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: October 31

Date of reporting period: April 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	April 30, 2020
	Dividend Focus Funds
	Income Builder
	Rising Dividend Growth

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	6
Financial Statements	23
Financial Highlights	26
Income Builder	26
Rising Dividend Growth	32
Notes to Financial Statements	39
Other Information	59

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Dividend Focus Funds

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Income Builder Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			Russell 1000® Value  Index2			ICE BofAML BB to B U.S. High Yield Constrained  Index3
Class A		-5.70	%		-13.66	%		-6.20	%
Class C		-6.06			-13.66			-6.20
Institutional		-5.52			-13.66			-6.20
Investor		-5.59			-13.66			-6.20
Class P		-5.51			-13.66			-6.20
Class R6		-5.52			-13.66			-6.20

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. This index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an unmanaged index.

³  The BofAML BB to B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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

FUND BASICS

TOP TEN EQUITY HOLDINGS AS OF 4/30/204
Holding	% of Net Assets			Line of Business
Johnson & Johnson		1.5	%	Pharmaceuticals
Chevron Corp.		1.0		Oil, Gas & Consumable Fuels
Cisco Systems, Inc.		0.9		Communications Equipment
Verizon Communications, Inc.		0.9		Diversified Telecommunication Services
Eli Lilly & Co.		0.8		Pharmaceuticals
The Home Depot, Inc.		0.8		Specialty Retail
Comcast Corp. Class A		0.8		Media
Microsoft Corp.		0.8		Software
Medtronic PLC		0.8		Health Care Equipment & Supplies
Linde PLC		0.7		Chemicals

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK⁵

As of April 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund’s Equity investments market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets as of April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

2

FUND BASICS

FUND’S FIXED INCOME FUND COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. Short-term investments represent commercial paper. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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.

3

FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		-12.53	%		-3.16	%
Class C		-12.90			-3.16
Institutional		-12.43			-3.16
Investor		-12.49			-3.16
Class P		-12.43			-3.16
Class R		-12.64			-3.16
Class R6		-12.44			-3.16

¹  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. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

4

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/203
Holding	% of Net Assets			Line of Business
Activision Blizzard, Inc.		2.2	%	Entertainment
Comcast Corp. Class A		2.0		Media
Enterprise Products Partners LP		2.0		Oil, Gas & Consumable Fuels
The Walt Disney Co.		1.8		Entertainment
UnitedHealth Group, Inc.		1.6		Health Care Providers & Services
Danaher Corp.		1.6		Health Care Equipment & Supplies
Microsoft Corp.		1.5		Software
Magellan Midstream Partners LP		1.5		Oil, Gas & Consumable Fuels
MPLX LP		1.4		Oil, Gas & Consumable Fuels
The Home Depot, Inc.		1.4		Specialty Retail

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of April 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

5

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 35.7%
Aerospace & Defense – 0.5%
	23,714	Northrop Grumman Corp.	$	7,841,508
Banks – 2.0%
	120,840	JPMorgan Chase & Co.		11,571,638
	2,377,373	Lloyds Banking Group PLC ADR		3,732,476
	39,003	M&T Bank Corp.		4,371,456
	167,676	Truist Financial Corp.		6,257,668
	224,892	Wells Fargo & Co.		6,533,113
				32,466,351
Beverages – 0.5%
	178,531	The Coca-Cola Co.		8,192,788
Biotechnology – 0.2%
	15,148	Amgen, Inc.		3,623,705
Capital Markets – 1.1%
	11,434	BlackRock, Inc.		5,740,325
	178,423	Morgan Stanley		7,035,219
	51,969	Singapore Exchange Ltd. ADR		5,268,617
				18,044,161
Chemicals – 1.0%
	21,141	Ecolab, Inc.		4,090,784
	63,972	Linde PLC		11,770,208
				15,860,992
Commercial Services & Supplies – 0.4%
	89,733	Republic Services, Inc.		7,029,683
Communications Equipment – 1.1%
	349,781	Cisco Systems, Inc.		14,823,719
	136,517	Juniper Networks, Inc.		2,948,767
				17,772,486
Construction & Engineering – 0.3%
	248,896	Vinci SA ADR		5,060,056
Containers & Packaging – 0.5%
	248,520	International Paper Co.		8,511,810
Diversified Telecommunication Services – 0.9%
	249,224	Verizon Communications, Inc.		14,317,919
Electric Utilities – 0.9%
	875,805	Enel SpA ADR		5,916,063
	21,338	NextEra Energy, Inc.		4,931,638
	64,936	Xcel Energy, Inc.		4,127,332
				14,975,033
Electrical Equipment – 0.6%
	551,790	Schneider Electric SE ADR		10,023,265
Electronic Equipment, Instruments & Components – 0.5%
	75,856	National Instruments Corp.		2,914,388
	56,583	TE Connectivity Ltd.		4,156,587
				7,070,975
Common Stocks – (continued)
Energy Equipment & Services – 0.1%
	117,569	Baker Hughes Co.		1,640,088
Entertainment – 0.3%
	50,189	The Walt Disney Co.		5,427,940
Equity Real Estate Investment Trusts (REITs) – 1.5%
	16,554	Alexandria Real Estate Equities, Inc.		2,600,468
	32,607	American Tower Corp.		7,760,466
	30,260	AvalonBay Communities, Inc.		4,930,867
	50,268	Camden Property Trust		4,427,103
	158,519	Hudson Pacific Properties, Inc.		3,896,397
				23,615,301
Food & Staples Retailing – 0.3%
	128,219	The Kroger Co.		4,053,003
Food Products – 0.9%
	89,376	Mondelez International, Inc. Class A		4,597,501
	93,039	Nestle SA ADR		9,778,399
				14,375,900
Health Care Equipment & Supplies – 1.2%
	124,505	Medtronic PLC		12,155,423
	55,978	Zimmer Biomet Holdings, Inc.		6,700,567
				18,855,990
Health Care Providers & Services – 1.2%
	180,412	CVS Health Corp.		11,104,359
	25,902	UnitedHealth Group, Inc.		7,575,558
				18,679,917
Hotels, Restaurants & Leisure – 0.7%
	56,652	McDonald’s Corp.		10,625,649
Household Products – 1.0%
	38,504	Kimberly-Clark Corp.		5,332,034
	93,818	The Procter & Gamble Co.		11,058,328
				16,390,362
Industrial Conglomerates – 0.4%
	46,865	Honeywell International, Inc.		6,650,143
Insurance – 1.0%
	65,727	Chubb Ltd.		7,099,173
	33,261	The Travelers Cos., Inc.		3,366,346
	168,012	Zurich Insurance Group AG ADR		5,290,698
				15,756,217
IT Services – 0.5%
	17,919	Accenture PLC Class A		3,318,420
	38,189	Fidelity National Information Services, Inc.		5,036,747
				8,355,167
Machinery – 0.8%
	46,968	Deere & Co.		6,813,178
	46,221	Stanley Black & Decker, Inc.		5,093,554
				11,906,732

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Description	Value
Common Stocks – (continued)
Media – 0.8%
	194,739	Bright Pattern Holding Co.	$	253,160
	328,845	Comcast Corp. Class A		12,374,437
				12,627,597
Metals & Mining – 0.5%
	157,963	Rio Tinto PLC ADR		7,296,311
Multi-Utilities – 1.4%
	88,932	Ameren Corp.		6,469,803
	60,599	CMS Energy Corp.		3,459,597
	105,761	National Grid PLC ADR		6,193,364
	64,346	Public Service Enterprise Group, Inc.		3,262,985
	27,635	Sempra Energy		3,422,595
				22,808,344
Oil, Gas & Consumable Fuels – 2.8%
	201,194	Antero Midstream Corp.		955,672
	263,599	BP PLC ADR		6,273,656
	172,219	Chevron Corp.		15,844,148
	600,957	Energy Transfer LP		5,048,039
	300,620	Enterprise Products Partners LP		5,278,887
	140,772	Plains All American Pipeline LP		1,243,017
	304,118	Royal Dutch Shell PLC ADR Class A(a)		10,075,429
				44,718,848
Personal Products – 0.3%
	106,821	Unilever NV		5,279,094
Pharmaceuticals – 3.6%
	95,686	AstraZeneca PLC ADR		5,002,464
	101,271	Bristol-Myers Squibb Co.		6,158,289
	82,715	Eli Lilly & Co.		12,791,048
	163,521	Johnson & Johnson		24,534,691
	113,924	Novartis AG ADR		9,652,781
				58,139,273
Road & Rail – 1.0%
	33,310	Norfolk Southern Corp.		5,699,341
	62,405	Union Pacific Corp.		9,971,695
				15,671,036
Semiconductors & Semiconductor Equipment – 1.3%
	23,756	Analog Devices, Inc.		2,603,658
	150,022	Intel Corp.		8,998,319
	73,904	Texas Instruments, Inc.		8,578,037
				20,180,014
Software – 0.8%
	68,320	Microsoft Corp.		12,243,627
Specialty Retail – 1.1%
	54,306	Lowe’s Cos., Inc.		5,688,553
	56,960	The Home Depot, Inc.		12,521,517
				18,210,070
Technology Hardware, Storage & Peripherals – 0.7%
	38,071	Apple, Inc.		11,185,260
Common Stocks – (continued)
Technology – Software/Services(b)(c) – 0.0%
	194,739	Aspect Software, Inc. Class B		48,685
Tobacco – 0.4%
	90,672	Philip Morris International, Inc.		6,764,131
Water Utilities – 0.6%
	78,688	American Water Works Co., Inc.		9,575,543
	TOTAL COMMON STOCKS
	(Cost $544,928,639)		$	571,870,974

Shares	Dividend Rate	Value
Preferred Stocks(d) – 0.5%
Capital Markets(e) – 0.3%
Morgan Stanley (3M USD LIBOR + 3.708%)
183,597	6.375%	$	4,929,579
Diversified Telecommunication Services – 0.1%
Qwest Corp.
43,276	6.500		1,004,003
Insurance(e) – 0.1%
Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
143,849	4.882		2,517,358
TOTAL PREFERRED STOCKS
(Cost $8,780,988)		$	8,450,940

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 49.6%
Advertising(d)(f) – 0.2%
	Lamar Media Corp.
$	600,000		3.750	%		02/15/28	$	552,000
	Outfront Media Capital LLC/Outfront Media Capital Corp.
	360,000		5.000			08/15/27		341,100
	Terrier Media Buyer, Inc.
	2,850,000		8.875			12/15/27		2,337,000
								3,230,100
Aerospace & Defense(d) – 0.9%
	Arconic, Inc.
	2,242,000		5.400			04/15/21		2,284,037
	Boeing Co.
	3,432,000		5.150			05/01/30		3,432,000
	3,432,000		5.805			05/01/50		3,432,000
	Bombardier, Inc.(f)
	1,125,000		7.500			12/01/24		745,313
	3,301,000		7.500			03/15/25		2,129,145
	TransDigm, Inc.
	365,000		6.500			05/15/25		324,850
	3,300,000		5.500	(f)		11/15/27		2,755,500
								15,102,845

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Agriculture – 0.7%
	BAT Capital Corp.(d)
$	10,000,000		4.390	%		08/15/37	$	10,158,100
	MHP SE
	330,000		7.750			05/10/24		320,822
								10,478,922
Airlines(f) – 0.1%
	Air Canada Pass Through Trust Series 2013-1, Class B
	1,617,143		5.375			05/15/21		1,441,586
Automotive – 1.2%
	American Axle & Manufacturing, Inc.(d)
	1,000		6.250			04/01/25		750
	Cooper Standard Automotive, Inc.(d)
	1,350,000		5.625			11/15/26		918,000
	Dealer Tire LLC/DT Issuer LLC(d)(f)
	2,934,000		8.000			02/01/28		2,046,465
	Delphi Technologies PLC(f)
	4,100,000		5.000			10/01/25		3,833,500
	Ford Motor Co.
	1,464,000		8.500			04/21/23		1,451,208
	Ford Motor Credit Co. LLC
	2,500,000		5.875			08/02/21		2,458,425
	1,600,000		4.140	(d)		02/15/23		1,476,134
	400,000		4.687	(d)		06/09/25		354,332
	General Motors Co.(d)
	3,000,000		6.600			04/01/36		2,799,900
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc.(d)(f)
	1,850,000		8.500			05/15/27		1,567,875
	The Goodyear Tire & Rubber Co.(d)
	3,050,000		5.125			11/15/23		2,790,750
								19,697,339
Banks – 3.6%
	Akbank Turk A/S(d)(e)(5 Year USD Swap + 5.026%)
	320,000		7.200			03/16/27		292,400
	Banco do Brasil SA(d)(e)(10 Year CMT + 4.398%)
	560,000		6.250			04/15/49		462,088
	Banco Mercantil del Norte SA(d)(e)(f)(5 Year CMT + 4.967%)
	680,000		6.750			09/27/49		536,860
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(f)
	250,000		5.375			04/17/25		256,563
	Bank of America Corp.(d)(e) (3M USD LIBOR + 3.898%)
	4,000,000		6.100			03/17/49		4,231,080
	BBVA Bancomer SA(d)(e)(5 Year CMT + 2.650%)
	530,000		5.125			01/18/33		453,812
	BNP Paribas SA(f)
	2,700,000		4.375			05/12/26		2,884,761
	CIT Group, Inc.(d)
	4,025,000		5.250			03/07/25		3,964,625
	Citigroup, Inc.(d)(e)
	(3M USD LIBOR + 4.517%)
	1,890,000		6.250			08/15/49		2,010,487
	(SOFR + 3.914%)
	900,000		4.412			03/31/31		1,033,875
Corporate Obligations – (continued)
Banks – (continued)
	Credit Bank of Moscow Via CBOM Finance PLC(f)
	260,000		4.700			01/29/25		247,325
	Credit Suisse Group AG(d)(e)(f)
	(5 Year CMT + 3.293%)
	1,150,000		5.100			01/24/49		1,032,154
	(5 Year USD Swap + 4.598%)
	4,025,000		7.500			12/11/49		4,236,469
	Deutsche Bank AG(d)(e)
	(5 year CMT + 4.524%)
	800,000		6.000			10/30/49		576,000
	(5 Year USD Swap + 2.248%)
	2,000,000		4.296			05/24/28		1,795,000
	FirstRand Bank Ltd.(d)(e)(5 Year USD Swap + 3.561%)
	320,000		6.250			04/23/28		304,500
	Grupo Aval Ltd.(d)(f)
	340,000		4.375			02/04/30		283,050
	ING Groep NV(d)(e)(5 Year USD Swap + 4.446%)
	5,000,000		6.500			04/16/49		4,975,000
	Intesa Sanpaolo SpA(f)
	8,000,000		5.017			06/26/24		7,850,000
	Itau Unibanco Holding SA(d)(e)(5 Year CMT + 3.981%)
	500,000		6.125			12/12/49		463,750
	JPMorgan Chase & Co.(d)(e)
	(3M USD LIBOR + 3.330%)
	4,000,000		6.125			04/30/49		4,099,720
	(3M USD LIBOR + 3.800%)
	2,700,000		5.300			08/01/49		2,561,544
	Morgan Stanley, Inc.(d)(e) (3M USD LIBOR + 3.610%)
	2,731,000		4.829			07/15/49		2,464,727
	Royal Bank of Scotland Group PLC
	2,675,000		3.875			09/12/23		2,799,521
	2,975,000		6.000			12/19/23		3,231,454
	Turkiye Vakiflar Bankasi TAO
	200,000		6.000			11/01/22		186,313
	UBS Group AG(d)(e)(5 Year USD Swap + 4.590%)
	4,000,000		6.875			08/07/49		4,100,000
	United Bank for Africa PLC
	470,000		7.750			06/08/22		414,188
								57,747,266
Beverages – 0.9%
	Anadolu Efes Biracilik Ve Malt Sanayii A/S
	350,000		3.375			11/01/22		333,922
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(d)
	3,000,000		4.700			02/01/36		3,328,830
	Anheuser-Busch InBev Worldwide, Inc.(d)
	3,000,000		4.150			01/23/25		3,340,260
	Central American Bottling Corp.(d)
	480,000		5.750			01/31/27		469,800
	Constellation Brands, Inc.(d)
	2,700,000		3.700			12/06/26		2,894,211
	Keurig Dr Pepper, Inc.(d)
	2,000,000		4.057			05/25/23		2,142,660
	1,055,000		3.200			05/01/30		1,124,968
	308,000		3.800			05/01/50		327,715
								13,962,366

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Building Materials(d) – 0.8%
	BMC East LLC(f)
$	2,750,000		5.500	%		10/01/24	$	2,612,500
	Builders FirstSource, Inc.(f)
	1,507,000		6.750			06/01/27		1,559,745
	940,000		5.000			03/01/30		813,100
	Cemex SAB de CV
	490,000		5.700			01/11/25		443,572
	230,000		7.750			04/16/26		214,602
	Cornerstone Building Brands, Inc.(f)
	2,780,000		8.000			04/15/26		2,335,200
	Griffon Corp.
	2,168,000		5.750			03/01/28		2,059,600
	Masonite International Corp.(f)
	2,075,000		5.375			02/01/28		1,976,437
								12,014,756
Chemicals – 0.8%
	Air Products and Chemicals, Inc.(d)
	484,000		2.800			05/15/50		491,531
	Ingevity Corp.(d)(f)
	2,775,000		4.500			02/01/26		2,448,937
	Kraton Polymers LLC/Kraton Polymers Capital Corp.(d)(f)
	1,900,000		7.000			04/15/25		1,828,750
	OCI NV(d)(f)
	1,250,000		5.250			11/01/24		1,243,750
	Polyone Corp.(d)(f)
	1,953,000		5.750			05/15/25		1,977,413
	PQ Corp.(d)(f)
	3,400,000		6.750			11/15/22		3,421,250
	Sasol Financing USA LLC(d)
	200,000		6.500			09/27/28		131,000
	WR Grace & Co-Conn(f)
	1,800,000		5.125			10/01/21		1,811,250
								13,353,881
Coal(d) – 0.0%
	Mongolian Mining Corp./Energy Resources LLC
	330,000		9.250			04/15/24		198,413
Commercial Services – 1.5%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)(f)
	2,557,000		6.625			07/15/26		2,643,299
	3,020,000		9.750			07/15/27		3,061,525
	GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC(d)(f)
	1,800,000		7.125			07/31/26		1,652,063
	Global Liman Isletmeleri(d)
	200,000		8.125			11/14/21		100,125
	IHS Markit Ltd.(d)(f)
	5,675,000		4.750			02/15/25		6,144,209
	Prime Security Services Borrower LLC/Prime Finance, Inc.(f)
	3,550,000		5.250			04/15/24		3,474,562
	Refinitiv US Holdings, Inc.(d)(f)
	3,000,000		8.250			11/15/26		3,258,750
	Techem Verwaltungsgesellschaft 674 MBH(d)
EUR	760,000		6.000			07/30/26		830,764
Corporate Obligations – (continued)
Commercial Services – (continued)
	The ADT Security Corp.
$	1,850,000		4.125			06/15/23		1,810,687
	The Hertz Corp.(d)(f)
	2,000,000		6.000			01/15/28		360,000
								23,335,984
Computers(d) – 1.0%
	Banff Merger Sub, Inc.(f)
	1,000,000		9.750			09/01/26		887,500
	Dell International LLC/EMC Corp.(f)
	5,000,000		8.100			07/15/36		6,093,850
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,557,850
	Presidio Holdings, Inc.(f)
	2,095,000		8.250			02/01/28		2,068,812
	Western Digital Corp.
	3,000,000		4.750			02/15/26		3,060,000
								15,668,012
Distribution & Wholesale(d)(f) – 0.8%
	Core & Main Holdings LP(g)(PIK 9.375%, Cash 8.625%)
	3,000,000		8.625			09/15/24		2,940,000
	IAA, Inc.
	750,000		5.500			06/15/27		747,187
	Performance Food Group, Inc.
	2,150,000		5.500			06/01/24		2,096,250
	1,150,000		5.500			10/15/27		1,086,750
	Resideo Funding, Inc.
	3,282,000		6.125			11/01/26		2,878,045
	Univar Solutions USA, Inc.
	3,200,000		5.125			12/01/27		3,152,000
								12,900,232
Diversified Financial Services – 2.8%
	AerCap Holdings NV(d)(e)(5 Year CMT + 4.535%)
	1,825,000		5.875			10/10/79		1,204,500
	Air Lease Corp.(d)
	2,750,000		3.750			06/01/26		2,427,397
	Ally Financial, Inc.
	4,000,000		8.000			11/01/31		4,895,000
	Alpha Holding SA(d)(f)
	200,000		9.000			02/10/25		136,750
	Avolon Holdings Funding Ltd.(d)(f)
	3,450,000		5.250			05/15/24		3,020,716
	CoBank ACB(d)(e) (3M USD LIBOR + 4.660%)
	5,350,000		6.250			10/01/49		5,273,120
	Curo Group Holdings Corp.(d)(f)
	2,125,000		8.250			09/01/25		1,715,938
	Global Aircraft Leasing Co. Ltd.(d)(f)(g)(PIK 7.250%, Cash 6.500%)
	1,750,000		6.500			09/15/24		1,045,625
	LPL Holdings, Inc.(d)(f)
	487,000		5.750			09/15/25		480,913
	1,350,000		4.625			11/15/27		1,275,750
	Lukoil Securities BV(f)
	500,000		3.875			05/06/30		499,063

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Nationstar Mortgage Holdings, Inc.(d)(f)
$	3,050,000		8.125	%		07/15/23	$	2,928,000
	Navient Corp.
	3,000,000		5.500			01/25/23		2,775,000
	Oilflow SPV 1 DAC
	551,250		12.000			01/13/22		418,950
	Park Aerospace Holdings Ltd.(d)(f)
	2,235,000		5.250			08/15/22		2,048,869
	Quicken Loans, Inc.(d)(f)
	2,000,000		5.750			05/01/25		1,957,342
	Raymond James Financial, Inc.(d)
	900,000		4.650			04/01/30		1,007,901
	Springleaf Finance Corp.
	2,600,000		6.125			05/15/22		2,567,500
	3,500,000		7.125			03/15/26		3,268,125
	1,800,000		5.375	(d)		11/15/29		1,503,000
	The Charles Schwab Corp.(d)(e)
	(3M USD LIBOR + 3.315%)
	2,195,000		4.625			03/01/49		2,124,299
	(5 year CMT + 4.971%)
	1,250,000		5.375			06/01/49		1,287,725
	Visa, Inc.(d)
	450,000		2.700			04/15/40		466,808
								44,328,291
Electrical – 0.5%
	Calpine Corp.(d)(f)
	3,100,000		4.500			02/15/28		2,999,250
	Eskom Holdings SOC Ltd.
	200,000		5.750			01/26/21		178,500
	630,000		6.350	(h)		08/10/28		562,472
	Listrindo Capital B.V.(d)
	520,000		4.950			09/14/26		486,850
	LLPL Capital Pte Ltd.
	442,198		6.875			02/04/39		449,384
	Minejesa Capital B.V.
	260,000		4.625			08/10/30		247,000
	NRG Energy, Inc.(d)
	2,800,000		3.750	(f)		06/15/24		2,871,540
	140,000		7.250			05/15/26		150,500
	115,000		5.750			01/15/28		123,625
								8,069,121
Energy-Alternate Sources(d) – 0.1%
	Enviva Partners LP/Enviva Partners Finance Corp.(f)
	1,400,000		6.500			01/15/26		1,464,750
	Greenko Dutch B.V.
	690,000		5.250			07/24/24		608,062
								2,072,812
Engineering & Construction – 0.1%
	Aeropuertos Dominicanos Siglo XXI SA(d)
	630,000		6.750			03/30/29		516,600
	GMR Hyderabad International Airport Ltd.
	660,000		5.375			04/10/24		568,425
	IHS Netherlands Holdco B.V.(d)(f)
	200,000		7.125			03/18/25		180,000
Corporate Obligations – (continued)
Engineering & Construction – (continued)
	Mexico City Airport Trust(d)
$	520,000		5.500	%		10/31/46	$	429,406
								1,694,431
Entertainment(d) – 0.5%
	AMC Entertainment Holdings, Inc.
	4,200,000		5.875			11/15/26		934,500
	Banijay Entertainment SASU(f)
	1,800,000		5.375			03/01/25		1,660,500
	Motion Bondco DAC(f)
	3,250,000		6.625			11/15/27		2,591,875
	Scientific Games International, Inc.(f)
	1,000,000		5.000			10/15/25		871,250
	2,100,000		8.250			03/15/26		1,585,500
	500,000		7.000			05/15/28		358,750
	Vail Resorts, Inc. Co.(f)
	247,000		6.250			05/15/25		255,645
								8,258,020
Environmental(d)(f) – 0.3%
	GFL Environmental, Inc.
	570,000		7.000			06/01/26		598,500
	730,000		5.125			12/15/26		757,375
	858,000		8.500			05/01/27		933,075
	Stericycle, Inc.
	1,950,000		5.375			07/15/24		1,954,875
								4,243,825
Food & Drug Retailing(d) – 1.4%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(f)
	550,000		3.500			02/15/23		544,500
	2,595,000		4.625			01/15/27		2,607,975
	1,995,000		5.875			02/15/28		2,064,825
	502,000		4.875			02/15/30		507,020
	Arcor SAIC
	110,000		6.000			07/06/23		88,275
	B&G Foods, Inc.
	4,020,000		5.250			04/01/25		4,070,250
	Kraft Heinz Foods Co.
	3,198,000		5.000			07/15/35		3,422,077
	2,592,000		4.375			06/01/46		2,458,375
	Post Holdings, Inc.(f)
	5,984,000		4.625			04/15/30		5,864,320
								21,627,617
Food Service(d)(f) – 0.0%
	Aramark Services, Inc.
	620,000		6.375			05/01/25		641,700
Forest Products&Paper(d) – 0.1%
	Mercer International, Inc.
	1,850,000		7.375			01/15/25		1,792,188
Gaming(d)(f) – 0.4%
	Boyd Gaming Corp.
	2,950,000		4.750			12/01/27		2,540,687

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Gaming(d)(f) – (continued)
	Station Casinos LLC
$	3,273,000		4.500	%		02/15/28	$	2,618,400
	Wynn Macau Ltd.
	550,000		5.125			12/15/29		530,750
								5,689,837
Gas(d) – 0.3%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,125,000		5.875			08/20/26		4,217,812
Health Care Products(d)(f) – 0.0%
	Hill-Rom Holdings, Inc.
	400,000		4.375			09/15/27		409,000
Healthcare Providers & Services – 2.6%
	Centene Corp.(d)
	2,840,000		4.250			12/15/27		2,817,196
	1,500,000		3.375			02/15/30		1,500,000
	Acadia Healthcare Co., Inc.(d)
	2,732,000		6.500			03/01/24		2,595,400
	Centene Corp.(d)(f)
	2,840,000		4.250			12/15/27		2,970,782
	1,500,000		3.375			02/15/30		1,517,070
	Charles River Laboratories International, Inc.(d)(f)
	650,000		4.250			05/01/28		655,688
	CHS/Community Health Systems, Inc.(d)
	1,990,000		6.250			03/31/23		1,870,600
	Encompass Health Corp.(d)
	1,200,000		4.500			02/01/28		1,200,000
	HCA, Inc.
	8,870,000		5.000			03/15/24		9,621,910
	250,000		5.875	(d)		02/15/26		279,375
	MEDNAX, Inc.(d)(f)
	3,650,000		5.250			12/01/23		3,477,318
	Select Medical Corp.(d)(f)
	1,700,000		6.250			08/15/26		1,623,500
	Tenet Healthcare Corp.
	5,600,000		8.125			04/01/22		5,628,000
	2,000,000		6.250	(d)(f)		02/01/27		1,970,000
	Universal Health Services, Inc.(d)(f)
	2,650,000		5.000			06/01/26		2,696,216
								40,423,055
Holding Companies-Diversified(d) – 0.0%
	KOC Holding A/S
	700,000		6.500			03/11/25		686,219
Home Builders – 0.7%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(d)(f)
	1,642,000		4.875			02/15/30		1,354,650
	Installed Building Products, Inc.(d)(f)
	800,000		5.750			02/01/28		768,000
	Lennar Corp.(d)
	1,825,000		4.125			01/15/22		1,831,844
	M/I Homes, Inc.(d)(f)
	1,378,000		4.950			02/01/28		1,212,640
Corporate Obligations – (continued)
Home Builders – (continued)
	PulteGroup, Inc.
	3,000,000		7.875			06/15/32		3,450,000
	TRI Pointe Group, Inc.(d)
	1,850,000		5.250			06/01/27		1,665,000
	Williams Scotsman International, Inc.(d)(f)
	1,350,000		6.875			08/15/23		1,358,437
								11,640,571
Household Products(d) – 0.1%
	Spectrum Brands, Inc.
	1,800,000		5.750			07/15/25		1,795,500
Housewares(d) – 0.0%
	Turkiye Sise ve Cam Fabrikalari A/S
	530,000		6.950			03/14/26		511,119
Insurance – 0.8%
	Acrisure LLC/Acrisure Finance, Inc.(d)(f)
	1,550,000		10.125			08/01/26		1,565,500
	Fidelity & Guaranty Life Holdings, Inc.(d)(f)
	2,850,000		5.500			05/01/25		3,003,187
	HUB International Ltd.(d)(f)
	1,760,000		7.000			05/01/26		1,749,000
	Prudential Financial, Inc.(d)(e) (3M USD LIBOR + 3.920%)
	4,300,000		5.625			06/15/43		4,438,159
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		110,062
	USI, Inc.(d)(f)
	1,850,000		6.875			05/01/25		1,854,625
								12,720,533
Internet – 2.0%
	21Vianet Group, Inc.
	400,000		7.875			10/15/21		365,024
	Booking Holdings, Inc.(d)
	3,494,000		4.100			04/13/25		3,699,098
	2,850,000		4.625			04/13/30		3,158,028
	Expedia Group, Inc.(d)(f)
	1,160,000		6.250			05/01/25		1,181,750
	Getty Images, Inc.(d)(f)
	250,000		9.750			03/01/27		185,625
	Go Daddy Operating Co. LLC/GD Finance Co., Inc.(d)(f)
	1,305,000		5.250			12/01/27		1,340,887
	GrubHub Holdings, Inc.(d)(f)
	3,400,000		5.500			07/01/27		3,179,000
	Match Group, Inc.(d)(f)
	2,379,000		4.125			08/01/30		2,307,630
	Netflix, Inc.(d)(f)
	350,000		4.875			06/15/30		373,625
	NortonLifeLock, Inc.(d)(f)
	4,000,000		5.000			04/15/25		4,040,000
	Twitter, Inc.(d)(f)
	4,305,000		3.875			12/15/27		4,283,475
	Uber Technologies, Inc.(d)(f)
	3,000,000		7.500			11/01/23		3,003,750
	VeriSign, Inc.(d)
	4,000,000		5.250			04/01/25		4,369,920
								31,487,812

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Iron/Steel – 0.2%
	ABJA Investment Co. Pte Ltd.
$	650,000		5.950	%		07/31/24	$	579,719
	Cleveland-Cliffs, Inc.(d)
	1,038,000		5.750			03/01/25		731,790
	2,250,000		5.875			06/01/27		1,406,250
	Vale Overseas Ltd.
	300,000		6.250			08/10/26		327,300
								3,045,059
Leisure Time(d)(f) – 0.2%
	Sabre GLBL, Inc.
	2,405,000		9.250			04/15/25		2,540,281
Lodging(d) – 0.0%
	Fortune Star BVI Ltd.
	340,000		5.250			03/23/22		327,569
Machinery-Diversified(d)(f) – 0.0%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	588,000		7.750			04/15/26		546,840
Media – 4.8%
	Altice Financing SA(d)
	200,000		7.500			05/15/26		208,500
	AMC Networks, Inc.(d)
	1,800,000		4.750			08/01/25		1,651,500
	CCO Holdings LLC/CCO Holdings Capital Corp.(d)(f)
	3,000,000		5.875			05/01/27		3,120,000
	4,980,000		4.750			03/01/30		5,079,600
	Charter Communications Operating LLC/Charter Communications Operating Capital(d)
	12,000,000		6.384			10/23/35		15,471,000
	Clear Channel Worldwide Holdings, Inc.(d)(f)
	2,033,000		9.250			02/15/24		1,692,473
	CSC Holdings LLC
	985,000		5.250			06/01/24		1,030,556
	5,450,000		5.500	(d)(f)		05/15/26		5,613,500
	Cumulus Media New Holdings, Inc.(d)(f)
	2,680,000		6.750			07/01/26		2,177,500
	Diamond Sports Group LLC/Diamond Sports Finance Co.(d)(f)
	1,590,000		5.375			08/15/26		1,208,400
	3,345,000		6.625			08/15/27		1,806,300
	DISH DBS Corp.
	6,300,000		5.875			07/15/22		6,315,750
	Entercom Media Corp.(d)(f)
	2,300,000		7.250			11/01/24		1,437,500
	4,250,000		6.500			05/01/27		3,134,375
	Gray Television, Inc.(d)(f)
	2,125,000		7.000			05/15/27		2,140,937
	iHeartCommunications, Inc.(d)(f)
	1,450,000		5.250			08/15/27		1,319,500
	550,000		4.750			01/15/28		481,250
	Meredith Corp.(d)
	2,610,000		6.875			02/01/26		2,218,500
	Nexstar Broadcasting, Inc.(d)(f)
	1,500,000		5.625			07/15/27		1,425,000
	Scripps Escrow, Inc.(d)(f)
	1,050,000		5.875			07/15/27		887,250
Corporate Obligations – (continued)
Media – (continued)
	Sinclair Television Group, Inc.(d)(f)
	2,100,000		5.875			03/15/26		1,816,500
	Sirius XM Radio, Inc.(d)(f)
	1,085,000		4.625			07/15/24		1,101,275
	TEGNA, Inc.(d)(f)
	2,300,000		4.625			03/15/28		2,052,750
	The E.W. Scripps Co.(d)(f)
	1,875,000		5.125			05/15/25		1,603,125
	Videotron Ltd.(d)(f)
	5,125,000		5.375			06/15/24		5,406,875
	Virgin Media Secured Finance PLC(d)
GBP	4,000,000		4.875			01/15/27		4,993,060
	Ziggo Bond Co. B.V.(d)(f)
EUR	675,000		3.375			02/28/30		693,926
$	500,000		5.125			02/28/30		492,500
								76,579,402
Mining – 1.2%
	Constellium SE(d)(f)
	2,100,000		5.875			02/15/26		1,942,500
	First Quantum Minerals Ltd.(d)(f)
	4,000,000		7.250			04/01/23		3,590,000
	FMG Resources August 2006 Pty Ltd.(d)(f)
	2,325,000		4.750			05/15/22		2,327,906
	Freeport-McMoRan, Inc.(d)
	2,950,000		3.875			03/15/23		2,938,938
	2,000,000		5.400			11/14/34		1,860,000
	Glencore Finance Canada Ltd.(f)
	3,000,000		5.550			10/25/42		3,066,990
	Novelis Corp.(d)(f)
	2,100,000		5.875			09/30/26		2,042,250
	2,400,000		4.750			01/30/30		2,136,000
	Vedanta Resources Finance II PLC(d)(f)
	200,000		9.250			04/23/26		78,750
								19,983,334
Office(d) – 0.1%
	CDW LLC/CDW Finance Corp.
	1,440,000		4.125			05/01/25		1,454,400
Oil Field Services – 0.9%
	Antero Resources Corp.(d)
	6,500,000		5.125			12/01/22		4,290,000
	Cenovus Energy, Inc.(d)
	153,000		3.000			08/15/22		135,338
	1,412,000		3.800			09/15/23		1,180,517
	Chesapeake Energy Corp.
	2,000,000		5.500			09/15/26		100,000
	Compania General Combust(d)
	590,000		9.500			11/07/21		364,694
	DNO ASA(d)(f)
	420,000		8.375			05/29/24		273,420
	Ensign Drilling, Inc.(d)(f)
	1,400,000		9.250			04/15/24		406,000
	Geopark Ltd.(d)(f)
	200,000		5.500			01/17/27		125,375

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Kosmos Energy Ltd.(d)
$	500,000		7.125	%		04/04/26	$	306,563
	Laredo Petroleum, Inc.(d)
	2,213,000		9.500			01/15/25		951,590
	MEG Energy Corp.(d)(f)
	2,480,000		7.125			02/01/27		1,698,800
	Nabors Industries Ltd.(d)(f)
	840,000		7.250			01/15/26		344,400
	Nexen, Inc.
	5,000		6.400			05/15/37		6,973
	50,000		7.500			07/30/39		80,094
	Noble Holding International Ltd.(d)
	840,000		7.750			01/15/24		2,100
	1,975,000		7.875	(f)		02/01/26		459,187
	Petrobras Global Finance B.V.(i)
	500,000		6.850			06/05/15		467,500
	Petroleos Mexicanos
EUR	220,000		2.500			08/21/21		228,279
	Range Resources Corp.(d)
$	846,000		5.875			07/01/22		761,400
	Sunoco LP/Sunoco Finance Corp.(d)
	545,000		5.500			02/15/26		523,200
	Tecpetrol SA(d)
	770,000		4.875			12/12/22		593,862
	Transocean, Inc.(d)(f)
	2,070,000		8.000			02/01/27		786,600
	USA Compression Partners LP/USA Compression Finance Corp.(d)
	1,300,000		6.875			04/01/26		1,066,000
								15,151,892
Packaging – 2.0%
	ARD Finance SA(d)(g) (PIK 5.750%, Cash 5.000%)
EUR	1,850,000		5.000			06/30/27		1,824,590
	(PIK 7.250%, Cash 6.500%)
$	3,950,000		6.500	(f)		06/30/27		3,693,250
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(d)(f)
	6,000,000		6.000			02/15/25		5,970,000
	650,000		5.250			08/15/27		631,312
	Berry Global, Inc.(d)(f)
	2,200,000		4.500			02/15/26		2,172,500
	2,000,000		5.625			07/15/27		2,065,000
	Graphic Packaging International LLC(f)
	646,000		3.500			03/15/28		616,930
	LABL Escrow Issuer LLC(d)(f)
	1,750,000		6.750			07/15/26		1,758,750
	Mauser Packaging Solutions Holding Co.(d)(f)
	2,150,000		5.500			04/15/24		1,978,000
	965,000		7.250			04/15/25		753,906
	Owens-Brockway Glass Container, Inc.(f)
	1,750,000		5.875			08/15/23		1,811,250
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(d)(f)
	190,000		7.000			07/15/24		190,475
Corporate Obligations – (continued)
Packaging – (continued)
	Sealed Air Corp.(f)
	2,000,000		5.250	(d)		04/01/23		2,060,000
	1,300,000		4.000	(d)		12/01/27		1,280,500
	1,843,000		6.875			07/15/33		2,029,604
	Trivium Packaging Finance B.V.(d)(f)
	1,075,000		5.500			08/15/26		1,101,875
	1,300,000		8.500			08/15/27		1,353,625
								31,291,567
Pharmaceuticals(d) – 1.7%
	Bausch Health Cos., Inc.(f)
	65,000		5.875			05/15/23		64,025
	4,000,000		9.000			12/15/25		4,340,000
	1,350,000		5.000			01/30/28		1,296,000
	1,350,000		5.250			01/30/30		1,336,500
	Becton Dickinson & Co.
	2,000,000		2.894			06/06/22		2,049,740
	3,375,000		3.363			06/06/24		3,593,633
	CVS Health Corp.
	2,775,000		3.700			03/09/23		2,942,499
	4,715,000		3.750			04/01/30		5,230,995
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(f)
	2,745,000		7.250			08/15/26		2,662,650
	Mylan NV
	3,000,000		3.950			06/15/26		3,175,500
	Vizient, Inc.(f)
	580,000		6.250			05/15/27		604,650
								27,296,192
Pipelines – 3.1%
	Buckeye Partners LP(d)
	2,100,000		4.350			10/15/24		1,937,649
	1,835,000		4.125	(f)		03/01/25		1,697,375
	2,801,000		3.950			12/01/26		2,489,389
	929,000		4.125			12/01/27		833,778
	1,217,000		4.500	(f)		03/01/28		1,095,300
	Cheniere Energy Partners LP(d)(f)
	1,800,000		4.500			10/01/29		1,656,000
	DCP Midstream Operating LP(f)
	4,000,000		6.750			09/15/37		2,360,000
	Energy Transfer Operating LP
	4,000,000		4.250	(d)		03/15/23		3,964,600
	2,985,000		6.625			10/15/36		2,956,075
	Enterprise Products Operating LLC(d)(e) (3M USD LIBOR + 2.778%)
	1,000,000		4.358			06/01/67		774,610
	Genesis Energy LP/Genesis Energy Finance Corp.(d)
	3,500,000		6.000			05/15/23		3,062,500
	2,010,000		7.750			02/01/28		1,708,500
	Kinder Morgan Energy Partners LP
	7,000,000		7.300			08/15/33		8,746,570
	NGPL PipeCo LLC(d)(f)
	1,315,000		4.375			08/15/22		1,318,866
	Plains All American Pipeline LP/PAA Finance Corp.(d)
	3,000,000		3.600			11/01/24		2,824,590

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(d)
$	5,000,000		5.125	%		02/01/25	$	4,500,000
	The Williams Cos., Inc.
	7,000,000		7.500			01/15/31		8,180,410
								50,106,212
Real Estate Investment Trust – 1.9%
	American Tower Corp.
	2,250,000		5.000			02/15/24		2,516,602
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(d)(f)
	600,000		5.750			05/15/26		482,026
	Country Garden Holdings Co. Ltd.(d)
	650,000		6.500			04/08/24		657,719
	Crown Castle International Corp.
	2,250,000		5.250			01/15/23		2,457,697
	300,000		4.150	(d)		07/01/50		349,917
	Growthpoint Properties International Pty Ltd.
	270,000		5.872			05/02/23		254,644
	IRSA Propiedades Comerciales SA(d)
	540,000		8.750			03/23/23		265,262
	Kaisa Group Holdings Ltd.
	320,000		11.750			02/26/21		321,900
	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(d)(f)
	2,500,000		5.875			08/01/21		2,215,625
	4,000,000		5.250			03/15/22		3,300,000
	2,027,000		4.250			02/01/27		1,449,305
	MPT Operating Partnership LP/MPT Finance Corp.(d)
	4,000,000		6.375			03/01/24		4,128,280
	3,000,000		5.000			10/15/27		3,059,160
	NE Property B.V.(d)
EUR	470,000		1.750			11/23/24		444,713
	Realogy Group LLC/Realogy Co-Issuer Corp.(d)(f)
$	1,600,000		4.875			06/01/23		1,216,000
	1,950,000		9.375			04/01/27		1,365,000
	SBA Communications Corp.(d)(f)
	2,637,000		3.875			02/15/27		2,689,740
	Scenery Journey Ltd.(d)
	310,000		13.000			11/06/22		284,425
	Starwood Property Trust, Inc.(d)
	2,700,000		4.750			03/15/25		2,281,500
	VICI Properties LP/VICI Note Co., Inc.(d)(f)
	1,526,000		3.500			02/15/25		1,436,348
								31,175,863
Retailing – 1.9%
	1011778 BC ULC/New Red Finance, Inc.(d)(f)
	3,000,000		5.000			10/15/25		3,007,500
	Asbury Automotive Group, Inc.(d)(f)
	246,000		4.500			03/01/28		203,565
	Beacon Roofing Supply, Inc.(d)(f)
	2,907,000		4.875			11/01/25		2,558,160
	Burlington Coat Factory Warehouse Corp.(d)(f)
	684,000		6.250			04/15/25		695,970
Corporate Obligations – (continued)
Retailing – (continued)
	eG Global Finance PLC(d)(f)
	3,800,000		6.750			02/07/25		3,458,000
	Eurotorg LLC Via Bonitron DAC
	410,000		8.750			10/30/22		395,778
	IRB Holding Corp.(d)(f)
	2,710,000		6.750			02/15/26		2,235,750
	Lowe’s Cos., Inc.(d)
	7,237,000		5.125			04/15/50		9,415,771
	PetSmart, Inc.(d)(f)
	2,800,000		5.875			06/01/25		2,814,000
	Suburban Propane Partners LP/Suburban Energy Finance Corp.(d)
	550,000		5.500			06/01/24		541,750
	The Home Depot, Inc.(d)
	1,170,000		3.350			04/15/50		1,290,031
	Yum! Brands, Inc.(d)(f)
	63,000		7.750			04/01/25		68,985
	3,064,000		4.750			01/15/30		3,125,280
								29,810,540
Semiconductors – 0.9%
	Amkor Technology, Inc.(d)(f)
	1,398,000		6.625			09/15/27		1,446,930
	Broadcom, Inc.(d)(f)
	4,000,000		3.625			10/15/24		4,215,160
	3,117,000		5.000			04/15/30		3,497,492
	Microchip Technology, Inc.
	2,000,000		3.922			06/01/21		2,032,144
	NXP BV/NXP Funding LLC(f)
	3,000,000		4.125			06/01/21		3,064,050
	Qorvo, Inc.(d)(f)
	750,000		4.375			10/15/29		746,250
								15,002,026
Software(d) – 0.8%
	Castle US Holding Corp.(f)
	2,824,000		9.500			02/15/28		2,640,440
	Fiserv, Inc.
	2,775,000		3.200			07/01/26		2,972,746
	Nuance Communications, Inc.
	3,000,000		5.625			12/15/26		3,157,500
	Open Text Corp.(f)
	1,105,000		3.875			02/15/28		1,071,850
	Oracle Corp.
	1,405,000		3.600			04/01/50		1,594,394
	PTC, Inc.(f)
	4,000		3.625			02/15/25		3,950
	SS&C Technologies, Inc.(f)
	850,000		5.500			09/30/27		875,500
								12,316,380
Technology – Hardware(d)(f) – 0.1%
	NXP BV
	982,000		3.400			05/01/30		985,604
Telecommunication Services – 4.5%
	Altice France SA(d)(f)
	5,000,000		7.375			05/01/26		5,250,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	AT&T, Inc.(d)
$	3,000,000		5.250	%		03/01/37	$	3,553,770
	CenturyLink, Inc.
	1,450,000		5.125	(d)(f)		12/15/26		1,386,563
	2,870,000		7.650			03/15/42		2,905,875
	Cincinnati Bell, Inc.(d)(f)
	2,000,000		7.000			07/15/24		2,000,000
	CommScope, Inc.(d)(f)
	2,675,000		5.500			06/15/24		2,380,750
	1,100,000		6.000			03/01/26		1,100,000
	Digicel Group Two Ltd.(d)(f)
	1,845,000		8.250			09/30/22		55,488
	Intelsat Jackson Holdings SA(d)(f)
	4,800,000		8.000			02/15/24		4,896,000
	3,000,000		8.500			10/15/24		1,725,000
	MTN Mauritius Investments Ltd.
	420,000		6.500			10/13/26		403,069
	Nokia of America Corp.
	3,000,000		6.450			03/15/29		3,097,500
	Qwest Corp.
	4,780,000		6.750			12/01/21		4,994,813
	Sprint Capital Corp.
	1,150,000		8.750			03/15/32		1,618,625
	Sprint Corp.
	10,039,000		7.875			09/15/23		11,281,326
	T-Mobile USA, Inc.(d)
	3,000,000		4.000			04/15/22		3,063,750
	6,000,000		6.500			01/15/26		6,322,500
	1,896,000		4.500	(f)		04/15/50		2,193,994
	Telecom Argentina SA(d)
	340,000		6.500			06/15/21		307,700
	310,000		8.000	(f)		07/18/26		248,291
	Telecom Italia Capital SA
	3,025,000		7.200			07/18/36		3,353,969
	1,000,000		7.721			06/04/38		1,151,250
	Telecom Italia SpA(f)
	5,000,000		5.303			05/30/24		5,168,750
	Verizon Communications, Inc.
	3,000,000		5.250			03/16/37		3,986,040
								72,445,023
Toys/Games/Hobbies(d) – 0.1%
	Mattel, Inc.
	2,475,000		3.150			03/15/23		2,301,750
Transportation – 0.0%
	MV24 Capital B.V.(f)
	335,260		6.748			06/01/34		282,771
	Rumo Luxembourg S.a.r.l.(d)
	240,000		5.875			01/18/25		236,700
								519,471
	TOTAL CORPORATE OBLIGATIONS
	(Cost $835,989,547)						$	794,320,570
Mortgage-Backed Obligations(e) – 0.0%
Collateralized Mortgage Obligation – 0.0%
Sequential Floating Rate – 0.0%
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M LIBOR + 0.190%)
$	225,391		1.137	%		07/25/47	$	186,197
	(Cost $87,339)
Foreign Debt Obligations – 0.2%
Sovereign – 0.2%
	Ecuador Government International Bond
$	490,000		10.750	%		03/28/22	$	153,125
	330,000		7.950			06/20/24		102,630
	Republic of Angola
	300,000		9.500			11/12/25		141,750
	Republic of Argentina
	380,000		4.625			01/11/23		106,756
	Republic of Egypt
EUR	590,000		4.750			04/11/25		566,945
	Republic of Nigeria
$	690,000		6.500			11/28/27		519,872
	Republic of Sri Lanka(f)
	630,000		6.350			06/28/24		371,658
	Republic of Turkey
	760,000		6.125			10/24/28		692,550
	Ukraine Government Bond
	680,000		7.750			09/01/23		644,300
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $4,655,071)						$	3,299,586
Bank Loans(e)(j) – 6.7%
Aerospace – 0.2%
	TransDigm, Inc. (1M LIBOR + 2.250%)
$	4,261,511		2.654	%		12/09/25	$	3,720,171
Automotive – 0.1%
	Adient US LLC (3M LIBOR + 4.000%)
	1,955,287		6.889			05/06/24		1,753,658
Automotive – Parts – 0.2%
	Tenneco, Inc. (1M LIBOR + 3.000%)
	4,463,699		3.404			10/01/25		3,453,787
Chemicals – 0.3%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,133,875		3.660			05/15/24		1,896,097
	Starfruit Finco B.V. (1M LIBOR + 3.000%)
	2,893,963		3.864			10/01/25		2,619,037
								4,515,134
Diversified Financial Services – 0.0%
	Fiserv Investment Solutions, Inc. (3M LIBOR + 5.500%)
	650,000		6.442			02/18/27		617,500

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(e)(j) – (continued)
Environmental – 0.1%
	Advanced Disposal Services, Inc. (1 Week LIBOR + 2.250%)
$	1,957,405		3.000	%		11/10/23	$	1,930,764
Food & Drug Retailers – 0.1%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	746,250		2.904			10/10/26		719,669
Health Care – Services – 0.4%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,928,826		4.200			06/07/23		1,770,913
	Sotera Health Holdings LLC (1M LIBOR + 4.500%)
	1,984,733		5.500			12/13/26		1,902,366
	U.S. Renal Care, Inc. (1M LIBOR + 5.000%)
	2,189,000		5.438			06/26/26		2,063,811
	Verscend Holding Corp. (1M LIBOR + 4.500%)
	1,379,000		4.904			08/27/25		1,295,915
								7,033,005
Home Construction – 0.1%
	Brookfield Residential Properties, Inc. (1M LIBOR + 2.250%)
	2,037,890		2.654			08/28/23		1,732,206
Media – Broadcasting & Radio – 0.2%
	Cumulus Media New Holdings, Inc. (6M LIBOR + 3.750%)
	920,375		4.822			03/31/26		771,578
	Getty Images, Inc. (1M LIBOR + 4.500%)
	1,953,846		4.938			02/19/26		1,636,346
								2,407,924
Media – Cable – 0.3%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,702,805		3.064			07/17/25		1,617,392
	(1M LIBOR + 2.500%)
	3,792,370		3.314			04/15/27		3,603,434
								5,220,826
Media – Non Cable – 0.1%
	Terrier Media Buyer, Inc. (3M LIBOR + 4.250%)
	1,197,000		5.700			12/17/26		1,110,218
Packaging – 0.3%
	Flex Acquisition Co., Inc. (3M LIBOR + 3.250%)
	2,800,000		4.683			06/29/25		2,606,800
	Reynolds Group Holdings, Inc. (1M LIBOR + 2.750%)
	2,954,169		3.154			02/05/23		2,810,774
								5,417,574
Pharmaceuticals – 0.7%
	Alphabet Holding Co., Inc. (1M LIBOR + 7.750%)
	5,000,000		8.154			09/26/25		3,970,850
	Valeant Pharmaceuticals International, Inc. (1M LIBOR + 3.000%)
	7,124,112		3.718			06/02/25		6,883,673
								10,854,523
Restaurants – 0.0%
	1011778 B.C. Unlimited Liability Co. (1M LIBOR + 1.750%)
	452,569		2.154			11/19/26		423,293
Bank Loans(e)(j) – (continued)
Retailers – 0.2%
	OEConnection LLC (3M LIBOR + 4.000%)
	2,067,640		4.941			09/25/26		1,819,523
	Staples, Inc. (1M LIBOR + 5.000%)
	1,588,000		6.016			04/16/26		1,259,808
								3,079,331
Services Cyclical – Business Services – 0.3%
	EVO Payments International LLC (1M LIBOR + 3.250%)
	2,954,774		3.690			12/22/23		2,727,256
	Travelport Finance S.a.r.l. (3M LIBOR + 5.000%)
	3,084,500		6.072			05/29/26		1,869,978
								4,597,234
Services Cyclical – Consumer Services – 0.2%
	Asurion LLC (1M LIBOR + 3.000%)
	3,346,473		3.404			08/04/22		3,215,961
Technology – Software/Services – 2.1%
	Banff Merger Sub, Inc. (1M LIBOR + 4.250%)
	4,949,157		4.654			10/02/25		4,256,275
	Cerence, Inc. (1M LIBOR + 6.000%)
	1,833,813		7.016			10/01/24		1,668,769
	Ceridian HCM Holding, Inc.(1 Week LIBOR + 2.500%)
	2,955,000		2.637			04/30/25		2,778,941
	DCert Buyer, Inc. (1M LIBOR + 4.000%)
	1,775,000		4.404			10/16/26		1,665,536
	Infor (US), Inc. (1M LIBOR + 2.750%)
	4,100,744		3.750			02/01/22		4,022,133
	Ion Trading Technologies S.a.r.l. (3M LIBOR + 4.000%)
	1,988,694		5.072			11/21/24		1,831,249
	MA FinanceCo. LLC (1M LIBOR + 2.250%)
	3,602,166		2.654			11/19/21		3,410,819
	Refinitiv US Holdings Inc. (1M LIBOR + 3.250%)
	4,098,125		3.654			10/01/25		4,004,647
	SS&C Technologies Holdings Europe S.a.r.l. (1M LIBOR + 1.750%)
	1,248,948		2.154			04/16/25		1,199,128
	SS&C Technologies, Inc. (1M LIBOR + 1.750%)
	1,750,284		2.154			04/16/25		1,680,465
	The Dun & Bradstreet Corp. (1M LIBOR + 4.000%)
	3,100,000		4.487			02/06/26		2,890,750
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	1,641,750		4.154			05/04/26		1,563,028
	Tibco Software, Inc. (1M LIBOR + 3.750%)
	1,979,846		4.160			06/30/26		1,851,157
								32,822,897
Telecommunication Services – 0.3%
	Hoya Midco LLC(6M LIBOR + 3.500%)
	4,392,623		4.572			06/30/24		3,118,763
	Level 3 Financing, Inc. (1M LIBOR + 1.750%)
	2,023,967		2.154			03/01/27		1,934,568
								5,053,331
Wireless Telecommunications – 0.2%
	Intelsat Jackson Holdings SA (3M PRIME + 2.750%)
	3,000,000		4.237			11/27/23		2,938,320

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(e)(j) – (continued)
Wirelines Telecommunications – 0.3%
	Consolidated Communications, Inc. (1M LIBOR + 3.000%)
$	4,862,347		4.000	%		10/04/23	$	4,295,056
	TOTAL BANK LOANS
	(Cost $117,411,803)						$	106,912,382
U.S. Treasury Obligation(k) – 0.1%
	United States Treasury Note
$	1,730,000		1.875	%		12/15/20	$	1,748,652
	(Cost $1,728,788)

Shares	Dividend Rate			Value
Investment Companies(l) – 7.5%
Goldman Sachs Emerging Markets Equity Fund – Class R6 Shares
2,516		1.277	%	$	49,635
Goldman Sachs Financial Square Government Fund – Class R6 Shares
30,708,389		0.233			30,708,389
Goldman Sachs Financial Square Government Fund – Institutional Shares
88,574,154		0.233			88,574,154
Goldman Sachs High Yield Fund – Class R6 Shares
8,592		6.516			48,630
TOTAL INVESTMENT COMPANIES
(Cost $119,383,209)				$	119,380,808
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,632,965,384)				$	1,606,170,109
Securities Lending Reinvestment Vehicle(l) – 0.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,020,491		0.233%		$	12,020,491
(Cost $12,020,491)
TOTAL INVESTMENTS – 101.1%
(Cost $1,644,985,875)				$	1,618,190,600
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%					(17,516,471	)
NET ASSETS – 100.0%				$	1,600,674,129

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 of security is on loan.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Security is currently in default and/or non-income producing.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Variable 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 April 30, 2020.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Pay-in-kind securities.
(h)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $562,472, which represents approximately 0.0% of the Fund’s net assets as of April 30, 2020.
(i)	Actual maturity date is June 5, 2115.
(j)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on April 30, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(k)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(l)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At April 30, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
OEConnection LLC, due 09/25/26	$	196,970	$	173,334	$	(22,734	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	EUR	28,025	USD	30,480		05/14/20	$	239

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC.		USD	4,123,062		EUR	3,797,602		05/14/20	$	(39,632	)
		USD	4,454,786		GBP	3,577,443		07/15/20		(52,434	)
									$	(92,066	)

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		391			06/19/20	$	56,741,920		$	4,290,497
Ultra Long U.S. Treasury Bonds		265			06/19/20		59,567,031			6,401,225
Ultra 10 Year U.S. Treasury Notes		97			06/19/20		15,232,031			431,422
2 Year U.S. Treasury Notes		109			06/30/20		24,026,836			24,395
5 Year U.S. Treasury Notes		31			06/30/20		3,890,016			51,409
10 Year U.S. Treasury Notes		148			06/19/20		20,581,250			260,554
20 Year U.S. Treasury Bonds		11			06/19/20		1,991,344			156,068
Total									$	11,615,570
Short position contracts:
5 Year U.S. Treasury Notes		(295	)		06/30/20		(37,017,891	)		(6,309	)
20 Year U.S. Treasury Bonds		(186	)		06/19/20		(33,671,812	)		(2,087,820	)
Total									$	(2,094,129	)
TOTAL FUTURES CONTRACTS									$	9,521,441

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

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M EURO(a)		6M EURO(b)	03/18/25		EUR	320		$	(6,281	)	$	2,569		$	(8,850	)
1M EURO + 0.250%(a)		6M EURO(b)	03/18/27			160	(c)		(6,625	)		(3,845	)		(2,780	)
1.750(a)		3M LIBOR(d)	03/18/23	$		540	(c)		(22,615	)		(2,148	)		(20,467	)
2.250(a)		3M LIBOR(d)	03/18/50			10			(3,904	)		(2,506	)		(1,398	)
3M LIBOR(d)		1.750%(a)	03/18/22			10,870	(c)		300,162			96,651			203,511
3M LIBOR(d)		1.750(a)	03/18/25			119,810	(c)		7,961,545			394,860			7,566,685
3M LIBOR(d)		2.000(a)	03/18/27			4,050	(c)		416,212			110,993			305,219
3M LIBOR(d)		2.000(a)	03/18/30			144,710	(c)		19,307,113			2,175,595			17,131,518
3M LIBOR(d)		2.250(a)	03/18/40			20			5,484			5,255			229
TOTAL								$	27,951,091		$	2,777,424		$	25,173,667

(a) Payments made semi-annually.

(b) Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2020.

(d) Payments made quarterly.

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 96.7%
Air Freight & Logistics – 0.9%
	34,790	FedEx Corp.	$	4,410,328
Banks – 0.3%
	76,360	Bank OZK		1,727,263
Building Products – 1.1%
	66,490	A.O. Smith Corp.		2,817,846
	14,370	Lennox International, Inc.		2,682,592
				5,500,438
Capital Markets – 5.7%
	28,810	Ameriprise Financial, Inc.		3,311,422
	12,430	BlackRock, Inc.		6,240,357
	26,327	Evercore, Inc. Class A		1,358,473
	14,640	FactSet Research Systems, Inc.		4,026,000
	23,530	Moody’s Corp.		5,738,967
	57,425	SEI Investments Co.		2,926,378
	41,414	T. Rowe Price Group, Inc.		4,788,701
				28,390,298
Chemicals – 2.1%
	23,240	Ecolab, Inc.		4,496,940
	4,085	NewMarket Corp.		1,680,732
	7,762	The Sherwin-Williams Co.		4,163,304
				10,340,976
Commercial Services & Supplies – 0.9%
	112,000	Rollins, Inc.		4,480,000
Consumer Finance – 0.5%
	61,834	Discover Financial Services		2,657,007
Electric Utilities – 0.7%
	16,050	NextEra Energy, Inc.		3,709,476
Electrical Equipment – 0.9%
	23,625	Rockwell Automation, Inc.		4,476,465
Electronic Equipment, Instruments & Components – 3.3%
	51,570	Amphenol Corp. Class A		4,551,568
	25,075	Badger Meter, Inc.		1,480,177
	171,145	Corning, Inc.		3,766,902
	64,242	National Instruments Corp.		2,468,178
	57,113	TE Connectivity Ltd.		4,195,521
				16,462,346
Energy Equipment & Services – 0.3%
	202,400	USA Compression Partners LP		1,621,224
Entertainment – 4.0%
	172,585	Activision Blizzard, Inc.		10,998,842
	84,550	The Walt Disney Co.		9,144,083
				20,142,925
Equity Real Estate Investment Trusts (REITs) – 2.5%
	50,140	Equity LifeStyle Properties, Inc.		3,023,944
	33,910	Extra Space Storage, Inc.		2,992,218
	98,755	Iron Mountain, Inc.		2,387,896
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	21,620	Public Storage		4,009,429
				12,413,487
Food & Staples Retailing – 3.9%
	17,150	Casey’s General Stores, Inc.		2,596,681
	22,400	Costco Wholesale Corp.		6,787,200
	172,355	The Kroger Co.		5,448,142
	106,995	Walgreens Boots Alliance, Inc.		4,631,814
				19,463,837
Food Products – 1.8%
	102,325	Hormel Foods Corp.		4,793,926
	31,390	Ingredion, Inc.		2,548,868
	11,700	J&J Snack Foods Corp.		1,486,251
				8,829,045
Health Care Equipment & Supplies – 4.4%
	33,010	Cantel Medical Corp.		1,221,370
	48,075	Danaher Corp.		7,858,339
	65,970	Medtronic PLC		6,440,651
	34,760	Stryker Corp.		6,480,307
				22,000,667
Health Care Providers & Services – 8.3%
	62,715	AmerisourceBergen Corp.		5,623,027
	94,375	Cardinal Health, Inc.		4,669,675
	8,000	Chemed Corp.		3,332,560
	104,096	CVS Health Corp.		6,407,109
	37,473	McKesson Corp.		5,293,061
	83,670	Patterson Cos., Inc.		1,529,488
	47,475	Quest Diagnostics, Inc.		5,227,472
	43,086	The Ensign Group, Inc.		1,611,847
	27,350	UnitedHealth Group, Inc.		7,999,055
				41,693,294
Hotels, Restaurants & Leisure – 1.4%
	34,695	Brinker International, Inc.		807,700
	13,930	Cracker Barrel Old Country Store, Inc.		1,356,782
	53,680	Yum! Brands, Inc.		4,639,562
				6,804,044
Independent Power and Renewable Electricity Producers – 0.7%
	15,000	Brookfield Renewable Partner LP		703,350
	54,200	NextEra Energy Partners LP		2,725,718
				3,429,068
Industrial Conglomerates – 1.1%
	34,930	3M Co.		5,306,578
Insurance – 3.6%
	34,629	American Financial Group, Inc.		2,293,825
	25,650	Aon PLC		4,428,985
	80,850	Principal Financial Group, Inc.		2,943,749
	59,300	Prudential Financial, Inc.		3,698,541

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	24,010	Reinsurance Group of America, Inc.	$	2,513,367
	19,360	The Hanover Insurance Group, Inc.		1,943,357
				17,821,824
IT Services – 8.5%
	33,192	Accenture PLC Class A		6,146,826
	37,240	Automatic Data Processing, Inc.		5,462,736
	35,642	Broadridge Financial Solutions, Inc.		4,134,472
	50,130	International Business Machines Corp.		6,294,323
	27,935	Jack Henry & Associates, Inc.		4,568,769
	23,090	Mastercard, Inc. Class A		6,349,057
	155,130	The Western Union Co.		2,958,329
	37,540	Visa, Inc. Class A		6,709,149
				42,623,661
Leisure Products – 1.0%
	43,095	Hasbro, Inc.		3,111,890
	27,469	Polaris, Inc.		1,948,376
				5,060,266
Machinery – 0.5%
	53,265	Donaldson Co., Inc.		2,334,605
Media – 4.2%
	269,615	Comcast Corp. Class A		10,145,638
	78,835	Meredith Corp.		1,169,123
	104,580	Omnicom Group, Inc.		5,964,197
	221,729	ViacomCBS, Inc. Class B		3,827,043
				21,106,001
Metals & Mining – 0.4%
	20,663	Reliance Steel & Aluminum Co.		1,850,992
Multi-Utilities – 1.9%
	36,235	Sempra Energy		4,487,705
	53,355	WEC Energy Group, Inc.		4,831,295
				9,319,000
Oil, Gas & Consumable Fuels – 13.1%
	55,400	BP Midstream Partners LP		633,776
	143,000	Cheniere Energy Partners LP		4,823,390
	52,500	Enbridge, Inc.		1,610,700
	796,800	Energy Transfer LP		6,693,120
	573,900	Enterprise Products Partners LP		10,077,684
	248,377	Hess Midstream LP Class A		4,341,630
	165,000	Kinder Morgan, Inc.		2,512,950
	178,000	Magellan Midstream Partners LP		7,321,140
	394,100	MPLX LP		7,133,210
	99,000	ONEOK, Inc.		2,963,070
	110,000	Pembina Pipeline Corp.		2,523,400
	117,000	Phillips 66 Partners LP		4,978,350
	34,000	Shell Midstream Partners LP		499,460
	40,000	Sunoco LP		992,800
	35,000	TC Energy Corp.		1,622,600
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	45,526	TC PipeLines LP		1,525,121
	270,000	The Williams Cos., Inc.		5,229,900
				65,482,301
Personal Products – 1.0%
	29,510	The Estee Lauder Cos., Inc. Class A		5,205,564
Pharmaceuticals – 0.7%
	70,325	Perrigo Co. PLC		3,748,322
Professional Services – 0.2%
	23,540	Insperity, Inc.		1,123,093
Semiconductors & Semiconductor Equipment – 5.9%
	49,685	Analog Devices, Inc.		5,445,476
	101,680	Applied Materials, Inc.		5,051,462
	30,995	KLA Corp.		5,085,970
	20,286	Power Integrations, Inc.		2,076,272
	74,735	QUALCOMM, Inc.		5,879,402
	52,885	Texas Instruments, Inc.		6,138,362
				29,676,944
Software – 2.2%
	43,180	Microsoft Corp.		7,738,288
	63,180	Oracle Corp.		3,346,644
				11,084,932
Specialty Retail – 2.5%
	39,884	Aaron’s, Inc.		1,272,698
	56,300	Best Buy Co., Inc.		4,319,899
	31,390	The Home Depot, Inc.		6,900,464
				12,493,061
Technology Hardware, Storage & Peripherals – 0.8%
	259,430	HP, Inc.		4,023,759
Textiles, Apparel & Luxury Goods – 2.8%
	30,210	Columbia Sportswear Co.		2,202,026
	68,615	NIKE, Inc. Class B		5,981,855
	30,915	Ralph Lauren Corp.		2,280,909
	59,818	VF Corp.		3,475,426
				13,940,216
Trading Companies & Distributors – 2.6%
	126,665	Fastenal Co.		4,587,806
	30,483	MSC Industrial Direct Co., Inc. Class A		1,818,006
	13,399	W.W. Grainger, Inc.		3,692,497
	16,704	Watsco, Inc.		2,689,177
				12,787,486
	TOTAL COMMON STOCKS
	(Cost $458,537,817)		$	483,540,793

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares	Dividend Rate	Value
Investment Companies(a) – 2.8%
Goldman Sachs Financial Square Government Fund – Class R6 Shares
12,660,010	0.233%	$	12,660,010
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,185,910	0.233		1,185,910
TOTAL INVESTMENT COMPANIES
(Cost $13,845,920)		$	13,845,920
TOTAL INVESTMENTS – 99.5%
(Cost $472,383,737)		$	497,386,713
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			2,322,037
NET ASSETS – 100.0%		$	499,708,750

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents affiliated funds.

Investment Abbreviations:
LP	— Limited Partnership
PLC	— Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		115		06/19/20	$	16,688,800	$	1,673,364

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Assets:
Investments, at value (cost $1,513,582,175 and $458,537,817, respectively)(a)	$	1,486,789,301		$	483,540,793
Investments of affiliated issuers, at value (cost $119,383,209 and $13,845,920, respectively)		119,380,808			13,845,920
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $12,020,491 and $0, respectively)		12,020,491			—
Cash		20,763,596			126,674
Foreign currencies, at value (cost $1,747,372 and $0, respectively)		1,748,658			—
Variation margin on futures contracts		3,770,690			202,353
Unrealized gain on forward foreign currency exchange contracts		239			—
Receivables:
Collateral on certain derivative contracts(b)		29,242,746			1,518,000
Investments sold		20,149,616			1,384,875
Dividends and interest		13,762,328			916,800
Fund shares sold		2,330,675			162,450
Foreign tax reclaims		260,671			423,230
Reimbursement from investment adviser		23,150			45,886
Securities lending income		8,682			—
Other assets		76,043			78,873
Total assets		1,710,327,694			502,245,854
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		92,066			—
Unrealized loss on unfunded loan commitment		22,734			—
Variation margin on swaps contracts		139,693			—
Variation margin on futures contracts		179,528			—
Payables:
Fund shares redeemed		71,183,647			1,078,402
Investments purchased		14,803,103			708,931
Payable upon return of securities loaned		12,020,491			—
Investments purchased on an extended-settlement basis		9,365,825			—
Collateral on certain derivative contracts(c)		250,000			—
Management fees		682,797			289,264
Distribution and service fees and transfer agency fees		535,835			186,215
Accrued expenses		377,846			274,292
Total liabilities		109,653,565			2,537,104
Net Assets:
Paid-in capital		1,649,972,213			498,669,127
Total distributable earnings (loss)		(49,298,084	)		1,039,623
NET ASSETS	$	1,600,674,129		$	499,708,750
Net Assets:
Class A	$	282,370,264		$	152,550,038
Class C		408,066,723			135,396,619
Institutional		591,483,946			128,961,605
Investor		248,244,110			70,419,373
Class P		12,389,336			9,011,075
Class R		—			1,384,708
Class R6		58,119,750			1,985,332
Total Net Assets	$	1,600,674,129		$	499,708,750
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		12,870,789			17,238,029
Class C		18,937,310			15,021,278
Institutional		26,345,260			13,782,786
Investor		11,090,789			7,538,430
Class P		551,834			963,018
Class R		—			157,191
Class R6		2,589,861			212,248
Net asset value, offering and redemption price per share:(d)
Class A		$21.94			$8.85
Class C		21.55			9.01
Institutional		22.45			9.36
Investor		22.38			9.34
Class P		22.45			9.36
Class R		—			8.81
Class R6		22.44			9.35

(a) Includes loaned securities having a market value of $11,748,625 and $0, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps		Options
Income Builder	$	7,220,803	$	12,491,943	$	9,530,000
Rising Dividend Growth		1,518,000		—		—

(c) Segregated for initial margin and/or collateral as follows:

Fund	Forwards
Income Bulder	$	250,000
Rising Dividend Growth		—

(d) Maximum public offering price per share for Class A shares of the Income Builder and the Rising Dividend Growth Funds is $23.22 and $9.37, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Interest	$	26,745,079		$	5,387
Dividends — unaffiliated issuers (net of foreign withholding taxes of $345,669 and $28,739)		8,831,236			5,646,220
Dividends — affiliated issuers		693,461			91,712
Securities lending income — affiliated issuer		31,447			2,037
Total investment income		36,301,223			5,745,356
Expenses:
Management fees		4,492,007			2,362,836
Distribution and Service fees(a)		2,604,445			1,075,961
Transfer Agency fees(a)		1,004,519			415,087
Custody, accounting and administrative services		142,643			85,016
Printing and mailing costs		101,096			67,933
Professional fees		68,455			78,386
Shareholder meeting expense		65,797			—
Registration fees		64,202			59,103
Trustee fees		10,188			9,380
Other		13,847			11,391
Total expenses		8,567,199			4,165,093
Less — expense reductions		(197,798	)		(413,436	)
Net expenses		8,369,401			3,751,657
NET INVESTMENT INCOME		27,931,822			1,993,699
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(35,533,410	)		3,843,002
Purchased options		(1,762,405	)		—
Futures contracts		(4,435,274	)		(2,018,013	)
Written options		(7,313,824	)		—
Swap contracts		14,909,247			—
Forward foreign currency exchange contracts		37,391			—
Foreign currency transactions		79,001			(623	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(143,315,058	)		(86,037,417	)
Investments — affiliated issuers		(11,875	)		—
Futures contracts		11,787,011			1,438,431
Unfunded loan commitments		(21,736	)		—
Written options		202,150			—
Swap contracts		22,782,916			—
Forward foreign currency exchange contracts		137,025			—
Foreign currency translation		(14,208	)		185
Net realized and unrealized loss		(142,473,049	)		(82,774,435	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(114,541,227	)	$	(80,780,736	)

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P		Class R		Class R6
Income Builder	$	380,615	$	2,223,830	$	—	$	258,818	$	378,051	$	131,113	$	227,633	$	2,436	$	—	$	6,468
Rising Dividend Growth		231,636		839,439		4,886		157,512		142,705		33,253		77,295		2,322		1,661		339

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets

	Income Builder Fund						Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	27,931,822		$	59,120,070		$	1,993,699		$	7,250,499
Net realized gain (loss)		(34,019,274	)		42,470,279			1,824,366			69,754,135
Net change in unrealized gain (loss)		(108,453,775	)		100,543,196			(84,598,801	)		451,466
Net increase (decrease) in net assets resulting from operations		(114,541,227	)		202,133,545			(80,780,736	)		77,456,100
Distributions to shareholders:
From distributable earnings
Class A Shares		(5,197,334	)		(11,236,076	)		(19,757,403	)		(122,698,079	)
Class C Shares		(6,068,489	)		(13,981,530	)		(17,126,194	)		(142,610,726	)
Institutional Shares		(12,282,654	)		(24,548,602	)		(17,181,027	)		(164,809,422	)
Investor Shares		(4,808,632	)		(8,998,284	)		(9,486,286	)		(83,957,904	)
Class P Shares		(301,498	)		(523,868	)		(1,736,876	)		(16,342,234	)
Class R Shares		—			—			(221,235	)		(1,522,397	)
Class R6 Shares		(778,105	)		(325,169	)		(210,690	)		(57,671	)
Total distributions to shareholders		(29,436,712	)		(59,613,529	)		(65,719,711	)		(531,998,433	)
From share transactions:
Proceeds from sales of shares		391,544,460			385,979,825			30,905,413			177,494,764
Reinvestment of distributions		26,277,772			53,137,972			59,519,249			475,127,949
Cost of shares redeemed		(348,650,750	)		(627,911,281	)		(169,925,376	)		(815,636,639	)
Net increase (decrease) in net assets resulting from share transactions		69,171,482			(188,793,484	)		(79,500,714	)		(163,013,926	)
TOTAL DECREASE		(74,806,457	)		(46,273,468	)		(226,001,161	)		(617,556,259	)
Net assets:
Beginning of period		1,675,480,586			1,721,754,054			725,709,911			1,343,266,170
End of period	$	1,600,674,129		$	1,675,480,586		$	499,708,750		$	725,709,911

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	23.67		$	21.67		$	22.72		$	21.60		$	21.77		$	22.83
Net investment income(a)		0.37			0.82			0.80			0.79			0.79			0.84
Net realized and unrealized gain (loss)		(1.70	)		2.02			(1.02	)		1.17			(0.16	)		(0.99	)
Total from investment operations		(1.33	)		2.84			(0.22	)		1.96			0.63			(0.15	)
Distributions to shareholders from net investment income		(0.40	)		(0.84	)		(0.80	)		(0.80	)		(0.80	)		(0.82	)
Distributions to shareholder from return of capital		—			—			(0.03	)		(0.04	)		—			(0.09	)
Total distributions		(0.40	)		(0.84	)		(0.83	)		(0.84	)		(0.80	)		(0.91	)
Net asset value, end of period	$	21.94		$	23.67		$	21.67		$	22.72		$	21.60		$	21.77
Total return(b)		(5.70	)%		13.34	%		(1.03	)%		9.21	%		3.04	%		(0.70	)%
Net assets, end of period (in 000s)	$	282,370		$	314,951		$	309,719		$	387,349		$	574,574		$	708,457
Ratio of net expenses to average net assets		0.97	%(c)		0.95	%		0.97	%		0.98	%		0.98	%		0.97	%
Ratio of total expenses to average net assets		0.99	%(c)		1.00	%		1.02	%		1.10	%		1.10	%		1.10	%
Ratio of net investment income to average net assets		3.23	%(c)		3.63	%		3.54	%		3.55	%		3.75	%		3.73	%
Portfolio turnover rate(d)		22	%		47	%		42	%		51	%		80	%		57	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	23.26		$	21.31		$	22.35		$	21.26		$	21.45		$	22.51
Net investment income(a)		0.28			0.64			0.62			0.61			0.62			0.66
Net realized and unrealized gain (loss)		(1.68	)		1.98			(1.00	)		1.16			(0.16	)		(0.98	)
Total from investment operations		(1.40	)		2.62			(0.38	)		1.77			0.46			(0.32	)
Distributions to shareholders from net investment income		(0.31	)		(0.67	)		(0.64	)		(0.65	)		(0.65	)		(0.66	)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—			(0.08	)
Total distributions		(0.31	)		(0.67	)		(0.66	)		(0.68	)		(0.65	)		(0.74	)
Net asset value, end of period	$	21.55		$	23.26		$	21.31		$	22.35		$	21.26		$	21.45
Total return(b)		(6.06	)%		12.44	%		(1.74	)%		8.41	%		2.25	%		(1.44	)%
Net assets, end of period (in 000s)	$	408,067		$	463,483		$	475,897		$	619,357		$	682,819		$	704,566
Ratio of net expenses to average net assets		1.72	%(c)		1.70	%		1.72	%		1.73	%		1.73	%		1.72	%
Ratio of total expenses to average net assets		1.74	%(c)		1.75	%		1.77	%		1.85	%		1.85	%		1.85	%
Ratio of net investment income to average net assets		2.48	%(c)		2.88	%		2.79	%		2.79	%		2.98	%		2.98	%
Portfolio turnover rate(d)		22	%		47	%		42	%		51	%		80	%		57	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	24.21		$	22.15		$	23.20		$	22.04		$	22.20		$	23.25
Net investment income(a)		0.42			0.93			0.90			0.90			0.89			0.94
Net realized and unrealized gain (loss)		(1.74	)		2.06			(1.03	)		1.19			(0.17	)		(0.99	)
Total from investment operations		(1.32	)		2.99			(0.13	)		2.09			0.72			(0.05	)
Distributions to shareholders from net investment income		(0.44	)		(0.93	)		(0.89	)		(0.88	)		(0.88	)		(0.90	)
Distributions to shareholders from return of capital		—			—			(0.03	)		(0.05	)		—			(0.10	)
Total distributions		(0.44	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)		(1.00	)
Net asset value, end of period	$	22.45		$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Total return(b)		(5.52	)%		13.76	%		(0.63	)%		9.64	%		3.42	%		(0.25	)%
Net assets, end of period (in 000s)	$	591,484		$	609,414		$	680,661		$	818,309		$	740,182		$	766,537
Ratio of net expenses to average net assets		0.59	%(c)		0.57	%		0.58	%		0.58	%		0.58	%		0.57	%
Ratio of total expenses to average net assets		0.61	%(c)		0.61	%		0.63	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		3.63	%(c)		4.03	%		3.93	%		3.93	%		4.13	%		4.13	%
Portfolio turnover rate(d)		22	%		47	%		42	%		51	%		80	%		57	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	24.14		$	22.09		$	23.14		$	21.98		$	22.14		$	23.20
Net investment income(a)		0.41			0.89			0.87			0.86			0.85			0.91
Net realized and unrealized gain (loss)		(1.75	)		2.05			(1.03	)		1.20			(0.16	)		(1.01	)
Total from investment operations		(1.34	)		2.94			(0.16	)		2.06			0.69			(0.10	)
Distributions to shareholders from net investment income		(0.42	)		(0.89	)		(0.86	)		(0.85	)		(0.85	)		(0.86	)
Distributions to shareholders from return of capital		—			—			(0.03	)		(0.05	)		—			(0.10	)
Total distributions		(0.42	)		(0.89	)		(0.89	)		(0.90	)		(0.85	)		(0.96	)
Net asset value, end of period	$	22.38		$	24.14		$	22.09		$	23.14		$	21.98		$	22.14
Total return(b)		(5.59	)%		13.59	%		(0.77	)%		9.51	%		3.28	%		(0.45	)%
Net assets, end of period (in 000s)	$	248,244		$	263,228		$	239,226		$	302,778		$	142,813		$	130,575
Ratio of net expenses to average net assets		0.72	%(c)		0.70	%		0.72	%		0.73	%		0.73	%		0.72	%
Ratio of total expenses to average net assets		0.74	%(c)		0.75	%		0.77	%		0.85	%		0.85	%		0.85	%
Ratio of net investment income to average net assets		3.48	%(c)		3.87	%		3.79	%		3.77	%		3.96	%		3.98	%
Portfolio turnover rate(d)		22	%		47	%		42	%		51	%		80	%		57	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	24.21		$	22.15		$	22.95
Net investment income(b)		0.42			0.94			0.45
Net realized and unrealized gain (loss)		(1.74	)		2.05			(0.71	)
Total from investment operations		(1.32	)		2.99			(0.26	)
Distributions to shareholders from net investment income		(0.44	)		(0.93	)		(0.51	)
Distributions to shareholder from return of capital		—			—			(0.03	)
Total distributions		(0.44	)		(0.93	)		(0.54	)
Net asset value, end of period	$	22.45		$	24.21		$	22.15
Total return(c)		(5.51	)%		13.77	%		(1.18	)%
Net assets, end of period (in 000s)	$	12,389		$	13,919		$	16,122
Ratio of net expenses to average net assets		0.58	%(d)		0.56	%		0.58	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.61	%		0.58	%(d)
Ratio of net investment income to average net assets		3.59	%(d)		4.04	%		3.60	%(d)
Portfolio turnover rate(e)		22	%		47	%		42	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	24.21		$	22.15		$	23.20		$	22.04		$	22.20		$	22.83
Net investment income(b)		0.42			0.93			0.85			0.90			0.89			0.18
Net realized and unrealized gain (loss)		(1.75	)		2.06			(0.98	)		1.19			(0.17	)		(0.56	)
Total from investment operations		(1.33	)		2.99			(0.13	)		2.09			0.72			(0.38	)
Distributions to shareholders from net investment income		(0.44	)		(0.93	)		(0.89	)		(0.88	)		(0.88	)		(0.22	)
Distributions to shareholder from return of capital		—			—			(0.03	)		(0.05	)		—			(0.03	)
Total distributions		(0.44	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)		(0.25	)
Net asset value, end of period	$	22.44		$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Total return(c)		(5.52	)%		13.72	%		(0.62	)%		9.69	%		3.38	%		(1.63	)%
Net assets, end of period (in 000s)	$	58,120		$	10,486		$	130		$	11		$	10		$	10
Ratio of net expenses to average net assets		0.58	%(d)		0.56	%		0.57	%		0.57	%		0.58	%		0.58	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.61	%		0.61	%		0.69	%		0.70	%		0.69	%(d)
Ratio of net investment income to average net assets		3.66	%(d)		3.96	%		3.72	%		3.93	%		4.12	%		3.15	%(d)
Portfolio turnover rate(e)		22	%		47	%		42	%		51	%		80	%		57	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.18		$	19.56		$	22.54		$	19.66		$	20.68		$	21.25
Net investment income(a)		0.04			0.10			0.09			0.11			0.07			0.06
Net realized and unrealized gain (loss)		(1.28	)		0.78			1.25			3.48			(0.83	)		(0.42	)
Total from investment operations		(1.24	)		0.88			1.34			3.59			(0.76	)		(0.36	)
Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.28	)		(0.25	)		(0.12	)		(0.10	)
Distributions to shareholder from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.14	)		—
Distributions to shareholder from return of capital		—			—			—			—			—			(0.11	)
Total distributions		(1.09	)		(9.26	)		(4.32	)		(0.71	)		(0.26	)		(0.21	)
Net asset value, end of period	$	8.85		$	11.18		$	19.56		$	22.54		$	19.66		$	20.68
Total return(b)		(12.53	)%		10.41	%		6.27	%		18.59	%		(3.71	)%		(1.72	)%
Net assets, end of period (in 000s)	$	152,550		$	208,416		$	297,772		$	370,204		$	697,430		$	1,054,093
Ratio of net expenses to average net assets		1.12	%(c)		1.15	%		1.17	%		1.16	%		1.14	%		1.13	%
Ratio of total expenses to average net assets		1.27	%(c)		1.27	%		1.20	%		1.19	%		1.16	%		1.15	%
Ratio of net investment income (loss) to average net assets		0.71	%(c)		0.86	%		0.42	%		0.52	%		0.35	%		0.28	%
Portfolio turnover rate(d)		10	%		45	%		101	%		45	%		16	%		25	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.36		$	19.71		$	22.69		$	19.79		$	20.84		$	21.41
Net investment income (loss)(a)		—	(b)		0.01			(0.07	)		(0.05	)		(0.08	)		(0.10	)
Net realized and unrealized gain (loss)		(1.30	)		0.80			1.26			3.50			(0.84	)		(0.42	)
Total from investment operations		(1.30	)		0.81			1.19			3.45			(0.92	)		(0.52	)
Distributions to shareholders from net investment income		(0.07	)		(0.12	)		(0.13	)		(0.13	)		(0.06	)		(0.02	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.42	)		(0.07	)		—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.03	)
Total Distributions		(1.05	)		(9.16	)		(4.17	)		(0.55	)		(0.13	)		(0.05	)
Net asset value, end of period	$	9.01		$	11.36		$	19.71		$	22.69		$	19.79		$	20.84
Total return(c)		(12.90	)%		9.55	%		5.49	%		17.68	%		(4.43	)%		(2.44	)%
Net assets, end of period (in 000s)	$	135,397		$	194,302		$	348,220		$	463,110		$	571,438		$	732,998
Ratio of net expenses to average net assets		1.87	%(d)		1.90	%		1.92	%		1.91	%		1.89	%		1.88	%
Ratio of total expenses to average net assets		2.02	%(d)		2.02	%		1.95	%		1.94	%		1.91	%		1.90	%
Ratio of net investment income (loss) to average net assets		(0.04	)%(d)		0.12	%		(0.33	)%		(0.23	)%		(0.40	)%		(0.47	)%
Portfolio turnover rate(e)		10	%		45	%		101	%		45	%		16	%		25	%

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

(b) Amount is less than $0.005.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.76		$	20.08		$	23.02		$	20.08		$	21.12		$	21.69
Net investment income(a)		0.05			0.15			0.18			0.20			0.15			0.15
Net realized and unrealized gain (loss)		(1.34	)		0.83			1.28			3.55			(0.85	)		(0.43	)
Total from investment operations		(1.29	)		0.98			1.46			3.75			(0.70	)		(0.28	)
Distributions to shareholders from net investment income		(0.13	)		(0.26	)		(0.36	)		(0.31	)		(0.15	)		(0.14	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.19	)		—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.15	)
Total Distributions		(1.11	)		(9.30	)		(4.40	)		(0.81	)		(0.34	)		(0.29	)
Net asset value, end of period	$	9.36		$	11.76		$	20.08		$	23.02		$	20.08		$	21.12
Total return(b)		(12.43	)%		10.85	%		6.75	%		19.01	%		(3.35	)%		(1.29	)%
Net assets, end of period (in 000s)	$	128,962		$	191,509		$	425,555		$	759,274		$	958,317		$	1,476,799
Ratio of net expenses to average net assets		0.80	%(c)		0.80	%		0.78	%		0.76	%		0.74	%		0.73	%
Ratio of total expenses to average net assets		0.89	%(c)		0.88	%		0.81	%		0.79	%		0.76	%		0.74	%
Ratio of net investment income to average net assets		1.02	%(c)		1.25	%		0.83	%		0.92	%		0.74	%		0.67	%
Portfolio turnover rate(d)		10	%		45	%		101	%		45	%		16	%		25	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.75		$	20.07		$	23.01		$	20.07		$	21.10		$	21.68
Net investment income(a)		0.05			0.14			0.14			0.17			0.12			0.11
Net realized and unrealized gain (loss)		(1.36	)		0.83			1.29			3.54			(0.84	)		(0.43	)
Total from investment operations		(1.31	)		0.97			1.43			3.71			(0.72	)		(0.32	)
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.33	)		(0.27	)		(0.14	)		(0.13	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.17	)		—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.13	)
Total distributions		(1.10	)		(9.29	)		(4.37	)		(0.77	)		(0.31	)		(0.26	)
Net asset value, end of period	$	9.34		$	11.75		$	20.07		$	23.01		$	20.07		$	21.10
Total return(b)		(12.49	)%		10.73	%		6.56	%		18.85	%		(3.45	)%		(1.49	)%
Net assets, end of period (in 000s)	$	70,419		$	105,498		$	227,158		$	362,752		$	272,442		$	437,422
Ratio of net expenses to average net assets		0.87	%(c)		0.90	%		0.92	%		0.91	%		0.89	%		0.88	%
Ratio of total expenses to average net assets		1.02	%(c)		1.02	%		0.95	%		0.94	%		0.91	%		0.89	%
Ratio of net investment income to average net assets		0.95	%(c)		1.13	%		0.68	%		0.79	%		0.59	%		0.53	%
Portfolio turnover rate(d)		10	%		45	%		101	%		45	%		16	%		25	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.76		$	20.08		$	20.21
Net investment income (loss)(b)		0.06			0.15			(0.04	)
Net realized and unrealized gain (loss)		(1.35	)		0.84			0.25
Total from investment operations		(1.29	)		0.99			0.21
Distributions to shareholders from net investment income		(0.13	)		(0.27	)		(0.21	)
Distributions to shareholder from net realized gains		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.11	)		(9.31	)		(0.34	)
Net asset value, end of period	$	9.36		$	11.76		$	20.08
Total return(c)		(12.43	)%		10.86	%		1.03	%
Net assets, end of period (in 000s)	$	9,011		$	21,171		$	41,067
Ratio of net expenses to average net assets		0.79	%(d)		0.79	%		0.77	%(d)
Ratio of total expenses to average net assets		0.88	%(d)		0.87	%		0.81	%(d)
Ratio of net investment income to average net assets		1.03	%(d)		1.24	%		(0.37	)%(d)
Portfolio turnover rate(e)		10	%		45	%		101	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.13		$	19.51		$	22.49		$	19.63		$	20.66		$	21.20
Net investment income(a)		0.02			0.07			0.04			0.06			0.02			0.01
Net realized and unrealized gain (loss)		(1.27	)		0.78			1.25			3.47			(0.84	)		(0.43	)
Total from investment operations		(1.25	)		0.85			1.29			3.53			(0.82	)		(0.42	)
Distributions to shareholders from net investment income		(0.09	)		(0.19	)		(0.23	)		(0.21	)		(0.08	)		(0.06	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.13	)		—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.06	)
Total distributions		(1.07	)		(9.23	)		(4.27	)		(0.67	)		(0.21	)		(0.12	)
Net asset value, end of period	$	8.81		$	11.13		$	19.51		$	22.49		$	19.63		$	20.66
Total return(b)		(12.64	)%		10.08	%		6.07	%		18.27	%		(3.96	)%		(2.00	)%
Net assets, end of period (in 000s)	$	1,385		$	2,575		$	3,484		$	4,506		$	4,749		$	3,740
Ratio of net expenses to average net assets		1.37	%(c)		1.40	%		1.42	%		1.41	%		1.39	%		1.38	%
Ratio of total expenses to average net assets		1.52	%(c)		1.52	%		1.45	%		1.44	%		1.41	%		1.39	%
Ratio of net investment income to average net assets		0.49	%(c)		0.61	%		0.18	%		0.27	%		0.10	%		0.05	%
Portfolio turnover rate(d)		10	%		45	%		101	%		45	%		16	%		25	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.76		$	20.08		$	20.18
Net investment income(b)		0.05			0.14			0.02
Net realized and unrealized gain (loss)		(1.35	)		0.85			0.29
Total from investment operations		(1.30	)		0.99			0.31
Distributions to shareholders from net investment income		(0.13	)		(0.27	)		(0.28	)
Distributions to shareholder from net realized gains		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.11	)		(9.31	)		(0.41	)
Net asset value, end of period	$	9.35		$	11.76		$	20.08
Total return(c)		(12.44	)%		10.78	%		1.54	%
Net assets, end of period (in 000s)	$	1,985		$	2,240		$	10
Ratio of net expenses to average net assets		0.79	%(d)		0.80	%		0.77	%(d)
Ratio of total expenses to average net assets		0.88	%(d)		0.89	%		0.80	%(d)
Ratio of net investment income to average net assets		1.01	%(d)		1.19	%		0.16	%(d)
Portfolio turnover rate(e)		10	%		45	%		101	%

(a) Commenced operations on February 28, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

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
Income Builder	A, C, Institutional, Investor, P and R6	Diversified
Rising Dividend Growth	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. Dividend Assets Capital, LLC (“DAC” or the “Sub Adviser”) serves as the sub-adviser to the Rising Dividend Growth Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

39

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Income Builder	Monthly	Annually
Rising Dividend Growth	Quarterly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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;

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

iii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

43

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2020:

INCOME BUILDER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,268,617		$	—		$	—
Europe		128,073,867			—			—
North America		438,226,645			8,704,100			48,685
Fixed Income
Corporate Obligations		—			794,320,570			—
Mortgage-Backed Obligations		—			186,197			—
Foreign Debt Obligations		—			3,299,586			—
Bank Loans		—			106,912,382			—
U.S. Treasury Obligations		1,748,652			—			—
Investment Companies		119,380,808			—			—
Securities Lending Reinvestment Vehicle		12,020,491			—			—
Total	$	704,719,080		$	913,422,835		$	48,685
Liabilities(b)
Unfunded Loan Commitment	$	—		$	(22,734	)	$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	239		$	—
Futures Contracts		11,615,570			—			—
Interest Rate Swap Contracts		—			25,207,162			—
Total	$	11,615,570		$	25,207,401		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(92,066	)	$	—
Futures Contracts		(2,094,129	)		—			—
Interest Rate Swap Contracts		—			(33,495	)		—
Total	$	(2,094,129	)	$	(125,561	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

RISING DIVIDEND GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	24,960,305	$	—	$	—
North America		458,580,488		—		—
Investment Companies		13,845,920		—		—
Total	$	497,386,713	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,673,364	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts	$	32,532,235	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(2,127,624)	(a)
Equity	Variation margin on futures contracts		4,290,497	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		239		Payable for unrealized gain on forward foreign currency exchange contracts		(92,066)
Total		$	36,822,971			$	(2,219,690)
Rising Dividend Growth
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	1,673,364	(a)	—	$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

45

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Income Builder
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	17,970,893		$	30,830,114	1,396
Equity	Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on futures contracts and written options		(16,573,149)			3,941,963	406
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		37,391			137,025	3
Total		$	1,435,135		$	34,909,102	1,805
Rising Dividend Growth
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net unrealized gain (loss) on futures contracts	$	(2,018,013	)	$	1,438,431	122

(a) Average number of contracts is based on the average of month end balances for the six month ended April 30, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Income Builder		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.52	%		0.51	%
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.75			0.75

^ Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, and Goldman Sachs High Yield Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in

46

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

which the Funds invest. For the six months ended April 30, 2020, GSAM waived the following amounts of the Funds’ management fees:

Fund	Management Fee Waived
Income Builder	$	90,345
Rising Dividend Growth		11,751

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class C
Income Builder	$	41,020	$	—
Rising Dividend Growth		6,890		18

D.  Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of 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 0.25% of the average daily net assets attributable 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 the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fees by an amount equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth

47

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund. This arrangement will remain in effect through at least February 28, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.034% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under the Rising Dividend Growth Fund’s Transfer Agency Agreement, and this waiver is in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). This temporary waiver may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended April 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
Income Builder	$	90,345	$	1,500	$	105,953	$	197,798
Rising Dividend Growth		11,751		134,583		267,102		413,436

G.  Line of Credit Facility — As of April 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 six months ended April 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2020, Goldman Sachs earned $8,279 in brokerage commissions from portfolio transactions, on behalf of the Income Builder Fund.

48

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2020:

Fund	Underlying Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)			Ending Value as of April 30, 2020		Shares as of April 30, 2020		Dividend Income
Income Builder	Goldman Sachs Emerging Markets Equity Fund — Class R6 Shares	$	54,599	$	626	$	—		$	(5,590	)	$	49,635		2,516	$	626
	Goldman Sachs Financial Square Government Fund — Institutional Shares		42,020,144		375,994,152		(329,440,142	)		—			88,574,154		88,574,154		531,649
	Goldman Sachs Financial Square Government Fund — Class R6 Shares		47,167,247		293,630,761		(310,089,619	)		—			30,708,389		30,708,389		159,624
	Goldman Sachs High Yield Fund — Class R6 Shares		53,353		1,562		—			(6,285	)		48,630		8,592		1,562
Total		$	89,295,343	$	669,627,101	$	(639,529,761	)	$	(11,875	)	$	119,380,808			$	693,461
Rising Dividend Growth	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	117,787	$	14,164,034	$	(13,095,911	)	$	—		$	1,185,910		1,185,910	$	6,565
	Goldman Sachs Financial Square Government Fund — Class R6 Shares		16,595,220		150,483,319		(154,418,529	)		—			12,660,010		12,660,010		85,147
Total		$	16,713,007	$	164,647,353	$	(167,514,440	)	$	—		$	13,845,920			$	91,712

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2020, were as follows:

Fund	Purchases		Sales and Maturities
Income Builder	$	493,400,697	$	346,323,754
Rising Dividend Growth		63,384,223		198,776,424

7. SECURITIES LENDING

The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale

49

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

7. SECURITIES LENDING (continued)

price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the six months ended April 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended April 30, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Rising Dividend Growth	$	227	$	—	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2020.

Fund	Beginning value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2020		Shares as of April 30, 2020
Income Builder	$	92,000	$	65,657,925	$	(53,729,434	)	$	12,020,491		12,020,491
Rising Dividend Growth		—		29,970,747		(29,970,747	)		—		—

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2019, the Funds’ capital loss carryforwards and timing differences on a tax basis were as follows:

	Income Builder			Rising Dividend Growth
Capital loss carryforwards:
Perpetual Short-Term	$	(5,277,107	)	$	—
Perpetual Long-Term		(19,236,354	)		—
Total capital loss carryforwards	$	(24,513,461	)	$	—
Timing differences (Straddles)	$	(7,372	)	$	—

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder			Rising Dividend Growth
Tax Cost	$	1,644,033,835		$	499,635,545
Gross unrealized gain		98,241,429			92,216,396
Gross unrealized loss		(124,084,664	)		(94,465,228	)
Net unrealized gains (losses)	$	(25,843,235	)	$	(2,248,832	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts and foreign currency contracts, differences to the tax treatment of underlying fund investments, partnership investments, and material modification of debt securities.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

9. OTHER RISKS (continued)

only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

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 a 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 a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a 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 a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. 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.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the

52

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

9. OTHER RISKS (continued)

realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

9. OTHER RISKS (continued)

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

10. 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.

11. OTHER MATTERS

Income Builder Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Fund. Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

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. GSAM expects that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

12. SUBSEQUENT EVENTS

Effective at the close of business on June 30, 2020 (the “Effective Date”), DAC will no longer serve as sub-adviser to the Rising Dividend Growth Fund and will no longer manage the Fund’s investments in MLPs and energy infrastructure companies (the “MLP, Energy & Infrastructure Sleeve”). Beginning at the close of Business on the Effective Date, GSAM’s Energy & Infrastructure Team will manage the MLP, Energy & Infrastructure Sleeve.

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

54

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,253,586		$	29,122,297			1,799,656		$	40,853,964
Reinvestment of distributions		216,216			4,953,318			473,912			10,712,396
Shares redeemed		(1,904,518	)		(43,470,718	)		(3,259,093	)		(72,590,615	)
		(434,716	)		(9,395,103	)		(985,525	)		(21,024,255	)
Class C Shares
Shares sold		1,175,895			27,007,392			2,010,857			44,464,284
Reinvestment of distributions		243,611			5,472,478			569,398			12,640,806
Shares redeemed		(2,411,329	)		(53,569,502	)		(4,986,655	)		(109,946,008	)
		(991,823	)		(21,089,632	)		(2,406,400	)		(52,840,918	)
Institutional Shares
Shares sold		8,690,044			208,423,766			7,470,375			173,813,483
Reinvestment of distributions		426,284			9,966,435			865,254			19,941,926
Shares redeemed		(7,939,288	)		(180,618,339	)		(13,897,580	)		(318,459,334	)
		1,177,040			37,771,862			(5,561,951	)		(124,703,925	)
Investor Shares
Shares sold		2,693,765			64,261,566			4,827,414			111,049,360
Reinvestment of distributions		205,577			4,808,632			390,392			8,998,199
Shares redeemed		(2,712,492	)		(60,506,536	)		(5,145,695	)		(116,297,027	)
		186,850			8,563,662			72,111			3,750,532
Class P Shares
Shares sold		242,662			5,867,500			95,414			2,230,065
Reinvestment of distributions		12,771			301,498			22,699			523,868
Shares redeemed		(278,445	)		(6,491,726	)		(271,094	)		(6,089,236	)
		(23,012	)		(322,728	)		(152,981	)		(3,335,303	)
Class R6 Shares
Shares sold		2,313,197			56,861,939			611,262			13,568,669
Reinvestment of distributions		33,740			775,411			13,716			320,777
Shares redeemed		(190,259	)		(3,993,929	)		(197,660	)		(4,529,061	)
		2,156,678			53,643,421			427,318			9,360,385
NET INCREASE (DECREASE)		2,071,017		$	69,171,482			(8,607,428	)	$	(188,793,484	)

55

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,009,740		$	9,720,008			3,875,656		$	41,704,284
Reinvestment of distributions		1,787,371			18,780,657			11,404,340			115,817,078
Shares redeemed		(4,196,453	)		(40,440,347	)		(11,867,123	)		(144,815,996	)
		(1,399,342	)		(11,939,682	)		3,412,873			12,705,366
Class C Shares
Shares sold		304,396			3,211,672			1,990,737			21,306,015
Reinvestment of distributions		1,408,529			15,134,624			12,146,115			124,900,331
Shares redeemed		(3,791,349	)		(38,662,596	)		(14,700,253	)		(176,996,871	)
		(2,078,424	)		(20,316,300	)		(563,401	)		(30,790,525	)
Institutional Shares
Shares sold		1,094,266			11,603,566			6,366,869			88,407,748
Reinvestment of distributions		1,259,019			13,957,671			12,457,809			132,953,032
Shares redeemed		(4,849,663	)		(49,460,852	)		(23,734,594	)		(312,316,042	)
		(2,496,378	)		(23,899,615	)		(4,909,916	)		(90,955,262	)
Investor Shares
Shares sold		503,804			5,415,068			1,916,994			22,095,019
Reinvestment of distributions		856,184			9,484,422			7,878,882			83,943,748
Shares redeemed		(2,803,092	)		(29,167,302	)		(12,134,679	)		(156,756,382	)
		(1,443,104	)		(14,267,812	)		(2,338,803	)		(50,717,615	)
Class P Shares
Shares sold		31,839			316,159			17,063			209,619
Reinvestment of distributions		155,848			1,736,876			1,531,128			16,342,234
Shares redeemed		(1,024,300	)		(10,612,908	)		(1,793,344	)		(22,149,574	)
		(836,613	)		(8,559,873	)		(245,153	)		(5,597,721	)
Class R Shares
Shares sold		10,647			108,449			89,215			955,086
Reinvestment of distributions		20,409			214,309			110,225			1,113,855
Shares redeemed		(105,138	)		(1,086,518	)		(146,729	)		(1,739,234	)
		(74,082	)		(763,760	)		52,711			329,707
Class R6 Shares
Shares sold		50,770			530,491			260,151			2,816,993
Reinvestment of distributions		19,052			210,690			5,071			57,671
Shares redeemed		(47,997	)		(494,853	)		(75,304	)		(862,540	)
		21,825			246,328			189,918			2,012,124
NET DECREASE		(8,306,118	)	$	(79,500,714	)		(4,401,771	)	$	(163,013,926	)

56

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Funds to the extent such expenses exceed a specified percentage of the Funds’ net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

At the Meeting, the shareholders of the Goldman Sachs Large Cap Growth Insights Fund approved a change to the Fund’s sub-classification under the Act from “diversified” to “non-diversified”. The Trust’s shareholders voted as follows:

Proposal 2. To approve a change to the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate a related fundamental investment restriction.	For		Against		Abstained		Broker Non-Votes
Large Cap Growth Insights Fund		23,785,792.632		250,521.921		196,802.993		9,592,467.322

57

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

58

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Period Ended  April 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R or Class R6 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 November 1, 2019 through April 30, 2020, which represents a period of 182 days in a 366 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:

	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*
Class A
Actual	$	1,000.00	$	943.00		$	4.64	$	1,000.00	$	874.70		$	5.22
Hypothetical 5% return		1,000.00		1,020.09	+		4.82		1,000.00		1,019.29	+		5.62
Class C
Actual		1,000.00		939.40			8.25		1,000.00		871.00			8.70
Hypothetical 5% return		1,000.00		1,016.36	+		8.57		1,000.00		1,015.56	+		9.37
Institutional
Actual		1,000.00		944.80			2.80		1,000.00		875.70			3.73
Hypothetical 5% return		1,000.00		1,021.98	+		2.92		1,000.00		1,020.88	+		4.02
Investor
Actual		1,000.00		944.10			3.43		1,000.00		875.10			4.06
Hypothetical 5% return		1,000.00		1,021.33	+		3.57		1,000.00		1,020.54	+		4.37
Class P
Actual		1,000.00		944.90			2.80		1,000.00		875.70			3.68
Hypothetical 5% return		1,000.00		1,021.98	+		2.92		1,000.00		1,020.93	+		3.97
Class R
Actual		N/A		N/A			N/A		1,000.00		873.60			6.38
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.05	+		6.87
Class R6
Actual		1,000.00		944.80			2.76		1,000.00		875.60			3.68
Hypothetical 5% return		1,000.00		1,022.03	+		2.87		1,000.00		1,020.93	+		3.97

+ Expenses for each share class are calculated using each Fund’s annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio (excluding proxy fees) 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			Class C			Institutional			Investor			Class P			Class R			Class R6
Income Builder		0.97	%		1.72	%		0.59	%		0.72	%		0.58	%		N/A			0.58	%
Rising Dividend Growth		1.12			1.87			0.80			0.87			0.79			1.37	%		0.79

* Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fees) and an assumed rate of return of 5% per year before expenses.

59

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 $1.66 trillion in assets under supervision as of March 31, 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

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion 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

∎ Blue Chip Fund

∎ Income Builder 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 Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ ESG Emerging Markets Equity Fund

Alternative

∎ 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

∎ MLP & Energy Fund

∎ 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 Portfolio⁷

∎ 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.

⁵Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷Effective 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 website 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

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 the Funds 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 Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

All or a portion of the Funds’ distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The final tax status of the distributions may differ substantially from the above dividend information.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. 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.

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 Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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 authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 206023-OTU-1214520 DIVFOSAR-20

Goldman Sachs Funds

Semi-Annual Report	April 30, 2020
	Domestic Equity Insights Funds
	Large Cap Growth Insights
	Large Cap Value Insights
	Small Cap Equity Insights
	Small Cap Growth Insights
	Small Cap Value Insights
	U.S. Equity Insights

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Domestic Equity Insights Funds

∎ LARGE CAP GROWTH INSIGHTS

∎ LARGE CAP VALUE INSIGHTS

∎ SMALL CAP EQUITY INSIGHTS

∎ SMALL CAP GROWTH INSIGHTS

∎ SMALL CAP VALUE INSIGHTS

∎ U.S. EQUITY INSIGHTS

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	13
Financial Statements	45
Financial Highlights	52
Large Cap Growth Insights	52
Large Cap Value Insights	60
Small Cap Equity Insights	68
Small Cap Growth Insights	76
Small Cap Value Insights	83
U.S. Equity Insights	90
Notes to Financial Statements	98
Other Information	120

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Funds could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		2.68	%		6.09	%
Class C		2.34			6.09
Institutional		2.90			6.09
Service		2.63			6.09
Investor		2.82			6.09
Class P		2.89			6.09
Class R		2.56			6.09
Class R6		2.91			6.09

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell 1000^® Growth Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/20203
Holding	% of Net Assets			Line of Business
Microsoft Corp.		9.6	%	Software
Apple, Inc.		9.2		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		8.0		Internet & Direct Marketing Retail
Alphabet, Inc., Class C		3.6		Interactive Media & Services
Facebook, Inc., Class A		2.7		Interactive Media & Services
NVIDIA Corp.		2.1		Semiconductors & Semiconductor Equipment
Alphabet, Inc., Class A		1.8		Interactive Media & Services
AbbVie, Inc.		1.8		Biotechnology
Union Pacific Corp.		1.8		Road & Rail
PayPal Holdings, Inc.		1.5		IT Services

³  The top 10 holdings may not be representative of the Portfolio’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

2

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		-14.43	%		-13.66	%
Class C		-14.75			-13.66
Institutional		-14.27			-13.66
Service		-14.49			-13.66
Investor		-14.33			-13.66
Class P		-14.27			-13.66
Class R		-14.56			-13.66
Class R6		-14.26			-13.66

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000^® Value Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

3

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/203
Holding	% of Net Assets			Line of Business
Berkshire Hathaway, Inc., Class B		4.2	%	Diversified Financial Services
Procter & Gamble Co. (The)		3.3		Household Products
Bank of America Corp.		2.0		Banks
Johnson & Johnson		2.0		Pharmaceuticals
Comcast Corp., Class A		1.7		Media
JPMorgan Chase & Co.		1.6		Banks
CME Group, Inc.		1.5		Capital Markets
Home Depot, Inc. (The)		1.4		Specialty Retail
Chevron Corp.		1.4		Oil, Gas & Consumable Fuels
Target Corp.		1.4		Multiline Retail

³ The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

4

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			Russell 2000® Index2
Class A		-20.18	%		-15.47	%
Class C		-20.51			-15.47
Institutional		-20.03			-15.47
Service		-20.22			-15.47
Investor		-20.10			-15.47
Class P		-20.03			-15.47
Class R		-20.27			-15.47
Class R6		-20.03			-15.47

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the Russell 2000^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/203
Holding	% of Net Assets			Line of Business
Teladoc Health, Inc.		1.0	%	Health Care Technology
Haemonetics Corp.		1.0		Health Care Equipment & Supplies
First Industrial Realty Trust, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
ACADIA Pharmaceuticals, Inc.		0.9		Biotechnology
Rexford Industrial Realty, Inc. REIT		0.9		Equity Real Estate Investment Trusts (REITs)
Wingstop, Inc.		0.8		Hotels, Restaurants & Leisure
Terreno Realty Corp. REIT		0.8		Equity Real Estate Investment Trusts (REITs)
Perspecta, Inc.		0.8		IT Services
Cogent Communications Holdings, Inc.		0.8		Diversified Telecommunication Services
CVB Financial Corp.		0.8		Banks

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

6

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019- April 30, 2020	Fund Total Return (based on NAV)1			Russell 2000 Growth® Index2
Class A		-14.32	%		-7.62	%
Class C		-14.66			-7.62
Institutional		-14.15			-7.62
Investor		-14.23			-7.62
Class P		-14.17			-7.62
Class R		-14.46			-7.62
Class R6		-14.15			-7.62

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/20203
Holding	% of Net Assets			Line of Business
Teladoc Health, Inc.		1.6	%	Health Care Technology
ACADIA Pharmaceuticals, Inc.		1.2		Biotechnology
Haemonetics Corp.		1.2		Health Care Equipment & Supplies
Inphi Corp.		1.0		Semiconductors & Semiconductor Equipment
Wingstop, Inc.		0.9		Hotels, Restaurants & Leisure
Five9, Inc.		0.9		Software
Cogent Communications Holdings, Inc.		0.9		Diversified Telecommunication Services
Qualys, Inc.		0.9		Software
QTS Realty Trust, Inc., Class A REIT		0.9		Equity Real Estate Investment Trusts (REITs)
Omnicell, Inc.		0.9		Health Care Technology

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets as of April 30, 2020 . The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

8

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		-24.82	%		-23.44	%
Class C		-25.11			-23.44
Institutional		-24.68			-23.44
Investor		-24.76			-23.44
Class P		-24.69			-23.44
Class R		-24.94			-23.44
Class R6		-24.68			-23.44

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

9

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/20203
Holding	% of Net Assets			Line of Business
Lumentum Holdings, Inc.		1.2	%	Communications Equipment
First Industrial Realty Trust, Inc. REIT		1.0		Equity Real Estate Investment Trusts (REITs)
Terreno Realty Corp. REIT		0.9		Equity Real Estate Investment Trusts (REITs)
Cirrus Logic, Inc.		0.9		Semiconductors & Semiconductor Equipment
CVB Financial Corp.		0.9		Banks
Perspecta, Inc.		0.9		IT Services
Murphy USA, Inc.		0.8		Specialty Retail
Avista Corp.		0.8		Multi-Utilities
STAG Industrial, Inc. REIT		0.7		Equity Real Estate Investment Trusts (REITs)
Portland General Electric Co.		0.7		Electric Utilities

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.0% of the Fund’s net assets as of April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

10

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-3.20	%		-3.16	%
Class C		-3.53			-3.16
Institutional		-2.99			-3.16
Service		-3.25			-3.16
Investor		-3.06			-3.16
Class P		-3.00			-3.16
Class R		-3.30			-3.16
Class R6		-3.01			-3.16

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the S&P 500^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

11

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/203
Holding	% of Net Assets			Line of Business
Microsoft Corp.		6.4	%	Software
Apple, Inc.		6.1		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		5.3		Internet & Direct Marketing Retail
Alphabet, Inc., Class C		2.5		Interactive Media & Services
Berkshire Hathaway, Inc., Class B		2.5		Diversified Financial Services
Procter & Gamble Co. (The)		2.2		Household Products
Facebook, Inc., Class A		1.8		Interactive Media & Services
NVIDIA Corp.		1.7		Semiconductors & Semiconductor Equipment
Home Depot, Inc. (The)		1.7		Specialty Retail
Comcast Corp., Class A		1.5		Media

³ The top 10 holdings may not be representative of the Portfolio’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

12

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 0.4%
	16,851	Hexcel Corp.	$	582,876
	18,993	Teledyne Technologies, Inc.*		6,185,450
				6,768,326
Airlines – 0.0%
	5,179	Copa Holdings SA, Class A (Panama)		228,964
Automobiles – 0.7%
	16,063	Tesla, Inc.*		12,559,339
Banks – 0.3%
	19,254	Citizens Financial Group, Inc.		431,097
	14,751	SVB Financial Group*		2,849,451
	56,797	Western Alliance Bancorp		2,037,876
				5,318,424
Beverages – 0.7%
	5,667	Brown-Forman Corp., Class B		352,487
	172,415	Monster Beverage Corp.*		10,656,971
	6,423	PepsiCo, Inc.		849,699
				11,859,157
Biotechnology – 4.0%
	366,367	AbbVie, Inc.		30,115,368
	34,073	Alexion Pharmaceuticals, Inc.*		3,661,825
	27,611	Biogen, Inc.*		8,195,773
	9,704	Bluebird Bio, Inc.*		522,852
	92,984	Gilead Sciences, Inc.		7,810,656
	70,055	Incyte Corp.*		6,841,571
	31,314	Moderna, Inc.*		1,440,131
	13,350	Regeneron Pharmaceuticals, Inc.*		7,020,498
	8,465	Sarepta Therapeutics, Inc.*		997,854
				66,606,528
Building Products – 0.2%
	14,926	Allegion PLC		1,500,660
	13,105	Trane Technologies PLC		1,145,639
				2,646,299
Capital Markets – 2.3%
	30,167	Cboe Global Markets, Inc.		2,997,996
	63,147	CME Group, Inc.		11,253,427
	9,960	LPL Financial Holdings, Inc.		599,791
	2,506	MarketAxess Holdings, Inc.		1,140,255
	1,575	Moody’s Corp.		384,143
	76,600	S&P Global, Inc.		22,434,608
				38,810,220
Chemicals – 2.0%
	11,068	Air Products and Chemicals, Inc.		2,496,719
	468,401	Axalta Coating Systems Ltd.*		9,246,236
	19,502	CF Industries Holdings, Inc.		536,305
	39,347	Element Solutions, Inc.*		403,307
	4,096	NewMarket Corp.		1,685,258
	36,913	Sherwin-Williams Co. (The)		19,799,026
				34,166,851
Common Stocks – (continued)
Commercial Services & Supplies – 0.7%
	21,645	Cintas Corp.		4,801,510
	20,251	Republic Services, Inc.		1,586,463
	61,860	Waste Connections, Inc.		5,314,393
				11,702,366
Communications Equipment – 1.7%
	22,195	Arista Networks, Inc.*		4,867,363
	569,005	Cisco Systems, Inc.		24,114,432
				28,981,795
Consumer Finance – 0.7%
	216,754	Ally Financial, Inc.		3,552,598
	41,415	Discover Financial Services		1,779,603
	311,265	Synchrony Financial		6,159,934
				11,492,135
Containers & Packaging – 0.3%
	68,036	Ball Corp.		4,462,481
Diversified Consumer Services – 0.6%
	26,736	Bright Horizons Family Solutions, Inc.*		3,113,407
	18,091	frontdoor, Inc.*		700,302
	58,932	Service Corp. International		2,165,162
	131,693	ServiceMaster Global Holdings, Inc.*		4,484,147
				10,463,018
Diversified Financial Services – 1.5%
	87,719	Berkshire Hathaway, Inc., Class B*		16,435,032
	193,702	Voya Financial, Inc.		8,749,519
				25,184,551
Electrical Equipment – 0.4%
	64,381	AMETEK, Inc.		5,399,635
	10,102	Emerson Electric Co.		576,117
	23,840	Sensata Technologies Holding PLC*		867,299
				6,843,051
Electronic Equipment, Instruments & Components – 1.3%
	14,306	CDW Corp.		1,585,105
	188,846	Keysight Technologies, Inc.*		18,274,627
	31,211	National Instruments Corp.		1,199,127
	3,664	Zebra Technologies Corp., Class A*		841,474
				21,900,333
Entertainment – 1.3%
	35,419	Netflix, Inc.*		14,870,667
	30,116	Roku, Inc.*		3,650,963
	8,522	Spotify Technology SA*		1,291,679
	209,946	Zynga, Inc., Class A*		1,582,993
				21,396,302
Equity Real Estate Investment Trusts (REITs) – 4.0%
	370,983	American Homes 4 Rent, Class A REIT		8,955,530
	17,782	Americold Realty Trust REIT		543,951
	43,095	Brixmor Property Group, Inc. REIT		493,438

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	85,159	Camden Property Trust REIT	$	7,499,953
	54,376	Douglas Emmett, Inc. REIT		1,657,924
	224,695	Duke Realty Corp. REIT		7,796,917
	210,453	Equity LifeStyle Properties, Inc. REIT		12,692,420
	11,908	Essex Property Trust, Inc. REIT		2,906,743
	7,525	Extra Space Storage, Inc. REIT		664,006
	21,356	Healthcare Trust of America, Inc., Class A REIT		525,998
	343,597	Invitation Homes, Inc. REIT		8,126,069
	61,621	Retail Properties of America, Inc., Class A REIT		382,050
	51,380	SBA Communications Corp. REIT		14,896,090
				67,141,089
Food & Staples Retailing – 2.1%
	58,268	Casey’s General Stores, Inc.		8,822,358
	83,194	Costco Wholesale Corp.		25,207,782
	67,175	US Foods Holding Corp.*		1,444,262
				35,474,402
Health Care Equipment & Supplies – 2.4%
	30,306	Align Technology, Inc.*		6,511,244
	96,549	Edwards Lifesciences Corp.*		20,999,407
	7,631	IDEXX Laboratories, Inc.*		2,118,366
	6,981	STERIS PLC		994,793
	19,391	Teleflex, Inc.		6,503,741
	17,514	West Pharmaceutical Services, Inc.		3,314,700
				40,442,251
Health Care Providers & Services – 4.0%
	47,147	AmerisourceBergen Corp.		4,227,200
	37,835	Anthem, Inc.		10,621,420
	47,054	Cigna Corp.		9,212,232
	19,346	HCA Healthcare, Inc.		2,125,738
	22,834	Humana, Inc.		8,718,478
	76,798	UnitedHealth Group, Inc.		22,461,111
	84,128	Universal Health Services, Inc., Class B		8,891,488
				66,257,667
Hotels, Restaurants & Leisure – 1.8%
	15,715	Chipotle Mexican Grill, Inc.*		13,806,413
	32,957	Domino’s Pizza, Inc.		11,928,127
	10,426	Dunkin’ Brands Group, Inc.		655,170
	56,156	Yum China Holdings, Inc. (China)		2,721,320
	17,117	Yum! Brands, Inc.		1,479,422
				30,590,452
Household Durables – 0.0%
	7,467	Tempur Sealy International, Inc.*		401,351
Household Products – 1.2%
	57,794	Church & Dwight Co., Inc.		4,045,002
	123,498	Procter & Gamble Co. (The)		14,556,709
	20,853	Reynolds Consumer Products, Inc.		676,263
				19,277,974
Common Stocks – (continued)
Industrial Conglomerates – 0.1%
	98,291	General Electric Co.		668,379
	3,990	Roper Technologies, Inc.		1,360,710
				2,029,089
Insurance – 0.8%
	980	Alleghany Corp.		523,036
	4,540	American Financial Group, Inc.		300,730
	45,934	Aon PLC		7,931,424
	109,619	Athene Holding Ltd., Class A*		2,959,713
	11,133	Primerica, Inc.		1,156,830
	11,055	Reinsurance Group of America, Inc.		1,157,237
				14,028,970
Interactive Media & Services – 8.1%
	22,626	Alphabet, Inc., Class A*		30,470,434
	44,008	Alphabet, Inc., Class C*		59,351,830
	217,530	Facebook, Inc., Class A*		44,530,566
	54,555	Pinterest, Inc., Class A*		1,127,106
				135,479,936
Internet & Direct Marketing Retail – 8.2%
	53,923	Amazon.com, Inc.*		133,405,502
	114,583	eBay, Inc.		4,563,841
				137,969,343
IT Services – 7.9%
	71,283	Alliance Data Systems Corp.		3,569,140
	19,045	Amdocs Ltd.		1,227,260
	13,256	Automatic Data Processing, Inc.		1,944,523
	78,793	Booz Allen Hamilton Holding Corp.		5,786,558
	135,567	Cognizant Technology Solutions Corp., Class A		7,865,597
	9,476	EPAM Systems, Inc.*		2,093,154
	36,663	FleetCor Technologies, Inc.*		8,844,949
	4,215	Gartner, Inc.*		500,784
	35,876	International Business Machines Corp.		4,504,590
	40,478	Mastercard, Inc., Class A		11,130,236
	113,559	Okta, Inc.*		17,181,477
	209,148	PayPal Holdings, Inc.*		25,725,204
	56,399	Square, Inc., Class A*		3,673,831
	79,638	VeriSign, Inc.*		16,683,364
	100,213	Visa, Inc., Class A		17,910,067
	200,669	Western Union Co. (The)		3,826,758
				132,467,492
Life Sciences Tools & Services – 1.6%
	58,660	Illumina, Inc.*		18,714,300
	37,263	IQVIA Holdings, Inc.*		5,313,331
	51,017	QIAGEN NV*		2,126,899
				26,154,530
Machinery – 0.5%
	33,435	Allison Transmission Holdings, Inc.		1,215,028
	39,703	Illinois Tool Works, Inc.		6,451,737
	9,606	Snap-on, Inc.		1,251,566
				8,918,331

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Media – 2.0%
	23,446	Charter Communications, Inc., Class A*	$	11,611,162
	410,628	Comcast Corp., Class A		15,451,932
	316,623	Liberty Global PLC, Class C (United Kingdom)*		5,797,367
				32,860,461
Metals & Mining – 0.3%
	184,053	Arconic Corp.*		1,604,942
	23,598	Royal Gold, Inc.		2,891,463
				4,496,405
Multiline Retail – 1.1%
	46,417	Dollar General Corp.		8,136,900
	91,013	Target Corp.		9,987,767
				18,124,667
Multi-Utilities – 0.3%
	7,226	DTE Energy Co.		749,625
	75,695	Public Service Enterprise Group, Inc.		3,838,494
				4,588,119
Pharmaceuticals – 1.2%
	153,097	Horizon Therapeutics PLC*		5,517,616
	177,401	Merck & Co., Inc.		14,074,995
				19,592,611
Professional Services – 1.5%
	43,596	CoreLogic, Inc.		1,674,958
	8,499	CoStar Group, Inc.*		5,509,562
	65,582	IHS Markit Ltd.		4,413,669
	173,194	TransUnion		13,645,955
				25,244,144
Road & Rail – 2.4%
	4,901	JB Hunt Transport Services, Inc.		495,589
	44,879	Norfolk Southern Corp.		7,678,797
	15,053	Old Dominion Freight Line, Inc.		2,187,051
	183,084	Union Pacific Corp.		29,254,992
				39,616,429
Semiconductors & Semiconductor Equipment – 3.5%
	91,641	Advanced Micro Devices, Inc.*		4,801,072
	18,903	Lam Research Corp.		4,825,558
	122,258	NVIDIA Corp.		35,733,568
	90,881	QUALCOMM, Inc.		7,149,608
	37,594	Universal Display Corp.		5,643,612
				58,153,418
Software – 13.8%
	30,861	Adobe, Inc.*		10,913,684
	2,994	Alteryx, Inc., Class A*		338,861
	14,750	Atlassian Corp. PLC, Class A*		2,293,478
	38,558	DocuSign, Inc.*		4,038,951
	2,116	Fair Isaac Corp.*		746,821
	196,526	FireEye, Inc.*		2,262,014
	95,787	Fortinet, Inc.*		10,320,091
	899,252	Microsoft Corp.		161,154,951
Common Stocks – (continued)
Software – (continued)
	41,613	Palo Alto Networks, Inc.*		8,177,371
	26,562	Paycom Software, Inc.*		6,933,213
	4,236	Proofpoint, Inc.*		515,648
	2,629	RingCentral, Inc., Class A*		600,805
	15,923	ServiceNow, Inc.*		5,597,571
	4,936	Smartsheet, Inc., Class A*		260,226
	11,489	SS&C Technologies Holdings, Inc.		633,733
	6,247	Tyler Technologies, Inc.*		2,003,351
	55,545	Workday, Inc., Class A*		8,548,376
	78,914	Zscaler, Inc.*		5,293,551
				230,632,696
Specialty Retail – 2.0%
	15,048	Best Buy Co., Inc.		1,154,633
	5,212	Carvana Co.*(a)		417,533
	91,989	Home Depot, Inc. (The)		20,221,942
	72,086	Lowe’s Cos, Inc.		7,551,008
	10,287	O’Reilly Automotive, Inc.*		3,974,280
				33,319,396
Technology Hardware, Storage & Peripherals – 9.2%
	522,463	Apple, Inc.		153,499,630
	11,964	NetApp, Inc.		523,664
				154,023,294
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,208,527,538)		$	1,658,674,657
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	424,340	0.233%	$	424,340
	(Cost $424,340)
	TOTAL INVESTMENTS – 99.1%
	(Cost $1,208,951,878)		$	1,659,098,997
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			14,825,359
	NET ASSETS – 100.0%		$	1,673,924,356

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.5%
Aerospace & Defense – 0.7%
	14,121	Raytheon Technologies Corp.	$	915,182
	4,804	Teledyne Technologies, Inc.*		1,564,519
				2,479,701
Airlines – 0.2%
	15,576	Copa Holdings SA, Class A (Panama)		688,615
Auto Components – 0.2%
	34,943	Gentex Corp.		847,018
Automobiles – 0.7%
	105,255	General Motors Co.		2,346,134
Banks – 8.5%
	285,844	Bank of America Corp.		6,874,548
	48,850	Citigroup, Inc.		2,372,156
	90,295	Citizens Financial Group, Inc.		2,021,705
	3,086	Comerica, Inc.		107,578
	32,687	East West Bancorp, Inc.		1,146,333
	21,244	First Hawaiian, Inc.		373,682
	71,762	First Horizon National Corp.		651,599
	56,671	JPMorgan Chase & Co.		5,426,815
	39,957	PacWest Bancorp		808,730
	66,844	Popular, Inc.		2,579,510
	3,905	Prosperity Bancshares, Inc.		234,027
	23,502	Signature Bank		2,518,944
	9,806	Sterling Bancorp.		120,908
	9,129	SVB Financial Group*		1,763,449
	13,328	Synovus Financial Corp.		280,021
	53,317	Western Alliance Bancorp		1,913,014
	3,707	Zions Bancorp NA		117,178
				29,310,197
Beverages – 0.8%
	42,303	Monster Beverage Corp.*		2,614,749
Biotechnology – 3.7%
	34,230	AbbVie, Inc.		2,813,706
	8,593	Alexion Pharmaceuticals, Inc.*		923,490
	8,674	Biogen, Inc.*		2,574,703
	3,363	Bluebird Bio, Inc.*		181,199
	55,438	Gilead Sciences, Inc.		4,656,792
	3,199	Moderna, Inc.*		147,122
	2,807	Regeneron Pharmaceuticals, Inc.*		1,476,145
				12,773,157
Building Products – 2.0%
	24,281	Allegion PLC		2,441,212
	121,936	Johnson Controls International PLC		3,549,557
	12,410	Trane Technologies PLC		1,084,882
				7,075,651
Capital Markets – 3.1%
	8,507	Cboe Global Markets, Inc.		845,426
	34,556	Charles Schwab Corp. (The)		1,303,452
	29,372	CME Group, Inc.		5,234,384
	18,077	Invesco Ltd.		155,824
Common Stocks – (continued)
Capital Markets – (continued)
	10,738	S&P Global, Inc.		3,144,945
				10,684,031
Chemicals – 3.7%
	11,070	Air Products and Chemicals, Inc.		2,497,171
	174,488	Axalta Coating Systems Ltd.*		3,444,393
	11,750	CF Industries Holdings, Inc.		323,125
	23,554	Corteva, Inc.		616,879
	22,068	Dow, Inc.		809,675
	16,150	Element Solutions, Inc.*		165,537
	7,894	Linde PLC (United Kingdom)		1,452,417
	227	NewMarket Corp.		93,397
	6,607	Sherwin-Williams Co. (The)		3,543,797
				12,946,391
Commercial Services & Supplies – 0.4%
	7,308	Republic Services, Inc.		572,509
	8,313	Waste Connections, Inc.		714,170
				1,286,679
Communications Equipment – 0.1%
	4,183	Cisco Systems, Inc.		177,276
Construction Materials – 0.0%
	744	Martin Marietta Materials, Inc.		141,531
Consumer Finance – 1.1%
	118,771	Ally Financial, Inc.		1,946,657
	94,439	Synchrony Financial		1,868,948
				3,815,605
Containers & Packaging – 0.1%
	23,143	Graphic Packaging Holding Co.		308,959
	5,826	Westrock Co.		187,539
				496,498
Diversified Consumer Services – 0.2%
	5,064	frontdoor, Inc.*		196,027
	354	Graham Holdings Co., Class B		138,064
	13,406	ServiceMaster Global Holdings, Inc.*		456,474
				790,565
Diversified Financial Services – 5.6%
	77,042	Berkshire Hathaway, Inc., Class B*		14,434,589
	104,843	Equitable Holdings, Inc.		1,920,724
	64,443	Voya Financial, Inc.		2,910,890
				19,266,203
Diversified Telecommunication Services – 2.4%
	106,772	AT&T, Inc.		3,253,343
	123,330	CenturyLink, Inc.		1,309,764
	64,375	Verizon Communications, Inc.		3,698,344
				8,261,451
Electric Utilities – 2.0%
	3,992	American Electric Power Co., Inc.		331,775
	7,475	Duke Energy Corp.		632,834

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Electric Utilities – (continued)
	1,487	Entergy Corp.	$	142,023
	61,496	FirstEnergy Corp.		2,537,940
	4,274	IDACORP, Inc.		392,268
	5,441	NextEra Energy, Inc.		1,257,524
	3,848	OGE Energy Corp.		121,289
	24,037	Southern Co. (The)		1,363,619
				6,779,272
Electrical Equipment – 0.8%
	11,568	AMETEK, Inc.		970,208
	21,664	Emerson Electric Co.		1,235,498
	13,361	Sensata Technologies Holding PLC*		486,073
				2,691,779
Electronic Equipment, Instruments & Components – 1.0%
	35,720	Keysight Technologies, Inc.*		3,456,624
Energy Equipment & Services – 0.2%
	11,674	Apergy Corp.*(a)		107,518
	59,783	TechnipFMC PLC (United Kingdom)		532,666
				640,184
Entertainment – 1.1%
	20,337	Walt Disney Co. (The)		2,199,446
	233,281	Zynga, Inc., Class A*		1,758,939
				3,958,385
Equity Real Estate Investment Trusts (REITs) – 6.7%
	32,913	American Homes 4 Rent, Class A REIT		794,520
	2,228	AvalonBay Communities, Inc. REIT		363,053
	35,284	Brixmor Property Group, Inc. REIT		404,002
	22,517	Camden Property Trust REIT		1,983,072
	11,162	CyrusOne, Inc. REIT		783,014
	24,183	Douglas Emmett, Inc. REIT		737,340
	109,906	Duke Realty Corp. REIT		3,813,738
	13,021	Empire State Realty Trust, Inc., Class A REIT		108,855
	17,901	Equity LifeStyle Properties, Inc. REIT		1,079,609
	5,246	Equity Residential REIT		341,305
	5,974	Essex Property Trust, Inc. REIT		1,458,253
	67,055	Healthcare Trust of America, Inc., Class A REIT		1,651,565
	6,334	Hudson Pacific Properties, Inc. REIT		155,690
	140,767	Invitation Homes, Inc. REIT		3,329,139
	770	Mid-America Apartment Communities, Inc. REIT		86,178
	19,929	National Retail Properties, Inc. REIT		650,483
	2,626	SBA Communications Corp. REIT		761,330
	67,571	STORE Capital Corp. REIT		1,356,150
	14,873	Sun Communities, Inc. REIT		1,998,931
	27,812	Welltower, Inc. REIT		1,424,809
				23,281,036
Food & Staples Retailing – 3.5%
	7,481	Casey’s General Stores, Inc.		1,132,698
	8,701	Costco Wholesale Corp.		2,636,403
Common Stocks – (continued)
Food & Staples Retailing – (continued)
	42,515	US Foods Holding Corp.*		914,073
	85,714	Walgreens Boots Alliance, Inc.		3,710,559
	29,879	Walmart, Inc.		3,631,792
				12,025,525
Food Products – 0.1%
	1,471	Ingredion, Inc.		119,445
	5,436	Kraft Heinz Co. (The)		164,874
	2,482	TreeHouse Foods, Inc.*		128,394
				412,713
Gas Utilities – 0.1%
	1,732	Atmos Energy Corp.		176,612
Health Care Equipment & Supplies – 3.0%
	5,806	Abbott Laboratories		534,675
	15,538	Edwards Lifesciences Corp.*		3,379,515
	36,594	Medtronic PLC		3,572,672
	17,330	STERIS PLC		2,469,525
	1,624	West Pharmaceutical Services, Inc.		307,358
				10,263,745
Health Care Providers & Services – 3.8%
	13,144	Anthem, Inc.		3,689,915
	3,633	Cardinal Health, Inc.		179,761
	17,854	Cigna Corp.		3,495,456
	6,120	Humana, Inc.		2,336,739
	33,342	Universal Health Services, Inc., Class B		3,523,916
				13,225,787
Hotels, Restaurants & Leisure – 1.1%
	1,731	Chipotle Mexican Grill, Inc.*		1,520,770
	4,405	Domino’s Pizza, Inc.		1,594,302
	4,144	McDonald’s Corp.		777,248
				3,892,320
Household Durables – 0.1%
	2,077	Whirlpool Corp.		232,084
Household Products – 3.6%
	6,167	Kimberly-Clark Corp.		854,006
	97,302	Procter & Gamble Co. (The)		11,468,987
	6,426	Reynolds Consumer Products, Inc.		208,395
				12,531,388
Independent Power and Renewable Electricity Producers – 0.9%
	223,555	AES Corp. (The)		2,962,104
Industrial Conglomerates – 1.2%
	476,577	General Electric Co.		3,240,724
	2,401	Roper Technologies, Inc.		818,813
				4,059,537
Insurance – 3.7%
	22,739	Allstate Corp. (The)		2,313,011
	15,829	American Financial Group, Inc.		1,048,513
	6,344	Aon PLC		1,095,419

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	45,595	Athene Holding Ltd., Class A*	$	1,231,065
	4,702	Brighthouse Financial, Inc.*		120,888
	11,001	Chubb Ltd.		1,188,218
	10,462	Cincinnati Financial Corp.		688,400
	11,781	Lincoln National Corp.		417,872
	845	Primerica, Inc.		87,804
	29,627	Reinsurance Group of America, Inc.		3,101,354
	85,364	Unum Group		1,489,602
				12,782,146
Internet & Direct Marketing Retail – 1.2%
	1,403	Amazon.com, Inc.*		3,471,022
	18,063	eBay, Inc.		719,449
				4,190,471
IT Services – 2.9%
	18,123	Amdocs Ltd.		1,167,846
	22,280	Cognizant Technology Solutions Corp., Class A		1,292,685
	20,140	International Business Machines Corp.		2,528,778
	2,222	Okta, Inc.*		336,189
	8,435	PayPal Holdings, Inc.*		1,037,505
	16,514	VeriSign, Inc.*		3,459,518
	12,868	Western Union Co. (The)		245,393
				10,067,914
Life Sciences Tools & Services – 1.3%
	2,888	Illumina, Inc.*		921,359
	19,556	IQVIA Holdings, Inc.*		2,788,490
	20,297	QIAGEN NV*		846,182
				4,556,031
Machinery – 0.9%
	4,167	AGCO Corp.		220,184
	7,275	Flowserve Corp.		204,937
	1,008	Illinois Tool Works, Inc.		163,800
	4,895	ITT, Inc.		258,064
	20,517	Otis Worldwide Corp.*		1,044,521
	8,884	Snap-on, Inc.		1,157,496
				3,049,002
Media – 3.3%
	2,685	Charter Communications, Inc., Class A*		1,329,693
	152,924	Comcast Corp., Class A		5,754,530
	13,470	Liberty Broadband Corp., Class C*		1,652,500
	102,548	Liberty Global PLC, Class C (United Kingdom)*		1,877,654
	66,006	News Corp., Class A		654,119
				11,268,496
Metals & Mining – 0.6%
	130,758	Alcoa Corp.*		1,065,678
	17,752	Arconic Corp.*		154,797
	5,096	Royal Gold, Inc.		624,413
	2,678	Southern Copper Corp. (Peru)		86,874
				1,931,762
Common Stocks – (continued)
Multiline Retail – 1.5%
	2,789	Dollar General Corp.		488,912
	42,694	Target Corp.		4,685,239
				5,174,151
Multi-Utilities – 4.5%
	35,879	Ameren Corp.		2,610,197
	39,875	CenterPoint Energy, Inc.		679,071
	52,064	CMS Energy Corp.		2,972,334
	17,812	Consolidated Edison, Inc.		1,403,586
	37,047	DTE Energy Co.		3,843,256
	62,637	Public Service Enterprise Group, Inc.		3,176,322
	8,446	WEC Energy Group, Inc.		764,785
				15,449,551
Oil, Gas & Consumable Fuels – 4.6%
	51,995	Chevron Corp.		4,783,540
	10,779	ConocoPhillips		453,796
	12,951	Continental Resources, Inc.		212,267
	47,082	EOG Resources, Inc.		2,236,866
	48,730	Exxon Mobil Corp.		2,264,483
	47,157	Kinder Morgan, Inc.		718,201
	46,357	Marathon Oil Corp.		283,705
	61,408	Marathon Petroleum Corp.		1,969,969
	4,677	ONEOK, Inc.		139,983
	7,741	PBF Energy, Inc., Class A		88,247
	15,320	Pioneer Natural Resources Co.		1,368,229
	35,897	Targa Resources Corp.		465,225
	41,181	Williams Cos., Inc. (The)		797,676
				15,782,187
Pharmaceuticals – 3.6%
	15,130	Horizon Therapeutics PLC*		545,285
	6,041	Jazz Pharmaceuticals PLC*		666,020
	45,216	Johnson & Johnson		6,784,209
	5,583	Merck & Co., Inc.		442,955
	101,008	Pfizer, Inc.		3,874,667
				12,313,136
Professional Services – 0.6%
	28,254	IHS Markit Ltd.		1,901,494
	4,280	TransUnion		337,221
				2,238,715
Road & Rail – 1.7%
	3,095	JB Hunt Transport Services, Inc.		312,966
	24,834	Knight-Swift Transportation Holdings, Inc.		923,328
	12,467	Norfolk Southern Corp.		2,133,104
	2,283	Old Dominion Freight Line, Inc.		331,697
	14,430	Union Pacific Corp.		2,305,770
				6,006,865
Semiconductors & Semiconductor Equipment – 3.1%
	5,847	Advanced Micro Devices, Inc.*		306,324
	6,705	Analog Devices, Inc.		734,868
	23,798	Applied Materials, Inc.		1,182,285

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	70,280	Intel Corp.	$	4,215,394
	3,792	Lam Research Corp.		968,022
	9,914	NVIDIA Corp.		2,897,664
	3,748	Skyworks Solutions, Inc.		389,342
	766	Universal Display Corp.		114,992
				10,808,891
Software – 0.2%
	3,959	Microsoft Corp.		709,492
Specialty Retail – 1.5%
	3,617	Best Buy Co., Inc.		277,532
	22,200	Home Depot, Inc. (The)		4,880,226
				5,157,758
Technology Hardware, Storage & Peripherals – 0.7%
	7,876	Apple, Inc.		2,313,969
Tobacco – 0.6%
	52,125	Altria Group, Inc.		2,045,907
	597	Philip Morris International, Inc.		44,536
				2,090,443
Trading Companies & Distributors – 0.3%
	29,251	HD Supply Holdings, Inc.*		868,170
	8,352	Univar Solutions, Inc.*		121,271
	5,089	WESCO International, Inc.*		131,652
				1,121,093
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $358,065,067)		$	343,602,620

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	119,900	0.233%	$	119,900
	(Cost $119,900)
	TOTAL INVESTMENTS – 99.5%
	(Cost $358,184,967)		$	343,722,520
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			1,775,281
	NET ASSETS – 100.0%		$	345,497,801

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 100.0%
Aerospace & Defense – 1.0%
	70,811	Aerojet Rocketdyne Holdings, Inc.*	$	2,913,165
	28,950	Astronics Corp.*		259,971
	11,396	Axon Enterprise, Inc.*		828,603
	49,527	Maxar Technologies, Inc.		624,535
	8,318	Mercury Systems, Inc.*		741,633
				5,367,907
Air Freight & Logistics – 0.4%
	98,308	Echo Global Logistics, Inc.*		1,723,339
	6,262	Hub Group, Inc., Class A*		301,265
	47,374	Radiant Logistics, Inc.*		202,761
				2,227,365
Airlines – 0.3%
	46,776	SkyWest, Inc.		1,447,717
Auto Components – 0.2%
	9,752	Gentherm, Inc.*		365,115
	9,921	Standard Motor Products, Inc.		403,685
	2,166	Visteon Corp.*		130,610
				899,410
Banks – 9.0%
	76,378	1st Source Corp.		2,652,608
	47,786	Amalgamated Bank, Class A		511,310
	68,229	Atlantic Capital Bancshares, Inc.*		856,274
	15,270	Atlantic Union Bankshares Corp.		364,495
	123,682	Bancorp, Inc. (The)*		862,064
	4,789	Banner Corp.		184,041
	99,849	Boston Private Financial Holdings, Inc.		758,852
	316,091	Cadence BanCorp		2,092,522
	38,004	Cathay General Bancorp		1,061,072
	131,099	Central Pacific Financial Corp.		2,292,922
	1,302	Century Bancorp, Inc., Class A		97,246
	73,912	Columbia Banking System, Inc.		1,994,885
	201,802	CVB Financial Corp.		4,194,455
	381,067	First BanCorp.		2,221,621
	82,028	First Bancorp/Southern Pines NC		2,181,125
	219,984	First Commonwealth Financial Corp.		2,094,248
	40,045	First Financial Bankshares, Inc.		1,115,253
	12,674	First Financial Corp.		450,181
	148,243	First Foundation, Inc.		2,039,824
	48,787	First Internet Bancorp		765,956
	87,526	Heartland Financial USA, Inc.		2,973,258
	122,084	Hilltop Holdings, Inc.		2,356,221
	24,522	Hope Bancorp, Inc.		243,994
	31,290	Horizon Bancorp, Inc.		356,080
	13,450	IBERIABANK Corp.		557,637
	82,603	Independent Bank Group, Inc.		2,503,697
	93,817	International Bancshares Corp.		2,719,755
	5,276	Lakeland Bancorp, Inc.		59,038
	12,469	Metropolitan Bank Holding Corp.*		312,847
	32,816	National Bank Holdings Corp., Class A		872,249
	5,851	Northeast Bank		98,004
	23,862	Preferred Bank		910,335
	79,839	Seacoast Banking Corp. of Florida*		1,793,982
Common Stocks – (continued)
Banks – (continued)
	20,768	Sierra Bancorp		421,590
	36,507	Southern National Bancorp of Virginia, Inc.		367,626
	85,044	TriCo Bancshares		2,561,525
	27,902	TriState Capital Holdings, Inc.*		396,766
	13,944	UMB Financial Corp.		708,913
	11,913	Westamerica Bancorporation		750,519
				49,754,990
Beverages – 0.7%
	1,663	Boston Beer Co., Inc. (The), Class A*		775,806
	12,594	Coca-Cola Consolidated, Inc.		2,965,509
				3,741,315
Biotechnology – 9.3%
	107,813	ACADIA Pharmaceuticals, Inc.*		5,208,446
	22,987	Acceleron Pharma, Inc.*		2,081,013
	23,572	Agenus, Inc.*		62,819
	42,877	Allogene Therapeutics, Inc.*		1,239,145
	70,254	Amicus Therapeutics, Inc.*		829,700
	36,231	Anika Therapeutics, Inc.*		1,203,956
	40,444	Apellis Pharmaceuticals, Inc.*		1,386,016
	15,445	Arcus Biosciences, Inc.*		407,903
	167,934	Ardelyx, Inc.*		1,105,006
	31,485	Arena Pharmaceuticals, Inc.*		1,541,820
	18,878	Arrowhead Pharmaceuticals, Inc.*		649,970
	8,956	Atara Biotherapeutics, Inc.*		74,245
	45,143	Biohaven Pharmaceutical Holding Co. Ltd.*		2,126,235
	6,440	BioSpecifics Technologies Corp.*		366,500
	17,412	Blueprint Medicines Corp.*		1,024,348
	301,276	Catalyst Pharmaceuticals, Inc.*		1,428,048
	61,653	Coherus Biosciences, Inc.*		1,023,440
	10,261	Constellation Pharmaceuticals, Inc.*		369,191
	35,169	Deciphera Pharmaceuticals, Inc.*		2,039,099
	19,052	Dicerna Pharmaceuticals, Inc.*		375,324
	40,994	Editas Medicine, Inc.*		947,781
	51,359	Enanta Pharmaceuticals, Inc.*		2,381,517
	49,170	FibroGen, Inc.*		1,813,881
	5,311	G1 Therapeutics, Inc.*		69,733
	38,503	Global Blood Therapeutics, Inc.*		2,946,250
	18,938	Halozyme Therapeutics, Inc.*		429,040
	17,328	Heron Therapeutics, Inc.*		247,097
	119,012	ImmunoGen, Inc.*		485,569
	21,269	Immunomedics, Inc.*		646,152
	8,343	Insmed, Inc.*		191,889
	16,578	Intercept Pharmaceuticals, Inc.*		1,358,070
	26,638	Iovance Biotherapeutics, Inc.*		856,412
	5,836	Ironwood Pharmaceuticals, Inc.*		58,360
	40,771	Karyopharm Therapeutics, Inc.*		899,001
	3,002	Kiniksa Pharmaceuticals Ltd., Class A*		59,890
	10,516	Kura Oncology, Inc.*		153,008
	8,459	Minerva Neurosciences, Inc.*		75,877
	18,061	Mirati Therapeutics, Inc.*		1,535,907
	34,714	Momenta Pharmaceuticals, Inc.*		1,100,434
	13,006	Myriad Genetics, Inc.*		201,073

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	11,229	Principia Biopharma, Inc.*	$	698,219
	86,332	Prothena Corp. PLC (Ireland)*		968,645
	13,069	PTC Therapeutics, Inc.*		665,474
	73,267	Radius Health, Inc.*		1,149,559
	13,817	REVOLUTION Medicines, Inc.*		432,058
	8,558	Rocket Pharmaceuticals, Inc.*(a)		126,658
	23,940	Turning Point Therapeutics, Inc.*		1,233,149
	67,139	Veracyte, Inc.*		1,810,739
	17,955	Viking Therapeutics, Inc.*		103,421
	68,873	Voyager Therapeutics, Inc.*		744,517
	6,163	XBiotech, Inc.*		97,499
	68,168	Xencor, Inc.*		1,992,551
	13,853	Y-mAbs Therapeutics, Inc.*		465,184
				51,486,838
Building Products – 2.1%
	8,007	AAON, Inc.		381,454
	4,425	Builders FirstSource, Inc.*		81,199
	17,751	CSW Industrials, Inc.		1,175,826
	58,607	Gibraltar Industries, Inc.*		2,713,504
	37,947	Griffon Corp.		622,710
	13,637	JELD-WEN Holding, Inc.*		173,190
	7,348	Masonite International Corp.*		434,120
	2,630	Patrick Industries, Inc.		108,409
	72,748	Quanex Building Products Corp.		907,168
	55,164	Simpson Manufacturing Co., Inc.		3,977,324
	23,170	Universal Forest Products, Inc.		952,750
				11,527,654
Capital Markets – 0.4%
	11,244	Artisan Partners Asset Management, Inc., Class A		331,023
	21,408	Donnelley Financial Solutions, Inc.*		155,850
	23,462	Federated Hermes, Inc.		534,230
	63,578	Oppenheimer Holdings, Inc., Class A		1,308,435
	2,594	Westwood Holdings Group, Inc.		59,740
				2,389,278
Chemicals – 2.0%
	12,801	Chase Corp.		1,206,622
	208,351	Ferro Corp.*		2,077,259
	7,789	Ingevity Corp.*		404,405
	21,720	Koppers Holdings, Inc.*		342,307
	78,373	Minerals Technologies, Inc.		3,451,547
	139,648	PolyOne Corp.		3,252,402
	2,997	Sensient Technologies Corp.		143,227
	13,233	Trinseo SA		270,615
				11,148,384
Commercial Services & Supplies – 1.7%
	23,324	Brady Corp., Class A		1,015,527
	20,355	Brink’s Co. (The)		1,040,548
	15,449	Cimpress PLC (Ireland)*(a)		1,124,533
	6,402	Ennis, Inc.		119,141
	85,984	HNI Corp.		2,092,851
	34,118	Kimball International, Inc., Class B		418,628
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
	42,287	McGrath RentCorp		2,306,756
	8,040	MSA Safety, Inc.		904,741
	42,797	Pitney Bowes, Inc.		151,073
	6,751	Steelcase, Inc., Class A		73,923
				9,247,721
Communications Equipment – 2.0%
	7,393	Applied Optoelectronics, Inc.*(a)		79,253
	52,986	Comtech Telecommunications Corp.		980,771
	89,194	Extreme Networks, Inc.*		303,260
	231,968	Harmonic, Inc.*		1,345,414
	47,740	Infinera Corp.*		294,317
	16,135	Inseego Corp.*		192,813
	51,278	Lumentum Holdings, Inc.*		4,148,903
	34,921	NETGEAR, Inc.*		837,406
	241,127	Viavi Solutions, Inc.*		2,912,814
				11,094,951
Construction & Engineering – 0.7%
	44,373	Aegion Corp.*		712,187
	9,692	Arcosa, Inc.		361,221
	123,840	Great Lakes Dredge & Dock Corp.*		1,094,745
	47,891	MasTec, Inc.*		1,719,287
				3,887,440
Construction Materials – 0.5%
	200,089	Summit Materials, Inc., Class A*		3,023,345
Consumer Finance – 0.8%
	116,623	Enova International, Inc.*		1,870,633
	49,149	Nelnet, Inc., Class A		2,366,524
				4,237,157
Containers & Packaging – 0.1%
	32,236	Myers Industries, Inc.		398,437
Distributors – 0.2%
	40,054	Core-Mark Holding Co, Inc.		1,151,152
Diversified Consumer Services – 1.7%
	37,552	American Public Education, Inc.*		967,715
	38,860	Chegg, Inc.*		1,661,265
	38,003	Collectors Universe, Inc.		834,926
	12,560	K12, Inc.*		285,237
	231,276	Laureate Education, Inc., Class A*		2,190,184
	24,734	Perdoceo Education Corp.*		321,542
	15,563	Strategic Education, Inc.		2,479,186
	34,292	WW International, Inc.*		874,789
				9,614,844
Diversified Financial Services – 0.2%
	117,573	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,342,684
Diversified Telecommunication Services – 1.3%
	4,319	Bandwidth, Inc., Class A*		352,258
	50,096	Cogent Communications Holdings, Inc.		4,199,548

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	129,649	Consolidated Communications Holdings, Inc.*	$	812,899
	7,984	Iridium Communications, Inc.*		179,680
	400,966	ORBCOMM, Inc.*		1,058,550
	61,587	Vonage Holdings Corp.*		514,867
				7,117,802
Electric Utilities – 0.5%
	60,378	Portland General Electric Co.		2,825,087
Electrical Equipment – 0.6%
	67,378	Atkore International Group, Inc.*		1,639,981
	33,147	Bloom Energy Corp., Class A*(a)		254,237
	14,624	Encore Wire Corp.		669,487
	21,632	Powell Industries, Inc.		548,804
				3,112,509
Electronic Equipment, Instruments & Components – 3.9%
	58,568	Belden, Inc.		2,002,440
	67,228	Benchmark Electronics, Inc.		1,388,930
	41,548	CTS Corp.		962,252
	6,324	Fabrinet (Thailand)*		396,831
	56,792	Itron, Inc.*		3,965,217
	148,631	Knowles Corp.*		2,311,212
	32,782	Methode Electronics, Inc.		984,116
	2,969	Novanta, Inc.*		257,976
	36,516	Plexus Corp.*		2,289,188
	10,762	Rogers Corp.*		1,195,012
	94,183	Sanmina Corp.*		2,611,695
	32,181	TTM Technologies, Inc.*		372,978
	100,873	Vishay Intertechnology, Inc.		1,673,483
	54,898	Vishay Precision Group, Inc.*		1,269,242
				21,680,572
Energy Equipment & Services – 0.8%
	34,763	Cactus, Inc., Class A		618,086
	16,682	DMC Global, Inc.		430,562
	85,991	Matrix Service Co.*		897,746
	5,073	Nabors Industries Ltd.(a)		74,725
	79,829	SEACOR Holdings, Inc.*		2,255,968
	13,571	Solaris Oilfield Infrastructure, Inc., Class A		92,826
				4,369,913
Entertainment – 0.1%
	69,406	IMAX Corp.*		798,169
Equity Real Estate Investment Trusts (REITs) – 8.2%
	82,645	American Assets Trust, Inc. REIT		2,340,506
	173,825	Cedar Realty Trust, Inc. REIT		182,516
	21,348	City Office REIT, Inc. REIT		215,615
	3,335	Community Healthcare Trust, Inc. REIT		124,062
	7,696	EastGroup Properties, Inc. REIT		815,776
	67,485	Essential Properties Realty Trust, Inc. REIT		991,355
	140,024	First Industrial Realty Trust, Inc. REIT		5,288,706
	22,762	Gladstone Commercial Corp. REIT		359,640
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	123,908	Independence Realty Trust, Inc. REIT		1,247,754
	328,246	Lexington Realty Trust REIT		3,430,171
	74,293	NexPoint Residential Trust, Inc. REIT		2,233,991
	18,954	Office Properties Income Trust REIT		519,340
	42,100	Pebblebrook Hotel Trust REIT		498,464
	251,375	Physicians Realty Trust REIT		3,876,202
	39,709	Piedmont Office Realty Trust, Inc., Class A REIT		688,951
	20,210	PS Business Parks, Inc. REIT		2,608,909
	64,031	QTS Realty Trust, Inc., Class A REIT		4,003,858
	11,346	Retail Opportunity Investments Corp. REIT		110,113
	60,181	Retail Value, Inc. REIT		870,819
	115,072	Rexford Industrial Realty, Inc. REIT		4,685,732
	9,102	Ryman Hospitality Properties, Inc. REIT		321,665
	180,762	Sabra Health Care REIT, Inc. REIT		2,317,369
	91,302	STAG Industrial, Inc. REIT		2,396,677
	82,093	Terreno Realty Corp. REIT		4,500,338
	1,005	Universal Health Realty Income Trust REIT		107,495
	63,335	Urban Edge Properties REIT		728,352
				45,464,376
Food & Staples Retailing – 0.5%
	4,990	Chefs’ Warehouse, Inc. (The)*		70,259
	21,044	Ingles Markets, Inc., Class A		859,227
	51,370	Performance Food Group Co.*		1,507,709
	2,072	Weis Markets, Inc.		103,662
				2,540,857
Food Products – 1.4%
	37,847	B&G Foods, Inc.(a)		734,989
	9,278	Calavo Growers, Inc.		538,124
	61,996	Darling Ingredients, Inc.*		1,276,497
	6,736	Freshpet, Inc.*		507,962
	25,562	J&J Snack Foods Corp.		3,247,141
	19,634	John B. Sanfilippo & Son, Inc.		1,612,540
				7,917,253
Gas Utilities – 0.4%
	8,319	New Jersey Resources Corp.		281,016
	6,137	Northwest Natural Holding Co.		399,518
	19,016	Southwest Gas Holdings, Inc.		1,441,413
				2,121,947
Health Care Equipment & Supplies – 3.8%
	35,940	Antares Pharma, Inc.*		116,446
	4,851	Cardiovascular Systems, Inc.*		203,742
	57,515	GenMark Diagnostics, Inc.*		719,513
	32,381	Globus Medical, Inc., Class A*		1,536,802
	47,416	Haemonetics Corp.*		5,394,992
	2,643	Inogen, Inc.*		132,150
	9,623	Integer Holdings Corp.*		716,528
	36,413	Invacare Corp.		273,826
	62,202	Natus Medical, Inc.*		1,554,428
	38,785	Novocure Ltd.*		2,552,053

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	36,842	NuVasive, Inc.*	$	2,242,941
	16,318	Quidel Corp.*		2,268,202
	29,126	Surmodics, Inc.*		1,109,701
	28,589	Tandem Diabetes Care, Inc.*		2,280,830
				21,102,154
Health Care Providers & Services – 0.8%
	21,649	Community Health Systems, Inc.*		65,597
	32,314	Cross Country Healthcare, Inc.*		203,255
	16,522	Magellan Health, Inc.*		1,003,381
	75,858	Select Medical Holdings Corp.*		1,294,896
	65,849	Tenet Healthcare Corp.*		1,328,833
	18,897	Triple-S Management Corp., Class B*		319,926
				4,215,888
Health Care Technology – 2.3%
	58,809	Inovalon Holdings, Inc., Class A*		1,029,157
	30,115	Livongo Health, Inc.*(a)		1,204,901
	51,362	Omnicell, Inc.*		3,744,290
	9,610	Schrodinger, Inc.*		445,904
	16,112	Simulations Plus, Inc.		613,062
	34,188	Teladoc Health, Inc.*		5,627,003
	4,761	Vocera Communications, Inc.*		90,269
				12,754,586
Hotels, Restaurants & Leisure – 2.4%
	1,248	Cracker Barrel Old Country Store, Inc.		121,555
	179,833	Denny’s Corp.*		2,026,718
	173,972	Everi Holdings, Inc.*		861,161
	18,132	Marriott Vacations Worldwide Corp.		1,504,956
	181,339	Red Rock Resorts, Inc., Class A		1,987,475
	61,568	Scientific Games Corp.*		776,373
	24,608	Texas Roadhouse, Inc.		1,158,791
	39,826	Wingstop, Inc.		4,670,395
				13,107,424
Household Durables – 1.9%
	14,674	Century Communities, Inc.*		314,317
	36,025	GoPro, Inc., Class A*(a)		126,808
	24,029	KB Home		630,521
	3,534	LGI Homes, Inc.*		214,090
	79,630	M/I Homes, Inc.*		2,027,380
	102,844	Sonos, Inc.*		1,051,065
	26,049	TopBuild Corp.*		2,427,506
	269,287	TRI Pointe Group, Inc.*		3,091,415
	21,239	Universal Electronics, Inc.*		876,746
				10,759,848
Household Products – 0.1%
	22,268	Central Garden & Pet Co., Class A*		677,170
Insurance – 3.7%
	180,024	American Equity Investment Life Holding Co.		3,784,104
	40,211	AMERISAFE, Inc.		2,560,234
	38,581	Argo Group International Holdings Ltd.		1,364,224
Common Stocks – (continued)
Insurance – (continued)
	15,804	eHealth, Inc.*		1,686,287
	18,908	FBL Financial Group, Inc., Class A		738,925
	438,636	Genworth Financial, Inc., Class A*		1,592,249
	40,058	Goosehead Insurance, Inc., Class A*		2,248,856
	2,442	HCI Group, Inc.		101,709
	182,842	MBIA, Inc.*		1,488,334
	1,889	National Western Life Group, Inc., Class A		364,067
	5,913	Selective Insurance Group, Inc.		296,419
	91,915	Stewart Information Services Corp.		2,928,412
	45,513	Trupanion, Inc.*(a)		1,361,294
				20,515,114
Interactive Media & Services – 0.3%
	174,638	Cars.com, Inc.*		904,625
	12,303	EverQuote, Inc., Class A*		479,448
	19,942	Meet Group, Inc. (The)*		123,042
	14,895	Yelp, Inc.*		332,903
				1,840,018
Internet & Direct Marketing Retail – 0.6%
	29,979	PetMed Express, Inc.		1,186,269
	24,689	Quotient Technology, Inc.*		177,267
	170,534	Rubicon Project, Inc. (The)*		1,222,729
	17,694	Shutterstock, Inc.		672,372
				3,258,637
IT Services – 1.8%
	17,469	Cass Information Systems, Inc.		700,682
	49,433	Conduent, Inc.*		124,571
	5,525	EVERTEC, Inc.		140,003
	12,579	Hackett Group, Inc. (The)		186,547
	19,986	MAXIMUS, Inc.		1,345,458
	28,039	Perficient, Inc.*		976,598
	208,257	Perspecta, Inc.		4,492,103
	17,114	Science Applications International Corp.		1,397,529
	20,141	Virtusa Corp.*		664,653
				10,028,144
Leisure Products – 0.6%
	2,929	Johnson Outdoors, Inc., Class A		200,226
	18,789	Malibu Boats, Inc., Class A*		645,966
	7,666	Vista Outdoor, Inc.*		77,580
	88,443	YETI Holdings, Inc.*		2,441,911
				3,365,683
Life Sciences Tools & Services – 0.8%
	45,525	Medpace Holdings, Inc.*		3,635,627
	7,973	NanoString Technologies, Inc.*		253,222
	8,358	Syneos Health, Inc.*		466,293
				4,355,142
Machinery – 2.6%
	44,871	Albany International Corp., Class A		2,294,703
	23,161	Barnes Group, Inc.		888,919
	40,788	Columbus McKinnon Corp.		1,104,539

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – (continued)
	2,592	Douglas Dynamics, Inc.	$	95,800
	17,297	Federal Signal Corp.		465,808
	25,025	Franklin Electric Co., Inc.		1,271,270
	3,599	Hurco Cos., Inc.		117,651
	24,963	Miller Industries, Inc.		758,376
	44,272	Mueller Industries, Inc.		1,146,645
	24,396	Navistar International Corp.*		579,893
	10,888	Proto Labs, Inc.*		1,106,112
	11,152	RBC Bearings, Inc.*		1,412,735
	53,795	Rexnord Corp.		1,466,990
	16,316	SPX Corp.*		622,129
	6,252	Terex Corp.		94,968
	95,113	Wabash National Corp.		779,927
				14,206,465
Marine – 0.1%
	96,604	Costamare, Inc. (Monaco)		484,952
Media – 1.2%
	18,314	Cardlytics, Inc.*		823,214
	52,120	Liberty Latin America Ltd., Class A (Chile)*		557,684
	150,454	Liberty Latin America Ltd., Class C (Chile)*		1,555,694
	95,371	MSG Networks, Inc., Class A*		1,133,008
	48,745	Scholastic Corp.		1,417,017
	36,363	TechTarget, Inc.*		847,985
	33,904	WideOpenWest, Inc.*		200,712
				6,535,314
Metals & Mining – 1.7%
	43,114	Carpenter Technology Corp.		955,838
	63,788	Haynes International, Inc.		1,409,715
	396,237	Hecla Mining Co.		1,042,103
	15,252	Kaiser Aluminum Corp.		1,101,652
	56,245	Materion Corp.		2,910,116
	68,355	Novagold Resources, Inc. (Canada)*		764,893
	54,369	Worthington Industries, Inc.		1,437,516
				9,621,833
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
	334,846	Anworth Mortgage Asset Corp. REIT		575,935
	64,002	Arlington Asset Investment Corp., Class A REIT		181,126
	9,018	ARMOUR Residential REIT, Inc. REIT		79,719
	69,557	Capstead Mortgage Corp. REIT		361,001
	14,162	Great Ajax Corp. REIT		123,209
	53,338	Ladder Capital Corp. REIT		424,037
	219,521	New York Mortgage Trust, Inc. REIT		478,556
	14,036	TPG RE Finance Trust, Inc. REIT		107,937
				2,331,520
Multiline Retail – 0.1%
	17,584	Big Lots, Inc.		412,345
Multi-Utilities – 0.6%
	37,617	Avista Corp.		1,619,036
Common Stocks – (continued)
Multi-Utilities – (continued)
	6,566	Black Hills Corp.		406,698
	11,155	NorthWestern Corp.		643,532
	18,035	Unitil Corp.		907,341
				3,576,607
Oil, Gas & Consumable Fuels – 2.6%
	84,231	Ardmore Shipping Corp. (Ireland)		554,240
	43,341	Brigham Minerals, Inc., Class A		558,665
	74,038	Clean Energy Fuels Corp.*		159,552
	15,039	CVR Energy, Inc.		358,680
	438,578	DHT Holdings, Inc.		3,184,076
	40,281	Dorian LPG Ltd.*		382,267
	173,755	GasLog Ltd. (Monaco)		802,748
	97,177	International Seaways, Inc.		2,351,683
	71,031	Nordic American Tankers Ltd.(a)		427,607
	64,615	Renewable Energy Group, Inc.*		1,603,098
	20,082	Scorpio Tankers, Inc. (Monaco)(a)		439,595
	58,057	Teekay Tankers Ltd., Class A (Bermuda)*		1,179,138
	101,277	World Fuel Services Corp.		2,531,925
				14,533,274
Paper & Forest Products – 0.7%
	62,747	Boise Cascade Co.		1,962,099
	112,908	PH Glatfelter Co.		1,648,457
	5,478	Schweitzer-Mauduit International, Inc.		176,501
				3,787,057
Personal Products – 0.2%
	20,417	Inter Parfums, Inc.		912,436
	4,426	Medifast, Inc.		335,845
				1,248,281
Pharmaceuticals – 2.8%
	61,150	Amphastar Pharmaceuticals, Inc.*		1,036,492
	42,228	ANI Pharmaceuticals, Inc.*		1,689,542
	2,751	Arvinas, Inc.*		144,428
	21,615	Axsome Therapeutics, Inc.*		2,054,073
	67,344	BioDelivery Sciences International, Inc.*		307,089
	26,761	Corcept Therapeutics, Inc.*		338,794
	185,249	Innoviva, Inc.*		2,626,831
	71,238	Kala Pharmaceuticals, Inc.*		709,530
	15,306	MyoKardia, Inc.*		961,523
	67,312	Omeros Corp.*(a)		1,118,725
	18,471	Pacira BioSciences, Inc.*		762,668
	52,360	Phibro Animal Health Corp., Class A		1,398,536
	5,673	Reata Pharmaceuticals, Inc., Class A*		897,242
	60,612	Supernus Pharmaceuticals, Inc.*		1,418,321
				15,463,794
Professional Services – 1.7%
	34,140	ASGN, Inc.*		1,585,803
	11,405	Barrett Business Services, Inc.		557,933
	14,897	Exponent, Inc.		1,047,706
	19,123	Huron Consulting Group, Inc.*		1,071,653
	8,613	ICF International, Inc.		633,400

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Professional Services – (continued)
	8,740	Insperity, Inc.	$	416,985
	52,219	Kforce, Inc.		1,563,959
	37,036	Resources Connection, Inc.		402,952
	42,023	TriNet Group, Inc.*		2,057,866
				9,338,257
Real Estate Management & Development – 0.2%
	59,544	Kennedy-Wilson Holdings, Inc.		842,548
	98,912	Newmark Group, Inc., Class A		383,778
	5,531	Redfin Corp.*		116,870
				1,343,196
Road & Rail – 0.6%
	105,678	Marten Transport Ltd.		2,369,301
	18,604	Werner Enterprises, Inc.		746,392
				3,115,693
Semiconductors & Semiconductor Equipment – 4.1%
	49,523	Ambarella, Inc.*		2,603,919
	151,468	Amkor Technology, Inc.*		1,496,504
	33,802	Cirrus Logic, Inc.*		2,555,431
	13,331	Enphase Energy, Inc.*		624,291
	73,287	FormFactor, Inc.*		1,707,587
	41,167	Inphi Corp.*		3,974,262
	97,068	Lattice Semiconductor Corp.*		2,185,001
	7,634	MaxLinear, Inc.*		125,885
	37,728	Power Integrations, Inc.		3,861,461
	186,284	Rambus, Inc.*		2,334,138
	4,090	Silicon Laboratories, Inc.*		397,630
	4,437	Synaptics, Inc.*		290,135
	7,970	Ultra Clean Holdings, Inc.*		146,568
	33,964	Veeco Instruments, Inc.*		371,227
				22,674,039
Software – 4.5%
	11,150	American Software, Inc., Class A		183,752
	38,244	Blackline, Inc.*		2,322,941
	5,872	Box, Inc., Class A*		94,774
	50,426	Cornerstone OnDemand, Inc.*		1,692,297
	84,727	Digital Turbine, Inc.*		496,500
	18,294	Everbridge, Inc.*		2,037,586
	38,669	Five9, Inc.*		3,583,456
	16,716	MicroStrategy, Inc., Class A*		2,111,732
	8,184	OneSpan, Inc.*		137,491
	3,372	PROS Holdings, Inc.*		115,963
	39,780	Qualys, Inc.*		4,194,403
	23,290	Rapid7, Inc.*		1,060,860
	71,608	SPS Commerce, Inc.*		3,974,960
	162,301	SVMK, Inc.*		2,548,126
	76,072	Telenav, Inc.*		355,256
	3,150	Verint Systems, Inc.*		134,631
	12,698	VirnetX Holding Corp.*		70,601
				25,115,329
Specialty Retail – 2.8%
	15,783	America’s Car-Mart, Inc.*		1,040,889
Common Stocks – (continued)
Specialty Retail – (continued)
	44,637	Asbury Automotive Group, Inc.*		3,012,998
	7,614	Boot Barn Holdings, Inc.*		140,554
	23,228	GameStop Corp., Class A*(a)		133,096
	9,631	Lithia Motors, Inc., Class A		1,064,803
	38,790	Murphy USA, Inc.*		4,142,772
	53,927	National Vision Holdings, Inc.*		1,429,066
	158,643	Office Depot, Inc.		352,187
	11,553	Sally Beauty Holdings, Inc.*		112,180
	116,215	Sonic Automotive, Inc., Class A		2,490,487
	96,178	Sportsman’s Warehouse Holdings, Inc.*		688,635
	30,362	Tilly’s, Inc., Class A		178,832
	47,586	Zumiez, Inc.*		1,005,968
				15,792,467
Textiles, Apparel & Luxury Goods – 0.9%
	45,978	Crocs, Inc.*		1,114,967
	8,478	Deckers Outdoor Corp.*		1,261,187
	7,484	G-III Apparel Group Ltd.*		84,794
	7,701	Kontoor Brands, Inc.		149,476
	118,990	Wolverine World Wide, Inc.		2,438,105
				5,048,529
Thrifts & Mortgage Finance – 1.0%
	23,266	Essent Group Ltd.		635,627
	34,029	Meridian Bancorp, Inc.		400,862
	66,976	PennyMac Financial Services, Inc.		2,020,666
	8,181	Radian Group, Inc.		122,551
	50,836	Walker & Dunlop, Inc.		1,953,627
	2,811	Washington Federal, Inc.		75,166
	8,959	WSFS Financial Corp.		261,424
				5,469,923
Trading Companies & Distributors – 0.9%
	104,426	Foundation Building Materials, Inc.*		1,221,784
	40,557	GMS, Inc.*		745,438
	56,841	H&E Equipment Services, Inc.		924,235
	185,192	MRC Global, Inc.*		992,629
	143,043	NOW, Inc.*		882,575
	11,022	Triton International Ltd. (Bermuda)		341,462
				5,108,123
Water Utilities – 0.1%
	5,773	American States Water Co.		458,203
	2,752	California Water Service Group		123,620
				581,823
Wireless Telecommunication Services – 0.1%
	7,678	Shenandoah Telecommunications Co.		410,850
	7,008	Spok Holdings, Inc.		71,902
				482,752
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $625,893,584)		$	554,188,455

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,716,670	0.233%	$	4,716,670
	(Cost $4,716,670)
	TOTAL INVESTMENTS – 100.9%
	(Cost $630,610,254)		$	558,905,125
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(4,781,742	)
	NET ASSETS – 100.0%		$	554,123,383

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		6	06/19/20	$	310,333	$	81,677

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Aerospace & Defense – 1.7%
	137,517	Aerojet Rocketdyne Holdings, Inc.*	$	5,657,449
	97,317	Astronics Corp.*		873,907
	58,317	Axon Enterprise, Inc.*		4,240,229
	70,914	Kratos Defense & Security Solutions, Inc.*		1,065,128
	22,254	Maxar Technologies, Inc.		280,623
	51,335	Mercury Systems, Inc.*		4,577,029
				16,694,365
Air Freight & Logistics – 0.3%
	161,058	Echo Global Logistics, Inc.*		2,823,347
	71,472	Radiant Logistics, Inc.*		305,900
				3,129,247
Airlines – 0.0%
	4,812	Allegiant Travel Co.		377,646
Auto Components – 0.2%
	40,934	Gentherm, Inc.*		1,532,569
	5,819	Standard Motor Products, Inc.		236,775
				1,769,344
Banks – 2.8%
	61,171	Amalgamated Bank, Class A		654,530
	61,669	Atlantic Capital Bancshares, Inc.*		773,946
	233,895	Cadence BanCorp		1,548,385
	178,206	Central Pacific Financial Corp.		3,116,823
	192,471	CVB Financial Corp.		4,000,510
	47,604	First BanCorp.		277,531
	90,520	First Financial Bankshares, Inc.		2,520,982
	134,736	First Foundation, Inc.		1,853,967
	53,177	Hilltop Holdings, Inc.		1,026,316
	108,175	Independent Bank Group, Inc.		3,278,784
	131,579	International Bancshares Corp.		3,814,475
	29,965	National Bank Holdings Corp., Class A		796,470
	7,986	Preferred Bank		304,666
	9,416	Seacoast Banking Corp. of Florida*		211,578
	60,003	TriCo Bancshares		1,807,290
	3,492	UMB Financial Corp.		177,533
	12,309	Westamerica Bancorporation		775,467
				26,939,253
Beverages – 0.9%
	7,091	Boston Beer Co., Inc. (The), Class A*		3,308,022
	24,223	Coca-Cola Consolidated, Inc.		5,703,790
				9,011,812
Biotechnology – 14.8%
	245,333	ACADIA Pharmaceuticals, Inc.*		11,852,037
	63,392	Acceleron Pharma, Inc.*		5,738,878
	83,051	Agenus, Inc.*		221,331
	124,959	Allogene Therapeutics, Inc.*		3,611,315
	324,760	Amicus Therapeutics, Inc.*		3,835,416
	91,432	Apellis Pharmaceuticals, Inc.*		3,133,375
	6,483	Arcus Biosciences, Inc.*		171,216
	149,319	Ardelyx, Inc.*		982,519
Common Stocks – (continued)
Biotechnology – (continued)
	84,043	Arena Pharmaceuticals, Inc.*		4,115,586
	80,952	Arrowhead Pharmaceuticals, Inc.*		2,787,177
	20,012	Atara Biotherapeutics, Inc.*		165,899
	98,895	Biohaven Pharmaceutical Holding Co. Ltd.*		4,657,955
	13,522	BioSpecifics Technologies Corp.*		769,537
	62,899	Blueprint Medicines Corp.*		3,700,348
	25,455	Bridgebio Pharma, Inc.*		777,141
	564,259	Catalyst Pharmaceuticals, Inc.*		2,674,588
	19,194	ChemoCentryx, Inc.*		1,017,474
	124,929	Coherus Biosciences, Inc.*		2,073,821
	14,831	Constellation Pharmaceuticals, Inc.*		533,619
	86,420	Deciphera Pharmaceuticals, Inc.*		5,010,632
	86,604	Dicerna Pharmaceuticals, Inc.*		1,706,099
	126,761	Editas Medicine, Inc.*		2,930,714
	22,319	Emergent BioSolutions, Inc.*		1,650,490
	104,176	Enanta Pharmaceuticals, Inc.*		4,830,641
	36,075	Epizyme, Inc.*		593,794
	6,126	Esperion Therapeutics, Inc.*(a)		242,590
	40,818	Fate Therapeutics, Inc.*		1,117,597
	109,383	FibroGen, Inc.*		4,035,139
	18,859	G1 Therapeutics, Inc.*		247,619
	97,391	Global Blood Therapeutics, Inc.*		7,452,359
	169,599	Halozyme Therapeutics, Inc.*		3,842,265
	88,907	Heron Therapeutics, Inc.*		1,267,814
	194,205	ImmunoGen, Inc.*		792,356
	139,245	Immunomedics, Inc.*		4,230,263
	24,395	Inovio Pharmaceuticals, Inc.*(a)		293,472
	44,177	Insmed, Inc.*		1,016,071
	45,386	Intercept Pharmaceuticals, Inc.*		3,718,021
	125,902	Iovance Biotherapeutics, Inc.*		4,047,749
	87,960	Ironwood Pharmaceuticals, Inc.*		879,600
	120,286	Karyopharm Therapeutics, Inc.*		2,652,306
	13,080	Kiniksa Pharmaceuticals Ltd., Class A*		260,946
	14,337	Kodiak Sciences, Inc.*		782,083
	21,524	Kura Oncology, Inc.*		313,174
	54,009	Minerva Neurosciences, Inc.*		484,461
	57,636	Mirati Therapeutics, Inc.*		4,901,365
	96,601	Momenta Pharmaceuticals, Inc.*		3,062,252
	9,682	Myriad Genetics, Inc.*		149,684
	25,135	Natera, Inc.*		931,000
	13,814	Novavax, Inc.*(a)		250,448
	226,195	Pieris Pharmaceuticals, Inc.*		599,417
	33,375	Principia Biopharma, Inc.*		2,075,258
	67,401	Prothena Corp. PLC (Ireland)*		756,239
	54,864	PTC Therapeutics, Inc.*		2,793,675
	207,357	Radius Health, Inc.*		3,253,431
	29,908	REVOLUTION Medicines, Inc.*		935,223
	37,693	Rocket Pharmaceuticals, Inc.*(a)		557,856
	48,252	Turning Point Therapeutics, Inc.*		2,485,461
	26,599	Ultragenyx Pharmaceutical, Inc.*		1,607,378
	188,461	Veracyte, Inc.*		5,082,793
	28,789	Viking Therapeutics, Inc.*		165,825
	164,288	Voyager Therapeutics, Inc.*		1,775,953
	16,115	XBiotech, Inc.*(a)		254,939
	164,903	Xencor, Inc.*		4,820,115

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	24,034	Y-mAbs Therapeutics, Inc.*	$	807,062
				144,482,861
Building Products – 2.0%
	14,349	AAON, Inc.		683,586
	90,789	Builders FirstSource, Inc.*		1,665,978
	50,078	CSW Industrials, Inc.		3,317,167
	41,124	Gibraltar Industries, Inc.*		1,904,041
	24,843	JELD-WEN Holding, Inc.*		315,506
	5,910	Masonite International Corp.*		349,163
	4,935	Patrick Industries, Inc.		203,421
	107,605	Simpson Manufacturing Co., Inc.		7,758,320
	83,148	Universal Forest Products, Inc.		3,419,046
				19,616,228
Capital Markets – 0.3%
	91,969	Federated Hermes, Inc.		2,094,134
	43,107	Oppenheimer Holdings, Inc., Class A		887,142
	2,687	PJT Partners, Inc., Class A		130,696
				3,111,972
Chemicals – 2.1%
	7,587	Balchem Corp.		677,064
	30,097	Chase Corp.		2,836,943
	361,546	Ferro Corp.*		3,604,614
	57,944	Ingevity Corp.*		3,008,452
	49,393	Koppers Holdings, Inc.*		778,434
	38,705	Kraton Corp.*		604,185
	61,864	Minerals Technologies, Inc.		2,724,490
	253,727	PolyOne Corp.		5,909,302
				20,143,484
Commercial Services & Supplies – 2.2%
	67,806	Brady Corp., Class A		2,952,273
	47,353	Brink’s Co. (The)		2,420,686
	8,926	Casella Waste Systems, Inc., Class A*		413,988
	20,808	Cimpress PLC (Ireland)*(a)		1,514,614
	168,158	HNI Corp.		4,092,966
	112,093	Kimball International, Inc., Class B		1,375,381
	82,472	McGrath RentCorp		4,498,848
	30,789	MSA Safety, Inc.		3,464,686
	71,376	Pitney Bowes, Inc.		251,957
				20,985,399
Communications Equipment – 1.3%
	11,381	Calix, Inc.*		130,881
	218,397	Extreme Networks, Inc.*		742,550
	221,824	Harmonic, Inc.*		1,286,579
	43,497	Infinera Corp.*		268,159
	40,229	Inseego Corp.*		480,737
	37,638	Lumentum Holdings, Inc.*		3,045,291
	28,172	NETGEAR, Inc.*		675,565
	517,394	Viavi Solutions, Inc.*		6,250,119
				12,879,881
Common Stocks – (continued)
Construction & Engineering – 0.7%
	246,484	Great Lakes Dredge & Dock Corp.*		2,178,919
	119,275	MasTec, Inc.*		4,281,972
	20,521	WillScot Corp.*		239,070
				6,699,961
Construction Materials – 0.5%
	294,096	Summit Materials, Inc., Class A*		4,443,791
Consumer Finance – 0.6%
	230,001	Enova International, Inc.*		3,689,216
	19,127	FirstCash, Inc.		1,374,084
	20,681	Nelnet, Inc., Class A		995,790
				6,059,090
Containers & Packaging – 0.1%
	69,245	Myers Industries, Inc.		855,868
Distributors – 0.2%
	75,155	Core-Mark Holding Co, Inc.		2,159,955
Diversified Consumer Services – 1.9%
	30,062	American Public Education, Inc.*		774,698
	118,733	Chegg, Inc.*		5,075,836
	59,691	Collectors Universe, Inc.		1,311,411
	65,839	K12, Inc.*		1,495,203
	185,808	Laureate Education, Inc., Class A*		1,759,602
	124,177	Perdoceo Education Corp.*		1,614,301
	37,344	Strategic Education, Inc.		5,948,899
	7,890	WW International, Inc.*		201,274
				18,181,224
Diversified Financial Services – 0.0%
	29,647	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		338,569
Diversified Telecommunication Services – 1.2%
	12,778	Bandwidth, Inc., Class A*		1,042,174
	107,473	Cogent Communications Holdings, Inc.		9,009,462
	538,564	ORBCOMM, Inc.*		1,421,809
	67,423	Vonage Holdings Corp.*		563,656
				12,037,101
Electrical Equipment – 0.5%
	130,697	Atkore International Group, Inc.*		3,181,165
	19,971	Bloom Energy Corp., Class A*		153,178
	10,776	Generac Holdings, Inc.*		1,050,013
	12,035	Powell Industries, Inc.		305,328
	4,300	Vicor Corp.*		228,631
				4,918,315
Electronic Equipment, Instruments & Components – 3.0%
	11,863	Badger Meter, Inc.		700,273
	39,648	Belden, Inc.		1,355,565
	63,347	Benchmark Electronics, Inc.		1,308,749
	36,025	Fabrinet (Thailand)*		2,260,569
	110,603	Itron, Inc.*		7,722,301
	101,556	Knowles Corp.*		1,579,196

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	14,245	Novanta, Inc.*	$	1,237,748
	65,710	Plexus Corp.*		4,119,360
	35,763	Rogers Corp.*		3,971,124
	95,617	Sanmina Corp.*		2,651,459
	11,023	TTM Technologies, Inc.*		127,757
	88,995	Vishay Precision Group, Inc.*		2,057,564
				29,091,665
Energy Equipment & Services – 0.5%
	48,953	Cactus, Inc., Class A		870,384
	12,431	DMC Global, Inc.		320,844
	108,986	Matrix Service Co.*		1,137,814
	100,199	SEACOR Holdings, Inc.*		2,831,624
				5,160,666
Entertainment – 0.2%
	132,487	Glu Mobile, Inc.*		1,033,399
	89,370	IMAX Corp.*		1,027,755
				2,061,154
Equity Real Estate Investment Trusts (REITs) – 4.6%
	148,474	American Assets Trust, Inc. REIT		4,204,784
	8,612	Community Healthcare Trust, Inc. REIT		320,366
	35,991	EastGroup Properties, Inc. REIT		3,815,046
	205,166	Essential Properties Realty Trust, Inc. REIT		3,013,889
	181,752	First Industrial Realty Trust, Inc. REIT		6,864,773
	10,437	Independence Realty Trust, Inc. REIT		105,101
	133,843	NexPoint Residential Trust, Inc. REIT		4,024,659
	179,424	Physicians Realty Trust REIT		2,766,718
	30,502	PS Business Parks, Inc. REIT		3,937,503
	139,051	QTS Realty Trust, Inc., Class A REIT		8,694,859
	10,539	Ryman Hospitality Properties, Inc. REIT		372,448
	58,923	Sabra Health Care REIT, Inc. REIT		755,393
	111,754	Terreno Realty Corp. REIT		6,126,354
	1,062	Universal Health Realty Income Trust REIT		113,591
				45,115,484
Food & Staples Retailing – 0.5%
	8,858	Chefs’ Warehouse, Inc. (The)*		124,721
	147,536	Performance Food Group Co.*		4,330,181
				4,454,902
Food Products – 1.4%
	29,449	Calavo Growers, Inc.		1,708,042
	6,105	Darling Ingredients, Inc.*		125,702
	21,938	Freshpet, Inc.*		1,654,345
	50,368	J&J Snack Foods Corp.		6,398,247
	42,927	John B. Sanfilippo & Son, Inc.		3,525,594
				13,411,930
Health Care Equipment & Supplies – 6.4%
	258,273	Antares Pharma, Inc.*		836,805
	43,471	Cardiovascular Systems, Inc.*		1,825,782
	218,212	GenMark Diagnostics, Inc.*		2,729,832
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	142,684	Globus Medical, Inc., Class A*		6,771,783
	98,729	Haemonetics Corp.*		11,233,386
	27,334	Inogen, Inc.*		1,366,700
	31,845	Integer Holdings Corp.*		2,371,179
	39,918	Invacare Corp.		300,183
	8,096	iRhythm Technologies, Inc.*		855,261
	25,178	Lantheus Holdings, Inc.*		328,573
	124,167	Natus Medical, Inc.*		3,102,933
	116,569	Novocure Ltd.*		7,670,240
	89,658	NuVasive, Inc.*		5,458,379
	55,735	Quidel Corp.*		7,747,165
	95,300	Surmodics, Inc.*		3,630,930
	79,849	Tandem Diabetes Care, Inc.*		6,370,353
	1,635	Utah Medical Products, Inc.		135,705
				62,735,189
Health Care Providers & Services – 1.5%
	13,773	Amedisys, Inc.*		2,536,436
	24,280	LHC Group, Inc.*		3,156,157
	43,452	Magellan Health, Inc.*		2,638,840
	9,388	National Research Corp.		484,327
	166,450	Select Medical Holdings Corp.*		2,841,302
	140,335	Tenet Healthcare Corp.*		2,831,960
				14,489,022
Health Care Technology – 3.8%
	83,894	HMS Holdings Corp.*		2,405,660
	89,909	Inovalon Holdings, Inc., Class A*		1,573,408
	3,182	Inspire Medical Systems, Inc.*		228,022
	96,828	Livongo Health, Inc.*(a)		3,874,088
	125,230	NextGen Healthcare, Inc.*		1,321,177
	117,093	Omnicell, Inc.*		8,536,080
	38,700	Schrodinger, Inc.*		1,795,680
	29,142	Simulations Plus, Inc.		1,108,853
	94,427	Teladoc Health, Inc.*		15,541,740
	11,247	Vocera Communications, Inc.*		213,243
				36,597,951
Hotels, Restaurants & Leisure – 2.9%
	4,883	Chart Industries, Inc.		216,756
	12,235	Cracker Barrel Old Country Store, Inc.		1,191,689
	339,492	Denny’s Corp.*		3,826,075
	391,719	Everi Holdings, Inc.*		1,939,009
	12,437	Marriott Vacations Worldwide Corp.		1,032,271
	342,505	Red Rock Resorts, Inc., Class A		3,753,855
	164,808	Scientific Games Corp.*		2,078,229
	97,452	Texas Roadhouse, Inc.		4,589,014
	78,266	Wingstop, Inc.		9,178,254
				27,805,152
Household Durables – 1.9%
	33,529	Century Communities, Inc.*		718,191
	24,424	Installed Building Products, Inc.*		1,204,347
	11,256	iRobot Corp.*(a)		686,166
	4,266	LGI Homes, Inc.*		258,434
	57,856	M/I Homes, Inc.*		1,473,014

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Household Durables – (continued)
	219,542	Sonos, Inc.*	$	2,243,719
	73,566	TopBuild Corp.*		6,855,616
	278,761	TRI Pointe Group, Inc.*		3,200,176
	37,134	Universal Electronics, Inc.*		1,532,892
				18,172,555
Insurance – 2.2%
	243,410	American Equity Investment Life Holding Co.		5,116,478
	35,104	eHealth, Inc.*		3,745,597
	85,754	Goosehead Insurance, Inc., Class A*		4,814,230
	4,796	Kinsale Capital Group, Inc.		520,941
	319,911	MBIA, Inc.*		2,604,076
	27,822	Stewart Information Services Corp.		886,409
	106,972	Trupanion, Inc.*(a)		3,199,532
				20,887,263
Interactive Media & Services – 0.5%
	317,977	Cars.com, Inc.*		1,647,121
	24,159	EverQuote, Inc., Class A*		941,476
	104,327	Yelp, Inc.*		2,331,709
				4,920,306
Internet & Direct Marketing Retail – 0.7%
	446,326	Groupon, Inc.*		544,518
	34,871	PetMed Express, Inc.		1,379,845
	20,143	Quotient Technology, Inc.*		144,627
	290,818	Rubicon Project, Inc. (The)*		2,085,165
	56,060	Shutterstock, Inc.		2,130,280
				6,284,435
IT Services – 2.4%
	17,977	Cass Information Systems, Inc.		721,057
	16,374	EVERTEC, Inc.		414,917
	7,535	ExlService Holdings, Inc.*		465,136
	16,993	Hackett Group, Inc. (The)		252,006
	39,977	I3 Verticals, Inc., Class A*		929,066
	55,575	MAXIMUS, Inc.		3,741,309
	12,808	NIC, Inc.		310,338
	15,733	Paysign, Inc.*		130,486
	82,942	Perficient, Inc.*		2,888,870
	266,291	Perspecta, Inc.		5,743,897
	73,790	Science Applications International Corp.		6,025,691
	4,357	TTEC Holdings, Inc.		169,836
	46,391	Virtusa Corp.*		1,530,903
				23,323,512
Leisure Products – 0.8%
	2,416	Johnson Outdoors, Inc., Class A		165,158
	49,675	Malibu Boats, Inc., Class A*		1,707,827
	85,852	MasterCraft Boat Holdings, Inc.*		897,153
	2,816	Sturm Ruger & Co., Inc.		149,811
	157,710	YETI Holdings, Inc.*		4,354,373
				7,274,322
Common Stocks – (continued)
Life Sciences Tools & Services – 1.0%
	121,656	Fluidigm Corp.*		272,509
	98,034	Medpace Holdings, Inc.*		7,828,995
	11,021	NanoString Technologies, Inc.*		350,027
	13,763	Repligen Corp.*		1,598,573
				10,050,104
Machinery – 3.3%
	104,416	Albany International Corp., Class A		5,339,834
	36,060	Barnes Group, Inc.		1,383,983
	8,673	Chart Industries, Inc.*		309,799
	81,597	Columbus McKinnon Corp.		2,209,647
	6,559	Douglas Dynamics, Inc.		242,421
	23,700	ESCO Technologies, Inc.		1,808,310
	12,611	Evoqua Water Technologies Corp.*		202,406
	78,765	Federal Signal Corp.		2,121,141
	69,230	Franklin Electric Co., Inc.		3,516,884
	18,862	Miller Industries, Inc.		573,028
	99,733	Mueller Industries, Inc.		2,583,085
	35,041	Proto Labs, Inc.*		3,559,815
	35,262	RBC Bearings, Inc.*		4,466,990
	47,499	Rexnord Corp.		1,295,298
	65,824	SPX Corp.*		2,509,869
				32,122,510
Marine – 0.1%
	177,502	Costamare, Inc. (Monaco)		891,060
Media – 0.7%
	48,268	Cardlytics, Inc.*		2,169,647
	16,436	Liberty Latin America Ltd., Class A (Chile)*		175,865
	142,993	Liberty Latin America Ltd., Class C (Chile)*		1,478,548
	17,863	Loral Space & Communications, Inc.*		392,986
	15,464	Scholastic Corp.		449,538
	88,136	TechTarget, Inc.*		2,055,331
				6,721,915
Metals & Mining – 1.0%
	42,623	Kaiser Aluminum Corp.		3,078,659
	72,081	Materion Corp.		3,729,471
	73,272	Novagold Resources, Inc. (Canada)*		819,914
	72,952	Worthington Industries, Inc.		1,928,851
				9,556,895
Multiline Retail – 0.0%
	8,588	Big Lots, Inc.		201,389
Multi-Utilities – 0.1%
	30,280	Avista Corp.		1,303,251
Oil, Gas & Consumable Fuels – 1.1%
	72,062	Ardmore Shipping Corp. (Ireland)		474,168
	67,716	Brigham Minerals, Inc., Class A		872,859
	401,462	DHT Holdings, Inc.		2,914,614
	55,333	Dorian LPG Ltd.*		525,110
	185,700	GasLog Ltd. (Monaco)		857,934

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	35,788	International Seaways, Inc.	$	866,070
	36,426	Renewable Energy Group, Inc.*		903,729
	27,045	Teekay Tankers Ltd., Class A (Bermuda)*		549,284
	114,985	World Fuel Services Corp.		2,874,625
				10,838,393
Paper & Forest Products – 0.4%
	135,597	Boise Cascade Co.		4,240,118
Personal Products – 0.3%
	42,911	Inter Parfums, Inc.		1,917,693
	13,231	Medifast, Inc.		1,003,968
				2,921,661
Pharmaceuticals – 3.9%
	163,239	Amphastar Pharmaceuticals, Inc.*		2,766,901
	82,739	ANI Pharmaceuticals, Inc.*		3,310,387
	58,215	Axsome Therapeutics, Inc.*		5,532,171
	281,010	BioDelivery Sciences International, Inc.*		1,281,406
	137,527	Corcept Therapeutics, Inc.*		1,741,092
	373,153	Innoviva, Inc.*		5,291,309
	94,033	Kala Pharmaceuticals, Inc.*(a)		936,569
	60,085	MyoKardia, Inc.*		3,774,540
	9,331	NGM Biopharmaceuticals, Inc.*		170,384
	148,132	Omeros Corp.*(a)		2,461,954
	63,106	Pacira BioSciences, Inc.*		2,605,647
	146,135	Phibro Animal Health Corp., Class A		3,903,266
	6,979	Reata Pharmaceuticals, Inc., Class A*		1,103,799
	123,586	Supernus Pharmaceuticals, Inc.*		2,891,912
				37,771,337
Professional Services – 2.3%
	51,999	ASGN, Inc.*		2,415,354
	23,044	Barrett Business Services, Inc.		1,127,312
	77,189	Exponent, Inc.		5,428,702
	35,324	Huron Consulting Group, Inc.*		1,979,557
	10,142	ICF International, Inc.		745,843
	49,248	Insperity, Inc.		2,349,622
	123,397	Kforce, Inc.		3,695,740
	100,175	TriNet Group, Inc.*		4,905,570
				22,647,700
Real Estate Management & Development – 0.3%
	123,903	Kennedy-Wilson Holdings, Inc.		1,753,227
	7,697	Marcus & Millichap, Inc.*		223,598
	106,226	Newmark Group, Inc., Class A		412,157
	29,883	Redfin Corp.*		631,428
				3,020,410
Road & Rail – 0.3%
	97,756	Marten Transport Ltd.		2,191,689
	3,973	Saia, Inc.*		367,582
				2,559,271
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 4.2%
	103,758	Ambarella, Inc.*		5,455,596
	21,333	Amkor Technology, Inc.*		210,770
	72,179	Enphase Energy, Inc.*		3,380,143
	130,689	FormFactor, Inc.*		3,045,054
	95,704	Inphi Corp.*		9,239,264
	270,510	Lattice Semiconductor Corp.*		6,089,180
	73,521	MaxLinear, Inc.*		1,212,361
	79,364	Power Integrations, Inc.		8,122,905
	28,333	Rambus, Inc.*		355,013
	39,834	Silicon Laboratories, Inc.*		3,872,661
				40,982,947
Software – 7.6%
	9,282	Agilysys, Inc.*		181,834
	52,965	American Software, Inc., Class A		872,863
	12,289	Appian Corp.*		561,239
	12,166	Blackbaud, Inc.		672,293
	106,976	Blackline, Inc.*		6,497,722
	59,042	Bottomline Technologies DE, Inc.*		2,457,918
	70,616	Box, Inc., Class A*		1,139,742
	114,158	Cornerstone OnDemand, Inc.*		3,831,142
	304,903	Digital Turbine, Inc.*		1,786,732
	36,379	Domo, Inc., Class B*		707,572
	54,039	Everbridge, Inc.*		6,018,864
	97,971	Five9, Inc.*		9,078,973
	43,125	MicroStrategy, Inc., Class A*		5,447,981
	280,618	MobileIron, Inc.*		1,428,346
	23,719	Model N, Inc.*		684,530
	10,809	OneSpan, Inc.*		181,591
	42,709	PROS Holdings, Inc.*		1,468,763
	84,076	Qualys, Inc.*		8,864,973
	75,805	Rapid7, Inc.*		3,452,918
	7,365	ShotSpotter, Inc.*		253,135
	146,659	SPS Commerce, Inc.*		8,141,041
	368,270	SVMK, Inc.*		5,781,839
	139,034	Telenav, Inc.*		649,289
	15,674	Varonis Systems, Inc.*		1,050,942
	58,300	Verint Systems, Inc.*		2,491,742
	46,604	VirnetX Holding Corp.*		259,118
				73,963,102
Specialty Retail – 2.3%
	40,498	America’s Car-Mart, Inc.*		2,670,843
	77,820	Asbury Automotive Group, Inc.*		5,252,850
	40,282	Boot Barn Holdings, Inc.*		743,606
	94,981	Hudson Ltd., Class A*		465,407
	11,658	Lithia Motors, Inc., Class A		1,288,909
	55,963	Murphy USA, Inc.*		5,976,848
	144,152	National Vision Holdings, Inc.*		3,820,028
	14,421	Sleep Number Corp.*		431,188
	58,623	Sonic Automotive, Inc., Class A		1,256,291
	64,377	Sportsman’s Warehouse Holdings, Inc.*		460,939
				22,366,909
Textiles, Apparel & Luxury Goods – 1.0%
	103,957	Crocs, Inc.*		2,520,957

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	26,723	Deckers Outdoor Corp.*	$	3,975,314
	17,849	Kontoor Brands, Inc.		346,449
	8,140	Steven Madden Ltd.		204,070
	149,815	Wolverine World Wide, Inc.		3,069,709
				10,116,499
Thrifts & Mortgage Finance – 0.5%
	20,932	Essent Group Ltd.		571,862
	54,741	Meridian Bancorp, Inc.		644,849
	6,333	Meta Financial Group, Inc.		116,654
	45,504	PennyMac Financial Services, Inc.		1,372,856
	46,610	Walker & Dunlop, Inc.		1,791,222
				4,497,443
Trading Companies & Distributors – 0.7%
	165,915	Foundation Building Materials, Inc.*		1,941,206
	76,940	GMS, Inc.*		1,414,157
	94,491	H&E Equipment Services, Inc.		1,536,424
	233,831	MRC Global, Inc.*		1,253,334
	9,408	SiteOne Landscape Supply, Inc.*		833,831
				6,978,952
Water Utilities – 0.1%
	12,558	American States Water Co.		996,728
Wireless Telecommunication Services – 0.0%
	7,714	Shenandoah Telecommunications Co.		412,776
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,008,457,248)		$	961,782,244
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,572,066	0.233%	$	7,572,066
	(Cost $7,572,066)
	TOTAL INVESTMENTS – 99.6%
	(Cost $1,016,029,314)		$	969,354,310
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			4,153,746
	NET ASSETS – 100.0%		$	973,508,056

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		97	06/19/20	$	5,463,424	$	874,071

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.4%
Aerospace & Defense – 0.8%
	93,359	Aerojet Rocketdyne Holdings, Inc.*	$	3,840,789
	101,241	Maxar Technologies, Inc.		1,276,649
				5,117,438
Air Freight & Logistics – 0.4%
	93,775	Echo Global Logistics, Inc.*		1,643,876
	21,080	Hub Group, Inc., Class A*		1,014,159
	44,769	Radiant Logistics, Inc.*		191,611
				2,849,646
Airlines – 0.3%
	63,176	SkyWest, Inc.		1,955,297
Auto Components – 0.7%
	35,715	Adient PLC*		535,011
	20,891	American Axle & Manufacturing Holdings, Inc.*		90,249
	56,502	Dana, Inc.		649,773
	21,749	Motorcar Parts of America, Inc.*		309,488
	28,574	Standard Motor Products, Inc.		1,162,676
	27,056	Visteon Corp.*		1,631,477
				4,378,674
Banks – 15.8%
	68,547	1st Source Corp.		2,380,637
	93,716	Amalgamated Bank, Class A		1,002,761
	29,126	Ameris Bancorp		740,674
	89,633	Atlantic Capital Bancshares, Inc.*		1,124,894
	72,422	Atlantic Union Bankshares Corp.		1,728,713
	15,259	BancFirst Corp.		587,624
	248,717	Bancorp, Inc. (The)*		1,733,557
	28,852	BancorpSouth Bank		631,570
	17,294	Bank of Marin Bancorp		570,010
	20,711	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		455,849
	15,300	Banner Corp.		587,979
	9,857	Baycom Corp.*		121,537
	11,933	Berkshire Hills Bancorp, Inc.		203,338
	159,653	Boston Private Financial Holdings, Inc.		1,213,363
	20,045	Bridge Bancorp, Inc.		414,731
	524,362	Cadence BanCorp		3,471,276
	25,543	Capital City Bank Group, Inc.		562,968
	120,530	Cathay General Bancorp		3,365,198
	139,089	Central Pacific Financial Corp.		2,432,667
	8,146	CNB Financial Corp.		144,510
	117,369	Columbia Banking System, Inc.		3,167,789
	12,180	Community Bank System, Inc.		761,128
	276,029	CVB Financial Corp.		5,737,263
	27,578	Financial Institutions, Inc.		533,634
	536,826	First BanCorp.		3,129,696
	90,484	First Bancorp/Southern Pines NC		2,405,970
	13,431	First Bancshares, Inc. (The)		267,546
	259,521	First Commonwealth Financial Corp.		2,470,640
	6,567	First Community Bankshares, Inc.		154,784
	31,792	First Financial Bankshares, Inc.		885,407
	27,509	First Financial Corp.		977,120
Common Stocks – (continued)
Banks – (continued)
	203,322	First Foundation, Inc.		2,797,711
	25,551	First Internet Bancorp		401,151
	33,089	First Interstate BancSystem, Inc., Class A		1,118,408
	20,465	Glacier Bancorp, Inc.		779,307
	78,256	Hancock Whitney Corp.		1,636,333
	89,980	Hanmi Financial Corp.		1,086,059
	14,237	HBT Financial, Inc.		165,861
	103,558	Heartland Financial USA, Inc.		3,517,865
	39,986	Heritage Financial Corp.		801,719
	119,745	Hilltop Holdings, Inc.		2,311,078
	18,219	Home BancShares, Inc.		279,297
	153,040	Hope Bancorp, Inc.		1,522,748
	71,158	Horizon Bancorp, Inc.		809,778
	55,402	IBERIABANK Corp.		2,296,967
	62,244	Independent Bank Corp.		914,364
	115,730	Independent Bank Group, Inc.		3,507,776
	146,477	International Bancshares Corp.		4,246,368
	85,913	Investors Bancorp, Inc.		799,850
	94,856	Lakeland Bancorp, Inc.		1,061,439
	24,949	Mercantile Bank Corp.		588,796
	11,306	Metropolitan Bank Holding Corp.*		283,668
	8,672	MidWestOne Financial Group, Inc.		180,985
	77,877	National Bank Holdings Corp., Class A		2,069,971
	4,355	NBT Bancorp, Inc.		144,281
	12,115	Northeast Bank		202,926
	7,059	Northrim BanCorp, Inc.		165,534
	13,944	OFG Bancorp		175,416
	49,023	Old Second Bancorp, Inc.		403,459
	53,510	Pacific Premier Bancorp, Inc.		1,142,438
	25,798	Peapack-Gladstone Financial Corp.		486,808
	52,444	Preferred Bank		2,000,739
	12,405	QCR Holdings, Inc.		381,826
	7,938	Republic Bancorp, Inc., Class A		264,574
	111,043	Seacoast Banking Corp. of Florida*		2,495,136
	39,515	Sierra Bancorp		802,155
	17,046	Simmons First National Corp., Class A		318,760
	3,408	South State Corp.		197,119
	74,535	Southern National Bancorp of Virginia, Inc.		750,567
	127,714	TriCo Bancshares		3,846,746
	100,964	TriState Capital Holdings, Inc.*		1,435,708
	65,172	Trustmark Corp.		1,734,227
	83,252	UMB Financial Corp.		4,232,532
	334,024	Valley National Bancorp		2,792,441
	43,801	Westamerica Bancorporation		2,759,463
				103,875,187
Beverages – 0.1%
	1,688	Coca-Cola Consolidated, Inc.		397,473
Biotechnology – 2.8%
	57,460	ACADIA Pharmaceuticals, Inc.*		2,775,893
	9,790	Acceleron Pharma, Inc.*		886,289
	43,360	Agenus, Inc.*		115,554
	8,273	Akero Therapeutics, Inc.*		168,769

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	25,761	Allogene Therapeutics, Inc.*	$	744,493
	33,847	Anika Therapeutics, Inc.*		1,124,736
	2,770	Aprea Therapeutics, Inc. (Sweden)*		88,058
	36,448	Arcus Biosciences, Inc.*		962,592
	119,888	Ardelyx, Inc.*		788,863
	37,221	Arena Pharmaceuticals, Inc.*		1,822,712
	12,548	Atara Biotherapeutics, Inc.*		104,023
	2,066	Biohaven Pharmaceutical Holding Co. Ltd.*		97,309
	3,437	Bridgebio Pharma, Inc.*		104,932
	104,038	Catalyst Pharmaceuticals, Inc.*		493,140
	43,258	Coherus Biosciences, Inc.*		718,083
	3,875	Cortexyme, Inc.*(a)		176,777
	13,914	Deciphera Pharmaceuticals, Inc.*		806,734
	11,167	Enanta Pharmaceuticals, Inc.*		517,814
	3,783	FibroGen, Inc.*		139,555
	18,383	G1 Therapeutics, Inc.*		241,369
	1,668	IGM Biosciences, Inc.*		91,356
	75,438	ImmunoGen, Inc.*		307,787
	6,371	Karyopharm Therapeutics, Inc.*		140,481
	19,771	Kiniksa Pharmaceuticals Ltd., Class A*		394,431
	17,046	Minerva Neurosciences, Inc.*		152,903
	4,449	Mirati Therapeutics, Inc.*		378,343
	32,304	Myriad Genetics, Inc.*		499,420
	21,052	Novavax, Inc.*(a)		381,673
	5,792	Oyster Point Pharma, Inc.*		170,285
	5,547	Prevail Therapeutics, Inc.*		80,154
	48,501	Prothena Corp. PLC (Ireland)*		544,181
	23,276	REVOLUTION Medicines, Inc.*		727,840
	5,011	Stoke Therapeutics, Inc.*		105,381
	21,195	Turning Point Therapeutics, Inc.*		1,091,754
	7,480	XBiotech, Inc.*		118,334
	17,489	Xencor, Inc.*		511,203
				18,573,221
Building Products – 1.7%
	18,234	AAON, Inc.		868,668
	14,371	Apogee Enterprises, Inc.		293,743
	32,684	Caesarstone Ltd.		320,630
	74,661	Gibraltar Industries, Inc.*		3,456,804
	58,848	Griffon Corp.		965,696
	31,633	JELD-WEN Holding, Inc.*		401,739
	9,293	Patrick Industries, Inc.		383,058
	126,111	Quanex Building Products Corp.		1,572,604
	22,316	Simpson Manufacturing Co., Inc.		1,608,984
	30,411	Universal Forest Products, Inc.		1,250,500
				11,122,426
Capital Markets – 0.6%
	24,490	Artisan Partners Asset Management, Inc., Class A		720,986
	46,042	Donnelley Financial Solutions, Inc.*		335,186
	59,173	Oppenheimer Holdings, Inc., Class A		1,217,780
	27,169	PJT Partners, Inc., Class A		1,321,500
	3,058	Virtus Investment Partners, Inc.		248,524
				3,843,976
Common Stocks – (continued)
Chemicals – 2.0%
	1,006	Balchem Corp.		89,775
	194,974	Ferro Corp.*		1,943,891
	23,510	FutureFuel Corp.		244,034
	2,225	Hawkins, Inc.		83,282
	8,056	Ingevity Corp.*		418,268
	44,829	Koppers Holdings, Inc.*		706,505
	26,651	Kronos Worldwide, Inc.		252,918
	75,811	Minerals Technologies, Inc.		3,338,716
	67,034	Orion Engineered Carbons SA (Luxembourg)		610,680
	157,681	PolyOne Corp.		3,672,390
	12,409	Sensient Technologies Corp.		593,026
	66,426	Trinseo SA		1,358,412
				13,311,897
Commercial Services & Supplies – 1.3%
	67,621	ACCO Brands Corp.		500,396
	14,021	Brady Corp., Class A		610,474
	25,841	Cimpress PLC (Ireland)*(a)		1,880,966
	16,435	Ennis, Inc.		305,855
	79,546	HNI Corp.		1,936,150
	54,582	Kimball International, Inc., Class B		669,721
	12,174	McGrath RentCorp		664,092
	4,138	MSA Safety, Inc.		465,649
	299,774	Pitney Bowes, Inc.		1,058,202
	34,066	Steelcase, Inc., Class A		373,023
				8,464,528
Communications Equipment – 2.5%
	58,487	Applied Optoelectronics, Inc.*(a)		626,981
	53,820	Comtech Telecommunications Corp.		996,208
	204,374	Extreme Networks, Inc.*		694,872
	356,355	Harmonic, Inc.*		2,066,859
	156,706	Infinera Corp.*		966,093
	33,292	Inseego Corp.*		397,839
	97,541	Lumentum Holdings, Inc.*		7,892,042
	84,539	NETGEAR, Inc.*		2,027,245
	9,660	NetScout Systems, Inc.*		255,797
	12,225	Viavi Solutions, Inc.*		147,678
				16,071,614
Construction & Engineering – 0.7%
	35,994	Aegion Corp.*		577,704
	37,623	Arcosa, Inc.		1,402,209
	122,956	Great Lakes Dredge & Dock Corp.*		1,086,931
	32,235	MasTec, Inc.*		1,157,237
	45,992	Tutor Perini Corp.*		321,944
	27,325	WillScot Corp.*		318,336
				4,864,361
Construction Materials – 0.6%
	249,576	Summit Materials, Inc., Class A*		3,771,093
Consumer Finance – 0.9%
	5,374	Encore Capital Group, Inc.*		139,616
	97,983	Enova International, Inc.*		1,571,647

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Consumer Finance – (continued)
	59,264	Nelnet, Inc., Class A	$	2,853,562
	43,708	PRA Group, Inc.*		1,212,460
	11,603	Regional Management Corp.*		184,952
				5,962,237
Containers & Packaging – 0.0%
	4,815	UFP Technologies, Inc.*		207,045
Distributors – 0.3%
	63,952	Core-Mark Holding Co, Inc.		1,837,980
Diversified Consumer Services – 1.6%
	58,001	American Public Education, Inc.*		1,494,686
	64,461	Collectors Universe, Inc.		1,416,208
	99,632	Houghton Mifflin Harcourt Co.*		159,411
	32,700	K12, Inc.*		742,617
	318,387	Laureate Education, Inc., Class A*		3,015,125
	21,562	Perdoceo Education Corp.*		280,306
	10,185	Strategic Education, Inc.		1,622,471
	72,357	WW International, Inc.*		1,845,827
				10,576,651
Diversified Financial Services – 0.3%
	170,202	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,943,707
	111,148	On Deck Capital, Inc.*		134,489
				2,078,196
Diversified Telecommunication Services – 1.1%
	39,879	Cincinnati Bell, Inc.*		584,227
	36,761	Cogent Communications Holdings, Inc.		3,081,675
	193,861	Consolidated Communications Holdings, Inc.*		1,215,508
	28,396	Iridium Communications, Inc.*		639,052
	395,614	ORBCOMM, Inc.*		1,044,421
	111,952	Vonage Holdings Corp.*		935,919
				7,500,802
Electric Utilities – 1.1%
	33,763	ALLETE, Inc.		1,943,398
	1,276	MGE Energy, Inc.		82,506
	6,806	PNM Resources, Inc.		275,575
	97,611	Portland General Electric Co.		4,567,219
				6,868,698
Electrical Equipment – 0.5%
	28,420	Atkore International Group, Inc.*		691,743
	87,353	Bloom Energy Corp., Class A*		669,997
	25,604	Encore Wire Corp.		1,172,151
	37,708	Powell Industries, Inc.		956,652
				3,490,543
Electronic Equipment, Instruments & Components – 3.8%
	96,809	Arlo Technologies, Inc.*		265,257
	92,966	Belden, Inc.		3,178,508
	77,700	Benchmark Electronics, Inc.		1,605,282
	22,503	CTS Corp.		521,169
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	9,790	Fabrinet (Thailand)*		614,323
	43,037	Itron, Inc.*		3,004,843
	136,430	Knowles Corp.*		2,121,486
	57,262	Methode Electronics, Inc.		1,719,005
	44,629	Plexus Corp.*		2,797,792
	102,578	Sanmina Corp.*		2,844,488
	14,702	ScanSource, Inc.*		381,076
	4,914	Tech Data Corp.*		691,105
	182,313	TTM Technologies, Inc.*		2,113,008
	121,190	Vishay Intertechnology, Inc.		2,010,542
	44,179	Vishay Precision Group, Inc.*		1,021,418
				24,889,302
Energy Equipment & Services – 0.8%
	59,314	Cactus, Inc., Class A		1,054,603
	18,216	DMC Global, Inc.		470,155
	212,204	Helix Energy Solutions Group, Inc.*		538,998
	90,954	Matrix Service Co.*		949,560
	10,500	Nabors Industries Ltd.(a)		154,665
	32,601	Oceaneering International, Inc.*		167,569
	57,211	SEACOR Holdings, Inc.*		1,616,783
	56,876	Solaris Oilfield Infrastructure, Inc., Class A		389,032
	78,812	US Silica Holdings, Inc.		151,319
				5,492,684
Entertainment – 0.0%
	20,696	Gaia, Inc.*		188,127
Equity Real Estate Investment Trusts (REITs) – 10.6%
	59,484	American Assets Trust, Inc. REIT		1,684,587
	22,384	CareTrust REIT, Inc. REIT		368,888
	180,473	Cedar Realty Trust, Inc. REIT		189,497
	175,863	City Office REIT, Inc. REIT		1,776,216
	14,514	Community Healthcare Trust, Inc. REIT		539,921
	26,878	CorEnergy Infrastructure Trust, Inc. REIT		326,299
	1,297	EastGroup Properties, Inc. REIT		137,482
	134,606	Essential Properties Realty Trust, Inc. REIT		1,977,362
	167,442	First Industrial Realty Trust, Inc. REIT		6,324,284
	33,670	Franklin Street Properties Corp. REIT		183,165
	80,496	Gladstone Commercial Corp. REIT		1,271,837
	14,692	Global Medical REIT, Inc. REIT		153,091
	44,840	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		1,255,072
	6,239	Healthcare Realty Trust, Inc. REIT		183,364
	255,577	Independence Realty Trust, Inc. REIT		2,573,660
	66,115	Kite Realty Group Trust REIT		676,357
	341,796	Lexington Realty Trust REIT		3,571,768
	19,685	Monmouth Real Estate Investment Corp. REIT		267,519
	5,399	National Health Investors, Inc. REIT		297,269
	28,320	NexPoint Residential Trust, Inc. REIT		851,582
	78,012	Office Properties Income Trust REIT		2,137,529
	182,363	Pebblebrook Hotel Trust REIT		2,159,178

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	292,124	Physicians Realty Trust REIT	$	4,504,552
	119,584	Piedmont Office Realty Trust, Inc., Class A REIT		2,074,782
	25,647	PotlatchDeltic Corp. REIT		900,466
	2,735	PS Business Parks, Inc. REIT		353,061
	48,561	QTS Realty Trust, Inc., Class A REIT		3,036,519
	212,925	Retail Opportunity Investments Corp. REIT		2,066,437
	105,953	Retail Value, Inc. REIT		1,533,140
	111,834	Rexford Industrial Realty, Inc. REIT		4,553,881
	52,799	RLJ Lodging Trust REIT		490,503
	116,526	RPT Realty REIT		794,707
	28,700	Ryman Hospitality Properties, Inc. REIT		1,014,258
	347,357	Sabra Health Care REIT, Inc. REIT		4,453,117
	9,684	Saul Centers, Inc. REIT		315,892
	184,453	STAG Industrial, Inc. REIT		4,841,891
	107,909	Terreno Realty Corp. REIT		5,915,571
	10,616	UMH Properties, Inc. REIT		137,902
	11,055	Universal Health Realty Income Trust REIT		1,182,443
	147,412	Urban Edge Properties REIT		1,695,238
	51,155	Whitestone REIT		346,831
	52,601	Xenia Hotels & Resorts, Inc. REIT		510,230
				69,627,348
Food & Staples Retailing – 0.7%
	55,896	Ingles Markets, Inc., Class A		2,282,233
	22,005	Performance Food Group Co.*		645,847
	26,034	Weis Markets, Inc.		1,302,481
				4,230,561
Food Products – 1.8%
	122,833	B&G Foods, Inc.(a)		2,385,417
	2,289	Calavo Growers, Inc.		132,762
	161,810	Darling Ingredients, Inc.*		3,331,668
	30,964	Fresh Del Monte Produce, Inc.		882,784
	24,124	J&J Snack Foods Corp.		3,064,472
	4,991	John B. Sanfilippo & Son, Inc.		409,911
	40,058	Tootsie Roll Industries, Inc.		1,407,237
				11,614,251
Gas Utilities – 0.9%
	33,188	New Jersey Resources Corp.		1,121,091
	6,632	Northwest Natural Holding Co.		431,743
	3,034	ONE Gas, Inc.		241,840
	49,123	Southwest Gas Holdings, Inc.		3,723,523
	7,437	Spire, Inc.		542,604
				6,060,801
Health Care Equipment & Supplies – 0.6%
	5,870	CryoLife, Inc.*		131,077
	22,435	GenMark Diagnostics, Inc.*		280,662
	5,071	Globus Medical, Inc., Class A*		240,670
	15,599	Haemonetics Corp.*		1,774,854
	31,005	Invacare Corp.		233,157
	1,467	LivaNova PLC*		77,927
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	20,700	Natus Medical, Inc.*		517,293
	5,193	Quidel Corp.*		721,827
				3,977,467
Health Care Providers & Services – 0.4%
	71,735	Community Health Systems, Inc.*		217,357
	25,384	Magellan Health, Inc.*		1,541,570
	7,791	National HealthCare Corp.		532,671
	24,283	Tenet Healthcare Corp.*		490,031
				2,781,629
Health Care Technology – 0.6%
	14,899	Computer Programs and Systems, Inc.		358,023
	65,373	Inovalon Holdings, Inc., Class A*		1,144,028
	8,718	Livongo Health, Inc.*(a)		348,807
	22,169	Schrodinger, Inc.*		1,028,642
	5,386	Simulations Plus, Inc.		204,937
	3,053	Teladoc Health, Inc.*		502,493
	13,396	Vocera Communications, Inc.*		253,988
				3,840,918
Hotels, Restaurants & Leisure – 1.3%
	134,648	Denny’s Corp.*		1,517,483
	69,158	Everi Holdings, Inc.*		342,332
	10,837	Jack in the Box, Inc.		653,471
	32,362	Marriott Vacations Worldwide Corp.		2,686,046
	103,306	Red Rock Resorts, Inc., Class A		1,132,234
	5,416	Texas Roadhouse, Inc.		255,040
	18,482	Wingstop, Inc.		2,167,384
				8,753,990
Household Durables – 1.9%
	14,594	Century Communities, Inc.*		312,604
	70,819	GoPro, Inc., Class A*(a)		249,283
	29,485	KB Home		773,686
	94,443	M/I Homes, Inc.*		2,404,519
	35,927	MDC Holdings, Inc.		1,050,865
	6,538	Meritage Homes Corp.*		343,637
	38,259	Sonos, Inc.*		391,007
	88,780	Taylor Morrison Home Corp.*		1,291,749
	11,860	TopBuild Corp.*		1,105,233
	273,427	TRI Pointe Group, Inc.*		3,138,942
	38,960	Universal Electronics, Inc.*		1,608,269
				12,669,794
Household Products – 0.2%
	39,530	Central Garden & Pet Co., Class A*		1,202,107
Insurance – 3.9%
	210,540	American Equity Investment Life Holding Co.		4,425,551
	38,397	AMERISAFE, Inc.		2,444,737
	51,479	Argo Group International Holdings Ltd.		1,820,297
	48,448	CNO Financial Group, Inc.		681,179
	986	eHealth, Inc.*		105,206
	3,851	Enstar Group Ltd. (Bermuda)*		556,932

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	22,196	FBL Financial Group, Inc., Class A	$	867,420
	550,598	Genworth Financial, Inc., Class A*		1,998,671
	39,652	Goosehead Insurance, Inc., Class A*		2,226,063
	19,493	HCI Group, Inc.		811,883
	1,019	Investors Title Co.		136,444
	239,269	MBIA, Inc.*		1,947,650
	4,694	National Western Life Group, Inc., Class A		904,675
	20,616	Selective Insurance Group, Inc.		1,033,480
	92,092	Stewart Information Services Corp.		2,934,051
	55,945	Third Point Reinsurance Ltd. (Bermuda)*		416,231
	69,705	Trupanion, Inc.*(a)		2,084,876
				25,395,346
Interactive Media & Services – 0.2%
	166,989	Cars.com, Inc.*		865,003
	13,307	EverQuote, Inc., Class A*		518,574
	30,613	TrueCar, Inc.*		78,369
				1,461,946
Internet & Direct Marketing Retail – 0.7%
	42,859	PetMed Express, Inc.		1,695,930
	128,976	Quotient Technology, Inc.*		926,048
	201,251	Rubicon Project, Inc. (The)*		1,442,970
	8,610	Shutterstock, Inc.		327,180
	2,537	Stamps.com, Inc.*		401,531
				4,793,659
IT Services – 1.7%
	230,049	Conduent, Inc.*		579,723
	60,361	Hackett Group, Inc. (The)		895,154
	80,683	Limelight Networks, Inc.*		409,063
	11,010	LiveRamp Holdings, Inc.*		416,839
	57,974	Perficient, Inc.*		2,019,234
	263,220	Perspecta, Inc.		5,677,655
	5,401	Sykes Enterprises, Inc.*		154,631
	7,243	TTEC Holdings, Inc.		282,332
	28,522	Virtusa Corp.*		941,226
				11,375,857
Leisure Products – 0.5%
	15,544	Acushnet Holdings Corp.		425,906
	20,602	Clarus Corp.		220,029
	2,662	Johnson Outdoors, Inc., Class A		181,974
	57,165	Vista Outdoor, Inc.*		578,510
	74,348	YETI Holdings, Inc.*		2,052,748
				3,459,167
Life Sciences Tools & Services – 0.3%
	14,521	Medpace Holdings, Inc.*		1,159,647
	17,205	Syneos Health, Inc.*		959,867
				2,119,514
Machinery – 2.1%
	16,204	Albany International Corp., Class A		828,673
	34,551	Altra Industrial Motion Corp.		964,318
Common Stocks – (continued)
Machinery – (continued)
	41,845	Barnes Group, Inc.		1,606,011
	36,094	Columbus McKinnon Corp.		977,425
	12,507	Douglas Dynamics, Inc.		462,259
	29,928	Federal Signal Corp.		805,961
	8,288	Franklin Electric Co., Inc.		421,030
	42,005	Miller Industries, Inc.		1,276,112
	27,625	Mueller Industries, Inc.		715,487
	20,418	Mueller Water Products, Inc., Class A		193,767
	43,767	Navistar International Corp.*		1,040,342
	2,773	Proto Labs, Inc.*		281,709
	100,402	Rexnord Corp.		2,737,963
	3,500	SPX FLOW, Inc.*		113,995
	132,730	Wabash National Corp.		1,088,386
				13,513,438
Marine – 0.2%
	196,475	Costamare, Inc. (Monaco)		986,305
Media – 1.6%
	16,741	Cardlytics, Inc.*		752,508
	147,443	Liberty Latin America Ltd., Class A (Chile)*		1,577,640
	289,737	Liberty Latin America Ltd., Class C (Chile)*		2,995,881
	149,738	MSG Networks, Inc., Class A*		1,778,887
	72,820	National CineMedia, Inc.		240,306
	92,379	Scholastic Corp.		2,685,458
	124,726	WideOpenWest, Inc.*		738,378
				10,769,058
Metals & Mining – 1.9%
	102,052	Allegheny Technologies, Inc.*		766,410
	66,124	Carpenter Technology Corp.		1,465,969
	38,137	Coeur Mining, Inc.*		160,557
	65,505	Haynes International, Inc.		1,447,660
	615,702	Hecla Mining Co.		1,619,296
	18,686	Kaiser Aluminum Corp.		1,349,690
	56,112	Materion Corp.		2,903,235
	34,472	Novagold Resources, Inc. (Canada)*		385,742
	26,846	Ryerson Holding Corp.*		124,029
	87,651	Worthington Industries, Inc.		2,317,492
				12,540,080
Mortgage Real Estate Investment Trusts (REITs) – 1.7%
	490,448	Anworth Mortgage Asset Corp. REIT		843,571
	131,880	Apollo Commercial Real Estate Finance, Inc. REIT		1,074,822
	167,597	Arlington Asset Investment Corp., Class A REIT		474,300
	70,524	ARMOUR Residential REIT, Inc. REIT		623,432
	73,584	Blackstone Mortgage Trust, Inc., Class A REIT		1,731,432
	237,177	Capstead Mortgage Corp. REIT		1,230,949
	43,414	Colony Credit Real Estate, Inc. REIT		208,821
	40,085	Granite Point Mortgage Trust, Inc. REIT		199,623
	86,152	Great Ajax Corp. REIT		749,522

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
	179,317	Invesco Mortgage Capital, Inc. REIT	$	545,124
	167,498	Ladder Capital Corp. REIT		1,331,609
	333,438	New York Mortgage Trust, Inc. REIT		726,895
	35,000	PennyMac Mortgage Investment Trust REIT		364,000
	90,321	Redwood Trust, Inc. REIT		370,316
	118,789	TPG RE Finance Trust, Inc. REIT		913,487
				11,387,903
Multiline Retail – 0.2%
	56,913	Big Lots, Inc.		1,334,610
Multi-Utilities – 1.8%
	118,389	Avista Corp.		5,095,463
	23,603	Black Hills Corp.		1,461,970
	43,337	NorthWestern Corp.		2,500,111
	51,060	Unitil Corp.		2,568,829
				11,626,373
Oil, Gas & Consumable Fuels – 3.8%
	140,346	Ardmore Shipping Corp. (Ireland)		923,477
	100,730	Brigham Minerals, Inc., Class A		1,298,410
	198,613	Clean Energy Fuels Corp.*		428,011
	32,624	CVR Energy, Inc.		778,082
	475,586	DHT Holdings, Inc.		3,452,754
	102,851	Dorian LPG Ltd.*		976,056
	107,867	GasLog Ltd. (Monaco)		498,346
	20,905	Green Plains, Inc.		122,712
	114,242	International Seaways, Inc.		2,764,656
	158,776	Matador Resources Co.*(a)		1,117,783
	290,835	Nordic American Tankers Ltd.(a)		1,750,827
	167,313	Oasis Petroleum, Inc.*(a)		117,772
	33,879	Par Pacific Holdings, Inc.*		329,304
	121,868	Renewable Energy Group, Inc.*		3,023,545
	31,024	Scorpio Tankers, Inc. (Monaco)(a)		679,115
	24,627	SFL Corp. Ltd. (Norway)		278,039
	229,406	SM Energy Co.(a)		929,094
	87,499	Teekay Corp. (Bermuda)*		325,496
	105,306	Teekay Tankers Ltd., Class A (Bermuda)*		2,138,765
	121,835	World Fuel Services Corp.		3,045,875
				24,978,119
Paper & Forest Products – 1.1%
	84,905	Boise Cascade Co.		2,654,979
	23,639	Clearwater Paper Corp.*		565,918
	43,549	Louisiana-Pacific Corp.		870,980
	145,582	PH Glatfelter Co.		2,125,497
	21,081	Schweitzer-Mauduit International, Inc.		679,230
				6,896,604
Personal Products – 0.1%
	6,293	Medifast, Inc.		477,513
Pharmaceuticals – 1.2%
	13,321	ANI Pharmaceuticals, Inc.*		532,973
	8,985	Axsome Therapeutics, Inc.*		853,845
Common Stocks – (continued)
Pharmaceuticals – (continued)
	4,330	Cara Therapeutics, Inc.*		64,171
	23,387	Corcept Therapeutics, Inc.*		296,080
	187,978	Innoviva, Inc.*		2,665,528
	10,705	Intra-Cellular Therapies, Inc.*		189,157
	110,275	Kala Pharmaceuticals, Inc.*(a)		1,098,339
	22,728	NGM Biopharmaceuticals, Inc.*		415,013
	57,086	Omeros Corp.*(a)		948,769
	12,600	Phibro Animal Health Corp., Class A		336,546
	3,790	Reata Pharmaceuticals, Inc., Class A*		599,426
				7,999,847
Professional Services – 0.8%
	8,609	ASGN, Inc.*		399,888
	7,436	Exponent, Inc.		522,974
	13,915	Franklin Covey Co.*		288,736
	3,446	FTI Consulting, Inc.*		438,883
	43,474	Huron Consulting Group, Inc.*		2,436,283
	1,377	ICF International, Inc.		101,265
	4,000	Insperity, Inc.		190,840
	71,980	Resources Connection, Inc.		783,142
				5,162,011
Real Estate Management & Development – 0.4%
	136,827	Kennedy-Wilson Holdings, Inc.		1,936,102
	151,314	Newmark Group, Inc., Class A		587,098
				2,523,200
Road & Rail – 0.5%
	96,667	Marten Transport Ltd.		2,167,274
	6,715	Saia, Inc.*		621,272
	4,971	Werner Enterprises, Inc.		199,436
				2,987,982
Semiconductors & Semiconductor Equipment – 3.6%
	46,588	Ambarella, Inc.*		2,449,597
	237,520	Amkor Technology, Inc.*		2,346,698
	77,770	Cirrus Logic, Inc.*		5,879,412
	12,772	Cohu, Inc.		211,121
	136,855	FormFactor, Inc.*		3,188,721
	17,003	Inphi Corp.*		1,641,470
	32,938	Power Integrations, Inc.		3,371,204
	165,685	Rambus, Inc.*		2,076,033
	29,454	Synaptics, Inc.*		1,925,997
	5,305	Ultra Clean Holdings, Inc.*		97,559
	16,474	Veeco Instruments, Inc.*		180,061
				23,367,873
Software – 1.0%
	23,625	Blackline, Inc.*		1,434,982
	7,735	MicroStrategy, Inc., Class A*		977,163
	6,405	OneSpan, Inc.*		107,604
	14,892	Qualys, Inc.*		1,570,212
	2,610	ShotSpotter, Inc.*		89,706
	15,869	SPS Commerce, Inc.*		880,888
	57,977	SVMK, Inc.*		910,239
	74,943	Telenav, Inc.*		349,984

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	19,984	VirnetX Holding Corp.*	$	111,111
				6,431,889
Specialty Retail – 3.3%
	6,129	Aaron’s, Inc.		195,576
	32,316	Asbury Automotive Group, Inc.*		2,181,330
	82,137	Bed Bath & Beyond, Inc.(a)		508,428
	46,485	Caleres, Inc.		376,993
	19,506	Cato Corp. (The), Class A		219,638
	90,918	GameStop Corp., Class A*(a)		520,960
	16,767	Group 1 Automotive, Inc.		948,845
	43,344	Hudson Ltd., Class A*		212,386
	15,111	Lithia Motors, Inc., Class A		1,670,672
	4,858	MarineMax, Inc.*		70,004
	51,090	Murphy USA, Inc.*		5,456,412
	44,209	National Vision Holdings, Inc.*		1,171,539
	826,336	Office Depot, Inc.		1,834,466
	112,351	Sally Beauty Holdings, Inc.*		1,090,928
	4,208	Sleep Number Corp.*		125,819
	108,219	Sonic Automotive, Inc., Class A		2,319,133
	184,070	Sportsman’s Warehouse Holdings, Inc.*		1,317,941
	83,684	Tilly’s, Inc., Class A		492,899
	52,145	Zumiez, Inc.*		1,102,345
				21,816,314
Technology Hardware, Storage & Peripherals – 0.0%
	11,294	3D Systems Corp.*		95,886
Textiles, Apparel & Luxury Goods – 0.8%
	16,566	Crocs, Inc.*		401,725
	86,481	G-III Apparel Group Ltd.*		979,830
	37,907	Kontoor Brands, Inc.		735,775
	44,727	Movado Group, Inc.		461,135
	5,631	Steven Madden Ltd.		141,169
	112,867	Wolverine World Wide, Inc.		2,312,645
				5,032,279
Thrifts & Mortgage Finance – 2.7%
	50,396	Axos Financial, Inc.*		1,161,628
	69,237	Essent Group Ltd.		1,891,555
	8,934	Federal Agricultural Mortgage Corp., Class C		595,272
	16,039	Luther Burbank Corp.		172,580
	148,622	Meridian Bancorp, Inc.		1,750,767
	5,742	Meta Financial Group, Inc.		105,768
	14,392	Mr Cooper Group, Inc.*		137,875
	90,272	PennyMac Financial Services, Inc.		2,723,506
	172,461	Radian Group, Inc.		2,583,466
	56,009	Walker & Dunlop, Inc.		2,152,426
	90,790	Washington Federal, Inc.		2,427,725
	63,269	WSFS Financial Corp.		1,846,189
				17,548,757
Trading Companies & Distributors – 1.4%
	103,567	Foundation Building Materials, Inc.*		1,211,734
	41,878	GMS, Inc.*		769,718
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	114,560	H&E Equipment Services, Inc.		1,862,746
	326,729	MRC Global, Inc.*		1,751,267
	262,125	NOW, Inc.*		1,617,311
	6,969	Rush Enterprises, Inc., Class A		261,337
	56,607	Triton International Ltd. (Bermuda)		1,753,685
	17,871	Veritiv Corp.*		167,451
				9,395,249
Water Utilities – 0.2%
	6,164	Cadiz, Inc.*		65,770
	32,414	California Water Service Group		1,456,037
				1,521,807
	TOTAL COMMON STOCKS
	(Cost $718,277,774)		$	639,446,548
Shares		Dividend Rate	Value
Investment Company – 1.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,789,206	0.233%	$	7,789,206
	(Cost $7,789,206)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $726,066,980)		$	647,235,754
Securities Lending Reinvestment Vehicle – 2.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,122,270	0.233%	$	13,122,270
	(Cost $13,122,270)
	TOTAL INVESTMENTS – 100.6%
	(Cost $739,189,250)		$	660,358,024
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(3,580,515	)
	NET ASSETS – 100.0%		$	656,777,509

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		234	06/19/20	$	14,174,203	$	1,114,187

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Aerospace & Defense – 0.5%
	5,048	Hexcel Corp.	$	174,611
	24,221	Raytheon Technologies Corp.		1,569,763
	8,590	Teledyne Technologies, Inc.*		2,797,505
				4,541,879
Automobiles – 0.5%
	122,930	General Motors Co.		2,740,110
	1,674	Tesla, Inc.*		1,308,867
				4,048,977
Banks – 3.4%
	444,981	Bank of America Corp.		10,701,793
	55,291	Citigroup, Inc.		2,684,931
	141,467	Citizens Financial Group, Inc.		3,167,446
	52,356	East West Bancorp, Inc.		1,836,125
	27,123	First Hawaiian, Inc.		477,094
	65,519	First Horizon National Corp.		594,913
	23,174	JPMorgan Chase & Co.		2,219,142
	31,633	PacWest Bancorp		640,252
	50,851	Popular, Inc.		1,962,340
	5,714	Prosperity Bancshares, Inc.		342,440
	7,380	Signature Bank		790,988
	15,193	SVB Financial Group*		2,934,832
	5,864	Webster Financial Corp.		165,658
	36,246	Western Alliance Bancorp		1,300,506
				29,818,460
Beverages – 0.6%
	2,151	Brown-Forman Corp., Class B		133,792
	81,341	Monster Beverage Corp.*		5,027,687
				5,161,479
Biotechnology – 4.1%
	154,640	AbbVie, Inc.		12,711,408
	7,506	Alexion Pharmaceuticals, Inc.*		806,670
	21,654	Biogen, Inc.*		6,427,557
	2,951	Bluebird Bio, Inc.*		159,000
	110,528	Gilead Sciences, Inc.		9,284,352
	24,347	Incyte Corp.*		2,377,728
	6,972	Regeneron Pharmaceuticals, Inc.*		3,666,435
				35,433,150
Building Products – 0.7%
	4,048	Allegion PLC		406,986
	185,067	Johnson Controls International PLC		5,387,300
	3,436	Trane Technologies PLC		300,375
				6,094,661
Capital Markets – 2.9%
	3,409	Cboe Global Markets, Inc.		338,786
	56,593	Charles Schwab Corp. (The)		2,134,688
	59,263	CME Group, Inc.		10,561,259
	6,522	Intercontinental Exchange, Inc.		583,393
	487	MarketAxess Holdings, Inc.		221,590
	2,863	Moody’s Corp.		698,286
	37,143	S&P Global, Inc.		10,878,442
				25,416,444
Common Stocks – (continued)
Chemicals – 2.2%
	16,637	Air Products and Chemicals, Inc.		3,752,974
	100,135	Axalta Coating Systems Ltd.*		1,976,665
	14,335	CF Industries Holdings, Inc.		394,213
	38,202	Corteva, Inc.		1,000,510
	8,739	Linde PLC (United Kingdom)		1,607,889
	19,178	Sherwin-Williams Co. (The)		10,286,504
				19,018,755
Commercial Services & Supplies – 0.8%
	13,121	Cintas Corp.		2,910,631
	1,336	Republic Services, Inc.		104,662
	47,537	Waste Connections, Inc.		4,083,904
				7,099,197
Communications Equipment – 1.1%
	4,802	Arista Networks, Inc.*		1,053,078
	194,997	Cisco Systems, Inc.		8,263,973
				9,317,051
Construction Materials – 0.0%
	1,001	Martin Marietta Materials, Inc.		190,420
Consumer Finance – 1.1%
	211,075	Ally Financial, Inc.		3,459,519
	17,848	Discover Financial Services		766,928
	8,319	OneMain Holdings, Inc.		201,403
	240,964	Synchrony Financial		4,768,678
				9,196,528
Containers & Packaging – 0.3%
	74,872	Amcor PLC		671,602
	23,040	Ball Corp.		1,511,193
				2,182,795
Diversified Consumer Services – 0.1%
	2,790	Bright Horizons Family Solutions, Inc.*		324,896
	5,707	frontdoor, Inc.*		220,918
	621	Graham Holdings Co., Class B		242,196
				788,010
Diversified Financial Services – 3.0%
	115,858	Berkshire Hathaway, Inc., Class B*		21,707,155
	92,810	Voya Financial, Inc.		4,192,228
				25,899,383
Diversified Telecommunication Services – 0.1%
	123,669	CenturyLink, Inc.		1,313,365
Electric Utilities – 0.9%
	122,590	FirstEnergy Corp.		5,059,289
	13,554	NextEra Energy, Inc.		3,132,601
				8,191,890
Electrical Equipment – 0.5%
	26,649	AMETEK, Inc.		2,235,052
	43,039	Emerson Electric Co.		2,454,514
				4,689,566

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – 1.1%
	95,152	Keysight Technologies, Inc.*	$	9,207,859
Energy Equipment & Services – 0.2%
	169,891	TechnipFMC PLC (United Kingdom)		1,513,729
Entertainment – 0.8%
	14,346	Netflix, Inc.*		6,023,168
	7,105	Roku, Inc.*		861,339
	1,105	Spotify Technology SA*		167,485
				7,051,992
Equity Real Estate Investment Trusts (REITs) – 4.4%
	84,854	American Homes 4 Rent, Class A REIT		2,048,376
	1,716	AvalonBay Communities, Inc. REIT		279,622
	32,850	Brixmor Property Group, Inc. REIT		376,132
	42,566	Camden Property Trust REIT		3,748,788
	10,730	CyrusOne, Inc. REIT		752,709
	6,396	Douglas Emmett, Inc. REIT		195,014
	230,818	Duke Realty Corp. REIT		8,009,385
	54,043	Empire State Realty Trust, Inc., Class A REIT		451,799
	95,038	Equity LifeStyle Properties, Inc. REIT		5,731,742
	5,360	Equity Residential REIT		348,722
	13,076	Essex Property Trust, Inc. REIT		3,191,852
	43,483	Healthcare Trust of America, Inc., Class A REIT		1,070,986
	5,826	Hudson Pacific Properties, Inc. REIT		143,203
	237,941	Invitation Homes, Inc. REIT		5,627,305
	2,828	Mid-America Apartment Communities, Inc. REIT		316,510
	18,697	SBA Communications Corp. REIT		5,420,634
	1,348	Sun Communities, Inc. REIT		181,171
				37,893,950
Food & Staples Retailing – 3.3%
	14,521	Casey’s General Stores, Inc.		2,198,625
	42,562	Costco Wholesale Corp.		12,896,286
	129,504	Walgreens Boots Alliance, Inc.		5,606,228
	63,024	Walmart, Inc.		7,660,567
				28,361,706
Health Care Equipment & Supplies – 2.8%
	28,922	Abbott Laboratories		2,663,427
	8,595	Align Technology, Inc.*		1,846,636
	45,267	Edwards Lifesciences Corp.*		9,845,572
	59,831	Medtronic PLC		5,841,301
	10,761	STERIS PLC		1,533,442
	7,678	Teleflex, Inc.		2,575,201
				24,305,579
Health Care Providers & Services – 4.7%
	8,454	AmerisourceBergen Corp.		757,986
	31,350	Anthem, Inc.		8,800,885
	28,370	Cardinal Health, Inc.		1,403,748
	37,793	Cigna Corp.		7,399,113
	23,075	HCA Healthcare, Inc.		2,535,481
	14,125	Humana, Inc.		5,393,207
Common Stocks – (continued)
Health Care Providers & Services – (continued)
	26,142	UnitedHealth Group, Inc.		7,645,751
	61,084	Universal Health Services, Inc., Class B		6,455,968
				40,392,139
Hotels, Restaurants & Leisure – 1.4%
	6,684	Chipotle Mexican Grill, Inc.*		5,872,228
	8,579	Domino’s Pizza, Inc.		3,104,997
	14,140	International Game Technology PLC		106,616
	12,396	McDonald’s Corp.		2,324,994
	3,111	Yum China Holdings, Inc. (China)		150,759
	10,834	Yum! Brands, Inc.		936,383
				12,495,977
Household Durables – 0.2%
	28,646	D.R. Horton, Inc.		1,352,664
Household Products – 2.2%
	8,808	Church & Dwight Co., Inc.		616,472
	157,874	Procter & Gamble Co. (The)		18,608,608
				19,225,080
Independent Power and Renewable Electricity Producers – 0.1%
	80,730	AES Corp. (The)		1,069,673
Industrial Conglomerates – 0.8%
	903,004	General Electric Co.		6,140,427
	1,911	Roper Technologies, Inc.		651,709
				6,792,136
Insurance – 2.0%
	35,733	Allstate Corp. (The)		3,634,761
	25,892	American Financial Group, Inc.		1,715,086
	31,863	Aon PLC		5,501,784
	59,139	Athene Holding Ltd., Class A*		1,596,753
	11,787	Brighthouse Financial, Inc.*		303,044
	5,615	Fidelity National Financial, Inc.		151,886
	24,141	Lincoln National Corp.		856,281
	1,191	Primerica, Inc.		123,757
	16,388	Reinsurance Group of America, Inc.		1,715,496
	84,976	Unum Group		1,482,831
				17,081,679
Interactive Media & Services – 5.5%
	7,281	Alphabet, Inc., Class A*		9,805,323
	16,103	Alphabet, Inc., Class C*		21,717,472
	76,482	Facebook, Inc., Class A*		15,656,630
	6,888	Pinterest, Inc., Class A*		142,306
	10,815	Snap, Inc., Class A*		190,452
				47,512,183
Internet & Direct Marketing Retail – 5.5%
	18,630	Amazon.com, Inc.*		46,090,620
	35,711	eBay, Inc.		1,422,369
				47,512,989
IT Services – 4.9%
	7,662	Amdocs Ltd.		493,739

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	17,358	Automatic Data Processing, Inc.	$	2,546,245
	6,387	Booz Allen Hamilton Holding Corp.		469,061
	59,011	Cognizant Technology Solutions Corp., Class A		3,423,818
	11,721	FleetCor Technologies, Inc.*		2,827,691
	49,224	International Business Machines Corp.		6,180,566
	2,537	Mastercard, Inc., Class A		697,599
	16,986	Okta, Inc.*		2,569,982
	95,879	PayPal Holdings, Inc.*		11,793,117
	38,829	VeriSign, Inc.*		8,134,287
	17,540	Visa, Inc., Class A		3,134,749
	10,722	Western Union Co. (The)		204,469
				42,475,323
Life Sciences Tools & Services – 1.5%
	21,704	Illumina, Inc.*		6,924,227
	32,206	IQVIA Holdings, Inc.*		4,592,253
	1,706	Mettler-Toledo International, Inc.*		1,228,218
	15,194	QIAGEN NV*		633,438
				13,378,136
Machinery – 0.7%
	4,907	AGCO Corp.		259,286
	10,203	Flowserve Corp.		287,418
	19,222	Illinois Tool Works, Inc.		3,123,575
	8,609	Otis Worldwide Corp.*		438,284
	12,723	Snap-on, Inc.		1,657,680
				5,766,243
Media – 3.5%
	16,772	Charter Communications, Inc., Class A*		8,305,998
	352,588	Comcast Corp., Class A		13,267,886
	15,590	Liberty Broadband Corp., Class C*		1,912,581
	367,006	Liberty Global PLC, Class C (United Kingdom)*		6,719,880
				30,206,345
Metals & Mining – 0.1%
	6,957	Royal Gold, Inc.		852,441
	6,309	Southern Copper Corp. (Peru)		204,664
				1,057,105
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	22,049	Chimera Investment Corp. REIT		171,321
Multiline Retail – 1.4%
	14,444	Dollar General Corp.		2,532,033
	90,401	Target Corp.		9,920,606
				12,452,639
Multi-Utilities – 2.5%
	63,171	CMS Energy Corp.		3,606,432
	28,317	Consolidated Edison, Inc.		2,231,380
	66,839	DTE Energy Co.		6,933,878
	171,671	Public Service Enterprise Group, Inc.		8,705,436
				21,477,126
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 1.7%
	66,557	Chevron Corp.		6,123,244
	78,767	EOG Resources, Inc.		3,742,220
	10,252	Kinder Morgan, Inc.		156,138
	76,738	Marathon Petroleum Corp.		2,461,755
	6,668	ONEOK, Inc.		199,573
	21,843	Pioneer Natural Resources Co.		1,950,798
	20,640	Targa Resources Corp.		267,495
	13,299	Williams Cos., Inc. (The)		257,602
				15,158,825
Pharmaceuticals – 2.3%
	40,279	Horizon Therapeutics PLC*		1,451,655
	44,640	Johnson & Johnson		6,697,786
	120,676	Merck & Co., Inc.		9,574,434
	61,557	Pfizer, Inc.		2,361,326
				20,085,201
Professional Services – 1.1%
	4,632	CoStar Group, Inc.*		3,002,740
	49,313	IHS Markit Ltd.		3,318,765
	36,903	TransUnion		2,907,588
				9,229,093
Road & Rail – 1.7%
	11,336	Norfolk Southern Corp.		1,939,590
	2,891	Old Dominion Freight Line, Inc.		420,033
	78,548	Union Pacific Corp.		12,551,185
				14,910,808
Semiconductors & Semiconductor Equipment – 2.9%
	40,675	Advanced Micro Devices, Inc.*		2,130,963
	24,161	Applied Materials, Inc.		1,200,319
	13,726	Intel Corp.		823,286
	10,105	Lam Research Corp.		2,579,604
	51,290	NVIDIA Corp.		14,991,041
	32,106	QUALCOMM, Inc.		2,525,779
	5,376	Universal Display Corp.		807,045
				25,058,037
Software – 7.7%
	10,112	Adobe, Inc.*		3,576,008
	19,842	Fortinet, Inc.*		2,137,777
	311,624	Microsoft Corp.		55,846,137
	29,426	Oracle Corp.		1,558,695
	7,354	Palo Alto Networks, Inc.*		1,445,134
	9,664	Workday, Inc., Class A*		1,487,290
	5,748	Zscaler, Inc.*		385,576
				66,436,617
Specialty Retail – 2.2%
	1,942	Best Buy Co., Inc.		149,010
	66,816	Home Depot, Inc. (The)		14,688,161
	27,824	Lowe’s Cos, Inc.		2,914,564
	3,350	O’Reilly Automotive, Inc.*		1,294,239
				19,045,974

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 6.1%
	180,353	Apple, Inc.	$	52,987,711
Tobacco – 0.6%
	132,143	Altria Group, Inc.		5,186,613
Trading Companies & Distributors – 0.0%
	4,115	WESCO International, Inc.*		106,455
	TOTAL INVESTMENTS – 98.7%
	(Cost $722,111,378)		$	855,360,917
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			11,366,472
	NET ASSETS – 100.0%		$	866,727,389

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,208,527,538, $358,065,067 and $625,893,584, respectively)(a)	$	1,658,674,657	$	343,602,620		$	554,188,455
Investments in securities lending reinvestment vehicle, at value which equals cost		424,340		119,900			4,716,670
Cash		11,708,229		2,363,043			1,880,498
Receivables:
Investments sold		46,614,322		—			3,737
Fund shares sold		1,890,052		285,684			1,205,706
Dividends		794,302		385,162			131,352
Reimbursement from investment adviser		39,389		31,713			43,674
Securities lending income		48		3			4,979
Collateral on certain derivative contracts(b)		—		—			56,860
Other assets		95,064		66,461			68,302
Total assets		1,720,240,403		346,854,586			562,300,233
Liabilities:
Variation margin on futures contracts		—		—			15,690
Payables:
Investments purchased		42,313,382		—			—
Fund shares redeemed		2,328,841		836,288			2,798,532
Management fees		647,039		141,904			334,585
Upon return of securities loaned		424,340		119,900			4,716,670
Distribution and Service fees and Transfer Agency fees		216,817		48,407			43,735
Accrued expenses		385,628		210,286			267,638
Total liabilities		46,316,047		1,356,785			8,176,850
Net Assets:
Paid-in capital		1,284,809,163		391,061,127			663,555,988
Total distributable earnings (loss)		389,115,193		(45,563,326	)		(109,432,605	)
NET ASSETS	$	1,673,924,356	$	345,497,801		$	554,123,383
Net Assets:
Class A	$	265,535,051	$	51,298,131		$	37,978,021
Class C		37,329,326		10,005,385			5,697,159
Institutional		646,306,803		92,365,004			240,142,437
Service		37,379,545		5,745,471			2,623,773
Investor		312,321,267		90,952,845			59,890,136
Class P		50,733,081		28,058,207			80,996,367
Class R		26,560,228		4,520,561			12,844,374
Class R6		297,759,055		62,552,197			113,951,116
Total Net Assets	$	1,673,924,356	$	345,497,801		$	554,123,383
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,514,966		2,841,138			1,860,961
Class C		1,365,467		559,276			329,435
Institutional		19,955,387		5,123,232			11,290,096
Service		1,218,856		316,790			130,816
Investor		10,165,785		5,058,151			2,952,471
Class P		1,568,071		1,557,224			3,808,279
Class R		875,021		252,085			645,463
Class R6		9,198,872		3,469,799			5,356,698
Net asset value, offering and redemption price per share:(c)
Class A		$31.18		$18.06			$20.41
Class C		27.34		17.89			17.29
Institutional		32.39		18.03			21.27
Service		30.67		18.14			20.06
Investor		30.72		17.98			20.28
Class P		32.35		18.02			21.27
Class R		30.35		17.93			19.90
Class R6		32.37		18.03			21.27

(a) Includes loaned securities having a market value of $392,539, $101,310 and $4,492,364, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures
Small Cap Equity Insights	$	56,860

(c) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $32.99, $19.11 and $21.60, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2020 (Unaudited)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,008,457,248, $718,277,774 and $722,111,378, respectively)(a)	$	961,782,244		$	639,446,548		$	855,360,917
Investments in affiliated issuers, at value (cost $0, $7,789,206 and $0, respectively)		—			7,789,206			—
Investments in securities lending reinvestment vehicle, at value which equals cost		7,572,066			13,122,270			—
Cash		14,539,711			11,199,749			12,159,063
Receivables:
Investments sold		14,460,063			10,553,507			23,411,720
Fund shares sold		1,826,797			1,009,932			734,759
Collateral on certain derivative contracts(b)		767,570			1,837,540			—
Dividends		82,914			207,007			565,171
Reimbursement from investment adviser		61,659			52,279			41,498
Securities lending income		4,119			12,353			—
Other assets		79,027			90,733			75,310
Total assets		1,001,176,170			685,321,124			892,348,438
Liabilities:
Variation margin on futures contracts		253,655			611,910			—
Payables:
Investments purchased		15,976,040			13,063,639			23,720,527
Upon return of securities loaned		7,572,066			13,122,270			—
Fund shares redeemed		2,820,889			1,114,308			1,040,356
Management fees		580,562			323,820			348,560
Distribution and Service fees and Transfer Agency fees		84,986			61,075			145,147
Accrued expenses		379,916			246,593			366,459
Total liabilities		27,668,114			28,543,615			25,621,049
Net Assets:
Paid-in capital		1,059,527,397			779,076,653			785,990,532
Total distributable earnings (loss)		(86,019,341	)		(122,299,144	)		80,736,857
NET ASSETS	$	973,508,056		$	656,777,509		$	866,727,389
Net Assets:
Class A	$	49,974,126		$	94,427,455		$	269,242,192
Class C		6,693,803			5,468,186			14,409,945
Institutional		275,909,630			153,561,040			239,943,721
Service		—			—			5,163,179
Investor		357,244,206			230,244,039			83,065,883
Class P		9,049,084			29,908,560			210,354,617
Class R		7,670,191			6,877,874			37,858,678
Class R6		266,967,016			136,290,355			6,689,174
Total Net Assets	$	973,508,056		$	656,777,509		$	866,727,389
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,685,116			3,184,001			5,698,590
Class C		305,243			269,105			342,129
Institutional		7,754,057			3,821,287			4,915,917
Service		—			—			109,915
Investor		11,667,494			7,809,755			1,783,700
Class P		254,179			744,487			4,313,427
Class R		270,738			236,807			816,964
Class R6		7,498,432			3,392,392			137,165
Net asset value, offering and redemption price per share:(c)
Class A		$29.66			$29.66			$47.25
Class C		21.93			20.32			42.12
Institutional		35.58			40.19			48.81
Service		—			—			46.97
Investor		30.62			29.48			46.57
Class P		35.60			40.17			48.77
Class R		28.33			29.04			46.34
Class R6		35.60			40.18			48.77

(a) Includes loaned securities having a market value of $7,190,667, $12,158,432 and $–, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures
Small Cap Growth Insights	$	767,570
Small Cap Value Insights		1,837,540

(c) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $31.39, $31.39 and $50.00, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $6,242, $5,814 and $13,967, respectively)	$	10,073,963		$	5,010,941		$	3,830,262
Dividends — affiliated issuers		763			1,521			41,656
Securities lending income — affiliated issuer		60,662			1,366			41,988
Total investment income		10,135,388			5,013,828			3,913,909
Expenses:
Management fees		4,596,573			1,082,139			2,624,104
Transfer Agency fees(a)		828,599			205,339			213,235
Distribution and Service fees(a)		634,237			147,627			134,117
Custody, accounting and administrative services		114,534			58,838			81,084
Printing and mailing costs		109,745			41,426			45,443
Service Share fees — Service Plan		58,030			8,537			3,516
Service Share fees — Shareholder Administration Plan		58,030			8,537			3,516
Professional fees		49,503			49,504			49,504
Registration fees		19,606			39,185			42,412
Trustee fees		10,023			8,872			9,085
Other		25,430			8,830			15,738
Total expenses		6,504,310			1,658,834			3,221,754
Less — expense reductions		(293,429	)		(198,803	)		(235,131	)
Net expenses		6,210,881			1,460,031			2,986,623
NET INVESTMENT INCOME		3,924,507			3,553,797			927,283
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(53,104,020	)		(23,829,919	)		(26,522,260	)
Futures contracts		(195,658	)		309,441			(2,707,251	)
Net change in unrealized gain (loss) on:
Investments		94,136,346			(40,758,316	)		(115,604,354	)
Futures contracts		—			—			222,789
Net realized and unrealized gain (loss)		40,836,668			(64,278,794	)		(144,611,076	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	44,761,175		$	(60,724,997	)	$	(143,683,793	)

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Large Cap Growth Insights	$	358,781	$	200,888	$	74,568	$	243,971	$	34,151	$	141,765	$	9,285	$	319,707	$	7,541	$	25,353	$	46,826
Large Cap Value Insights		75,526		59,553		12,548		51,357		10,124		22,317		1,366		100,595		4,848		4,266		10,466
Small Cap Equity Insights		60,649		36,030		37,438		41,241		6,125		54,397		562		62,658		14,718		12,729		20,805

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2020 (Unaudited)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,593, $20,926 and $12,344, respectively)	$	3,464,575		$	5,015,477		$	8,321,164
Dividends — affiliated issuers		31,915			69,867			7,969
Securities lending income — affiliated issuer		57,817			31,514			4,607
Total investment income		3,557,576			5,116,858			8,333,740
Expenses:
Management fees		4,366,015			2,291,669			2,488,321
Transfer Agency fees(a)		502,821			246,302			470,981
Printing and mailing costs		166,039			51,859			100,510
Distribution and Service fees(a)		159,423			202,396			539,853
Custody, accounting and administrative services		100,165			79,189			86,491
Professional fees		49,503			49,502			49,503
Registration fees		27,423			48,086			29,641
Trustee fees		9,452			8,977			9,298
Service Share fees — Service Plan		—			—			8,034
Service Share fees — Shareholder Administration Plan		—			—			8,034
Other		31,776			20,174			23,847
Total expenses		5,412,617			2,998,154			3,814,513
Less — expense reductions		(367,350	)		(255,441	)		(281,718	)
Net expenses		5,045,267			2,742,713			3,532,795
NET INVESTMENT INCOME (LOSS)		(1,487,691	)		2,374,145			4,800,945
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(39,053,314	)		(37,880,395	)		(39,546,768	)
Futures contracts		3,386,152			(3,832,513	)		255,674
Net change in unrealized gain (loss) on:
Investments		(122,208,257	)		(111,049,982	)		4,589,667
Futures contracts		1,108,929			705,986			—
Net realized and unrealized loss		(156,766,490	)		(152,056,904	)		(34,701,427	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(158,254,181	)	$	(149,682,759	)	$	(29,900,482	)

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Small Cap Growth Insights	$	84,963	$	38,595	$	35,865	$	57,774	$	6,561	$	64,805	$	—	$	315,556	$	1,782	$	12,194	$	44,149
Small Cap Value Insights		147,014		36,158		19,224		99,970		6,147		36,920		—		70,867		6,388		6,536		19,474
U.S. Equity Insights		358,209		76,721		104,923		243,581		13,043		53,417		1,285		88,256		34,415		35,674		1,310

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Large Cap Growth Insights Fund						Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	3,924,507		$	12,022,707		$	3,553,797		$	8,266,546
Net realized gain (loss)		(53,299,678	)		67,769,530			(23,520,478	)		(5,618,538	)
Net change in unrealized gain (loss)		94,136,346			147,817,520			(40,758,316	)		24,942,599
Net increase (decrease) in net assets resulting from operations		44,761,175			227,609,757			(60,724,997	)		27,590,607
Distributions to shareholders:
From distributable earnings:
Class A Shares		(11,437,017	)		(27,564,725	)		(436,922	)		(4,045,532	)
Class C Shares		(1,652,223	)		(4,973,335	)		(38,428	)		(634,798	)
Institutional Shares		(30,583,438	)		(67,332,090	)		(1,024,478	)		(8,978,283	)
Service Shares		(1,907,093	)		(4,268,995	)		(43,462	)		(592,566	)
Investor Shares		(16,644,105	)		(35,840,025	)		(1,011,484	)		(6,499,108	)
Class P Shares		(2,075,071	)		(3,340,204	)		(307,857	)		(1,984,309	)
Class R Shares		(1,215,415	)		(2,118,839	)		(30,313	)		(346,593	)
Class R6 Shares		(12,792,716	)		(30,834,650	)		(654,231	)		(10,049,072	)
Total distributions to shareholders		(78,307,078	)		(176,272,883	)		(3,547,175	)		(33,130,261	)
From share transactions:
Proceeds from sales of shares		233,553,731			674,755,517			50,734,012			313,186,552
Reinvestment of distributions		69,749,290			159,092,941			3,370,898			30,462,643
Cost of shares redeemed		(548,736,598	)		(990,901,692	)		(97,396,343	)		(357,980,026	)
Net decrease in net assets resulting from share transactions		(245,433,577	)		(157,053,234	)		(43,291,433	)		(14,330,831	)
TOTAL DECREASE		(278,979,480	)		(105,716,360	)		(107,563,605	)		(19,870,485	)
Net assets:
Beginning of period		1,952,903,836			2,058,620,196			453,061,406			472,931,891
End of period	$	1,673,924,356		$	1,952,903,836		$	345,497,801		$	453,061,406

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Equity Insights Fund						Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	927,283		$	3,000,138		$	(1,487,691	)	$	(896,597	)
Net realized gain (loss)		(29,229,511	)		(8,624,564	)		(35,667,162	)		12,785,720
Net change in unrealized gain (loss)		(115,381,565	)		53,942,051			(121,099,328	)		61,026,644
Net increase (decrease) in net assets resulting from operations		(143,683,793	)		48,317,625			(158,254,181	)		72,915,767
Distributions to shareholders:
From distributable earnings:
Class A Shares		(108,619	)		(2,973,498	)		(1,157,729	)		(8,979,679	)
Class C Shares		—			(464,085	)		(152,869	)		(1,069,015	)
Institutional Shares		(1,626,736	)		(11,437,346	)		(3,974,277	)		(27,575,852	)
Service Shares		(3,071	)		(124,376	)		—			—
Investor Shares		(374,689	)		(2,425,323	)		(5,138,376	)		(31,017,003	)
Class P Shares		(596,984	)		(3,278,915	)		(145,698	)		(778,940	)
Class R Shares		—			(786,446	)		(284,681	)		(2,101,140	)
Class R6 Shares		(850,889	)		(9,476,064	)		(3,615,584	)		(14,097,427	)
Total distributions to shareholders		(3,560,988	)		(30,966,053	)		(14,469,214	)		(85,619,056	)
From share transactions:
Proceeds from sales of shares		134,204,591			382,161,015			189,907,205			549,336,651
Reinvestment of distributions		3,490,560			30,650,153			14,049,097			84,301,544
Cost of shares redeemed		(142,018,403	)		(300,885,593	)		(218,800,176	)		(321,356,916	)
Net increase (decrease) in net assets resulting from share transactions		(4,323,252	)		111,925,575			(14,843,874	)		312,281,279
TOTAL INCREASE (DECREASE)		(151,568,033	)		129,277,147			(187,567,269	)		299,577,990
Net assets:
Beginning of period		705,691,416			576,414,269			1,161,075,325			861,497,335
End of period	$	554,123,383		$	705,691,416		$	973,508,056		$	1,161,075,325

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Value Insights Fund						U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	2,374,145		$	3,524,458		$	4,800,945		$	17,119,702
Net realized loss		(41,712,908	)		(3,519,243	)		(39,291,094	)		(12,531,144	)
Net change in unrealized gain (loss)		(110,343,996	)		37,195,393			4,589,667			112,092,449
Net increase (decrease) in net assets resulting from operations		(149,682,759	)		37,200,608			(29,900,482	)		116,681,007
Distributions to shareholders:
From distributable earnings:
Class A Shares		(827,588	)		(10,543,077	)		(4,157,726	)		(11,514,034	)
Class C Shares		(32,365	)		(844,101	)		(140,003	)		(572,348	)
Institutional Shares		(1,458,393	)		(4,776,734	)		(4,700,529	)		(34,531,169	)
Service Shares		—			—			(95,840	)		(218,665	)
Investor Shares		(694,092	)		(1,907,349	)		(1,879,914	)		(4,499,108	)
Class P Shares		(358,606	)		(2,877,391	)		(4,032,946	)		(6,101,132	)
Class R Shares		(61,450	)		(225,486	)		(507,892	)		(1,722,455	)
Class R6 Shares		(897,586	)		(1,908,993	)		(169,754	)		(1,352,886	)
Total distributions to shareholders		(4,330,080	)		(23,083,131	)		(15,684,604	)		(60,511,797	)
From share transactions:
Proceeds from sales of shares		362,073,980			372,978,518			101,860,000			475,796,540
Reinvestment of distributions		4,217,944			22,702,592			15,415,026			59,440,795
Cost of shares redeemed		(123,790,329	)		(106,350,529	)		(221,520,260	)		(1,128,321,651	)
Net increase (decrease) in net assets resulting from share transactions		242,501,595			289,330,581			(104,245,234	)		(593,084,316	)
TOTAL INCREASE (DECREASE)		88,488,756			303,448,058			(149,830,320	)		(536,915,106	)
Net assets:
Beginning of period		568,288,753			264,840,695			1,016,557,709			1,553,472,815
End of period	$	656,777,509		$	568,288,753		$	866,727,389		$	1,016,557,709

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	31.54		$	31.05		$	30.36		$	23.44		$	23.13		$	21.57
Net investment income(a)		0.03			0.10			0.10			0.10			0.11			0.16
Net realized and unrealized gain		0.83			3.00			1.96			6.93			0.33			1.55
Total from investment operations		0.86			3.10			2.06			7.03			0.44			1.71
Distributions to shareholders from net investment income		(0.10	)		(0.09	)		(0.08	)		(0.11	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.22	)		(2.61	)		(1.37	)		(0.11	)		(0.13	)		(0.15	)
Net asset value, end of period	$	31.18		$	31.54		$	31.05		$	30.36		$	23.44		$	23.13
Total Return(b)		2.68	%		11.28	%		6.95	%		30.11	%		1.93	%		7.96	%
Net assets, end of period (in 000’s)	$	265,535		$	301,506		$	317,418		$	316,689		$	254,036		$	200,634
Ratio of net expenses to average net assets		0.92	%(c)		0.93	%		0.92	%		0.95	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		0.95	%(c)		0.97	%		0.95	%		1.10	%		1.15	%		1.16	%
Ratio of net investment income to average net assets		0.17	%(c)		0.33	%		0.32	%		0.38	%		0.49	%		0.72	%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	27.79		$	27.78		$	27.42		$	21.23		$	21.02		$	19.67
Net investment loss(a)		(0.08	)		(0.10	)		(0.12	)		(0.09	)		(0.05	)		(0.01	)
Net realized and unrealized gain		0.75			2.63			1.77			6.28			0.30			1.41
Total from investment operations		0.67			2.53			1.65			6.19			0.25			1.40
Distributions to shareholders from net investment income		—			—			—			—			(0.04	)		(0.05	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.12	)		(2.52	)		(1.29	)		—			(0.04	)		(0.05	)
Net asset value, end of period	$	27.34		$	27.79		$	27.78		$	27.42		$	21.23		$	21.02
Total Return(b)		2.34	%		10.42	%		6.18	%		29.16	%		1.18	%		7.12	%
Net assets, end of period (in 000’s)	$	37,329		$	42,004		$	56,046		$	63,500		$	48,610		$	49,658
Ratio of net expenses to average net assets		1.67	%(c)		1.68	%		1.67	%		1.70	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.70	%(c)		1.72	%		1.70	%		1.85	%		1.90	%		1.91	%
Ratio of net investment loss to average net assets		(0.60	)%(c)		(0.40	)%		(0.42	)%		(0.37	)%		(0.25	)%		(0.05	)%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	32.77		$	32.17		$	31.39		$	24.21		$	23.86		$	22.22
Net investment income(a)		0.09			0.23			0.23			0.22			0.21			0.26
Net realized and unrealized gain		0.88			3.09			2.02			7.15			0.34			1.60
Total from investment operations		0.97			3.32			2.25			7.37			0.55			1.86
Distributions to shareholders from net investment income		(0.23	)		(0.20	)		(0.18	)		(0.19	)		(0.20	)		(0.22	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.35	)		(2.72	)		(1.47	)		(0.19	)		(0.20	)		(0.22	)
Net asset value, end of period	$	32.39		$	32.77		$	32.17		$	31.39		$	24.21		$	23.86
Total Return(b)		2.90	%		11.70	%		7.38	%		30.63	%		2.35	%		8.41	%
Net assets, end of period (in 000’s)	$	646,307		$	760,316		$	806,091		$	897,009		$	448,961		$	493,322
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.53	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.57	%(c)		0.58	%		0.56	%		0.70	%		0.75	%		0.76	%
Ratio of net investment income to average net assets		0.56	%(c)		0.72	%		0.71	%		0.78	%		0.89	%		1.13	%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	31.02		$	30.53		$	29.94		$	23.15		$	22.89		$	21.41
Net investment income(a)		0.01			0.07			0.07			0.04			0.08			0.13
Net realized and unrealized gain		0.83			2.95			1.92			6.88			0.33			1.55
Total from investment operations		0.84			3.02			1.99			6.92			0.41			1.68
Distributions to shareholders from net investment income		(0.07	)		(0.01	)		(0.11	)		(0.13	)		(0.15	)		(0.20	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.19	)		(2.53	)		(1.40	)		(0.13	)		(0.15	)		(0.20	)
Net asset value, end of period	$	30.67		$	31.02		$	30.53		$	29.94		$	23.15		$	22.89
Total Return(b)		2.63	%		11.15	%		6.82	%		30.04	%		1.82	%		7.88	%
Net assets, end of period (in 000’s)	$	37,380		$	50,445		$	53,347		$	67,450		$	12,517		$	3,096
Ratio of net expenses to average net assets		1.04	%(c)		1.04	%		1.03	%		1.05	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.07	%(c)		1.08	%		1.06	%		1.19	%		1.26	%		1.26	%
Ratio of net investment income to average net assets		0.05	%(c)		0.22	%		0.21	%		0.17	%		0.34	%		0.60	%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	31.13		$	30.69		$	30.03		$	23.19		$	22.88		$	21.36
Net investment income(a)		0.07			0.17			0.18			0.16			0.17			0.22
Net realized and unrealized gain		0.83			2.95			1.93			6.86			0.32			1.52
Total from investment operations		0.90			3.12			2.11			7.02			0.49			1.74
Distributions to shareholders from net investment income		(0.19	)		(0.16	)		(0.16	)		(0.18	)		(0.18	)		(0.22	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.31	)		(2.68	)		(1.45	)		(0.18	)		(0.18	)		(0.22	)
Net asset value, end of period	$	30.72		$	31.13		$	30.69		$	30.03		$	23.19		$	22.88
Total Return(b)		2.82	%		11.56	%		7.23	%		30.43	%		2.18	%		8.21	%
Net assets, end of period (in 000’s)	$	312,321		$	401,677		$	415,757		$	365,836		$	48,133		$	36,001
Ratio of net expenses to average net assets		0.67	%(c)		0.68	%		0.67	%		0.70	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.70	%(c)		0.72	%		0.70	%		0.84	%		0.90	%		0.91	%
Ratio of net investment income to average net assets		0.43	%(c)		0.58	%		0.56	%		0.59	%		0.74	%		0.97	%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	32.74		$	32.15		$	32.07
Net investment income(b)		0.09			0.22			0.12
Net realized and unrealized gain (loss)		0.88			3.10			(0.04	)
Total from investment operations		0.97			3.32			0.08
Distributions to shareholders from net investment income		(0.24	)		(0.21	)		—
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		—
Total distributions		(1.36	)		(2.73	)		—
Net asset value, end of period	$	32.35		$	32.74		$	32.15
Total Return(c)		2.89	%		11.71	%		0.25	%
Net assets, end of period (in 000’s)	$	50,733		$	49,099		$	39,938
Ratio of net expenses to average net assets		0.53	%(d)		0.53	%		0.52	%(d)
Ratio of total expenses to average net assets		0.56	%(d)		0.57	%		0.56	%(d)
Ratio of net investment income to average net assets		0.56	%(d)		0.71	%		0.66	%(d)
Portfolio turnover rate(e)		104	%		192	%		188	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	30.73		$	30.30		$	29.67		$	22.93		$	22.71		$	21.25
Net investment income (loss)(a)		(0.01	)		0.02			0.02			0.04			0.05			0.09
Net realized and unrealized gain		0.82			2.93			1.92			6.78			0.32			1.55
Total from investment operations		0.81			2.95			1.94			6.82			0.37			1.64
Distributions to shareholders from net investment income		(0.07	)		—			(0.02	)		(0.08	)		(0.15	)		(0.18	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.19	)		(2.52	)		(1.31	)		(0.08	)		(0.15	)		(0.18	)
Net asset value, end of period	$	30.35		$	30.73		$	30.30		$	29.67		$	22.93		$	22.71
Total Return(b)		2.56	%		10.98	%		6.69	%		29.81	%		1.66	%		7.73	%
Net assets, end of period (in 000’s)	$	26,560		$	34,397		$	25,893		$	29,734		$	20,635		$	10,660
Ratio of net expenses to average net assets		1.17	%(c)		1.18	%		1.17	%		1.20	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.20	%(c)		1.22	%		1.20	%		1.35	%		1.40	%		1.41	%
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		0.05	%		0.08	%		0.14	%		0.22	%		0.39	%
Portfolio turnover rate(d)		104	%		192	%		188	%		196	%		254	%		222	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.75		$	32.15		$	31.38		$	24.21		$	23.86		$	23.90
Net investment income(b)		0.09			0.23			0.24			0.21			0.18			0.06
Net realized and unrealized gain (loss)		0.88			3.10			2.01			7.16			0.38			(0.10	)
Total from investment operations		0.97			3.33			2.25			7.37			0.56			(0.04	)
Distributions to shareholders from net investment income		(0.23	)		(0.21	)		(0.19	)		(0.20	)		(0.21	)		—
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—			—
Total distributions		(1.35	)		(2.73	)		(1.48	)		(0.20	)		(0.21	)		—
Net asset value, end of period	$	32.37		$	32.75		$	32.15		$	31.38		$	24.21		$	23.86
Total Return(c)		2.91	%		11.72	%		7.37	%		30.64	%		2.38	%		(0.17	)%
Net assets, end of period (in 000’s)	$	297,759		$	313,461		$	344,129		$	133,877		$	8,208		$	10
Ratio of net expenses to average net assets		0.53	%(d)		0.53	%		0.52	%		0.54	%		0.54	%		0.54	%(d)
Ratio of total expenses to average net assets		0.56	%(d)		0.57	%		0.55	%		0.67	%		0.74	%		0.74	%(d)
Ratio of net investment income to average net assets		0.56	%(d)		0.75	%		0.71	%		0.74	%		0.72	%		1.00	%(d)
Portfolio turnover rate(e)		104	%		192	%		188	%		196	%		254	%		222	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.27		$	21.59		$	21.01		$	17.27		$	16.92		$	16.86
Net investment income(a)		0.15			0.28			0.25			0.27			0.23			0.24
Net realized and unrealized gain (loss)		(3.21	)		0.75			0.56			3.77			0.33			0.06
Total from investment operations		(3.06	)		1.03			0.81			4.04			0.56			0.30
Distributions to shareholders from net investment income		(0.15	)		(0.29	)		(0.23	)		(0.30	)		(0.21	)		(0.24	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.15	)		(1.35	)		(0.23	)		(0.30	)		(0.21	)		(0.24	)
Net asset value, end of period	$	18.06		$	21.27		$	21.59		$	21.01		$	17.27		$	16.92
Total Return(b)		(14.43	)%		5.30	%		3.82	%		23.51	%		3.35	%		1.82	%
Net assets, end of period (in 000’s)	$	51,298		$	65,556		$	62,349		$	63,848		$	60,942		$	62,150
Ratio of net expenses to average net assets		0.94	%(c)		0.95	%		0.95	%		0.96	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		1.04	%(c)		1.07	%		1.03	%		1.10	%		1.15	%		1.12	%
Ratio of net investment income to average net assets		1.48	%(c)		1.36	%		1.13	%		1.37	%		1.36	%		1.39	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.06		$	21.39		$	20.82		$	17.12		$	16.78		$	16.71
Net investment income(a)		0.07			0.12			0.08			0.11			0.10			0.11
Net realized and unrealized gain (loss)		(3.17	)		0.75			0.55			3.75			0.33			0.07
Total from investment operations		(3.10	)		0.87			0.63			3.86			0.43			0.18
Distributions to shareholders from net investment income		(0.07	)		(0.14	)		(0.06	)		(0.16	)		(0.09	)		(0.11	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.07	)		(1.20	)		(0.06	)		(0.16	)		(0.09	)		(0.11	)
Net asset value, end of period	$	17.89		$	21.06		$	21.39		$	20.82		$	17.12		$	16.78
Total Return(b)		(14.75	)%		4.53	%		3.00	%		22.59	%		2.56	%		1.11	%
Net assets, end of period (in 000’s)	$	10,005		$	12,694		$	10,058		$	10,601		$	13,437		$	15,658
Ratio of net expenses to average net assets		1.70	%(c)		1.70	%		1.70	%		1.71	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.79	%(c)		1.82	%		1.78	%		1.85	%		1.90	%		1.87	%
Ratio of net investment income to average net assets		0.74	%(c)		0.61	%		0.37	%		0.59	%		0.61	%		0.64	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.24		$	21.57		$	20.99		$	17.25		$	16.91		$	16.85
Net investment income(a)		0.19			0.36			0.33			0.35			0.29			0.31
Net realized and unrealized gain (loss)		(3.21	)		0.74			0.56			3.77			0.32			0.06
Total from investment operations		(3.02	)		1.10			0.89			4.12			0.61			0.37
Distributions to shareholders from net investment income		(0.19	)		(0.37	)		(0.31	)		(0.38	)		(0.27	)		(0.31	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.19	)		(1.43	)		(0.31	)		(0.38	)		(0.27	)		(0.31	)
Net asset value, end of period	$	18.03		$	21.24		$	21.57		$	20.99		$	17.25		$	16.91
Total Return(b)		(14.27	)%		5.68	%		4.22	%		24.02	%		3.69	%		2.24	%
Net assets, end of period (in 000’s)	$	92,365		$	120,417		$	122,587		$	261,684		$	341,830		$	296,403
Ratio of net expenses to average net assets		0.56	%(c)		0.57	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.66	%(c)		0.68	%		0.64	%		0.70	%		0.75	%		0.72	%
Ratio of net investment income to average net assets		1.85	%(c)		1.74	%		1.52	%		1.78	%		1.73	%		1.81	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.36		$	21.67		$	21.09		$	17.34		$	16.99		$	16.92
Net investment income(a)		0.14			0.27			0.22			0.25			0.21			0.22
Net realized and unrealized gain (loss)		(3.23	)		0.75			0.56			3.79			0.33			0.07
Total from investment operations		(3.09	)		1.02			0.78			4.04			0.54			0.29
Distributions to shareholders from net investment income		(0.13	)		(0.27	)		(0.20	)		(0.29	)		(0.19	)		(0.22	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.13	)		(1.33	)		(0.20	)		(0.29	)		(0.19	)		(0.22	)
Net asset value, end of period	$	18.14		$	21.36		$	21.67		$	21.09		$	17.34		$	16.99
Total Return(b)		(14.49	)%		5.19	%		3.70	%		23.37	%		3.22	%		1.77	%
Net assets, end of period (in 000’s)	$	5,745		$	7,554		$	10,199		$	8,403		$	6,014		$	7,271
Ratio of net expenses to average net assets		1.06	%(c)		1.07	%		1.06	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.16	%(c)		1.18	%		1.14	%		1.20	%		1.24	%		1.22	%
Ratio of net investment income to average net assets		1.36	%(c)		1.28	%		1.00	%		1.28	%		1.27	%		1.29	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.18		$	21.51		$	20.94		$	17.22		$	16.88		$	16.81
Net investment income(a)		0.17			0.32			0.29			0.34			0.26			0.27
Net realized and unrealized gain (loss)		(3.20	)		0.76			0.57			3.74			0.33			0.08
Total from investment operations		(3.03	)		1.08			0.86			4.08			0.59			0.35
Distributions to shareholders from net investment income		(0.17	)		(0.35	)		(0.29	)		(0.36	)		(0.25	)		(0.28	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.17	)		(1.41	)		(0.29	)		(0.36	)		(0.25	)		(0.28	)
Net asset value, end of period	$	17.98		$	21.18		$	21.51		$	20.94		$	17.22		$	16.88
Total Return(b)		(14.33	)%		5.55	%		4.07	%		23.79	%		3.57	%		2.14	%
Net assets, end of period (in 000’s)	$	90,953		$	134,069		$	84,895		$	29,871		$	9,947		$	5,425
Ratio of net expenses to average net assets		0.69	%(c)		0.70	%		0.70	%		0.71	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.79	%(c)		0.82	%		0.78	%		0.84	%		0.90	%		0.87	%
Ratio of net investment income to average net assets		1.72	%(c)		1.58	%		1.33	%		1.70	%		1.56	%		1.60	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	21.23		$	21.55		$	21.87
Net investment income(b)		0.19			0.36			0.17
Net realized and unrealized gain (loss)		(3.21	)		0.76			(0.33	)
Total from investment operations		(3.02	)		1.12			(0.16	)
Distributions to shareholders from net investment income		(0.19	)		(0.38	)		(0.16	)
Distributions to shareholders from net realized gains		—			(1.06	)		—
Total distributions		(0.19	)		(1.44	)		(0.16	)
Net asset value, end of period	$	18.02		$	21.23		$	21.55
Total Return(c)		(14.27	)%		5.74	%		(0.77	)%
Net assets, end of period (in 000’s)	$	28,058		$	33,601		$	27,967
Ratio of net expenses to average net assets		0.55	%(d)		0.56	%		0.55	%(d)
Ratio of total expenses to average net assets		0.65	%(d)		0.67	%		0.65	%(d)
Ratio of net investment income to average net assets		1.84	%(d)		1.75	%		1.38	%(d)
Portfolio turnover rate(e)		94	%		225	%		202	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.12		$	21.45		$	20.88		$	17.18		$	16.84		$	16.81
Net investment income(a)		0.12			0.23			0.19			0.24			0.18			0.18
Net realized and unrealized gain (loss)		(3.19	)		0.74			0.56			3.73			0.33			0.08
Total from investment operations		(3.07	)		0.97			0.75			3.97			0.51			0.26
Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.18	)		(0.27	)		(0.17	)		(0.23	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.12	)		(1.30	)		(0.18	)		(0.27	)		(0.17	)		(0.23	)
Net asset value, end of period	$	17.93		$	21.12		$	21.45		$	20.88		$	17.18		$	16.84
Total Return(b)		(14.56	)%		5.01	%		3.56	%		23.19	%		3.08	%		1.56	%
Net assets, end of period (in 000’s)	$	4,521		$	5,189		$	5,651		$	5,240		$	1,877		$	1,270
Ratio of net expenses to average net assets		1.19	%(c)		1.20	%		1.20	%		1.21	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.29	%(c)		1.32	%		1.28	%		1.34	%		1.40	%		1.37	%
Ratio of net investment income to average net assets		1.23	%(c)		1.12	%		0.88	%		1.22	%		1.07	%		1.07	%
Portfolio turnover rate(d)		94	%		225	%		202	%		208	%		229	%		221	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.24		$	21.56		$	20.99		$	17.25		$	16.90		$	17.23
Net investment income(b)		0.19			0.40			0.33			0.36			0.29			0.07
Net realized and unrealized gain (loss)		(3.21	)		0.72			0.55			3.77			0.34			(0.32	)
Total from investment operations		(3.02	)		1.12			0.88			4.13			0.63			(0.25	)
Distributions to shareholders from net investment income		(0.19	)		(0.38	)		(0.31	)		(0.39	)		(0.28	)		(0.08	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—			—
Total distributions		(0.19	)		(1.44	)		(0.31	)		(0.39	)		(0.28	)		(0.08	)
Net asset value, end of period	$	18.03		$	21.24		$	21.56		$	20.99		$	17.25		$	16.90
Total Return(c)		(14.26	)%		5.73	%		4.19	%		24.05	%		3.76	%		(1.41	)%
Net assets, end of period (in 000’s)	$	62,552		$	73,981		$	149,225		$	75		$	10		$	10
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.54	%		0.58	%(d)
Ratio of total expenses to average net assets		0.65	%(d)		0.66	%		0.62	%		0.67	%		0.74	%		0.74	%(d)
Ratio of net investment income to average net assets		1.85	%(d)		1.84	%		1.47	%		1.81	%		1.77	%		1.62	%(d)
Portfolio turnover rate(e)		94	%		225	%		202	%		208	%		229	%		221	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.62		$	25.74		$	24.77		$	19.73		$	19.10		$	18.25
Net investment income(a)		0.02			0.05			0.01	(b)		0.04			0.08			0.03
Net realized and unrealized gain (loss)		(5.18	)		1.23			0.96			5.06			0.58			0.82
Total from investment operations		(5.16	)		1.28			0.97			5.10			0.66			0.85
Distributions to shareholders from net investment income		(0.05	)		—			—			(0.06	)		(0.03	)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		(0.05	)		(1.40	)		—			(0.06	)		(0.03	)		—
Net asset value, end of period	$	20.41		$	25.62		$	25.74		$	24.77		$	19.73		$	19.10
Total Return(c)		(20.18	)%		5.64	%		3.92	%		25.87	%		3.44	%		4.66	%
Net assets, end of period (in 000’s)	$	37,978		$	53,503		$	55,472		$	41,945		$	31,733		$	34,680
Ratio of net expenses to average net assets		1.22	%(d)		1.23	%		1.23	%		1.24	%		1.25	%		1.26	%
Ratio of total expenses to average net assets		1.30	%(d)		1.34	%		1.31	%		1.43	%		1.49	%		1.47	%
Ratio of net investment income to average net assets		0.14	%(d)		0.19	%		0.04	%(b)		0.16	%		0.43	%		0.15	%
Portfolio turnover rate(e)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.75		$	22.23		$	21.56		$	17.25		$	16.81		$	16.18
Net investment loss(a)		(0.02	)		(0.12	)		(0.17	)(b)		(0.11	)		(0.05	)		(0.10	)
Net realized and unrealized gain (loss)		(4.44	)		1.04			0.84			4.42			0.49			0.73
Total from investment operations		(4.46	)		0.92			0.67			4.31			0.44			0.63
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Net asset value, end of period	$	17.29		$	21.75		$	22.23		$	21.56		$	17.25		$	16.81
Total Return(c)		(20.51	)%		4.86	%		3.16	%		24.93	%		2.61	%		3.89	%
Net assets, end of period (in 000’s)	$	5,697		$	7,785		$	7,139		$	9,439		$	12,133		$	14,153
Ratio of net expenses to average net assets		1.97	%(d)		1.98	%		1.98	%		1.99	%		2.00	%		2.01	%
Ratio of total expenses to average net assets		2.05	%(d)		2.09	%		2.06	%		2.18	%		2.24	%		2.22	%
Ratio of net investment loss to average net assets		(0.21	)%(d)		(0.57	)%		(0.72	)%(b)		(0.56	)%		(0.32	)%		(0.60	)%
Portfolio turnover rate(e)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	26.74		$	26.77		$	25.73		$	20.47		$	19.84		$	18.94
Net investment income(a)		0.04			0.14			0.12	(b)		0.13			0.17			0.11
Net realized and unrealized gain (loss)		(5.36	)		1.29			0.99			5.27			0.57			0.86
Total from investment operations		(5.32	)		1.43			1.11			5.40			0.74			0.97
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		(0.07	)		(0.14	)		(0.11	)		(0.07	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		(0.15	)		(1.46	)		(0.07	)		(0.14	)		(0.11	)		(0.07	)
Net asset value, end of period	$	21.27		$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Total Return(c)		(20.03	)%		6.03	%		4.32	%		26.44	%		3.77	%		5.13	%
Net assets, end of period (in 000’s)	$	240,142		$	290,652		$	212,229		$	231,226		$	176,644		$	81,067
Ratio of net expenses to average net assets		0.84	%(d)		0.85	%		0.84	%		0.84	%		0.85	%		0.86	%
Ratio of total expenses to average net assets		0.92	%(d)		0.96	%		0.93	%		1.03	%		1.08	%		1.07	%
Ratio of net investment income to average net assets		0.31	%(d)		0.54	%		0.43	%(b)		0.56	%		0.84	%		0.57	%
Portfolio turnover rate(e)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.17		$	25.34		$	24.41		$	19.44		$	18.82		$	18.00
Net investment income (loss)(a)		0.01			0.01			(0.02	)(b)		0.01			0.06			0.02
Net realized and unrealized gain (loss)		(5.09	)		1.22			0.95			5.00			0.56			0.80
Total from investment operations		(5.08	)		1.23			0.93			5.01			0.62			0.82
Distributions to shareholders from net investment income		(0.03	)		—			—			(0.04	)		—			—
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		(0.03	)		(1.40	)		—			(0.04	)		—			—
Net asset value, end of period	$	20.06		$	25.17		$	25.34		$	24.41		$	19.44		$	18.82
Total Return(c)		(20.22	)%		5.52	%		3.81	%		25.77	%		3.29	%		4.56	%
Net assets, end of period (in 000’s)	$	2,624		$	3,141		$	2,031		$	769		$	651		$	959
Ratio of net expenses to average net assets		1.34	%(d)		1.35	%		1.34	%		1.34	%		1.35	%		1.36	%
Ratio of total expenses to average net assets		1.42	%(d)		1.45	%		1.42	%		1.53	%		1.59	%		1.58	%
Ratio of net investment income (loss) to average net assets		0.08	%(d)		0.04	%		(0.06	)%(b)		0.06	%		0.31	%		0.12	%
Portfolio turnover rate(e)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.50		$	25.62		$	24.61		$	19.61		$	19.02		$	18.14
Net investment income(a)		0.03			0.09			0.08	(b)		0.14			0.09			0.06
Net realized and unrealized gain (loss)		(5.13	)		1.24			0.95			4.99			0.59			0.84
Total from investment operations		(5.10	)		1.33			1.03			5.13			0.68			0.90
Distributions to shareholders from net investment income		(0.12	)		(0.05	)		(0.02	)		(0.13	)		(0.09	)		(0.02	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		(0.12	)		(1.45	)		(0.02	)		(0.13	)		(0.09	)		(0.02	)
Net asset value, end of period	$	20.28		$	25.50		$	25.62		$	24.61		$	19.61		$	19.02
Total Return(c)		(20.10	)%		5.90	%		4.19	%		26.22	%		3.63	%		4.99	%
Net assets, end of period (in 000’s)	$	59,890		$	74,881		$	44,984		$	2,684		$	7,462		$	1,119
Ratio of net expenses to average net assets		0.97	%(d)		0.99	%		0.98	%		0.99	%		0.99	%		1.01	%
Ratio of total expenses to average net assets		1.05	%(d)		1.09	%		1.06	%		1.17	%		1.22	%		1.23	%
Ratio of net investment income to average net assets		0.26	%(d)		0.40	%		0.31	%(b)		0.60	%		0.45	%		0.32	%
Portfolio turnover rate(e)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	26.74		$	26.77		$	27.21
Net investment income(b)		0.04			0.13			0.08	(c)
Net realized and unrealized gain (loss)		(5.36	)		1.30			(0.52	)
Total from investment operations		(5.32	)		1.43			(0.44	)
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—
Total distributions		(0.15	)		(1.46	)		—
Net asset value, end of period	$	21.27		$	26.74		$	26.77
Total Return(d)		(20.03	)%		6.06	%		(1.62	)%
Net assets, end of period (in 000’s)	$	80,996		$	106,039		$	66,823
Ratio of net expenses to average net assets		0.83	%(e)		0.84	%		0.83	%(e)
Ratio of total expenses to average net assets		0.91	%(e)		0.94	%		0.92	%(e)
Ratio of net investment income to average net assets		0.32	%(e)		0.53	%		0.48	%(c)(e)
Portfolio turnover rate(f)		63	%		140	%		111	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	24.96		$	25.18		$	24.29		$	19.36		$	18.78		$	17.98
Net investment income (loss)(a)		—	(b)		(0.02	)		(0.06	)(c)		(0.02	)		0.03			(0.02	)
Net realized and unrealized gain (loss)		(5.06	)		1.20			0.95			4.98			0.55			0.82
Total from investment operations		(5.06	)		1.18			0.89			4.96			0.58			0.80
Distributions to shareholders from net investment income		—			—			—			(0.03	)		—	(b)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		—			(1.40	)		—			(0.03	)		—			—
Net asset value, end of period	$	19.90		$	24.96		$	25.18		$	24.29		$	19.36		$	18.78
Total Return(d)		(20.27	)%		5.35	%		3.66	%		25.60	%		3.11	%		4.45	%
Net assets, end of period (in 000’s)	$	12,844		$	16,562		$	14,625		$	15,284		$	9,954		$	8,986
Ratio of net expenses to average net assets		1.47	%(e)		1.48	%		1.48	%		1.49	%		1.50	%		1.51	%
Ratio of total expenses to average net assets		1.55	%(e)		1.59	%		1.56	%		1.68	%		1.74	%		1.72	%
Ratio of net investment income (loss) to average net assets		0.02	%(e)		(0.08	)%		(0.22	)%(c)		(0.10	)%		0.18	%		(0.11	)%
Portfolio turnover rate(f)		63	%		140	%		111	%		137	%		144	%		127	%

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

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	26.74		$	26.77		$	25.73		$	20.47		$	19.84		$	20.22
Net investment income(b)		0.04			0.16			0.13	(c)		0.11			0.17			0.02
Net realized and unrealized gain (loss)		(5.36	)		1.27			0.99			5.29			0.58			(0.40	)
Total from investment operations		(5.32	)		1.43			1.12			5.40			0.75			(0.38	)
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		(0.08	)		(0.14	)		(0.12	)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—			—
Total distributions		(0.15	)		(1.46	)		(0.08	)		(0.14	)		(0.12	)		—
Net asset value, end of period	$	21.27		$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Total Return(d)		(20.03	)%		6.05	%		4.35	%		26.45	%		3.81	%		(1.88	)%
Net assets, end of period (in 000’s)	$	113,951		$	153,129		$	173,112		$	337		$	35		$	10
Ratio of net expenses to average net assets		0.83	%(e)		0.84	%		0.83	%		0.83	%		0.83	%		0.86	%(e)
Ratio of total expenses to average net assets		0.90	%(e)		0.94	%		0.89	%		1.02	%		1.06	%		1.06	%(e)
Ratio of net investment income to average net assets		0.32	%(e)		0.63	%		0.45	%(c)		0.47	%		0.85	%		0.38	%(e)
Portfolio turnover rate(f)		63	%		140	%		111	%		137	%		144	%		127	%

(a) Commenced operations on July 31, 2015.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	35.08		$	37.25		$	36.71		$	28.34		$	31.15		$	31.17
Net investment loss(a)		(0.23	)		(0.12	)		(0.13	)(b)		(0.07	)		—	(c)		(0.10	)
Net realized and unrealized gain (loss)		(4.70	)		1.76			2.20			8.44			(0.12	)(d)		1.87
Total from investment operations		(4.93	)		1.64			2.07			8.37			(0.12	)		1.77
Distributions to shareholders from net investment income		—	(c)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Net asset value, end of period	$	29.66		$	35.08		$	37.25		$	36.71		$	28.34		$	31.15
Total Return(e)		(14.32	)%		5.65	%		5.87	%		29.53	%		(0.37	)%		5.95	%
Net assets, end of period (in 000’s)	$	49,974		$	84,557		$	88,316		$	77,969		$	65,195		$	43,647
Ratio of net expenses to average net assets		1.22	%(f)		1.24	%		1.22	%		1.22	%		1.25	%		1.26	%
Ratio of total expenses to average net assets		1.29	%(f)		1.32	%		1.32	%		1.40	%		1.51	%		1.60	%
Ratio of net investment loss to average net assets		(1.38	)%(f)		(0.36	)%		(0.35	)%(b)		(0.21	)%		—	%		(0.33	)%
Portfolio turnover rate(g)		60	%		140	%		127	%		136	%		139	%		145	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(c) Amount is less than $0.005 per share.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	26.16		$	28.98		$	29.12		$	22.64		$	25.61		$	26.12
Net investment loss(a)		(0.53	)		(0.28	)		(0.33	)(b)		(0.25	)		(0.16	)		(0.28	)
Net realized and unrealized gain (loss)		(3.21	)		1.27			1.72			6.73			(0.12	)(c)		1.56
Total from investment operations		(3.74	)		0.99			1.39			6.48			(0.28	)		1.28
Distributions to shareholders from net investment income		—	(d)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Net asset value, end of period	$	21.93		$	26.16		$	28.98		$	29.12		$	22.64		$	25.61
Total Return(e)		(14.66	)%		4.92	%		5.03	%		28.62	%		(1.14	)%		5.18	%
Net assets, end of period (in 000’s)	$	6,694		$	8,303		$	8,179		$	9,852		$	7,420		$	7,964
Ratio of net expenses to average net assets		1.98	%(f)		1.99	%		1.97	%		1.97	%		2.00	%		2.01	%
Ratio of total expenses to average net assets		2.04	%(f)		2.07	%		2.07	%		2.15	%		2.26	%		2.36	%
Ratio of net investment loss to average net assets		(4.32	)%(f)		(1.11	)%		(1.09	)%(b)		(0.95	)%		(0.74	)%		(1.06	)%
Portfolio turnover rate(g)		60	%		140	%		127	%		136	%		139	%		145	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(c) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	41.92		$	43.56		$	42.53		$	32.76		$	35.46		$	35.10
Net investment income(a)		0.01			0.01			0.02	(c)		0.05			0.13			0.02
Net realized and unrealized gain (loss)		(5.86	)		2.16			2.54			9.79			(0.14	)(d)		2.13
Total from investment operations		(5.85	)		2.17			2.56			9.84			(0.01	)		2.15
Distributions to shareholders from net investment income		—	(b)		—			—			(0.07	)		—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.07	)		(2.69	)		(1.79	)
Net asset value, end of period	$	35.58		$	41.92		$	43.56		$	42.53		$	32.76		$	35.46
Total Return(e)		(14.15	)%		6.08	%		6.26	%		30.04	%		0.01	%		6.39	%
Net assets, end of period (in 000’s)	$	275,910		$	349,348		$	307,032		$	265,199		$	91,248		$	64,023
Ratio of net expenses to average net assets		0.84	%(f)		0.85	%		0.84	%		0.85	%		0.85	%		0.86	%
Ratio of total expenses to average net assets		0.91	%(f)		0.93	%		0.93	%		1.01	%		1.11	%		1.20	%
Ratio of net investment income to average net assets		0.05	%(f)		0.02	%		0.03	%(c)		0.13	%		0.40	%		0.06	%
Portfolio turnover rate(g)		60	%		140	%		127	%		136	%		139	%		145	%

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

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	36.16		$	38.18		$	37.50		$	28.93		$	31.68		$	31.59
Net investment income (loss)(a)		(0.08	)		(0.04	)		(0.04	)(b)		—	(c)		0.01			(0.04	)
Net realized and unrealized gain (loss)		(4.97	)		1.83			2.25			8.63			(0.07	)(d)		1.92
Total from investment operations		(5.05	)		1.79			2.21			8.63			(0.06	)		1.88
Distributions to shareholders from net investment income		—	(c)		—			—			(0.06	)		—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.06	)		(2.69	)		(1.79	)
Net asset value, end of period	$	30.62		$	36.16		$	38.18		$	37.50		$	28.93		$	31.68
Total Return(e)		(14.23	)%		5.93	%		6.13	%		29.87	%		(0.15	)%		6.24	%
Net assets, end of period (in 000’s)	$	357,244		$	378,807		$	308,366		$	192,860		$	47,826		$	4,683
Ratio of net expenses to average net assets		0.97	%(f)		0.99	%		0.97	%		0.96	%		1.00	%		1.01	%
Ratio of total expenses to average net assets		1.04	%(f)		1.07	%		1.07	%		1.16	%		1.23	%		1.33	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(f)		(0.12	)%		(0.10	)%(b)		0.01	%		0.04	%		(0.12	)%
Portfolio turnover rate(g)		60	%		140	%		127	%		136	%		139	%		145	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(c) Amount is less than $0.005 per share.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	41.94		$	43.58		$	44.33
Net investment income(b)		0.02			0.01			0.03	(c)
Net realized and unrealized gain (loss)		(5.87	)		2.16			(0.78	)
Total from investment operations		(5.85	)		2.17			(0.75	)
Distributions to shareholders from net investment income		—	(d)		—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		—
Total distributions		(0.49	)		(3.81	)		—
Net asset value, end of period	$	35.60		$	41.94		$	43.58
Total Return(e)		(14.17	)%		6.08	%		(1.69	)%
Net assets, end of period (in 000’s)	$	9,049		$	12,534		$	10,878
Ratio of net expenses to average net assets		0.83	%(f)		0.84	%		0.83	%(f)
Ratio of total expenses to average net assets		0.90	%(f)		0.93	%		0.93	%(f)
Ratio of net investment income to average net assets		0.10	%(f)		0.02	%		0.12	%(c)(f)
Portfolio turnover rate(g)		60	%		140	%		127	%

(a) Commenced operations on April 16, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	33.58		$	35.90		$	35.53		$	27.49		$	30.37		$	30.51
Net investment loss(a)		(0.39	)		(0.20	)		(0.22	)(b)		(0.16	)		(0.06	)		(0.18	)
Net realized and unrealized gain (loss)		(4.37	)		1.69			2.12			8.20			(0.13	)(c)		1.83
Total from investment operations		(4.76	)		1.49			1.90			8.04			(0.19	)		1.65
Distributions to shareholders from net investment income		—	(d)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)
Total distributions		(0.49	)		(3.81	)		—			—			—			—
Net asset value, end of period	$	28.33		$	33.58		$	35.90		$	35.53		$	27.49		$	30.37
Total Return(e)		(14.46	)%		5.42	%		5.58	%		29.25	%		(0.63	)%		5.67	%
Net assets, end of period (in 000’s)	$	7,670		$	19,707		$	19,998		$	12,113		$	3,689		$	2,299
Ratio of net expenses to average net assets		1.47	%(f)		1.49	%		1.47	%		1.46	%		1.50	%		1.51	%
Ratio of total expenses to average net assets		1.54	%(f)		1.57	%		1.57	%		1.66	%		1.76	%		1.85	%
Ratio of net investment loss to average net assets		(2.42	)%(f)		(0.61	)%		(0.59	)%(b)		(0.50	)%		(0.21	)%		(0.60	)%
Portfolio turnover rate(g)		60	%		140	%		127	%		136	%		139	%		145	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(c) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	41.95		$	43.58		$	42.54		$	32.78		$	35.46		$	36.95
Net investment income (loss)(b)		0.01			—			0.02	(d)		0.04			0.13			(0.01	)
Net realized and unrealized gain (loss)		(5.87	)		2.18			2.55			9.80			(0.12	)(e)		(1.48	)
Total from investment operations		(5.86	)		2.18			2.57			9.84			0.01			(1.49	)
Distributions to shareholders from net investment income		—	(c)		—			—			(0.08	)		—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)		—
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.08	)		(2.69	)		—
Net asset value, end of period	$	35.60		$	41.95		$	43.58		$	42.54		$	32.78		$	35.46
Total Return(f)		(14.15	)%		6.08	%		6.25	%		30.05	%		0.07	%		(4.03	)%
Net assets, end of period (in 000’s)	$	266,967		$	307,820		$	118,729		$	42,042		$	6,667		$	10
Ratio of net expenses to average net assets		0.83	%(g)		0.84	%		0.83	%		0.83	%		0.83	%		0.85	%(g)
Ratio of total expenses to average net assets		0.90	%(g)		0.93	%		0.92	%		1.00	%		1.06	%		1.16	%(g)
Ratio of net investment income (loss) to average net assets		0.07	%(g)		(0.01	)%		0.04	%(d)		0.09	%		0.40	%		(0.07	)%(g)
Portfolio turnover rate(h)		60	%		140	%		127	%		136	%		139	%		145	%

(a) Commenced operations on July 31, 2015.

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

(c) Amount is less than $0.005 per share.

(d) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(e) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(f) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(g) Annualized.

(h) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	39.69		$	42.30		$	46.29		$	38.86		$	38.37		$	38.89
Net investment income(a)		0.12			0.25			0.20			0.23	(b)		0.28			0.30
Net realized and unrealized gain (loss)		(9.90	)		1.17			0.70			9.04			2.55			(0.09	)
Total from investment operations		(9.78	)		1.42			0.90			9.27			2.83			0.21
Distributions to shareholders from net investment income		(0.25	)		(0.19	)		(0.17	)		(0.25	)		(0.29	)		(0.14	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)
Total distributions		(0.25	)		(4.03	)		(4.89	)		(1.84	)		(2.34	)		(0.73	)
Net asset value, end of period	$	29.66		$	39.69		$	42.30		$	46.29		$	38.86		$	38.37
Total Return(c)		(24.82	)%		4.40	%		2.08	%		23.98	%		7.99	%		0.53	%
Net assets, end of period (in 000’s)	$	94,427		$	132,886		$	112,219		$	102,127		$	91,210		$	93,151
Ratio of net expenses to average net assets		1.22	%(d)		1.25	%		1.23	%		1.24	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.31	%(d)		1.39	%		1.40	%		1.49	%		1.54	%		1.52	%
Ratio of net investment income to average net assets		0.65	%(d)		0.67	%		0.44	%		0.53	%(b)		0.78	%		0.76	%
Portfolio turnover rate(e)		65	%		142	%		130	%		138	%		129	%		133	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	27.24		$	30.35		$	34.65		$	29.53		$	29.75		$	30.40
Net investment income (loss)(a)		0.01			(0.02	)		(0.10	)		(0.07	)(b)		0.01			—
Net realized and unrealized gain (loss)		(6.82	)		0.75			0.52			6.85			1.92			(0.06	)
Total from investment operations		(6.81	)		0.73			0.42			6.78			1.93			(0.06	)
Distributions to shareholders from net investment income		(0.11	)		—			—			(0.07	)		(0.10	)		—
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)
Total distributions		(0.11	)		(3.84	)		(4.72	)		(1.66	)		(2.15	)		(0.59	)
Net asset value, end of period	$	20.32		$	27.24		$	30.35		$	34.65		$	29.53		$	29.75
Total Return(c)		(25.11	)%		3.67	%		1.31	%		23.09	%		7.15	%		(0.21	)%
Net assets, end of period (in 000’s)	$	5,468		$	7,961		$	6,903		$	17,037		$	15,224		$	16,416
Ratio of net expenses to average net assets		1.97	%(d)		2.00	%		1.98	%		1.99	%		2.00	%		2.00	%
Ratio of total expenses to average net assets		2.06	%(d)		2.14	%		2.14	%		2.24	%		2.29	%		2.27	%
Ratio of net investment income (loss) to average net assets		0.10	%(d)		(0.07	)%		(0.31	)%		(0.22	)%(b)		0.03	%		0.01	%
Portfolio turnover rate(e)		65	%		142	%		130	%		138	%		129	%		133	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	53.74		$	55.71		$	59.38		$	49.35		$	48.06		$	48.49
Net investment income(a)		0.23			0.47			0.48			0.50	(b)		0.55			0.55
Net realized and unrealized gain (loss)		(13.38	)		1.73			0.90			11.53			3.23			(0.10	)
Total from investment operations		(13.15	)		2.20			1.38			12.03			3.78			0.45
Distributions to shareholders from net investment income		(0.40	)		(0.33	)		(0.33	)		(0.41	)		(0.44	)		(0.29	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)
Total distributions		(0.40	)		(4.17	)		(5.05	)		(2.00	)		(2.49	)		(0.88	)
Net asset value, end of period	$	40.19		$	53.74		$	55.71		$	59.38		$	49.35		$	48.06
Total Return(c)		(24.68	)%		4.81	%		2.47	%		24.49	%		8.41	%		0.93	%
Net assets, end of period (in 000’s)	$	153,561		$	192,820		$	60,516		$	56,191		$	21,717		$	21,036
Ratio of net expenses to average net assets		0.84	%(d)		0.87	%		0.84	%		0.84	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.93	%(d)		1.02	%		1.00	%		1.09	%		1.14	%		1.12	%
Ratio of net investment income to average net assets		0.93	%(d)		0.96	%		0.82	%		0.90	%(b)		1.19	%		1.13	%
Portfolio turnover rate(e)		65	%		142	%		130	%		138	%		129	%		133	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	39.53		$	42.18		$	46.17		$	38.78		$	38.31		$	38.84
Net investment income(a)		0.12			0.30			0.31			0.31	(b)		0.37			0.39
Net realized and unrealized gain (loss)		(9.80	)		1.20			0.69			9.05			2.54			(0.10	)
Total from investment operations		(9.68	)		1.50			1.00			9.36			2.91			0.29
Distributions to shareholders from net investment income		(0.37	)		(0.31	)		(0.27	)		(0.38	)		(0.39	)		(0.23	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)
Total distributions		(0.37	)		(4.15	)		(4.99	)		(1.97	)		(2.44	)		(0.82	)
Net asset value, end of period	$	29.48		$	39.53		$	42.18		$	46.17		$	38.78		$	38.31
Total Return(c)		(24.76	)%		4.69	%		2.33	%		24.30	%		8.26	%		0.76	%
Net assets, end of period (in 000’s)	$	230,244		$	59,800		$	18,257		$	5,695		$	1,925		$	1,774
Ratio of net expenses to average net assets		0.97	%(d)		1.01	%		0.98	%		0.99	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.06	%(d)		1.15	%		1.17	%		1.24	%		1.29	%		1.27	%
Ratio of net investment income to average net assets		0.72	%(d)		0.83	%		0.70	%		0.72	%(b)		1.02	%		1.00	%
Portfolio turnover rate(e)		65	%		142	%		130	%		138	%		129	%		133	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	53.72		$	55.70		$	57.05
Net investment income(b)		0.23			0.54			0.30
Net realized and unrealized gain (loss)		(13.38	)		1.66			(1.65	)
Total from investment operations		(13.15	)		2.20			(1.35	)
Distributions to shareholders from net investment income		(0.40	)		(0.34	)		—
Distributions to shareholders from net realized gains		—			(3.84	)		—
Total distributions		(0.40	)		(4.18	)		—
Net asset value, end of period	$	40.17		$	53.72		$	55.70
Total Return(c)		(24.69	)%		4.82	%		(2.37	)%
Net assets, end of period (in 000’s)	$	29,909		$	47,977		$	42,165
Ratio of net expenses to average net assets		0.83	%(d)		0.85	%		0.83	%(d)
Ratio of total expenses to average net assets		0.92	%(d)		0.99	%		1.06	%(d)
Ratio of net investment income to average net assets		0.95	%(d)		1.07	%		0.93	%(d)
Portfolio turnover rate(e)		65	%		142	%		130	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	38.96		$	41.63		$	45.57		$	38.32		$	37.99		$	38.50
Net investment income(a)		0.08			0.08			0.09			0.14	(b)		0.20			0.14
Net realized and unrealized gain (loss)		(9.71	)		1.22			0.69			8.89			2.50			(0.04	)
Total from investment operations		(9.63	)		1.30			0.78			9.03			2.70			0.10
Distributions to shareholders from net investment income		(0.29	)		(0.13	)		—			(0.19	)		(0.32	)		(0.02	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)
Total distributions		(0.29	)		(3.97	)		(4.72	)		(1.78	)		(2.37	)		(0.61	)
Net asset value, end of period	$	29.04		$	38.96		$	41.63		$	45.57		$	38.32		$	37.99
Total Return(c)		(24.94	)%		4.14	%		1.83	%		23.67	%		7.72	%		0.27	%
Net assets, end of period (in 000’s)	$	6,878		$	8,514		$	2,320		$	1,621		$	5,762		$	4,992
Ratio of net expenses to average net assets		1.47	%(d)		1.53	%		1.48	%		1.49	%		1.50	%		1.51	%
Ratio of total expenses to average net assets		1.56	%(d)		1.69	%		1.66	%		1.73	%		1.79	%		1.77	%
Ratio of net investment income to average net assets		0.47	%(d)		0.23	%		0.20	%		0.33	%(b)		0.55	%		0.36	%
Portfolio turnover rate(e)		65	%		142	%		130	%		138	%		129	%		133	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	53.73		$	55.71		$	59.38		$	49.35		$	48.07		$	48.87
Net investment income(b)		0.22			0.45			0.50			0.46	(c)		0.55			0.10
Net realized and unrealized gain (loss)		(13.37	)		1.75			0.90			11.56			3.23			(0.90	)
Total from investment operations		(13.15	)		2.20			1.40			12.02			3.78			(0.80	)
Distributions to shareholders from net investment income		(0.40	)		(0.34	)		(0.35	)		(0.40	)		(0.45	)		—
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)		—
Total distributions		(0.40	)		(4.18	)		(5.07	)		(1.99	)		(2.50	)		—
Net asset value, end of period	$	40.18		$	53.73		$	55.71		$	59.38		$	49.35		$	48.07
Total Return(d)		(24.68	)%		4.83	%		2.49	%		24.49	%		8.41	%		(1.64	)%
Net assets, end of period (in 000’s)	$	136,290		$	118,331		$	22,460		$	4,542		$	11		$	10
Ratio of net expenses to average net assets		0.83	%(e)		0.86	%		0.83	%		0.83	%		0.84	%		0.83	%(e)
Ratio of total expenses to average net assets		0.92	%(e)		1.00	%		1.02	%		1.11	%		1.14	%		1.09	%(e)
Ratio of net investment income to average net assets		0.94	%(e)		0.91	%		0.85	%		0.83	%(c)		1.18	%		0.83	%(e)
Portfolio turnover rate(f)		65	%		142	%		130	%		138	%		129	%		133	%

(a) Commenced operations on July 31, 2015.

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

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	49.48		$	47.72		$	49.73		$	40.76		$	41.46		$	40.20
Net investment income(a)		0.20			0.44			0.36			0.49			0.38			0.43
Net realized and unrealized gain (loss)		(1.72	)		3.14			2.46			10.17			0.49			1.12
Total from investment operations		(1.52	)		3.58			2.82			10.66			0.87			1.55
Distributions to shareholders from net investment income		(0.71	)		(0.17	)		(0.45	)		(0.31	)		(0.38	)		(0.29	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.71	)		(1.82	)		(4.83	)		(1.69	)		(1.57	)		(0.29	)
Net asset value, end of period	$	47.25		$	49.48		$	47.72		$	49.73		$	40.76		$	41.46
Total Return(b)		(3.20	)%		7.98	%		5.93	%		26.89	%		2.25	%		3.86	%
Net assets, end of period (in 000’s)	$	269,242		$	299,440		$	301,934		$	278,516		$	251,466		$	272,738
Ratio of net expenses to average net assets		0.94	%(c)		0.94	%		0.95	%		0.96	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		1.00	%(c)		1.01	%		1.00	%		1.14	%		1.18	%		1.17	%
Ratio of net investment income to average net assets		0.80	%(c)		0.93	%		0.73	%		1.08	%		0.96	%		1.04	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	44.04		$	42.80		$	45.08		$	37.10		$	37.88		$	36.78
Net investment income(a)		0.01			0.08			0.01			0.13			0.08			0.11
Net realized and unrealized gain (loss)		(1.53	)		2.81			2.22			9.25			0.44			1.03
Total from investment operations		(1.52	)		2.89			2.23			9.38			0.52			1.14
Distributions to shareholders from net investment income		(0.40	)		—			(0.13	)		(0.02	)		(0.11	)		(0.04	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.40	)		(1.65	)		(4.51	)		(1.40	)		(1.30	)		(0.04	)
Net asset value, end of period	$	42.12		$	44.04		$	42.80		$	45.08		$	37.10		$	37.88
Total Return(b)		(3.53	)%		7.20	%		5.15	%		25.93	%		1.48	%		3.09	%
Net assets, end of period (in 000’s)	$	14,410		$	15,854		$	14,277		$	28,756		$	31,377		$	37,811
Ratio of net expenses to average net assets		1.69	%(c)		1.69	%		1.70	%		1.71	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.75	%(c)		1.76	%		1.75	%		1.89	%		1.93	%		1.92	%
Ratio of net investment income to average net assets		0.07	%(c)		0.18	%		0.01	%		0.31	%		0.21	%		0.28	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	51.16		$	49.30		$	51.21		$	41.92		$	42.60		$	41.29
Net investment income(a)		0.30			0.72			0.54			0.70			0.54			0.60
Net realized and unrealized gain (loss)		(1.77	)		3.14			2.56			10.45			0.52			1.16
Total from investment operations		(1.47	)		3.86			3.10			11.15			1.06			1.76
Distributions to shareholders from net investment income		(0.88	)		(0.35	)		(0.63	)		(0.48	)		(0.55	)		(0.45	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.88	)		(2.00	)		(5.01	)		(1.86	)		(1.74	)		(0.45	)
Net asset value, end of period	$	48.81		$	51.16		$	49.30		$	51.21		$	41.92		$	42.60
Total Return(b)		(2.99	)%		8.39	%		6.34	%		27.40	%		2.66	%		4.27	%
Net assets, end of period (in 000’s)	$	239,944		$	295,408		$	842,673		$	249,034		$	177,412		$	121,863
Ratio of net expenses to average net assets		0.56	%(c)		0.55	%		0.55	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.62	%(c)		0.60	%		0.62	%		0.74	%		0.78	%		0.77	%
Ratio of net investment income to average net assets		1.17	%(c)		1.40	%		1.07	%		1.50	%		1.33	%		1.42	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	49.19		$	47.41		$	49.47		$	40.60		$	41.37		$	40.12
Net investment income(a)		0.16			0.38			0.30			0.43			0.33			0.36
Net realized and unrealized gain (loss)		(1.71	)		3.13			2.45			10.14			0.50			1.15
Total from investment operations		(1.55	)		3.51			2.75			10.57			0.83			1.51
Distributions to shareholders from net investment income		(0.67	)		(0.08	)		(0.43	)		(0.32	)		(0.41	)		(0.26	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.67	)		(1.73	)		(4.81	)		(1.70	)		(1.60	)		(0.26	)
Net asset value, end of period	$	46.97		$	49.19		$	47.41		$	49.47		$	40.60		$	41.37
Total Return(b)		(3.25	)%		7.86	%		5.81	%		26.76	%		2.15	%		3.75	%
Net assets, end of period (in 000’s)	$	5,163		$	6,700		$	5,925		$	6,739		$	5,473		$	3,344
Ratio of net expenses to average net assets		1.06	%(c)		1.05	%		1.06	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.12	%(c)		1.13	%		1.11	%		1.24	%		1.28	%		1.27	%
Ratio of net investment income to average net assets		0.67	%(c)		0.81	%		0.61	%		0.96	%		0.83	%		0.86	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	48.84		$	47.17		$	49.22		$	40.39		$	41.13		$	39.89
Net investment income(a)		0.25			0.54			0.46			0.61			0.45			0.51
Net realized and unrealized gain (loss)		(1.69	)		3.09			2.45			10.05			0.50			1.13
Total from investment operations		(1.44	)		3.63			2.91			10.66			0.95			1.64
Distributions to shareholders from net investment income		(0.83	)		(0.31	)		(0.58	)		(0.45	)		(0.50	)		(0.40	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.83	)		(1.96	)		(4.96	)		(1.83	)		(1.69	)		(0.40	)
Net asset value, end of period	$	46.57		$	48.84		$	47.17		$	49.22		$	40.39		$	41.13
Total Return(b)		(3.06	)%		8.25	%		6.20	%		27.21	%		2.48	%		4.12	%
Net assets, end of period (in 000’s)	$	83,066		$	116,633		$	103,230		$	43,290		$	18,322		$	4,615
Ratio of net expenses to average net assets		0.69	%(c)		0.69	%		0.70	%		0.71	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.75	%(c)		0.76	%		0.76	%		0.89	%		0.93	%		0.92	%
Ratio of net investment income to average net assets		1.05	%(c)		1.17	%		0.95	%		1.36	%		1.13	%		1.24	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	51.14		$	49.28		$	49.09
Net investment income(b)		0.30			0.65			0.26
Net realized and unrealized gain (loss)		(1.76	)		3.21			(0.07	)
Total from investment operations		(1.46	)		3.86			0.19
Distributions to shareholders from net investment income		(0.91	)		(0.35	)		—
Distributions to shareholders from net realized gains		—			(1.65	)		—
Total distributions		(0.91	)		(2.00	)		—
Net asset value, end of period	$	48.77		$	51.14		$	49.28
Total Return(c)		(3.00	)%		8.40	%		0.39	%
Net assets, end of period (in 000’s)	$	210,355		$	225,899		$	203,525
Ratio of net expenses to average net assets		0.55	%(d)		0.54	%		0.54	%(d)
Ratio of total expenses to average net assets		0.61	%(d)		0.62	%		0.62	%(d)
Ratio of net investment income to average net assets		1.18	%(d)		1.33	%		0.93	%(d)
Portfolio turnover rate(e)		105	%		199	%		168	%

(a) Commenced operations on April 16, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	48.47		$	46.74		$	48.89		$	40.12		$	40.91		$	39.80
Net investment income(a)		0.13			0.32			0.23			0.37			0.27			0.26
Net realized and unrealized gain (loss)		(1.69	)		3.08			2.42			10.01			0.49			1.18
Total from investment operations		(1.56	)		3.40			2.65			10.38			0.76			1.44
Distributions to shareholders from net investment income		(0.57	)		(0.02	)		(0.42	)		(0.23	)		(0.36	)		(0.33	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.57	)		(1.67	)		(4.80	)		(1.61	)		(1.55	)		(0.33	)
Net asset value, end of period	$	46.34		$	48.47		$	46.74		$	48.89		$	40.12		$	40.91
Total Return(b)		(3.30	)%		7.72	%		5.65	%		26.58	%		1.99	%		3.58	%
Net assets, end of period (in 000’s)	$	37,859		$	44,555		$	49,993		$	51,263		$	30,341		$	27,685
Ratio of net expenses to average net assets		1.19	%(c)		1.19	%		1.20	%		1.21	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.25	%(c)		1.26	%		1.25	%		1.39	%		1.43	%		1.42	%
Ratio of net investment income to average net assets		0.56	%(c)		0.69	%		0.48	%		0.84	%		0.70	%		0.64	%
Portfolio turnover rate(d)		105	%		199	%		168	%		193	%		213	%		224	%

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	51.13		$	49.27		$	51.19		$	41.91		$	42.60		$	43.19
Net investment income(b)		0.30			0.76			0.42			0.82			0.56			0.14
Net realized and unrealized gain (loss)		(1.76	)		3.10			2.68			10.33			0.50			(0.73	)
Total from investment operations		(1.46	)		3.86			3.10			11.15			1.06			(0.59	)
Distributions to shareholders from net investment income		(0.90	)		(0.35	)		(0.64	)		(0.49	)		(0.56	)		—
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)		—
Total distributions		(0.90	)		(2.00	)		(5.02	)		(1.87	)		(1.75	)		—
Net asset value, end of period	$	48.77		$	51.13		$	49.27		$	51.19		$	41.91		$	42.60
Total Return(c)		(3.01	)%		8.38	%		6.37	%		27.41	%		2.66	%		(1.37	)%
Net assets, end of period (in 000’s)	$	6,689		$	12,068		$	31,916		$	2,557		$	60		$	10
Ratio of net expenses to average net assets		0.55	%(d)		0.54	%		0.54	%		0.55	%		0.55	%		0.55	%(d)
Ratio of total expenses to average net assets		0.61	%(d)		0.59	%		0.63	%		0.71	%		0.77	%		0.74	%(d)
Ratio of net investment income to average net assets		1.19	%(d)		1.49	%		0.82	%		1.70	%		1.36	%		1.37	%(d)
Portfolio turnover rate(e)		105	%		199	%		168	%		193	%		213	%		224	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

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
Large Cap Growth Insights	A, C, Institutional, Service, Investor, P, R and R6	Non-diversified
Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

98

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Pain
Large Cap Value Insights	Quarterly	Annually
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

99

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2020:

LARGE CAP GROWTH INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,721,320	$	—	$	—
Europe		5,797,367		—		—
North America		1,650,155,970		—		—
Securities Lending Reinvestment Vehicle		424,340		—		—
Total	$	1,659,098,997	$	—	$	—
LARGE CAP VALUE INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	3,862,737	$	—	$	—
North America		339,653,009		—		—
South America		86,874		—		—
Securities Lending Reinvestment Vehicle		119,900		—		—
Total	$	343,722,520	$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	396,831	$	—	$	—
Europe		4,374,713		—		—
North America		547,303,533		—		—
South America		2,113,378		—		—
Securities Lending Reinvestment Vehicle		4,716,670		—		—
Total	$	558,905,125	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

(b) Amount shown represents unrealized gain (loss) at period end.

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP EQUITY INSIGHTS (continued)
Derivative Type	Level 1		Level 2		Level 3
Liabilities(b)
Futures Contracts	$	81,677	$	—	$	—
SMALL CAP GROWTH INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,260,569	$	—	$	—
Europe		4,494,015		—		—
North America		953,373,247		—		—
North America		1,654,413		—		—
Securities Lending Reinvestment Vehicle		7,572,066		—		—
Total	$	969,354,310	$	—	$
Derivative Type
Liabilities(b)
Futures Contracts	$	874,071	$	—	$	—
SMALL CAP VALUE INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	614,323	$	—	$	—
Europe		6,489,167		—		—
North America		627,769,537		—		—
South America		4,573,521		—		—
Investment Company		7,789,206		—		—
Securities Lending Reinvestment Vehicle		13,122,270		—		—
Total	$	660,358,024	$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	1,114,187	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

(b) Amount shown represents unrealized gain (loss) at period end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	150,759	$	—	$	—
Europe		9,841,498
North America		845,163,996		—		—
South America		204,664		—		—
Total	$	855,360,917	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets(a)
Equity	Small Cap Equity Insights		Variation Margin on Futures Contracts	$	81,677
Equity	Small Cap Growth Insights		Variation Margin on Futures Contracts		874,071
Equity	Small Cap Value Insights		Variation Margin on Futures Contracts		1,114,187

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts		Average Number of Contracts(a)
Equity	Large Cap Growth Insights	$	(195,658	)	$	—		1
Equity	Large Cap Value Insights		309,441			—		5
Equity	Small Cap Equity Insights		(2,707,251	)		222,789		103
Equity	Small Cap Growth Insights		3,386,152			1,108,929		175
Equity	Small Cap Value Insights		(3,832,513	)		705,986		186
Equity	U.S. Equity Insights		255,674			—		19

(a) Average number of contracts is based on the month end balances for the six months ended April 30, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Large Cap Growth Insights		0.52	%		0.47	%		0.44	%		0.44	%		0.43	%		0.50	%		0.50	%
Large Cap Value Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52
Small Cap Equity Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Growth Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Value Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Equity Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Government Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

in the Underlying Fund. For the six months ended April 30, 2020, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	269
Large Cap Value Insights		146
Small Cap Equity Insights		4,771
Small Cap Growth Insights		3,925
Small Cap Value Insights		8,399
U.S. Equity Insights		663

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service Shares
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended April 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	12,257	$	72
Large Cap Value Insights		2,858		268
Small Cap Equity Insights		2,562		169
Small Cap Growth Insights		2,706		32
Small Cap Value Insights		3,797		11
U.S. Equity Insights		6,699		379

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 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 transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	269	$	293,160	$	293,429
Large Cap Value Insights		146		198,657		198,803
Small Cap Equity Insights		4,771		230,360		235,131
Small Cap Growth Insights		3,925		363,425		367,350
Small Cap Value Insights		8,399		247,042		255,441
U.S. Equity Insights		663		281,055		281,718

G.  Line of Credit Facility — As of April 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 six months ended April 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000

H.  Other Transactions with Affiliates — As of April 30, 2020, the following Goldman Sachs Dynamic Global Equity Fund and Goldman Sachs Enhanced Dividend Global Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Dynamic Global Equity			Goldman Sachs Enhanced Dividend Global Equity
Large Cap Value Insights		12	%		—	%
Small Cap Equity Insights		—			6

The following table provides information about the Funds’ investments in the Underlying Fund as of and for the six months ended April 30, 2020:

Fund	Market Value as of October 31, 2019		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2020		Shares as of April 30, 2020		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	—	$	61,417,899	$	(61,417,899)		$	—		—	$	763
Large Cap Value Insights		—		3,435,987		(3,435,987	)		—		—		1,521
Small Cap Equity Insights		7,203,961		50,258,015		(57,461,976	)		—		—		41,656
Small Cap Growth Insights		10,845,477		53,355,938		(64,201,415	)		—		—		31,915
Small Cap Value Insights		10,633,890		160,592,923		(163,437,607	)		7,789,206		7,789,206		69,867
U.S. Equity Insights		—		32,747,745		(32,747,745	)		—		—		7,969

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2020 were as follows:

Fund	Purchases		Sales and Maturities
Large Cap Growth Insights	$	1,911,324,972	$	2,238,678,426
Large Cap Value Insights		382,877,514		423,580,824
Small Cap Equity Insights		412,113,453		399,737,625
Small Cap Growth Insights		646,284,777		654,099,018
Small Cap Value Insights		608,285,594		367,292,831
U.S. Equity Insights		988,937,019		1,106,052,945

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a

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7. SECURITIES LENDING (continued)

borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The U.S. Equity Insights Fund did not have securities on loan as of April 30, 2020.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended April 30, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	6,740	$	11,795	$	—
Large Cap Value Insights		152		—		—
Small Cap Equity Insights		4,685		1,823		500,575
Small Cap Growth Insights		6,460		1,728		237,925
Small Cap Value Insights		3,620		1,983		1,055,600
U.S. Equity Insights		512		—		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2020.

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2020
Large Cap Growth Insights	$	—	$	45,383,988	$	(44,959,648	)	$	424,340
Large Cap Value Insights		—		7,157,209		(7,037,309	)		119,900
Small Cap Equity Insights		1,732,225		18,231,923		(15,247,478	)		4,716,670
Small Cap Growth Insights		—		45,279,943		(37,707,877	)		7,572,066
Small Cap Value Insights		2,300,481		22,956,649		(12,134,860	)		13,122,270
U.S. Equity Insights		—		23,080,625		(23,080,625	)		—

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2019, the Funds’ timing differences on a tax basis were as follows:
	Large Cap Growth Insights		Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Capital loss carryforwards: Perpetual Short-Term	$	—	$	(4,163,332	)	$	(7,643,446	)	$	—		$	(2,035,337	)	$	(8,201,432	)
Timing differences (Qualified Late Year Loss Deferral)	$	—	$	—		$	—		$	(801,682	)	$	—		$	—

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	1,219,530,457		$	361,916,320		$	631,996,704		$	1,018,290,731		$	740,919,003		$	730,145,608
Gross unrealized gain		479,949,200			21,728,916			39,797,208			101,854,408			36,075,614			166,020,291
Gross unrealized loss		(40,380,660	)		(39,922,716	)		(112,888,787	)		(150,790,829	)		(116,636,593	)		(40,804,982	)
Net unrealized gain (loss)	$	439,568,540		$	(18,193,800	)	$	(73,091,579	)	$	(48,936,421	)	$	(80,560,979	)	$	125,215,309

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs.

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9. OTHER RISKS (continued)

In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

10. 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.

11. 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.

111

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		829,921		$	25,249,110			2,578,365		$	76,171,953
Reinvestment of distributions		290,606			9,214,122			839,624			22,972,444
Shares redeemed		(2,164,371	)		(66,917,142	)		(4,081,406	)		(121,582,504	)
		(1,043,844	)		(32,453,910	)		(663,418	)		(22,438,107	)
Class C Shares
Shares sold		92,861			2,482,266			353,072			8,870,934
Reinvestment of distributions		55,088			1,529,789			171,082			4,147,030
Shares redeemed		(293,752	)		(7,852,899	)		(1,030,728	)		(26,741,128	)
		(145,803	)		(3,840,844	)		(506,574	)		(13,723,163	)
Institutional Shares
Shares sold		3,225,883			102,307,261			8,260,634			249,994,999
Reinvestment of distributions		774,752			25,568,185			2,021,752			57,355,849
Shares redeemed		(7,246,751	)		(226,984,049	)		(12,141,151	)		(372,578,159	)
		(3,246,116	)		(99,108,603	)		(1,858,765	)		(65,227,311	)
Service Shares
Shares sold		118,235			3,695,163			706,347			19,913,545
Reinvestment of distributions		47,340			1,474,770			158,528			4,265,165
Shares redeemed		(573,032	)		(17,367,485	)		(986,078	)		(28,691,006	)
		(407,457	)		(12,197,552	)		(121,203	)		(4,512,296	)
Investor Shares
Shares sold		1,141,233			33,569,535			4,093,644			116,918,081
Reinvestment of distributions		531,837			16,642,893			1,328,599			35,834,532
Shares redeemed		(4,410,225	)		(133,249,970	)		(6,065,761	)		(177,715,416	)
		(2,737,155	)		(83,037,542	)		(643,518	)		(24,962,804	)
Class P Shares
Shares sold		238,367			7,092,887			457,690			13,187,898
Reinvestment of distributions		62,937			2,075,071			117,890			3,340,204
Shares redeemed		(232,859	)		(6,975,234	)		(318,316	)		(9,349,058	)
		68,445			2,192,724			257,264			7,179,044
Class R Shares
Shares sold		147,906			4,426,053			778,072			23,164,660
Reinvestment of distributions		27,541			849,696			24,918			665,049
Shares redeemed		(419,654	)		(12,808,084	)		(538,455	)		(15,874,791	)
		(244,207	)		(7,532,335	)		264,535			7,954,918
Class R6 Shares
Shares sold		1,689,118			54,731,456			5,501,572			166,533,446
Reinvestment of distributions		375,798			12,394,764			1,076,243			30,512,669
Shares redeemed		(2,436,119	)		(76,581,735	)		(7,710,537	)		(238,369,630	)
		(371,203	)		(9,455,515	)		(1,132,722	)		(41,323,515	)
NET DECREASE		(8,127,340	)	$	(245,433,577	)		(4,404,401	)	$	(157,053,234	)

112

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		264,681		$	5,113,725			1,078,518		$	21,990,269
Reinvestment of distributions		19,994			381,849			183,901			3,664,611
Shares redeemed		(525,897	)		(10,234,835	)		(1,068,564	)		(21,978,819	)
		(241,222	)		(4,739,261	)		193,855			3,676,061
Class C Shares
Shares sold		74,687			1,435,646			349,251			6,992,702
Reinvestment of distributions		1,795			33,846			30,361			597,860
Shares redeemed		(119,890	)		(2,267,217	)		(247,041	)		(5,052,720	)
		(43,408	)		(797,725	)		132,572			2,537,842
Institutional Shares
Shares sold		876,932			17,626,728			5,286,811			107,719,818
Reinvestment of distributions		49,335			944,690			351,295			7,006,599
Shares redeemed		(1,471,840	)		(29,065,698	)		(5,653,570	)		(114,141,291	)
		(545,573	)		(10,494,280	)		(15,465	)		585,125
Service Shares
Shares sold		37,889			756,395			79,120			1,644,632
Reinvestment of distributions		2,251			43,388			29,623			591,853
Shares redeemed		(77,045	)		(1,577,789	)		(225,687	)		(4,695,199	)
		(36,905	)		(778,006	)		(116,944	)		(2,458,714	)
Investor Shares
Shares sold		802,418			16,003,013			3,812,155			78,553,524
Reinvestment of distributions		52,932			1,011,484			326,191			6,496,411
Shares redeemed		(2,125,819	)		(42,281,842	)		(1,755,954	)		(35,924,975	)
		(1,270,469	)		(25,267,345	)		2,382,392			49,124,961
Class P Shares
Shares sold		306,846			5,164,429			798,187			15,252,281
Reinvestment of distributions		16,185			307,857			99,454			1,984,309
Shares redeemed		(348,488	)		(6,192,029	)		(612,512	)		(12,240,790	)
		(25,457	)		(719,743	)		285,129			4,995,800
Class R Shares
Shares sold		30,998			567,200			50,087			1,018,472
Reinvestment of distributions		1,608			30,313			17,212			340,328
Shares redeemed		(26,187	)		(475,402	)		(85,121	)		(1,731,114	)
		6,419			122,111			(17,823	)		(372,314	)
Class R6 Shares
Shares sold		207,706			4,066,876			3,956,938			80,014,855
Reinvestment of distributions		32,410			617,471			492,877			9,780,671
Shares redeemed		(253,175	)		(5,301,531	)		(7,888,267	)		(162,215,118	)
		(13,059	)		(617,184	)		(3,438,452	)		(72,419,592	)
NET DECREASE		(2,169,674	)	$	(43,291,433	)		(594,736	)	$	(14,330,831	)

113

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		176,250		$	4,057,475			568,989		$	13,714,527
Reinvestment of distributions		3,912			104,831			125,799			2,866,956
Shares redeemed		(407,698	)		(8,623,217	)		(761,577	)		(18,374,675	)
		(227,536	)		(4,460,911	)		(66,789	)		(1,793,192	)
Class C Shares
Shares sold		49,029			1,006,719			177,041			3,568,562
Reinvestment of distributions		–			–			23,381			455,454
Shares redeemed		(77,542	)		(1,473,567	)		(163,618	)		(3,359,695	)
		(28,513	)		(466,848	)		36,803			664,321
Institutional Shares
Shares sold		2,139,629			49,149,326			5,235,766			131,485,651
Reinvestment of distributions		57,789			1,611,728			476,089			11,287,686
Shares redeemed		(1,776,481	)		(40,952,240	)		(2,771,991	)		(69,865,556	)
		420,937			9,808,814			2,939,864			72,907,780
Service Shares
Shares sold		33,623			696,452			91,926			2,205,781
Reinvestment of distributions		109			2,866			4,673			104,730
Shares redeemed		(27,722	)		(655,373	)		(51,949	)		(1,230,710	)
		6,010			43,945			44,650			1,079,801
Investor Shares
Shares sold		1,301,709			28,996,515			2,111,112			51,466,887
Reinvestment of distributions		14,081			374,689			107,128			2,425,323
Shares redeemed		(1,300,161	)		(25,568,946	)		(1,037,135	)		(25,425,896	)
		15,629			3,802,258			1,181,105			28,466,314
Class P Shares
Shares sold		1,629,060			30,769,013			2,896,062			66,645,917
Reinvestment of distributions		21,405			596,984			138,422			3,278,915
Shares redeemed		(1,807,840	)		(35,879,274	)		(1,565,207	)		(38,912,996	)
		(157,375	)		(4,513,277	)		1,469,277			31,011,836
Class R Shares
Shares sold		101,332			2,225,575			271,701			6,483,888
Reinvestment of distributions		–			–			33,918			755,025
Shares redeemed		(119,349	)		(2,834,400	)		(223,024	)		(5,325,434	)
		(18,017	)		(608,825	)		82,595			1,913,479
Class R6 Shares
Shares sold		783,060			17,303,516			4,301,945			106,589,803
Reinvestment of distributions		28,665			799,462			399,759			9,476,064
Shares redeemed		(1,180,649	)		(26,031,386	)		(5,443,119	)		(138,390,631	)
		(368,924	)		(7,928,408	)		(741,416	)		(22,324,764	)
NET INCREASE (DECREASE)		(357,789	)	$	(4,323,252	)		4,946,088		$	111,925,575

114

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		195,610		$	6,237,721			592,485		$	20,113,596
Reinvestment of distributions		31,355			1,142,271			281,405			8,799,529
Shares redeemed		(952,066	)		(32,603,408	)		(834,841	)		(28,043,840	)
		(725,101	)		(25,223,416	)		39,049			869,285
Class C Shares
Shares sold		40,478			943,239			73,158			1,836,124
Reinvestment of distributions		5,520			149,101			44,452			1,043,280
Shares redeemed		(58,141	)		(1,295,533	)		(82,422	)		(2,101,667	)
		(12,143	)		(203,193	)		35,188			777,737
Institutional Shares
Shares sold		1,294,119			48,117,604			3,227,816			127,361,435
Reinvestment of distributions		89,256			3,895,156			718,806			26,768,316
Shares redeemed		(1,962,387	)		(71,102,402	)		(2,661,680	)		(106,449,391	)
		(579,012	)		(19,089,642	)		1,284,942			47,680,360
Investor Shares
Shares sold		2,565,043			80,744,200			3,840,487			134,252,383
Reinvestment of distributions		136,767			5,138,365			964,429			31,016,030
Shares redeemed		(1,509,490	)		(48,432,469	)		(2,406,524	)		(83,691,568	)
		1,192,320			37,450,096			2,398,392			81,576,845
Class P Shares
Shares sold		31,201			1,212,348			146,086			5,834,292
Reinvestment of distributions		3,337			145,698			20,911			778,940
Shares redeemed		(79,181	)		(2,528,156	)		(117,790	)		(4,759,537	)
		(44,643	)		(1,170,110	)		49,207			1,853,695
Class R Shares
Shares sold		57,998			1,856,921			191,155			6,202,346
Reinvestment of distributions		7,390			257,387			59,954			1,798,021
Shares redeemed		(381,566	)		(12,589,389	)		(221,227	)		(7,312,754	)
		(316,178	)		(10,475,081	)		29,882			687,613
Class R6 Shares
Shares sold		1,406,560			50,795,172			6,482,593			253,736,476
Reinvestment of distributions		76,050			3,321,119			378,454			14,097,427
Shares redeemed		(1,322,651	)		(50,248,819	)		(2,246,884	)		(88,998,158	)
		159,959			3,867,472			4,614,163			178,835,746
NET INCREASE (DECREASE)		(324,798	)	$	(14,843,874	)		8,450,821		$	312,281,279

115

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		336,639		$	11,019,719			1,050,768		$	38,541,581
Reinvestment of distributions		19,063			787,894			287,947			10,340,127
Shares redeemed		(519,454	)		(18,187,143	)		(644,168	)		(24,334,368	)
		(163,752	)		(6,379,530	)		694,547			24,547,339
Class C Shares
Shares sold		31,028			816,209			127,462			3,310,457
Reinvestment of distributions		1,135			32,225			33,399			826,636
Shares redeemed		(55,292	)		(1,206,669	)		(96,061	)		(2,520,272	)
		(23,129	)		(358,235	)		64,800			1,616,820
Institutional Shares
Shares sold		1,392,339			64,504,712			3,054,255			151,801,030
Reinvestment of distributions		24,938			1,394,771			97,074			4,698,255
Shares redeemed		(1,183,936	)		(48,662,816	)		(649,664	)		(32,690,060	)
		233,341			17,236,667			2,501,666			123,809,225
Investor Shares
Shares sold		7,019,574			203,241,042			1,447,937			53,566,402
Reinvestment of distributions		16,896			693,587			53,407			1,907,349
Shares redeemed		(739,633	)		(24,363,356	)		(421,221	)		(15,930,853	)
		6,296,837			179,571,273			1,080,123			39,542,898
Class P Shares
Shares sold		221,443			8,662,943			393,971			19,494,828
Reinvestment of distributions		6,414			358,606			59,484			2,877,391
Shares redeemed		(376,390	)		(14,262,290	)		(317,399	)		(15,579,917	)
		(148,533	)		(5,240,741	)		136,056			6,792,301
Class R Shares
Shares sold		62,092			2,095,440			193,684			7,197,157
Reinvestment of distributions		1,459			59,099			4,075			143,841
Shares redeemed		(45,275	)		(1,666,379	)		(34,966	)		(1,291,159	)
		18,276			488,160			162,792			6,049,839
Class R6 Shares
Shares sold		1,502,996			71,733,915			2,033,658			99,067,064
Reinvestment of distributions		15,950			891,762			39,496			1,908,993
Shares redeemed		(328,934	)		(15,441,676	)		(273,958	)		(14,003,900	)
		1,190,012			57,184,001			1,799,196			86,972,158
NET INCREASE		7,403,052		$	242,501,595			6,439,180		$	289,330,581

116

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		188,480		$	8,570,267			496,152		$	22,850,036
Reinvestment of distributions		77,068			3,932,787			247,236			10,881,031
Shares redeemed		(619,278	)		(30,035,050	)		(1,018,418	)		(47,836,905	)
		(353,730	)		(17,531,996	)		(275,030	)		(14,105,838	)
Class C Shares
Shares sold		39,339			1,685,736			148,922			5,994,935
Reinvestment of distributions		2,946			134,360			13,896			548,621
Shares redeemed		(60,138	)		(2,584,987	)		(136,446	)		(5,655,834	)
		(17,853	)		(764,891	)		26,372			887,721
Institutional Shares
Shares sold		550,786			27,664,036			5,561,162			252,475,763
Reinvestment of distributions		88,673			4,667,759			755,380			34,167,885
Shares redeemed		(1,497,498	)		(76,921,314	)		(17,635,422	)		(854,571,457	)
		(858,039	)		(44,589,519	)		(11,318,880	)		(567,927,809	)
Service Shares
Shares sold		20,149			983,279			30,525			1,372,351
Reinvestment of distributions		1,819			92,349			4,689			205,533
Shares redeemed		(48,266	)		(2,395,726	)		(23,962	)		(1,120,436	)
		(26,298	)		(1,320,098	)		11,252			457,449
Investor Shares
Shares sold		177,275			8,435,772			1,320,028			60,005,258
Reinvestment of distributions		37,411			1,879,914			103,871			4,499,108
Shares redeemed		(819,124	)		(38,759,121	)		(1,224,326	)		(56,455,932	)
		(604,438	)		(28,443,435	)		199,573			8,048,435
Class P Shares
Shares sold		963,550			48,035,684			2,522,934			114,163,961
Reinvestment of distributions		76,672			4,032,946			135,300			6,101,132
Shares redeemed		(1,143,776	)		(53,891,726	)		(2,371,343	)		(113,078,993	)
		(103,554	)		(1,823,096	)		286,891			7,186,100
Class R Shares
Shares sold		115,709			5,496,436			219,851			10,041,364
Reinvestment of distributions		10,083			505,157			38,936			1,684,599
Shares redeemed		(228,032	)		(10,880,056	)		(409,091	)		(18,891,773	)
		(102,240	)		(4,878,463	)		(150,304	)		(7,165,810	)
Class R6 Shares
Shares sold		19,885			988,790			189,729			8,892,870
Reinvestment of distributions		3,227			169,754			29,892			1,352,886
Shares redeemed		(121,967	)		(6,052,280	)		(631,325	)		(30,710,320	)
		(98,855	)		(4,893,736	)		(411,704	)		(20,464,563	)
NET DECREASE		(2,165,007	)	$	(104,245,234	)		(11,631,830	)	$	(593,084,316	)

117

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Funds to the extent such expenses exceed a specified percentage of each Funds’ net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing the trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

At the Meeting, the shareholders of the Goldman Sachs Large Cap Growth Insights Fund approved a change to the Fund’s sub-classification under the Act from “diversified” to “non-diversified”. The Trust’s shareholders voted as follows:

Proposal 2. To approve a change to the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified’ and to eliminate a related fundamental investment restriction.	For		Against		Abstained		Broker Non-Votes
Large Cap Growth Insights Fund		23,785,792.632		250,521.921		196,802.993		9,592,467.322

118

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

119

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R or Class R6 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 November 1, 2019 through April 30, 2020, which represents a period of 182 days in a 366 day year. This projection assumes that annualized expense ratios were in effect during the period.

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:

	Large Cap Growth Insights							Large Cap Value Insights							Small Cap Equity Insights
Share Class	Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*
Class A
Actual	$	1,000.00	$	1,026.75		$	4.64	$	1,000.00	$	855.66		$	4.34	$	1,000.00	$	798.18		$	5.45
Hypothetical 5% return		1,000.00		1,020.29	+		4.62		1,000.00		1,020.19	+		4.72		1,000.00		1,018.80	+		6.12
Class C
Actual		1,000.00		1,023.36			8.40		1,000.00		852.46			7.83		1,000.00		794.94			8.79
Hypothetical 5% return		1,000.00		1,016.56	+		8.37		1,000.00		1,016.41	+		8.52		1,000.00		1,015.07	+		9.87
Institutional
Actual		1,000.00		1,029.00			2.72		1,000.00		857.30			2.59		1,000.00		799.70			3.76
Hypothetical 5% return		1,000.00		1,022.18	+		2.72		1,000.00		1,022.08	+		2.82		1,000.00		1,020.69	+		4.22
Service
Actual		1,000.00		1,026.35			5.24		1,000.00		855.11			4.89		1,000.00		797.76			5.99
Hypothetical 5% return		1,000.00		1,019.69	+		5.22		1,000.00		1,019.59	+		5.32		1,000.00		1,018.20	+		6.72
Investor
Actual		1,000.00		1,028.19			3.38		1,000.00		856.72			3.19		1,000.00		798.99			4.34
Hypothetical 5% return		1,000.00		1,021.53	+		3.37		1,000.00		1,021.43	+		3.47		1,000.00		1,020.04	+		4.87
Class P
Actual		1,000.00		1,028.86			2.67		1,000.00		857.29			2.54		1,000.00		799.74			3.71
Hypothetical 5% return		1,000.00		1,022.23	+		2.66		1,000.00		1,022.13	+		2.77		1,000.00		1,020.74	+		4.17
Class R
Actual		1,000.00		1,025.64			5.89		1,000.00		854.45			5.49		1,000.00		797.28			6.57
Hypothetical 5% return		1,000.00		1,019.05	+		5.87		1,000.00		1,018.95	+		5.97		1,000.00		1,017.55	+		7.37
Class R6
Actual		1,000.00		1029.12			2.67		1,000.00		857.36			2.54		1,000.00		799.74			3.71
Hypothetical 5% return		1,000.00		1,022.23	+		2.66		1,000.00		1,022.13	+		2.77		1,000.00		1,020.74	+		4.17

* 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 October 31, 2019. 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.

120

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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

	Small Cap Growth Insights							Small Cap Value Insights							U.S. Equity Insights
Share Class	Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/2020*
Class A
Actual	$	1,000.00	$	856.77		$	5.63	$	1,000.00	$	751.80		$	5.31	$	1,000.00	$	967.95		$	4.60
Hypothetical 5% return		1,000.00		1,018.80	+		6.12		1,000.00		1,018.80	+		6.12		1,000.00		1,020.19	+		4.72
Class C
Actual		1,000.00		853.38			9.12		1,000.00		748.87			8.57		1,000.00		964.69			8.26
Hypothetical 5% return		1,000.00		1,015.02	+		9.92		1,000.00		1,015.07	+		9.87		1,000.00		1,016.46	+		8.47
Institutional
Actual		1,000.00		858.45			3.88		1,000.00		753.16			3.66		1,000.00		970.06			2.74
Hypothetical 5% return		1,000.00		1,020.69	+		4.22		1,000.00		1,020.69	+		4.22		1,000.00		1,022.08	+		2.82
Service
Actual		—		—			—		—		—			—		1,000.00		967.54			5.19
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,019.59	+		5.32
Investor
Actual		1,000.00		857.74			4.48		1,000.00		752.45			4.23		1,000.00		969.36			3.38
Hypothetical 5% return		1,000.00		1,020.04	+		4.87		1,000.00		1,020.04	+		4.87		1,000.00		1,021.43	+		3.47
Class P
Actual		1,000.00		858.28			3.83		1,000.00		753.08			3.62		1,000.00		969.97			2.69
Hypothetical 5% return		1,000.00		1,020.74	+		4.17		1,000.00		1,020.74	+		4.17		1,000.00		1,022.13	+		2.77
Class R
Actual		1,000.00		855.43			6.78		1,000.00		750.63			6.40		1,000.00		966.96			5.82
Hypothetical 5% return		1,000.00		1,017.55	+		7.37		1,000.00		1,017.55	+		7.37		1,000.00		1,018.95	+		5.97
Class R6
Actual		1,000.00		858.52			3.84		1,000.00		753.16			3.62		1,000.00		969.93			2.69
Hypothetical 5% return		1,000.00		1,020.74	+		4.17		1,000.00		1,020.74	+		4.17		1,000.00		1,022.13	+		2.77

* 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 April 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			Service Shares			Investor Shares			Class P Shares			Class R Shares			Class R6 Shares
Large Cap Growth Insights+		0.92	%		1.67	%		0.54	%		1.04	%		0.67	%		0.53	%		1.17	%		0.53	%
Large Cap Value Insights+		0.94			1.70			0.56			1.06			0.69			0.55			1.19			0.55
Small Cap Equity Insights+		1.22			1.97			0.84			1.34			0.97			0.83			1.47			0.83
Small Cap Growth Insights+		1.22			1.98			0.84			—			0.97			0.83			1.47			0.83
Small Cap Value Insights+		1.22			1.97			0.84			—			0.97			0.83			1.47			0.83
U.S. Equity Insights+		0.94			1.69			0.56			1.06			0.69			0.55			1.19			0.55

+ 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.

121

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 $1.66 trillion in assets under supervision as of March 31, 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

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion 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

∎ Blue Chip Fund

∎ Income Builder 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 Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ ESG Emerging Markets Equity Fund

Alternative

∎ 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

∎ MLP & Energy Fund

∎ 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 Portfolio⁷

∎ 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.

⁵Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷Effective 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

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 Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. 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.

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 Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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 authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 206043-OTU-1214524 DOMINSSAR-20

Goldman Sachs Funds

Semi-Annual Report	April 30, 2020
	Fundamental Emerging Markets Equity Funds
	China Equity*
	Emerging Markets Equity
	ESG Emerging Markets Equity
	Imprint Emerging Markets Opportunities Fund**

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

** Effective after the close of business on August 30, 2019, The Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Fundamental Emerging Markets Equity Funds

∎ CHINA EQUITY

∎ EMERGING MARKETS EQUITY

∎ ESG EMERGING MARKETS EQUITY

∎ IMPRINT EMERGING MARKETS OPPORTUNITIES

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	9
Financial Statements	18
Financial Highlights	22
China Equity	22
Emerging Markets Equity	28
ESG Emerging Markets Equity	35
Imprint Emerging Markets Opportunities Fund	42
Notes to the Financial Statements	48
Other Information	63

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Fundamental Emerging Markets Equity Funds

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

China Equity Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® China All Shares  Index2
Class A		3.15	%		4.76	%
Class C		2.77			4.76
Institutional		3.35			4.76
Investor		3.27			4.76
Class P		3.34			4.76
Class R6		3.34			4.76

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI China All Shares Index (Net, USD, Unhedged) captures large- and mid-cap representation across China A Shares, B Shares, H Shares, Red Chips, P-Chips and foreign listings. The MSCI China All Shares Index (Net, USD, Unhedged) aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI China All Shares Index (Net, USD, Unhedged) does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203,4,5
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		10.9	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		6.9		Retailing	China
Alibaba Group Holding Ltd.		5.5		Retailing	China
Kweichow Moutai Co. Ltd. Class A		4.7		Food Products	China
Ping An Insurance Group Co. of China Ltd. Class H		3.6		Insurance	China
China Merchants Bank Co. Ltd. Class H		3.3		Banks	China
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A		2.3		Capital Goods	China
Jiangsu Hengrui Medicine Co. Ltd. Class A		2.2		Pharmaceuticals, Biotechnology & Life Sciences	China
Shenzhen Inovance Technology Co. Ltd. Class A		1.8		Capital Goods	China
CITIC Securities Co. Ltd. Class A		1.6		Diversified Financials	China

³ The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 2.3% of the Fund’s net assets as of 4/30/20.

⁵  The line of business for each holding is reported at the industry or sub-industry level.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2020

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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.

2

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		-9.24	%		-10.50	%
Class C		-9.62			-10.50
Institutional		-9.13			-10.50
Service		-9.33			-10.50
Investor		-9.15			-10.50
Class P		-9.09			-10.50
Class R6		-9.09			-10.50

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2020 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203,4
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		8.6	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		7.4		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd.		6.0		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.5		Technology Hardware & Equipment	South Korea
Kweichow Moutai Co. Ltd. Class A		3.1		Food Products	China
AIA Group Ltd.		3.0		Insurance	Hong Kong
Ping An Insurance Group Co. of China Ltd. Class H		2.3		Insurance	China
NCSoft Corp.		1.9		Media & Entertainment	South Korea
SK Hynix, Inc.		1.8		Semiconductors & Semiconductor Equipment	South Korea
China Merchants Bank Co. Ltd. Class H		1.7		Banks	China

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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.

4

FUND BASICS

ESG Emerging Markets Equity Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		-8.46	%		-10.50	%
Class C		-8.81			-10.50
Institutional		-8.32			-10.50
Investor		-8.34			-10.50
Class R		-8.65			-10.50
Class R6		-8.31			-10.50
January 21, 2020–April 30, 2020
Class P		-16.56			-17.53

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2020 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203,4
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		9.1	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		7.1		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd.		6.3		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		5.1		Technology Hardware & Equipment	South Korea
AIA Group Ltd.		3.3		Insurance	Hong Kong
Ping An Insurance Group Co. of China Ltd. Class H		3.2		Insurance	China
Largan Precision Co. Ltd.		2.0		Technology Hardware & Equipment	Taiwan
MercadoLibre, Inc.		1.9		Retailing	Argentina
Sberbank of Russia PJSC ADR		1.8		Banks	Russia
NAVER Corp.		1.8		Media & Entertainment	South Korea

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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

FUND BASICS

Imprint Emerging Markets Opportunities Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		-17.95	%		-10.50	%
Class C		-18.19			-10.50
Institutional		-17.71			-10.50
Investor		-17.85			-10.50
Class P		-17.69			-10.50
Class R6		-17.80			-10.50

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2020 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203
Holding	% of Net Assets			Line of Business	Country
Naspers Ltd. Class N		11.6	%	Retailing	South Africa
Emirates NBD Bank PJSC		6.7		Banks	United Arab Emirates
Delta Electronics, Inc.		5.6		Technology Hardware & Equipment	Taiwan
Shenzhen Inovance Technology Co. Ltd. Class A		4.7		Capital Goods	China
FPT Corp.		4.6		Technology Hardware & Equipment	Vietnam
Haier Smart Home Co. Ltd. Class A		4.5		Consumer Durables & Apparel	China
58.com, Inc. ADR		4.2		Media & Entertainment	China
Suzuki Motor Corp.		4.1		Automobiles & Components	Japan
Cosmax, Inc.		3.8		Household & Personal Products	South Korea
AIA Group Ltd.		3.5		Insurance	Hong Kong

³  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 2.9% of the Fund’s net assets at April 30, 2020.

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

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 96.8%
China – 92.5%
	83,234	Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)	$	515,902
	133,100	Alibaba Group Holding Ltd. (Retailing)*		3,377,975
	21,046	Alibaba Group Holding Ltd. ADR (Retailing)*		4,265,393
	123,300	Anhui Conch Cement Co. Ltd. Class H (Materials)		972,267
	270,256	Bank of Ningbo Co. Ltd. Class A (Banks)		987,309
	484,000	China Construction Bank Corp. Class H (Banks)		388,489
	32,025	China International Travel Service Corp. Ltd. Class A (Retailing)		410,519
	389,000	China Life Insurance Co. Ltd. Class H (Insurance)		829,620
	221,000	China Mengniu Dairy Co. Ltd. (Food Products)*		782,585
	81,000	China Merchants Bank Co. Ltd. Class A (Banks)		398,923
	429,500	China Merchants Bank Co. Ltd. Class H (Banks)		2,032,528
	194,000	China Oilfield Services Ltd. Class H (Energy)		151,109
	560,000	China Resources Cement Holdings Ltd. (Materials)		761,995
	132,000	China Resources Land Ltd. (Real Estate)		545,451
	265,400	China Vanke Co. Ltd. Class A (Real Estate)		995,910
	195,600	China Vanke Co. Ltd. Class H (Real Estate)		657,359
	305,359	CITIC Securities Co. Ltd. Class A (Diversified Financials)		1,010,207
	40,198	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		797,782
	422,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		656,431
	72,665	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		555,930
	95,000	Haidilao International Holding Ltd. (Consumer Services)(a)		411,704
	37,591	Huami Corp. ADR (Technology Hardware & Equipment)*		474,398
	520,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		348,665
	774,247	Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks)		777,679
	103,038	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)*		1,340,062
	71,536	Juewei Food Co. Ltd. Class A (Food, Beverage & Tobacco)		532,754
	16,240	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		2,893,057
	558,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		301,430
Common Stocks – (continued)
China – (continued)
	47,503	LexinFintech Holdings Ltd. ADR (Diversified Financials)*		400,450
	135,522	Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)		893,628
	51,100	Meituan Dianping Class B (Retailing)*		684,182
	64,600	Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)		484,075
	264,000	Minth Group Ltd. (Automobiles & Components)		634,821
	183,666	NARI Technology Co. Ltd. Class A (Capital Goods)		518,394
	6,675	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		852,131
	10,200	Ping An Insurance Group Co. of China Ltd. Class A (Insurance)		106,277
	216,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		2,198,072
	196,800	Sany Heavy Industry Co. Ltd. Class A (Capital Goods)		540,291
	43,200	Shanghai International Airport Co. Ltd. Class A (Transportation)		428,454
	56,329	Shanghai Putailai New Energy Technology Co. Ltd. Class A (Materials)*		605,388
	236,752	Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods)		1,087,208
	38,900	Shenzhen Kangtai Biological Products Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		728,062
	23,700	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)		849,123
	104,174	Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment)		597,089
	48,400	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		558,615
	142,703	Songcheng Performance Development Co. Ltd. Class A (Consumer Services)		598,817
	15,400	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		214,453
	4,687	TAL Education Group ADR (Consumer Services)*		253,989
	127,800	Tencent Holdings Ltd. (Media & Entertainment)		6,718,374
	146,000	Tsingtao Brewery Co. Ltd. Class H (Food, Beverage & Tobacco)		886,939
	241,506	Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment)		601,337
	533,000	Weichai Power Co. Ltd. Class H (Capital Goods)		936,486
	131,400	Wens Foodstuffs Group Co. Ltd. Class A (Food, Beverage & Tobacco)		558,666

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

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	44,300	Wuhan Jingce Electronic Group Co. Ltd. Class A (Technology Hardware & Equipment)	$	419,161
	71,100	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,002,417
	47,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		731,622
	1,260,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		799,661
	79,600	Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy)		278,471
	51,200	Yifeng Pharmacy Chain Co. Ltd. Class A (Food & Staples Retailing)		684,045
	108,120	Yunnan Energy New Material Co. Ltd. (Materials)		819,757
	466,630	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		1,430,252
				57,274,140
Hong Kong – 3.2%
	42,836	AIA Group Ltd. (Insurance)		393,139
	31,600	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		319,309
	9,201	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		295,004
	419,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		610,734
	294,000	Xinyi Glass Holdings Ltd. (Automobiles & Components)		340,498
				1,958,684
Taiwan – 1.1%
	41,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)*		566,146
	23,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		143,036
				709,182
Vietnam – 0.0%
	6	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		25
	TOTAL COMMON STOCKS (Cost $54,476,414)		$	59,942,031
Shares		Dividend Rate	Value
Investment Company(b) – 2.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,399,012	0.233%	$	1,399,012
	(Cost $1,399,012)
	TOTAL INVESTMENTS – 99.1%
	(Cost $55,875,426)		$	61,341,043
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			572,468
	NET ASSETS – 100.0%		$	61,913,511

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Argentina – 1.3%
	40,885	MercadoLibre, Inc. (Retailing)*	$	23,856,806
Brazil – 4.2%
	2,835,800	Atacadao SA (Food & Staples Retailing)*		10,429,761
	1,510,900	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		10,674,852
	304,430	Banco Bradesco SA ADR (Banks)		1,071,593
	4,757,868	Banco Bradesco SA (Preference) (Banks)(a)		16,755,213
	895,062	Banco Pan SA (Preference) (Banks)*(a)		827,923
	2,234,100	Fleury SA (Health Care Equipment & Services)		9,367,123
	287,766	Pagseguro Digital Ltd. Class A (Software & Services)*		7,289,113
	2,992,500	Sao Martinho SA (Food Products)*		10,510,813
	571,500	TOTVS SA (Software & Services)		6,216,412
	2,895,783	Wiz Solucoes e Corretagem de Seguros SA (Insurance)		4,856,570
				77,999,373
China – 37.3%
	209,513	58.com, Inc. ADR (Media & Entertainment)*		10,884,200
	671,037	Alibaba Group Holding Ltd. ADR (Retailing)*		135,999,069
	2,281,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		17,986,553
	1,813,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		15,439,577
	3,272,000	China Mengniu Dairy Co. Ltd. (Food Products)*		11,586,509
	6,652,000	China Merchants Bank Co. Ltd. Class H (Banks)		31,479,342
	385,779	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		7,656,287
	1,119,977	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		8,568,482
	743,324	Huami Corp. ADR (Technology Hardware & Equipment)*		9,380,749
	321,281	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		57,234,258
	876,060	LexinFintech Holdings Ltd. ADR (Diversified Financials)*		7,385,186
	1,206,800	Meituan Dianping Class B (Retailing)*		16,157,951
	3,958,000	Minth Group Ltd. (Automobiles & Components)		9,517,510
	3,366,801	NARI Technology Co. Ltd. Class A (Capital Goods)		9,502,739
	159,830	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		20,403,898
Common Stocks – (continued)
China – (continued)
	4,915,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		2,525,978
	4,876,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		49,726,657
	1,086,867	Shanghai International Airport Co. Ltd. Class A (Transportation)		10,779,467
	405,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		16,109,724
	1,174,400	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		16,354,141
	282,526	TAL Education Group ADR (Consumer Services)*		15,310,084
	3,016,200	Tencent Holdings Ltd. (Media & Entertainment)		158,559,939
	7,527,000	Topsports International Holdings Ltd. (Retailing)(b)		9,515,356
	1,224,580	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)		17,264,973
	14,362,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		9,114,862
	3,323,848	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		10,187,817
				684,631,308
Colombia – 0.2%
	532,763	Banco Davivienda SA (Preference) (Banks)(a)		3,864,853
Czech Republic – 0.5%
	4,310,014	Moneta Money Bank A/S (Banks)(b)		8,953,891
Egypt – 0.4%
	1,693,572	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		6,494,048
Greece – 1.2%
	979,358	Hellenic Exchanges – Athens Stock Exchange SA (Diversified Financials)*		3,650,228
	596,724	JUMBO SA (Retailing)		9,338,685
	1,082,523	Sarantis SA (Household & Personal Products)		9,253,006
				22,241,919
Hong Kong – 5.6%
	5,960,600	AIA Group Ltd. (Insurance)		54,705,012
	620,713	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		19,901,403
	332,200	IMAX China Holding, Inc. (Media & Entertainment)(b)		500,496

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	11,168,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	16,278,468
	1,444,000	Techtronic Industries Co. Ltd. (Capital Goods)		10,949,146
				102,334,525
India – 11.4%
	28,850	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,758,656
	644,565	Aditya Birla Fashion and Retail Ltd. (Consumer Durables & Apparel)*		984,043
	400,891	AIA Engineering Ltd. (Capital Goods)		8,531,861
	435,918	Amber Enterprises India Ltd. (Consumer Durables & Apparel)		6,179,705
	97,517	Atul Ltd. (Materials)		6,282,688
	487,147	Avenue Supermarts Ltd. (Food & Staples Retailing)*(b)		15,268,501
	2,873,164	Axis Bank Ltd. (Banks)		16,786,330
	233,715	Bajaj Finance Ltd. (Diversified Financials)		7,146,003
	1,938,826	Bharti Airtel Ltd. (Telecommunication Services)*		13,203,650
	2,146,286	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		6,307,034
	584,090	Dalmia Bharat Ltd. (Materials)		4,027,807
	584,921	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		18,036,109
	44,539	Endurance Technologies Ltd. (Automobiles & Components)(b)		396,966
	826,579	ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)		14,129,766
	434,967	Info Edge India Ltd. (Media & Entertainment)		14,608,062
	1,667,757	Infosys Ltd. (Software & Services)		15,588,745
	403,559	Infosys Ltd. ADR (Software & Services)		3,724,849
	257,852	Larsen & Toubro Infotech Ltd. (Software & Services)(b)		5,405,548
	220,964	Maruti Suzuki India Ltd. (Automobiles & Components)		15,686,598
	639,054	Navin Fluorine International Ltd. (Materials)		13,235,371
	1,691,810	Prestige Estates Projects Ltd. (Real Estate)		3,863,033
	621,244	SBI Life Insurance Co. Ltd. (Insurance)*(b)		5,971,611
	342,202	TeamLease Services Ltd. (Commercial & Professional Services)*		7,215,929
				209,338,865
Common Stocks – (continued)
Indonesia – 2.2%
	14,904,800	Bank Central Asia Tbk. PT (Banks)		25,817,948
	122,564,400	BFI Finance Indonesia Tbk. PT (Diversified Financials)		2,697,539
	11,974,200	Map Aktif Adiperkasa PT (Retailing)*		1,921,205
	102,636,200	Pakuwon Jati Tbk. PT (Real Estate)		2,577,430
	12,387,700	Semen Indonesia Persero Tbk. PT (Materials)		6,575,564
				39,589,686
Mexico – 1.6%
	911,800	Arca Continental SAB de CV (Food Products)		3,511,987
	3,605,910	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		6,550,215
	3,323,199	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		4,693,652
	5,722,700	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		13,764,778
				28,520,632
Peru – 1.3%
	2,416,454	Alicorp SAA (Food, Beverage & Tobacco)*		4,910,939
	4,756,191	Banco BBVA Peru SA (Banks)*		3,367,589
	30,896	Credicorp Ltd. (Banks)		4,604,122
	425,560	Intercorp Financial Services, Inc. (Banks)		10,729,494
				23,612,144
Philippines – 0.5%
	2,988,300	Jollibee Foods Corp. (Consumer Services)		8,442,466
Poland – 1.1%
	363,568	Dino Polska SA (Food & Staples Retailing)*(b)		15,375,216
	1,014,240	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		5,427,973
				20,803,189
Russia – 3.3%
	334,779	LUKOIL PJSC (Energy)		21,602,514
	3,424,947	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		5,536,132
	7,800,843	Sberbank of Russia PJSC (Banks)		20,557,057
	354,237	Yandex NV Class A (Media & Entertainment)*		13,383,074
				61,078,777
Saudi Arabia – 0.2%
	240,041	United Electronics Co. (Retailing)		4,340,083

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
South Africa – 1.5%
	310,633	Bid Corp. Ltd. (Food & Staples Retailing)	$	4,048,236
	708,270	Clicks Group Ltd. (Food & Staples Retailing)		8,815,785
	790,903	JSE Ltd. (Diversified Financials)		4,414,103
	350,472	Santam Ltd. (Insurance)		5,200,497
	6,796,685	Transaction Capital Ltd. (Diversified Financials)		5,559,374
				28,037,995
South Korea – 13.1%
	373,363	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		6,550,535
	45,548	LG Chem Ltd. (Materials)		14,152,370
	196,119	LG Electronics, Inc. (Consumer Durables & Apparel)		8,826,352
	158,358	NAVER Corp. (Media & Entertainment)		25,674,673
	65,095	NCSoft Corp. (Media & Entertainment)		34,490,548
	170,958	Orion Corp. (Food Products)		17,514,023
	40,588	Pearl Abyss Corp. (Media & Entertainment)*		6,419,769
	109,967	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		10,280,916
	2,027,479	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		83,364,996
	470,010	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		32,344,940
				239,619,122
Taiwan – 9.7%
	14,171,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)(b)		3,063,921
	1,080,700	Kingpak Technology, Inc. (Technology Hardware & Equipment)		5,170,244
	144,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		19,629,155
	713,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		5,470,960
	1,756,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		10,920,497
	648,000	President Chain Store Corp. (Food & Staples Retailing)		6,700,794
	203,211	Sea Ltd. ADR (Media & Entertainment)*		11,294,467
	10,908,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		110,046,629
Common Stocks – (continued)
Taiwan – (continued)
	1,417,000	Taiwan Union Technology Corp. (Technology Hardware & Equipment)		6,388,313
				178,684,980
Thailand – 0.8%
	8,052,200	Airports of Thailand PCL (Transportation)		15,358,265
Turkey – 0.5%
	515,796	Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b)		3,064,049
	3,414,508	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		5,356,321
				8,420,370
United Arab Emirates – 0.2%
	760,367	Network International Holdings plc (Software & Services)*(b)		3,965,787
Vietnam – 1.0%
	4,180,903	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		17,682,222
	TOTAL COMMON STOCKS (Cost $1,829,867,796)		$	1,817,871,306
Exchange Traded Fund – 0.8%
	398,097	iShares MSCI Emerging Markets ETF	$	14,586,274
	(Cost $19,569,202)
	TOTAL INVESTMENTS – 99.9%
	(Cost $1,849,436,998)		$	1,832,457,580
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			1,325,970
	NET ASSETS – 100.0%		$	1,833,783,550

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 96.5%
Argentina – 1.9%
	224	MercadoLibre, Inc. (Retailing)*	$	130,706
Brazil – 4.4%
	15,700	Atacadao SA (Food & Staples Retailing)*		57,743
	6,200	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		43,804
	22,677	Banco Bradesco SA ADR (Banks)		79,823
	8,100	Fleury SA (Health Care Equipment & Services)		33,962
	2,280	Pagseguro Digital Ltd. Class A (Software & Services)*		57,752
	9,600	Sao Martinho SA (Food Products)*		33,719
				306,803
China – 35.6%
	952	58.com, Inc. ADR (Media & Entertainment)*		49,456
	2,417	Alibaba Group Holding Ltd. ADR (Retailing)*		489,853
	9,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		70,968
	8,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		68,128
	18,000	China Mengniu Dairy Co. Ltd. (Food Products)*		63,740
	25,500	China Merchants Bank Co. Ltd. Class H (Banks)		120,674
	1,700	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		33,739
	4,500	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		34,428
	4,500	Meituan Dianping Class B (Retailing)*		60,251
	18,900	NARI Technology Co. Ltd. Class A (Capital Goods)		53,345
	800	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		102,128
	20,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		10,279
	21,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		218,790
	5,500	Shanghai International Airport Co. Ltd. Class A (Transportation)		54,549
	2,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		79,457
	6,100	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		84,946
	1,011	TAL Education Group ADR (Consumer Services)*		54,786
	12,000	Tencent Holdings Ltd. (Media & Entertainment)		630,832
	33,000	Topsports International Holdings Ltd. (Retailing)(a)		41,717
	5,160	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		72,749
Common Stocks – (continued)
China – (continued)
	50,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		31,733
	11,500	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		35,248
				2,461,796
Colombia – 0.2%
	2,200	Banco Davivienda SA (Preference) (Banks)(b)		15,960
Czech Republic – 0.5%
	18,317	Moneta Money Bank A/S (Banks)(a)		38,053
Egypt – 0.3%
	6,159	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		23,617
Greece – 0.8%
	3,488	JUMBO SA (Retailing)		54,587
Hong Kong – 6.3%
	24,800	AIA Group Ltd. (Insurance)		227,609
	2,667	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		85,510
	51,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		74,337
	6,000	Techtronic Industries Co. Ltd. (Capital Goods)		45,495
				432,951
India – 11.5%
	1,737	Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)		54,442
	14,189	Axis Bank Ltd. (Banks)		82,899
	1,313	Bajaj Finance Ltd. (Diversified Financials)		40,146
	6,481	Bharti Airtel Ltd. (Telecommunication Services)*		44,137
	3,819	Dalmia Bharat Ltd. (Materials)		26,335
	3,425	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		105,610
	5,045	ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)		86,241
	2,383	Info Edge India Ltd. (Media & Entertainment)		80,031
	8,862	Infosys Ltd. (Software & Services)		82,834
	3,032	Infosys Ltd. ADR (Software & Services)		27,986
	1,859	Larsen & Toubro Infotech Ltd. (Software & Services)(a)		38,972
	1,410	Maruti Suzuki India Ltd. (Automobiles & Components)		100,098
	2,367	SBI Life Insurance Co. Ltd. (Insurance)*(a)		22,752
				792,483
Indonesia – 1.6%
	64,100	Bank Central Asia Tbk. PT (Banks)		111,033

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Mexico – 2.2%
	6,400	Arca Continental SAB de CV (Food Products)	$	24,651
	21,865	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		30,882
	40,300	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		96,933
				152,466
Peru – 1.4%
	336	Credicorp Ltd. (Banks)		50,071
	1,753	Intercorp Financial Services, Inc. (Banks)		44,070
				94,141
Philippines – 0.3%
	8,820	Jollibee Foods Corp. (Consumer Services)		24,918
Poland – 0.6%
	7,470	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		39,978
Russia – 3.4%
	28,650	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		46,311
	11,875	Sberbank of Russia PJSC ADR (Banks)		124,806
	1,623	Yandex NV Class A (Media & Entertainment)*		61,317
				232,434
Saudi Arabia – 0.3%
	1,019	United Electronics Co. (Retailing)		18,424
South Africa – 1.4%
	1,433	Bid Corp. Ltd. (Food & Staples Retailing)		18,675
	4,132	Clicks Group Ltd. (Food & Staples Retailing)		51,431
	1,767	Santam Ltd. (Insurance)		26,220
				96,326
South Korea – 13.1%
	182	LG Chem Ltd. (Materials)		56,550
	716	LG Electronics, Inc. (Consumer Durables & Apparel)		32,224
	757	NAVER Corp. (Media & Entertainment)		122,733
	212	NCSoft Corp. (Media & Entertainment)		112,328
	613	Orion Corp. (Food Products)		62,799
	196	Pearl Abyss Corp. (Media & Entertainment)*		31,001
	379	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		35,433
	8,530	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		350,733
	1,535	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		105,635
				909,436
Taiwan – 9.9%
	1,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		136,314
Common Stocks – (continued)
Taiwan – (continued)
	3,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		23,019
	6,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		37,314
	938	Sea Ltd. ADR (Media & Entertainment)*		52,134
	43,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		433,775
				682,556
Thailand – 0.8%
	28,500	Airports of Thailand PCL (Transportation)		54,359
	TOTAL COMMON STOCKS (Cost $6,819,212)		$	6,673,027
Shares		Dividend Rate	Value
Investment Company(c) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,602	0.233%	$	7,602
	(Cost $7,602)
	TOTAL INVESTMENTS – 96.6%
	(Cost $6,826,814)		$	6,680,629
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.4%			233,089
	NET ASSETS – 100.0%		$	6,913,718

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Bangladesh – 1.5%
	665,140	BRAC Bank Ltd. (Banks)*	$	249,476
Brazil – 2.9%
	90,400	Atacadao SA (Food & Staples Retailing)*		332,481
	73,700	IRB Brasil Resseguros S/A (Insurance)		138,512
				470,993
China – 29.0%
	13,164	58.com, Inc. ADR (Media & Entertainment)*		683,870
	14,708	Baozun, Inc. ADR (Retailing)*(a)		468,303
	340,700	Haier Smart Home Co. Ltd. Class A (Consumer Durables & Apparel)		735,372
	30,357	Huize Holding Ltd. (Insurance)*		230,410
	108,000	Li Ning Co. Ltd. (Consumer Durables & Apparel)		341,007
	327,000	Maoyan Entertainment (Retailing)*(b)		440,963
	165,979	Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods)		762,205
	7,661	TAL Education Group ADR (Consumer Services)*		415,150
	10,550	Trip.com Group Ltd. ADR (Retailing)*		271,768
	118,800	Zhuzhou CRRC Times Electric Co. Ltd. Class H (Capital Goods)		363,425
				4,712,473
Egypt – 4.5%
	951,920	Cleopatra Hospital (Health Care Equipment & Services)*		259,285
	115,247	Commercial International Bank Egypt SAE (Banks)		468,483
				727,768
Hong Kong – 3.5%
	62,600	AIA Group Ltd. (Insurance)		574,528
India – 3.5%
	13,026	HDFC Bank Ltd. ADR (Banks)		564,677
Indonesia – 2.0%
	295,900	Map Aktif Adiperkasa PT (Retailing)*		47,476
	6,180,800	Mitra Adiperkasa Tbk. PT (Retailing)		270,011
				317,487
Japan – 4.1%
	20,900	Suzuki Motor Corp. (Automobiles & Components)		667,029
Philippines – 2.6%
	371,310	Bank of the Philippine Islands (Banks)		426,469
Poland – 1.9%
	7,401	Dino Polska SA (Food & Staples Retailing)*(b)		312,987
Russia – 3.2%
	13,511	Yandex NV Class A (Media & Entertainment)*		510,446
Common Stocks – (continued)
Saudi Arabia – 1.0%
	10,163	Leejam Sports Co. JSC (Consumer Services)		167,487
Slovenia – 3.3%
	67,077	Nova Ljubljanska Banka dd GDR (Banks)		536,596
South Africa – 11.6%
	12,141	Naspers Ltd. Class N (Retailing)		1,889,729
South Korea – 7.2%
	8,346	Cosmax, Inc. (Household & Personal Products)		609,529
	1,811	LG Chem Ltd. (Materials)		562,702
				1,172,231
Taiwan – 5.6%
	194,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		904,856
United Arab Emirates – 6.8%
	467,470	Emirates NBD Bank PJSC (Banks)		1,086,105
	35,803	NMC Health plc (Health Care Equipment & Services)		12,169
				1,098,274
Vietnam – 4.7%
	344,882	FPT Corp. (Technology Hardware & Equipment)		754,535
	TOTAL COMMON STOCKS (Cost $19,326,869)		$	16,058,041
Shares		Dividend Rate	Value
Investment Company(c) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,673	0.233%	$	13,673
	(Cost $13,673)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $19,340,542)		$	16,071,714
Securities Lending Reinvestment Vehicle(c) – 2.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	465,650	0.233%	$	465,650
	(Cost $465,650)
	TOTAL INVESTMENTS – 101.9%
	(Cost $19,806,192)		$	16,537,364
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.9)%			(308,474	)
	NET ASSETS – 100.0%		$	16,228,890

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	China Equity Fund		Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund			Imprint Emerging Markets Opportunities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $54,476,414, $1,849,436,998, $6,819,212 and $19,326,869)(a)	$	59,942,031	$	1,832,457,580		$	6,673,027		$	16,058,041
Investments in affiliated issuers, at value (cost $1,399,012, $0, $7,602 and $13,673)		1,399,012		—			7,602			13,673
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $0, $0 and $465,650)		—		—			—			465,650
Cash		499,876		2,713,640			55,895			98,648
Foreign currencies, at value (cost $61,022, $2,575,309, $131,656 and $3,133)		58,125		2,541,696			128,942			2,998
Receivables:
Dividends		50,991		2,920,147			10,097			6,583
Reimbursement from investment adviser		26,005		—			24,628			35,864
Fund shares sold		19,820		2,372,217			1,134			—
Securities lending income		171		23,708			—			701
Investments sold		—		591,511			—			150,008
Foreign tax reclaims		—		150,735			1,524			7,361
Due from custodian		—		—			2,153			—
Other assets		59,040		108,807			71,521			60,467
Total assets		62,055,071		1,843,880,041			6,976,523			16,899,994
Liabilities:
Payables:
Management fees		48,335		1,517,552			5,201			13,354
Fund shares redeemed		8,866		8,034,078			—			7,771
Distribution and Service fees and Transfer Agency fees		5,675		143,678			340			2,018
Investments purchased		—		89			4,305			88,060
Payable upon return of securities loaned		—		—			—			465,650
Foreign capital gains taxes		—		59,831			27			7,373
Accrued expenses		78,684		341,263			52,932			86,878
Total liabilities		141,560		10,096,491			62,805			671,104
Net Assets:
Paid-in capital		54,062,921		2,078,933,084			7,505,551			79,233,265
Total distributable earnings (loss)		7,850,590		(245,149,534	)		(591,833	)		(63,004,375	)
NET ASSETS	$	61,913,511	$	1,833,783,550		$	6,913,718		$	16,228,890
Net Assets:
Class A	$	13,640,517	$	211,815,522		$	46,905		$	2,620,896
Class C		905,583		22,065,298			44,996			778,945
Institutional		7,030,705		1,093,127,948			6,561,227			2,722,825
Service		—		21,333,610			—			—
Investor		264,972		121,886,923			45,867			863,294
Class P		39,790,142		345,752,795			8,348			9,236,136
Class R		—		—			160,384			—
Class R6		281,592		17,801,454			45,991			6,794
Total Net Assets	$	61,913,511	$	1,833,783,550		$	6,913,718		$	16,228,890
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		514,086		11,566,583			5,177			395,696
Class C		38,078		1,348,098			5,000			123,281
Institutional		248,382		55,634,457			723,313			410,311
Service		—		1,204,207			—			—
Investor		9,416		6,252,072			5,058			129,759
Class P		1,409,938		17,521,973			920			1,393,950
Class R		—		—			17,762			—
Class R6		9,981		902,067			5,069			1,024
Net asset value, offering and redemption price per share:(b)
Class A		$26.53		$18.31			$9.06			$6.62
Class C		23.78		16.37			9.00			6.32
Institutional		28.31		19.65			9.07			6.64
Service		—		17.72			—			—
Investor		28.14		19.50			9.07			6.65
Class P		28.22		19.73			9.07			6.63
Class R		—		—			9.03			—
Class R6		28.21		19.73			9.07			6.63

(a) Includes loaned securities having a market value of $442,576 for Imprint Emerging Markets Opportunities Fund.

(b) Maximum public offering price per share for Class A Shares of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds is $28.07, $19.38, $9.59 and $7.01, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund			Imprint Emerging Markets Opportunities Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $4,526, $1,414,652, $5,556 and $8,764)	$	65,099		$	12,207,200		$	41,233		$	97,596
Dividends — affiliated issuers		2,252			116,626			77			118
Securities lending income — affiliated issuer		963			134,079			—			7,293
Total investment income		68,314			12,457,905			41,310			105,007
Expenses:
Management fees		336,744			9,550,130			35,564			115,879
Professional fees		55,950			55,325			47,291			70,011
Custody, accounting and administrative services		49,873			405,523			22,390			60,196
Registration fees		43,244			97,769			49,084			43,460
Distribution and Service fees(a)		21,731			421,709			732			9,456
Transfer Agency fees(a)		20,775			612,439			1,656			7,389
Printing and mailing costs		19,575			105,839			9,726			18,179
Trustee fees		9,140			10,614			9,085			9,100
Service share fees — Service and Shareholder Administration Plan		—			58,646			—			—
Other		21,480			45,940			4,335			26,286
Total expenses		578,512			11,363,934			179,863			359,956
Less — expense reductions		(165,842	)		(50,486	)		(137,521	)		(209,524	)
Net expenses		412,670			11,313,448			42,342			150,432
NET INVESTMENT INCOME (LOSS)		(344,356	)		1,144,457			(1,032	)		(45,425	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		4,457,460			(73,397,470	)		(161,483	)		(1,259,261	)
Foreign currency transactions		(59,646	)		(785,996	)		(7,863	)		(17,252	)
Net change in unrealized loss on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $411,517, $2,937,756, $13,084 and $0)		(1,260,561	)		(101,107,234	)		(411,025	)		(3,474,591	)
Foreign currency translation		(160,058	)		(1,494,465	)		(9,336	)		(184	)
Net realized and unrealized gain (loss)		2,977,195			(176,785,165	)		(589,707	)		(4,751,288	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,632,839		$	(175,640,708	)	$	(590,739	)	$	(4,796,713	)

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
China Equity	$	17,014	$	4,717	$	—	$	11,569	$	802	$	1,231	$	—	$	215	$	6,900	$	—	$	58
Emerging Markets Equity		281,927		139,782		—		191,710		23,763		206,741		4,692		122,787		59,356		—		3,390
ESG Emerging Markets Equity		62		245		425		42		42		1,377		—		42		1(b)		145		7
Imprint Emerging Markets Opportunities		4,029		5,427		—		2,740		923		709		—		1,073		1,942		—		2

(b) Commenced operations on January 21, 2020.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets

	China Equity Fund						Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	(344,356	)	$	331,276		$	1,144,457		$	11,647,844
Net realized gain (loss)		4,397,814			(1,370,912	)		(74,183,466	)		(45,923,674	)
Net change in unrealized gain (loss)		(1,420,619	)		13,831,545			(102,601,699	)		301,566,373
Net increase (decrease) in net assets resulting from operations		2,632,839			12,791,909			(175,640,708	)		267,290,543
Distributions to shareholders:
From distributable earnings:
Class A Shares		(80,753	)		(889,921	)		(2,087,916	)		(673,495	)
Class C Shares		—			(72,137	)		(31,816	)		—
Institutional Shares		(54,582	)		(433,817	)		(11,063,936	)		(5,268,709	)
Service Shares		—			—			(191,831	)		(49,751	)
Investor Shares		(1,881	)		(17,126	)		(1,412,911	)		(901,707	)
Class P Shares		(459,995	)		(3,162,940	)		(4,624,350	)		(2,644,053	)
Class R6 Shares		(3,753	)		(539	)		(290,245	)		(296,454	)
Total distributions to shareholders		(600,964	)		(4,576,480	)		(19,703,005	)		(9,834,169	)
From share transactions:
Proceeds from sales of shares		5,322,460			5,319,738			706,521,291			780,205,137
Reinvestment of distributions		595,251			4,525,522			17,567,215			8,902,639
Cost of shares redeemed		(19,986,498	)		(14,323,926	)		(470,015,021	)		(644,514,588	)
Net increase (decrease) in net assets resulting from share transactions		(14,068,787	)		(4,478,666	)		254,073,485			144,593,188
TOTAL INCREASE (DECREASE)		(12,036,912	)		3,736,763			58,729,772			402,049,562
Net Assets:
Beginning of period		73,950,423			70,213,660			1,775,053,778			1,373,004,216
End of period	$	61,913,511		$	73,950,423		$	1,833,783,550		$	1,775,053,778

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets (continued)

	ESG Emerging Markets Equity Fund						Imprint Emerging Markets Opportunities Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	(1,032	)	$	59,539		$	(45,425	)	$	1,290,158
Net realized gain (loss)		(169,346	)		(138,804	)		(1,276,513	)		2,721,312
Net change in unrealized gain (loss)		(420,361	)		1,276,626			(3,474,775	)		(1,640,699	)
Net increase (decrease) in net assets resulting from operations		(590,739	)		1,197,361			(4,796,713	)		2,370,771
Distributions to shareholders:
From distributable earnings:
Class A Shares		(280	)		(100	)		(164,432	)		(43,316	)
Class C Shares		—			—			(46,762	)		—
Institutional Shares		(64,061	)		(27,540	)		(204,776	)		(148,258	)
Investor Shares		(400	)		(167	)		(72,847	)		(18,320	)
Class P Shares		—	(a)		—			(733,414	)		(211,532	)
Class R Shares		(1,009	)		(34	)		—			—
Class R6 Shares		(471	)		(206	)		(446	)		(117	)
Total distributions to shareholders		(66,221	)		(28,047	)		(1,222,677	)		(421,543	)
From share transactions:
Proceeds from sales of shares		381,736			1,219,951			4,050,793			1,128,191
Reinvestment of distributions		66,221			28,047			1,214,908			414,427
Cost of shares redeemed		(155,985	)		(1,027,311	)		(6,759,586	)		(20,612,037	)
Net increase (decrease) in net assets resulting from share transactions		291,972			220,687			(1,493,885	)		(19,069,419	)
TOTAL INCREASE (DECREASE)		(364,988	)		1,390,001			(7,513,275	)		(17,120,191	)
Net Assets:
Beginning of period		7,278,706			5,888,705			23,742,165			40,862,356
End of period	$	6,913,718		$	7,278,706		$	16,228,890		$	23,742,165

(a) Commenced operations on January 21, 2020.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.87		$	23.13		$	27.69		$	21.08		$	20.28		$	20.04
Net investment income (loss)(a)		(0.17	)		0.04			0.05			(0.02	)(b)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss)		0.99			4.23			(4.22	)		6.63			0.82			0.27
Total from investment operations		0.82			4.27			(4.17	)		6.61			0.80			0.24
Distributions to shareholders from net investment income		(0.16	)		(0.04	)		—			—			—			—
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—			—
Total distributions		(0.16	)		(1.53	)		(0.39	)		—			—			—
Net asset value, end of period	$	26.53		$	25.87		$	23.13		$	27.69		$	21.08		$	20.28
Total return(c)		3.15	%		19.54	%		(15.32	)%		31.36	%		3.93	%		1.20	%
Net assets, end of period (in 000s)	$	13,641		$	13,397		$	13,598		$	16,860		$	14,975		$	16,310
Ratio of net expenses to average net assets		1.48	%(d)		1.51	%		1.54	%		1.55	%		1.60	%		1.69	%
Ratio of total expenses to average net assets		2.02	%(d)		2.10	%		1.91	%		2.03	%		2.18	%		1.99	%
Ratio of net investment income (loss) to average net assets		(1.29	)%(d)		0.17	%		0.17	%		(0.09	)%(b)		(0.08	)%		(0.16	)%
Portfolio turnover rate(e)		90	%		20	%		39	%		89	%		111	%		153	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	23.14		$	20.95		$	25.31		$	19.41		$	18.81		$	18.73
Net investment loss(a)		(0.24	)		(0.14	)		(0.13	)		(0.17	)(b)		(0.15	)		(0.18	)
Net realized and unrealized gain (loss)		0.88			3.82			(3.84	)		6.07			0.75			0.26
Total from investment operations		0.64			3.68			(3.97	)		5.90			0.60			0.08
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—			—
Net asset value, end of period	$	23.78		$	23.14		$	20.95		$	25.31		$	19.41		$	18.81
Total return(c)		2.77	%		18.66	%		(15.94	)%		30.35	%		3.18	%		0.43	%
Net assets, end of period (in 000s)	$	906		$	896		$	1,318		$	1,732		$	1,810		$	1,951
Ratio of net expenses to average net assets		2.23	%(d)		2.27	%		2.29	%		2.30	%		2.35	%		2.44	%
Ratio of total expenses to average net assets		2.77	%(d)		2.85	%		2.66	%		2.78	%		2.93	%		2.76	%
Ratio of net investment loss to average net assets		(2.05	)%(d)		(0.63	)%		(0.52	)%		(0.79	)%(b)		(0.83	)%		(0.91	)%
Portfolio turnover rate(e)		90	%		20	%		39	%		89	%		111	%		153	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	27.63		$	24.56		$	29.28		$	22.20		$	21.27		$	20.99
Net investment income (loss)(a)		(0.14	)		0.14			0.19			0.09	(b)		0.07			0.05
Net realized and unrealized gain (loss)		1.07			4.50			(4.51	)		6.99			0.86			0.29
Total from investment operations		0.93			4.64			(4.32	)		7.08			0.93			0.34
Distributions to shareholders from net investment income		(0.25	)		(0.08	)		(0.01	)		—			—			(0.06	)
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—			—
Total distributions		(0.25	)		(1.57	)		(0.40	)		—			—			(0.06	)
Net asset value, end of period	$	28.31		$	27.63		$	24.56		$	29.28		$	22.20		$	21.27
Total return(c)		3.35	%		19.98	%		(14.98	)%		31.91	%		4.31	%		1.60	%
Net assets, end of period (in 000s)	$	7,031		$	6,327		$	6,997		$	62,843		$	56,077		$	58,967
Ratio of net expenses to average net assets		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.20	%		1.29	%
Ratio of total expenses to average net assets		1.64	%(d)		1.71	%		1.47	%		1.63	%		1.78	%		1.61	%
Ratio of net investment income (loss) to average net assets		(0.96	)%(d)		0.54	%		0.63	%		0.36	%(b)		0.32	%		0.21	%
Portfolio turnover rate(e)		90	%		20	%		39	%		89	%		111	%		153	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	27.46		$	24.41		$	29.14		$	22.12		$	21.23		$	20.98
Net investment income (loss)(b)		(0.15	)		0.09			0.15			0.06	(c)		0.06			0.01
Net realized and unrealized gain (loss)		1.05			4.50			(4.48	)		6.96			0.83			0.29
Total from investment operations		0.90			4.59			(4.33	)		7.02			0.89			0.30
Distributions to shareholders from net investment income		(0.22	)		(0.05	)		(0.01	)		—			—			(0.05	)
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—			—
Total distributions		(0.22	)		(1.54	)		(0.40	)		—			—			(0.05	)
Net asset value, end of period	$	28.14		$	27.46		$	24.41		$	29.14		$	22.12		$	21.23
Total return(d)		3.27	%		19.86	%		(15.11	)%		31.74	%		4.18	%		1.46	%
Net assets, end of period (in 000s)	$	265		$	226		$	392		$	136		$	57		$	52
Ratio of net expenses to average net assets		1.23	%(e)		1.27	%		1.29	%		1.30	%		1.34	%		1.44	%
Ratio of total expenses to average net assets		1.77	%(e)		1.85	%		1.63	%		1.78	%		1.93	%		1.75	%
Ratio of net investment income (loss) to average net assets		(1.06	)%(e)		0.35	%		0.52	%		0.24	%(c)		0.27	%		0.06	%
Portfolio turnover rate(f)		90	%		20	%		39	%		89	%		111	%		153	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	27.55		$	24.57		$	30.61
Net investment income (loss)(a)		(0.13	)		0.14			0.09
Net realized and unrealized gain (loss)		1.06			4.49			(6.13	)
Total from investment operations		0.93			4.63			(6.04	)
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(1.49	)		—
Total distributions		(0.26	)		(1.65	)		—
Net asset value, end of period	$	28.22		$	27.55		$	24.57
Total return(b)		3.34	%		19.98	%		(19.73	)%
Net assets, end of period (in 000s)	$	39,790		$	52,673		$	47,901
Ratio of net expenses to average net assets		1.14	%(c)		1.15	%		1.14	%(c)
Ratio of total expenses to average net assets		1.62	%(c)		1.70	%		1.77	%(c)
Ratio of net investment income (loss) to average net assets		(0.93	)%(c)		0.55	%		0.59	%(c)
Portfolio turnover rate(d)		90	%		20	%		39	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			February 28, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	27.54		$	24.56		$	30.83
Net investment income (loss)(a)		(0.13	)		0.15			0.19
Net realized and unrealized gain (loss)		1.06			4.48			(6.46	)
Total from investment operations		0.93			4.63			(6.27	)
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(1.49	)		—
Total distributions		(0.26	)		(1.65	)		—
Net asset value, end of period	$	28.21		$	27.54		$	24.56
Total return(b)		3.34	%		19.96	%		(20.34	)%
Net assets, end of period (in 000s)	$	282		$	432		$	8
Ratio of net expenses to average net assets		1.14	%(c)		1.15	%		1.15	%(c)
Ratio of total expenses to average net assets		1.62	%(c)		1.70	%		1.55	%(c)
Ratio of net investment income (loss) to average net assets		(0.94	)%(c)		0.57	%		1.00	%(c)
Portfolio turnover rate(d)		90	%		20	%		39	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	20.35		$	17.18		$	20.91		$	16.23		$	14.75		$	16.00
Net investment income (loss)(a)		(0.02	)		0.07			0.10			0.05	(b)		0.04			0.03
Net realized and unrealized gain (loss)		(1.83	)		3.18			(3.69	)		4.74			1.44			(1.28	)
Total from investment operations		(1.85	)		3.25			(3.59	)		4.79			1.48			(1.25	)
Distributions to shareholders from net investment income		(0.19	)		(0.08	)		(0.14	)		(0.11	)		—			—
Net asset value, end of period	$	18.31		$	20.35		$	17.18		$	20.91		$	16.23		$	14.75
Total return(c)		(9.24	)%		19.03	%		(17.32	)%		29.78	%		10.01	%		(7.81	)%
Net assets, end of period (in 000s)	$	211,816		$	230,234		$	152,596		$	85,679		$	59,593		$	64,169
Ratio of net expenses to average net assets		1.50	%(d)		1.55	%		1.56	%		1.57	%		1.65	%		1.67	%
Ratio of total expenses to average net assets		1.52	%(d)		1.58	%		1.64	%		1.75	%		1.90	%		1.91	%
Ratio of net investment income (loss) to average net assets		(0.17	)%(d)		0.39	%		0.46	%		0.29	%(b)		0.27	%		0.17	%
Portfolio turnover rate(e)		17	%		33	%		52	%		113	%		92	%		118	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	18.12		$	15.34		$	18.72		$	14.53		$	13.31		$	14.55
Net investment loss(a)		(0.08	)		(0.06	)		(0.05	)		(0.09	)(b)		(0.06	)		(0.10	)
Net realized and unrealized gain (loss)		(1.65	)		2.84			(3.30	)		4.28			1.28			(1.14	)
Total from investment operations		(1.73	)		2.78			(3.35	)		4.19			1.22			(1.24	)
Distributions to shareholders from net investment income		(0.02	)		—			(0.03	)		—			—			—
Net asset value, end of period	$	16.37		$	18.12		$	15.34		$	18.72		$	14.53		$	13.31
Total return(c)		(9.62	)%		18.12	%		(17.91	)%		28.84	%		9.14	%		(8.52	)%
Net assets, end of period (in 000s)	$	22,065		$	30,115		$	33,252		$	36,286		$	30,104		$	35,927
Ratio of net expenses to average net assets		2.25	%(d)		2.30	%		2.31	%		2.32	%		2.40	%		2.41	%
Ratio of total expenses to average net assets		2.27	%(d)		2.33	%		2.39	%		2.50	%		2.65	%		2.67	%
Ratio of net investment loss to average net assets		(0.94	)%(d)		(0.33	)%		(0.25	)%		(0.55	)%(b)		(0.48	)%		(0.68	)%
Portfolio turnover rate(e)		17	%		33	%		52	%		113	%		92	%		118	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.85		$	18.43		$	22.40		$	17.38		$	15.75		$	17.08
Net investment income(a)		0.02			0.17			0.20			0.12	(b)		0.11			0.08
Net realized and unrealized gain (loss)		(1.97	)		3.40			(3.96	)		5.07			1.54			(1.36	)
Total from investment operations		(1.95	)		3.57			(3.76	)		5.19			1.65			(1.28	)
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		(0.21	)		(0.17	)		(0.02	)		(0.05	)
Net asset value, end of period	$	19.65		$	21.85		$	18.43		$	22.40		$	17.38		$	15.75
Total return(c)		(9.13	)%		19.51	%		(16.99	)%		30.31	%		10.43	%		(7.49	)%
Net assets, end of period (in 000s)	$	1,093,128		$	940,632		$	678,197		$	664,085		$	445,019		$	326,068
Ratio of net expenses to average net assets		1.14	%(d)		1.17	%		1.17	%		1.18	%		1.25	%		1.28	%
Ratio of total expenses to average net assets		1.14	%(d)		1.19	%		1.24	%		1.36	%		1.50	%		1.52	%
Ratio of net investment income to average net assets		0.21	%(d)		0.84	%		0.91	%		0.63	%(b)		0.69	%		0.48	%
Portfolio turnover rate(e)		17	%		33	%		52	%		113	%		92	%		118	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.68		$	16.60		$	20.21		$	15.71		$	14.29		$	15.52
Net investment income (loss)(a)		(0.03	)		0.06			0.07			0.02	(b)		0.02			—	(c)
Net realized and unrealized gain (loss)		(1.77	)		3.06			(3.56	)		4.59			1.40			(1.23	)
Total from investment operations		(1.80	)		3.12			(3.49	)		4.61			1.42			(1.23	)
Distributions to shareholders from net investment income		(0.16	)		(0.04	)		(0.12	)		(0.11	)		—			—
Net asset value, end of period	$	17.72		$	19.68		$	16.60		$	20.21		$	15.71		$	14.29
Total return(d)		(9.33	)%		18.85	%		(17.38	)%		29.65	%		9.91	%		(7.93	)%
Net assets, end of period (in 000s)	$	21,334		$	24,183		$	19,922		$	26,049		$	19,069		$	15,759
Ratio of net expenses to average net assets		1.64	%(e)		1.67	%		1.67	%		1.68	%		1.75	%		1.77	%
Ratio of total expenses to average net assets		1.64	%(e)		1.69	%		1.75	%		1.86	%		2.00	%		2.02	%
Ratio of net investment income (loss) to average net assets		(0.31	)%(e)		0.32	%		0.36	%		0.11	%(b)		0.17	%		0.02	%
Portfolio turnover rate(f)		17	%		33	%		52	%		113	%		92	%		118	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.66		$	18.28		$	22.24		$	17.27		$	15.67		$	16.99
Net investment income(b)		—	(c)		0.12			0.17			0.13	(d)		0.08			0.01
Net realized and unrealized gain (loss)		(1.94	)		3.38			(3.94	)		5.01			1.53			(1.30	)
Total from investment operations		(1.94	)		3.50			(3.77	)		5.14			1.61			(1.29	)
Distributions to shareholders from net investment income		(0.22	)		(0.12	)		(0.19	)		(0.17	)		(0.01	)		(0.03	)
Net asset value, end of period	$	19.50		$	21.66		$	18.28		$	22.24		$	17.27		$	15.67
Total return(e)		(9.15	)%		19.31	%		(17.07	)%		30.11	%		10.26	%		(7.62	)%
Net assets, end of period (in 000s)	$	121,887		$	135,484		$	139,726		$	62,974		$	5,263		$	1,424
Ratio of net expenses to average net assets		1.25	%(f)		1.30	%		1.31	%		1.31	%		1.40	%		1.42	%
Ratio of total expenses to average net assets		1.27	%(f)		1.33	%		1.38	%		1.49	%		1.64	%		1.69	%
Ratio of net investment income to average net assets		0.02	%(f)		0.58	%		0.79	%		0.67	%(d)		0.52	%		0.04	%
Portfolio turnover rate(g)		17	%		33	%		52	%		113	%		92	%		118	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Amount is less than $0.005 per share.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(e) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	21.94		$	18.51		$	23.46
Net investment income(a)		0.02			0.17			0.10
Net realized and unrealized gain (loss)		(1.98	)		3.41			(5.05	)
Total from investment operations		(1.96	)		3.58			(4.95	)
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		—
Net asset value, end of period	$	19.73		$	21.94		$	18.51
Total return(b)		(9.09	)%		19.47	%		(21.06	)%
Net assets, end of period (in 000s)	$	345,753		$	389,019		$	311,447
Ratio of net expenses to average net assets		1.13	%(c)		1.16	%		1.15	%(c)
Ratio of total expenses to average net assets		1.13	%(c)		1.18	%		1.24	%(c)
Ratio of net investment income to average net assets		0.18	%(c)		0.82	%		0.94	%(c)
Portfolio turnover rate(d)		17	%		33	%		52	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												July 31, 2015* to October 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.94		$	18.51		$	22.41		$	17.38		$	15.74		$	16.72
Net investment income(a)		0.03			0.17			0.21			0.16	(b)		0.10			0.01
Net realized and unrealized gain (loss)		(1.99	)		3.41			(4.00	)		5.05			1.56			(0.99	)
Total from investment operations		(1.96	)		3.58			(3.79	)		5.21			1.66			(0.98	)
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		(0.11	)		(0.18	)		(0.02	)		—
Net asset value, end of period	$	19.73		$	21.94		$	18.51		$	22.41		$	17.38		$	15.74
Total return(c)		(9.09	)%		19.52	%		(16.96	)%		30.35	%		10.52	%		(5.86	)%
Net assets, end of period (in 000s)	$	17,801		$	25,387		$	37,865		$	245		$	5,012		$	9
Ratio of net expenses to average net assets		1.13	%(d)		1.16	%		1.16	%		1.17	%		1.23	%		1.24	%(d)
Ratio of total expenses to average net assets		1.13	%(d)		1.18	%		1.21	%		1.35	%		1.44	%		1.53	%(d)
Ratio of net investment income to average net assets		0.23	%(d)		0.82	%		0.99	%		0.88	%(b)		0.57	%		0.14	%(d)
Portfolio turnover rate(e)		17	%		33	%		52	%		113	%		92	%		118	%

 * Commencement of operations.

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.95		$	8.40		$	10.00
Net investment income (loss)(a)		(0.02	)		0.04			0.03
Net realized and unrealized gain (loss)		(0.81	)		1.53			(1.63	)
Total from investment operations		(0.83	)		1.57			(1.60	)
Distributions to shareholders from net investment income		(0.06	)		(0.02	)		—
Net asset value, end of period	$	9.06		$	9.95		$	8.40
Total return(b)		(8.46	)%		18.74	%		(16.00	)%
Net assets, end of period (in 000s)	$	47		$	50		$	42
Ratio of net expenses to average net assets		1.51	%(c)		1.60	%		1.53	%(c)
Ratio of total expenses to average net assets		5.32	%(c)		7.73	%		10.28	%(c)
Ratio of net investment income (loss) to average net assets		(0.37	)%(c)		0.44	%		0.64	%(c)
Portfolio turnover rate(d)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.87		$	8.37		$	10.00
Net investment loss(a)		(0.06	)		(0.03	)		—	(b)
Net realized and unrealized gain (loss)		(0.81	)		1.53			(1.63	)
Total from investment operations		(0.87	)		1.50			(1.63	)
Net asset value, end of period	$	9.00		$	9.87		$	8.37
Total return(c)		(8.81	)%		17.92	%		(16.30	)%
Net assets, end of period (in 000s)	$	45		$	49		$	42
Ratio of net expenses to average net assets		2.26	%(d)		2.35	%		2.28	%(d)
Ratio of total expenses to average net assets		6.07	%(d)		8.49	%		11.03	%(d)
Ratio of net investment loss to average net assets		(1.13	)%(d)		(0.31	)%		(0.11	)%(d)
Portfolio turnover rate(e)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.98		$	8.41		$	10.00
Net investment income(a)		—	(b)		0.08			0.04
Net realized and unrealized gain (loss)		(0.82	)		1.53			(1.63	)
Total from investment operations		(0.82	)		1.61			(1.59	)
Distributions to shareholders from net investment income		(0.09	)		(0.04	)		—
Net asset value, end of period	$	9.07		$	9.98		$	8.41
Total return(c)		(8.32	)%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	6,561		$	6,912		$	5,679
Ratio of net expenses to average net assets		1.14	%(d)		1.21	%		1.14	%(d)
Ratio of total expenses to average net assets		4.94	%(d)		7.31	%		9.89	%(d)
Ratio of net investment income to average net assets		—	%(d)(e)		0.85	%		1.03	%(d)
Portfolio turnover rate(f)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) Amount is less than 0.005%.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Investor Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.97		$	8.41		$	10.00
Net investment income (loss)(a)		(0.01	)		0.06			0.03
Net realized and unrealized gain (loss)		(0.81	)		1.53			(1.62	)
Total from investment operations		(0.82	)		1.59			(1.59	)
Distributions to shareholders from net investment income		(0.08	)		(0.03	)		—
Net asset value, end of period	$	9.07		$	9.97		$	8.41
Total return(b)		(8.34	)%		19.03	%		(15.90	)%
Net assets, end of period (in 000s)	$	46		$	50		$	42
Ratio of net expenses to average net assets		1.26	%(c)		1.35	%		1.28	%(c)
Ratio of total expenses to average net assets		5.07	%(c)		7.49	%		10.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.12	)%(c)		0.69	%		0.89	%(c)
Portfolio turnover rate(d)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class P Shares
	January 21, 2020* to April 30, 2020 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.87
Net investment income(a)		—	(b)
Net realized and unrealized loss		(1.80	)
Total from investment operations		(1.80	)
Net asset value, end of period	$	9.07
Total return(c)		(16.56	)%
Net assets, end of period (in 000s)	$	8
Ratio of net expenses to average net assets		0.86	%(d)
Ratio of total expenses to average net assets		4.85	%(d)
Ratio of net investment income to average net assets		0.16	%(d)
Portfolio turnover rate(e)		14	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.94		$	8.39		$	10.00
Net investment income (loss)(a)		(0.03	)		0.01			0.02
Net realized and unrealized gain (loss)		(0.82	)		1.55			(1.63	)
Total from investment operations		(0.85	)		1.56			(1.61	)
Distributions to shareholders from net investment income		(0.06	)		(0.01	)		—
Net asset value, end of period	$	9.03		$	9.94		$	8.39
Total return(b)		(8.65	)%		18.57	%		(16.10	)%
Net assets, end of period (in 000s)	$	160		$	167		$	42
Ratio of net expenses to average net assets		1.76	%(c)		1.92	%		1.78	%(c)
Ratio of total expenses to average net assets		5.57	%(c)		7.68	%		10.53	%(c)
Ratio of net investment income (loss) to average net assets		(0.62	)%(c)		0.06	%		0.39	%(c)
Portfolio turnover rate(d)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			May 31, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.98		$	8.41		$	10.00
Net investment income(a)		—	(b)		0.08			0.04
Net realized and unrealized gain (loss)		(0.82	)		1.53			(1.63	)
Total from investment operations		(0.82	)		1.61			(1.59	)
Distributions to shareholders from net investment income		(0.09	)		(0.04	)		—
Net asset value, end of period	$	9.07		$	9.98		$	8.41
Total return(c)		(8.31	)%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	46		$	50		$	42
Ratio of net expenses to average net assets		1.13	%(d)		1.20	%		1.13	%(d)
Ratio of total expenses to average net assets		4.92	%(d)		7.34	%		9.88	%(d)
Ratio of net investment income to average net assets		0.01	%(d)		0.84	%		1.04	%(d)
Portfolio turnover rate(e)		14	%		57	%		23	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.44		$	8.04		$	9.93		$	8.98		$	9.26		$	11.25
Net investment income (loss)(a)		(0.02	)		0.28	(b)		0.07			0.05			0.06			0.04
Net realized and unrealized gain (loss)		(1.40	)		0.18			(1.96	)		0.90			(0.32	)		(2.03	)
Total from investment operations		(1.42	)		0.46			(1.89	)		0.95			(0.26	)		(1.99	)
Distributions to shareholders from net investment income		(0.40	)		(0.06	)		—	(c)		—			(0.02	)		—	(c)
Net asset value, end of period	$	6.62		$	8.44		$	8.04		$	9.93		$	8.98		$	9.26
Total return(d)		(17.95	)%		5.72	%		(19.03	)%		10.58	%		(2.84	)%		(17.68	)%
Net assets, end of period (in 000s)	$	2,621		$	3,563		$	6,345		$	16,496		$	25,955		$	54,045
Ratio of net expenses to average net assets		1.63	%(e)		1.73	%		1.72	%		1.73	%		1.74	%		1.73	%
Ratio of total expenses to average net assets		3.56	%(e)		3.12	%		2.33	%		2.11	%		2.39	%		2.07	%
Ratio of net investment income (loss) to average net assets		(0.62	)%(e)		3.24	%(b)		0.68	%		0.50	%		0.66	%		0.35	%
Portfolio turnover rate(f)		35	%		85	%		11	%		26	%		27	%		48	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.02		$	7.64		$	9.51		$	8.66		$	8.98		$	10.99
Net investment income (loss)(a)		(0.05	)		0.23	(b)		(0.01	)		(0.01	)		(0.01	)		(0.04	)
Net realized and unrealized gain (loss)		(1.33	)		0.15			(1.86	)		0.86			(0.31	)		(1.97	)
Total from investment operations		(1.38	)		0.38			(1.87	)		0.85			(0.32	)		(2.01	)
Distributions to shareholders from net investment income		(0.32	)		—			—			—			—			—
Net asset value, end of period	$	6.32		$	8.02		$	7.64		$	9.51		$	8.66		$	8.98
Total return(c)		(18.19	)%		4.97	%		(19.66	)%		9.82	%		(3.55	)%		(18.29	)%
Net assets, end of period (in 000s)	$	779		$	1,249		$	2,082		$	3,854		$	5,642		$	8,564
Ratio of net expenses to average net assets		2.39	%(d)		2.48	%		2.47	%		2.48	%		2.49	%		2.48	%
Ratio of total expenses to average net assets		4.29	%(d)		3.87	%		3.10	%		2.84	%		3.14	%		2.82	%
Ratio of net investment income (loss) to average net assets		(1.39	)%(d)		2.84	%(b)		(0.11	)%		(0.15	)%		(0.07	)%		(0.41	)%
Portfolio turnover rate(e)		35	%		85	%		11	%		26	%		27	%		48	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.49		$	8.12		$	10.02		$	9.02		$	9.33		$	11.34
Net investment income (loss)(a)		(0.01	)		0.28	(b)		0.12			0.09			0.10			0.08
Net realized and unrealized gain (loss)		(1.39	)		0.20			(1.99	)		0.91			(0.33	)		(2.04	)
Total from investment operations		(1.40	)		0.48			(1.87	)		1.00			(0.23	)		(1.96	)
Distributions to shareholders from net investment income		(0.45	)		(0.11	)		(0.03	)		—	(c)		(0.08	)		(0.05	)
Net asset value, end of period	$	6.64		$	8.49		$	8.12		$	10.02		$	9.02		$	9.33
Total return(d)		(17.71	)%		6.02	%		(18.62	)%		11.02	%		(2.46	)%		(17.34	)%
Net assets, end of period (in 000s)	$	2,723		$	4,082		$	12,270		$	50,730		$	58,958		$	115,099
Ratio of net expenses to average net assets		1.25	%(e)		1.34	%		1.33	%		1.33	%		1.33	%		1.33	%
Ratio of total expenses to average net assets		3.16	%(e)		2.71	%		1.91	%		1.67	%		1.99	%		1.68	%
Ratio of net investment income (loss) to average net assets		(0.27	)%(e)		3.29	%(b)		1.24	%		0.94	%		1.08	%		0.78	%
Portfolio turnover rate(f)		35	%		85	%		11	%		26	%		27	%		48	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.50		$	8.09		$	9.98		$	9.00		$	9.30		$	11.30
Net investment income (loss)(b)		(0.02	)		0.27	(c)		0.08			0.08			0.08			0.06
Net realized and unrealized gain (loss)		(1.39	)		0.21			(1.95	)		0.90			(0.32	)		(2.03	)
Total from investment operations		(1.41	)		0.48			(1.87	)		0.98			(0.24	)		(1.97	)
Distributions to shareholders from net investment income		(0.44	)		(0.07	)		(0.02	)		—			(0.06	)		(0.03	)
Net asset value, end of period	$	6.65		$	8.50		$	8.09		$	9.98		$	9.00		$	9.30
Total return(d)		(17.85	)%		6.00	%		(18.82	)%		10.89	%		(2.59	)%		(17.45	)%
Net assets, end of period (in 000s)	$	863		$	1,465		$	5,633		$	8,613		$	9,436		$	13,092
Ratio of net expenses to average net assets		1.38	%(e)		1.49	%		1.47	%		1.48	%		1.48	%		1.48	%
Ratio of total expenses to average net assets		3.27	%(e)		2.85	%		2.11	%		1.80	%		2.14	%		1.82	%
Ratio of net investment income (loss) to average net assets		(0.45	)%(e)		3.21	%(c)		0.86	%		0.91	%		0.90	%		0.59	%
Portfolio turnover rate(f)		35	%		85	%		11	%		26	%		27	%		48	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.48		$	8.11		$	10.29
Net investment income (loss)(a)		(0.01	)		0.41	(b)		(0.01	)
Net realized and unrealized gain (loss)		(1.38	)		0.08			(2.17	)
Total from investment operations		(1.39	)		0.49			(2.18	)
Distributions to shareholders from net investment income		(0.46	)		(0.12	)		—
Net asset value, end of period	$	6.63		$	8.48		$	8.11
Total return(c)		(17.69	)%		6.15	%		(21.19	)%
Net assets, end of period (in 000s)	$	9,236		$	13,375		$	14,524
Ratio of net expenses to average net assets		1.24	%(d)		1.34	%		1.32	%(d)
Ratio of total expenses to average net assets		3.14	%(d)		2.74	%		2.28	%(d)
Ratio of net investment income (loss) to average net assets		(0.31	)%(d)		4.79	%(b)		(0.18	)%(d)
Portfolio turnover rate(e)		35	%		85	%		11	%

 * Commencement of operations.

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			February 28, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.49		$	8.12		$	10.43
Net investment income (loss)(a)		(0.01	)		0.44	(b)		0.08
Net realized and unrealized gain (loss)		(1.39	)		0.05			(2.39	)
Total from investment operations		(1.40	)		0.49			(2.31	)
Distributions to shareholders from net investment income		(0.46	)		(0.12	)		—
Net asset value, end of period	$	6.63		$	8.49		$	8.12
Total return(c)		(17.80	)%		6.12	%		(22.15	)%
Net assets, end of period (in 000s)	$	7		$	8		$	8
Ratio of net expenses to average net assets		1.26	%(d)		1.35	%		1.34	%(d)
Ratio of total expenses to average net assets		3.18	%(d)		2.76	%		2.00	%(d)
Ratio of net investment income (loss) to average net assets		(0.23	)%(d)		5.05	%(b)		1.33	%(d)
Portfolio turnover rate(e)		35	%		85	%		11	%

 * Commencement of operations.

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

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
China Equity(a)	A, C, Institutional, Investor, P and R6	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor,  P and R6	Diversified
ESG Emerging Markets Equity	A, C, Institutional, Investor, P(b), R and R6	Diversified
Imprint Emerging Markets Opportunities	A, C, Institutional, Investor, P and R6	Diversified

(a) Formerly, the Goldman Sachs Asia Equity Fund. Effective at the close of business on November 20, 2019, the Fund’s name changed to Goldman Sachs China Equity Fund.

(b) Commenced operations on January 21, 2020.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each

48

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official

49

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2020:

CHINA EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,246,361	$	53,695,670	$	—
Investment Company		1,399,012		—		—
Total	$	7,645,373	$	53,695,670	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

50

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	14,016,282	$	20,515,761	$	—
Asia		228,266,072		1,345,220,384		—
Europe		9,253,006		42,745,993		—
North America		28,520,632		—		—
South America		107,885,187		21,447,989		—
Exchange Traded Fund		14,586,274		—		—
Total	$	402,527,453	$	1,429,930,127	$	—
ESG EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	77,651	$	42,292	$	—
Asia		962,466		4,757,924		—
Europe		—		132,618		—
North America		152,466		—		—
South America		531,650		15,960		—
Investment Company		7,602		—		—
Total	$	1,731,835	$	4,948,794	$	—
IMPRINT EMERGING MARKETS OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	259,285	$	2,358,212	$	—
Asia		3,394,100		8,725,868		—
Europe		536,596		312,987		—
South America		470,993		—		—
Investment Company		13,673		—		—
Securities Lending Reinvestment Vehicle		465,650		—		—
Total	$	5,140,297	$	11,397,067	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

51

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
China Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.02			1.02			0.92			0.87			0.85			1.02			1.02
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.98			0.98
Imprint Emerging Markets Opportunities		1.05			1.05			0.95			0.90			0.88			1.05			1.05

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

The China Equity, Emerging Markets Equity, ESG Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2020, GSAM waived $147, $964, $24 and $63 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds’ management fees, respectively.

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity	$	525	$	—
Emerging Markets Equity		4,404		1
ESG Emerging Markets Equity		—		—
Imprint Emerging Markets Opportunities		3		—

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement —Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2020, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.07%, 0.06% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the China Equity Fund, Emerging Markets Equity Fund and ESG Emerging Markets Equity Fund, respectively, through at least February 28, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to February 28, 2020, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the China Equity Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds are 0.114%, 0.104%, 0.124% and 0.164%, respectively. These Other Expense limitations will remain in place through at least February 28, 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 and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
China Equity	$	147	$	1,097	$	3,693	$	160,905	$	165,842
Emerging Markets Equity		964		12,880		36,642		—		50,486
ESG Emerging Markets Equity		24		60		20		137,417		137,521
Imprint Emerging Markets Opportunities		63		285		—		209,176		209,524

G.  Line of Credit Facility — As of April 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 six months ended April 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2020, Goldman Sachs earned $492 and $4 in brokerage commissions from portfolio transactions on behalf of the Emerging Markets Equity and ESG Emerging Markets Equity Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020		Shares as of April 30, 2020		Dividend Income From Affiliated Investment Company
China Equity	$	461,147	$	14,434,044	$	(13,496,179)		$	1,399,012		1,399,012	$	2,252
Emerging Markets Equity		6,059,064		337,261,281		(343,320,345	)		—		—		116,626
ESG Emerging Markets Equity		—		517,017		(509,415	)		7,602		7,602		77
Imprint Emerging Markets Opportunities		—		779,570		(765,897	)		13,673		13,673		118

As of April 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
China Equity		—	%		—	%		—	%		14	%		—	%		—	%		—	%
ESG Emerging Markets Equity		97			100			95			100			100			28			100
Imprint Emerging Markets Opportunities		—			—			—			—			—			—			100

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2020, were as follows:

Fund	Purchases		Sales and Maturities
China Equity	$	58,842,891	$	75,110,337
Emerging Markets Equity		550,434,357		302,059,037
ESG Emerging Markets Equity		1,027,904		972,867
Imprint Emerging Markets Opportunities		7,413,350		9,770,415

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

6. SECURITIES LENDING (continued)

Each of the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2020
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
China Equity	$	111	$	—
Emerging Markets Equity		14,521		55,404
Imprint Emerging Markets Opportunities		807		1,775

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2020.

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020
China Equity	$	1,018,700	$	4,923,175	$	(5,941,875	)	$	—
Emerging Markets Equity		43,343,504		343,718,807		(387,062,311	)		—
Imprint Emerging Markets Opportunities		—		4,561,765		(4,096,115	)		465,650

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2019, the Funds’ capital loss carryforwards on a tax basis were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			Imprint Emerging Markets Equity
Capital loss carryforwards:
Perpetual Long-term	$	(673,981	)	$	(53,722,196	)	$	(34,082	)	$	(26,604,715	)
Perpetual Short-term		(705,172	)		(93,713,818	)		(210,270	)		(31,944,098	)
Total capital loss carryforwards	$	(1,379,153	)	$	(147,436,014	)	$	(244,352	)	$	(58,548,813	)

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			Imprint Emerging Markets Opportunities
Tax cost	$	56,176,154		$	1,856,745,893		$	6,843,200		$	19,831,051
Gross unrealized gain		7,858,077			206,231,568			588,150			1,002,874
Gross unrealized loss		(2,693,188	)		(230,519,881	)		(750,721	)		(4,296,561	)
Net unrealized gain (loss)	$	5,164,889		$	(24,288,313	)	$	(162,571	)	$	(3,293,687	)

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

ESG Standards Risk —The ESG Emerging Markets Equity Fund’s adherence to its environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Fund will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

(who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

9. 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.

10. 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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11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	China Equity Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		71,463		$	1,900,272			100,472		$	2,465,209
Reinvestment of distributions		2,829			77,404			38,407			858,528
Shares redeemed		(78,063	)		(2,051,088	)		(208,987	)		(5,053,525	)
		(3,771	)		(73,412	)		(70,108	)		(1,729,788	)
Class C Shares
Shares sold		3,709			94,494			6,183			131,992
Reinvestment of distributions		—			—			3,328			66,890
Shares redeemed		(4,347	)		(100,494	)		(33,688	)		(735,710	)
		(638	)		(6,000	)		(24,177	)		(536,828	)
Institutional Shares
Shares sold		94,517			2,654,497			56,003			1,438,836
Reinvestment of distributions		1,791			52,218			17,609			419,499
Shares redeemed		(76,915	)		(2,192,922	)		(129,539	)		(3,261,359	)
		19,393			513,793			(55,927	)		(1,403,024	)
Investor Shares
Shares sold		1,808			54,375			2,795			74,498
Reinvestment of distributions		65			1,881			724			17,126
Shares redeemed		(678	)		(16,591	)		(11,360	)		(283,760	)
		1,195			39,665			(7,841	)		(192,136	)
Class P Shares
Shares sold		18,818			527,800			23,591			611,925
Reinvestment of distributions		15,824			459,995			132,977			3,162,940
Shares redeemed		(536,509	)		(15,371,536	)		(194,578	)		(4,752,501	)
		(501,867	)		(14,383,741	)		(38,010	)		(977,636	)
Class R6 Shares
Shares sold		3,328			91,022			24,436			597,278
Reinvestment of distributions		129			3,753			23			539
Shares redeemed		(9,157	)		(253,867	)		(9,102	)		(237,071	)
		(5,700	)		(159,092	)		15,357			360,746
NET DECREASE		(491,388	)	$	(14,068,787	)		(180,706	)	$	(4,478,666	)

59

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,713,323		$	32,379,988			6,814,401		$	132,500,133
Reinvestment of distributions		93,742			2,010,764			37,945			644,306
Shares redeemed		(1,551,775	)		(30,322,917	)		(4,421,848	)		(82,650,999	)
		255,290			4,067,835			2,430,498			50,493,440
Class C Shares
Shares sold		111,844			2,052,203			475,915			7,954,572
Reinvestment of distributions		1,430			27,481			—			—
Shares redeemed		(427,078	)		(7,364,347	)		(981,996	)		(16,512,774	)
		(313,804	)		(5,284,663	)		(506,081	)		(8,558,202	)
Institutional Shares
Shares sold		26,137,804			521,420,357			21,184,595			429,740,047
Reinvestment of distributions		392,564			9,021,135			240,543			4,370,669
Shares redeemed		(13,949,588	)		(275,524,498	)		(15,168,077	)		(301,279,401	)
		12,580,780			254,916,994			6,257,061			132,831,315
Service Shares
Shares sold		73,179			1,391,613			265,718			4,913,041
Reinvestment of distributions		9,144			189,825			2,995			49,234
Shares redeemed		(106,763	)		(2,081,128	)		(240,524	)		(4,530,984	)
		(24,440	)		(499,690	)		28,189			431,291
Investor Shares
Shares sold		2,446,988			53,688,407			4,372,238			87,269,385
Reinvestment of distributions		61,914			1,412,269			49,984			901,707
Shares redeemed		(2,511,134	)		(50,022,260	)		(5,812,117	)		(118,938,935	)
		(2,232	)		5,078,416			(1,389,895	)		(30,767,843	)
Class P Shares
Shares sold		4,610,154			93,097,650			5,473,674			108,679,052
Reinvestment of distributions		200,362			4,624,350			144,959			2,644,053
Shares redeemed		(5,019,081	)		(96,058,959	)		(4,710,104	)		(93,985,135	)
		(208,565	)		1,663,041			908,529			17,337,970
Class R6 Shares
Shares sold		120,088			2,491,073			456,009			9,148,907
Reinvestment of distributions		12,192			281,391			16,045			292,670
Shares redeemed		(387,292	)		(8,640,912	)		(1,360,524	)		(26,616,360	)
		(255,012	)		(5,868,448	)		(888,470	)		(17,174,783	)
NET INCREASE		12,032,017		$	254,073,485			6,839,831		$	144,593,188

60

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	ESG Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		127		$	1,134			22		$	209
Reinvestment of distributions		26			280			12			100
Shares redeemed		(10	)		(102	)		—			—
		143			1,312			34			309
Institutional Shares
Shares sold		40,696			361,573			118,634			1,104,801
Reinvestment of distributions		6,049			64,061			3,343			27,540
Shares redeemed		(15,842	)		(154,890	)		(104,567	)		(1,027,258	)
		30,903			270,744			17,410			105,083
Investor Shares
Reinvestment of distributions		38			400			20			167
		38			400			20			167
Class P Shares(a)
Shares sold		920			10,000			—			—
		920			10,000			—			—
Class R Shares
Shares sold		921			9,029			11,843			114,941
Reinvestment of distributions		96			1,009			4			34
Shares redeemed		(96	)		(993	)		(6	)		(53	)
		921			9,045			11,841			114,922
Class R6 Shares
Reinvestment of distributions		44			471			25			206
		44			471			25			206
NET INCREASE		32,969		$	291,972			29,330		$	220,687

(a) Commenced operations on January 21, 2020.

61

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Imprint Emerging Markets Opportunities Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		17,923		$	144,627			54,373		$	462,086
Reinvestment of distributions		18,647			162,419			5,314			43,152
Shares redeemed		(62,836	)		(512,897	)		(426,689	)		(3,637,862	)
		(26,266	)		(205,851	)		(367,002	)		(3,132,624	)
Class C Shares
Shares sold		1,610			12,978			871			7,085
Reinvestment of distributions		5,595			46,603			—			—
Shares redeemed		(39,549	)		(286,514	)		(117,652	)		(964,642	)
		(32,344	)		(226,933	)		(116,781	)		(957,557	)
Institutional Shares
Shares sold		15,524			127,788			43,062			384,696
Reinvestment of distributions		22,841			199,179			17,360			141,306
Shares redeemed		(108,750	)		(859,932	)		(1,091,629	)		(9,349,452	)
		(70,385	)		(532,965	)		(1,031,207	)		(8,823,450	)
Investor Shares
Shares sold		317			2,400			6,747			56,324
Reinvestment of distributions		8,335			72,847			2,245			18,320
Shares redeemed		(51,254	)		(404,197	)		(532,724	)		(4,404,839	)
		(42,602	)		(328,950	)		(523,732	)		(4,330,195	)
Class P Shares
Shares sold		441,327			3,763,000			25,721			218,000
Reinvestment of distributions		84,204			733,414			26,019			211,532
Shares redeemed		(707,886	)		(4,696,046	)		(265,388	)		(2,255,242	)
		(182,355	)		(199,632	)		(213,648	)		(1,825,710	)
Class R6 Shares
Reinvestment of distributions		51			446			14			117
		51			446			14			117
NET DECREASE		(353,901	)	$	(1,493,885	)		(2,252,356	)	$	(19,069,419	)

62

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

63

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

64

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

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

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 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 November 1, 2019 through April 30, 2020, which represents a period of 182 days of a 366 day year. With respect to the ESG Emerging Markets Equity Fund, the Class P example is based on the period from January 21, 2020 through April 30, 2020, which represents a period of 100 out of 366 days.

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 ratio 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 fee 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.

	China Equity Fund							Emerging Markets Equity Fund							ESG Emerging Markets Equity Fund							Imprint Emerging Markets Opportunities
Share Class	Beginning Account Value 11/01/2019		Ending Account Value 04/30/2020			Expenses Paid for the 6 Months Ended 04/30/2020*		Beginning Account Value 11/01/2019		Ending Account Value 04/30/2020			Expenses Paid for the 6 Months Ended 04/30/2020*		Beginning Account Value 11/01/2019		Ending Account Value 04/30/2020			Expenses Paid for the 6 Months Ended 04/30/2020*		Beginning Account Value 11/01/2019		Ending Account Value 04/30/2020			Expenses Paid for the 6 Months Ended 04/30/2020*
Class A
Actual	$	1,000	$	1,031.50		$	7.48	$	1,000	$	907.60		$	7.11	$	1,000	$	915.40		$	7.19	$	1,000	$	820.50		$	7.38
Hypothetical 5% return		1,000		1,017.50	+		7.42		1,000		1,017.40	+		7.52		1,000		1,017.35	+		7.57		1,000		1,016.76	+		8.17
Class C
Actual		1,000		1,027.70			11.24		1,000		903.80			10.65		1,000		911.90			10.74		1,000		818.10			10.80
Hypothetical 5% return		1,000		1,013.77	+		11.17		1,000		1,013.67	+		11.27		1,000		1,013.63	+		11.31		1,000		1,012.98	+		11.96
Institutional
Actual		1,000		1,033.50			5.81		1,000		908.70			5.41		1,000		916.80			5.43		1,000		822.90			5.67
Hypothetical 5% return		1,000		1,019.14	+		5.77		1,000		1,019.19	+		5.72		1,000		1,019.19	+		5.72		1,000		1,018.65	+		6.27
Service
Actual		N/A		N/A			N/A		1,000		906.70			7.77		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.71	+		8.22		N/A		N/A			N/A		N/A		N/A			N/A
Investor
Actual		1,000		1,032.70			6.22		1,000		908.50			5.93		1,000		916.60			6.00		1,000		821.50			6.25
Hypothetical 5% return		1,000		1,018.75	+		6.17		1,000		1,018.65	+		6.27		1,000		1,018.60	+		6.32		1,000		1,018.00	+		6.92
Class P
Actual		1,000		1,033.40			5.76		1,000		909.10			5.36		1,000		834.40			2.16		1,000		823.10			5.62
Hypothetical 5% return		1,000		1,019.19	+		5.72		1,000		1,019.24	+		5.67		1,000		1,020.59	+		4.32		1,000		1,018.70	+		6.22
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		913.50			8.37		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,016.11	+		8.82		N/A		N/A			N/A
Class R6
Actual		1,000		1,033.40			5.76		1,000		909.10			5.36		1,000		916.90			5.39		1,000		822.00			5.71
Hypothetical 5% return		1,000		1,019.19	+		5.72		1,000		1,019.24	+		5.67		1,000		1,019.24	+		5.67		1,000		1,018.60	+		6.32

+ 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.

* Expenses 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 April 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			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
China Equity		1.48	%		2.23	%		1.15	%		N/A			1.23	%		1.14	%		N/A			1.14	%
Emerging Markets Equity		1.50			2.25			1.14			1.64	%		1.25			1.13			N/A			1.13
ESG Emerging Markets Equity		1.51			2.26			1.14			N/A			1.26			0.86	(a)		1.76	%		1.13
Imprint Emerging Markets Opportunities		1.63			2.39			1.25			N/A			1.38			1.24			N/A			1.26

^(a) Commenced operations on January 21, 2020.

65

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 $1.66 trillion in assets under supervision as of March 31, 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

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion 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

∎ Blue Chip Fund

∎ Income Builder 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 Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ ESG Emerging Markets Equity Fund

Alternative

∎ 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

∎ MLP & Energy Fund

∎ 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 Portfolio⁷

∎ 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.

⁵Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷Effective 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 website 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

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 Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (the “SEC”) web site at http://www.sec.gov.

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 Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of April 30, 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.

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 authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 07069-OTU-1215139 EMESAR-20

Goldman Sachs Funds

Semi-Annual Report	April 30, 2020
	Fundamental International Equity Funds
	International Equity ESG
	International Equity Income

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Fundamental International Equity Funds

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	5
Financial Statements	8
Financial Highlights	11
International Equity ESG	11
International Equity Income	18
Notes to the Financial Statements	25
Other Information	39

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

International Equity ESG Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019 – April 30, 2020	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		-11.60	%		-14.21	%
Class C		-11.93			-14.21
Institutional		-11.44			-14.21
Service		-11.62			-14.21
Investor		-11.43			-14.21
Class P		-11.39			-14.21
Class R6		-11.42			-14.21

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203,4
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		4.8	%	Food Products	Switzerland
AstraZeneca plc		3.9		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Rentokil Initial plc		3.6		Commercial & Professional Services	United Kingdom
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3.3		Semiconductors & Semiconductor Equipment	Taiwan
Obic Co. Ltd.		3.3		Software & Services	Japan
Hoya Corp.		3.2		Health Care Equipment & Services	Japan
Nidec Corp.		3.2		Capital Goods	Japan
Aalberts NV		3.2		Capital Goods	Netherlands
DS Smith plc		3.1		Materials	United Kingdom
BNP Paribas SA		3.1		Banks	France

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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

2

FUND BASICS

International Equity Income Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019 – April 30, 2020	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		-16.07	%		-14.21	%
Class C		-16.29			-14.21
Institutional		-15.90			-14.21
Investor		-15.98			-14.21
Class P		-15.87			-14.21
Class R		-16.19			-14.21
Class R6		-15.90			-14.21

¹ 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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

² The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/203,4
Holding	% of Net Assets			Line of Business	Country
AstraZeneca plc		4.8	%	Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Nestle SA (Registered)		4.7		Food Products	Switzerland
Gecina SA (REIT)		4.3		Real Estate	France
Rio Tinto plc		3.8		Materials	Australia
Schneider Electric SE		3.7		Capital Goods	France
Taiwan Semiconductor Manufacturing Co. Ltd.		3.5		Semiconductors & Semiconductor Equipment	Taiwan
Vonovia SE		3.4		Real Estate	Germany
Novartis AG (Registered)		3.3		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
DS Smith plc		3.2		Materials	United Kingdom
Ferguson plc		3.2		Capital Goods	United States

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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.

4

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.2%
Denmark – 2.6%
	47,799	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	3,049,099
Finland – 2.0%
	66,305	Neste OYJ (Energy)		2,341,597
France – 8.2%
	336,729	Adevinta ASA (Media & Entertainment)*		2,796,773
	115,208	BNP Paribas SA (Banks)		3,619,414
	40,571	Vinci SA (Capital Goods)		3,323,658
				9,739,845
Germany – 5.1%
	63,002	CTS Eventim AG & Co. KGaA (Media & Entertainment)		2,619,107
	182,355	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		3,390,150
				6,009,257
Japan – 18.8%
	42,200	Hoya Corp. (Health Care Equipment & Services)		3,848,359
	6,700	Keyence Corp. (Technology Hardware & Equipment)		2,391,981
	64,800	Nidec Corp. (Capital Goods)		3,772,273
	26,300	Obic Co. Ltd. (Software & Services)		3,946,618
	197,500	ORIX Corp. (Diversified Financials)		2,324,081
	45,200	Shiseido Co. Ltd. (Household & Personal Products)		2,657,455
	92,973	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,352,742
				22,293,509
Netherlands – 5.4%
	133,624	Aalberts NV (Capital Goods)		3,762,815
	21,014	Koninklijke DSM NV (Materials)		2,575,516
				6,338,331
Singapore – 1.7%
	142,480	DBS Group Holdings Ltd. (Banks)		2,005,992
Spain – 6.6%
	800,790	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,617,608
	43,176	Cellnex Telecom SA (Telecommunication Services)(a)		2,258,312
	87,310	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		2,979,619
				7,855,539
Sweden – 4.7%
	114,340	Assa Abloy AB Class B (Capital Goods)		2,046,908
Common Stocks – (continued)
Sweden – (continued)
	72,558	Hexagon AB Class B (Technology Hardware & Equipment)*		3,560,562
				5,607,470
Switzerland – 12.0%
	308,086	Credit Suisse Group AG (Registered) (Diversified Financials)*		2,813,022
	53,824	Nestle SA (Registered) (Food Products)		5,700,501
	41,656	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,554,859
	6,867	Zurich Insurance Group AG (Insurance)		2,177,212
				14,245,594
Taiwan – 3.3%
	74,688	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		3,968,173
United Kingdom – 24.1%
	44,284	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		4,631,757
	172,358	Compass Group plc (Consumer Services)		2,900,339
	947,247	DS Smith plc (Materials)		3,714,114
	118,318	Experian plc (Commercial & Professional Services)		3,553,133
	439,015	Informa plc (Media & Entertainment)		2,425,058
	78,517	InterContinental Hotels Group plc (Consumer Services)		3,576,662
	42,411	Reckitt Benckiser Group plc (Household & Personal Products)		3,532,826
	714,424	Rentokil Initial plc (Commercial & Professional Services)		4,250,548
				28,584,437
United States – 2.7%
	43,728	Ferguson plc (Capital Goods)		3,152,889
	TOTAL COMMON STOCKS
	(Cost $123,713,245)		$	115,191,732

Shares		Dividend Rate	Value
Investment Company(b) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,369,428	0.233%	$	1,369,428
	(Cost $ $1,369,428)
	TOTAL INVESTMENTS – 98.4%
	(Cost $125,082,673)		$	116,561,160
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			1,936,221
	NET ASSETS – 100.0%		$	118,497,381

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Australia – 5.6%
	49,596	Rio Tinto plc (Materials)	$	2,302,180
	268,089	Sydney Airport (Transportation)		1,092,031
				3,394,211
Denmark – 2.7%
	26,097	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,664,728
Finland – 2.1%
	201,785	Nordea Bank Abp (Banks)		1,294,236
France – 14.9%
	35,689	BNP Paribas SA (Banks)		1,121,218
	19,915	Gecina SA (REIT)		2,613,067
	59,718	Klepierre SA (REIT)		1,212,330
	24,260	Schneider Electric SE (Capital Goods)*		2,241,925
	23,363	Vinci SA (Capital Goods)		1,913,944
				9,102,484
Germany – 3.4%
	42,307	Vonovia SE (Real Estate)		2,092,033
Italy – 3.0%
	268,562	Enel SpA (Utilities)		1,834,400
Japan – 4.6%
	96,000	ORIX Corp. (Diversified Financials)		1,129,680
	47,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,705,707
				2,835,387
Netherlands – 7.7%
	165,978	ING Groep NV (Banks)		929,939
	809,265	Koninklijke KPN NV (Telecommunication Services)		1,864,014
	114,090	Royal Dutch Shell plc Class A (Energy)		1,878,408
				4,672,361
Singapore – 3.7%
	72,500	DBS Group Holdings Ltd. (Banks)		1,020,736
	181,000	Singapore Exchange Ltd. (Diversified Financials)		1,234,258
				2,254,994
Spain – 4.8%
	47,566	Ferrovial SA (Capital Goods)		1,191,045
	172,164	Iberdrola SA (Utilities)		1,712,651
				2,903,696
Switzerland – 16.3%
	26,983	Nestle SA (Registered) (Food Products)		2,857,770
	23,398	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,996,750
	19,575	Swiss Re AG (Insurance)		1,422,444
Common Stocks – (continued)
Switzerland – (continued)
	161,700	UBS Group AG (Registered) (Diversified Financials)*		1,731,402
	6,076	Zurich Insurance Group AG (Insurance)		1,926,422
				9,934,788
Taiwan – 3.5%
	209,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,108,350
United Kingdom – 22.3%
	28,152	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		2,944,477
	415,484	BP plc (Energy)		1,637,180
	503,681	DS Smith plc (Materials)		1,974,911
	71,639	GlaxoSmithKline plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,494,576
	2,734,781	Lloyds Banking Group plc (Banks)		1,106,515
	115,403	National Grid plc (Utilities)		1,352,379
	15,136	Reckitt Benckiser Group plc (Household & Personal Products)		1,260,825
	35,897	Unilever plc (Household & Personal Products)		1,848,415
				13,619,278
United States – 3.2%
	27,262	Ferguson plc (Capital Goods)		1,965,652
	TOTAL INVESTMENTS – 97.8%
	(Cost $69,741,416)		$	59,676,598
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%			1,311,351
	NET ASSETS – 100.0%		$	60,987,949

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $123,713,245 and $69,741,416)	$	115,191,732		$	59,676,598
Investments in affiliated issuers, at value (cost $1,369,428 and $0)		1,369,428			—
Cash		499,768			—
Foreign currencies, at value (cost $100,321 and $6,563,668)		99,359			6,563,530
Receivables:
Investments sold		880,205			1,315,284
Foreign tax reclaims		346,147			280,166
Dividends		310,507			119,372
Fund shares sold		95,020			25,304
Reimbursement from investment adviser		36,410			31,363
Other assets		82,492			81,185
Total assets		118,911,068			68,092,802
Liabilities:
Payables:
Fund shares redeemed		100,742			882,937
Management fees		76,009			44,520
Distribution and Service fees and Transfer Agency fees		18,191			8,607
Due to custodian		—			3,902,686
Investments purchased		—			2,134,954
Accrued expenses		218,745			131,149
Total liabilities		413,687			7,104,853
Net Assets:
Paid-in capital		140,219,317			73,255,921
Total distributable earnings (loss)		(21,721,936	)		(12,267,972	)
NET ASSETS	$	118,497,381		$	60,987,949
Net Assets:
Class A	$	29,864,584		$	13,847,244
Class C		8,593,402			1,616,873
Institutional		21,703,741			10,456,889
Service		3,643			—
Investor		617,939			9,785,029
Class P		56,395,461			23,590,037
Class R		—			218,372
Class R6		1,318,611			1,473,505
Total Net Assets	$	118,497,381		$	60,987,949
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		1,661,520			1,253,622
Class C		514,889			166,222
Institutional		1,180,134			896,388
Service		194			—
Investor		33,776			887,708
Class P		3,084,151			2,026,649
Class R		—			19,664
Class R6		72,095			126,503
Net asset value, offering and redemption price per share:(a)
Class A		$17.97			$11.05
Class C		16.69			9.73
Institutional		18.39			11.67
Service		18.83	(b)		—
Investor		18.30			11.02
Class P		18.29			11.64
Class R		—			11.10	(b)
Class R6		18.29			11.65

(a) Maximum public offering price per share for Class A Shares of the International Equity ESG and International Equity Income Funds is $19.02 and $11.69, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

(b) Net asset value may not recalculate due to rounding of fractional shares.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $280,904 and $227,863)	$	935,256		$	1,120,982
Dividends — affiliated issuers		19,785			13,722
Securities lending income — affiliated issuer		471			825
Total investment income		955,512			1,135,529
Expenses:
Management fees		512,000			266,707
Distribution and Service fees(a)		90,585			28,549
Professional fees		66,603			61,973
Registration fees		51,106			50,862
Transfer Agency fees(a)		49,376			27,475
Printing and mailing costs		42,788			28,218
Custody, accounting and administrative services		38,429			34,155
Trustee fees		9,190			9,131
Service share fees — Service and Shareholder Administration Plan		10			—
Other		19,148			9,810
Total expenses		879,235			516,880
Less — expense reductions		(238,801	)		(189,958	)
Net expenses		640,434			326,922
NET INVESTMENT INCOME		315,078			808,607
Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		769,585			157,740
Foreign currency transactions		19,793			66,347
Net change in unrealized loss on:
Investments — unaffiliated issuers		(14,704,487	)		(13,221,216	)
Foreign currency translation		(5,989	)		(67,247	)
Net realized and unrealized loss		(13,921,098	)		(13,064,376	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,606,020	)	$	(12,255,769	)

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P		Class R		Class R6
International Equity ESG	$	41,984	$	48,601	$	—	$	28,549	$	8,262	$	2,069	$	575	$	9,821	$	—	$	100
International Equity Income		19,740		8,510		299		13,424		1,447		1,935		5,658		4,804		102		105

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets

	International Equity ESG Fund						International Equity Income Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	315,078		$	2,251,874		$	808,607		$	1,651,593
Net realized gain (loss)		789,378			(5,757,963	)		224,087			(2,811,033	)
Net change in unrealized gain (loss)		(14,710,476	)		24,154,912			(13,288,463	)		9,472,790
Net increase (decrease) in net assets resulting from operations		(13,606,020	)		20,648,823			(12,255,769	)		8,313,350
Distributions to shareholders:
From distributable earnings:
Class A Shares		(607,729	)		(465,302	)		(442,383	)		(1,987,104	)
Class C Shares		(117,372	)		(23,970	)		(38,544	)		(225,027	)
Institutional Shares		(161,245	)		(86,276	)		(207,334	)		(318,215	)
Service Shares		(65	)		(43	)		—			—
Investor Shares		(12,522	)		(5,613	)		(131,054	)		(47,321	)
Class P Shares		(1,391,936	)		(1,603,197	)		(950,865	)		(3,790,562	)
Class R Shares		—			—			(1,758	)		(10,840	)
Class R6 Shares		(9,509	)		(196	)		(12,488	)		(8,522	)
Total distributions to shareholders		(2,300,378	)		(2,184,597	)		(1,784,426	)		(6,387,591	)
From share transactions:
Proceeds from sales of shares		19,643,451			29,120,933			33,278,590			9,295,378
Reinvestment of distributions		2,269,282			2,160,928			1,767,717			6,309,522
Cost of shares redeemed		(10,703,938	)		(73,381,271	)		(20,162,179	)		(9,001,452	)
Net increase (decrease) in net assets resulting from share transactions		11,208,795			(42,099,410	)		14,884,128			6,603,448
TOTAL INCREASE (DECREASE)		(4,697,603	)		(23,635,184	)		843,933			8,529,207
Net Assets:
Beginning of period		123,194,984			146,830,168			60,144,016			51,614,809
End of period	$	118,497,381		$	123,194,984		$	60,987,949		$	60,144,016

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	20.67		$	17.88		$	19.92		$	16.61		$	17.98		$	18.49
Net investment income(a)		0.03			0.28			0.22			0.14			0.48	(b)		0.21
Net realized and unrealized gain (loss)		(2.37	)		2.76			(2.01	)		3.63			(1.65	)		(0.16	)
Total from investment operations		(2.34	)		3.04			(1.79	)		3.77			(1.17	)		0.05
Distributions to shareholders from net investment income		(0.36	)		(0.25	)		(0.25	)		(0.46	)		(0.20	)		(0.56	)
Net asset value, end of period	$	17.97		$	20.67		$	17.88		$	19.92		$	16.61		$	17.98
Total return(c)		(11.60	)%		17.33	%		(9.11	)%		23.29	%		(6.54	)%		0.34	%
Net assets, end of period (in 000s)	$	29,865		$	35,181		$	34,602		$	38,330		$	38,152		$	48,772
Ratio of net expenses to average net assets		1.22	%(d)		1.26	%		1.29	%		1.30	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.65	%(d)		1.69	%		1.58	%		1.63	%		1.62	%		1.64	%
Ratio of net investment income to average net assets		0.30	%(d)		1.52	%		1.11	%		0.78	%		2.86	%(b)		1.18	%
Portfolio turnover rate(e)		33	%		41	%		38	%		116	%		78	%		105	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.16		$	16.49		$	18.39		$	15.37		$	16.67		$	17.18
Net investment income (loss)(a)		(0.04	)		0.13			0.07			0.02			0.32	(b)		0.08
Net realized and unrealized gain (loss)		(2.21	)		2.58			(1.86	)		3.35			(1.53	)		(0.16	)
Total from investment operations		(2.25	)		2.71			(1.79	)		3.37			(1.21	)		(0.08	)
Distributions to shareholders from net investment income		(0.22	)		(0.04	)		(0.11	)		(0.35	)		(0.09	)		(0.43	)
Net asset value, end of period	$	16.69		$	19.16		$	16.49		$	18.39		$	15.37		$	16.67
Total return(c)		(11.93	)%		16.49	%		(9.79	)%		22.40	%		(7.27	)%		(0.42	)%
Net assets, end of period (in 000s)	$	8,593		$	10,400		$	9,985		$	15,681		$	15,577		$	18,415
Ratio of net expenses to average net assets		1.97	%(d)		2.01	%		2.04	%		2.05	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.40	%(d)		2.44	%		2.33	%		2.37	%		2.37	%		2.39	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(d)		0.78	%		0.40	%		0.12	%		2.05	%(b)		0.44	%
Portfolio turnover rate(e)		33	%		41	%		38	%		116	%		78	%		105	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.17		$	18.23		$	20.30		$	16.93		$	18.34		$	18.86
Net investment income(a)		0.14			0.29			0.40			0.22			0.47	(b)		0.29
Net realized and unrealized gain (loss)		(2.50	)		2.89			(2.14	)		3.69			(1.60	)		(0.16	)
Total from investment operations		(2.36	)		3.18			(1.74	)		3.91			(1.13	)		0.13
Distributions to shareholders from net investment income		(0.42	)		(0.24	)		(0.33	)		(0.54	)		(0.28	)		(0.65	)
Net asset value, end of period	$	18.39		$	21.17		$	18.23		$	20.30		$	16.93		$	18.34
Total return(c)		(11.44	)%		17.76	%		(8.76	)%		23.78	%		(6.21	)%		0.74	%
Net assets, end of period (in 000s)	$	21,704		$	7,660		$	6,835		$	127,403		$	201,746		$	151,755
Ratio of net expenses to average net assets		0.88	%(d)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.27	%(d)		1.31	%		1.17	%		1.22	%		1.21	%		1.24	%
Ratio of net investment income to average net assets		1.46	%(d)		1.49	%		1.94	%		1.22	%		2.76	%(b)		1.56	%
Portfolio turnover rate(e)		33	%		41	%		38	%		116	%		78	%		105	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges if any. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.63		$	18.70		$	20.68		$	16.79		$	18.05		$	18.57
Net investment income(a)		0.02			0.28			0.22			0.13			0.47	(b)		0.14
Net realized and unrealized gain (loss)		(2.48	)		2.88			(2.10	)		3.76			(1.67	)		(0.11	)
Total from investment operations		(2.46	)		3.16			(1.88	)		3.89			(1.20	)		0.03
Distributions to shareholders from net investment income		(0.34	)		(0.23	)		(0.10	)		—			(0.06	)		(0.55	)
Net asset value, end of period	$	18.83		$	21.63		$	18.70		$	20.68		$	16.79		$	18.05
Total return(c)		(11.62	)%		17.20	%		(9.14	)%		23.17	%		(6.66	)%		0.19	%
Net assets, end of period (in 000s)	$	4		$	4		$	4		$	4		$	32		$	37
Ratio of net expenses to average net assets		1.37	%(d)		1.36	%		1.34	%		1.39	%		1.41	%		1.40	%
Ratio of total expenses to average net assets		1.74	%(d)		1.75	%		1.58	%		1.66	%		1.72	%		1.73	%
Ratio of net investment income to average net assets		0.16	%(d)		1.44	%		1.07	%		0.71	%		2.77	%(b)		0.76	%
Portfolio turnover rate(e)		33	%		41	%		38	%		116	%		78	%		105	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	21.06		$	18.20		$	20.23		$	16.86		$	18.25		$	18.76
Net investment income(b)		0.06			0.36			0.24			0.27			0.45	(c)		0.26
Net realized and unrealized gain (loss)		(2.40	)		2.78			(2.02	)		3.60			(1.60	)		(0.17	)
Total from investment operations		(2.34	)		3.14			(1.78	)		3.87			(1.15	)		0.09
Distributions to shareholders from net investment income		(0.42	)		(0.28	)		(0.25	)		(0.50	)		(0.24	)		(0.60	)
Net asset value, end of period	$	18.30		$	21.06		$	18.20		$	20.23		$	16.86		$	18.25
Total return(d)		(11.43	)%		17.64	%		(8.92	)%		23.63	%		(6.34	)%		0.56	%
Net assets, end of period (in 000s)	$	618		$	492		$	421		$	1,009		$	749		$	1,268
Ratio of net expenses to average net assets		0.97	%(e)		1.00	%		1.04	%		1.05	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.40	%(e)		1.44	%		1.34	%		1.39	%		1.36	%		1.39	%
Ratio of net investment income to average net assets		0.56	%(e)		1.87	%		1.20	%		1.50	%		2.62	%(c)		1.38	%
Portfolio turnover rate(f)		33	%		41	%		38	%		116	%		78	%		105	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	21.05		$	18.23		$	20.84
Net investment income(a)		0.06			0.36			0.06
Net realized and unrealized gain (loss)		(2.39	)		2.79			(2.67	)
Total from investment operations		(2.33	)		3.15			(2.61	)
Distributions to shareholders from net investment income		(0.43	)		(0.33	)		—
Net asset value, end of period	$	18.29		$	21.05		$	18.23
Total return(b)		(11.39	)%		17.73	%		(12.52	)%
Net assets, end of period (in 000s)	$	56,395		$	68,987		$	94,972
Ratio of net expenses to average net assets		0.88	%(c)		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.26	%(c)		1.29	%		1.22	%(c)
Ratio of net investment income to average net assets		0.63	%(c)		1.88	%		0.59	%(c)
Portfolio turnover rate(d)		33	%		41	%		38	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									February 26, 2016* to October 31, 2016
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	21.06		$	18.23		$	20.30		$	16.93		$	15.87
Net investment income(a)		0.14			0.45			0.31			0.22			0.21	(b)
Net realized and unrealized gain (loss)		(2.48	)		2.71			(2.05	)		3.69			0.85
Total from investment operations		(2.34	)		3.16			(1.74	)		3.91			1.06
Distributions to shareholders from net investment income		(0.43	)		(0.33	)		(0.33	)		(0.54	)		—
Net asset value, end of period	$	18.29		$	21.06		$	18.23		$	20.30		$	16.93
Total return(c)		(11.42	)%		17.76	%		(8.74	)%		23.80	%		6.68	%
Net assets, end of period (in 000s)	$	1,319		$	470		$	11		$	12		$	11
Ratio of net expenses to average net assets		0.87	%(d)		0.90	%		0.89	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		1.27	%(d)		1.31	%		1.18	%		1.22	%		1.19	%(d)
Ratio of net investment income to average net assets		1.44	%(d)		2.35	%		1.53	%		1.21	%		1.83	%(b)(d)
Portfolio turnover rate(e)		33	%		41	%		38	%		116	%		78	%

 * Commencement of operations.

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.50		$	13.25		$	14.50		$	11.99		$	12.95		$	13.52
Net investment income(a)		0.12			0.37			0.37			0.17			0.18			0.15
Net realized and unrealized gain (loss)		(2.21	)		1.53			(1.36	)		2.58			(1.04	)		(0.23	)
Total from investment operations		(2.09	)		1.90			(0.99	)		2.75			(0.86	)		(0.08	)
Distributions to shareholders from net investment income		(0.36	)		(0.36	)		(0.26	)		(0.24	)		(0.10	)		(0.49	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—			—
Total distributions		(0.36	)		(1.65	)		(0.26	)		(0.24	)		(0.10	)		(0.49	)
Net asset value, end of period	$	11.05		$	13.50		$	13.25		$	14.50		$	11.99		$	12.95
Total return(b)		(16.07	)%		16.95	%		(6.98	)%		23.38	%		(6.69	)%		(0.57	)%
Net assets, end of period (in 000s)	$	13,847		$	16,711		$	15,844		$	17,937		$	18,301		$	23,111
Ratio of net expenses to average net assets		1.24	%(c)		1.25	%		1.26	%		1.30	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.81	%(c)		2.16	%		1.90	%		1.88	%		1.76	%		1.82	%
Ratio of net investment income to average net assets		1.98	%(c)		2.99	%		2.54	%		1.32	%		1.47	%		1.11	%
Portfolio turnover rate(d)		32	%		27	%		87	%		32	%		68	%		83	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.89		$	11.88		$	12.98		$	10.75		$	11.62		$	12.17
Net investment income(a)		0.08			0.25			0.25			0.07			0.08			0.04
Net realized and unrealized gain (loss)		(1.96	)		1.34			(1.22	)		2.31			(0.94	)		(0.20	)
Total from investment operations		(1.88	)		1.59			(0.97	)		2.38			(0.86	)		(0.16	)
Distributions to shareholders from net investment income		(0.28	)		(0.29	)		(0.13	)		(0.15	)		(0.01	)		(0.39	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—			—
Total distributions		(0.28	)		(1.58	)		(0.13	)		(0.15	)		(0.01	)		(0.39	)
Net asset value, end of period	$	9.73		$	11.89		$	11.88		$	12.98		$	10.75		$	11.62
Total return(b)		(16.29	)%		16.01	%		(7.59	)%		22.44	%		(7.37	)%		(1.33	)%
Net assets, end of period (in 000s)	$	1,617		$	1,638		$	1,673		$	3,770		$	3,974		$	4,841
Ratio of net expenses to average net assets		1.99	%(c)		2.00	%		2.01	%		2.05	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.56	%(c)		2.91	%		2.63	%		2.63	%		2.51	%		2.57	%
Ratio of net investment income to average net assets		1.41	%(c)		2.24	%		1.89	%		0.58	%		0.74	%		0.35	%
Portfolio turnover rate(d)		32	%		27	%		87	%		32	%		68	%		83	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.26		$	13.88		$	15.20		$	12.56		$	13.56		$	14.13
Net investment income(a)		0.17			0.42			0.49			0.23			0.23			0.20
Net realized and unrealized gain (loss)		(2.35	)		1.63			(1.46	)		2.70			(1.08	)		(0.23	)
Total from investment operations		(2.18	)		2.05			(0.97	)		2.93			(0.85	)		(0.03	)
Distributions to shareholders from net investment income		(0.41	)		(0.38	)		(0.35	)		(0.29	)		(0.15	)		(0.54	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—			—
Total distributions		(0.41	)		(1.67	)		(0.35	)		(0.29	)		(0.15	)		(0.54	)
Net asset value, end of period	$	11.67		$	14.26		$	13.88		$	15.20		$	12.56		$	13.56
Total return(b)		(15.90	)%		17.29	%		(6.59	)%		23.88	%		(6.31	)%		(0.15	)%
Net assets, end of period (in 000s)	$	10,457		$	5,232		$	2,666		$	40,667		$	42,191		$	45,795
Ratio of net expenses to average net assets		0.86	%(c)		0.88	%		0.87	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.42	%(c)		1.79	%		1.42	%		1.49	%		1.36	%		1.42	%
Ratio of net investment income to average net assets		2.63	%(c)		3.13	%		3.19	%		1.71	%		1.84	%		1.47	%
Portfolio turnover rate(d)		32	%		27	%		87	%		32	%		68	%		83	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.51		$	13.25		$	14.51		$	12.00		$	12.97		$	13.55
Net investment income(b)		0.20			0.34			0.40			0.24			0.21			0.15
Net realized and unrealized gain (loss)		(2.28	)		1.59			(1.35	)		2.54			(1.04	)		(0.20	)
Total from investment operations		(2.08	)		1.93			(0.95	)		2.78			(0.83	)		(0.05	)
Distributions to shareholders from net investment income		(0.41	)		(0.38	)		(0.31	)		(0.27	)		(0.14	)		(0.53	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—			—
Total distributions		(0.41	)		(1.67	)		(0.31	)		(0.27	)		(0.14	)		(0.53	)
Net asset value, end of period	$	11.02		$	13.51		$	13.25		$	14.51		$	12.00		$	12.97
Total return(c)		(15.98	)%		17.21	%		(6.74	)%		23.75	%		(6.43	)%		(0.32	)%
Net assets, end of period (in 000s)	$	9,785		$	3,515		$	349		$	426		$	471		$	355
Ratio of net expenses to average net assets		0.99	%(d)		1.09	%		1.01	%		1.05	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.55	%(d)		1.98	%		1.65	%		1.64	%		1.51	%		1.56	%
Ratio of net investment income to average net assets		3.30	%(d)		2.67	%		2.78	%		1.85	%		1.71	%		1.17	%
Portfolio turnover rate(e)		32	%		27	%		87	%		32	%		68	%		83	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	14.23		$	13.86		$	15.62
Net investment income(a)		0.16			0.44			0.16
Net realized and unrealized gain (loss)		(2.34	)		1.61			(1.84	)
Total from investment operations		(2.18	)		2.05			(1.68	)
Distributions to shareholders from net investment income		(0.41	)		(0.39	)		(0.08	)
Distributions to shareholders from net realized gains		—			(1.29	)		—
Total distributions		(0.41	)		(1.68	)		(0.08	)
Net asset value, end of period	$	11.64		$	14.23		$	13.86
Total return(b)		(15.87	)%		17.34	%		(10.76	)%
Net assets, end of period (in 000s)	$	23,590		$	32,643		$	30,930
Ratio of net expenses to average net assets		0.84	%(c)		0.85	%		0.84	%(c)
Ratio of total expenses to average net assets		1.42	%(c)		1.76	%		1.84	%(c)
Ratio of net investment income to average net assets		2.45	%(c)		3.37	%		2.00	%(c)
Portfolio turnover rate(d)		32	%		27	%		87	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.55		$	13.32		$	14.59		$	12.08		$	13.00		$	13.57
Net investment income(a)		0.15			0.36			0.34			0.14			0.12			0.11
Net realized and unrealized gain (loss)		(2.28	)		1.52			(1.37	)		2.59			(1.01	)		(0.23	)
Total from investment operations		(2.13	)		1.88			(1.03	)		2.73			(0.89	)		(0.12	)
Distributions to shareholders from net investment income		(0.32	)		(0.36	)		(0.24	)		(0.22	)		(0.03	)		(0.45	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—			—
Total distributions		(0.32	)		(1.65	)		(0.24	)		(0.22	)		(0.03	)		(0.45	)
Net asset value, end of period	$	11.10		$	13.55		$	13.32		$	14.59		$	12.08		$	13.00
Total return(b)		(16.19	)%		16.63	%		(7.19	)%		22.99	%		(6.87	)%		(0.84	)%
Net assets, end of period (in 000s)	$	218		$	73		$	84		$	44		$	28		$	17
Ratio of net expenses to average net assets		1.48	%(c)		1.50	%		1.51	%		1.55	%		1.55	%		1.55	%
Ratio of total expenses to average net assets		2.06	%(c)		2.40	%		2.18	%		2.12	%		2.01	%		2.07	%
Ratio of net investment income to average net assets		2.58	%(c)		2.90	%		2.38	%		1.05	%		0.99	%		0.86	%
Portfolio turnover rate(d)		32	%		27	%		87	%		32	%		68	%		83	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									February 26, 2016* to October 31, 2016
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.25		$	13.87		$	15.20		$	12.56		$	11.85
Net investment income(a)		0.20			0.49			0.45			0.16			0.20
Net realized and unrealized gain (loss)		(2.39	)		1.57			(1.43	)		2.77			0.51
Total from investment operations		(2.19	)		2.06			(0.98	)		2.93			0.71
Distributions to shareholders from net investment income		(0.41	)		(0.39	)		(0.35	)		(0.29	)		—
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.41	)		(1.68	)		(0.35	)		(0.29	)		—
Net asset value, end of period	$	11.65		$	14.25		$	13.87		$	15.20		$	12.56
Total return(b)		(15.90	)%		17.41	%		(6.62	)%		23.91	%		5.99	%
Net assets, end of period (in 000s)	$	1,474		$	332		$	68		$	72		$	11
Ratio of net expenses to average net assets		0.84	%(c)		0.86	%		0.86	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.42	%(c)		1.80	%		1.51	%		1.43	%		1.35	%(c)
Ratio of net investment income to average net assets		3.17	%(c)		3.74	%		2.99	%		1.16	%		2.33	%(c)
Portfolio turnover rate(d)		32	%		27	%		87	%		32	%		68	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

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
International Equity ESG	A, C, Institutional, Service, Investor, P and R6	Diversified
International Equity Income	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

25

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
International Equity ESG	Annually	Annually
International Equity Income	Semi-Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

26

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2020:

INTERNATIONAL EQUITY ESG
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,968,173	$	24,299,501	$	—
Europe		—		83,771,169		—
North America		—		3,152,889		—
Investment Company		1,369,428		—		—
Total	$	5,337,601	$	111,223,559	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

27

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	7,198,731	$	—
Australia and Oceania		—		3,394,211		—
Europe		—		47,118,004		—
North America		—		1,965,652		—
Total	$	—	$	59,676,598	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
International Equity ESG		0.85	%		0.77	%		0.73	%		0.71	%		0.70	%		0.85	%		0.84	%(1)
International Equity Income		0.80			0.72			0.68			0.67			0.66			0.80			0.80

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(1) GSAM agreed to waive a portion of its management fee equal to 0.03% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The International Equity ESG and International Equity Income Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2020, GSAM waived $362 and $325 of the International Equity ESG and International Equity Income Funds’ management fees, respectively.

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

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Equity ESG	$	591	$	129
International Equity Income		571		9

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity ESG Fund through at least February 28, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense

29

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

limitations as an annual percentage rate of average daily net assets for the International Equity ESG and International Equity Income Funds are 0.004% and 0.014%, respectively. Prior to February 28, 2020, the Other Expense limitation was 0.014% for the International Equity ESG Fund. These Other Expense limitations will remain in place through at least February 28, 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 and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
International Equity ESG	$	5,966	$	1,130	$	10,996	$	220,709	$	238,801
International Equity Income		325		141		—		189,492		189,958

G.  Line of Credit Facility — As of April 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 six months ended April 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — As of April 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020		Shares as of April 30, 2020		Dividend Income from Affiliated Investment Company
International Equity ESG	$	992,989	$	23,107,220	$	(22,730,781	)	$	1,369,428		1,369,428	$	19,785
International Equity Income		1,609,740		21,751,212		(23,360,952	)		—		—		13,722

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2020, were as follows:

Fund	Purchases		Sales and Maturities
International Equity ESG	$	47,378,340	$	38,986,947
International Equity Income		35,659,394		20,635,851

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
International Equity ESG	$	52	$	—
International Equity Income		92		825

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

6. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020
International Equity ESG	$	—	$	2,725,842	$	(2,725,842	)	$	—
International Equity Income		—		1,127,250		(1,127,250	)		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2019, the Funds’ capital loss carryforwards on a tax basis were as follows:

	International Equity ESG			International Equity Income
Capital loss carryforwards:
Perpetual Long-term	$	(13,797,006	)	$	(1,921,941	)
Perpetual Short-term		(129,400	)		(912,994	)
Total capital loss carryforwards:	$	(13,926,406	)	$	(2,834,935	)

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	International Equity ESG			International Equity Income
Tax cost	$	125,385,639		$	69,875,297
Gross unrealized gain		8,872,423			1,912,239
Gross unrealized loss		(17,696,902	)		(12,110,938	)
Net unrealized loss	$	(8,824,479	)	$	(10,198,699	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

8. OTHER RISKS (continued)

only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

ESG Standards Risk — The International Equity ESG’s adherence to its environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Fund will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the

33

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

9. 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.

10. 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 FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	International Equity ESG Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		66,020		$	1,337,286			64,610		$	1,182,838
Reinvestment of distributions		27,677			588,137			27,075			449,717
Shares redeemed		(134,221	)		(2,565,570	)		(325,180	)		(6,007,245	)
		(40,524	)		(640,147	)		(233,495	)		(4,374,690	)
Class C Shares
Shares sold		5,665			104,125			46,331			788,954
Reinvestment of distributions		5,908			116,869			1,542			23,885
Shares redeemed		(39,597	)		(743,934	)		(110,589	)		(1,926,146	)
		(28,024	)		(522,940	)		(62,716	)		(1,113,307	)
Institutional Shares
Shares sold		845,762			14,597,721			1,084,979			20,862,777
Reinvestment of distributions		6,917			150,244			4,615			78,277
Shares redeemed		(34,361	)		(604,176	)		(1,102,693	)		(22,012,585	)
		818,318			14,143,789			(13,099	)		(1,071,531	)
Service Shares
Reinvestment of distributions		3			65			3			43
		3			65			3			43
Investor Shares
Shares sold		27,906			560,058			18,990			370,134
Reinvestment of distributions		580			12,522			332			5,613
Shares redeemed		(18,055	)		(289,104	)		(19,093	)		(366,160	)
		10,431			283,476			229			9,587
Class P Shares
Shares sold		107,701			2,129,583			293,748			5,446,526
Reinvestment of distributions		64,471			1,391,936			95,089			1,603,197
Shares redeemed		(364,556	)		(6,436,220	)		(2,322,307	)		(42,986,970	)
		(192,384	)		(2,914,701	)		(1,933,470	)		(35,937,247	)
Class R6 Shares
Shares sold		52,701			914,678			25,890			469,704
Reinvestment of distributions		441			9,509			12			196
Shares redeemed		(3,384	)		(64,934	)		(4,165	)		(82,165	)
		49,758			859,253			21,737			387,735
NET INCREASE (DECREASE)		617,578		$	11,208,795			(2,220,811	)	$	(42,099,410	)

35

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		142,125		$	1,821,177			125,432		$	1,595,783
Reinvestment of distributions		31,270			428,400			167,381			1,917,576
Shares redeemed		(157,505	)		(1,975,851	)		(250,762	)		(3,126,327	)
		15,890			273,726			42,051			387,032
Class C Shares
Shares sold		48,642			569,378			14,593			159,836
Reinvestment of distributions		3,057			36,954			21,731			220,807
Shares redeemed		(23,254	)		(231,824	)		(39,466	)		(432,297	)
		28,445			374,508			(3,142	)		(51,654	)
Institutional Shares
Shares sold		830,093			11,341,694			220,491			2,992,011
Reinvestment of distributions		14,302			206,666			26,135			315,581
Shares redeemed		(314,792	)		(3,864,308	)		(71,950	)		(902,125	)
		529,603			7,684,052			174,676			2,405,467
Investor Shares
Shares sold		699,518			9,192,932			247,942			3,267,774
Reinvestment of distributions		9,594			131,054			4,131			47,320
Shares redeemed		(81,695	)		(866,207	)		(18,145	)		(229,025	)
		627,417			8,457,779			233,928			3,086,069
Class P Shares
Shares sold		789,220			8,882,157			76,129			976,161
Reinvestment of distributions		65,941			950,865			314,791			3,790,562
Shares redeemed		(1,121,889	)		(13,080,477	)		(329,004	)		(4,214,711	)
		(266,728	)		(3,247,455	)		61,916			552,012
Class R Shares
Shares sold		16,079			170,807			2,282			28,441
Reinvestment of distributions		94			1,290			794			9,154
Shares redeemed		(1,880	)		(21,153	)		(4,006	)		(50,618	)
		14,293			150,944			(930	)		(13,023	)
Class R6 Shares
Shares sold		112,359			1,300,445			21,177			275,372
Reinvestment of distributions		865			12,488			708			8,522
Shares redeemed		(9,993	)		(122,359	)		(3,528	)		(46,349	)
		103,231			1,190,574			18,357			237,545
NET INCREASE		1,052,151		$	14,884,128			526,856		$	6,603,448

36

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

37

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

38

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

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

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 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 November 1, 2019 through April 30, 2020, which represents a period of 182 days of a 366 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 ratio 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 fee 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.

	International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/01/19		Ending Account Value 04/30/20			Expenses Paid for the 6 Months Ended 04/30/20*		Beginning Account Value 11/01/19		Ending Account Value 04/30/20			Expenses Paid for the 6 Months Ended 04/30/20*
Class A
Actual	$	1,000	$	884.00		$	5.71	$	1,000	$	839.30		$	5.67
Hypothetical 5% return		1,000		1,018.80	+		6.12		1,000		1,018.70	+		6.22
Class C
Actual		1,000		880.70			9.21		1,000		837.10			9.09
Hypothetical 5% return		1,000		1,015.07	+		9.87		1,000		1,014.97	+		9.97
Institutional
Actual		1,000		885.60			4.13		1,000		841.00			3.94
Hypothetical 5% return		1,000		1,020.49	+		4.42		1,000		1,020.59	+		4.32
Service
Actual		1,000		883.80			6.42		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,018.05	+		6.87		N/A		N/A			N/A
Investor
Actual		1,000		885.70			4.55		1,000		840.20			4.53
Hypothetical 5% return		1,000		1,020.04	+		4.87		1,000		1,019.94	+		4.97
Class P
Actual		1,000		886.10			4.13		1,000		841.30			3.85
Hypothetical 5% return		1,000		1,020.49	+		4.42		1,000		1,020.69	+		4.22
Class R
Actual		N/A		N/A			N/A		1,000		838.10			6.76
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.50	+		7.42
Class R6
Actual		1,000		885.80			4.08		1,000		841.00			3.84
Hypothetical 5% return		1,000		1,020.54	+		4.37		1,000		1,020.69	+		4.22

+ 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.

* Expenses 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 April 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			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
International Equity ESG		1.22	%		1.97	%		0.88	%		1.37	%		0.97	%		0.88	%		N/A			0.87	%
International Equity Income		1.24			1.99			0.86			N/A			0.99			0.84			1.48	%		0.84

39

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 $1.66 trillion in assets under supervision as of March 31, 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

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion 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

∎ Blue Chip Fund

∎ Income Builder 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 Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ ESG Emerging Markets Equity Fund

Alternative

∎ 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

∎ MLP & Energy Fund

∎ 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 Portfolio⁷

∎ 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 of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  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 website 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

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 Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are as of April 30, 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.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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 authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 206030-OTU-1214525 EQINTSAR-20

Goldman Sachs Funds

Semi-Annual Report	April 30, 2020
	International Equity Insights Funds
	Emerging Markets Equity Insights
	International Equity Insights
	International Small Cap Insights

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs International Equity

Insights Funds

∎ EMERGING MARKETS EQUITY INSIGHTS

∎ INTERNATIONAL EQUITY INSIGHTS

∎ INTERNATIONAL SMALL CAP INSIGHTS

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	7
Financial Statements	29
Financial Highlights	33
Emerging Markets Equity Insights	33
International Equity Insights	40
International Small Cap Insights	48
Notes to the Financial Statements	54
Other Information	71

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI Emerging Markets Standard Index (Net, USD, Unhedged)2
Class A		-11.60	%		-10.50	%
Class C		-12.01			-10.50
Institutional		-11.46			-10.50
Investor		-11.51			-10.50
Class P		-11.56			-10.50
Class R		-11.73			-10.50
Class R6		-11.56			-10.50

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2020, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/201
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		8.6	%	Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6.2		Semiconductors & Semiconductor Equipment	Taiwan
Tencent Holdings Ltd.		4.7		Media & Entertainment	China
Samsung Electronics Co. Ltd.		4.3		Technology Hardware & Equipment	South Korea
NAVER Corp.		1.9		Media & Entertainment	South Korea
NetEase, Inc. ADR		1.9		Media & Entertainment	China
Industrial & Commercial Bank of China Ltd. Class H		1.9		Banks	China
Infosys Ltd. ADR		1.8		Software & Services	India
New Oriental Education & Technology Group, Inc. ADR		1.8		Consumer Services	China
Hindustan Unilever Ltd.		1.6		Household & Personal Products	India

¹  The top 10 holdings may not be representative of the Fund’s future investments.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets at April 30, 2020. Percentages may not sum to 100% due to rounding.

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

2

FUND BASICS

International Equity Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® EAFE Standard  Index (Net, USD, Unhedged)2
Class A		-16.06	%		-14.21	%
Class C		-16.37			-14.21
Institutional		-15.90			-14.21
Service		-16.09			-14.21
Investor		-15.95			-14.21
Class P		-15.84			-14.21
Class R		-16.15			-14.21
Class R6		-15.91			-14.21

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2020, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI^® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/201,2
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		3.2	%	Food, Beverage & Tobacco	Switzerland
Roche Holding AG		2.7		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Novo Nordisk A/S Class B		1.9		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Novartis AG (Registered)		1.8		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Sanofi		1.6		Pharmaceuticals, Biotechnology & Life Sciences	France
LVMH Moet Hennessy Louis Vuitton SE		1.5		Consumer Durables & Apparel	France
Schneider Electric SE		1.3		Capital Goods	France
Diageo plc		1.1		Food, Beverage & Tobacco	United Kingdom
Danone SA		1.0		Food, Beverage & Tobacco	France
Deutsche Boerse AG		1.0		Diversified Financials	Germany

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.2% of the Fund’s net assets as of 4/30/20.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of April 30, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets at April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

4

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2020

PERFORMANCE REVIEW
November 1, 2019–April 30, 2020	Fund Total Return (based on NAV)1			MSCI® EAFE Small Cap  Index (Net, USD, Unhedged)2
Class A		-17.04	%		-14.65	%
Class C		-17.44			-14.65
Institutional		-16.89			-14.65
Investor		-16.95			-14.65
Class P		-16.85			-14.65
Class R6		-16.85			-14.65

¹  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. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at 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.

TOP TEN HOLDINGS AS OF 4/30/201,2
Holding	% of Net Assets			Line of Business	Country
TIS, Inc.		1.2	%	Software & Services	Japan
Euronext NV		1.2		Diversified Financials	Netherlands
Tecan Group AG (Registered)		1.2		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Gerresheimer AG		1.2		Pharmaceuticals, Biotechnology & Life Sciences	Germany
VAT Group AG		1.2		Capital Goods	Switzerland
IG Group Holdings plc		1.1		Diversified Financials	United Kingdom
ASM International NV		1.1		Semiconductors & Semiconductor Equipment	Netherlands
Signify NV		1.1		Capital Goods	Netherlands
boohoo Group plc		1.1		Retailing	United Kingdom
DeNA Co. Ltd.		1.0		Media & Entertainment	Japan

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.4% of the Fund’s net assets as of 4/30/20.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of April 30, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.4% of the Fund’s net assets at April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

6

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Brazil – 4.7%
	87,600	AES Tiete Energia SA (Utilities)*	$	233,583
	2,958,900	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		20,905,301
	1,344,200	BB Seguridade Participacoes SA (Insurance)		6,562,921
	33,100	Cia de Saneamento de Minas Gerais-COPASA (Utilities)*		292,172
	114,600	Cia de Saneamento do Parana (Utilities)*		541,610
	225,262	Cia de Transmissao de Energia Eletrica Paulista (Preference) (Utilities)(a)		804,877
	628,300	Cia Paranaense de Energia (Preference) (Utilities)*(a)		6,285,426
	259,000	Cosan Ltd. Class A (Energy)*		3,455,060
	72,500	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Consumer Durables & Apparel)		212,118
	253,200	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)*		1,354,026
	727,300	Itau Unibanco Holding SA (Preference) (Banks)(a)		3,045,407
	1,265,590	Itausa – Investimentos Itau SA (Preference) (Banks)(a)		2,094,616
	4,190,928	Petrobras Distribuidora SA (Retailing)*		15,051,550
	829,900	Sao Martinho SA (Food, Beverage & Tobacco)*		2,914,928
	51,500	Telefonica Brasil SA ADR (Telecommunication Services)		432,600
	144,500	WEG SA (Capital Goods)		1,061,316
				65,247,511
China – 40.2%
	2,375,000	Agricultural Bank of China Ltd. Class H (Banks)		987,957
	585,800	Alibaba Group Holding Ltd. ADR (Retailing)*		118,724,086
	3,649,000	Asia Cement China Holdings Corp. (Materials)		4,224,153
	29,238,000	Bank of Communications Co. Ltd. Class H (Banks)		18,528,308
	8,076,596	Bank of Nanjing Co. Ltd. Class A (Banks)		8,747,692
	2,440,000	China Aoyuan Group Ltd. (Real Estate)		2,866,832
	2,125,000	China CITIC Bank Corp. Ltd. Class H (Banks)		1,038,136
	4,997,000	China Construction Bank Corp. Class H (Banks)		4,010,910
	530,000	China Maple Leaf Educational Systems Ltd. (Consumer Services)		155,810
	10,621,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		12,502,741
Common Stocks – (continued)
China – (continued)
	7,194,500	China Minsheng Banking Corp. Ltd. Class H (Banks)		5,359,187
	1,362,000	China Mobile Ltd. (Telecommunication Services)		10,949,200
	60,000	China National Software & Service Co. Ltd. Class A (Software & Services)		691,054
	3,705,400	China Pacific Insurance Group Co. Ltd. Class H (Insurance)		12,259,066
	1,341,800	China Railway Construction Corp. Ltd. Class A (Capital Goods)		1,838,116
	2,345,000	China Railway Construction Corp. Ltd. Class H (Capital Goods)		2,574,828
	3,706,000	China Resources Cement Holdings Ltd. (Materials)		5,042,773
	1,471,232	China Shenhua Energy Co. Ltd. Class A (Energy)		3,305,655
	7,297,500	China Shenhua Energy Co. Ltd. Class H (Energy)		12,928,165
	3,017,359	China Yangtze Power Co. Ltd. Class A (Utilities)		7,432,538
	1,156,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		427,761
	399,963	East Money Information Co. Ltd. Class A (Diversified Financials)		1,017,906
	190,000	Far East Horizon Ltd. (Diversified Financials)		153,812
	1,056,994	Fujian Sunner Development Co. Ltd. Class A (Food, Beverage & Tobacco)		3,225,898
	158,473	G-bits Network Technology Xiamen Co. Ltd. Class A (Media & Entertainment)		8,448,289
	161,639	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		1,236,633
	39,115,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		26,226,975
	349,600	Industrial Bank Co. Ltd. Class A (Banks)		816,650
	498,700	JD.com, Inc. ADR (Retailing)*		21,493,970
	215,317	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)*		2,800,307
	667,338	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health Care Equipment & Services)		3,283,650
	8,857,000	KWG Group Holdings Ltd. (Real Estate)*		13,102,113
	5,318,000	Logan Property Holdings Co. Ltd. (Real Estate)		8,383,218
	1,262,000	Luye Pharma Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)(b)		612,798

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	342,200	Momo, Inc. ADR (Media & Entertainment)	$	8,240,176
	334,155	Muyuan Foodstuff Co. Ltd. Class A (Food, Beverage & Tobacco)		5,981,552
	76,400	NetEase, Inc. ADR (Media & Entertainment)		26,354,944
	195,600	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		24,970,296
	13,618,000	People’s Insurance Co. Group of China Ltd. (The) Class H (Insurance)		4,456,909
	110,714	Perfect World Co. Ltd. Class A (Media & Entertainment)		734,693
	22,596,000	PICC Property & Casualty Co. Ltd. Class H (Insurance)		21,623,158
	14,834,000	Postal Savings Bank of China Co. Ltd. Class H (Banks)(b)		8,864,096
	2,644,000	Powerlong Real Estate Holdings Ltd. (Real Estate)		1,614,867
	174,120	Shaanxi Coal Industry Co. Ltd. Class A (Energy)		184,986
	2,289,661	Shandong Buchang Pharmaceuticals Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		7,063,119
	2,512,487	Shanghai Pharmaceuticals Holding Co. Ltd. Class A (Health Care Equipment & Services)		6,559,760
	2,236,000	Shenzhen Expressway Co. Ltd. Class H (Transportation)		2,563,687
	959,500	Shimao Property Holdings Ltd. (Real Estate)		3,900,249
	1,219,500	Tencent Holdings Ltd. (Media & Entertainment)		64,108,430
	3,098,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		5,499,262
	243,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		243,957
	382,700	Vipshop Holdings Ltd. ADR (Retailing)*		6,096,411
	14,638,000	Want Want China Holdings Ltd. (Food, Beverage & Tobacco)		10,433,115
	797,804	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A (Media & Entertainment)		4,049,106
	3,290,118	Yanzhou Coal Mining Co. Ltd. Class A (Energy)		3,841,532
	99,533	Yealink Network Technology Corp. Ltd. Class A (Technology Hardware & Equipment)		1,264,055
	1,776,800	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)		6,700,589
Common Stocks – (continued)
China – (continued)
	752,000	Zijin Mining Group Co. Ltd. Class H (Materials)		307,018
	108,100	ZTO Express Cayman, Inc. ADR (Transportation)		3,217,056
				554,270,210
Greece – 0.1%
	66,518	Hellenic Telecommunications Organization SA (Telecommunication Services)		878,803
Hong Kong – 0.1%
	199,000	Nine Dragons Paper Holdings Ltd. (Materials)		190,388
	983,000	WH Group Ltd. (Food, Beverage & Tobacco)(b)		937,539
				1,127,927
Hungary – 0.2%
	85,382	OTP Bank Nyrt. (Banks)		2,528,673
India – 10.1%
	1,486,234	Adani Ports & Special Economic Zone Ltd. (Transportation)		5,706,459
	9,231	Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		181,046
	77,877	Bajaj Holdings & Investment Ltd. (Diversified Financials)		2,098,081
	403,704	Bharti Infratel Ltd. (Telecommunication Services)		934,018
	14,913	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)(b)		310,123
	278,132	Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		14,237,577
	22,422	Godfrey Phillips India Ltd. (Food, Beverage & Tobacco)		297,588
	163,874	Gujarat State Petronet Ltd. (Utilities)		452,266
	1,308,212	HCL Technologies Ltd. (Software & Services)		9,382,364
	774,292	Hindustan Unilever Ltd. (Household & Personal Products)		22,420,037
	36,550	ICICI Bank Ltd. ADR (Banks)		356,728
	10,359	ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)		177,080
	275,353	Indraprastha Gas Ltd. (Utilities)		1,744,178
	2,726,617	Infosys Ltd. ADR (Software & Services)		25,166,675
	51,326	Ipca Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,094,314
	57,497	Nestle India Ltd. (Food, Beverage & Tobacco)		13,638,356
	1,997,055	Petronet LNG Ltd. (Energy)		6,433,771

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	5,834	Pfizer Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	378,634
	7,898,898	REC Ltd. (Diversified Financials)		9,966,757
	71,311	Reliance Industries Ltd. (Energy)		1,386,501
	32,734	Strides Pharma Science Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		189,598
	232,904	Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		7,234,562
	1,441,309	Torrent Power Ltd. (Utilities)		6,327,138
	2,077,916	Wipro Ltd. (Software & Services)		5,275,514
	78,300	WNS Holdings Ltd. ADR (Software & Services)*		3,824,955
				139,214,320
Indonesia – 3.9%
	4,288,300	Bank Central Asia Tbk. PT (Banks)		7,428,151
	10,514,800	Bank Mandiri Persero Tbk. PT (Banks)		3,125,644
	93,956,300	Bank Rakyat Indonesia Persero Tbk. PT (Banks)		17,089,477
	3,561,200	Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)		2,356,276
	7,247,300	Indofood Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)		3,162,097
	89,363,500	Telekomunikasi Indonesia Persero Tbk. PT (Telecommunication Services)		20,549,322
				53,710,967
Mexico – 1.5%
	236,985	America Movil SAB de CV Class L ADR (Telecommunication Services)		2,853,299
	11,505,676	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		16,250,496
	708,600	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		1,704,392
				20,808,187
Philippines – 0.2%
	703,300	First Gen Corp. (Utilities)		263,443
	62,630	Globe Telecom, Inc. (Telecommunication Services)		2,716,909
				2,980,352
Poland – 1.7%
	149,940	Asseco Poland SA (Software & Services)		2,423,009
	202,558	CD Projekt SA (Media & Entertainment)		17,733,669
	40,528	Dino Polska SA (Food & Staples Retailing)*(b)		1,713,921
Common Stocks – (continued)
Poland – (continued)
	217,146	Eurocash SA (Food & Staples Retailing)		1,126,734
				22,997,333
Qatar – 0.2%
	1,223,207	Commercial Bank PSQC (The) (Banks)		1,346,827
	45,413	Masraf Al Rayan QSC (Banks)		47,523
	251,429	Qatar National Bank QPSC (Banks)		1,185,900
				2,580,250
Russia – 4.4%
	69,450,000	Inter RAO UES PJSC (Utilities)		4,652,513
	168,643	LUKOIL PJSC ADR (Energy)		10,889,278
	70,600	MMC Norilsk Nickel PJSC ADR (Materials)		1,930,204
	792,525	Mobile TeleSystems PJSC ADR (Telecommunication Services)		6,791,939
	6,913,910	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		11,175,741
	109,117	Polyus PJSC (Materials)		17,732,562
	2,863,400	Sberbank of Russia PJSC (Banks)		7,545,733
				60,717,970
Saudi Arabia – 1.1%
	58,689	Abdullah Al Othaim Markets Co. (Food & Staples Retailing)		1,556,201
	457,786	Bank AlBilad (Banks)		2,759,224
	1,911,065	Riyad Bank (Banks)		8,639,551
	383,127	Saudi Electricity Co. (Utilities)		1,734,790
	2,195	Saudia Dairy & Foodstuff Co. (Food, Beverage & Tobacco)		87,845
	28,768	Savola Group (The) (Food, Beverage & Tobacco)		309,777
				15,087,388
South Africa – 2.6%
	33,204	African Rainbow Minerals Ltd. (Materials)		243,028
	317,098	Anglo American Platinum Ltd. (Materials)		16,641,311
	774,398	Clicks Group Ltd. (Food & Staples Retailing)		9,638,875
	48,497	Kumba Iron Ore Ltd. (Materials)		912,749
	398,512	Liberty Holdings Ltd. (Insurance)		1,511,218
	19,860	Naspers Ltd. Class N (Retailing)		3,091,180
	3,138,551	Netcare Ltd. (Health Care Equipment & Services)		2,624,560
	1,421,355	Old Mutual Ltd. (Insurance)(c)		1,012,342
				35,675,263
South Korea – 11.3%
	48,838	AfreecaTV Co. Ltd. (Media & Entertainment)		2,422,818
	49,986	Celltrion, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*		8,639,387

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	37,135	Chongkundang Holdings Corp. (Pharmaceuticals, Biotechnology & Life Sciences)	$	3,481,306
	9,361	CJ Logistics Corp. (Transportation)*		1,136,870
	55,952	Com2uSCorp (Media & Entertainment)		4,927,147
	177,111	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,893,893
	15,733	DongKook Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,222,619
	52,125	Hanwha Aerospace Co. Ltd. (Capital Goods)*		1,148,027
	1,669	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*		523,648
	54,471	Huons Global Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,412,512
	11,355	i-SENS, Inc. (Health Care Equipment & Services)		219,763
	27,010	KB Financial Group, Inc. (Banks)		772,792
	10,884	Kginicis Co. Ltd. (Software & Services)		196,733
	379,560	Kia Motors Corp. (Automobiles & Components)		9,270,641
	144,613	Korea Investment Holdings Co. Ltd. (Diversified Financials)		5,987,171
	129,552	MegaStudyEdu Co. Ltd. (Consumer Services)		4,783,777
	32,057	Mirae Asset Daewoo Co. Ltd. (Diversified Financials)		147,783
	164,196	NAVER Corp. (Media & Entertainment)		26,621,191
	3,754	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		1,793,221
	1,433,455	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		58,940,177
	240,463	Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)(a)		8,335,799
	167,913	Samsung Securities Co. Ltd. (Diversified Financials)		4,160,607
	40,625	Seegene, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)(c)		3,059,787
	28,365	Soulbrain Co. Ltd. (Materials)		1,707,222
	15,036	UniTest, Inc. (Semiconductors & Semiconductor Equipment)		159,058
	52,803	Value Added Technology Co. Ltd. (Health Care Equipment & Services)		1,103,591
	861	Yuhan Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		33,450
				156,100,990
Common Stocks – (continued)
Taiwan – 14.8%
	13,117,000	Asia Cement Corp. (Materials)		19,270,192
	344,000	Bioteque Corp. (Health Care Equipment & Services)		1,306,684
	702,000	Cheng Loong Corp. (Materials)		499,481
	157,000	Chicony Electronics Co. Ltd. (Technology Hardware & Equipment)		442,242
	74,000	Chicony Power Technology Co. Ltd. (Capital Goods)		144,593
	2,956,000	ChipMOS Technologies, Inc. (Semiconductors & Semiconductor Equipment)		3,021,510
	294,000	Dynapack International Technology Corp. (Technology Hardware & Equipment)		699,931
	817,000	Fubon Financial Holding Co. Ltd. (Insurance)		1,155,221
	1,073,000	Great Wall Enterprise Co. Ltd. (Food, Beverage & Tobacco)		1,484,566
	164,000	International Games System Co. Ltd. (Media & Entertainment)		3,054,026
	4,113,000	King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)*		4,930,178
	164,000	King’s Town Bank Co. Ltd. (Banks)		175,300
	4,764,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		7,403,014
	835,000	Quanta Computer, Inc. (Technology Hardware & Equipment)		1,804,159
	1,572,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)*		13,461,546
	873,000	Simplo Technology Co. Ltd. (Technology Hardware & Equipment)		9,066,620
	690,000	Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment)		3,354,745
	1,859,000	Standard Foods Corp. (Food, Beverage & Tobacco)		4,189,897
	528,000	Synnex Technology International Corp. (Technology Hardware & Equipment)		704,665
	1,342,000	Taiflex Scientific Co. Ltd. (Technology Hardware & Equipment)*		2,085,880
	1,654,600	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		87,908,898
	1,222,000	Taiwan Surface Mounting Technology Corp. (Semiconductors & Semiconductor Equipment)		3,665,518

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	43,000	Thinking Electronic Industrial Co. Ltd. (Technology Hardware & Equipment)	$	120,845
	21,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)		72,192
	2,409,000	Tripod Technology Corp. (Technology Hardware & Equipment)		8,511,959
	949,000	United Integrated Services Co. Ltd. (Capital Goods)		5,991,068
	16,358,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		8,463,058
	35,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		312,885
	11,713,000	Wistron Corp. (Technology Hardware & Equipment)		10,983,777
	227,000	Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment)		383,815
				204,668,465
Thailand – 1.7%
	1,668,200	Advanced Info Service PCL (Telecommunication Services)		10,160,831
	543,900	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)		450,547
	726,700	Electricity Generating PCL (Utilities)		6,357,052
	443,800	Kiatnakin Bank PCL (Banks)		571,943
	269,800	SPCG PCL (Utilities)		144,032
	5,132,700	Thanachart Capital PCL (Banks)		5,789,620
	381,100	TTW PCL (Utilities)		157,512
				23,631,537
Turkey – 0.4%
	363,374	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		2,877,566
	367,460	Coca-Cola Icecek A/S (Food, Beverage & Tobacco)		1,943,965
	41,062	Enerjisa Enerji A/S (Utilities)(b)		45,236
	691,646	Enka Insaat ve Sanayi A/S (Capital Goods)		598,678
				5,465,445
United Arab Emirates – 0.1%
	150,395	Abu Dhabi Islamic Bank PJSC (Banks)		146,190
	483,002	Emaar Properties PJSC (Real Estate)		354,219
	530,653	Emirates NBD Bank PJSC (Banks)		1,232,902
				1,733,311
Common Stocks – (continued)
United States – 0.1%
	263,500	JBS SA (Food, Beverage & Tobacco)		1,155,196
	TOTAL COMMON STOCKS
	(Cost $1,302,045,937)		$	1,370,580,098

Units		Description	Value
Right*(d) – 0.0%
Taiwan – 0.0%
	30,639	Simplo Technology Co. Ltd. (Technology Hardware & Equipment)	$	—
	(Cost $0)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,302,045,937)		$	1,370,580,098

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle(e) – 0.2%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,348,900		0.233	%	$	2,348,900
(Cost $2,348,900)
TOTAL INVESTMENTS – 99.6%
(Cost $1,304,394,837)				$	1,372,928,998
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%					4,900,317
NET ASSETS – 100.0%				$	1,377,829,315

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	All or a portion of security is on loan.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Australia – 8.6%
	378,666	ASX Ltd. (Diversified Financials)	$	19,965,353
	3,150,347	Aurizon Holdings Ltd. (Transportation)		9,570,291
	2,284,907	Beach Energy Ltd. (Energy)		2,227,214
	438,043	BHP Group Ltd. (Materials)		8,942,346
	1,126,582	BHP Group plc (Materials)		18,909,654
	434,616	Brambles Ltd. (Commercial & Professional Services)		3,106,446
	776,510	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		4,323,293
	344,093	Commonwealth Bank of Australia (Banks)		13,900,150
	49,560	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		9,878,665
	1,716,219	Evolution Mining Ltd. (Materials)		5,588,935
	1,762,302	Fortescue Metals Group Ltd. (Materials)		13,467,953
	603,436	Genworth Mortgage Insurance Australia Ltd. (Banks)		834,224
	1,411,532	Goodman Group (REIT)		12,022,350
	1,465,135	Harvey Norman Holdings Ltd. (Retailing)(a)		2,628,771
	189,692	IGO Ltd. (Materials)		575,464
	196,344	Magellan Financial Group Ltd. (Diversified Financials)		6,431,570
	1,506,447	QBE Insurance Group Ltd. (Insurance)		8,157,197
	1,877,696	Regis Resources Ltd. (Materials)		5,369,028
	281,203	Rio Tinto Ltd. (Materials)		15,848,935
	208,251	Rio Tinto plc ADR (Materials)		9,619,114
	1,667,707	Santos Ltd. (Energy)		5,302,973
	330,602	Sonic Healthcare Ltd. (Health Care Equipment & Services)		5,838,513
	282,957	Stockland (REIT)		525,425
	772,378	Wesfarmers Ltd. (Retailing)		18,760,641
	306,546	Westgold Resources Ltd. (Materials)*		402,718
				202,197,223
Belgium – 0.9%
	10,162	Colruyt SA (Food & Staples Retailing)		609,025
	9,439	D’ieteren SA/NV (Retailing)		473,030
	32,442	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*		7,167,324
	3,197	Groupe Bruxelles Lambert SA (Diversified Financials)*		255,747
	129,013	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)*		11,822,625
				20,327,751
Cambodia – 0.0%
	970,000	NagaCorp Ltd. (Consumer Services)		1,144,835
China – 0.8%
	133,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		470,968
Common Stocks – (continued)
China – (continued)
	542,700	ENN Energy Holdings Ltd. (Utilities)		6,117,566
	4,523,500	Fosun International Ltd. (Capital Goods)		5,679,106
	2,680,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		4,757,269
	766,000	Towngas China Co. Ltd. (Utilities)*		385,051
	1,393,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		1,398,486
				18,808,446
Denmark – 2.6%
	715,820	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		45,662,177
	35,630	Novozymes A/S Class B (Materials)		1,747,888
	164,137	Vestas Wind Systems A/S (Capital Goods)		14,094,964
				61,505,029
Finland – 0.7%
	64,776	Fortum OYJ (Utilities)(a)		1,073,349
	28,120	Kesko OYJ Class B (Food & Staples Retailing)		458,190
	268,097	Neste OYJ (Energy)		9,467,992
	1,620,294	Nokia OYJ (Technology Hardware & Equipment)		5,841,059
				16,840,590
France – 11.4%
	79,214	Airbus SE (Capital Goods)*		5,015,716
	426,753	BNP Paribas SA (Banks)		13,407,019
	102,658	Bouygues SA (Capital Goods)*		3,158,601
	193,764	Capgemini SE (Software & Services)		18,215,908
	140,088	Carrefour SA (Food & Staples Retailing)		2,080,481
	4,643	Christian Dior SE (Consumer Durables & Apparel)		1,806,608
	18,622	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		1,799,279
	345,419	Danone SA (Food, Beverage & Tobacco)		24,074,699
	114,537	Eiffage SA (Capital Goods)		9,360,171
	16,082	Gaztransport Et Technigaz SA (Energy)		1,165,898
	25,987	Hermes International (Consumer Durables & Apparel)		18,998,332
	288,440	Legrand SA (Capital Goods)		19,337,784
	93,701	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		36,224,147
	97,865	Peugeot SA (Automobiles & Components)		1,387,300
	229,190	Publicis Groupe SA (Media & Entertainment)		6,765,454

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	54,984	Safran SA (Capital Goods)	$	5,111,925
	381,520	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		37,264,495
	52,234	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		12,524,315
	327,730	Schneider Electric SE (Capital Goods)*		30,286,317
	325,423	SCOR SE (Insurance)		9,168,696
	2,107	SEB SA (Consumer Durables & Apparel)		252,688
	9,404	Sodexo SA (Consumer Services)		751,808
	19,971	TOTAL SA (Energy)		708,819
	144,259	Valeo SA (Automobiles & Components)		3,306,836
	365,409	Vivendi SA (Media & Entertainment)		7,897,643
				270,070,939
Germany – 7.3%
	95,242	1&1 Drillisch AG (Telecommunication Services)		2,216,111
	9,860	Aurubis AG (Materials)		511,148
	414,120	BASF SE (Materials)		21,193,217
	6,873	Bechtle AG (Software & Services)		993,957
	26,886	Beiersdorf AG (Household & Personal Products)		2,813,040
	45,519	CANCOM SE (Software & Services)		2,317,415
	150,943	Deutsche Boerse AG (Diversified Financials)		23,401,975
	758,794	Deutsche Post AG (Registered) (Transportation)		22,541,642
	692,362	Deutsche Telekom AG (Registered) (Telecommunication Services)		10,122,080
	368,504	Evonik Industries AG (Materials)		9,065,360
	92,397	Freenet AG (Telecommunication Services)		1,752,835
	97,201	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		7,617,700
	40,213	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		3,198,113
	30,856	HelloFresh SE (Retailing)*		1,099,807
	3,940	Henkel AG & Co. KGaA (Household & Personal Products)		307,136
	191,466	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)		16,999,609
	89,109	Nemetschek SE (Software & Services)		5,606,286
	488,486	Schaeffler AG (Preference) (Automobiles & Components)(b)		3,298,469
	209,994	Siemens AG (Registered) (Capital Goods)		19,378,910
	75,682	Siltronic AG (Semiconductors & Semiconductor Equipment)		6,479,136
	116,570	Software AG (Software & Services)		4,139,270
	17,390	Symrise AG (Materials)		1,761,775
	30,801	Talanx AG (Insurance)		1,093,832
Common Stocks – (continued)
Germany – (continued)
	48,318	United Internet AG (Registered) (Telecommunication Services)		1,662,553
	2,086	Volkswagen AG (Automobiles & Components)		308,402
	19,568	Volkswagen AG (Preference) (Automobiles & Components)(b)		2,722,521
				172,602,299
Hong Kong – 1.3%
	115,000	CLP Holdings Ltd. (Utilities)		1,230,974
	467,000	Hang Lung Properties Ltd. (Real Estate)		999,010
	369,600	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		11,850,176
	192,000	Link REIT (REIT)		1,711,536
	41,000	Power Assets Holdings Ltd. (Utilities)		274,711
	347,000	Sun Hung Kai Properties Ltd. (Real Estate)		4,744,819
	7,738,000	WH Group Ltd. (Food, Beverage & Tobacco)(c)		7,380,143
	1,204,000	Xinyi Glass Holdings Ltd. (Automobiles & Components)		1,394,421
	531,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		847,029
				30,432,819
Ireland – 0.1%
	321,069	Greencore Group plc (Food, Beverage & Tobacco)		735,335
	26,799	Smurfit Kappa Group plc (Materials)		839,512
				1,574,847
Israel – 0.1%
	216,088	Plus500 Ltd. (Diversified Financials)		3,386,811
Italy – 3.6%
	5,794,723	A2A SpA (Utilities)		7,899,418
	323,747	Azimut Holding SpA (Diversified Financials)		5,517,206
	249,815	Banca Generali SpA (Diversified Financials)		6,210,533
	13,661	Buzzi Unicem SpA (Materials)		268,015
	35,862	DiaSorin SpA (Health Care Equipment & Services)		6,115,253
	258,081	Eni SpA (Energy)		2,458,566
	63,268	Ferrari NV (Automobiles & Components)		9,888,497
	1,717,801	Hera SpA (Utilities)		6,358,860
	12,139,099	Intesa Sanpaolo SpA (Banks)		18,955,252
	306,675	Iren SpA (Utilities)		756,221
	273,604	Italgas SpA (Utilities)		1,532,955
	1,305,858	Mediobanca Banca di Credito Finanziario SpA (Banks)		7,591,619

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	784,236	Poste Italiane SpA (Insurance)(c)	$	6,671,418
	213,995	Prysmian SpA (Capital Goods)		4,037,660
	7,000	Reply SpA (Software & Services)		490,027
				84,751,500
Japan – 23.4%
	234,200	AEON Financial Service Co. Ltd. (Diversified Financials)		2,435,506
	142,300	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		2,534,474
	1,356,700	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		22,438,666
	251,700	Benesse Holdings, Inc. (Consumer Services)		7,167,763
	263,900	Bridgestone Corp. (Automobiles & Components)		8,214,498
	252,100	Chubu Electric Power Co., Inc. (Utilities)		3,409,395
	133,500	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		15,913,430
	725,900	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		15,304,967
	38,200	Daito Trust Construction Co. Ltd. (Real Estate)		3,632,264
	672,400	Daiwa House Industry Co. Ltd. (Real Estate)		17,038,837
	39,500	DCM Holdings Co. Ltd. (Retailing)		385,960
	936,400	DeNA Co. Ltd. (Media & Entertainment)		11,527,171
	218,400	Dentsu Group, Inc. (Media & Entertainment)		4,561,035
	9,000	Dowa Holdings Co. Ltd. (Materials)		248,923
	12,400	Ebara Corp. (Capital Goods)		273,376
	63,700	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,446,958
	57,000	Electric Power Development Co. Ltd. (Utilities)		1,140,806
	189,500	FamilyMart Co. Ltd. (Food & Staples Retailing)		3,213,471
	25,200	Fancl Corp. (Household & Personal Products)		604,125
	219,900	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		10,474,400
	226,100	Fujitsu Ltd. (Software & Services)		21,965,268
	119,300	Hitachi Ltd. (Technology Hardware & Equipment)		3,540,755
	30,100	House Foods Group, Inc. (Food, Beverage & Tobacco)		947,997
	326,700	Ibiden Co. Ltd. (Technology Hardware & Equipment)		8,350,461
	220,300	Isuzu Motors Ltd. (Automobiles & Components)		1,674,182
Common Stocks – (continued)
Japan – (continued)
	17,600	Izumi Co. Ltd. (Retailing)		515,196
	18,200	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,001,755
	29,400	Kamigumi Co. Ltd. (Transportation)		517,601
	128,400	Kansai Electric Power Co., Inc. (The) (Utilities)		1,315,736
	525,800	KDDI Corp. (Telecommunication Services)		15,229,426
	492,400	Konami Holdings Corp. (Media & Entertainment)		15,460,989
	179,500	K’s Holdings Corp. (Retailing)		1,955,577
	18,000	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		374,055
	44,300	Lion Corp. (Household & Personal Products)		931,288
	1,075,100	LIXIL Group Corp. (Capital Goods)		12,896,603
	135,400	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		4,660,283
	563,900	Mazda Motor Corp. (Automobiles & Components)		3,187,926
	274,400	Mitsubishi Heavy Industries Ltd. (Capital Goods)		7,036,613
	152,800	Mitsubishi Materials Corp. (Materials)		3,129,705
	602,100	Mizuho Financial Group, Inc. (Banks)		701,097
	130,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		3,745,312
	308,300	Nexon Co. Ltd. (Media & Entertainment)		4,977,809
	46,400	NGK Insulators Ltd. (Capital Goods)		607,043
	33,600	Nihon Unisys Ltd. (Software & Services)		971,742
	426,500	Nikon Corp. (Consumer Durables & Apparel)		3,967,227
	526,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		11,988,042
	995,900	Nippon Yusen KK (Transportation)		13,109,550
	7,700	Nissan Chemical Corp. (Materials)		295,439
	54,700	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		849,933
	2,800	Nitori Holdings Co. Ltd. (Retailing)		429,172
	161,000	Nitto Denko Corp. (Materials)		8,042,504
	55,100	NOK Corp. (Automobiles & Components)		641,687
	475,100	Nomura Holdings, Inc. (Diversified Financials)		1,971,484
	643,600	Nomura Research Institute Ltd. (Software & Services)		15,755,987
	1,255,800	NTT Data Corp. (Software & Services)		12,814,407
	434,400	NTT DOCOMO, Inc. (Telecommunication Services)		12,802,299

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	104,600	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	2,520,055
	1,259,300	ORIX Corp. (Diversified Financials)		14,818,812
	566,900	Osaka Gas Co. Ltd. (Utilities)		10,556,706
	28,700	Otsuka Corp. (Software & Services)		1,299,470
	291,700	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,464,996
	244,200	Panasonic Corp. (Consumer Durables & Apparel)		1,861,534
	18,500	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)		538,268
	34,000	SAMTY Co. Ltd. (Real Estate)		439,853
	16,400	Sankyo Co. Ltd. (Consumer Durables & Apparel)		450,287
	65,400	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,157,686
	34,500	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,883,849
	164,500	Secom Co. Ltd. (Commercial & Professional Services)		13,689,577
	1,474,800	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		17,864,004
	56,500	Seiko Epson Corp. (Technology Hardware & Equipment)		641,590
	26,000	Seino Holdings Co. Ltd. (Transportation)		309,532
	189,300	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		2,399,207
	82,400	Sekisui House Ltd. (Consumer Durables & Apparel)		1,413,548
	560,700	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		18,568,731
	368,700	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		20,362,388
	418,900	SoftBank Group Corp. (Telecommunication Services)		17,955,159
	521,000	Subaru Corp. (Automobiles & Components)		10,427,558
	124,800	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		7,525,693
	96,600	Sumitomo Realty & Development Co. Ltd. (Real Estate)		2,587,194
	210,400	Sumitomo Rubber Industries Ltd. (Automobiles & Components)		2,042,256
	79,300	Sundrug Co. Ltd. (Food & Staples Retailing)		2,715,111
	651,000	TIS, Inc. (Software & Services)		12,414,170
	132,500	Tokio Marine Holdings, Inc. (Insurance)		6,216,336
	75,200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		16,016,173
Common Stocks – (continued)
Japan – (continued)
	813,200	Toppan Printing Co. Ltd. (Commercial & Professional Services)		12,080,183
	24,500	Tosoh Corp. (Materials)		299,433
	19,400	Unicharm Corp. (Household & Personal Products)		714,959
	1,130,900	Yamada Denki Co. Ltd. (Retailing)		5,362,901
	34,300	Yokohama Rubber Co. Ltd. (The) (Automobiles & Components)		436,259
				552,361,653
Luxembourg – 0.1%
	4,910	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		2,716,069
Macau – 0.1%
	148,400	Sands China Ltd. (Consumer Services)		600,797
	1,336,000	SJM Holdings Ltd. (Consumer Services)		1,319,090
				1,919,887
Netherlands – 5.8%
	122,486	ASM International NV (Semiconductors & Semiconductor Equipment)		13,483,030
	74,215	ASML Holding NV (Semiconductors & Semiconductor Equipment)		21,677,126
	322,076	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)*		13,329,382
	44,686	Euronext NV (Diversified Financials)(c)		3,751,570
	632,645	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		15,360,851
	83,985	Koninklijke DSM NV (Materials)		10,293,362
	49,009	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		4,879,826
	765,905	Royal Dutch Shell plc Class A (Energy)		12,801,678
	196,028	Royal Dutch Shell plc Class B (Energy)		3,138,144
	239,053	Royal Dutch Shell plc Class B ADR (Energy)		7,642,525
	553,549	Signify NV (Capital Goods)(c)		11,268,244
	261,988	Wolters Kluwer NV (Commercial & Professional Services)		19,270,122
				136,895,860
New Zealand – 0.2%
	269,869	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		3,211,964

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
New Zealand – (continued)
	89,720	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	$	1,498,929
				4,710,893
Norway – 2.2%
	138,253	Austevoll Seafood ASA (Food, Beverage & Tobacco)		1,076,967
	1,416,983	DNB ASA (Banks)		17,156,702
	26,545	Grieg Seafood ASA (Food, Beverage & Tobacco)		260,334
	1,068,058	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		5,672,142
	1,639,623	Orkla ASA (Food, Beverage & Tobacco)		14,810,518
	153,893	Salmar ASA (Food, Beverage & Tobacco)		5,997,673
	183,990	Yara International ASA (Materials)(a)		6,249,120
				51,223,456
Singapore – 0.9%
	327,100	AIMS APAC REIT (REIT)		265,403
	791,100	Frasers Logistics & Industrial Trust (REIT)		592,079
	2,242,300	Singapore Exchange Ltd. (Diversified Financials)		15,290,478
	217,600	Singapore Telecommunications Ltd. (Telecommunication Services)		434,817
	96,200	Venture Corp. Ltd. (Technology Hardware & Equipment)		1,075,101
	1,585,800	Wilmar International Ltd. (Food, Beverage & Tobacco)		3,993,493
				21,651,371
South Africa – 0.2%
	233,578	Anglo American plc (Materials)		4,154,200
Spain – 1.3%
	477,649	ACS Actividades de Construccion y Servicios SA (Capital Goods)		11,944,297
	15,361	Aena SME SA (Transportation)*(c)		1,944,479
	39,057	Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)		503,683
	2,389,986	Banco Santander SA (Banks)		5,340,161
	216,323	Cellnex Telecom SA (Telecommunication Services)(c)		11,314,729
	53,048	Solaria Energia y Medio Ambiente SA (Utilities)*		541,269
				31,588,618
Sweden – 4.3%
	389,838	Boliden AB (Materials)(a)		7,858,123
	166,245	Cloetta AB Class B (Food, Beverage & Tobacco)*		382,828
	281,806	Electrolux ABSeries B (Consumer Durables & Apparel)		3,853,379
Common Stocks – (continued)
Sweden – (continued)
	571,543	Essity AB Class B (Household & Personal Products)*		18,514,208
	265,343	Getinge AB Class B (Health Care Equipment & Services)		5,085,909
	33,244	Investor AB Class A (Diversified Financials)		1,640,046
	360,223	Investor AB Class B (Diversified Financials)		17,902,436
	389,283	Kinnevik AB Class B (Diversified Financials)		8,000,921
	545,012	Sandvik AB (Capital Goods)*		8,384,150
	23,443	SKF AB Class B (Capital Goods)		370,016
	283,485	Swedish Match AB (Food, Beverage & Tobacco)		17,518,374
	3,263,609	Telia Co. AB (Telecommunication Services)(a)		11,347,454
				100,857,844
Switzerland – 9.9%
	6,862	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,621,010
	706,254	Nestle SA (Registered) (Food, Beverage & Tobacco)		74,799,383
	489,273	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		41,753,810
	184,779	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		63,992,743
	60,588	Sonova Holding AG (Registered) (Health Care Equipment & Services)		10,943,025
	433,205	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		11,152,644
	44,355	Swiss Life Holding AG (Registered) (Insurance)		15,729,324
	21,054	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		6,778,172
	18,072	Zurich Insurance Group AG (Insurance)		5,729,806
				232,499,917
United Kingdom – 12.2%
	1,324,297	3i Group plc (Diversified Financials)		13,009,716
	398,344	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		20,825,424
	4,100,455	Aviva plc (Insurance)		12,400,304
	948,056	Barratt Developments plc (Consumer Durables & Apparel)		6,180,717
	733,193	boohoo Group plc (Retailing)*		2,979,277
	235,661	BP plc ADR (Energy)		5,608,732
	386,003	British American Tobacco plc (Food, Beverage & Tobacco)		14,878,196

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	1,309,537	BT Group plc (Telecommunication Services)	$	1,908,680
	557,000	CK Hutchison Holdings Ltd. (Capital Goods)		4,128,583
	56,444	Compass Group plc (Consumer Services)		949,806
	511,525	ConvaTec Group plc (Health Care Equipment & Services)(c)		1,366,245
	15,154	Croda International plc (Materials)		929,239
	749,486	Diageo plc (Food, Beverage & Tobacco)		25,804,693
	91,850	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		2,884,539
	2,639,882	Direct Line Insurance Group plc (Insurance)		8,994,182
	593,731	Experian plc (Commercial & Professional Services)		17,829,962
	284,486	Fiat Chrysler Automobiles NV (Automobiles & Components)		2,467,617
	138,306	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(d)		5,818,533
	343,720	Great Portland Estates plc (REIT)		2,927,566
	92,792	Greggs plc (Consumer Services)		2,134,326
	413,363	Halma plc (Technology Hardware & Equipment)		10,867,475
	1,569,258	HSBC Holdings plc (Banks)		8,065,928
	91,437	IG Group Holdings plc (Diversified Financials)		866,662
	939,844	Imperial Brands plc (Food, Beverage & Tobacco)		19,772,884
	79,667	Intertek Group plc (Commercial & Professional Services)		4,754,468
	254,729	Legal & General Group plc (Insurance)		654,909
	6,855,231	Lloyds Banking Group plc (Banks)		2,773,682
	101,802	London Stock Exchange Group plc (Diversified Financials)		9,528,348
	71,398	Micro Focus International plc (Software & Services)		423,304
	230,734	Mondi plc (Materials)		4,074,604
	358,823	Moneysupermarket.com Group plc (Retailing)		1,429,653
	882,453	National Grid plc (Utilities)		10,341,250
	33,715	Reckitt Benckiser Group plc (Household & Personal Products)		2,808,452
	673,087	RELX plc (Commercial & Professional Services)		15,186,059
	561,454	Rentokil Initial plc (Commercial & Professional Services)		3,340,435
	45,024	Sage Group plc (The) (Software & Services)		362,105
	187,983	Segro plc (REIT)		1,970,350
	92,223	Severn Trent plc (Utilities)		2,767,385
	195,461	Smith & Nephew plc (Health Care Equipment & Services)		3,824,996
	601,257	SSE plc (Utilities)		9,430,943
Common Stocks – (continued)
United Kingdom – (continued)
	3,888,614	Taylor Wimpey plc (Consumer Durables & Apparel)		7,181,653
	236,997	Unilever plc ADR (Household & Personal Products)(a)(d)		12,293,034
	39,489	Vistry Group plc (Consumer Durables & Apparel)		401,033
	19,313	Vodafone Group plc ADR (Telecommunication Services)		273,086
				287,419,035
United States – 0.6%
	184,658	Carnival plc ADR (Consumer Services)		2,570,440
	251,165	QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)*		10,459,088
				13,029,528
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,381,371,400)		$	2,324,671,420

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle(e) – 1.2%
Goldman Sachs Financial Square Government Fund – Institutional Shares
28,790,720		0.233	%	$	28,790,720
(Cost $28,790,720)
TOTAL INVESTMENTS – 99.8%
(Cost $2,410,162,120)				$	2,353,462,140
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					5,413,074
NET ASSETS – 100.0%				$	2,358,875,214

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Hang Seng Index		11		05/28/2020	$	1,738,291	$	24,967
SPI 200 Index		36		06/18/2020		3,249,127		332,791
Total Futures Contracts							$	357,758

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Australia – 7.6%
	4,296,141	Austal Ltd. (Capital Goods)	$	9,323,299
	11,047,383	Beach Energy Ltd. (Energy)		10,768,442
	73,479	Bingo Industries Ltd. (Commercial & Professional Services)		111,284
	710,630	Breville Group Ltd. (Consumer Durables & Apparel)		8,041,653
	2,383,849	BWP Trust (REIT)		5,447,747
	107,371	Centuria Industrial REIT (REIT)		184,139
	3,726,774	Charter Hall Group (REIT)		18,416,035
	5,472,139	Evolution Mining Ltd. (Materials)		17,820,236
	5,420,902	Genworth Mortgage Insurance Australia Ltd. (Banks)		7,494,165
	940,007	Gold Road Resources Ltd. (Materials)*		959,887
	157,899	Hansen Technologies Ltd. (Software & Services)		287,122
	18,712	IDP Education Ltd. (Consumer Services)		177,375
	5,256,586	IGO Ltd. (Materials)		15,946,778
	214,167	Integrated Research Ltd. (Software & Services)		436,407
	4,623,247	IPH Ltd. (Commercial & Professional Services)		22,112,476
	612,864	Kogan.com Ltd. (Retailing)(a)		3,161,966
	134,807	Megaport Ltd. (Software & Services)*		1,037,379
	218,813	Mineral Resources Ltd. (Materials)		2,358,333
	281,876	National Storage REIT (REIT)		316,598
	688,715	Orora Ltd. (Materials)		1,144,550
	311,797	Perpetual Ltd. (Diversified Financials)		6,060,901
	8,771,819	Perseus Mining Ltd. (Materials)*		5,301,123
	1,004,422	Pro Medicus Ltd. (Health Care Equipment & Services)		16,905,818
	3,446,668	Ramelius Resources Ltd. (Materials)		2,928,697
	9,520,110	Regis Resources Ltd. (Materials)		27,221,521
	691,797	Rural Funds Group (REIT)		873,570
	1,938,773	Saracen Mineral Holdings Ltd. (Materials)*		5,317,271
	1,417,949	Select Harvests Ltd. (Food, Beverage & Tobacco)		6,665,147
	87,901	Service Stream Ltd. (Capital Goods)		111,842
	5,766,663	Silver Lake Resources Ltd. (Materials)*		7,122,595
	299,408	SmartGroup Corp. Ltd. (Commercial & Professional Services)		1,046,569
	63,560	Webjet Ltd. (Retailing)		124,622
	2,849,968	Westgold Resources Ltd. (Materials)*		3,744,082
				208,969,629
Common Stocks – (continued)
Austria – 0.8%
	55,790	AT&S Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment)		961,605
	25,268	CA Immobilien Anlagen AG (Real Estate)		802,192
	44,863	EVN AG (Utilities)		701,035
	139,708	IMMOFINANZ AG (Real Estate)*		2,579,809
	39,161	Oesterreichische Post AG (Transportation)*		1,475,806
	32,063	S IMMO AG (Real Estate)		595,911
	117,191	Telekom Austria AG (Telecommunication Services)		824,480
	521,071	UNIQA Insurance Group AG (Insurance)		3,513,070
	616,061	Wienerberger AG (Materials)		11,538,406
	29,414	Zumtobel Group AG (Capital Goods)*		190,004
				23,182,318
Belgium – 1.0%
	56,925	Bekaert SA (Materials)		1,203,441
	286,365	bpost SA (Transportation)		1,998,131
	197,853	D’ieteren SA/NV (Retailing)		9,915,288
	54,849	Gimv NV (Diversified Financials)		3,013,393
	13,315	Ion Beam Applications (Health Care Equipment & Services)*		110,456
	164,247	KBC Ancora (Diversified Financials)		5,767,098
	3,326	Melexis NV (Semiconductors & Semiconductor Equipment)		202,298
	3,168	Montea C.V.A (REIT)*		278,449
	144,520	Orange Belgium SA (Telecommunication Services)		2,404,040
	3,666	Tessenderlo Group SA (Materials)*		102,365
	107,037	Warehouses De Pauw CV (REIT)*		2,936,407
				27,931,366
China – 0.3%
	17,686,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		6,544,452
	1,736,000	FIH Mobile Ltd. (Technology Hardware & Equipment)*		194,023
	2,050,000	SITC International Holdings Co. Ltd. (Transportation)		2,025,116
				8,763,591
Denmark – 0.2%
	35,975	D/S Norden A/S (Transportation)*		505,629
	105,370	Per Aarsleff Holding A/S (Capital Goods)		3,093,775
	225,410	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)(b)		2,590,384
				6,189,788

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Finland – 1.0%
	861,280	Kesko OYJ Class B (Food & Staples Retailing)	$	14,033,789
	352,567	Uponor OYJ (Capital Goods)		3,953,313
	421,792	Valmet OYJ (Capital Goods)		9,645,998
				27,633,100
France – 2.2%
	7,505	Akka Technologies (Commercial & Professional Services)		238,891
	8,206	Albioma SA (Utilities)		271,782
	16,664	Beneteau SA (Consumer Durables & Apparel)		105,516
	21,192	Carmila SA (REIT)		272,269
	1,261,631	Coface SA (Insurance)		7,420,506
	446,687	Derichebourg SA (Commercial & Professional Services)		1,253,406
	4,994	Devoteam SA (Software & Services)		380,133
	64,881	Elior Group SA (Consumer Services)(b)		428,524
	304,886	Elis SA (Commercial & Professional Services)		3,758,055
	67,158	Gaztransport Et Technigaz SA (Energy)		4,868,760
	49,371	Innate Pharma SA (Pharmaceuticals, Biotechnology & Life Sciences)*		347,403
	82,182	Kaufman & Broad SA (Consumer Durables & Apparel)		2,970,016
	69,821	Maisons du Monde SA (Retailing)(b)		628,131
	16,391	Nexans SA (Capital Goods)		583,818
	340,666	Quadient (Technology Hardware & Equipment)		4,704,528
	1,997,549	Rexel SA (Capital Goods)		18,656,682
	176,436	Societe BIC SA (Commercial & Professional Services)		8,825,851
	43,372	Sopra Steria Group (Software & Services)		5,135,274
	2,413	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)*		475,831
				61,325,376
Germany – 6.5%
	137,385	ADVA Optical Networking SE (Technology Hardware & Equipment)*		898,703
	1,309,342	alstria office REIT-AG (REIT)		19,626,649
	103,127	Aurubis AG (Materials)		5,346,161
	147,197	Bechtle AG (Software & Services)		21,287,283
	325,951	CANCOM SE (Software & Services)		16,594,469
	11,239	CropEnergies AG (Energy)		88,720
	914,128	Deutsche Pfandbriefbank AG (Banks)(b)		6,718,954
	1,190,443	Deutz AG (Capital Goods)		4,575,740
	42,878	Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services)		6,170,690
Common Stocks – (continued)
Germany – (continued)
	12,880	Elmos Semiconductor AG (Semiconductors & Semiconductor Equipment)		256,549
	967,979	Freenet AG (Telecommunication Services)		18,363,227
	405,136	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		32,220,192
	188,689	Hamburger Hafen und Logistik AG (Transportation)		3,070,082
	83,345	HelloFresh SE (Retailing)*		2,970,685
	4,094	Indus Holding AG (Capital Goods)		126,010
	579,981	Jungheinrich AG (Preference) (Capital Goods)(c)		10,473,534
	951	MBB SE (Capital Goods)		67,172
	33,820	Nemetschek SE (Software & Services)		2,127,783
	18,754	New Work SE (Media & Entertainment)		4,457,283
	24,332	Rheinmetall AG (Capital Goods)		1,646,771
	37,333	Rocket Internet SE (Retailing)*(b)		785,321
	105,043	Siltronic AG (Semiconductors & Semiconductor Equipment)		8,992,732
	215,257	Software AG (Software & Services)		7,643,535
	2,140	STO SE & Co. KGaA (Preference) (Materials)(c)		215,751
	388,329	Takkt AG (Retailing)		3,155,300
				177,879,296
Guernsey – 0.0%
	115,865	Picton Property Income Ltd. (The) (REIT)		99,963
	311,801	UK Commercial Property REIT Ltd. (REIT)		265,567
				365,530
Hong Kong – 1.0%
	130,000	Cafe de Coral Holdings Ltd. (Consumer Services)		268,185
	125,000	Hang Lung Group Ltd. (Real Estate)		285,508
	2,372,000	Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)		409,942
	988,000	Hysan Development Co. Ltd. (Real Estate)		3,296,125
	3,972,000	K Wah International Holdings Ltd. (Real Estate)		1,820,077
	5,029,000	Melco International Development Ltd. (Consumer Services)		9,400,784
	424,000	Nissin Foods Co. Ltd. (Food, Beverage & Tobacco)		348,469
	9,638,000	Shun Tak Holdings Ltd. (Capital Goods)		3,370,836
	653,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		268,399
	370,000	Sunlight REIT (REIT)		190,611

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	2,926,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)(a)	$	2,527,396
	11,401,000	Value Partners Group Ltd. (Diversified Financials)		4,525,209
				26,711,541
Ireland – 0.2%
	67,195	Glanbia plc (Food, Beverage & Tobacco)		715,111
	1,923,846	Greencore Group plc (Food, Beverage & Tobacco)		4,406,126
	716,218	Hibernia REIT plc (REIT)		931,639
				6,052,876
Israel – 0.9%
	3,010	AFI Properties Ltd. (Real Estate)*		91,598
	720,528	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)*		514,091
	1,038	Big Shopping Centers Ltd. (Real Estate)		83,038
	2,054	Blue Square Real Estate Ltd. (Real Estate)		94,372
	25,787	Cellcom Israel Ltd. (Telecommunication Services)*		94,956
	244	Electra Ltd. (Capital Goods)		111,920
	1,204	Fattal Holdings 1998 Ltd. (Consumer Services)		82,482
	73,166	Gazit-Globe Ltd. (Real Estate)		541,713
	1,784	Hilan Ltd. (Software & Services)*		70,332
	15,375	Melisron Ltd. (Real Estate)		618,856
	212,549	Mivne Real Estate KD Ltd. (Real Estate)*		456,565
	1,372,623	Plus500 Ltd. (Diversified Financials)		21,513,527
	1,133	Property & Building Corp. Ltd. (Real Estate)		83,643
	8,948	Sapiens International Corp. NV (Software & Services)		223,237
	16,858	Summit Real Estate Holdings Ltd. (Real Estate)		210,593
				24,790,923
Italy – 4.6%
	10,853,195	A2A SpA (Utilities)		14,795,172
	45,519	ACEA SpA (Utilities)		760,831
	30,394	Ascopiave SpA (Utilities)		111,269
	368,475	ASTM SpA (Transportation)		7,206,266
	684,277	Azimut Holding SpA (Diversified Financials)		11,661,258
	883,088	Banca Generali SpA (Diversified Financials)		21,954,034
	540,669	Buzzi Unicem SpA (Materials)		10,607,399
	316,363	Cerved Group SpA (Diversified Financials)		2,155,217
Common Stocks – (continued)
Italy – (continued)
	23,593	De’ Longhi SpA (Consumer Durables & Apparel)		426,425
	138,209	DiaSorin SpA (Health Care Equipment & Services)		23,567,648
	360,347	Falck Renewables SpA (Utilities)		1,771,113
	2,259,177	Hera SpA (Utilities)		8,362,895
	2,858,816	Iren SpA (Utilities)		7,049,467
	1,980,020	Italgas SpA (Utilities)		11,093,703
	7,105	MARR SpA (Food & Staples Retailing)		93,607
	74,426	Piaggio & C SpA (Automobiles & Components)		170,632
	44,633	Reply SpA (Software & Services)		3,124,480
	68,914	Saras SpA (Energy)		65,080
	78,774	Tinexta Spa (Commercial & Professional Services)		1,047,979
	104,917	Unipol Gruppo SpA (Insurance)		362,005
				126,386,480
Japan – 33.6%
	127,800	ADEKA Corp. (Materials)		1,604,805
	100	Advance Residence Investment Corp. (REIT)		306,826
	1,400	Ain Holdings, Inc. (Food & Staples Retailing)		78,532
	49,400	Alpen Co. Ltd. (Retailing)		757,523
	158,100	AOKI Holdings, Inc. (Retailing)		960,531
	8,600	Arata Corp. (Retailing)		355,183
	185,300	Arcland Sakamoto Co. Ltd. (Retailing)		1,766,968
	33,400	Argo Graphics, Inc. (Software & Services)		1,046,096
	121,400	Asahi Holdings, Inc. (Materials)		2,743,154
	46,400	ASKUL Corp. (Retailing)		1,324,774
	155,500	Autobacs Seven Co. Ltd. (Retailing)		1,815,850
	169,100	BayCurrent Consulting, Inc. (Commercial & Professional Services)		9,582,667
	11,600	BML, Inc. (Health Care Equipment & Services)		297,583
	660,800	Bunka Shutter Co. Ltd. (Capital Goods)		4,824,219
	175,100	Central Glass Co. Ltd. (Capital Goods)		3,000,921
	18,800	Chiyoda Integre Co. Ltd. (Capital Goods)		306,048
	128,700	cocokara fine, Inc. (Food & Staples Retailing)		6,069,650
	234,500	Computer Engineering & Consulting Ltd. (Software & Services)		3,587,494
	46,600	CONEXIO Corp. (Technology Hardware & Equipment)		626,758
	15,700	Create SD Holdings Co. Ltd. (Food & Staples Retailing)		447,344
	39,200	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		1,325,337

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	267,000	Daiichikosho Co. Ltd. (Media & Entertainment)	$	8,013,796
	118,900	Daiseki Co. Ltd. (Commercial & Professional Services)		2,626,801
	1,974,900	DCM Holdings Co. Ltd. (Retailing)		19,297,023
	71,500	Demae-Can Co. Ltd. (Retailing)		953,414
	2,285,100	DeNA Co. Ltd. (Media & Entertainment)		28,129,793
	230,300	Dexerials Corp. (Technology Hardware & Equipment)		1,512,251
	19,400	Doshisha Co. Ltd. (Retailing)		238,685
	95,100	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		1,439,225
	13,200	Dowa Holdings Co. Ltd. (Materials)		365,086
	543,100	DTS Corp. (Software & Services)		10,408,982
	2,700	Duskin Co. Ltd. (Commercial & Professional Services)		69,771
	17,100	Earth Corp. (Household & Personal Products)		991,872
	23,600	Ebara Corp. (Capital Goods)		520,297
	674,400	EDION Corp. (Retailing)		5,862,066
	305,300	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		3,175,181
	39,500	Ezaki Glico Co. Ltd. (Food, Beverage & Tobacco)		1,734,841
	23,600	FAN Communications, Inc. (Media & Entertainment)		99,164
	55,500	Fancl Corp. (Household & Personal Products)		1,330,514
	562,600	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		13,125,294
	105,300	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		2,815,273
	9,700	Fujicco Co. Ltd. (Food, Beverage & Tobacco)		174,359
	1,027	Fukuoka REIT Corp. (REIT)		1,032,918
	57,000	Fuyo General Lease Co. Ltd. (Diversified Financials)		2,849,959
	541,200	Glory Ltd. (Capital Goods)		12,163,051
	437,000	Goldcrest Co. Ltd. (Real Estate)		6,592,171
	2,170,100	Gree, Inc. (Media & Entertainment)		8,531,323
	805,500	Hachijuni Bank Ltd. (The) (Banks)		2,876,322
	48,700	Hamakyorex Co. Ltd. (Transportation)		1,331,205
	12,207	Heiwa Real Estate REIT, Inc. (REIT)		10,766,485
	13,600	HIS Co. Ltd. (Consumer Services)		179,073
	277,700	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		8,683,488
	1,929,100	Hokuetsu Corp. (Materials)		7,618,123
	462	Hoshino Resorts REIT, Inc. (REIT)		1,571,215
	91,800	House Foods Group, Inc. (Food, Beverage & Tobacco)		2,891,232
	861,700	Ibiden Co. Ltd. (Technology Hardware & Equipment)		22,025,075
Common Stocks – (continued)
Japan – (continued)
	11,305	Ichigo Office REIT Investment Corp. (REIT)		7,126,756
	87,900	Inabata & Co. Ltd. (Capital Goods)		974,954
	326,600	Ines Corp. (Software & Services)		4,282,314
	6,300	Infocom Corp. (Software & Services)		150,854
	34,803	Invincible Investment Corp. (REIT)		8,904,767
	43,500	Itochu Enex Co. Ltd. (Energy)		322,978
	99,100	Izumi Co. Ltd. (Retailing)		2,900,903
	407,900	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		5,291,568
	828,700	Japan Lifeline Co. Ltd. (Health Care Equipment & Services)		9,745,572
	4,065,900	JVCKenwood Corp. (Consumer Durables & Apparel)		6,462,579
	9,100	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		164,554
	116,300	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,401,322
	1,410,100	Kandenko Co. Ltd. (Capital Goods)		11,799,793
	42,100	Kanematsu Electronics Ltd. (Software & Services)		1,427,675
	10,144	Kenedix Retail REIT Corp. (REIT)		15,902,072
	318,800	Kenedix, Inc. (Real Estate)		1,440,629
	86,700	Kinden Corp. (Capital Goods)		1,395,098
	887,400	Kitz Corp. (Capital Goods)		5,443,437
	524,200	KLab, Inc. (Media & Entertainment)*(a)		3,547,554
	29,500	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		776,027
	529,100	Kohnan Shoji Co. Ltd. (Retailing)		12,280,247
	973,800	Kokuyo Co. Ltd. (Commercial & Professional Services)		11,905,468
	73,300	Komeri Co. Ltd. (Retailing)		1,423,739
	45,900	Konoike Transport Co. Ltd. (Transportation)		494,800
	2,050,800	K’s Holdings Corp. (Retailing)		22,342,599
	209,500	Kureha Corp. (Materials)		8,449,702
	178,600	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		2,083,052
	462,500	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		9,611,124
	392,700	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		5,345,589
	278,500	Mandom Corp. (Household & Personal Products)		5,351,848
	31,400	Marvelous, Inc. (Media & Entertainment)		156,515
	799,100	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		27,503,929
	12,333	MCUBS MidCity Investment Corp. (REIT)		8,559,939

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	21,100	Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco)	$	481,430
	326,100	Meiko Network Japan Co. Ltd. (Consumer Services)		2,369,327
	472,700	Mirait Holdings Corp. (Capital Goods)		6,106,236
	101,600	Mitsubishi Logistics Corp. (Transportation)		2,243,246
	87,800	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)		1,098,882
	39,100	Mitsubishi Research Institute, Inc. (Software & Services)		1,324,937
	136,400	Mitsui Mining & Smelting Co. Ltd. (Materials)		2,544,845
	162,800	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		3,248,079
	155,200	Mixi, Inc. (Media & Entertainment)		2,677,845
	610	Mori Trust Hotel Reit, Inc. (REIT)		469,648
	102,100	Morinaga Milk Industry Co. Ltd. (Food, Beverage & Tobacco)		3,957,197
	69,700	Nagase & Co. Ltd. (Capital Goods)		838,397
	521,200	NEC Networks & System Integration Corp. (Software & Services)		22,428,183
	73,800	Nichiha Corp. (Capital Goods)		1,348,097
	990,200	Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		12,874,421
	200,600	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)		3,318,512
	495,400	Nihon Unisys Ltd. (Software & Services)		14,327,412
	156,000	Nikkiso Co. Ltd. (Capital Goods)		1,213,831
	406,700	Nikkon Holdings Co. Ltd. (Transportation)		7,897,096
	408,100	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		5,945,093
	423,300	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		6,663,672
	33,500	Nippon Kayaku Co. Ltd. (Materials)		324,078
	12,049,200	Nippon Light Metal Holdings Co. Ltd. (Materials)		18,976,504
	497	NIPPON REIT Investment Corp. (REIT)		1,480,353
	888,100	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		3,951,569
	36,700	Nishio Rent All Co. Ltd. (Capital Goods)		755,688
	383,200	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		12,601,889
	54,300	Nitto Kogyo Corp. (Capital Goods)		914,775
	6,400	Noevir Holdings Co. Ltd. (Household & Personal Products)		299,802
Common Stocks – (continued)
Japan – (continued)
	102,300	Nojima Corp. (Retailing)		1,773,167
	194,500	Nomura Co. Ltd. (Commercial & Professional Services)		1,473,399
	29,900	Noritake Co. Ltd. (Capital Goods)		979,244
	520,100	NSD Co. Ltd. (Software & Services)		7,364,770
	83,500	OBIC Business Consultants Co. Ltd. (Software & Services)		3,733,638
	5,500	Ohsho Food Service Corp. (Consumer Services)		292,605
	13,600	Okamura Corp. (Commercial & Professional Services)		98,288
	187,500	Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment)		1,803,567
	336,450	Okinawa Electric Power Co., Inc. (The) (Utilities)		6,135,496
	29	One REIT, Inc. (REIT)		63,357
	307,000	Open House Co. Ltd. (Real Estate)		6,692,020
	17,300	Organo Corp. (Capital Goods)		918,851
	148,000	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		6,105,562
	14,263	Premier Investment Corp. (REIT)		14,322,783
	221,400	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)		5,020,148
	14,100	Qol Holdings Co. Ltd. (Food & Staples Retailing)		155,889
	288,000	Relia, Inc. (Commercial & Professional Services)		3,035,846
	403,000	Rengo Co. Ltd. (Materials)		3,139,644
	45,900	Riken Vitamin Co. Ltd. (Food, Beverage & Tobacco)		882,471
	1,776,000	Riso Kyoiku Co. Ltd. (Consumer Services)		4,219,440
	50,500	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)		1,469,327
	25,500	Saizeriya Co. Ltd. (Consumer Services)		505,486
	796,800	SAMTY Co. Ltd. (Real Estate)(a)		10,308,092
	309,600	Sanki Engineering Co. Ltd. (Capital Goods)		3,490,981
	343,000	Sato Holdings Corp. (Commercial & Professional Services)		7,053,380
	481,000	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		26,264,671
	346,800	SCSK Corp. (Software & Services)		15,699,426
	764,300	Seiko Holdings Corp. (Consumer Durables & Apparel)		12,690,099
	598,600	Seino Holdings Co. Ltd. (Transportation)		7,126,388
	19,400	Seiren Co. Ltd. (Consumer Durables & Apparel)		229,696
	627,100	Senko Group Holdings Co. Ltd. (Transportation)		5,110,773
	269,000	Shimachu Co. Ltd. (Retailing)		6,717,980

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	877,100	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	$	10,948,115
	8,200	Showa Sangyo Co. Ltd. (Food, Beverage & Tobacco)		245,562
	147,900	Sintokogio Ltd. (Capital Goods)		1,022,394
	1,849,200	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		6,951,805
	114,100	St Marc Holdings Co. Ltd. (Consumer Services)		1,905,174
	1,942	Star Asia Investment Corp. (REIT)(a)		1,537,184
	38,000	Starts Corp., Inc. (Consumer Durables & Apparel)		735,117
	2,000	Strike Co. Ltd. (Diversified Financials)		80,877
	240,100	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		14,478,517
	219,600	Sumitomo Osaka Cement Co. Ltd. (Materials)		7,146,009
	559,600	Sumitomo Warehouse Co. Ltd. (The) (Transportation)		6,387,704
	5,000	T Hasegawa Co. Ltd. (Materials)		100,258
	22,500	Taikisha Ltd. (Capital Goods)		655,275
	2,589,800	Takara Leben Co. Ltd. (Real Estate)		8,480,952
	456,600	Takuma Co. Ltd. (Capital Goods)		4,936,595
	445,300	Tanseisha Co. Ltd. (Commercial & Professional Services)		2,855,916
	28,800	T-Gaia Corp. (Retailing)		572,140
	1,733,300	TIS, Inc. (Software & Services)		33,052,967
	12,500	TKC Corp. (Software & Services)		617,307
	21,100	Toa Corp. (Capital Goods)(a)		276,706
	431,900	Toho Holdings Co. Ltd. (Health Care Equipment & Services)		8,944,639
	6,400	TOKAI Holdings Corp. (Capital Goods)		57,843
	81,300	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,629,802
	1,043,100	Tosei Corp. (Real Estate)		10,123,152
	508,900	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,492,115
	343,100	Toyo Tanso Co. Ltd. (Capital Goods)		4,711,820
	219,100	Transcosmos, Inc. (Software & Services)		4,371,840
	304,000	Universal Entertainment Corp. (Consumer Durables & Apparel)		4,985,649
	617,900	Ushio, Inc. (Capital Goods)		6,515,547
	33,200	Valor Holdings Co. Ltd. (Food & Staples Retailing)		616,606
	16,700	Vision, Inc. (Telecommunication Services)*		115,062
	11,800	Wacoal Holdings Corp. (Consumer Durables & Apparel)		237,993
	246,700	Wakita & Co. Ltd. (Capital Goods)		2,273,059
Common Stocks – (continued)
Japan – (continued)
	397,000	Yellow Hat Ltd. (Retailing)		5,516,000
	263,000	Zenrin Co. Ltd. (Media & Entertainment)		2,772,321
				919,701,098
Jersey – 0.1%
	187,922	Sanne Group plc (Diversified Financials)		1,531,539
Malaysia – 0.0%
	50,500	Wing Tai Holdings Ltd. (Real Estate)		61,739
Netherlands – 5.0%
	279,402	ASM International NV (Semiconductors & Semiconductor Equipment)		30,756,050
	477,256	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)*		19,751,634
	392,329	Euronext NV (Diversified Financials)(b)		32,937,604
	35,513	ForFarmers NV (Food, Beverage & Tobacco)		236,615
	37,072	NSI NV (REIT)(a)		1,493,305
	7,564,859	Pharming Group NV (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		11,158,274
	1,461,964	Signify NV (Capital Goods)(b)		29,760,270
	164,589	TKH Group NV CVA (Capital Goods)		5,774,364
	463,070	TomTom NV (Consumer Durables & Apparel)*		3,645,985
				135,514,101
New Zealand – 0.2%
	1,176,763	Contact Energy Ltd. (Utilities)		4,487,896
Norway – 4.4%
	277,944	Atea ASA (Software & Services)*		2,433,203
	1,136,960	Austevoll Seafood ASA (Food, Beverage & Tobacco)		8,856,718
	4,588,582	Elkem ASA (Materials)(b)		7,632,613
	1,222,597	Entra ASA (Real Estate)(a)(b)		15,393,512
	2,013,539	Europris ASA (Retailing)(a)(b)		7,390,354
	54,028	Fjordkraft Holding ASA (Utilities)(b)		362,769
	893,648	Grieg Seafood ASA (Food, Beverage & Tobacco)		8,764,253
	4,237,500	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		22,504,116
	10,912	Norway Royal Salmon ASA (Food, Beverage & Tobacco)		221,288
	660,071	Salmar ASA (Food, Beverage & Tobacco)		25,724,951
	24,767	Scatec Solar ASA (Utilities)(b)		360,570
	221,836	Selvaag Bolig ASA (Real Estate)		919,247
	542,911	SpareBank 1 SMN (Banks)		3,944,657

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Norway – (continued)
	364,861	TOMRA Systems ASA (Commercial & Professional Services)	$	12,123,169
	367,132	Veidekke ASA (Capital Goods)		3,259,556
				119,890,976
Portugal – 0.1%
	245,517	CTT-Correios de Portugal SA (Transportation)		578,457
	551,618	REN – Redes Energeticas Nacionais SGPS SA (Utilities)		1,494,143
				2,072,600
Singapore – 1.5%
	578,300	ARA LOGOS Logistics Trust (REIT)		219,952
	1,438,500	China Aviation Oil Singapore Corp. Ltd. (Energy)		1,045,876
	7,683,700	ESR-REIT (REIT)		1,841,086
	175,900	First REIT (REIT)		99,252
	5,906,661	Frasers Logistics & Industrial Trust (REIT)		4,420,695
	6,516,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)*		716,554
	3,787,100	Keppel DC REIT (REIT)		6,279,974
	2,549,100	Keppel REIT (REIT)		1,903,950
	1,267,700	Manulife US REIT (REIT)		911,598
	1,104,200	Mapletree Industrial Trust (REIT)		1,982,433
	4,193,100	Mapletree Logistics Trust (REIT)		5,311,519
	4,706,600	Mapletree North Asia Commercial Trust (REIT)		3,125,858
	1,011,700	Parkway Life REIT (REIT)		2,363,718
	556,300	Sabana Shari’ah Compliant Industrial REIT (REIT)		127,701
	3,525,600	Sheng Siong Group Ltd. (Food & Staples Retailing)		3,694,333
	1,591,500	Singapore Post Ltd. (Transportation)		820,090
	6,550,310	Yanlord Land Group Ltd. (Real Estate)		4,896,588
				39,761,177
Spain – 1.9%
	155,503	Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)		2,005,381
	888,806	Applus Services SA (Commercial & Professional Services)		5,831,246
	595,286	Cia de Distribucion Integral Logista Holdings SA (Transportation)		10,626,034
	21,265	Construcciones y Auxiliar de Ferrocarriles SA (Capital Goods)		728,045
	10,672	Corp. Financiera Alba SA (Diversified Financials)		397,699
	60,169	Euskaltel SA (Telecommunication Services)(b)		480,016
	1,068,626	Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences)		4,672,560
Common Stocks – (continued)
Spain – (continued)
	675,600	Global Dominion Access SA (Software & Services)*(b)		2,078,518
	549,433	Inmobiliaria Colonial SOCIMI SA (REIT)		5,306,941
	259,049	Lar Espana Real Estate Socimi SA (REIT)		1,063,126
	63,495	Masmovil Ibercom SA (Telecommunication Services)*		1,198,901
	592,811	Merlin Properties Socimi SA (REIT)		5,501,357
	509,719	Neinor Homes SA (Consumer Durables & Apparel)*(b)		4,466,034
	479,535	Solaria Energia y Medio Ambiente SA (Utilities)*(a)		4,892,878
	29,057	Viscofan SA (Food, Beverage & Tobacco)		1,862,213
	114,043	Zardoya Otis SA (Capital Goods)		793,690
				51,904,639
Sweden – 5.1%
	10,146	AF Poyry AB (Commercial & Professional Services)*		184,333
	2,209,566	Arjo AB Class B (Health Care Equipment & Services)		10,912,995
	489,347	Axfood AB (Food & Staples Retailing)		10,409,795
	1,877,907	Betsson AB (Consumer Services)*		10,582,369
	79,094	Bilia AB Class A (Retailing)		536,399
	567,633	BillerudKorsnas AB (Materials)		7,156,160
	21,082	BioArctic AB (Pharmaceuticals, Biotechnology & Life Sciences)(b)		148,217
	19,993	BioGaia AB Class B (Pharmaceuticals, Biotechnology & Life Sciences)		963,412
	534,138	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		6,602,833
	546,169	Bure Equity AB (Diversified Financials)		9,972,439
	38,453	Clas Ohlson AB Class B (Retailing)		337,476
	1,484,758	Cloetta AB Class B (Food, Beverage & Tobacco)*		3,419,088
	1,491,391	Dios Fastigheter AB (Real Estate)		9,183,654
	72,757	Dustin Group AB (Retailing)(b)		371,345
	122,337	Evolution Gaming Group AB (Consumer Services)(b)		5,602,615
	52,888	Fortnox AB (Software & Services)		1,214,358
	898,243	Getinge AB Class B (Health Care Equipment & Services)		17,216,892
	947,281	Hexpol AB (Materials)*		6,805,494
	728,226	Inwido AB (Capital Goods)		4,186,418
	1,228,930	Kungsleden AB (Real Estate)		9,358,864
	971,054	Lindab International AB (Capital Goods)		8,897,757
	228,333	Nobia AB (Consumer Durables & Apparel)		853,720
	145,809	Nolato AB Class B (Capital Goods)		7,663,652

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	72,521	Paradox Interactive AB (Media & Entertainment)	$	1,405,426
	69,303	RaySearch Laboratories AB (Health Care Equipment & Services)*		526,856
	11,017	Scandi Standard AB (Food, Beverage & Tobacco)		72,025
	68,215	Stillfront Group AB (Media & Entertainment)*		4,053,069
				138,637,661
Switzerland – 5.7%
	57,270	Allreal Holding AG (Registered) (Real Estate)		10,637,440
	48,016	ALSO Holding AG (Registered) (Technology Hardware & Equipment)*		9,878,123
	15,268	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		3,606,758
	241	Belimo Holding AG (Registered) (Capital Goods)		1,604,481
	5,079	BKW AG (Utilities)		411,987
	58,104	Bucher Industries AG (Registered) (Capital Goods)(a)		16,387,376
	66,525	DKSH Holding AG (Commercial & Professional Services)		3,746,084
	817	dormakaba Holding AG (Capital Goods)*		407,717
	236,715	Huber + Suhner AG (Registered) (Capital Goods)		15,116,455
	1,729	Implenia AG (Registered) (Capital Goods)		70,720
	2,888	Interroll Holding AG (Registered) (Capital Goods)		5,491,143
	704	Intershop Holding AG (Real Estate)		361,408
	866,336	IWG plc (Real Estate)		2,590,636
	20,732	Kardex AG (Registered) (Capital Goods)		2,994,203
	3,010	SFS Group AG (Capital Goods)		238,186
	13,407	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		6,111,099
	132,361	Sunrise Communications Group AG (Telecommunication Services)*(b)		10,602,326
	100,095	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		32,224,812
	192,462	VAT Group AG (Capital Goods)*(b)		31,764,205
	8,955	VZ Holding AG (Diversified Financials)		625,147
	8,174	Zur Rose Group AG (Food & Staples Retailing)*		1,344,702
				156,215,008
Common Stocks – (continued)
United Kingdom – 14.8%
	471,430	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		7,540,829
	69,175	AG Barr plc (Food, Beverage & Tobacco)		429,709
	587,181	Aggreko plc (Commercial & Professional Services)		3,386,074
	154,013	Airtel Africa plc (Telecommunication Services)(b)		77,689
	59,689	Arrow Global Group plc (Diversified Financials)		75,789
	794,685	Assura plc (REIT)		762,225
	260,804	Avast plc (Software & Services)(b)		1,502,222
	828,370	B&M European Value Retail SA (Retailing)		3,464,199
	1,224,486	Beazley plc (Insurance)		6,054,526
	658,717	Bellway plc (Consumer Durables & Apparel)		22,041,567
	121,365	Blue Prism Group plc (Software & Services)*(a)		1,983,637
	1,217,628	Bodycote plc (Capital Goods)		8,908,016
	7,178,915	boohoo Group plc (Retailing)*		29,171,004
	145,940	Capital & Counties Properties plc (REIT)		304,781
	253,629	Card Factory plc (Retailing)		133,654
	2,073,317	Cineworld Group plc (Media & Entertainment)		1,709,325
	440,380	Computacenter plc (Software & Services)		8,048,386
	2,133,856	ConvaTec Group plc (Health Care Equipment & Services)(b)		5,699,371
	11,368	Derwent London plc (REIT)		444,196
	356,245	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		11,187,834
	368,212	Diploma plc (Capital Goods)		7,980,885
	1,505,711	Drax Group plc (Utilities)		3,947,374
	77,306	DS Smith plc (Materials)		303,113
	378,301	Dunelm Group plc (Retailing)		4,370,815
	63,385	Elementis plc (Materials)		55,883
	138,575	Euromoney Institutional Investor plc (Media & Entertainment)		1,439,916
	31,905	Fevertree Drinks plc (Food, Beverage & Tobacco)		696,365
	1,231	First Derivatives plc (Software & Services)		40,157
	596,410	Firstgroup plc (Transportation)*		502,215
	81,074	Frasers Group plc (Retailing)*		265,326
	81,256	Games Workshop Group plc (Consumer Durables & Apparel)		6,149,827
	277,951	GCP Student Living plc (REIT)		469,067
	85,302	Go-Ahead Group plc (The) (Transportation)		1,439,552
	3,153,789	Great Portland Estates plc (REIT)		26,861,762
	1,018,836	Greggs plc (Consumer Services)		23,434,439
	1,695,110	HomeServe plc (Commercial & Professional Services)		23,744,536

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	2,452,717	Ibstock plc (Materials)(b)	$	6,204,031
	3,258,459	IG Group Holdings plc (Diversified Financials)		30,884,465
	244,480	IMI plc (Capital Goods)		2,542,123
	227,338	Inchcape plc (Retailing)		1,432,024
	730,810	Indivior plc (Pharmaceuticals, Biotechnology & Life Sciences)*		453,969
	2,766,595	Jupiter Fund Management plc (Diversified Financials)		7,605,317
	8,577	Keller Group plc (Capital Goods)		66,262
	10,318,029	Man Group plc (Diversified Financials)		17,286,912
	995,891	Marshalls plc (Materials)		7,976,243
	326,457	Marston’s plc (Consumer Services)		155,259
	5,968,995	Moneysupermarket.com Group plc (Retailing)		23,782,183
	100,952	Morgan Sindall Group plc (Capital Goods)		1,626,671
	792,710	National Express Group plc (Transportation)		2,727,825
	149,925	NCC Group plc (Software & Services)		309,720
	27,484	On the Beach Group plc (Retailing)(b)		96,165
	746,753	Pagegroup plc (Commercial & Professional Services)		3,536,413
	1,446,917	Paragon Banking Group plc (Banks)		6,057,881
	1,119,799	Pennon Group plc (Utilities)		15,419,459
	529,965	Phoenix Group Holdings plc (Insurance)		4,021,546
	26,968	Playtech plc (Consumer Services)		79,118
	11,260	Polypipe Group plc (Capital Goods)		70,634
	175,891	PZ Cussons plc (Household & Personal Products)		414,270
	38,825	Rightmove plc (Media & Entertainment)		242,751
	1,939,685	Rotork plc (Capital Goods)		6,046,820
	527,854	RWS Holdings plc (Commercial & Professional Services)		3,565,249
	1,305,882	Safestore Holdings plc (REIT)		11,813,035
	133,270	Spectris plc (Technology Hardware & Equipment)		4,493,959
	1,799,632	Spirent Communications plc (Technology Hardware & Equipment)		5,443,840
	38,643	St Modwen Properties plc (Real Estate)		179,078
	443,036	Stagecoach Group plc (Transportation)		415,401
	155,516	TalkTalk Telecom Group plc (Telecommunication Services)		161,500
	1,708,997	Tate & Lyle plc (Food, Beverage & Tobacco)		15,313,246
	11,170	Telecom Plus plc (Utilities)		186,268
Common Stocks – (continued)
United Kingdom – (continued)
	1,446,682	Tritax Big Box REIT plc (REIT)		2,195,799
	54,223	UNITE Group plc (The) (REIT)		598,742
	676,627	Vistry Group plc (Consumer Durables & Apparel)		6,871,534
	61,436	Watkin Jones plc (Real Estate)		133,269
	51,896	Workspace Group plc (REIT)		511,150
				405,546,396
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,846,266,945)		$	2,701,506,644

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 1.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
38,959,357	0.233%	$	38,959,357
(Cost $38,959,357)
TOTAL INVESTMENTS – 100.1%
(Cost $2,885,226,302)		$	2,740,466,001
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(2,113,858	)
NET ASSETS – 100.0%		$	2,738,352,143

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		221		06/19/2020	$	6,991,819	$	598,027
FTSE 100 Index		43		06/19/2020		3,187,228		252,041
Hang Seng Index		2		05/28/2020		316,053		4,536
MSCI Singapore Index		16		05/28/2020		338,347		11,112
SPI 200 Index		19		06/18/2020		1,714,817		132,865
TOPIX Index		41		06/11/2020		5,555,048		519,328
Total Futures Contracts							$	1,517,909

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,302,045,937, $2,381,371,400 and $2,846,266,945)(a)	$	1,370,580,098		$	2,324,671,420		$	2,701,506,644
Investments in affiliated securities lending reinvestment vehicle, at value (cost $2,348,900, $28,790,720 and $38,959,357)		2,348,900			28,790,720			38,959,357
Cash		—			2,029,252			—
Foreign currencies, at value (cost $3,050,894, $6,851,182 and $15,380,833)		3,076,504			6,970,642			15,522,667
Receivables:
Investments sold		24,598,146			63,548,120			26,164,424
Dividends		4,332,206			9,043,808			16,723,055
Fund shares sold		2,231,737			3,171,526			1,942,577
Foreign tax reclaims		83,182			4,330,979			5,625,415
Reimbursement from investment adviser		28,338			90,822			124,297
Securities lending income		7,553			65,833			48,003
Collateral on certain derivative contracts(b)		—			—			2,176,418
Variation margin on futures		—			132,299			17,645
Other assets		68,887			101,978			80,233
Total assets		1,407,355,551			2,442,947,399			2,808,890,735
Liabilities:
Payables:
Due to custodian		16,098,127			—			4,524,723
Investments purchased		4,922,401			46,921,814			19,481,769
Fund shares redeemed		4,417,090			6,391,403			4,690,796
Payable upon return of securities loaned		2,348,900			28,790,720			38,959,357
Management fees		1,107,071			1,437,765			1,784,522
Distribution and Service fees and Transfer Agency fees		82,665			198,242			158,112
Foreign capital gains taxes		37,085			—			—
Accrued expenses		512,897			332,241			939,313
Total liabilities		29,526,236			84,072,185			70,538,592
Net Assets:
Paid-in capital		1,613,672,343			2,853,820,661			3,524,716,551
Total distributable earnings (loss)		(235,843,028	)		(494,945,447	)		(786,364,408	)
NET ASSETS	$	1,377,829,315		$	2,358,875,214		$	2,738,352,143
Net Assets:
Class A	$	53,168,043		$	197,987,329		$	114,438,119
Class C		5,883,175			15,389,667			33,434,520
Institutional		765,894,006			835,710,845			1,400,385,405
Service		—			3,631,812			—
Investor		80,242,000			427,571,517			151,651,548
Class P		83,997,358			371,048,029			44,454,509
Class R		23,848,925			8,309,737			—
Class R6		364,795,808			499,226,278			993,988,042
Total Net Assets	$	1,377,829,315		$	2,358,875,214		$	2,738,352,143
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		6,546,027			19,346,486			12,089,741
Class C		732,365			1,535,215			3,652,637
Institutional		94,522,574			79,352,192			148,104,048
Service		—			351,184			—
Investor		9,915,470			42,626,562			16,104,987
Class P		10,375,265			35,286,872			4,691,671
Class R		2,980,732			835,063			—
Class R6		45,061,956			47,441,011			104,901,458
Net asset value, offering and redemption price per share:(c)
Class A		$8.12			$10.23			$9.47
Class C		8.03			10.02			9.15
Institutional		8.10			10.53			9.46
Service		—			10.34			—
Investor		8.09			10.03			9.42
Class P		8.10			10.52			9.48
Class R		8.00			9.95			—
Class R6		8.10			10.52			9.48

(a) Includes loaned securities having a market value of $2,232,401, $27,518,349 and $37,637,116, for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b) Includes amount segregated for initial margin and/or collateral on futures transactions for the International Small Cap Insights Fund.

(c) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $8.59, $10.83 and $10.02, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $1,812,215, $2,940,087 and $3,007,395)	$	19,986,936		$	29,571,323		$	33,370,486
Securities lending income — affiliated issuer		48,064			127,169			274,805
Dividends — affiliated issuers		11,390			28,783			599
Total investment income		20,046,390			29,727,275			33,645,890
Expenses:
Management fees		8,424,024			10,541,383			14,360,898
Custody, accounting and administrative services		534,728			305,480			507,261
Transfer Agency fees(a)		442,664			1,041,462			913,234
Distribution and Service fees(a)		184,143			432,423			405,527
Printing and mailing costs		93,303			132,759			393,270
Registration fees		85,034			114,863			81,372
Professional fees		54,149			54,454			53,029
Trustee fees		10,671			11,758			12,546
Service share fees — Service and Shareholder Administration Plan		—			11,660			—
Other		68,132			32,654			55,181
Total expenses		9,896,848			12,678,896			16,782,318
Less — expense reductions		(415,433	)		(642,800	)		(870,448	)
Net expenses		9,481,415			12,036,096			15,911,870
NET INVESTMENT INCOME		10,564,975			17,691,179			17,734,020
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(118,805,322	)		(223,353,770	)		(291,705,363	)
Futures contracts		(239,504	)		7,234,263			(11,346	)
Foreign currency transactions		(1,810,464	)		959,475			(3,101,826	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $421,879, $0 and $0)		(90,682,783	)		(239,264,337	)		(377,825,079	)
Futures contracts		—			357,758			1,509,678
Foreign currency translation		533,330			107,571			(78,698	)
Net realized and unrealized loss		(211,004,743	)		(453,959,040	)		(671,212,634	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(200,439,768	)	$	(436,267,861	)	$	(653,478,614	)

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Emerging Markets Equity Insights	$	81,263	$	36,255	$	66,625	$	55,259	$	6,163	$	184,011	$	—	$	90,709	$	17,099	$	22,652	$	66,771
International Equity Insights		312,389		98,860		21,174		212,424		16,806		218,652		933		447,028		52,475		7,199		85,945
International Small Cap Insights		182,837		222,690		—		124,329		37,857		386,562		—		187,651		10,163		—		166,672

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Emerging Markets Equity Insights Fund						International Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	10,564,975		$	37,179,379		$	17,691,179		$	68,116,968
Net realized loss		(120,855,290	)		(155,271,349	)		(215,160,032	)		(211,846,876	)
Net change in unrealized gain (loss)		(90,149,453	)		228,850,921			(238,799,008	)		344,013,406
Net increase (decrease) in net assets resulting from operations		(200,439,768	)		110,758,951			(436,267,861	)		200,283,498
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,170,011	)		(1,382,695	)		(6,053,941	)		(2,441,498	)
Class C Shares		(56,474	)		(82,497	)		(273,424	)		(230,590	)
Institutional Shares		(19,988,850	)		(21,025,697	)		(30,508,959	)		(21,903,837	)
Service Shares		—			—			(105,545	)		(64,202	)
Investor Shares		(2,202,457	)		(2,145,536	)		(14,717,983	)		(7,168,724	)
Class P Shares		(2,563,794	)		(3,090,275	)		(9,256,226	)		(5,642,654	)
Class R Shares		(438,620	)		(318,449	)		(176,443	)		(107,227	)
Class R6 Shares		(9,800,344	)		(11,923,948	)		(15,101,395	)		(8,467,600	)
Total distributions to shareholders		(36,220,550	)		(39,969,097	)		(76,193,916	)		(46,026,332	)
From share transactions:
Proceeds from sales of shares		297,174,611			878,269,720			711,549,202			1,976,021,453
Reinvestment of distributions		33,859,110			37,448,911			61,919,453			36,692,122
Cost of shares redeemed		(499,140,806	)		(1,146,688,181	)		(951,436,555	)		(1,724,995,996	)
Net increase (decrease) in net assets resulting from share transactions		(168,107,085	)		(230,969,550	)		(177,967,900	)		287,717,579
TOTAL INCREASE (DECREASE)		(404,767,403	)		(160,179,696	)		(690,429,677	)		441,974,745
Net Assets:
Beginning of period		1,782,596,718			1,942,776,414			3,049,304,891			2,607,330,146
End of period	$	1,377,829,315		$	1,782,596,718		$	2,358,875,214		$	3,049,304,891

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	17,734,020		$	75,247,934
Net realized loss		(294,818,535	)		(264,294,218	)
Net change in unrealized gain (loss)		(376,394,099	)		427,695,952
Net increase (decrease) in net assets resulting from operations		(653,478,614	)		238,649,668
Distributions to shareholders:
From distributable earnings:
Class A Shares		(5,023,326	)		(1,847,569	)
Class C Shares		(1,160,269	)		(140,227	)
Institutional Shares		(75,418,332	)		(35,596,707	)
Investor Shares		(8,589,904	)		(5,911,450	)
Class P Shares		(2,779,660	)		(1,347,821	)
Class R6 Shares		(41,125,645	)		(16,511,878	)
Total distributions to shareholders		(134,097,136	)		(61,355,652	)
From share transactions:
Proceeds from sales of shares		499,347,899			1,411,878,385
Reinvestment of distributions		123,448,591			56,353,633
Cost of shares redeemed		(993,552,736	)		(1,960,823,746	)
Net decrease in net assets resulting from share transactions		(370,756,246	)		(492,591,728	)
TOTAL DECREASE		(1,158,331,996	)		(315,297,712	)
Net Assets:
Beginning of period		3,896,684,139			4,211,981,851
End of period	$	2,738,352,143		$	3,896,684,139

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.34		$	8.98		$	11.00		$	8.54		$	7.92		$	8.99
Net investment income(a)		0.04			0.15			0.18			0.13			0.10			0.11
Net realized and unrealized gain (loss)		(1.11	)		0.36			(1.66	)		2.41			0.59			(0.98	)
Total from investment operations		(1.07	)		0.51			(1.48	)		2.54			0.69			(0.87	)
Distributions to shareholders from net investment income		(0.15	)		(0.15	)		(0.12	)		(0.08	)		(0.07	)		(0.13	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			(0.07	)
Total distributions		(0.15	)		(0.15	)		(0.54	)		(0.08	)		(0.07	)		(0.20	)
Net asset value, end of period	$	8.12		$	9.34		$	8.98		$	11.00		$	8.54		$	7.92
Total return(b)		(11.60	)%		5.74	%		(14.11	)%		30.15	%		8.79	%		(9.84	)%
Net assets, end of period (in 000s)	$	53,168		$	72,886		$	82,726		$	95,930		$	50,289		$	37,307
Ratio of net expenses to average net assets		1.47	%(c)		1.48	%		1.48	%		1.52	%		1.56	%		1.58	%
Ratio of total expenses to average net assets		1.52	%(c)		1.56	%		1.54	%		1.55	%		1.63	%		1.67	%
Ratio of net investment income to average net assets		0.91	%(c)		1.61	%		1.72	%		1.36	%		1.24	%		1.30	%
Portfolio turnover rate(d)		86	%		165	%		147	%		172	%		216	%		199	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.19		$	8.83		$	10.88		$	8.45		$	7.84		$	8.88
Net investment income(a)		0.01			0.08			0.10			0.07			0.04			0.05
Net realized and unrealized gain (loss)		(1.10	)		0.36			(1.64	)		2.39			0.58			(0.98	)
Total from investment operations		(1.09	)		0.44			(1.54	)		2.46			0.62			(0.93	)
Distributions to shareholders from net investment income		(0.07	)		(0.08	)		(0.09	)		(0.03	)		(0.01	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			(0.07	)
Total distributions		(0.07	)		(0.08	)		(0.51	)		(0.03	)		(0.01	)		(0.11	)
Net asset value, end of period	$	8.03		$	9.19		$	8.83		$	10.88		$	8.45		$	7.84
Total return(b)		(12.01	)%		5.09	%		(14.80	)%		29.20	%		7.97	%		(10.50	)%
Net assets, end of period (in 000s)	$	5,883		$	8,303		$	8,975		$	7,563		$	1,132		$	1,053
Ratio of net expenses to average net assets		2.22	%(c)		2.23	%		2.23	%		2.26	%		2.31	%		2.33	%
Ratio of total expenses to average net assets		2.27	%(c)		2.31	%		2.29	%		2.29	%		2.39	%		2.42	%
Ratio of net investment income to average net assets		0.15	%(c)		0.85	%		0.98	%		0.72	%		0.47	%		0.60	%
Portfolio turnover rate(d)		86	%		165	%		147	%		172	%		216	%		199	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.33		$	8.99		$	11.01		$	8.54		$	7.91		$	8.98
Net investment income(a)		0.06			0.19			0.19			0.17			0.13			0.14
Net realized and unrealized gain (loss)		(1.10	)		0.35			(1.64	)		2.41			0.60			(0.98	)
Total from investment operations		(1.04	)		0.54			(1.45	)		2.58			0.73			(0.84	)
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.15	)		(0.11	)		(0.10	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			(0.07	)
Total distributions		(0.19	)		(0.20	)		(0.57	)		(0.11	)		(0.10	)		(0.23	)
Net asset value, end of period	$	8.10		$	9.33		$	8.99		$	11.01		$	8.54		$	7.91
Total return(b)		(11.46	)%		6.18	%		(13.83	)%		30.67	%		9.35	%		(9.52	)%
Net assets, end of period (in 000s)	$	765,894		$	938,157		$	981,091		$	1,488,246		$	852,853		$	508,685
Ratio of net expenses to average net assets		1.09	%(c)		1.10	%		1.10	%		1.15	%		1.16	%		1.18	%
Ratio of total expenses to average net assets		1.14	%(c)		1.18	%		1.14	%		1.15	%		1.22	%		1.27	%
Ratio of net investment income to average net assets		1.29	%(c)		2.01	%		1.84	%		1.74	%		1.70	%		1.69	%
Portfolio turnover rate(d)		86	%		165	%		147	%		172	%		216	%		199	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.32		$	8.97		$	10.99		$	8.53		$	7.91		$	8.97
Net investment income(b)		0.05			0.18			0.21			0.18			0.12			0.14
Net realized and unrealized gain (loss)		(1.10	)		0.36			(1.66	)		2.38			0.59			(0.99	)
Total from investment operations		(1.05	)		0.54			(1.45	)		2.56			0.71			(0.85	)
Distributions to shareholders from net investment income		(0.18	)		(0.19	)		(0.15	)		(0.10	)		(0.09	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			(0.07	)
Total distributions		(0.18	)		(0.19	)		(0.57	)		(0.10	)		(0.09	)		(0.21	)
Net asset value, end of period	$	8.09		$	9.32		$	8.97		$	10.99		$	8.53		$	7.91
Total return(c)		(11.51	)%		6.06	%		(13.90	)%		30.47	%		9.13	%		(9.63	)%
Net assets, end of period (in 000s)	$	80,242		$	118,727		$	96,779		$	67,068		$	2,565		$	798
Ratio of net expenses to average net assets		1.22	%(d)		1.23	%		1.23	%		1.26	%		1.31	%		1.33	%
Ratio of total expenses to average net assets		1.27	%(d)		1.31	%		1.29	%		1.29	%		1.37	%		1.42	%
Ratio of net investment income to average net assets		1.15	%(d)		1.92	%		1.99	%		1.81	%		1.53	%		1.63	%
Portfolio turnover rate(e)		86	%		165	%		147	%		172	%		216	%		199	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.33		$	8.98		$	10.84
Net investment income(a)		0.06			0.18			0.18
Net realized and unrealized gain (loss)		(1.10	)		0.37			(2.04	)
Total from investment operations		(1.04	)		0.55			(1.86	)
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		—
Net asset value, end of period	$	8.10		$	9.33		$	8.98
Total return(b)		(11.56	)%		6.33	%		(17.16	)%
Net assets, end of period (in 000s)	$	83,997		$	125,429		$	130,763
Ratio of net expenses to average net assets		1.08	%(c)		1.09	%		1.08	%(c)
Ratio of total expenses to average net assets		1.13	%(c)		1.17	%		1.17	%(c)
Ratio of net investment income to average net assets		1.28	%(c)		1.96	%		3.36	%(c)
Portfolio turnover rate(d)		86	%		165	%		147	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.20		$	8.86		$	10.87		$	8.44		$	7.84		$	8.94
Net investment income(a)		0.03			0.12			0.15			0.10			0.08			0.09
Net realized and unrealized gain (loss)		(1.08	)		0.36			(1.64	)		2.40			0.59			(0.98	)
Total from investment operations		(1.05	)		0.48			(1.49	)		2.50			0.67			(0.89	)
Distributions to shareholders from net investment income		(0.15	)		(0.14	)		(0.10	)		(0.07	)		(0.07	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			(0.07	)
Total distributions		(0.15	)		(0.14	)		(0.52	)		(0.07	)		(0.07	)		(0.21	)
Net asset value, end of period	$	8.00		$	9.20		$	8.86		$	10.87		$	8.44		$	7.84
Total return(b)		(11.73	)%		5.52	%		(14.34	)%		29.86	%		8.57	%		(10.06	)%
Net assets, end of period (in 000s)	$	23,849		$	27,790		$	20,852		$	19,243		$	9,363		$	4,547
Ratio of net expenses to average net assets		1.72	%(c)		1.73	%		1.73	%		1.77	%		1.81	%		1.83	%
Ratio of total expenses to average net assets		1.77	%(c)		1.82	%		1.79	%		1.79	%		1.88	%		1.93	%
Ratio of net investment income to average net assets		0.67	%(c)		1.27	%		1.46	%		1.06	%		1.01	%		1.10	%
Portfolio turnover rate(d)		86	%		165	%		147	%		172	%		216	%		199	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												July 31, 2015* to October 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.33		$	8.98		$	11.00		$	8.53		$	7.91		$	8.40
Net investment income(a)		0.06			0.17			0.29			0.19			0.10			0.01
Net realized and unrealized gain (loss)		(1.10	)		0.38			(1.73	)		2.39			0.62			(0.50	)
Total from investment operations		(1.04	)		0.55			(1.44	)		2.58			0.72			(0.49	)
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.16	)		(0.11	)		(0.10	)		—
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—			—
Total distributions		(0.19	)		(0.20	)		(0.58	)		(0.11	)		(0.10	)		—
Net asset value, end of period	$	8.10		$	9.33		$	8.98		$	11.00		$	8.53		$	7.91
Total return(b)		(11.56	)%		6.32	%		(13.84	)%		30.74	%		9.27	%		(5.83	)%
Net assets, end of period (in 000s)	$	364,796		$	491,306		$	621,590		$	13,164		$	1,637		$	9
Ratio of net expenses to average net assets		1.08	%(c)		1.09	%		1.08	%		1.13	%		1.13	%		1.17	%(c)
Ratio of total expenses to average net assets		1.13	%(c)		1.17	%		1.15	%		1.13	%		1.16	%		1.28	%(c)
Ratio of net investment income to average net assets		1.30	%(c)		1.89	%		2.78	%		1.87	%		1.26	%		0.59	%(c)
Portfolio turnover rate(d)		86	%		165	%		147	%		172	%		216	%		199	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.46		$	11.88		$	13.19		$	10.53		$	10.54		$	10.69
Net investment income(a)		0.06			0.23			0.23			0.18			0.18			0.18
Net realized and unrealized gain (loss)		(2.01	)		0.52			(1.36	)		2.71			(0.08	)		0.08
Total from investment operations		(1.95	)		0.75			(1.13	)		2.89			0.10			0.26
Distributions to shareholders from net investment income		(0.28	)		(0.17	)		(0.18	)		(0.23	)		(0.11	)		(0.41	)
Net asset value, end of period	$	10.23		$	12.46		$	11.88		$	13.19		$	10.53		$	10.54
Total return(b)		(16.06	)%		6.58	%		(8.71	)%		28.07	%		0.97	%		2.58	%
Net assets, end of period (in 000s)	$	197,987		$	237,898		$	184,222		$	138,267		$	104,736		$	78,527
Ratio of net expenses to average net assets		1.17	%(c)		1.16	%		1.14	%		1.21	%		1.25	%		1.27	%
Ratio of total expenses to average net assets		1.22	%(c)		1.24	%		1.26	%		1.35	%		1.39	%		1.37	%
Ratio of net investment income to average net assets		0.99	%(c)		1.97	%		1.76	%		1.54	%		1.77	%		1.70	%
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.13		$	11.56		$	12.91		$	10.32		$	10.36		$	10.51
Net investment income(a)		0.01			0.14			0.14			0.09			0.10			0.10
Net realized and unrealized gain (loss)		(1.97	)		0.52			(1.34	)		2.66			(0.08	)		0.08
Total from investment operations		(1.96	)		0.66			(1.20	)		2.75			0.02			0.18
Distributions to shareholders from net investment income		(0.15	)		(0.09	)		(0.15	)		(0.16	)		(0.06	)		(0.33	)
Net asset value, end of period	$	10.02		$	12.13		$	11.56		$	12.91		$	10.32		$	10.36
Total return(b)		(16.37	)%		5.79	%		(9.45	)%		27.11	%		0.22	%		1.82	%
Net assets, end of period (in 000s)	$	15,390		$	22,427		$	32,338		$	14,886		$	6,164		$	4,409
Ratio of net expenses to average net assets		1.92	%(c)		1.91	%		1.89	%		1.95	%		2.00	%		2.01	%
Ratio of total expenses to average net assets		1.97	%(c)		1.99	%		2.01	%		2.09	%		2.14	%		2.12	%
Ratio of net investment income to average net assets		0.17	%(c)		1.25	%		1.11	%		0.79	%		1.02	%		0.93	%
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.83		$	12.22		$	13.57		$	10.82		$	10.83		$	10.97
Net investment income(a)		0.08			0.29			0.28			0.23			0.24			0.22
Net realized and unrealized gain (loss)		(2.06	)		0.54			(1.41	)		2.79			(0.10	)		0.09
Total from investment operations		(1.98	)		0.83			(1.13	)		3.02			0.14			0.31
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.15	)		(0.45	)
Net asset value, end of period	$	10.53		$	12.83		$	12.22		$	13.57		$	10.82		$	10.83
Total return(b)		(15.90	)%		7.07	%		(8.48	)%		28.57	%		1.34	%		3.05	%
Net assets, end of period (in 000s)	$	835,711		$	1,256,782		$	1,323,745		$	1,012,010		$	500,930		$	642,473
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.81	%		0.85	%		0.85	%		0.87	%
Ratio of total expenses to average net assets		0.83	%(c)		0.85	%		0.87	%		0.94	%		0.99	%		0.97	%
Ratio of net investment income to average net assets		1.29	%(c)		2.41	%		2.08	%		1.92	%		2.25	%		2.08	%
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.57		$	11.98		$	13.32		$	10.63		$	10.64		$	10.76
Net investment income(a)		0.04			0.23			0.21			0.18			0.17			0.16
Net realized and unrealized gain (loss)		(2.01	)		0.52			(1.38	)		2.73			(0.08	)		0.09
Total from investment operations		(1.97	)		0.75			(1.17	)		2.91			0.09			0.25
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		(0.17	)		(0.22	)		(0.10	)		(0.37	)
Net asset value, end of period	$	10.34		$	12.57		$	11.98		$	13.32		$	10.63		$	10.64
Total return(b)		(16.09	)%		6.45	%		(8.92	)%		27.89	%		0.87	%		2.48	%
Net assets, end of period (in 000s)	$	3,632		$	5,386		$	4,538		$	4,073		$	1,898		$	1,641
Ratio of net expenses to average net assets		1.29	%(c)		1.29	%		1.31	%		1.35	%		1.35	%		1.37	%
Ratio of total expenses to average net assets		1.33	%(c)		1.35	%		1.37	%		1.45	%		1.49	%		1.47	%
Ratio of net investment income to average net assets		0.75	%(c)		1.93	%		1.57	%		1.51	%		1.60	%		1.51	%
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.23		$	11.67		$	12.97		$	10.36		$	10.38		$	10.53
Net investment income(b)		0.07			0.27			0.27			0.23			0.17			0.16
Net realized and unrealized gain (loss)		(1.96	)		0.50			(1.35	)		2.64			(0.05	)		0.12
Total from investment operations		(1.89	)		0.77			(1.08	)		2.87			0.12			0.28
Distributions to shareholders from net investment income		(0.31	)		(0.21	)		(0.22	)		(0.26	)		(0.14	)		(0.43	)
Net asset value, end of period	$	10.03		$	12.23		$	11.67		$	12.97		$	10.36		$	10.38
Total return(c)		(15.95	)%		6.90	%		(8.52	)%		28.44	%		1.22	%		2.85	%
Net assets, end of period (in 000s)	$	427,572		$	549,732		$	393,993		$	147,186		$	6,639		$	1,666
Ratio of net expenses to average net assets		0.92	%(d)		0.91	%		0.89	%		0.94	%		1.00	%		1.01	%
Ratio of total expenses to average net assets		0.96	%(d)		0.99	%		1.01	%		1.07	%		1.14	%		1.13	%
Ratio of net investment income to average net assets		1.19	%(d)		2.29	%		2.09	%		1.87	%		1.65	%		1.54	%
Portfolio turnover rate(e)		80	%		136	%		124	%		161	%		176	%		154	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	12.81		$	12.21		$	13.79
Net investment income(a)		0.08			0.30			0.12
Net realized and unrealized gain (loss)		(2.05	)		0.52			(1.70	)
Total from investment operations		(1.97	)		0.82			(1.58	)
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		—
Net asset value, end of period	$	10.52		$	12.81		$	12.21
Total return(b)		(15.84	)%		7.03	%		(11.46	)%
Net assets, end of period (in 000s)	$	371,048		$	372,536		$	245,618
Ratio of net expenses to average net assets		0.78	%(c)		0.78	%		0.78	%(c)
Ratio of total expenses to average net assets		0.82	%(c)		0.84	%		0.87	%(c)
Ratio of net investment income to average net assets		1.35	%(c)		2.43	%		1.65	%(c)
Portfolio turnover rate(d)		80	%		136	%		124	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.10		$	11.54		$	12.85		$	10.29		$	10.34		$	10.52
Net investment income(a)		0.04			0.21			0.19			0.16			0.13			0.14
Net realized and unrealized gain (loss)		(1.95	)		0.50			(1.33	)		2.64			(0.06	)		0.09
Total from investment operations		(1.91	)		0.71			(1.14	)		2.80			0.07			0.23
Distributions to shareholders from net investment income		(0.24	)		(0.15	)		(0.17	)		(0.24	)		(0.12	)		(0.41	)
Net asset value, end of period	$	9.95		$	12.10		$	11.54		$	12.85		$	10.29		$	10.34
Total return(b)		(16.15	)%		6.36	%		(9.01	)%		27.81	%		0.67	%		2.32	%
Net assets, end of period (in 000s)	$	8,310		$	9,281		$	7,548		$	7,071		$	2,152		$	186
Ratio of net expenses to average net assets		1.42	%(c)		1.41	%		1.40	%		1.45	%		1.50	%		1.52	%
Ratio of total expenses to average net assets		1.47	%(c)		1.49	%		1.51	%		1.59	%		1.64	%		1.62	%
Ratio of net investment income to average net assets		0.74	%(c)		1.79	%		1.49	%		1.39	%		1.28	%		1.33	%
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												July 31, 2015* to October 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.82		$	12.22		$	13.56		$	10.82		$	10.83		$	11.23
Net investment income(a)		0.08			0.30			0.33			0.23			0.14			0.04
Net realized and unrealized gain (loss)		(2.06	)		0.52			(1.45	)		2.78			0.01			(0.44	)
Total from investment operations		(1.98	)		0.82			(1.12	)		3.01			0.15			(0.40	)
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.16	)		—
Net asset value, end of period	$	10.52		$	12.82		$	12.22		$	13.56		$	10.82		$	10.83
Total return(b)		(15.91	)%		7.10	%		(8.48	)%		28.51	%		1.37	%		(3.56	)%
Net assets, end of period (in 000s)	$	499,226		$	595,264		$	415,327		$	80,686		$	46,707		$	10
Ratio of net expenses to average net assets		0.78	%(c)		0.78	%		0.79	%		0.83	%		0.83	%		0.84	%(c)
Ratio of total expenses to average net assets		0.82	%(c)		0.84	%		0.86	%		0.93	%		0.96	%		0.93	%(c)
Ratio of net investment income to average net assets		1.36	%(c)		2.49	%		2.45	%		1.96	%		1.32	%		1.56	%(c)
Portfolio turnover rate(d)		80	%		136	%		124	%		161	%		176	%		154	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class A Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.77		$	11.16		$	13.39		$	10.71		$	10.42		$	10.03
Net investment income(a)		0.04			0.17			0.17			0.14			0.16			0.16
Net realized and unrealized gain (loss)		(1.97	)		0.55			(1.39	)		2.79			0.27			0.49
Total from investment operations		(1.93	)		0.72			(1.22	)		2.93			0.43			0.65
Distributions to shareholders from net investment income		(0.37	)		(0.11	)		(0.18	)		(0.25	)		(0.14	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—			(0.10	)
Total distributions		(0.37	)		(0.11	)		(1.01	)		(0.25	)		(0.14	)		(0.26	)
Net asset value, end of period	$	9.47		$	11.77		$	11.16		$	13.39		$	10.71		$	10.42
Total return(b)		(17.04	)%		6.68	%		(9.88	)%		28.01	%		4.17	%		6.70	%
Net assets, end of period (in 000s)	$	114,438		$	163,427		$	193,465		$	211,268		$	242,383		$	204,067
Ratio of net expenses to average net assets		1.25	%(c)		1.26	%		1.26	%		1.29	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.30	%(c)		1.33	%		1.31	%		1.34	%		1.39	%		1.39	%
Ratio of net investment income to average net assets		0.65	%(c)		1.52	%		1.34	%		1.18	%		1.55	%		1.58	%
Portfolio turnover rate(d)		67	%		131	%		110	%		129	%		140	%		131	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class C Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.34		$	10.73		$	12.95		$	10.35		$	10.11		$	9.76
Net investment income (loss)(a)		(0.01	)		0.09			0.08			0.07			0.08			0.08
Net realized and unrealized gain (loss)		(1.91	)		0.54			(1.35	)		2.70			0.25			0.49
Total from investment operations		(1.92	)		0.63			(1.27	)		2.77			0.33			0.57
Distributions to shareholders from net investment income		(0.27	)		(0.02	)		(0.12	)		(0.17	)		(0.09	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—			(0.10	)
Total distributions		(0.27	)		(0.02	)		(0.95	)		(0.17	)		(0.09	)		(0.22	)
Net asset value, end of period	$	9.15		$	11.34		$	10.73		$	12.95		$	10.35		$	10.11
Total return(b)		(17.44	)%		5.94	%		(10.59	)%		27.20	%		3.27	%		5.96	%
Net assets, end of period (in 000s)	$	33,435		$	51,728		$	68,767		$	65,194		$	44,643		$	38,777
Ratio of net expenses to average net assets		2.00	%(c)		2.01	%		2.01	%		2.04	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.05	%(c)		2.08	%		2.06	%		2.09	%		2.14	%		2.14	%
Ratio of net investment income (loss) to average net assets		(0.13	)%(c)		0.82	%		0.61	%		0.60	%		0.83	%		0.82	%
Portfolio turnover rate(d)		67	%		131	%		110	%		129	%		140	%		131	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.78		$	11.19		$	13.42		$	10.73		$	10.44		$	10.05
Net investment income(a)		0.06			0.22			0.21			0.21			0.21			0.20
Net realized and unrealized gain (loss)		(1.97	)		0.54			(1.38	)		2.77			0.26			0.49
Total from investment operations		(1.91	)		0.76			(1.17	)		2.98			0.47			0.69
Distributions to shareholders from net investment income		(0.41	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)		(0.20	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—			(0.10	)
Total distributions		(0.41	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)		(0.30	)
Net asset value, end of period	$	9.46		$	11.78		$	11.19		$	13.42		$	10.73		$	10.44
Total return(b)		(16.89	)%		7.10	%		(9.53	)%		28.59	%		4.50	%		7.11	%
Net assets, end of period (in 000s)	$	1,400,385		$	2,134,382		$	2,250,288		$	1,796,887		$	1,118,478		$	888,071
Ratio of net expenses to average net assets		0.87	%(c)		0.87	%		0.87	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		0.92	%(c)		0.95	%		0.92	%		0.94	%		0.98	%		0.99	%
Ratio of net investment income to average net assets		1.02	%(c)		1.96	%		1.67	%		1.77	%		1.98	%		1.97	%
Portfolio turnover rate(d)		67	%		131	%		110	%		129	%		140	%		131	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.72		$	11.12		$	13.36		$	10.68		$	10.40		$	10.01
Net investment income(b)		0.04			0.19			0.21			0.21			0.19			0.19
Net realized and unrealized gain (loss)		(1.95	)		0.56			(1.40	)		2.75			0.26			0.49
Total from investment operations		(1.91	)		0.75			(1.19	)		2.96			0.45			0.68
Distributions to shareholders from net investment income		(0.39	)		(0.15	)		(0.22	)		(0.28	)		(0.17	)		(0.19	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—			(0.10	)
Total distributions		(0.39	)		(0.15	)		(1.05	)		(0.28	)		(0.17	)		(0.29	)
Net asset value, end of period	$	9.42		$	11.72		$	11.12		$	13.36		$	10.68		$	10.40
Total return(c)		(16.95	)%		7.01	%		(9.72	)%		28.48	%		4.33	%		7.00	%
Net assets, end of period (in 000s)	$	151,652		$	274,079		$	532,484		$	344,700		$	99,365		$	40,890
Ratio of net expenses to average net assets		1.00	%(d)		1.01	%		1.01	%		1.04	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.05	%(d)		1.08	%		1.06	%		1.09	%		1.13	%		1.14	%
Ratio of net investment income to average net assets		0.82	%(d)		1.74	%		1.68	%		1.76	%		1.83	%		1.83	%
Portfolio turnover rate(e)		67	%		131	%		110	%		129	%		140	%		131	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class P Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			April 16, 2018* to October 31, 2018
Per Share Data
Net asset value, beginning of period	$	11.80		$	11.21		$	13.08
Net investment income(a)		0.05			0.22			0.08
Net realized and unrealized gain (loss)		(1.95	)		0.54			(1.95	)
Total from investment operations		(1.90	)		0.76			(1.87	)
Distributions to shareholders from net investment income		(0.42	)		(0.17	)		—
Net asset value, end of period	$	9.48		$	11.80		$	11.21
Total return(b)		(16.85	)%		7.11	%		(14.30	)%
Net assets, end of period (in 000s)	$	44,455		$	80,926		$	90,943
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.85	%(c)
Ratio of total expenses to average net assets		0.91	%(c)		0.94	%		0.93	%(c)
Ratio of net investment income to average net assets		0.94	%(c)		1.96	%		1.20	%(c)
Portfolio turnover rate(d)		67	%		131	%		110	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												July 31, 2015* to October 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.80		$	11.21		$	13.45		$	10.75		$	10.44		$	10.75
Net investment income(a)		0.06			0.22			0.22			0.20			0.26			0.05
Net realized and unrealized gain (loss)		(1.96	)		0.54			(1.40	)		2.79			0.23			(0.36	)
Total from investment operations		(1.90	)		0.76			(1.18	)		2.99			0.49			(0.31	)
Distributions to shareholders from net investment income		(0.42	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)		—
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—			—
Total distributions		(0.42	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)		—
Net asset value, end of period	$	9.48		$	11.80		$	11.21		$	13.45		$	10.75		$	10.44
Total return(b)		(16.85	)%		7.11	%		(9.57	)%		28.67	%		4.72	%		(2.88	)%
Net assets, end of period (in 000s)	$	993,988		$	1,192,142		$	1,076,035		$	116,788		$	18,566		$	10
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.85	%		0.88	%		0.88	%		0.90	%(c)
Ratio of total expenses to average net assets		0.91	%(c)		0.94	%		0.92	%		0.92	%		0.97	%		0.96	%(c)
Ratio of net investment income to average net assets		1.12	%(c)		2.01	%		1.72	%		1.58	%		2.39	%		1.94	%(c)
Portfolio turnover rate(d)		67	%		131	%		110	%		129	%		140	%		131	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

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
Emerging Markets Equity Insights	A, C, Institutional, Investor, P, R and R6	Diversified
International Equity Insights	A, C, Institutional, Service, Investor, P, R and R6	Diversified
International Small Cap Insights	A, C, Institutional, Investor, P and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

54

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the

55

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

56

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2020:

EMERGING MARKETS EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	12,263,435	$	23,411,828	$	—
Asia		367,460,589		853,828,543		—
Europe		—		26,404,809		—
North America		21,963,383		—		—
South America		53,017,185		12,230,326		—
Securities Lending Reinvestment Vehicle		2,348,900		—		—
Total	$	457,053,492	$	915,875,506	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	4,154,200	$	—
Asia		—		629,705,822		—
Australia and Oceania		9,619,114		197,289,002		—
Europe		90,094,312		1,380,779,442		—
North America		13,029,528		—		—
Securities Lending Reinvestment Vehicle		28,790,720		—		—
Total	$	141,533,674	$	2,211,928,466	$	—
Derivative Type
Assets(b)
Futures Contracts	$	357,758	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

57

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL SMALL CAP INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	1,019,790,069	$	—
Australia and Oceania		9,323,299		204,134,226		—
Europe		61,988,649		1,406,270,401		—
Securities Lending Reinvestment Vehicle		38,959,357		—		—
Total	$	110,271,305	$	2,630,194,696	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,517,909	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities
International Equity Insights	Equity	Variation margin on futures contracts	$	357,758	—	$	—
International Small Cap Insights	Equity	Variation margin on futures contracts		1,517,909	—		—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2020 is reported within the Statements of Assets and Liabilities.

58

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Emerging Markets Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(239,504	)	$	—		193
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		7,234,263			357,758		398
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(11,346	)		1,509,678		358

(a) Average number of contracts is based on the average of month end balances for the six months ended April 30, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.75			0.75
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.82			0.82

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2020, GSAM waived $2,583, $332 and $665 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	1,192	$	—
International Equity Insights		2,725		21
International Small Cap Insights		642		—

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 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 and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	2,583	$	20,954	$	391,896	$	415,433
International Equity Insights		332		46,888		595,580		642,800
International Small Cap Insights		665		13,214		856,569		870,448

G.  Line of Credit Facility — As of April 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 six months ended April 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2020, Goldman Sachs earned $800 and $1,046 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights and International Small Cap Insights Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2020:

Fund	Beginning Value as of October 31, 2019	Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020		Shares as of April 30, 2020		Dividend Income from Affiliated Investment Company
Emerging Markets Equity Insights	$—	$	60,404,506	$	(60,404,506	)	$	—		—	$	11,390
International Equity Insights	—		141,962,756		(141,962,756	)		—		—		28,783
International Small Cap Insights	—		34,870,207		(34,870,207	)		—		—		599

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2020, the following Goldman Sachs Global Tax-Aware Equity Portfolio was a beneficial owner of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		9	%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2020, were as follows:

Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	1,411,720,373	$	1,611,445,393
International Equity Insights		2,198,296,047		2,417,878,185
International Small Cap Insights		2,323,250,951		2,796,932,452

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain

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7. SECURITIES LENDING (continued)

borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2020				Amount Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	5,409	$	6,292	$	—
International Equity Insights		14,270		2,143		—
International Small Cap Insights		31,381		59,279		1,723,140

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2020
Emerging Markets Equity Insights	$	121,709	$	85,054,669	$	(82,827,478	)	$	2,348,900
International Equity Insights		30,387,872		171,393,397		(172,990,549	)		28,790,720
International Small Cap Insights		32,107,743		226,122,341		(219,270,727	)		38,959,357

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2019, the Funds’ capital loss carryforwards on a tax-basis were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Capital loss carryforwards:
Perpetual Long-term	$	—		$	(34,611,262	)	$	(18,187,000	)
Perpetual Short-term		(177,999,895	)		(177,052,399	)		(278,049,826	)
Total capital loss carryforwards	$	(177,999,895	)	$	(211,663,661	)	$	(296,236,826	)

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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

8. TAX INFORMATION (continued)

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	1,317,050,411		$	2,435,442,326		$	2,954,036,346
Gross unrealized gain		189,255,284			156,706,566			206,426,052
Gross unrealized loss		(133,376,697	)		(238,686,752	)		(419,996,397	)
Net unrealized gain (loss)	$	55,878,587		$	(81,980,186	)	$	(213,570,345	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market

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9. OTHER RISKS (continued)

countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

10. 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.

11. 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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Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		863,580		$	7,726,154			2,966,653		$	27,441,781
Reinvestment of distributions		118,920			1,159,473			158,620			1,368,888
Shares redeemed		(2,243,155	)		(20,440,630	)		(4,534,826	)		(41,438,386	)
		(1,260,655	)		(11,555,003	)		(1,409,553	)		(12,627,717	)
Class C Shares
Shares sold		39,399			371,695			256,648			2,349,700
Reinvestment of distributions		5,799			56,080			9,579			81,900
Shares redeemed		(216,349	)		(1,914,000	)		(379,019	)		(3,461,810	)
		(171,151	)		(1,486,225	)		(112,792	)		(1,030,210	)
Institutional Shares
Shares sold		22,306,638			199,331,200			52,061,873			482,572,337
Reinvestment of distributions		1,872,307			18,180,104			2,189,583			18,830,413
Shares redeemed		(30,166,626	)		(256,504,180	)		(62,919,172	)		(577,944,922	)
		(5,987,681	)		(38,992,876	)		(8,667,716	)		(76,542,172	)
Investor Shares
Shares sold		1,415,758			12,363,273			10,841,603			100,200,063
Reinvestment of distributions		226,625			2,198,257			249,709			2,145,005
Shares redeemed		(4,472,644	)		(38,410,751	)		(9,135,724	)		(84,201,328	)
		(2,830,261	)		(23,849,221	)		1,955,588			18,143,740
Class P Shares
Shares sold		2,381,517			18,656,187			6,605,230			59,494,143
Reinvestment of distributions		264,309			2,563,794			359,752			3,090,275
Shares redeemed		(5,718,736	)		(46,585,550	)		(8,075,477	)		(73,381,775	)
		(3,072,910	)		(25,365,569	)		(1,110,495	)		(10,797,357	)
Class R Shares
Shares sold		389,521			3,375,141			1,277,600			11,619,066
Reinvestment of distributions		45,642			438,620			37,333			318,449
Shares redeemed		(474,132	)		(4,224,738	)		(649,444	)		(5,943,448	)
		(38,969	)		(410,977	)		665,489			5,994,067
Class R6 Shares
Shares sold		6,295,567			55,350,961			21,229,915			194,592,630
Reinvestment of distributions		954,926			9,262,782			1,352,035			11,613,981
Shares redeemed		(14,866,541	)		(131,060,957	)		(39,121,967	)		(360,316,512	)
		(7,616,048	)		(66,447,214	)		(16,540,017	)		(154,109,901	)
NET DECREASE		(20,977,675	)	$	(168,107,085	)		(25,219,496	)	$	(230,969,550	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,194,372		$	69,735,847			13,259,688		$	159,153,653
Reinvestment of distributions		440,242			5,547,046			204,537			2,186,506
Shares redeemed		(6,382,946	)		(67,239,484	)		(9,882,575	)		(116,821,278	)
		251,668			8,043,409			3,581,650			44,518,881
Class C Shares
Shares sold		94,403			1,095,597			456,513			5,141,424
Reinvestment of distributions		19,114			236,629			19,962			209,198
Shares redeemed		(427,075	)		(4,691,771	)		(1,425,650	)		(16,400,371	)
		(313,558	)		(3,359,545	)		(949,175	)		(11,049,749	)
Institutional Shares
Shares sold		15,691,912			181,546,341			54,720,178			657,831,323
Reinvestment of distributions		1,453,083			18,817,424			1,221,357			13,398,286
Shares redeemed		(35,787,006	)		(418,497,865	)		(66,250,331	)		(798,357,316	)
		(18,642,011	)		(218,134,100	)		(10,308,796	)		(127,127,707	)
Service Shares
Shares sold		25,376			291,285			142,546			1,698,529
Reinvestment of distributions		7,944			101,205			5,670			61,236
Shares redeemed		(110,612	)		(1,333,927	)		(98,679	)		(1,177,739	)
		(77,292	)		(941,437	)		49,537			582,026
Investor Shares
Shares sold		16,489,277			179,578,890			38,817,614			453,063,492
Reinvestment of distributions		1,192,705			14,717,983			684,659			7,168,380
Shares redeemed		(20,020,685	)		(222,607,965	)		(28,303,390	)		(326,016,478	)
		(2,338,703	)		(28,311,092	)		11,198,883			134,215,394
Class P Shares
Shares sold		18,826,003			181,976,736			24,463,775			282,043,576
Reinvestment of distributions		715,872			9,256,225			514,841			5,642,654
Shares redeemed		(13,344,549	)		(140,875,509	)		(16,007,445	)		(190,246,857	)
		6,197,326			50,357,452			8,971,171			97,439,373
Class R Shares
Shares sold		199,653			1,962,093			363,618			4,188,056
Reinvestment of distributions		13,067			160,204			7,899			82,224
Shares redeemed		(144,755	)		(1,678,376	)		(258,509	)		(2,987,023	)
		67,965			443,921			113,008			1,283,257
Class R6 Shares
Shares sold		7,770,602			95,362,413			34,080,931			412,901,400
Reinvestment of distributions		1,011,030			13,082,737			724,784			7,943,638
Shares redeemed		(7,787,514	)		(94,511,658	)		(22,360,220	)		(272,988,934	)
		994,118			13,933,492			12,445,495			147,856,104
NET INCREASE (DECREASE)		(13,860,487	)	$	(177,967,900	)		25,101,773		$	287,717,579

67

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2020 (Unaudited)						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,671,406		$	16,455,601			5,084,350		$	57,542,690
Reinvestment of distributions		391,583			4,659,839			174,144			1,724,026
Shares redeemed		(3,859,288	)		(38,847,308	)		(8,714,983	)		(95,912,370	)
		(1,796,299	)		(17,731,868	)		(3,456,489	)		(36,645,654	)
Class C Shares
Shares sold		50,401			548,112			166,083			1,768,839
Reinvestment of distributions		96,844			1,117,582			14,011			134,359
Shares redeemed		(1,057,648	)		(10,639,592	)		(2,026,719	)		(21,560,049	)
		(910,403	)		(8,973,898	)		(1,846,625	)		(19,656,851	)
Institutional Shares
Shares sold		30,613,262			306,875,429			88,905,949			988,567,614
Reinvestment of distributions		5,638,318			66,926,830			3,192,108			31,506,109
Shares redeemed		(69,358,814	)		(658,897,512	)		(112,062,966	)		(1,226,702,768	)
		(33,107,234	)		(285,095,253	)		(19,964,909	)		(206,629,045	)
Investor Shares
Shares sold		1,215,594			12,391,676			6,007,193			66,017,326
Reinvestment of distributions		726,038			8,589,026			601,289			5,910,668
Shares redeemed		(9,224,442	)		(96,375,998	)		(31,099,022	)		(340,121,004	)
		(7,282,810	)		(75,395,296	)		(24,490,540	)		(268,193,010	)
Class P Shares
Shares sold		154,480			1,797,198			593,597			6,725,342
Reinvestment of distributions		233,781			2,779,660			136,281			1,347,821
Shares redeemed		(2,553,375	)		(24,929,908	)		(1,986,467	)		(21,379,469	)
		(2,165,114	)		(20,353,050	)		(1,256,589	)		(13,306,306	)
Class R6 Shares
Shares sold		16,005,482			161,279,883			26,323,470			291,256,574
Reinvestment of distributions		3,311,662			39,375,654			1,590,561			15,730,650
Shares redeemed		(15,414,695	)		(163,862,418	)		(22,908,629	)		(255,148,086	)
		3,902,449			36,793,119			5,005,402			51,839,138
NET DECREASE		(41,359,411	)	$	(370,756,246	)		(46,009,750	)	$	(492,591,728	)

68

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

69

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

70

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

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

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 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 November 1, 2019 through April 30, 2020, which represents a period of 182 days of a 366 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 ratio 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.

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/01/19		Ending Account Value 04/30/20			Expenses Paid for the 6 Months Ended 04/30/20*		Beginning Account Value 11/01/19		Ending Account Value 04/30/20			Expenses Paid for the 6 Months Ended 04/30/20*		Beginning Account Value 11/01/19		Ending Account Value 04/30/20			Expenses Paid for the 6 Months Ended 04/30/20*
Class A
Actual	$	1,000	$	884.00		$	6.89	$	1,000	$	839.40		$	5.35	$	1,000	$	829.60		$	5.69
Hypothetical 5% return		1,000		1,017.55	+		7.37		1,000		1,019.05	+		5.87		1,000		1,018.65	+		6.27
Class C
Actual		1,000		879.90			10.38		1,000		836.30			8.77		1,000		825.60			9.08
Hypothetical 5% return		1,000		1,013.82	+		11.12		1,000		1,015.32	+		9.62		1,000		1,014.92	+		10.02
Institutional
Actual		1,000		885.40			5.11		1,000		841.00			3.62		1,000		831.10			3.96
Hypothetical 5% return		1,000		1,019.44	+		5.47		1,000		1,020.93	+		3.97		1,000		1,020.54	+		4.37
Service
Actual		N/A		N/A			N/A		1,000		839.10			5.90		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.45	+		6.47		N/A		N/A			N/A
Investor
Actual		1,000		884.90			5.72		1,000		840.50			4.21		1,000		830.50			4.55
Hypothetical 5% return		1,000		1,018.80	+		6.12		1,000		1,020.29	+		4.62		1,000		1,019.89	+		5.02
Class P
Actual		1,000		884.40			5.06		1,000		841.60			3.57		1,000		831.50			3.92
Hypothetical 5% return		1,000		1,019.49	+		5.42		1,000		1,020.98	+		3.92		1,000		1,020.59	+		4.32
Class R
Actual		1,000		882.70			8.05		1,000		838.50			6.49		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.31	+		8.62		1,000		1,017.80	+		7.12		N/A		N/A			N/A
Class R6
Actual		1,000		884.40			5.06		1,000		840.90			3.57		1,000		831.50			3.92
Hypothetical 5% return		1,000		1,019.49	+		5.42		1,000		1,020.98	+		3.92		1,000		1,020.59	+		4.32

+ 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.

* Expenses 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 April 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			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Emerging Markets Equity Insights		1.47	%		2.22	%		1.09	%		N/A			1.22	%		1.08	%		1.72	%		1.08	%
International Equity Insights		1.17			1.92			0.79			1.29	%		0.92			0.78			1.42			0.78
International Small Cap Insights		1.25			2.00			0.87			N/A			1.00			0.86			N/A			0.86

71

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 $1.66 trillion in assets under supervision as of March 31, 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

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion 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

∎ Blue Chip Fund

∎ Income Builder 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 Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ ESG Emerging Markets Equity Fund

Alternative

∎ 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

∎ MLP & Energy Fund

∎ 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 Portfolio⁷

∎ 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 of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  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 Website 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

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 Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission web site at http://www.sec.gov.

Economic and market forecasts presented herein reflect a series of assumptions and judgments 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 Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. 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.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Diversification does not protect an investor from market risk and does not ensure a profit.

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 authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 206026-OTU-1214528 INTINSSAR-20

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

(c) 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.

(d) 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.

The information required by this Item is only required in an annual report on this Form N-CSR.

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:	June 29, 2020

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:	June 29, 2020
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 29, 2020