last two fiscal years are reflected in the tables below.

All Other Fees

The aggregate fees billed by PricewaterhouseCoopers LLP to the Funds for products and services provided to the Funds, other than the services reported in “Audit Fees,” “Audit Related Fees,” and “Tax Fees” above, for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, other than the services reported in “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above, for the Funds’ last two fiscal years are reflected in the tables below.

Aggregate Non-Audit Fees

The aggregate non-audit fees billed by PricewaterhouseCoopers LLP to the Funds for the Funds’ last two fiscal years are reflected in the tables below.

The aggregate non-audit fees billed by PricewaterhouseCoopers LLP to GSAM and any entity controlling, controlled by, or under common control with GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, for non-audit services for the Funds’ last two fiscal years are reflected in the tables below. These include any non-audit services required to be pre-approved but excludes non-audit services that did not require pre-approval since they did not directly relate to the Funds’ operations or financial reporting.

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The following tables set forth the aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered to the Funds during the two most recent fiscal years.

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II