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: December 31

Date of reporting period: June 30, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Fund of Funds Portfolios
	Balanced Strategy
	Growth and Income Strategy
	Growth Strategy
	Satellite Strategies

Goldman Sachs Fund of Funds Portfolios

∎ BALANCED STRATEGY

∎ GROWTH AND INCOME STRATEGY

∎ GROWTH STRATEGY

∎ SATELLITE STRATEGIES

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	13
Financial Statements	22
Financial Highlights
Balanced Strategy	28
Growth and Income Strategy	36
Growth Strategy	44
Satellite Strategies	52
Notes to Financial Statements	60
Other Information	87

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Balanced Strategy

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Portfolio Total Return (based on NAV)1			Balanced Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		5.39	%		3.90	%		1.52	%		12.30	%
Class C		4.99			3.90			1.52			12.30
Institutional		5.65			3.90			1.52			12.30
Service		5.40			3.90			1.52			12.30
Investor		5.54			3.90			1.52			12.30
Class R6		5.66			3.90			1.52			12.30
Class R		5.30			3.90			1.52			12.30
Class P		5.57			3.90			1.52			12.30

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Balanced Strategy Composite Index (“Balanced Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (60%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (40%). The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: 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. The index figures do not include any deduction for fees or expenses. 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 Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

1

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2021. Actual Fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

2

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’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.

3

FUND BASICS

Growth and Income Strategy

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Portfolio Total Return (based on NAV)1			Growth and Income Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		8.61	%		6.67	%		1.52	%		12.30	%
Class C		8.24			6.67			1.52			12.30
Institutional		8.83			6.67			1.52			12.30
Service		8.49			6.67			1.52			12.30
Investor		8.71			6.67			1.52			12.30
Class R6		8.84			6.67			1.52			12.30
Class R		8.46			6.67			1.52			12.30
Class P		8.84			6.67			1.52			12.30

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Growth and Income Strategy Composite Index (“Growth and Income Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth and Income Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (40%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (60%). The Growth and Income Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: 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. The index figures do not include any deduction for fees or expenses. 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 Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

4

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2021. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

5

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’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.

6

FUND BASICS

Growth Strategy

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Portfolio Total Return (based on NAV)1			Growth Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		11.69	%		9.47	%		1.52	%		12.30	%
Class C		11.28			9.47			1.52			12.30
Institutional		11.98			9.47			1.52			12.30
Service		11.61			9.47			1.52			12.30
Investor		11.88			9.47			1.52			12.30
Class R6		11.92			9.47			1.52			12.30
Class R		11.58			9.47			1.52			12.30
Class P		11.92			9.47			1.52			12.30

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Growth Strategy Composite Index (“Growth Composite”) is a composite representation prepared by the Investment Advisor of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (20%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (80%). The Growth Strategy Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: 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. The index figures do not include any deduction for fees or expenses. 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 Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

7

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2021. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

8

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’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.

9

FUND BASICS

Satellite Strategies Portfolio

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			Satellite Strategies Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index			MSCI® EAFE® Net Total Return Index			S&P 500® Index
Class A		8.11	%		6.43	%		1.60	%		8.83	%		15.25	%
Class C		7.76			6.43			1.60			8.83			15.25
Institutional		8.19			6.43			1.60			8.83			15.25
Service		7.92			6.43			1.60			8.83			15.25
Investor		8.26			6.43			1.60			8.83			15.25
Class R6		8.30			6.43			1.60			8.83			15.25
Class R		7.98			6.43			1.60			8.83			15.25
Class P		8.30			6.43			1.60			8.83			15.25

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance reflects the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Satellite Strategies Composite Index (“Satellite Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Satellite Composite is comprised of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the S&P 500^® Index (30%), and the MSCI^® EAFE^® Net Total Return Index (30%). The Satellite Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The unmanaged MSCI^® EAFE^® Index is a market capitalization weighted composite of securities in 21 developed markets. Developed Markets countries in the MSCI EAFE Index include: 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 UK. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The index figures 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 table above represent past performance. Past performance does not guarantee future results. The Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

10

FUND BASICS

TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO^{3 AS OF 6/30/21}

Percentage of Investment Portfolio

³  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2021. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

11

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’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.

12

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.1%
Dynamic – 9.9%
	2,807,393	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	29,056,522
	1,533,395	Goldman Sachs Managed Futures Strategy Fund – Class R6		16,591,337
	1,502,104	Goldman Sachs Alternative Premia Fund – Class R6		10,574,814
				56,222,673
Equity – 29.9%
	3,572,591	Goldman Sachs Dynamic Global Equity Fund – Class R6		88,314,453
	1,755,980	Goldman Sachs International Equity Insights Fund – Class R6		26,655,771
	1,861,469	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		24,645,845
	873,065	Goldman Sachs International Small Cap Insights Fund – Class R6		12,493,553
	798,912	Goldman Sachs Global Infrastructure Fund – Class R6		10,274,011
	545,695	Goldman Sachs Global Real Estate Securities Fund – Class R6		6,411,921
				168,795,554
Exchange Traded Funds – 18.9%
	625,350	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		53,798,861
	969,154	Goldman Sachs Access Investment Grade Corporate Bond ETF		53,148,405
				106,947,266
Fixed Income – 35.4%
	11,420,574	Goldman Sachs Global Core Fixed Income Fund – Class R6		146,297,555
	1,558,201	Goldman Sachs Core Fixed Income Fund – Class R6		17,124,624
	1,594,093	Goldman Sachs Emerging Markets Debt Fund – Class R6		19,750,809
	673,186	Goldman Sachs High Yield Floating Rate Fund – Class R6		6,327,953
	869,660	Goldman Sachs High Yield Fund – Class R6		5,678,882
	853,426	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		4,855,995
				200,035,818
	TOTAL UNDERLYING FUNDS – 94.1% (Cost $465,172,255)		$	532,001,311
Shares		Dividend Rate	Value
Investment Company(a) – 4.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,431,770	0.026%	$	22,431,770
(Cost $22,431,770)
	TOTAL INVESTMENTS – 98.1% (Cost $487,604,025)		$	554,433,081
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			10,851,922
	NET ASSETS – 100.0%		$	565,285,003

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviation:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, the Portfolio 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	SGD	40,000	USD	29,732		09/15/21	$	14
	USD	9,712,371	JPY	1,064,000,000		09/15/21		128,716
	USD	101,337	NZD	140,000		09/15/21		3,500
	USD	956,327	DKK	5,820,000		09/15/21		26,905
	USD	246,436	NOK	2,050,000		09/15/21		8,271
	USD	415,527	SGD	550,000		09/15/21		6,519
	USD	123,174	ILS	400,000		09/17/21		368
	USD	1,294,147	HKD	10,040,000		09/15/21		849
	USD	12,587,743	EUR	10,300,000		09/15/21		355,154
	USD	2,809,613	AUD	3,630,000		09/15/21		86,404
	USD	1,385,103	SEK	11,475,000		09/15/21		43,303
	USD	5,680,236	GBP	4,010,000		09/15/21		132,241
	USD	3,655,025	CHF	3,280,000		09/15/21		102,800
TOTAL							$	895,044

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	140,000	USD	166,874		09/15/21	$	(606	)
	GBP	240,000	USD	332,485		09/15/21		(436	)
	HKD	1,410,000	USD	181,670		09/15/21		(41	)
	AUD	190,000	USD	142,786		09/15/21		(249	)
	JPY	127,000,000	USD	1,149,624		09/15/21		(5,710	)
	NOK	50,000	USD	5,844		09/15/21		(35	)
	NZD	20,000	USD	13,983		09/15/21		(6	)
TOTAL							$	(7,083	)

FUTURES CONTRACTS — At June 30, 2021, the Portfolio 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		134		09/17/21	$	28,733,620	$	466,067
10 Year U.S. Treasury Notes		143		09/21/21		18,947,500		109,220
TOTAL FUTURES CONTRACTS							$	575,287

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2021, the Portfolio had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$97.750		03/13/2023		89	$	222,500	$	368,238	$	392,012	$	(23,774	)
Eurodollar Futures	97.750		06/19/2023		96		240,000		369,600		391,501		(21,901	)
Eurodollar Futures	99.000		12/19/2022		384		960,000		547,200		546,824		376
TOTAL					569	$	1,422,500	$	1,285,038	$	1,330,337	$	(45,299	)

Abbreviations:

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.4%
Dynamic – 7.4%
	3,795,619	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	39,284,656
	2,217,967	Goldman Sachs Managed Futures Strategy Fund – Class R6		23,998,399
	1,235,011	Goldman Sachs Alternative Premia Fund – Class R6		8,694,477
				71,977,532
Equity – 40.8%
	8,174,677	Goldman Sachs Dynamic Global Equity Fund – Class R6		202,078,012
	5,510,697	Goldman Sachs International Equity Insights Fund – Class R6		83,652,381
	4,371,680	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		57,881,047
	1,880,665	Goldman Sachs International Small Cap Insights Fund – Class R6		26,912,320
	1,367,348	Goldman Sachs Global Infrastructure Fund – Class R6		17,584,091
	878,980	Goldman Sachs Global Real Estate Securities Fund – Class R6		10,328,014
				398,435,865
Exchange Traded Funds – 30.0%
	2,407,185	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		207,090,126
	1,576,107	Goldman Sachs Access Investment Grade Corporate Bond ETF		86,433,708
				293,523,834
Fixed Income – 16.2%
	6,936,258	Goldman Sachs Global Core Fixed Income Fund – Class R6		88,853,467
	2,908,716	Goldman Sachs Emerging Markets Debt Fund – Class R6		36,038,993
	2,511,510	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		14,290,491
	1,515,489	Goldman Sachs High Yield Fund – Class R6		9,896,142
	982,048	Goldman Sachs High Yield Floating Rate Fund – Class R6		9,231,250
				158,310,343
	TOTAL UNDERLYING FUNDS – 94.4%
	(Cost $736,924,317)		$	922,247,574
Shares		Dividend Rate	Value
Investment Company(a) – 3.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	36,836,176	0.026%	$	36,836,176
	(Cost $36,836,176)
	TOTAL INVESTMENTS – 98.2%
	(Cost $773,760,493)		$	959,083,750
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			17,571,600
	NET ASSETS – 100.0%		$	976,655,350

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviation:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, the Portfolio 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		SGD	180,000		USD	133,796		09/15/21	$	62
		USD	195,435		NZD	270,000		09/15/21		6,750
		USD	1,861,039		DKK	11,320,000		09/15/21		53,297
		USD	468,830		NOK	3,900,000		09/15/21		15,735
		USD	815,944		SGD	1,080,000		09/15/21		12,800
		USD	246,349		ILS	800,000		09/17/21		737
		USD	2,366,587		HKD	18,360,000		09/15/21		1,552
		USD	17,516,956		JPY	1,919,000,000		09/15/21		232,147
		USD	2,743,538		SEK	22,725,000		09/15/21		86,250
		USD	5,294,146		AUD	6,840,000		09/15/21		162,811
		USD	10,836,361		GBP	7,650,000		09/15/21		252,280
		USD	6,923,585		CHF	6,210,000		09/15/21		198,184
		USD	24,918,843		EUR	20,390,000		09/15/21		703,068
TOTAL									$	1,725,673

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC		CHF	400,000		USD	435,273		09/15/21	$	(2,075	)
		AUD	750,000		USD	563,624		09/15/21		(977	)
		GBP	980,000		USD	1,357,624		09/15/21		(1,755	)
		HKD	3,090,000		USD	398,095		09/15/21		(58	)
		ILS	120,000		USD	36,910		09/17/21		(69	)
		DKK	1,020,000		USD	163,486		09/15/21		(597	)
		EUR	2,420,000		USD	2,884,483		09/15/21		(10,418	)
		JPY	261,000,000		USD	2,362,570		09/15/21		(11,693	)
		SEK	2,400,000		USD	281,833		09/15/21		(1,195	)
		NOK	400,000		USD	46,754		09/15/21		(283	)
		NZD	50,000		USD	34,956		09/15/21		(14	)
TOTAL									$	(29,134	)

FUTURES CONTRACTS — At June 30, 2021, the Portfolio 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		169	09/17/21	$	36,238,670	$	587,312
10 Year U.S. Treasury Notes		272	09/21/21		36,040,000		207,747
TOTAL FUTURES CONTRACTS						$	795,059

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2021, the Portfolio had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$97.750		06/19/2023		161	$	402,500	$	619,850	$	656,580	$	(36,730	)
Eurodollar Futures	97.750		03/13/2023		149		372,500		616,488		656,290		(39,802	)
Eurodollar Futures	99.000		12/19/2022		698		1,745,000		994,650		993,966		684
TOTAL					1,008	$	2,520,000	$	2,230,988	$	2,306,836	$	(75,848	)

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.0%
Dynamic – 4.5%
	2,567,005	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	26,568,500
	1,259,834	Goldman Sachs Managed Futures Strategy Fund – Class R6		13,631,409
				40,199,909
Equity – 52.7%
	8,928,945	Goldman Sachs Dynamic Global Equity Fund – Class R6		220,723,524
	7,205,255	Goldman Sachs International Equity Insights Fund – Class R6		109,375,766
	5,498,998	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		72,806,727
	2,749,882	Goldman Sachs International Small Cap Insights Fund – Class R6		39,350,805
	1,310,624	Goldman Sachs Global Infrastructure Fund – Class R6		16,854,621
	738,802	Goldman Sachs Global Real Estate Securities Fund – Class R6		8,680,920
				467,792,363
Exchange Traded Funds – 30.7%
	3,057,660	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		263,050,490
	171,088	Goldman Sachs Access Investment Grade Corporate Bond ETF		9,382,466
				272,432,956
Fixed Income – 6.1%
	2,996,445	Goldman Sachs Emerging Markets Debt Fund – Class R6		37,125,957
	1,488,560	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		8,469,906
	1,219,218	Goldman Sachs High Yield Fund – Class R6		7,961,493
				53,557,356
	TOTAL UNDERLYING FUND – 98.1%
	(Cost $616,262,783)		$	833,982,584
Shares		Dividend Rate	Value
Investment Company(a) – 4.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	36,197,382	0.026%	$	36,197,382
	(Cost $36,197,382)
	TOTAL INVESTMENTS – 98.1%
	(Cost $652,460,165)		$	870,179,966
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			17,300,615
	NET ASSETS – 100.0%		$	887,480,581

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Represents an Affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, the Portfolio 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	USD	13,327,126	JPY	1,460,000,000		09/15/21	$	176,620
	USD	144,767	NZD	200,000		09/15/21		5,000
	USD	1,311,934	DKK	7,980,000		09/15/21		37,572
	USD	336,596	NOK	2,800,000		09/15/21		11,296
	USD	581,738	SGD	770,000		09/15/21		9,126
	USD	172,444	ILS	560,000		09/17/21		516
	USD	1,762,050	HKD	13,670,000		09/15/21		1,156
	USD	17,635,062	EUR	14,430,000		09/15/21		497,561
	USD	3,893,210	AUD	5,030,000		09/15/21		119,728
	USD	1,928,626	SEK	15,975,000		09/15/21		60,631
	USD	7,826,261	GBP	5,525,000		09/15/21		182,203
	USD	5,039,389	CHF	4,520,000		09/15/21		144,250
TOTAL							$	1,245,659

FUTURES CONTRACTS — At June 30, 2021, the Portfolio 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		199		09/17/21	$	42,671,570	$	691,656
10 Year U.S. Treasury Notes		252		09/21/21		33,390,000		192,471
TOTAL FUTURES CONTRACTS							$	884,127

PURCHASED OPTIONS CONTRACTS — At June 30, 2021, the Portfolio had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$97.750		03/13/2023		151	$	377,500	$	624,763	$	665,099	$	(40,336	)
Eurodollar Futures	97.750		06/19/2023		163		407,500		627,550		664,736		(37,186	)
Eurodollar Futures	99.000		12/19/2022		741		1,852,500		1,055,925		1,055,199		726
TOTAL					1,055	$	2,637,500	$	2,308,238	$	2,385,034	$	(76,796	)

Abbreviations:

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 98.7%
Equity – 62.3%
	1,924,939	Goldman Sachs International Small Cap Insights Fund – Class R6	$	27,545,881
	2,114,732	Goldman Sachs Global Infrastructure Fund – Class R6		27,195,448
	699,378	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		9,259,761
	686,502	Goldman Sachs Global Real Estate Securities Fund – Class R6		8,066,395
	262,987	Goldman Sachs MLP Energy Infrastructure Fund – Class R6		6,648,301
	183,295	Goldman Sachs Emerging Markets Equity Fund – Class R6		6,037,731
				84,753,517
Exchange Traded Funds – 3.2%
	105,925	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		4,322,799
Fixed Income – 33.2%
	1,652,298	Goldman Sachs Emerging Markets Debt Fund – Class R6		20,471,968
	701,849	Goldman Sachs Inflation Protected Securities Fund – Class R6		8,211,638
	1,077,712	Goldman Sachs High Yield Fund – Class R6		7,037,461
	699,778	Goldman Sachs High Yield Floating Rate Fund – Class R6		6,577,912
	506,249	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		2,880,559
				45,179,538
	TOTAL UNDERLYING FUNDS – 98.7% (Cost $100,121,666)		$	134,255,854
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			1,789,326
	NET ASSETS – 100.0%		$	136,045,180

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated issuer.

Investment Abbreviations:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Balanced Strategy Portfolio		Growth and Income Strategy Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $487,604,025 and $773,760,493, respectively)	$	554,433,081	$	959,083,750
Purchased options, at value (premium paid $1,330,337 and $2,306,836, respectively)		1,285,038		2,230,988
Cash		9,165,093		15,269,887
Foreign currencies, at value (cost $20,842 and $45,512, respectively)		25,349		45,278
Unrealized gain on forward foreign currency exchange contracts		895,044		1,725,673
Variation margin on futures contracts		89,507		139,742
Receivables:
Collateral on certain derivative contracts(a)		531,183		166,128
Dividends		386,454		505,513
Reimbursement from investment adviser		27,813		32,465
Portfolio shares sold		18,279		1,063,128
Other assets		65,016		65,075
Total assets		566,921,857		980,327,627
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		7,083		29,134
Payables:
Collateral on certain derivative contracts(b)		600,000		1,550,000
Portfolio shares redeemed		468,669		1,349,312
Investments purchased		266,303		304,047
Management fees		69,305		120,198
Distribution and Service fees and Transfer Agency fees		65,192		137,116
Accrued expenses		160,302		182,470
Total liabilities		1,636,854		3,672,277
Net Assets:
Paid-in capital		484,019,980		774,405,060
Total distributable earnings		81,265,023		202,250,290
NET ASSETS	$	565,285,003	$	976,655,350
Net Assets:
Class A	$	113,563,150	$	307,765,276
Class C		7,363,750		10,857,399
Institutional		373,350,131		383,004,675
Service		404,124		2,738,102
Investor		5,337,684		8,984,991
Class R6		1,498,159		5,073,447
Class R		10,303,656		5,791,226
Class P		53,464,349		252,440,234
Total Net Assets	$	565,285,003	$	976,655,350
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,549,689		18,310,830
Class C		553,527		663,561
Institutional		28,112,714		22,715,566
Service		30,042		163,320
Investor		403,658		537,300
Class R6		112,820		301,052
Class R		779,133		347,532
Class P		4,024,543		14,980,530
Net asset value, offering and redemption price per share:(c)
Class A		$13.28		$16.81
Class C		13.30		16.36
Institutional		13.28		16.86
Service		13.45		16.77
Investor		13.22		16.72
Class R6		13.28		16.85
Class R		13.22		16.66
Class P		13.28		16.85

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Futures
Balanced Strategy	$	531,183
Growth and Income Strategy		166,128

(b) Segregated for initial margin and/or collateral on foreign currency contracts.

(c) Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $14.05 and $17.79, 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.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities (continued)

June 30, 2021 (Unaudited)

	Growth Strategy Portfolio		Satellite Strategies Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $652,460,165 and $100,121,666, respectively)	$	870,179,966	$	134,255,854
Purchased options, at value (premium paid $2,385,034 and $0, respectively)		2,308,238		—
Cash		14,372,934		1,654,013
Foreign currencies, at value (cost $57,186 and $0, respectively)		56,845		—
Unrealized gain on forward foreign currency exchange contracts		1,245,659		—
Variation margin on futures contracts		145,905		—
Receivables:
Collateral on certain derivative contracts(a)		452,874		—
Dividends		367,963		385,238
Portfolio shares sold		190,800		74,234
Reimbursement from investment adviser		31,050		25,883
Other assets		63,754		60,242
Total assets		889,415,988		136,455,464
Liabilities:
Payables:
Collateral on certain derivative contracts(b)		1,110,000		—
Portfolio shares redeemed		163,767		76,227
Investments purchased		182,728		124,733
Management fees		108,743		14,051
Distribution and Service fees and Transfer Agency fees		165,636		24,118
Accrued expenses		204,533		171,155
Total liabilities		1,935,407		410,284
Net Assets:
Paid-in capital		656,873,310		126,391,370
Total distributable earnings		230,607,271		9,653,810
NET ASSETS	$	887,480,581	$	136,045,180
Net Assets:
Class A	$	382,720,135	$	49,042,959
Class C		19,612,610		2,651,885
Institutional		211,502,923		63,366,417
Service		2,371,722		137,854
Investor		7,811,424		16,197,381
Class R6		7,038,629		874,639
Class R		7,034,102		629,509
Class P		249,389,036		3,144,536
Total Net Assets	$	887,480,581	$	136,045,180
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		19,158,800		5,339,706
Class C		964,428		288,773
Institutional		10,575,193		6,918,434
Service		119,142		15,016
Investor		396,684		1,768,510
Class R6		351,868		95,327
Class R		363,013		68,761
Class P		12,464,378		342,737
Net asset value, offering and redemption price per share:(c)
Class A		$19.98		$9.18
Class C		20.34		9.18
Institutional		20.00		9.16
Service		19.91		9.18
Investor		19.69		9.16
Class R6		20.00		9.18
Class R		19.38		9.16
Class P		20.01		9.17

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Futures
Growth Strategy	$	452,874

(b) Segregated for initial margin and/or collateral on foreign currency contracts.

(c) Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $21.14 and $9.71, 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. 23

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Investment income:
Dividends from Affiliated Funds	$	2,920,632		$	4,157,226
Expenses:
Management fees		418,655			705,896
Distribution and Service (12b-1) fees(a)		194,694			433,824
Transfer Agency fees(a)		182,969			354,529
Registration fees		47,582			47,240
Professional fees		44,595			44,595
Printing and mailing costs		30,621			51,423
Custody, accounting and administrative services		29,987			29,956
Service fees — Class C		10,538			15,030
Trustee fees		9,785			10,042
Shareholder Administration fees — Service Shares		509			3,297
Other		8,875			15,829
Total expenses		978,810			1,711,661
Less — expense reductions		(161,701	)		(183,218	)
Net expenses		817,109			1,528,443
NET INVESTMENT INCOME		2,103,523			2,628,783
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		6,100,885			7,772,200
Purchased options		352,022			572,541
Futures contracts		3,340,866			4,006,556
Written options		150,941			249,262
Forward foreign currency exchange contracts		31,312			(83,081	)
Foreign currency transactions		(66	)		(115	)
Net change in unrealized gain (loss) on:
Affiliated Funds		18,082,693			63,505,701
Purchased options		(780,156	)		(1,280,930	)
Futures contracts		(76,165	)		(40,064	)
Forward foreign currency exchange contracts		1,256,133			2,342,394
Foreign currency translation		387			(2,739	)
Net realized and unrealized gain		28,458,852			77,041,725
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,562,375		$	79,670,508

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Balanced Strategy Portfolio		138,247		31,613		509		24,325		83,157		6,254		74,878		81		3,840		219		7,326		7,214
Growth and Income Strategy Portfolio		371,739		45,092		3,297		13,696		223,886		8,917		74,059		527		6,237		739		4,138		36,026

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended June 30, 2021 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Investment income:
Dividends from Affiliated Funds	$	2,764,848		$	1,674,637
Expenses:
Management fees		626,164			92,470
Distribution and Service (12b-1) fees(a)		556,140			75,200
Transfer Agency fees(a)		377,359			67,510
Printing and mailing costs		60,845			27,918
Registration fees		46,258			43,403
Professional fees		44,595			40,003
Custody, accounting and administrative services		28,190			27,611
Service fees — Class C		26,686			4,835
Trustee fees		9,922			9,513
Shareholder Administration fees — Service Shares		2,819			165
Other		7,386			14,856
Total expenses		1,786,364			403,484
Less — expense reductions		(188,140	)		(156,706	)
Net expenses		1,598,224			246,778
NET INVESTMENT INCOME		1,166,624			1,427,859
Realized and unrealized gain:
Net realized gain (loss) from:
Affiliated Funds		2,300,524			8,223,992
Purchased options		532,933			—
Futures contracts		5,637,731			—
Written options		217,934			—
Forward foreign currency exchange contracts		(22,610	)		—
Foreign currency transactions		(149	)		—
Net change in unrealized gain (loss) on:
Affiliated Funds		83,758,382			2,302,784
Purchased options		(1,205,891	)		—
Futures contracts		266,103			—
Forward foreign currency exchange contracts		1,756,543			—
Foreign currency translation		(2,568	)		—
Net realized and unrealized gain		93,238,932			10,526,776
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	94,405,556		$	11,954,635

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Strategy Portfolio		456,756		80,059		2,819		16,506		275,789		15,967		39,739		451		5,410		1,015		4,995		33,993
Satellite Strategies Portfolio		58,901		14,504		165		1,630		35,487		2,732		15,196		26		12,986		128		484		471

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Balanced Strategy Portfolio						Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	2,103,523		$	10,234,390		$	2,628,783		$	13,638,689
Net realized gain		9,975,960			9,873,483			12,517,363			16,031,160
Net change in unrealized gain		18,482,892			32,656,676			64,524,362			67,329,095
Net increase in net assets resulting from operations		30,562,375			52,764,549			79,670,508			96,998,944
Distributions to shareholders:
From distributable earnings:
Class A Shares		(344,421	)		(2,073,315	)		(787,066	)		(9,110,698	)
Class C Shares		(1,728	)		(110,788	)		(3,710	)		(355,597	)
Institutional Shares		(1,791,785	)		(8,390,148	)		(1,597,330	)		(12,189,122	)
Service Shares		(904	)		(8,087	)		(5,372	)		(82,395	)
Investor Shares		(20,930	)		(133,619	)		(32,154	)		(265,906	)
Class R6 Shares		(7,136	)		(36,509	)		(21,774	)		(169,572	)
Class R Shares		(19,428	)		(160,141	)		(10,264	)		(152,196	)
Class P Shares		(247,143	)		(922,139	)		(1,063,756	)		(7,826,935	)
Total distributions to shareholders		(2,433,475	)		(11,834,746	)		(3,521,426	)		(30,152,421	)
From share transactions:
Proceeds from sales of shares		47,685,643			138,023,285			57,262,136			110,868,743
Reinvestment of distributions		2,396,445			11,642,690			3,446,568			29,318,345
Cost of shares redeemed		(81,942,000	)		(148,350,909	)		(81,313,727	)		(197,903,957	)
Net increase (decrease) in net assets resulting from share transactions		(31,859,912	)		1,315,066			(20,605,023	)		(57,716,869	)
TOTAL INCREASE (DECREASE)		(3,731,012	)		42,244,869			55,544,059			9,129,654
Net assets:
Beginning of period		569,016,015			526,771,146			921,111,291			911,981,637
End of period	$	565,285,003		$	569,016,015		$	976,655,350		$	921,111,291

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets (continued)

	Growth Strategy Portfolio						Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	1,166,624		$	9,138,002		$	1,427,859		$	3,967,788
Net realized gain		8,666,363			10,540,709			8,223,992			12,366,745
Net change in unrealized gain (loss)		84,572,569			71,452,977			2,302,784			(17,227,251	)
Net increase (decrease) in net assets resulting from operations		94,405,556			91,131,688			11,954,635			(892,718	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(10,784,596	)		(437,934	)		(837,479	)
Class C Shares		—			(496,344	)		(9,681	)		(103,991	)
Institutional Shares		—			(5,137,868	)		(737,149	)		(2,538,186	)
Service Shares		—			(62,574	)		(1,137	)		(3,303	)
Investor Shares		—			(234,991	)		(177,851	)		(410,262	)
Class R6 Shares		—			(227,886	)		(9,280	)		(54,834	)
Class R Shares		—			(184,960	)		(4,753	)		(12,690	)
Class P Shares		—			(7,003,021	)		(33,058	)		(77,222	)
Total distributions to shareholders		—			(24,132,240	)		(1,410,843	)		(4,037,967	)
From share transactions:
Proceeds from sales of shares		98,901,868			99,145,043			8,058,825			25,021,685
Reinvestment of distributions		—			23,183,595			1,291,572			3,663,014
Cost of shares redeemed		(81,002,056	)		(136,535,679	)		(59,118,654	)		(180,205,714	)
Net increase (decrease) in net assets resulting from share transactions		17,899,812			(14,207,041	)		(49,768,257	)		(151,521,015	)
TOTAL INCREASE (DECREASE)		112,305,368			52,792,407			(39,224,465	)		(156,451,700	)
Net assets:
Beginning of period		775,175,213			722,382,806			175,269,645			331,721,345
End of period	$	887,480,581		$	775,175,213		$	136,045,180		$	175,269,645

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.64		$	11.64		$	10.32		$	11.55		$	10.82		$	10.41
Net investment income(a)(b)		0.03			0.20			0.20			0.16			0.16			0.11
Net realized and unrealized gain (loss)		0.65			1.04			1.37			(0.95	)		1.05			0.41
Total from investment operations		0.68			1.24			1.57			(0.79	)		1.21			0.52
Distributions to shareholders from net investment income		(0.04	)		(0.24	)		(0.25	)		(0.24	)		(0.27	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.04	)		(0.24	)		(0.25	)		(0.44	)		(0.48	)		(0.11	)
Net asset value, end of period	$	13.28		$	12.64		$	11.64		$	10.32		$	11.55		$	10.82
Total return(c)		5.39	%		10.71	%		15.24	%		(6.90	)%		11.19	%		5.04	%
Net assets, end of period (in 000s)	$	113,563		$	110,057		$	106,285		$	106,235		$	119,662		$	129,445
Ratio of net expenses to average net assets(d)		0.55	%(e)		0.57	%		0.58	%		0.59	%		0.62	%		0.59	%
Ratio of total expenses to average net assets(d)		0.61	%(e)		0.64	%		0.67	%		0.63	%		0.68	%		0.67	%
Ratio of net investment income to average net assets(b)		0.49	%(e)		1.71	%		1.76	%		1.46	%		1.40	%		1.01	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.67		$	11.66		$	10.34		$	11.55		$	10.82		$	10.41
Net investment income (loss)(a)(b)		(0.02	)		0.10			0.10			0.05			0.07			0.03
Net realized and unrealized gain (loss)		0.65			1.06			1.38			(0.92	)		1.05			0.42
Total from investment operations		0.63			1.16			1.48			(0.87	)		1.12			0.45
Distributions to shareholders from net investment income		—	(c)		(0.15	)		(0.16	)		(0.14	)		(0.18	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		—			(0.15	)		(0.16	)		(0.34	)		(0.39	)		(0.04	)
Net asset value, end of period	$	13.30		$	12.67		$	11.66		$	10.34		$	11.55		$	10.82
Total return(d)		4.99	%		9.90	%		14.30	%		(7.58	)%		10.30	%		4.24	%
Net assets, end of period (in 000s)	$	7,364		$	9,575		$	10,978		$	12,807		$	34,542		$	47,217
Ratio of net expenses to average net assets(e)		1.30	%(f)		1.32	%		1.33	%		1.33	%		1.37	%		1.34	%
Ratio of total expenses to average net assets(e)		1.36	%(f)		1.39	%		1.42	%		1.38	%		1.42	%		1.42	%
Ratio of net investment income (loss) to average net assets(b)		(0.27	)%(f)		0.86	%		0.93	%		0.43	%		0.58	%		0.27	%
Portfolio turnover rate(g)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.63		$	11.64		$	10.32		$	11.55		$	10.82		$	10.42
Net investment income(a)(b)		0.05			0.25			0.25			0.20			0.21			0.16
Net realized and unrealized gain (loss)		0.66			1.02			1.36			(0.95	)		1.04			0.40
Total from investment operations		0.71			1.27			1.61			(0.75	)		1.25			0.56
Distributions to shareholders from net investment income		(0.06	)		(0.28	)		(0.29	)		(0.28	)		(0.31	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.06	)		(0.28	)		(0.29	)		(0.48	)		(0.52	)		(0.16	)
Net asset value, end of period	$	13.28		$	12.63		$	11.64		$	10.32		$	11.55		$	10.82
Total return(c)		5.65	%		11.05	%		15.68	%		(6.53	)%		11.63	%		5.36	%
Net assets, end of period (in 000s)	$	373,350		$	388,941		$	351,189		$	292,183		$	353,778		$	285,795
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.20	%		0.20	%		0.22	%		0.19	%
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.26	%		0.28	%		0.24	%		0.28	%		0.27	%
Ratio of net investment income to average net assets(b)		0.85	%(e)		2.12	%		2.19	%		1.76	%		1.85	%		1.46	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.79		$	11.78		$	10.45		$	11.68		$	10.94		$	10.45
Net investment income(a)(b)		0.02			0.16			0.17			0.15			0.15			0.10
Net realized and unrealized gain (loss)		0.67			1.07			1.39			(0.95	)		1.06			0.49
Total from investment operations		0.69			1.23			1.56			(0.80	)		1.21			0.59
Distributions to shareholders from net investment income		(0.03	)		(0.22	)		(0.23	)		(0.23	)		(0.26	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.03	)		(0.22	)		(0.23	)		(0.43	)		(0.47	)		(0.10	)
Net asset value, end of period	$	13.45		$	12.79		$	11.78		$	10.45		$	11.68		$	10.94
Total return(c)		5.40	%		10.52	%		14.99	%		(6.93	)%		11.04	%		5.67	%
Net assets, end of period (in 000s)	$	404		$	421		$	532		$	667		$	833		$	831
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.70	%		0.70	%		0.72	%		0.69	%
Ratio of total expenses to average net assets(d)		0.75	%(e)		0.77	%		0.78	%		0.74	%		0.78	%		0.77	%
Ratio of net investment income to average net assets(b)		0.35	%(e)		1.38	%		1.47	%		1.31	%		1.31	%		0.93	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.58		$	11.59		$	10.28		$	11.50		$	10.78		$	10.37
Net investment income(a)(b)		0.05			0.33			0.23			0.18			0.18			0.14
Net realized and unrealized gain (loss)		0.64			0.93			1.36			(0.93	)		1.05			0.41
Total from investment operations		0.69			1.26			1.59			(0.75	)		1.23			0.55
Distributions to shareholders from net investment income		(0.05	)		(0.27	)		(0.28	)		(0.27	)		(0.30	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.05	)		(0.27	)		(0.28	)		(0.47	)		(0.51	)		(0.14	)
Net asset value, end of period	$	13.22		$	12.58		$	11.59		$	10.28		$	11.50		$	10.78
Total return(c)		5.54	%		10.97	%		15.49	%		(6.61	)%		11.41	%		5.33	%
Net assets, end of period (in 000s)	$	5,338		$	7,594		$	3,663		$	2,937		$	3,976		$	4,810
Ratio of net expenses to average net assets(d)		0.30	%(e)		0.32	%		0.33	%		0.34	%		0.37	%		0.34	%
Ratio of total expenses to average net assets(d)		0.36	%(e)		0.39	%		0.42	%		0.38	%		0.42	%		0.42	%
Ratio of net investment income(b)		0.73	%(e)		2.78	%		2.07	%		1.64	%		1.60	%		1.30	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.63		$	11.64		$	10.32		$	11.55		$	10.83		$	10.42
Net investment income(a)(b)		0.06			0.23			0.23			0.35			0.54			0.15
Net realized and unrealized gain (loss)		0.65			1.05			1.38			(1.09	)		0.71			0.42
Total from investment operations		0.71			1.28			1.61			(0.74	)		1.25			0.57
Distributions to shareholders from net investment income		(0.06	)		(0.29	)		(0.29	)		(0.29	)		(0.32	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.06	)		(0.29	)		(0.29	)		(0.49	)		(0.53	)		(0.16	)
Net asset value, end of period	$	13.28		$	12.63		$	11.64		$	10.32		$	11.55		$	10.83
Total return(c)		5.66	%		11.06	%		15.70	%		(6.52	)%		11.54	%		5.46	%
Net assets, end of period (in 000s)	$	1,498		$	1,449		$	1,766		$	2,308		$	551		$	10
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.19	%		0.19	%		0.31	%		0.19	%
Ratio of total expenses to average net assets(d)		0.24	%(e)		0.26	%		0.27	%		0.24	%		0.39	%		0.27	%
Ratio of net investment income(b)		0.86	%(e)		1.89	%		2.04	%		3.10	%		4.64	%		1.45	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.58		$	11.59		$	10.28		$	11.50		$	10.79		$	10.36
Net investment income(a)(b)		0.02			0.16			0.18			0.14			0.15			0.09
Net realized and unrealized gain (loss)		0.65			1.04			1.35			(0.95	)		1.02			0.43
Total from investment operations		0.67			1.20			1.53			(0.81	)		1.17			0.52
Distributions to shareholders from net investment income		(0.03	)		(0.21	)		(0.22	)		(0.21	)		(0.25	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)		(0.21	)		—
Total distributions		(0.03	)		(0.21	)		(0.22	)		(0.41	)		(0.46	)		(0.09	)
Net asset value, end of period	$	13.22		$	12.58		$	11.59		$	10.28		$	11.50		$	10.79
Total return(c)		5.30	%		10.39	%		14.94	%		(7.07	)%		10.81	%		5.02	%
Net assets, end of period (in 000s)	$	10,304		$	9,435		$	10,241		$	8,443		$	8,629		$	6,110
Ratio of net expenses to average net assets(d)		0.80	%(e)		0.82	%		0.83	%		0.84	%		0.87	%		0.84	%
Ratio of total expenses to average net assets(d)		0.86	%(e)		0.90	%		0.92	%		0.88	%		0.93	%		0.92	%
Ratio of net investment income to average net assets(b)		0.25	%(e)		1.40	%		1.61	%		1.23	%		1.30	%		0.85	%
Portfolio turnover rate(f)		2	%		19	%		55	%		45	%		81	%		76	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	12.64		$	11.64		$	10.32		$	11.54
Net investment income(b)(c)		0.06			0.25			0.24			0.20
Net realized and unrealized gain (loss)		0.64			1.04			1.37			(0.96	)
Total from investment operations		0.70			1.29			1.61			(0.76	)
Distributions to shareholders from net investment income		(0.06	)		(0.29	)		(0.29	)		(0.26	)
Distributions to shareholders from net realized gains		—			—			—			(0.20	)
Total distributions		(0.06	)		(0.29	)		(0.29	)		(0.46	)
Net asset value, end of period	$	13.28		$	12.64		$	11.64		$	10.32
Total return(d)		5.57	%		11.15	%		15.69	%		(6.67	)%
Net assets, end of period (in 000s)	$	53,464		$	41,545		$	42,118		$	43,098
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.25	%		0.27	%		0.24	%(f)
Ratio of net investment income to average net assets(c)		0.88	%(f)		2.10	%		2.17	%		2.48	%(f)
Portfolio turnover rate(g)		2	%		19	%		55	%		45	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.51		$	14.26		$	12.26		$	13.81		$	12.17		$	11.62
Net investment income(a)(b)		0.03			0.20			0.22			0.18			0.18			0.11
Net realized and unrealized gain (loss)		1.31			1.54			2.06			(1.41	)		1.79			0.56
Total from investment operations		1.34			1.74			2.28			(1.23	)		1.97			0.67
Distributions to shareholders from net investment income		(0.04	)		(0.23	)		(0.28	)		(0.32	)		(0.33	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.04	)		(0.49	)		(0.28	)		(0.32	)		(0.33	)		(0.12	)
Net asset value, end of period	$	16.81		$	15.51		$	14.26		$	12.26		$	13.81		$	12.17
Total return(c)		8.61	%		12.29	%		18.60	%		(8.94	)%		16.19	%		5.75	%
Net assets, end of period (in 000s)	$	307,765		$	293,868		$	286,721		$	272,658		$	302,116		$	302,858
Ratio of net expenses to average net assets(d)		0.55	%(e)		0.57	%		0.58	%		0.59	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.59	%(e)		0.62	%		0.64	%		0.61	%		0.63	%		0.64	%
Ratio of net investment income to average net assets(b)		0.33	%(e)		1.38	%		1.65	%		1.29	%		1.35	%		0.95	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.12		$	13.92		$	11.98		$	13.49		$	11.90		$	11.42
Net investment income (loss)(a)(b)		(0.04	)		0.06			0.09			0.01			0.06			0.02
Net realized and unrealized gain (loss)		1.29			1.53			2.04			(1.31	)		1.76			0.54
Total from investment operations		1.25			1.59			2.13			(1.30	)		1.82			0.56
Distributions to shareholders from net investment income		(0.01	)		(0.13	)		(0.19	)		(0.21	)		(0.23	)		(0.08	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.01	)		(0.39	)		(0.19	)		(0.21	)		(0.23	)		(0.08	)
Net asset value, end of period	$	16.36		$	15.12		$	13.92		$	11.98		$	13.49		$	11.90
Total return(c)		8.24	%		11.44	%		17.78	%		(9.62	)%		15.31	%		4.86	%
Net assets, end of period (in 000s)	$	10,857		$	13,454		$	19,069		$	27,099		$	94,118		$	121,778
Ratio of net expenses to average net assets(d)		1.30	%(e)		1.32	%		1.33	%		1.34	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.34	%(e)		1.37	%		1.39	%		1.36	%		1.38	%		1.39	%
Ratio of net investment income (loss) to average net assets(b)		(0.45	)%(e)		0.45	%		0.66	%		0.11	%		0.50	%		0.18	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.56		$	14.31		$	12.29		$	13.85		$	12.21		$	11.66
Net investment income(a)(b)		0.06			0.25			0.27			0.20			0.24			0.17
Net realized and unrealized gain (loss)		1.31			1.54			2.08			(1.39	)		1.78			0.55
Total from investment operations		1.37			1.79			2.35			(1.19	)		2.02			0.72
Distributions to shareholders from net investment income		(0.07	)		(0.28	)		(0.33	)		(0.37	)		(0.38	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.07	)		(0.54	)		(0.33	)		(0.37	)		(0.38	)		(0.17	)
Net asset value, end of period	$	16.86		$	15.56		$	14.31		$	12.29		$	13.85		$	12.21
Total return(c)		8.83	%		12.68	%		19.17	%		(8.63	)%		16.60	%		6.15	%
Net assets, end of period (in 000s)	$	383,005		$	364,206		$	371,610		$	360,006		$	574,136		$	455,273
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.20	%		0.20	%		0.19	%		0.19	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.24	%		0.25	%		0.22	%		0.23	%		0.24	%
Ratio of net investment income to average net assets(b)		0.69	%(e)		1.77	%		2.01	%		1.48	%		1.80	%		1.42	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.48		$	14.23		$	12.23		$	13.77		$	12.14		$	11.60
Net investment income(a)(b)		0.02			0.16			0.21			0.15			0.17			0.11
Net realized and unrealized gain (loss)		1.30			1.56			2.05			(1.38	)		1.77			0.54
Total from investment operations		1.32			1.72			2.26			(1.23	)		1.94			0.65
Distributions to shareholders from net investment income		(0.03	)		(0.21	)		(0.26	)		(0.31	)		(0.31	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.03	)		(0.47	)		(0.26	)		(0.31	)		(0.31	)		(0.11	)
Net asset value, end of period	$	16.77		$	15.48		$	14.23		$	12.23		$	13.77		$	12.14
Total return(c)		8.49	%		12.18	%		18.51	%		(9.00	)%		16.03	%		5.58	%
Net assets, end of period (in 000s)	$	2,738		$	2,669		$	2,920		$	2,780		$	3,414		$	3,253
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.70	%		0.70	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.73	%(e)		0.74	%		0.75	%		0.72	%		0.73	%		0.74	%
Ratio of net investment income to average net assets(b)		0.19	%(e)		1.17	%		1.53	%		1.13	%		1.27	%		0.90	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.44		$	14.19		$	12.20		$	13.74		$	12.12		$	11.57
Net investment income(a)(b)		0.05			0.23			0.26			0.20			0.23			0.16
Net realized and unrealized gain (loss)		1.29			1.54			2.04			(1.38	)		1.75			0.54
Total from investment operations		1.34			1.77			2.30			(1.18	)		1.98			0.70
Distributions to shareholders from net investment income		(0.06	)		(0.26	)		(0.31	)		(0.36	)		(0.36	)		(0.15	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.06	)		(0.52	)		(0.31	)		(0.36	)		(0.36	)		(0.15	)
Net asset value, end of period	$	16.72		$	15.44		$	14.19		$	12.20		$	13.74		$	12.12
Total return(c)		8.71	%		12.64	%		18.91	%		(8.68	)%		16.39	%		6.04	%
Net assets, end of period (in 000s)	$	8,985		$	7,997		$	7,670		$	7,366		$	7,241		$	4,769
Ratio of net expenses to average net assets(d)		0.30	%(e)		0.32	%		0.33	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.34	%(e)		0.37	%		0.39	%		0.36	%		0.38	%		0.39	%
Ratio of net investment income(b)		0.59	%(e)		1.64	%		1.92	%		1.48	%		1.72	%		1.37	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.55		$	14.30		$	12.29		$	13.85		$	12.20		$	11.66
Net investment income(a)(b)		0.06			0.22			0.26			0.36			0.30			0.17
Net realized and unrealized gain (loss)		1.31			1.57			2.08			(1.54	)		1.73			0.54
Total from investment operations		1.37			1.79			2.34			(1.18	)		2.03			0.71
Distributions to shareholders from net investment income		(0.07	)		(0.28	)		(0.33	)		(0.38	)		(0.38	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.07	)		(0.54	)		(0.33	)		(0.38	)		(0.38	)		(0.17	)
Net asset value, end of period	$	16.85		$	15.55		$	14.30		$	12.29		$	13.85		$	12.20
Total return(c)		8.84	%		12.70	%		19.10	%		(8.61	)%		16.71	%		6.07	%
Net assets, end of period (in 000s)	$	5,073		$	4,694		$	6,300		$	6,331		$	84		$	10
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.19	%		0.19	%		0.18	%		0.19	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.23	%		0.24	%		0.22	%		0.22	%		0.23	%
Ratio of net investment income(b)		0.70	%(e)		1.59	%		1.92	%		2.67	%		2.21	%		1.43	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.39		$	14.15		$	12.17		$	13.70		$	12.09		$	11.56
Net investment income(a)(b)		0.01			0.16			0.20			0.13			0.18			0.09
Net realized and unrealized gain (loss)		1.29			1.53			2.02			(1.37	)		1.73			0.54
Total from investment operations		1.30			1.69			2.22			(1.24	)		1.91			0.63
Distributions to shareholders from net investment income		(0.03	)		(0.19	)		(0.24	)		(0.29	)		(0.30	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—			—			—
Total distributions		(0.03	)		(0.45	)		(0.24	)		(0.29	)		(0.30	)		(0.10	)
Net asset value, end of period	$	16.66		$	15.39		$	14.15		$	12.17		$	13.70		$	12.09
Total return(c)		8.46	%		12.05	%		18.30	%		(9.10	)%		15.83	%		5.40	%
Net assets, end of period (in 000s)	$	5,791		$	5,270		$	4,991		$	4,251		$	5,441		$	2,659
Ratio of net expenses to average net assets(d)		0.80	%(e)		0.82	%		0.83	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.84	%(e)		0.87	%		0.89	%		0.86	%		0.88	%		0.89	%
Ratio of net investment income to average net assets(b)		0.08	%(e)		1.15	%		1.46	%		1.00	%		1.35	%		0.75	%
Portfolio turnover rate(f)		2	%		13	%		61	%		32	%		81	%		67	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	15.55		$	14.30		$	12.29		$	13.91
Net investment income(b)(c)		0.06			0.26			0.29			0.23
Net realized and unrealized gain (loss)		1.31			1.53			2.05			(1.52	)
Total from investment operations		1.37			1.79			2.34			(1.29	)
Distributions to shareholders from net investment income		(0.07	)		(0.28	)		(0.33	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.26	)		—			—
Total distributions		(0.07	)		(0.54	)		(0.33	)		(0.33	)
Net asset value, end of period	$	16.85		$	15.55		$	14.30		$	12.29
Total return(d)		8.84	%		12.70	%		19.10	%		(9.29	)%
Net assets, end of period (in 000s)	$	252,440		$	228,953		$	212,702		$	185,028
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.22	%(f)		0.23	%		0.24	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		0.70	%(f)		1.80	%		2.12	%		2.48	%(f)
Portfolio turnover rate(g)		2	%		13	%		61	%		32	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.88		$	16.18		$	13.73		$	15.83		$	13.39		$	12.70
Net investment income(a)(b)		0.01			0.19			0.25			0.19			0.15			0.11
Net realized and unrealized gain (loss)		2.09			2.07			2.80			(1.93	)		2.67			0.70
Total from investment operations		2.10			2.26			3.05			(1.74	)		2.82			0.81
Distributions to shareholders from net investment income		—			(0.21	)		(0.32	)		(0.36	)		(0.38	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.56	)		(0.60	)		(0.36	)		(0.38	)		(0.12	)
Net asset value, end of period	$	19.98		$	17.88		$	16.18		$	13.73		$	15.83		$	13.39
Total return(c)		11.69	%		13.96	%		22.24	%		(10.98	)%		21.02	%		6.38	%
Net assets, end of period (in 000s)	$	382,720		$	353,363		$	338,384		$	308,475		$	316,078		$	301,331
Ratio of net expenses to average net assets(d)		0.55	%(e)		0.57	%		0.58	%		0.59	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.64	%		0.65	%		0.62	%		0.63	%		0.65	%
Ratio of net investment income to average net assets(b)		0.11	%(e)		1.18	%		1.61	%		1.19	%		1.00	%		0.83	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	18.27		$	16.51		$	13.98		$	15.81		$	13.37		$	12.68
Net investment income (loss)(a)(b)		(0.07	)		0.05			0.10			(0.03	)		0.03			0.01
Net realized and unrealized gain (loss)		2.14			2.11			2.87			(1.80	)		2.66			0.70
Total from investment operations		2.07			2.16			2.97			(1.83	)		2.69			0.71
Distributions to shareholders from net investment income		—			(0.05	)		(0.16	)		—			(0.25	)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.40	)		(0.44	)		—			(0.25	)		(0.02	)
Net asset value, end of period	$	20.34		$	18.27		$	16.51		$	13.98		$	15.81		$	13.37
Total return(c)		11.28	%		13.10	%		21.31	%		(11.58	)%		20.08	%		5.57	%
Net assets, end of period (in 000s)	$	19,613		$	22,590		$	29,424		$	36,201		$	126,894		$	144,292
Ratio of net expenses to average net assets(d)		1.30	%(e)		1.32	%		1.33	%		1.34	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.35	%(e)		1.39	%		1.40	%		1.37	%		1.38	%		1.40	%
Ratio of net investment income (loss) to average net assets(b)		(0.68	)%(e)		0.28	%		0.64	%		(0.20	)%		0.18	%		0.08	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.86		$	16.17		$	13.72		$	15.81		$	13.37		$	12.69
Net investment income(a)(b)		0.04			0.25			0.24			0.19			0.22			0.17
Net realized and unrealized gain (loss)		2.10			2.06			2.87			(1.87	)		2.66			0.69
Total from investment operations		2.14			2.31			3.11			(1.68	)		2.88			0.86
Distributions to shareholders from net investment income		—			(0.27	)		(0.38	)		(0.41	)		(0.44	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.62	)		(0.66	)		(0.41	)		(0.44	)		(0.18	)
Net asset value, end of period	$	20.00		$	17.86		$	16.17		$	13.72		$	15.81		$	13.37
Total return(c)		11.98	%		14.29	%		22.77	%		(10.65	)%		21.53	%		6.76	%
Net assets, end of period (in 000s)	$	211,503		$	169,166		$	147,389		$	247,863		$	455,902		$	335,237
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.20	%		0.20	%		0.20	%		0.19	%
Ratio of total expenses to average net assets(d)		0.24	%(e)		0.26	%		0.26	%		0.23	%		0.24	%		0.25	%
Ratio of net investment income to average net assets(b)		0.47	%(e)		1.58	%		1.59	%		1.22	%		1.46	%		1.33	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.83		$	16.13		$	13.69		$	15.77		$	13.35		$	12.67
Net investment income (loss)(a)(b)		—	(c)		0.15			0.22			0.15			0.15			0.10
Net realized and unrealized gain (loss)		2.08			2.08			2.80			(1.90	)		2.64			0.69
Total from investment operations		2.08			2.23			3.02			(1.75	)		2.79			0.79
Distributions to shareholders from net investment income		—			(0.18	)		(0.30	)		(0.33	)		(0.37	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.53	)		(0.58	)		(0.33	)		(0.37	)		(0.11	)
Net asset value, end of period	$	19.91		$	17.83		$	16.13		$	13.69		$	15.77		$	13.35
Total return(d)		11.61	%		13.81	%		22.10	%		(11.06	)%		20.88	%		6.26	%
Net assets, end of period (in 000s)	$	2,372		$	2,120		$	2,266		$	2,252		$	2,888		$	2,237
Ratio of net expenses to average net assets(e)		0.69	%(f)		0.69	%		0.70	%		0.70	%		0.70	%		0.69	%
Ratio of total expenses to average net assets(e)		0.74	%(f)		0.76	%		0.77	%		0.73	%		0.74	%		0.75	%
Ratio of net investment income (loss) to average net assets(b)		(0.03	)%(f)		0.94	%		1.47	%		0.96	%		1.00	%		0.81	%
Portfolio turnover rate(g)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.60		$	15.93		$	13.53		$	15.59		$	13.20		$	12.52
Net investment income(a)(b)		0.03			0.22			0.28			0.18			0.23			0.15
Net realized and unrealized gain (loss)		2.06			2.05			2.76			(1.86	)		2.58			0.69
Total from investment operations		2.09			2.27			3.04			(1.68	)		2.81			0.84
Distributions to shareholders from net investment income		—			(0.25	)		(0.36	)		(0.38	)		(0.42	)		(0.16	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.60	)		(0.64	)		(0.38	)		(0.42	)		(0.16	)
Net asset value, end of period	$	19.69		$	17.60		$	15.93		$	13.53		$	15.59		$	13.20
Total return(c)		11.88	%		14.24	%		22.50	%		(10.74	)%		21.30	%		6.70	%
Net assets, end of period (in 000s)	$	7,811		$	7,004		$	7,204		$	6,477		$	8,008		$	4,352
Ratio of net expenses to average net assets(d)		0.30	%(e)		0.32	%		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.35	%(e)		0.39	%		0.40	%		0.37	%		0.39	%		0.40	%
Ratio of net investment income(b)		0.36	%(e)		1.38	%		1.85	%		1.14	%		1.54	%		1.18	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.87		$	16.17		$	13.72		$	15.81		$	13.37		$	12.68
Net investment income(a)(b)		0.04			0.21			0.31			0.39			0.17			0.17
Net realized and unrealized gain (loss)		2.09			2.11			2.80			(2.06	)		2.71			0.70
Total from investment operations		2.13			2.32			3.11			(1.67	)		2.88			0.87
Distributions to shareholders from net investment income		—			(0.27	)		(0.38	)		(0.42	)		(0.44	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.62	)		(0.66	)		(0.42	)		(0.44	)		(0.18	)
Net asset value, end of period	$	20.00		$	17.87		$	16.17		$	13.72		$	15.81		$	13.37
Total return(c)		11.92	%		14.35	%		22.72	%		(10.55	)%		21.51	%		6.76	%
Net assets, end of period (in 000s)	$	7,039		$	6,792		$	7,554		$	6,603		$	964		$	10
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.19	%		0.19	%		0.18	%		0.19	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.25	%		0.26	%		0.22	%		0.23	%		0.25	%
Ratio of net investment income(b)		0.47	%(e)		1.31	%		2.00	%		2.54	%		1.12	%		1.33	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	17.36		$	15.74		$	13.37		$	15.42		$	13.08		$	12.41
Net investment income (loss)(a)(b)		(0.01	)		0.15			0.20			0.14			0.16			0.08
Net realized and unrealized gain (loss)		2.03			1.99			2.73			(1.87	)		2.54			0.69
Total from investment operations		2.02			2.14			2.93			(1.73	)		2.70			0.77
Distributions to shareholders from net investment income		—			(0.17	)		(0.28	)		(0.32	)		(0.36	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—			—			—
Total distributions		—			(0.52	)		(0.56	)		(0.32	)		(0.36	)		(0.10	)
Net asset value, end of period	$	19.38		$	17.36		$	15.74		$	13.37		$	15.42		$	13.08
Total return(c)		11.58	%		13.61	%		21.98	%		(11.18	)%		20.67	%		6.16	%
Net assets, end of period (in 000s)	$	7,034		$	6,353		$	6,400		$	5,475		$	6,334		$	2,548
Ratio of net expenses to average net assets(d)		0.80	%(e)		0.82	%		0.83	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.89	%		0.90	%		0.87	%		0.89	%		0.90	%
Ratio of net investment income (loss) to average net assets(b)		(0.14	)%(e)		0.94	%		1.36	%		0.90	%		1.06	%		0.65	%
Portfolio turnover rate(f)		2	%		8	%		69	%		29	%		85	%		59	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	17.87		$	16.17		$	13.72		$	15.96
Net investment income(b)(c)		0.05			0.26			0.32			0.28
Net realized and unrealized gain (loss)		2.09			2.06			2.79			(2.10	)
Total from investment operations		2.14			2.32			3.11			(1.82	)
Distributions to shareholders from net investment income		—			(0.27	)		(0.38	)		(0.42	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.28	)		—
Total distributions		—			(0.62	)		(0.66	)		(0.42	)
Net asset value, end of period	$	20.01		$	17.87		$	16.17		$	13.72
Total return(d)		11.92	%		14.36	%		22.72	%		(11.39	)%
Net assets, end of period (in 000s)	$	249,389		$	207,786		$	183,763		$	148,866
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.25	%		0.26	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		0.49	%(f)		1.62	%		2.08	%		2.56	%(f)
Portfolio turnover rate(g)		2	%		8	%		69	%		29	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.56		$	8.45		$	7.38		$	8.45		$	7.64		$	7.45
Net investment income(a)(b)		0.08			0.15			0.27			0.19			0.20			0.20
Net realized and unrealized gain (loss)		0.62			0.11			1.08			(1.06	)		0.88			0.24
Total from investment operations		0.70			0.26			1.35			(0.87	)		1.08			0.44
Distributions to shareholders from net investment income		(0.08	)		(0.15	)		(0.28	)		(0.20	)		(0.27	)		(0.25	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.08	)		(0.15	)		(0.28	)		(0.20	)		(0.27	)		(0.25	)
Net asset value, end of period	$	9.18		$	8.56		$	8.45		$	7.38		$	8.45		$	7.64
Total return(d)		8.11	%		3.40	%		18.38	%		(10.39	)%		14.28	%		5.92	%
Net assets, end of period (in 000s)	$	49,043		$	46,265		$	46,921		$	39,384		$	53,090		$	84,529
Ratio of net expenses to average net assets(e)		0.53	%(f)		0.55	%		0.56	%		0.56	%		0.57	%		0.57	%
Ratio of total expenses to average net assets(e)		0.75	%(f)		0.75	%		0.66	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assets(b)		1.83	%(f)		1.90	%		3.30	%		2.35	%		2.42	%		2.62	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.54		$	8.42		$	7.34		$	8.40		$	7.60		$	7.41
Net investment income(a)(b)		0.03			0.07			0.16			0.12			0.14			0.15
Net realized and unrealized gain (loss)		0.64			0.13			1.12			(1.04	)		0.87			0.23
Total from investment operations		0.67			0.20			1.28			(0.92	)		1.01			0.38
Distributions to shareholders from net investment income		(0.03	)		(0.08	)		(0.20	)		(0.14	)		(0.21	)		(0.19	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.03	)		(0.08	)		(0.20	)		(0.14	)		(0.21	)		(0.19	)
Net asset value, end of period	$	9.18		$	8.54		$	8.42		$	7.34		$	8.40		$	7.60
Total return(d)		7.76	%		2.59	%		17.55	%		(11.07	)%		13.37	%		5.17	%
Net assets, end of period (in 000s)	$	2,652		$	5,772		$	16,235		$	28,041		$	44,710		$	53,575
Ratio of net expenses to average net assets(e)		1.27	%(f)		1.30	%		1.31	%		1.31	%		1.32	%		1.32	%
Ratio of total expenses to average net assets(e)		1.48	%(f)		1.49	%		1.40	%		1.36	%		1.36	%		1.36	%
Ratio of net investment income to average net assets(b)		0.78	%(f)		0.95	%		2.01	%		1.53	%		1.78	%		1.94	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.54		$	8.43		$	7.36		$	8.43		$	7.62		$	7.43
Net investment income(a)(b)		0.09			0.17			0.27			0.21			0.24			0.23
Net realized and unrealized gain (loss)		0.63			0.12			1.11			(1.05	)		0.88			0.24
Total from investment operations		0.72			0.29			1.38			(0.84	)		1.12			0.47
Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.10	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)
Net asset value, end of period	$	9.16		$	8.54		$	8.43		$	7.36		$	8.43		$	7.62
Total return(d)		8.19	%		3.81	%		18.86	%		(10.06	)%		14.80	%		6.38	%
Net assets, end of period (in 000s)	$	63,366		$	99,006		$	194,783		$	260,987		$	488,118		$	509,681
Ratio of net expenses to average net assets(e)		0.17	%(f)		0.17	%		0.18	%		0.17	%		0.17	%		0.17	%
Ratio of total expenses to average net assets(e)		0.38	%(f)		0.36	%		0.27	%		0.22	%		0.22	%		0.21	%
Ratio of net investment income to average net assets(b)		1.99	%(f)		2.19	%		3.38	%		2.62	%		2.96	%		3.08	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.56		$	8.44		$	7.37		$	8.43		$	7.63		$	7.43
Net investment income(a)(b)		0.07			0.13			0.25			0.18			0.20			0.18
Net realized and unrealized gain (loss)		0.63			0.13			1.09			(1.05	)		0.86			0.26
Total from investment operations		0.70			0.26			1.34			(0.87	)		1.06			0.44
Distributions to shareholders from net investment income		(0.08	)		(0.14	)		(0.27	)		(0.19	)		(0.26	)		(0.24	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.08	)		(0.14	)		(0.27	)		(0.19	)		(0.26	)		(0.24	)
Net asset value, end of period	$	9.18		$	8.56		$	8.44		$	7.37		$	8.43		$	7.63
Total return(d)		7.92	%		3.32	%		18.25	%		(10.41	)%		14.06	%		5.92	%
Net assets, end of period (in 000s)	$	138		$	128		$	258		$	243		$	350		$	408
Ratio of net expenses to average net assets(e)		0.67	%(f)		0.67	%		0.68	%		0.67	%		0.67	%		0.67	%
Ratio of total expenses to average net assets(e)		0.88	%(f)		0.86	%		0.78	%		0.72	%		0.72	%		0.71	%
Ratio of net investment income to average net assets(b)		1.70	%(f)		1.62	%		3.13	%		2.20	%		2.41	%		2.40	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.53		$	8.43		$	7.36		$	8.43		$	7.62		$	7.43
Net investment income(a)(b)		0.09			0.16			0.27			0.20			0.22			0.23
Net realized and unrealized gain (loss)		0.63			0.11			1.10			(1.05	)		0.88			0.23
Total from investment operations		0.72			0.27			1.37			(0.85	)		1.10			0.46
Distributions to shareholders from net investment income		(0.09	)		(0.17	)		(0.30	)		(0.22	)		(0.29	)		(0.27	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.09	)		(0.17	)		(0.30	)		(0.22	)		(0.29	)		(0.27	)
Net asset value, end of period	$	9.16		$	8.53		$	8.43		$	7.36		$	8.43		$	7.62
Total return(d)		8.26	%		3.55	%		18.71	%		(10.19	)%		14.62	%		6.22	%
Net assets, end of period (in 000s)	$	16,197		$	18,816		$	22,706		$	27,782		$	46,011		$	58,740
Ratio of net expenses to average net assets(e)		0.28	%(f)		0.30	%		0.32	%		0.31	%		0.32	%		0.32	%
Ratio of total expenses to average net assets(e)		0.49	%(f)		0.50	%		0.41	%		0.36	%		0.36	%		0.36	%
Ratio of net investment income(b)		1.99	%(f)		2.12	%		3.39	%		2.53	%		2.74	%		3.02	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.55		$	8.44		$	7.36		$	8.43		$	7.63		$	7.44
Net investment income(a)(b)		0.10			0.14			0.29			0.23			0.25			0.63
Net realized and unrealized gain (loss)		0.63			0.15			1.10			(1.07	)		0.86			(0.15	)
Total from investment operations		0.73			0.29			1.39			(0.84	)		1.11			0.48
Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.01	)
Total distributions		(0.10	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)		(0.29	)
Net asset value, end of period	$	9.18		$	8.55		$	8.44		$	7.36		$	8.43		$	7.63
Total return(c)		8.30	%		3.79	%		19.02	%		(10.04	)%		14.66	%		6.40	%
Net assets, end of period (in 000s)	$	875		$	815		$	45,956		$	44,046		$	40,326		$	33,805
Ratio of net expenses to average net assets(d)		0.16	%(e)		0.16	%		0.17	%		0.16	%		0.16	%		0.15	%
Ratio of total expenses to average net assets(d)		0.37	%(e)		0.33	%		0.26	%		0.22	%		0.20	%		0.17	%
Ratio of net investment income(b)		2.19	%(e)		1.79	%		3.59	%		2.88	%		3.09	%		8.15	%
Portfolio turnover rate(f)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.53		$	8.42		$	7.35		$	8.41		$	7.61		$	7.42
Net investment income(a)(b)		0.07			0.12			0.23			0.17			0.19			0.19
Net realized and unrealized gain (loss)		0.63			0.12			1.09			(1.05	)		0.86			0.23
Total from investment operations		0.70			0.24			1.32			(0.88	)		1.05			0.42
Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.25	)		(0.18	)		(0.25	)		(0.23	)
Distributions to shareholders from return of capital		—			—			—			—			—			0.00	(c)
Total distributions		(0.07	)		(0.13	)		(0.25	)		(0.18	)		(0.25	)		(0.23	)
Net asset value, end of period	$	9.16		$	8.53		$	8.42		$	7.35		$	8.41		$	7.61
Total return(d)		7.98	%		3.09	%		18.12	%		(10.56	)%		13.94	%		5.71	%
Net assets, end of period (in 000s)	$	630		$	724		$	1,140		$	1,955		$	2,645		$	2,788
Ratio of net expenses to average net assets(e)		0.78	%(f)		0.80	%		0.81	%		0.81	%		0.82	%		0.82	%
Ratio of total expenses to average net assets(e)		0.99	%(f)		0.99	%		0.91	%		0.86	%		0.86	%		0.86	%
Ratio of net investment income to average net assets(b)		1.51	%(f)		1.56	%		2.88	%		2.09	%		2.33	%		2.49	%
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%		57	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	8.55		$	8.44		$	7.37		$	8.37
Net investment income(b)(c)		0.10			0.18			0.30			0.20
Net realized and unrealized gain (loss)		0.62			0.11			1.08			(1.01	)
Total from investment operations		0.72			0.29			1.38			(0.81	)
Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.31	)		(0.19	)
Net asset value, end of period	$	9.17		$	8.55		$	8.44		$	7.37
Total return(d)		8.30	%		3.82	%		18.85	%		(9.76	)%
Net assets, end of period (in 000s)	$	3,145		$	3,743		$	3,722		$	2,902
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.16	%		0.17	%		0.16	%(f)
Ratio of total expenses to average net assets(e)		0.37	%(f)		0.36	%		0.27	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		2.17	%(f)		2.31	%		3.70	%		3.51	%(f)
Portfolio turnover rate(g)		27	%		5	%		6	%		17	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements

June 30, 2021 (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 “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act.

Portfolio	Share Classes Offered	Diversified/ Non-diversified
All Portfolios	A, C, Institutional, Service, Investor, R6, R, P	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 R6, Class R and Class P 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 Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”).

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 Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The valuation policy of the Portfolios and Underlying Funds 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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 Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios 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.

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

D.  Federal Taxes and Distributions to Shareholders — It is each Portfolio’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

60

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio 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:

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/ Paid
Balanced Strategy, Growth and Income Strategy and Satellite Strategies	Quarterly	Annually
Growth Strategy	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 Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ 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 Portfolios 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 Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios’, 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

61

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Portfolios, 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:

Underlying Funds (including Money Market Funds) — Underlying Funds include ETFs and other investment companies. 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio 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 Portfolio 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 Portfolio, 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.

A forward foreign currency exchange contract is a forward contract in which a Portfolio 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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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 Portfolio 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 Portfolio 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.

62

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii.  Options — When a Portfolio 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 swap contracts.

Upon the purchase of a call option or a put option by a Portfolio, 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.

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 Portfolio’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 Portfolio’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 Portfolios’ investments and derivatives classified in the fair value hierarchy as of June 30.2021:

BALANCED STRATEGY PORTFOLIO
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	56,222,673	$	—		$	—
Equity		168,795,554		—			—
Exchange Traded Funds		106,947,266		—			—
Fixed Income		200,035,818		—			—
Investment Company		22,431,770		—			—
Total	$	554,433,081	$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	895,044		$	—
Futures Contracts(a)		575,287		—			—
Options Purchased		1,285,038		—			—
Total	$	1,860,325	$	895,044		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—	$	(7,083	)	$	—

63

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH AND INCOME STRATEGY PORTFOLIO
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	71,977,532	$	—		$	—
Equity		398,435,865		—			—
Exchange Traded Funds		293,523,834		—			—
Fixed Income		158,310,343		—			—
Investment Company		36,836,176		—			—
Total	$	959,083,750	$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	1,725,673		$	—
Futures Contracts(a)		795,059		—			—
Options Purchased		2,230,988		—			—
Total	$	3,026,047	$	1,725,673		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—	$	(29,134	)	$	—

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

GROWTH STRATEGY PORTFOLIO
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Dynamic	$	40,199,909	$	—	$	—
Equity		467,792,363		—		—
Exchange Traded Funds		272,432,956		—		—
Fixed Income		53,557,356		—		—
Investment Company		36,197,382		—		—
Total	$	870,179,966	$	—	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	1,245,659	$	—
Futures Contracts(a)		884,127		—		—
Options Purchased		2,308,238		—		—
Total	$	3,192,365	$	1,245,659	$	—

64

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SATELLITE STRATEGIES PORTFOLIO
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	84,753,517	$	—	$	—
Exchange Traded Funds		4,322,799		—		—
Fixed Income		45,179,538		—		—
Total	$	134,255,854	$	—	$	—

(a) 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 June 30, 2021. These instruments were used as part of the Portfolios’ 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 Portfolios’ net exposure.

Balanced Strategy Portfolio
Risk	Statement of Assets and Liabilities				Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	1,394,258	(a)		$	—
Equity	Variation margin on futures contracts		466,067	(a)			—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		895,044		Payable for unrealized loss on forward foreign currency exchange contracts.		(7,083)
Total		$	2,755,369			$	(7,083)
Growth and Income Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	2,438,735	(a)		$	—
Equity	Variation margin on futures contracts		587,312	(a)			—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,725,673		Payable for unrealized loss on forward foreign currency exchange contracts.		(29,134)
Total		$	4,751,720			$	(29,134)

65

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	884,127	(a)	Payable for unrealized loss on purchase options contracts	$	76,797
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,245,659				—
Total		$	2,129,786			$	76,797

(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 June 30, 2021 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six month ended June 30, 2021. 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:

Balanced Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options	$	(66,105	)	$	(401,594	)
Equity	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options		3,909,934			(454,727	)
Currency	Net realized gain from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts		31,312			1,256,133
Total		$	3,875,141		$	399,812
Growth and Income Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options	$	(350,108	)	$	(1,107,425	)
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain on futures contracts		5,178,467			(213,569	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts		(83,081	)		2,342,394
Total		$	4,745,278		$	1,021,400

66

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options	$	6,388,598		$	(939,788	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts		(22,610	)		1,756,543
Total		$	6,365,988		$	816,755

For the six month ended June 30, 2021, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units (a)
	Futures Contracts		Forward Contacts		Purchased Options		Written Options
Balanced Strategy		325	$	37,360,149		685,833		(5,324	)
Growth and Income Strategy		496		66,804,036		1,164,167		(8,792	)
Growth Strategy		471		49,529,690		1,166,250		(7,687	)

(a) Amounts(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolios, 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 Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.124% for the Satellite Strategies Portfolio and 0.15% for each of the other Portfolios.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Portfolio, 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 Portfolio, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Portfolio, 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 Portfolio, as set forth below.

67

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

The Trust, on behalf of Service Shares of each applicable Portfolio, 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 Portfolio, 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 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 Portfolios 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 June 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Portfolio	Class A		Class C
Balanced Strategy	$	5,262	$	64
Growth and Income Strategy		6,819		349
Growth Strategy		7,180		404
Satellite Strategies		384		—

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Portfolio, 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 Portfolios, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios 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: 0.16% 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 R6 and Class P 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 Portfolios (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 Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios 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 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 30, 2022 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

68

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Other Expense Reimbursements
Balanced Strategy	$	161,701
Growth and Income Strategy		183,218
Growth Strategy		188,140
Satellite Strategies		156,706

G.  Line of Credit Facility — As of June 30, 2021, the Portfolios participated in a $1,000,000,000 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 Portfolios based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2021, the Portfolios did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — The Portfolios invest primarily in the Class R6 Shares of the Underlying Funds

(except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Portfolios. The

tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2021 (in thousands):

Balanced Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value as of 06/30/2021		Shares as of 06/30/2021		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	54,505	$	—	$	—		$	—	$	(1,357	)	$	53,148		969	$	497
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		55,178		—		(8,485	)		2,564		4,542			53,799		625		305
Goldman Sachs Alternative Premia Fund — Class R6		10,365		—		—			—		210			10,575		1,502		—
Goldman Sachs Core Fixed Income Fund —Class R6		17,438		164		—			—		(478	)		17,124		1,558		164
Goldman Sachs Dynamic Global Equity Fund — Class R6		91,461		—		(15,250	)		2,598		9,505			88,314		3,573		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		16,969		3,333		—			—		(551	)		19,751		1,594		333
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		24,135		—		(2,500	)		364		2,647			24,646		1,861		—

69

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Balanced Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value as of 06/30/2021		Shares as of 06/30/2021		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	27,862	$	50,601	$	(56,031	)	$	—	$	—		$	22,432		22,432	$	3
Goldman Sachs Global Core Fixed Income Fund — Class R6		144,088		6,565		—			—		(4,355	)		146,298		11,421		1,063
Goldman Sachs Global Infrastructure Fund — Class R6		9,319		92		(33	)		—		896			10,274		799		137
Goldman Sachs Global Real Estate Securities Fund — Class R6		5,537		51		(10	)		8		825			6,411		546		83
Goldman Sachs High Yield Floating Rate Fund — Class R6		6,144		104		—			—		80			6,328		673		104
Goldman Sachs High Yield Fund — Class R6		5,506		137		—			—		36			5,679		870		137
Goldman Sachs International Equity Insights Fund — Class R6		26,386		—		(2,500	)		383		2,387			26,656		1,756		—
Goldman Sachs International Small Cap Insights Fund — Class R6		12,824		—		(2,000	)		184		1,486			12,494		873		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		5,072		94		—			—		(310	)		4,856		853		95
Goldman Sachs Managed Futures Strategy Fund — Class R6		16,009		—		—			—		582			16,591		1,533		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		27,119		—		—			—		1,938			29,057		2,807		—
Total	$	555,917	$	61,141	$	(86,809	)	$	6,101	$	18,083		$	554,433			$	2,921

Growth and Income Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value as of 06/30/2021		Shares as of 06/30/2021		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	88,640	$	—	$	—		$	—	$	(2,206	)	$	86,434		1,576	$	808
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		191,211		—		(9,230	)		2,429		22,680			207,090		2,407		1,080
Goldman Sachs Alternative Premia Fund — Class R6		8,522		—		—			—		173			8,695		1,235		—
Goldman Sachs Dynamic Global Equity Fund — Class R6		191,890		—		(17,000	)		3,491		23,697			202,078		8,175		—

70

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value as of 06/30/2021		Shares as of 06/30/2021		Dividend Income
Goldman Sachs Emerging Markets Debt Fund — Class R6	$	31,955	$	5,148	$	—		$	—	$	(1,064	)	$	36,039		2,909	$	648
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		53,314		—		(2,500	)		561		6,506			57,881		4,372		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		33,271		59,620		(56,055	)		—		—			36,836		36,836		4
Goldman Sachs Global Core Fixed Income Fund — Class R6		86,318		5,143		—			—		(2,607	)		88,854		6,936		643
Goldman Sachs Global Infrastructure Fund — Class R6		15,950		157		(57	)		—		1,535			17,585		1,367		234
Goldman Sachs Global Real Estate Securities Fund — Class R6		8,919		83		(17	)		13		1,330			10,328		879		133
Goldman Sachs High Yield Floating Rate Fund — Class R6		8,963		152		—			—		116			9,231		982		152
Goldman Sachs High Yield Fund — Class R6		9,595		239		—			—		62			9,896		1,515		239
Goldman Sachs International Equity Insights Fund — Class R6		82,040		—		(7,000	)		1,278		7,334			83,652		5,511		—
Goldman Sachs International Small Cap Insights Fund — Class R6		23,828		—		—			—		3,084			26,912		1,881		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		9,871		5,015		—			—		(596	)		14,290		2,512		216
Goldman Sachs Managed Futures Strategy Fund — Class R6		23,155		—		—			—		843			23,998		2,218		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		36,666		—		—			—		2,619			39,285		3,796		—
Total	$	904,108	$	75,557	$	(91,859	)	$	7,772	$	63,506		$	959,084			$	4,157

71

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Strategy Portfolio
Underlying Funds	Market Value 12/31/2020		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value 6/30/2021		Shares as of 6/30/2021		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	9,622	$	—	$	—		$	—	$	(240	)	$	9,382		171	$	87
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		231,434		—		—			—		31,616			263,050		3,058		1,374
Goldman Sachs Dynamic Global Equity Fund — Class R6		201,458		—		(9,001	)		1,180		27,087			220,724		8,929		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		31,594		6,606		—			—		(1,074	)		37,126		2,996		606
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		62,408		7,000		(5,000	)		822		7,577			72,807		5,499		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		23,241		72,180		(59,224	)		—		—			36,197		36,197		6
Goldman Sachs Global Infrastructure Fund — Class R6		15,288		151		(54	)		—		1,470			16,855		1,311		225
Goldman Sachs Global Real Estate Securities Fund — Class R6		7,497		69		(14	)		11		1,118			8,681		739		110
Goldman Sachs High Yield Fund — Class R6		7,720		192		—			—		49			7,961		1,219		192
Goldman Sachs International Equity Insights Fund — Class R6		92,110		7,000		—			—		10,266			109,376		7,205		—
Goldman Sachs International Small Cap Insights Fund — Class R6		32,183		6,000		(3,500	)		288		4,380			39,351		2,750		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		8,846		165		—			—		(541	)		8,470		1,489		165
Goldman Sachs Managed Futures Strategy Fund — Class R6		13,153		—		—			—		478			13,631		1,260		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		21,997		3,000		—			—		1,572			26,569		2,567		—
Total	$	758,551	$	102,363	$	(76,793	)	$	2,301	$	83,758		$	870,180			$	2,765

* Includes reinvestment of distributions.

72

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Satellite Strategies Portfolio
Underlying Funds	Market Value 12/31/2020		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2021		Shares as of 6/30/2021		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	7,688	$	—	$	(3,812	)	$	895		$	(448	)	$	4,323		106	$	22
Goldman Sachs Emerging Markets Debt Fund — Class R6		29,062		443		(8,065	)		729			(1,697	)		20,472		1,652		443
Goldman Sachs Emerging Markets Equity Fund — Class R6		10,511		—		(5,349	)		3,865			(2,989	)		6,038		183		—
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		7,381		2,600		(1,890	)		105			1,064			9,260		699		—
Goldman Sachs Global Infrastructure Fund — Class R6		25,913		9,148		(10,878	)		845			2,167			27,195		2,115		359
Goldman Sachs Global Real Estate Securities Fund — Class R6		31,230		68		(24,611	)		376			1,003			8,066		687		69
Goldman Sachs High Yield Floating Rate Fund — Class R6		10,511		136		(4,200	)		(78	)		209			6,578		700		136
Goldman Sachs High Yield Fund — Class R6		20,458		279		(13,665	)		1,451			(1,486	)		7,037		1,078		278
Goldman Sachs Inflation Protected Securities Fund — Class R6		—		9,035		(975	)		20			132			8,212		702		135
Goldman Sachs International Small Cap Insights Fund — Class R6		19,691		11,900		(7,440	)		1,168			2,227			27,546		1,925		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		9,315		101		(6,000	)		(500	)		(35	)		2,881		506		101
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		1,553		5,731		(2,140	)		(652	)		2,156			6,648		263		132
Total	$	173,313	$	39,441	$	(89,025	)	$	8,224		$	2,303		$	134,256			$	1,675

* Includes reinvestment of distributions.

73

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were as follows:

Portfolio	Purchases		Sales
Balanced Strategy	$	11,870,961	$	31,383,759
Growth and Income Strategy		18,243,610		36,789,528
Growth Strategy		32,567,834		18,489,388
Satellite Strategies		39,440,863		88,876,159

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, December 31, 2020, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Capital loss carryforwards:
Perpetual Long-Term	$	—		$	—		$	—		$	(27,526,340	)
Perpetual Short-Term		—			—			—			(598,576	)
Total capital loss carryforwards	$	—		$	—		$	—		$	(28,124,916	)
Timing differences (Qualified Late Year Ordinary Loss Deferral and Straddle Loss Deferral)	$	(903,749	)	$	(1,526,925	)	$	(1,177,465	)	$	—

As of June 30, 2021, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Tax Cost	$	490,357,384		$	782,482,325		$	660,471,179		$	104,828,992
Gross unrealized gain		71,439,709			192,056,034			219,806,696			34,159,204
Gross unrealized loss		(7,364,012	)		(15,454,609	)		(10,097,909	)		(4,732,342	)
Net unrealized gains (losses) on securities	$	64,075,697		$	176,601,425		$	209,708,787		$	29,426,862

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, options contracts, and foreign currency contracts.

GSAM has reviewed the Portfolios’ 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 Portfolios’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

74

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

8. OTHER RISKS

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

Derivatives Risk — The Portfolios’ 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 Portfolios. 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 Portfolio’s investments in dividend-paying securities could cause a Portfolio 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 Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in 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 Portfolio to produce current income.

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 Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations 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 Portfolio or an Underlying 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 Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk —The investments of a Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. A Portfolios’ investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, they may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A Portfolio or an Underlying 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 Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s NAV or an Underlying Fund 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 Portfolio’s or an Underlying Fund current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense or the Underlying Fund’s ratio. Similarly, large Portfolio share purchases may adversely

75

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

8. OTHER RISKS (continued)

affect a Portfolio’s or the Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund’s is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Portfolio or an Underlying 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 Portfolio or Underlying 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 Portfolio or Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying 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. These risks may be more pronounced in connection with a Portfolio investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio’s or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios 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 Statement 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.

76

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Balanced Strategy Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		443,188		$	5,706,726			806,106		$	9,371,853
Reinvestment of distributions		25,286			325,115			161,208			1,956,189
Shares redeemed		(628,955	)		(8,105,616	)		(1,388,358	)		(16,050,087	)
		(160,481	)		(2,073,775	)		(421,044	)		(4,722,045	)
Class C Shares
Shares sold		29,818			383,637			152,765			1,760,807
Reinvestment of distributions		135			1,715			8,805			109,881
Shares redeemed		(232,376	)		(3,005,152	)		(346,972	)		(4,036,182	)
		(202,423	)		(2,619,800	)		(185,402	)		(2,165,494	)
Institutional Shares
Shares sold		2,268,479			29,339,589			9,619,191			115,945,581
Reinvestment of distributions		138,005			1,780,813			692,210			8,350,848
Shares redeemed		(5,082,587	)		(65,579,581	)		(9,699,923	)		(114,183,314	)
		(2,676,103	)		(34,459,179	)		611,478			10,113,115
Service Shares
Shares sold		2			31			209			2,470
Shares redeemed		(2,893	)		(37,496	)		(12,403	)		(151,463	)
		(2,891	)		(37,465	)		(12,194	)		(148,993	)
Investor Shares
Shares sold		44,078			577,108			373,809			4,570,701
Reinvestment of distributions		1,629			20,930			10,916			133,619
Shares redeemed		(245,833	)		(3,121,230	)		(96,997	)		(1,089,565	)
		(200,126	)		(2,523,192	)		287,728			3,614,755
Class R6 Shares
Shares sold		2,247			28,974			10,357			121,259
Reinvestment of distributions		102			1,320			853			10,015
Shares redeemed		(4,214	)		(54,742	)		(48,256	)		(581,682	)
		(1,865	)		(24,448	)		(37,046	)		(450,408	)
Class R Shares
Shares sold		35,347			456,447			108,195			1,269,012
Reinvestment of distributions		1,526			19,409			13,214			159,999
Shares redeemed		(7,853	)		(100,182	)		(254,775	)		(3,003,397	)
		29,020			375,674			(133,366	)		(1,574,386	)
Class P Shares
Shares sold		868,508			11,193,131			424,684			4,981,602
Reinvestment of distributions		19,132			247,143			76,524			922,139
Shares redeemed		(150,827	)		(1,938,001	)		(831,434	)		(9,255,219	)
		736,813			9,502,273			(330,226	)		(3,351,478	)
NET DECREASE		(2,478,056	)	$	(31,859,912	)		(220,072	)	$	1,315,066

77

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		572,549		$	9,196,940			1,001,133		$	14,063,210
Reinvestment of distributions		46,307			737,240			568,375			8,516,207
Shares redeemed		(1,249,227	)		(20,127,145	)		(2,729,843	)		(38,118,863)
		(630,371	)		(10,192,965	)		(1,160,335	)		(15,539,446)
Class C Shares
Shares sold		53,040			831,701			88,895			1,236,549
Reinvestment of distributions		240			3,697			23,505			349,075
Shares redeemed		(279,306	)		(4,369,054	)		(592,480	)		(8,007,231)
		(226,026	)		(3,533,656	)		(480,080	)		(6,421,607)
Institutional Shares
Shares sold		1,697,991			27,298,374			5,182,916			76,541,111
Reinvestment of distributions		98,824			1,595,350			816,050			12,170,985
Shares redeemed		(2,484,527	)		(40,039,533	)		(8,571,487	)		(120,264,037)
		(687,712	)		(11,145,809	)		(2,572,521	)		(31,551,941)
Service Shares
Shares sold		8,337			133,449			4,849			69,559
Reinvestment of distributions		43			676			875			13,109
Shares redeemed		(17,495	)		(281,359	)		(38,494	)		(554,592)
		(9,115	)		(147,234	)		(32,770	)		(471,924)
Investor Shares
Shares sold		58,007			945,164			64,633			909,258
Reinvestment of distributions		2,012			32,154			17,938			265,906
Shares redeemed		(40,805	)		(654,269	)		(104,836	)		(1,448,110)
		19,214			323,049			(22,265	)		(272,946)
Class R6 Shares
Shares sold		27,191			435,362			28,686			413,366
Reinvestment of distributions		213			3,431			1,615			23,957
Shares redeemed		(28,137	)		(461,079	)		(169,079	)		(2,390,358)
		(733	)		(22,286	)		(138,778	)		(1,953,035)
Class R Shares
Shares sold		20,273			323,059			50,504			698,780
Reinvestment of distributions		653			10,264			10,189			152,171
Shares redeemed		(15,866	)		(251,492	)		(70,861	)		(969,139)
		5,060			81,831			(10,168	)		(118,188)
Class P Shares
Shares sold		1,125,787			18,098,087			1,164,270			16,936,910
Reinvestment of distributions		65,927			1,063,756			524,524			7,826,935
Shares redeemed		(931,640	)		(15,129,796	)		(1,844,068	)		(26,151,627)
		260,074			4,032,047			(155,274	)		(1,387,782)
NET DECREASE		(1,269,609	)	$	(20,605,023	)		(4,572,191	)	$	(57,716,869)

78

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Strategy Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		501,623		$	9,433,955			952,811		$	14,899,877
Reinvestment of distributions		—			—			562,692			9,975,598
Shares redeemed		(1,110,389	)		(20,968,818	)		(2,659,217	)		(41,661,077)
		(608,766	)		(11,534,863	)		(1,143,714	)		(16,785,602)
Class C Shares
Shares sold		111,655			2,120,701			115,961			1,857,819
Reinvestment of distributions		—			—			27,434			492,028
Shares redeemed		(383,988	)		(7,415,727	)		(688,823	)		(10,860,045)
		(272,333	)		(5,295,026	)		(545,428	)		(8,510,198)
Institutional Shares
Shares sold		3,488,745			63,726,627			3,336,916			56,246,806
Reinvestment of distributions		—			—			288,202			5,118,577
Shares redeemed		(2,382,980	)		(44,300,792	)		(3,273,219	)		(52,266,823)
		1,105,765			19,425,835			351,899			9,098,560
Service Shares
Shares sold		5,067			94,917			15,123			236,070
Reinvestment of distributions		—			—			882			15,576
Shares redeemed		(4,872	)		(93,565	)		(37,528	)		(619,839)
		195			1,352			(21,523	)		(368,193)
Investor Shares
Shares sold		44,265			838,948			93,099			1,429,337
Reinvestment of distributions		—			—			13,445			234,991
Shares redeemed		(45,565	)		(851,036	)		(160,653	)		(2,517,024)
		(1,300	)		(12,088	)		(54,109	)		(852,696)
Class R6 Shares
Shares sold		22,644			429,929			256,374			3,405,418
Reinvestment of distributions		—			—			9,131			162,156
Shares redeemed		(50,928	)		(953,271	)		(352,598	)		(5,980,284)
		(28,284	)		(523,342	)		(87,093	)		(2,412,710)
Class R Shares
Shares sold		17,222			315,441			71,249			1,119,560
Reinvestment of distributions		—			—			10,567			181,648
Shares redeemed		(20,133	)		(365,086	)		(122,574	)		(1,872,096)
		(2,911	)		(49,645	)		(40,758	)		(570,888)
Class P Shares
Shares sold		1,157,222			21,941,350			1,225,584			19,950,156
Reinvestment of distributions		—			—			394,137			7,003,021
Shares redeemed		(319,406	)		(6,053,761	)		(1,357,109	)		(20,758,491)
		837,816			15,887,589			262,612			6,194,686
NET INCREASE (DECREASE)		1,030,182		$	17,899,812			(1,278,114	)	$	(14,207,041)

79

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2021

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		406,160		$	3,579,884			1,145,188		$	8,749,162
Reinvestment of distributions		43,327			387,880			102,102			753,943
Shares redeemed		(515,359	)		(4,549,734	)		(1,394,131	)		(10,704,125)
		(65,872	)		(581,970	)		(146,841	)		(1,201,020)
Class C Shares
Shares sold		3,594			31,768			18,345			139,519
Reinvestment of distributions		1,047			9,469			12,367			88,754
Shares redeemed		(391,663	)		(3,439,237	)		(1,283,127	)		(9,821,116)
		(387,022	)		(3,398,000	)		(1,252,415	)		(9,592,843)
Institutional Shares
Shares sold		344,787			3,019,118			1,571,612			12,311,549
Reinvestment of distributions		75,110			668,813			307,906			2,265,956
Shares redeemed		(5,100,696	)		(44,658,911	)		(13,388,305	)		(106,106,332)
		(4,680,799	)		(40,970,980	)		(11,508,787	)		(91,528,827)
Service Shares
Shares sold		120			1,069			484			3,780
Reinvestment of distributions		74			665			293			2,112
Shares redeemed		(160	)		(1,449	)		(16,356	)		(128,273)
		34			285			(15,579	)		(122,381)
Investor Shares
Shares sold		117,911			1,048,943			378,548			2,930,215
Reinvestment of distributions		19,965			177,850			55,617			410,262
Shares redeemed		(574,036	)		(5,072,311	)		(923,864	)		(6,801,591)
		(436,160	)		(3,845,518	)		(489,699	)		(3,461,114)
Class R6 Shares
Shares sold		21,919			191,188			61,994			475,643
Reinvestment of distributions		1,016			9,084			7,453			54,297
Shares redeemed		(22,959	)		(202,610	)		(5,421,875	)		(45,667,982)
		(24	)		(2,338	)		(5,352,428	)		(45,138,042)
Class R Shares
Shares sold		2,263			19,969			13,336			96,817
Reinvestment of distributions		532			4,753			1,423			10,468
Shares redeemed		(18,915	)		(164,134	)		(65,276	)		(527,686)
		(16,120	)		(139,412	)		(50,517	)		(420,401)
Class P Shares
Shares sold		19,473			166,886			41,176			315,000
Reinvestment of distributions		3,696			33,058			10,376			77,222
Shares redeemed		(118,353	)		(1,030,268	)		(54,624	)		(448,609)
		(95,184	)		(830,324	)		(3,072	)		(56,387)
NET DECREASE		(5,681,147	)	$	(49,768,257	)		(18,819,338	)	$	(151,521,015)

80

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio, and Goldman Sachs Satellite Strategies Portfolio (the “Portfolios”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolios.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Portfolio, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Portfolio and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Portfolio’s peer group and/or benchmark index had high, medium, or low relevance given the Portfolio’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

(e) fee and expense information for the Portfolio, including:

(i) the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Portfolio’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds;

81

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolios and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolios. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made

82

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing those Underlying Funds.

The Trustees observed that the Balanced Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the three- and ten-year periods and in the third quartile for the one- and five-year periods, and had outperformed the Portfolio’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. They noted that the Growth and Income Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. The Trustees observed that the Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. They noted that the Satellite Strategies Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio’s net expenses to the peer and category medians. The analyses also compared each Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolios.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Portfolio shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

83

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Profitability

The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios.

The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Portfolios’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates;

84

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2022.

85

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Liquidity Risk Management Program (Unaudited)

Each Portfolio 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 Portfolio’s liquidity risk, i.e., the risk that a Portfolio is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Portfolio. 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 Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Portfolio’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 Portfolio that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Portfolio’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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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 Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other risks to which it may be subject.

86

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Portfolio Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Portfolio, 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 Portfolio expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Portfolios 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ 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 Portfolios 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 and do not include expenses of Underlying Funds in which the Portfolios invest. 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.

	Balanced Strategy Portfolio							Growth and Income Strategy Portfolio							Growth Strategy Portfolio							Satellite Strategies Portfolio
Share Class	Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*		Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*		Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*		Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*
Class A
Actual	$	1,000.00	$	1,053.90		$	2.80	$	1,000.00	$	1,086.10		$	2.84	$	1,000.00	$	1,116.90		$	2.89	$	1,000.00	$	1,081.10		$	2.73
Hypothetical 5% return		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.66
Class C
Actual		1,000.00		1,049.90			6.61		1,000.00		1,082.40			6.71		1,000.00		1,112.80			6.81		1,000.00		1,077.60			6.54
Hypothetical 5% return		1,000.00		1,018.35	+		6.51		1,000.00		1,018.35	+		6.51		1,000.00		1,018.35	+		6.51		1,000.00		1,018.50	+		6.36
Institutional
Actual		1,000.00		1,056.50			0.97		1,000.00		1,088.30			0.98		1,000.00		1,119.80			1.00		1,000.00		1,081.90			0.88
Hypothetical 5% return		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.95	+		0.85
Service
Actual		1,000.00		1,054.00			3.51		1,000.00		1,084.90			3.57		1,000.00		1,116.10			3.62		1,000.00		1,079.20			3.45
Hypothetical 5% return		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.36
Investor
Actual		1,000.00		1,055.40			1.53		1,000.00		1,087.10			1.55		1,000.00		1,118.80			1.58		1,000.00		1,082.60			1.45
Hypothetical 5% return		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.41	+		1.40
Class R6
Actual		1,000.00		1,056.60			0.92		1,000.00		1,088.40			0.93		1,000.00		1,119.20			0.95		1,000.00		1,083.00			0.83
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80
Class R
Actual		1,000.00		1,053.00			4.07		1,000.00		1,084.60			4.13		1,000.00		1,115.80			4.20		1,000.00		1,079.80			4.02
Hypothetical 5% return		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		3.91
Class P
Actual		1,000.00		1,055.70			0.92		1,000.00		1,088.40			0.93		1,000.00		1,119.20			0.95		1,000.00		1,083.00			0.83
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.80

* Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2021. 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:

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

Portfolios	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Balanced Strategy		0.55	%		1.30	%		0.19	%		0.69	%		0.30	%		0.18	%		0.80	%		0.18	%
Growth and Income Strategy		0.55			1.30			0.19			0.69			0.30			0.18			0.80			0.18
Growth Strategy		0.55			1.30			0.19			0.69			0.30			0.18			0.80			0.18
Satellite Strategies		0.53			1.27			0.17			0.67			0.28			0.16			0.78			0.16

87

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, 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 Portfolios. 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.

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio 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.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Portfolios 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 June 30, 2021 and may not be representative of future investments. Portfolio 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.

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 Portfolio’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 Portfolio 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).

© 2021 Goldman Sachs. All rights reserved. 249753-OTU-1459303 FFSAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Global Infrastructure Fund

Goldman Sachs Global Infrastructure Fund

TABLE OF CONTENTS
Fund Basics	1
Schedule of Investments	3
Financial Statements	5
Financial Highlights	8
Notes to Financial Statements	15
Other Information	25

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Global Infrastructure Fund

PERFORMANCE REVIEW
January 1, 2020–June 30, 2021	Fund Total Return (based on NAV)1			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)2
Class A		10.06	%		12.58	%
Class C		9.69			12.58
Institutional		10.22			12.58
Investor		10.18			12.58
Class R6		10.25			12.58
Class R		9.84			12.58
Class P		10.26			12.58

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 Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business. It is not possible to invest directly in an 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.

TOP 10 HOLDINGS AS OF 6/30/213
Holding	% of Net Assets			Line of Business	Country
American Tower Corp.		10.9	%	Equity Real Estate Investment Trusts	United States
Vinci SA		5.3		Construction & Engineering	France
Crown Castle International Corp.		5.0		Equity Real Estate Investment Trusts	United States
National Grid PLC		4.9		Multi-Utilities	United Kingdom
Enbridge, Inc		4.8		Oil, Gas & Consumable Fuels	Canada
Cellnex Telecom SA		4.3		Diversified Telecommunication Services	Spain
SBA Communication Corp.		3.8		Equity Real Estate Investment Trusts	United States
Sempra Energy		3.8		Multi-Utilities	United States
Transurban Group		3.1		Transportation Infrastructure	Australia
American Water World Co. Inc.		2.9		Water Utilities	United States

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

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2021

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). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. 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.

2

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.7%
Australia – 4.8%
	403,134	APA Group (Gas Utilities)	$	2,689,968
	167,363	NEXTDC Ltd. (IT Services)*		1,489,314
	707,357	Transurban Group (Transportation Infrastructure)		7,544,036
				11,723,318
Canada – 13.2%
	88,037	Boralex, Inc., Class A (Independent Power and Renewable Electricity Producers)		2,681,023
	291,235	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		11,660,207
	53,268	Fortis, Inc. (Electric Utilities)		2,357,870
	64,221	Keyera Corp. (Oil, Gas & Consumable Fuels)		1,725,719
	95,150	Northland Power, Inc. (Independent Power and Renewable Electricity Producers)		3,246,122
	181,962	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		5,782,094
	98,289	TC Energy Corp. (Oil, Gas & Consumable Fuels)		4,863,704
				32,316,739
China – 3.7%
	16,348,000	China Tower Corp. Ltd., Class H (Diversified Telecommunication Services)(a)		2,251,185
	96,000	ENN Energy Holdings Ltd. (Gas Utilities)		1,824,551
	20,461	GDS Holdings Ltd. ADR (IT Services)*		1,605,984
	690,000	Guangdong Investment Ltd. (Water Utilities)		991,057
	832,000	Jiangsu Expressway Co. Ltd., Class H (Transportation Infrastructure)		941,631
	1,686,000	Kunlun Energy Co. Ltd. (Gas Utilities)		1,552,113
				9,166,521
Denmark – 0.8%
	13,629	Orsted A/S (Electric Utilities)(a)		1,912,985
France – 7.7%
	14,002	Aeroports de Paris (Transportation Infrastructure)*		1,827,700
	178,122	Engie SA (Multi-Utilities)		2,442,507
	58,682	Veolia Environnement SA (Multi-Utilities)		1,774,004
	120,847	Vinci SA (Construction & Engineering)		12,918,259
				18,962,470
Germany – 0.5%
	18,996	Vonovia SE (Real Estate Management & Development)		1,227,624
Common Stocks – (continued)
Hong Kong – 0.9%
	1,362,619	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		2,115,771
Italy – 3.4%
	237,029	Atlantia SpA (Transportation Infrastructure)*		4,303,964
	454,677	Enav SpA (Transportation Infrastructure)*(a)		2,049,910
	224,062	Enel SpA (Electric Utilities)		2,082,176
				8,436,050
Japan – 0.5%
	29,600	Japan Airport Terminal Co. Ltd. (Transportation Infrastructure)*		1,329,730
Spain – 7.3%
	18,956	Aena SME SA (Transportation Infrastructure)*(a)		3,110,316
	81,535	Atlantica Sustainable Infrastructure PLC (Independent Power and Renewable Electricity Producers)		3,034,733
	163,199	Cellnex Telecom SA (Diversified Telecommunication Services)*(a)		10,409,018
	53,406	EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)		1,237,391
				17,791,458
Thailand – 0.7%
	912,000	Airports of Thailand PCL (Transportation Infrastructure)		1,766,413
United Kingdom – 6.1%
	4,166	Linde PLC (Chemicals)		1,204,391
	938,069	National Grid PLC (Multi-Utilities)		11,931,913
	1,203,088	Tritax EuroBox PLC (Equity Real Estate Investment Trusts)(a)		1,791,757
				14,928,061
United States – 47.1%
	81,063	AES Corp. (The) (Independent Power and Renewable Electricity Producers)		2,113,312
	31,169	Ameren Corp. (Multi-Utilities)		2,494,767
	98,669	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		26,654,444
	45,681	American Water Works Co., Inc. (Water Utilities)		7,040,812
	45,055	Atmos Energy Corp. (Gas Utilities)		4,330,236
	164,032	CenterPoint Energy, Inc. (Multi-Utilities)		4,022,065
	78,526	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)*		6,811,345
	51,131	CMS Energy Corp. (Multi-Utilities)		3,020,819
	22,694	Consolidated Edison, Inc. (Multi-Utilities)		1,627,614
	62,771	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		12,246,622

The accompanying notes are an integral part of these financial statements. 3

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	48,420	Edison International (Electric Utilities)	$	2,799,644
	52,718	Eversource Energy (Electric Utilities)		4,230,092
	115,775	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		2,110,578
	27,491	NextEra Energy Partners LP (Independent Power and Renewable Electricity Producers)		2,099,213
	48,114	NextEra Energy, Inc. (Electric Utilities)		3,525,794
	60,400	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		3,360,656
	180,705	PG&E Corp. (Electric Utilities)*		1,837,770
	29,134	SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs))		9,285,006
	69,143	Sempra Energy (Multi-Utilities)		9,160,065
	109,188	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		4,853,407
	82,235	Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels)		2,183,339
				115,807,600
	TOTAL COMMON STOCKS
	(Cost $193,831,091)		$	237,484,740
Shares		Dividend Rate	Value
Investment Company – 1.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,411,446	0.026%	$	3,411,446
	(Cost $3,411,446)
	TOTAL INVESTMENTS – 98.1%
	(Cost $197,242,537)		$	240,896,186
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			4,786,605
	NET ASSETS – 100.0%		$	245,682,791

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 Abbreviations:
ADR	—American Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $193,831,091)	$	237,484,740
Investments in affiliated issuers, at value (cost $3,411,446)		3,411,446
Cash		233,240
Foreign currency, at value (cost $49,982)		49,982
Receivables:
Fund shares sold		2,025,000
Investments sold		1,383,715
Dividends		1,270,625
Foreign tax reclaims		83,375
Reimbursement from investment adviser		16,084
Other assets		42,395
Total assets		246,000,602
Liabilities:
Payables:
Management fees		177,596
Fund shares redeemed		15,558
Distribution and Service fees and Transfer Agency fees		7,097
Accrued expenses		117,560
Total liabilities		317,811
Net Assets:
Paid-in capital		206,876,473
Total distributable earnings		38,806,318
NET ASSETS	$	245,682,791
Net Assets:
Class A	$	534,303
Class C		955,235
Institutional		7,688,011
Investor		222,316
Class R6		156,971,695
Class R		35,098
Class P		79,276,133
Total Net Assets	$	245,682,791
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		41,526
Class C		74,831
Institutional		596,504
Investor		17,275
Class R6		12,207,307
Class R		2,729
Class P		6,169,066
Net asset value, offering and redemption price per share:(a)
Class A		$12.87
Class C		12.77
Institutional		12.89
Investor		12.87
Class R6		12.86
Class R		12.86
Class P		12.85

(a) Maximum public offering price per share for Class A Shares is $13.62. 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. 5

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $197,459)	$	3,299,161
Dividends — affiliated issuers		638
Total investment income		3,299,799
Expenses:
Management fees		920,746
Registration fees		47,032
Professional fees		46,496
Transfer Agency fees(a)		32,078
Printing and mailing costs		23,390
Custody, accounting and administrative services		14,734
Trustee fees		11,012
Distribution and Service (12b-1) fees(a)		4,017
Service fees — Class C		1,128
Other		3,393
Total expenses		1,104,026
Less — expense reductions		(93,361	)
Net expenses		1,010,665
NET INVESTMENT INCOME		2,289,134
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		993,869
Foreign currency transactions		69,995
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		16,983,660
Foreign currency translations		(17,220	)
Net realized and unrealized gain		18,030,304
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,319,438

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

Distribution and/or Service (12b-1)  Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
$	551	$	3,383	$	83	$	352	$	722	$	1,450	$	160	$	23,767	$	26	$	5,601

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	2,289,134		$	2,593,906
Net realized gain		1,063,864			1,003,524
Net change in unrealized gain (loss)		16,966,440			(12,045,226	)
Net increase (decrease) in net assets resulting from operations		20,319,438			(8,447,796	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,903	)		(5,116	)
Class C Shares		(4,788	)		(7,652	)
Institutional Shares		(68,560	)		(90,063	)
Investor Shares		(1,862	)		(2,579	)
Class R6 Shares		(1,429,788	)		(2,440,099	)
Class R Shares		(217	)		(355	)
Class P Shares		(643,212	)		(111,437	)
From return of capital:
Class A Shares		—			(1,185	)
Class C Shares		—			(1,773	)
Institutional Shares		—			(20,864	)
Investor Shares		—			(597	)
Class R6 Shares		—			(565,276	)
Class R Shares		—			(82	)
Class P Shares		—			(25,815	)
Total distributions to shareholders		(2,152,330	)		(3,272,893	)
From share transactions:
Proceeds from sales of shares		79,079,096			38,721,064
Reinvestment of distributions		2,152,331			3,272,887
Cost of shares redeemed		(34,314,986	)		(46,559,951	)
Net increase (decrease) in net assets resulting from share transactions		46,916,441			(4,566,000	)
TOTAL INCREASE (DECREASE)		65,083,549			(16,286,689	)
Net assets:
Beginning of period		180,599,242			196,885,931
End of period	$	245,682,791		$	180,599,242

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.78		$	12.47		$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.12			0.14			0.18			0.19			0.22	(c)		0.06
Net realized and unrealized gain (loss)		1.06			(0.64	)		2.83			(1.19	)		0.99			0.01
Total from investment operations		1.18			(0.50	)		3.01			(1.00	)		1.21			0.07
Distributions to shareholders from net investment income		(0.09	)		(0.16	)		(0.19	)		(0.17	)		(0.20	)		(0.05	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		(0.03	)		—			—	(d)		(0.01	)
Total distributions		(0.09	)		(0.19	)		(0.22	)		(0.17	)		(0.25	)		(0.18	)
Net asset value, end of period	$	12.87		$	11.78		$	12.47		$	9.68		$	10.85		$	9.89
Total Return(e)		10.06	%		(3.97	)%		31.22	%		(9.31	)%		12.29	%		0.69	%
Net assets, end of period (in 000’s)	$	534		$	357		$	782		$	1,376		$	40		$	25
Ratio of net expenses to average net assets		1.35	%(f)		1.34	%		1.36	%		1.38	%		1.38	%		1.40	%(f)
Ratio of total expenses to average net assets		1.45	%(f)		1.56	%		1.51	%		1.51	%		6.20	%		15.63	%(f)
Ratio of net investment income to average net assets		2.02	%(f)		1.17	%		1.53	%		1.83	%		2.04	%(c)		1.19	%(f)
Portfolio turnover rate(g)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.70		$	12.41		$	9.65		$	10.84		$	9.88		$	10.00
Net investment income(b)		0.06			0.02			0.11			0.10			0.13	(c)		0.02
Net realized and unrealized gain (loss)		1.07			(0.62	)		2.80			(1.17	)		1.00			0.01
Total from investment operations		1.13			(0.60	)		2.91			(1.07	)		1.13			0.03
Distributions to shareholders from net investment income		(0.06	)		(0.09	)		(0.13	)		(0.12	)		(0.14	)		(0.02	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.03	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.02	)		—			—	(d)		(0.01	)
Total distributions		(0.06	)		(0.11	)		(0.15	)		(0.12	)		(0.17	)		(0.15	)
Net asset value, end of period	$	12.77		$	11.70		$	12.41		$	9.65		$	10.84		$	9.88
Total Return(e)		9.69	%		(4.78	)%		30.31	%		(9.96	)%		11.46	%		0.30	%
Net assets, end of period (in 000’s)	$	955		$	868		$	2,607		$	1,383		$	57		$	51
Ratio of net expenses to average net assets		2.09	%(f)		2.09	%		2.11	%		2.13	%		2.14	%		2.14	%(f)
Ratio of total expenses to average net assets		2.20	%(f)		2.30	%		2.26	%		2.26	%		7.06	%		16.73	%(f)
Ratio of net investment income to average net assets		1.05	%(f)		0.21	%		1.01	%		1.00	%		1.24	%(c)		0.46	%(f)
Portfolio turnover rate(g)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. 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. 9

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.80		$	12.50		$	9.71		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.13			0.21			0.19			0.06			0.29	(c)		0.08
Net realized and unrealized gain (loss)		1.07			(0.68	)		2.87			(1.02	)		0.96			0.01
Total from investment operations		1.20			(0.47	)		3.06			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.11	)		(0.17	)		(0.24	)		(0.18	)		(0.20	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.08	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.06	)		(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.11	)		(0.23	)		(0.27	)		(0.18	)		(0.29	)		(0.20	)
Net asset value, end of period	$	12.89		$	11.80		$	12.50		$	9.71		$	10.85		$	9.89
Total Return(d)		10.22	%		(3.63	)%		31.66	%		(8.89	)%		12.72	%		0.89	%
Net assets, end of period (in 000’s)	$	7,688		$	6,772		$	1,264		$	1,737		$	222,546		$	2,906
Ratio of net expenses to average net assets		0.99	%(e)		0.99	%		1.00	%		0.99	%		0.99	%		0.99	%(e)
Ratio of total expenses to average net assets		1.08	%(e)		1.19	%		1.13	%		1.06	%		1.29	%		15.23	%(e)
Ratio of net investment income to average net assets		2.15	%(e)		1.82	%		1.70	%		0.54	%		2.65	%(c)		1.59	%(e)
Portfolio turnover rate(f)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.78		$	12.47		$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.13			0.10			0.22			0.20			0.24	(c)		0.08
Net realized and unrealized gain (loss)		1.07			(0.58	)		2.82			(1.18	)		0.99			—	(d)
Total from investment operations		1.20			(0.48	)		3.04			(0.98	)		1.23			0.08
Distributions to shareholders from net investment income		(0.11	)		(0.19	)		(0.22	)		(0.19	)		(0.21	)		(0.06	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.11	)		(0.21	)		(0.25	)		(0.19	)		(0.27	)		(0.19	)
Net asset value, end of period	$	12.87		$	11.78		$	12.47		$	9.68		$	10.85		$	9.89
Total Return(e)		10.18	%		(3.80	)%		31.49	%		(9.00	)%		12.56	%		0.91	%
Net assets, end of period (in 000’s)	$	222		$	181		$	929		$	279		$	28		$	25
Ratio of net expenses to average net assets		1.10	%(f)		1.09	%		1.10	%		1.13	%		1.14	%		0.95	%(f)
Ratio of total expenses to average net assets		1.20	%(f)		1.29	%		1.26	%		1.25	%		6.05	%		15.19	%(f)
Ratio of net investment income to average net assets		2.10	%(f)		0.86	%		1.96	%		1.95	%		2.23	%(c)		1.63	%(f)
Portfolio turnover rate(g)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. 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 GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.77		$	12.47		$	9.69		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.13			0.18			0.23			0.22			0.26	(c)		0.09
Net realized and unrealized gain (loss)		1.08			(0.65	)		2.82			(1.18	)		0.99			—	(d)
Total from investment operations		1.21			(0.47	)		3.05			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.12	)		(0.19	)		(0.24	)		(0.20	)		(0.22	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.06	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.12	)		(0.23	)		(0.27	)		(0.20	)		(0.29	)		(0.20	)
Net asset value, end of period	$	12.86		$	11.77		$	12.47		$	9.69		$	10.85		$	9.89
Total Return(e)		10.25	%		(3.64	)%		31.63	%		(8.88	)%		12.74	%		0.56	%
Net assets, end of period (in 000’s)	$	156,972		$	160,304		$	187,335		$	183,306		$	28		$	25
Ratio of net expenses to average net assets		0.98	%(f)		0.98	%		0.99	%		0.98	%		0.97	%		1.65	%(f)
Ratio of total expenses to average net assets		1.07	%(f)		1.18	%		1.11	%		1.10	%		5.88	%		15.88	%(f)
Ratio of net investment income to average net assets		2.09	%(f)		1.57	%		1.94	%		2.17	%		2.40	%(c)		0.93	%(f)
Portfolio turnover rate(g)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. 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 GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.78		$	12.48		$	9.69		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.09			0.12			0.16			0.14			0.18	(c)		0.05
Net realized and unrealized gain (loss)		1.07			(0.66	)		2.82			(1.16	)		1.00			0.01
Total from investment operations		1.16			(0.54	)		2.98			(1.02	)		1.18			0.06
Distributions to shareholders from net investment income		(0.08	)		(0.13	)		(0.17	)		(0.14	)		(0.18	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		(0.02	)		—			—	(d)		(0.01	)
Total distributions		(0.08	)		(0.16	)		(0.19	)		(0.14	)		(0.22	)		(0.17	)
Net asset value, end of period	$	12.86		$	11.78		$	12.48		$	9.69		$	10.85		$	9.89
Total Return(e)		9.84	%		(4.24	)%		30.94	%		(9.49	)%		12.00	%		0.82	%
Net assets, end of period (in 000’s)	$	35		$	32		$	33		$	25		$	28		$	25
Ratio of net expenses to average net assets		1.59	%(f)		1.59	%		1.61	%		1.63	%		1.64	%		1.15	%(f)
Ratio of total expenses to average net assets		1.70	%(f)		1.82	%		1.77	%		1.75	%		6.55	%		15.38	%(f)
Ratio of net investment income to average net assets		1.55	%(f)		1.01	%		1.42	%		1.30	%		1.74	%(c)		1.44	%(f)
Portfolio turnover rate(g)		38	%		57	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% 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. 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 GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.76		$	12.47		$	9.68		$	10.47
Net investment income(b)		0.18			0.21			0.23			0.12
Net realized and unrealized gain (loss)		1.03			(0.69	)		2.83			(0.73	)
Total from investment operations		1.21			(0.48	)		3.06			(0.61	)
Distributions to shareholders from net investment income		(0.12	)		(0.17	)		(0.24	)		(0.18	)
Distributions to shareholders from return of capital		—			(0.06	)		(0.03	)		—
Total distributions		—			(0.23	)		(0.27	)		(0.18	)
Net asset value, end of period	$	12.85		$	11.76		$	12.47		$	9.68
Total Return(c)		10.26	%		(3.72	)%		31.77	%		(5.91	)%
Net assets, end of period (in 000’s)	$	79,276		$	12,085		$	3,936		$	2,278
Ratio of net expenses to average net assets		0.98	%(d)		0.98	%		0.99	%		0.98	%(d)
Ratio of total expenses to average net assets		1.07	%(d)		1.18	%		1.12	%		1.14	%(d)
Ratio of net investment income to average net assets		2.90	%(d)		1.77	%		1.99	%		1.68	%(d)
Portfolio turnover rate(e)		38	%		57	%		39	%		67	%

(a) Commenced operations on April 17, 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. 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 GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements

June 30, 2021 (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. Goldman Sachs Global Infrastructure Fund (the “Fund”) is a non-diversified portfolio and currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class R6, Class R, and Class P Shares.

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, Investor, Class R6, Class R, and Class P 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.

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Fund’s 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 Fund 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 Fund’s 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 Fund as a reduction to the cost basis of the REIT. The 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.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund 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 the 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, the 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. Net investment income distributions are declared and paid quarterly, 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.

15

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement 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 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 Statement 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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, 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 Fund’s 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the

16

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Trustees and consistent with applicable regulatory guidance. 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 Fair 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 the 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 the 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 Fund’s investments classified in the fair value hierarchy as of June 30, 2021:

GLOBAL INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,605,984	$	12,772,451	$	—
Europe		7,268,272		55,990,376		—
North America		148,124,339		–		—
Oceania		–		11,723,318		—
Investment Company		3,411,446		–		—
Total	$	160,410,041	$	80,486,145	$	—

(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 noted in table. The Fund utilizes fair value model prices provided by an independent third-party (fair value) service for certain international equity securities resulting in a Level 2 classification.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

17

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

For the six months ended June 30, 2021, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate												Effective Net Management Rate*
First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
	0.90%		0.81%		0.77%		0.75%		0.74%		0.90%		0.90%

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

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests. For the six months ended June 30, 2021, GSAM waived $1,544 of the Fund’s management fee.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the 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 Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

	Distribution and/or Service Plans Rates
	Class A*			Class C			Class R*
Distribution and/or Service Plans		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 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 Fund 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 June 30, 2021, Goldman Sachs retained $21 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for this Fund.

D.  Service Plan — The Trust, on behalf of the 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 Fund.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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: 0.16% 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 R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

18

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Effective April 30, 2021, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.01% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. Prior to April 30, 2021, Goldman Sachs waived a portion of its transfer agency fee equal to 0.02% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. This Other Expense limitation will remain in place through at least April 30, 2022 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	1,544	$	128	$	91,689	$	93,361

G.  Line of Credit Facility — As of June 30, 2021, the Fund participated in a $1,000,000,000 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 Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2021, the Fund did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Underlying Fund as of and for the six months ended June 30, 2020:

Underlying Fund	Beginning Value as of December 31, 2020	Purchases at Cost	Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$2,834,469	$53,962,016	$	(53,385,039	)	$	3,411,446		3,411,446	$	638

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of approximately the following percentages with respect to each share class of the Fund (as applicable):

	Percentage of Share Class owned by Goldman Sachs, Inc.
Fund	Institutional			Investor			Class R
Global Infrastructure Fund		6	%		18	%		100	%

19

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2021, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs Global Tax-Aware Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the Fund:

Fund	Goldman Sachs Tax-Advantaged Global Equity			Goldman Sachs Satellite Strategies			Goldman Sachs Dynamic Global Equity			Goldman Sachs Growth Strategy			Goldman Sachs Growth and Income Strategy
Global Infrastructure Fund		25	%		11	%		6	%		7	%		7	%

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were $123,408,936 and $75,966,699.

6. TAX INFORMATION

As of December 31, 2020, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows:

Capital loss carryforwards:
Perpetual Short-Term	$	(888,676	)
Timing differences (Real Estate Investment Trusts)	$	4,181

As of June 30, 2021, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	202,399,066
Gross unrealized gain		41,265,954
Gross unrealized loss		(2,768,834	)
Net unrealized gains (losses) on securities	$	38,497,120

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of partnership investments.

GSAM has reviewed the Fund’s 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 Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

7. OTHER RISKS

The Fund’s 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 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.

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

20

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

7. OTHER RISKS (continued)

regulation, less public information and less economic, political and social stability in the countries in which the 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 the 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 the 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 the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

Geographic Risk — If the 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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the 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 — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the 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 — The 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 the 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, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the 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 Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the 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 the Fund

21

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

7. OTHER RISKS (continued)

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 the Fund and its investments. Additionally, the 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 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.

8. 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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

Subsequent events after the Statement 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.

22

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Infrastructure Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		15,491		$	186,646			19,509		$	214,521
Reinvestment of distributions		303			3,903			556			6,297
Shares redeemed		(4,563	)		(55,054	)		(52,450	)		(618,502	)
		11,231			135,495			(32,385	)		(397,684	)
Class C Shares
Shares sold		528			6,249			3,679			42,098
Reinvestment of distributions		373			4,788			835			9,425
Shares redeemed		(270	)		(3,237	)		(140,458	)		(1,691,394	)
		631			7,800			(135,944	)		(1,639,871	)
Institutional Shares
Shares sold		63,104			769,997			551,603			6,402,366
Reinvestment of distributions		5,345			68,561			9,718			110,927
Shares redeemed		(45,937	)		(581,937	)		(88,408	)		(991,768	)
		22,512			256,621			472,913			5,521,525
Investor Shares
Shares sold		1,981			24,027			10,374			122,405
Reinvestment of distributions		145			1,862			279			3,176
Shares redeemed		(219	)		(2,614	)		(69,764	)		(851,790	)
		1,907			23,275			(59,111	)		(726,209	)
Class R6 Shares
Shares sold		1,153,316			13,353,450			1,962,813			22,933,180
Reinvestment of distributions		111,838			1,429,788			266,003			3,005,374
Shares redeemed		(2,675,833	)		(32,636,302	)		(3,628,004	)		(41,650,565	)
		(1,410,679	)		(17,853,064	)		(1,399,188	)		(15,712,011	)
Class R Shares
Reinvestment of distributions		17			217			38			436
		17			217			38			436
Class P Shares
Shares sold		5,172,406			64,738,727			766,138			9,006,494
Reinvestment of distributions		50,075			643,212			11,996			137,252
Shares redeemed		(80,617	)		(1,035,842	)		(66,684	)		(755,932	)
		5,141,864			64,346,097			711,450			8,387,814
NET INCREASE/(DECREASE)		3,767,483		$	46,916,441			(442,227	)	$	(4,566,000	)

23

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Liquidity Risk Management Program

The 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 the 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, the 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

24

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Fund Expenses — Six Month Period Ended  June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares of the 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 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 R6, Class R and Class P Shares of the Fund 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days in a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 Fund 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.

	Global Infrastructure Fund
Share Class	Beginning Account Value 1/1/2021		Ending Account Value 6/30/2021			Expenses Paid for the 6 months ended 6/30/2021*
Class A
Actual	$	1,000.00	$	1,100.57		$	7.03
Hypothetical 5% return		1,000.00		1,018.10	+		6.76
Class C
Actual		1,000.00		1,096.92			10.87
Hypothetical 5% return		1,000.00		1,014.43	+		10.44
Institutional
Actual		1,000.00		1,102.17			5.16
Hypothetical 5% return		1,000.00		1,019.89	+		4.96
Investor
Actual		1,000.00		1,101.82			5.73
Hypothetical 5% return		1,000.00		1,019.34	+		5.51
Class R6
Actual		1,000.00		1,102.47			5.11
Hypothetical 5% return		1,000.00		1,019.93	+		4.91
Class R
Actual		1,000.00		1,098.43			8.27
Hypothetical 5% return		1,000.00		1,016.91	+		7.95
Class P
Actual		1,000.00		1,102.61			5.11
Hypothetical 5% return		1,000.00		1,019.93	+		4.91

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

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2021. 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	Investor	Class R6	Class R	Class P
Global Infrastructure Fund	1.35%	2.09%	0.99%	1.10%	0.98%	1.59%	0.98%

25

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Infrastructure Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

26

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on the Fund’s investment performance was provided for the one- and three-year

27

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one-year period ended March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.90	%
Next $1 billion	0.81
Next $3 billion	0.77
Next $3 billion	0.75
Over $8 billion	0.74

28

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; the transfer agent’s undertaking to waive certain fees and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2022.

29

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ 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

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 28, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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 report concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the 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 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 Fund 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 June 30, 2021 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.

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 the 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 the 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).

© 2021 Goldman Sachs. All rights reserved. 250017-OTU-1459887 GBLINFRASAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Real Estate Securities Funds
	Global Real Estate Securities
	International Real Estate Securities
	Real Estate Securities

Goldman Sachs Real Estate Securities Funds

∎ GLOBAL REAL ESTATE SECURITIES

∎ INTERNATIONAL REAL ESTATE SECURITIES

∎ REAL ESTATE SECURITIES

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	7
Financial Statements	12
Financial Highlights	16
Global Real Estate Securities	16
International Real Estate Securities	23
Real Estate Securities	29
Notes to Financial Statements	37
Other Information	52

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Global Real Estate Securities Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Index (Net, USD, Unhedged)2
Class A		15.57	%		15.71	%
Class C		15.17			15.71
Institutional		15.76			15.71
Investor		15.63			15.71
Class R6		15.80			15.71
Class R		15.40			15.71
Class P		15.81			15.71

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 FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The figures do not reflect any fees or expenses. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/213
Holding	% of Net Assets			Subsectors	Country
Public Storage (REIT)		4.4	%	Specialized	United States
Prologis, Inc. (REIT)		3.9		Industrial	United States
Vonovia SE		3.5		Real Estate Operating Companies	Germany
Simon Property Group, Inc. (REIT)		3.0		Retail	United States
AvalonBay Communities, Inc. (REIT)		2.7		Residential	United States
Alexandria Real Estate Equities, Inc. (REIT)		2.5		Office	United States
Digital Realty Trust, Inc. (REIT)		2.3		Specialized	United States
Invitation Homes, Inc. (REIT)		2.3		Residential	United States
Essex Property Trust, Inc. (REIT)		1.9		Residential	United States
Ventas, Inc. (REIT)		1.8		Health Care	United States

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

1

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁴

As of June 30, 2021

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that country as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets at June 30, 2021.

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

International Real Estate Securities Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Ex US Real Estate Index (Net, USD, Unhedged)2
Class A		7.90	%		9.01	%
Class C		7.63			9.01
Institutional		8.22			9.01
Investor		8.09			9.01
Class R6		8.06			9.01
Class P		8.07			9.01

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 FTSE EPRA Nareit Developed Ex US Real Estate Index (Net, USD, Unhedged) is a subset of the FTSE EPRA Nareit Developed Index and is designed to track the performance of listed real estate companies and REITs. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The figures do not reflect any fees or expenses. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/213
Holding	% of Total Net Assets	Line of Business	Country
Vonovia SE	9.3%	Real Estate Operating Companies	Germany
Mitsubishi Estate Co. Ltd.	3.8	Diversified	Japan
Segro plc (REIT)	3.7	Industrial	United Kingdom
CK Asset Holdings Ltd.	3.3	Real Estate Development	Hong Kong
Mitsui Fudosan Co. Ltd.	3.1	Diversified	Japan
Link REIT (REIT)	3.1	Retail	Hong Kong
Gecina SA (REIT)	3.0	Diversified	France
Castellum AB	2.8	Real Estate Operating Companies	Sweden
United Urban Investment Corp. (REIT)	2.7	Diversified	Japan
GLP J-REIT (REIT)	2.6	Industrial	Japan

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

3

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁵

As of June 30, 2021

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The graph categorizes investments’ country of domicile as reported by Bloomberg; however, the country/grouping classifications used by the portfolio management team may differ from Bloomberg. The percentage shown for each country reflects the value of investments in that category as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

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

4

FUND BASICS

Real Estate Securities Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			Wilshire U.S. Real Estate Securities Index2
Class A		22.21	%		22.70	%
Class C		22.66			22.70
Institutional		22.42			22.70
Service		22.13			22.70
Investor		22.29			22.70
Class R6		22.42			22.70
Class R		22.02			22.70
Class P		22.45			22.70

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 Wilshire U.S. Real Estate Securities Index is an unmanaged market capitalization-weighted index comprised of publicly traded REITs and real estate operating companies. The figures do not reflect any fees or expenses. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/213
Holding	% of Total Net Assets			Subsectors
Prologis, Inc. (REIT)		8.3	%	Industrial
Public Storage (REIT)		7.0		Specialized
Equinix, Inc. (REIT)		6.9		Specialized
Simon Property Group, Inc. (REIT)		5.2		Retail
Digital Realty Trust, Inc. (REIT)		4.5		Specialized
AvalonBay Communities, Inc. (REIT)		4.5		Residential
Alexandria Real Estate Equities, Inc. (REIT)		3.7		Office
Invitation Homes, Inc. (REIT)		3.5		Residential
Essex Property Trust, Inc. (REIT)		3.5		Residential
Duke Realty Corp. (REIT)		3.1		Industrial

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

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2021

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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

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

6

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Australia – 3.6%
	85,697	Goodman Group (REIT) (Industrial)	$	1,356,213
	389,694	Ingenia Communities Group (REIT) (Residential)		1,789,078
	184,065	NEXTDC Ltd. (Internet Services & Infrastructure)*		1,637,938
	581,479	Scentre Group (REIT) (Retail)		1,189,893
				5,973,122
Belgium – 1.0%
	42,519	Warehouses De Pauw CVA (REIT) (Industrial)		1,624,201
Canada – 2.9%
	47,457	Canadian Apartment Properties REIT (REIT) (Residential)		2,225,073
	138,687	Chartwell Retirement Residences (Health Care)		1,482,416
	72,636	Summit Industrial Income REIT (REIT) (Industrial)		1,041,257
				4,748,746
China – 2.2%
	16,932	GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*		1,328,993
	2,314,000	Shangri-La Asia Ltd. (Hotel)*		2,265,052
				3,594,045
France – 2.0%
	14,484	Gecina SA (REIT) (Diversified)		2,219,119
	46,054	Klepierre SA (REIT) (Retail)		1,186,524
				3,405,643
Germany – 5.0%
	97,489	alstria office REIT-AG (REIT) (Office)		1,801,230
	24,493	Instone Real Estate Group AG (Real Estate Development)(a)		737,446
	90,804	Vonovia SE (Real Estate Operating Companies)		5,868,257
				8,406,933
Hong Kong – 3.9%
	284,500	CK Asset Holdings Ltd. (Real Estate Development)		1,958,218
	206,700	Link REIT (REIT) (Retail)		1,999,893
	865,000	Swire Properties Ltd. (Real Estate Operating Companies)		2,576,556
				6,534,667
Ireland – 0.4%
	147,016	Dalata Hotel Group plc (Hotel)*		669,973
Japan – 10.8%
	1,136	Hulic Reit, Inc. (REIT) (Diversified)		1,911,946
	1,466	Japan Metropolitan Fund Invest (REIT) (Retail)		1,589,101
Common Stocks – (continued)
Japan – (continued)
	126,200	Keihanshin Building Co. Ltd. (Real Estate Operating Companies)		1,546,884
	217	Kenedix Office Investment Corp. (REIT) (Office)		1,528,287
	276	Kenedix Retail REIT Corp. (REIT) (Retail)		746,330
	174,800	Mitsubishi Estate Co. Ltd. (Diversified)		2,825,393
	89,500	Mitsui Fudosan Co. Ltd. (Diversified)		2,069,569
	259	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		1,380,152
	154	Nippon Prologis REIT, Inc. (REIT) (Industrial)		489,738
	23,000	Open House Co. Ltd. (Homebuilding)		1,080,764
	746	Sankei Real Estate, Inc. (REIT) (Office)		896,240
	1,386	United Urban Investment Corp. (REIT) (Diversified)		2,001,792
				18,066,196
Netherlands – 0.7%
	57,502	CTP NV (Real Estate Operating Companies)*(a)		1,160,503
Singapore – 1.6%
	732,600	Ascendas India Trust (Real Estate Operating Companies)		757,990
	561,900	Ascendas REIT (REIT) (Industrial)		1,234,786
	2,227,400	ESR-REIT (REIT) (Industrial)		680,112
				2,672,888
Spain – 1.5%
	20,873	Cellnex Telecom SA (Integrated Telecommunication Services)(a)		1,331,307
	114,018	Merlin Properties Socimi SA (REIT) (Diversified)		1,179,729
				2,511,036
Sweden – 1.3%
	83,933	Castellum AB (Real Estate Operating Companies)(b)		2,137,029
United Kingdom – 5.6%
	68,063	Big Yellow Group plc (REIT) (Specialized)		1,229,448
	378,811	Capital & Counties Properties plc (REIT) (Retail)*		846,310
	19,941	Derwent London plc (REIT) (Office)		914,675
	198,726	Segro plc (REIT) (Industrial)		3,008,370
	1,033,043	Tritax EuroBox plc (Diversified)(a)		1,538,513
	115,760	UNITE Group plc (The) (REIT) (Residential)		1,719,805
				9,257,121
United States – 56.1%
	22,654	Alexandria Real Estate Equities, Inc. (REIT) (Office)		4,121,669

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	9,605	American Tower Corp. (REIT) (Specialized)	$	2,594,695
	35,213	Americold Realty Trust (REIT) (Industrial)		1,332,812
	21,919	AvalonBay Communities, Inc. (REIT) (Residential)		4,574,276
	18,777	Boston Properties, Inc. (REIT) (Office)		2,151,656
	21,930	Camden Property Trust (REIT) (Residential)		2,909,453
	11,039	CoreSite Realty Corp. (REIT) (Specialized)		1,485,849
	33,907	Cousins Properties, Inc. (REIT) (Office)		1,247,099
	59,673	CubeSmart (REIT) (Specialized)		2,764,053
	25,182	Digital Realty Trust, Inc. (REIT) (Specialized)		3,788,884
	59,721	Duke Realty Corp. (REIT) (Industrial)		2,827,789
	13,791	EastGroup Properties, Inc. (REIT) (Industrial)		2,267,930
	1,245	Equinix, Inc. (REIT) (Specialized)		999,237
	39,366	Equity LifeStyle Properties, Inc. (REIT) (Residential)		2,925,287
	16,087	Equity Residential (REIT) (Residential)		1,238,699
	10,548	Essex Property Trust, Inc. (REIT) (Residential)		3,164,505
	15,356	Federal Realty Investment Trust (REIT) (Retail)		1,799,263
	88,007	Healthpeak Properties, Inc. (REIT) (Health Care)		2,929,753
	22,664	Highwoods Properties, Inc. (REIT) (Office)		1,023,733
	159,958	Host Hotels & Resorts, Inc. (REIT) (Hotel)*		2,733,682
	37,640	Hudson Pacific Properties, Inc. (REIT) (Office)		1,047,145
	101,426	Invitation Homes, Inc. (REIT) (Residential)		3,782,176
	15,936	Kilroy Realty Corp. (REIT) (Office)		1,109,783
	22,668	MGM Growth Properties LLC Class A (REIT) (Hotel)		830,102
	38,976	Pebblebrook Hotel Trust (REIT) (Hotel)		917,885
	54,165	Prologis, Inc. (REIT) (Industrial)		6,474,342
	24,595	Public Storage (REIT) (Specialized)		7,395,472
	19,298	Realty Income Corp. (REIT) (Retail)		1,287,949
	37,704	Regency Centers Corp. (REIT) (Retail)		2,415,695
	68,105	RLJ Lodging Trust (REIT) (Hotel)		1,037,239
	12,533	Ryman Hospitality Properties, Inc. (REIT) (Hotel)*		989,606
	4,574	SBA Communications Corp. (REIT) (Specialized)		1,457,734
	37,692	Simon Property Group, Inc. (REIT) (Retail)		4,918,052
	56,509	SITE Centers Corp. (REIT) (Retail)		851,026
	20,904	STORE Capital Corp. (REIT) (Diversified)		721,397
	4,860	Sun Communities, Inc. (REIT) (Residential)		833,004
Common Stocks – (continued)
United States – (continued)
	16,431	Terreno Realty Corp. (REIT) (Industrial)		1,060,128
	53,333	Ventas, Inc. (REIT) (Health Care)		3,045,314
	20,786	Vornado Realty Trust (REIT) (Office)		970,083
	33,088	Welltower, Inc. (REIT) (Health Care)		2,749,613
	8,988	WP Carey, Inc. (REIT) (Diversified)		670,685
				93,444,754
	TOTAL COMMON STOCKS
	(Cost $127,160,594)		$	164,206,857
Shares		Dividend Rate	Value
Investment Company(c) – 1.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,592,735	0.026%	$	1,592,735
(Cost $1,592,735)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $128,753,329)		$	165,799,592
Securities Lending Reinvestment Vehicle(c) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,541,853	0.026%	$	1,541,853
(Cost $1,541,853)
	TOTAL INVESTMENTS – 100.5%
	(Cost $130,295,182)		$	167,341,445
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%			(757,617	)
	NET ASSETS – 100.0%		$	166,583,828

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Australia – 8.0%
	82,836	Goodman Group (REIT) (Industrial)	$	1,310,936
	254,738	Ingenia Communities Group (REIT) (Residential)		1,169,497
	96,687	Mirvac Group (REIT) (Diversified)		210,812
	75,284	NEXTDC Ltd. (Internet Services & Infrastructure)*		669,929
	359,974	Scentre Group (REIT) (Retail)		736,623
				4,097,797
Belgium – 1.6%
	21,813	Warehouses De Pauw CVA (REIT) (Industrial)		833,244
Canada – 7.3%
	22,286	Allied Properties REIT (REIT) (Office)		809,926
	27,826	Canadian Apartment Properties REIT (REIT) (Residential)		1,304,652
	52,418	Chartwell Retirement Residences (Health Care)		560,292
	72,388	Summit Industrial Income REIT (REIT) (Industrial)		1,037,702
				3,712,572
China – 3.6%
	7,381	GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*		579,335
	1,268,000	Shangri-La Asia Ltd. (Hotel)*		1,241,178
				1,820,513
France – 5.0%
	9,958	Gecina SA (REIT) (Diversified)		1,525,682
	39,341	Klepierre SA (REIT) (Retail)		1,013,572
				2,539,254
Germany – 12.7%
	69,596	alstria office REIT-AG (REIT) (Office)		1,285,872
	14,237	Instone Real Estate Group AG (Real Estate Development)(a)		428,654
	73,895	Vonovia SE (Real Estate Operating Companies)		4,775,504
				6,490,030
Hong Kong – 10.4%
	248,000	CK Asset Holdings Ltd. (Real Estate Development)		1,706,988
	162,400	Link REIT (REIT) (Retail)		1,571,275
	56,975	Sun Hung Kai Properties Ltd. (Diversified)		846,760
	401,000	Swire Properties Ltd. (Real Estate Operating Companies)		1,194,450
				5,319,473
Ireland – 0.4%
	49,499	Dalata Hotel Group plc (Hotel)*		225,574
Common Stocks – (continued)
Japan – 24.9%
	101	Comforia Residential REIT, Inc. (REIT) (Residential)		318,164
	766	GLP J-REIT (REIT) (Industrial)		1,321,082
	459	Hulic Reit, Inc. (REIT) (Diversified)		772,521
	667	Japan Metropolitan Fund Invest (REIT) (Retail)		723,008
	45,300	Keihanshin Building Co. Ltd. (Real Estate Operating Companies)		555,260
	97	Kenedix Office Investment Corp. (REIT) (Office)		683,151
	163	Kenedix Retail REIT Corp. (REIT) (Retail)		440,768
	121,100	Mitsubishi Estate Co. Ltd. (Diversified)		1,957,409
	69,400	Mitsui Fudosan Co. Ltd. (Diversified)		1,604,783
	90	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		479,590
	170	Nippon Prologis REIT, Inc. (REIT) (Industrial)		540,620
	10,400	Open House Co. Ltd. (Homebuilding)		488,693
	495	Sankei Real Estate, Inc. (REIT) (Office)		594,690
	24,500	Sumitomo Realty & Development Co. Ltd. (Diversified)		876,237
	959	United Urban Investment Corp. (REIT) (Diversified)		1,385,078
				12,741,054
Netherlands – 0.7%
	18,081	CTP NV (Real Estate Operating Companies)*(a)		364,910
Singapore – 4.2%
	441,000	Ascendas India Trust (Real Estate Operating Companies)		456,284
	264,900	Ascendas REIT (REIT) (Industrial)		582,123
	70,925	CapitaLand Ltd. (Diversified)		195,911
	1,078,200	ESR-REIT (REIT) (Industrial)		329,217
	318,000	Keppel DC REIT (REIT) (Specialized)		589,383
				2,152,918
Spain – 2.5%
	10,940	Cellnex Telecom SA (Integrated Telecommunication Services)(a)		697,767
	58,662	Merlin Properties Socimi SA (REIT) (Diversified)		606,968
				1,304,735
Sweden – 2.8%
	56,941	Castellum AB (Real Estate Operating Companies)		1,449,782
Switzerland – 2.2%
	8,923	PSP Swiss Property AG (Registered) (Real Estate Operating Companies)		1,133,033
United Kingdom – 13.4%
	59,655	Big Yellow Group plc (REIT) (Specialized)		1,077,571

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	165,480	Capital & Counties Properties plc (REIT) (Retail)*	$	369,703
	18,120	Derwent London plc (REIT) (Office)		831,148
	125,183	Segro plc (REIT) (Industrial)		1,895,055
	267,632	Tritax Big Box REIT plc (REIT) (Industrial)		727,147
	542,630	Tritax EuroBox plc (Diversified)(a)		808,140
	75,962	UNITE Group plc (The) (REIT) (Residential)		1,128,540
				6,837,304
	TOTAL COMMON STOCKS
	(Cost $46,861,192)		$	51,022,193
Shares		Dividend Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13	0.026%	$	13
	(Cost $13)
	TOTAL INVESTMENTS – 99.7%
	(Cost $46,861,205)		$	51,022,206
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			152,406
	NET ASSETS – 100.0%		$	51,174,612

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Health Care – 8.7%
	125,237	Healthpeak Properties, Inc. (REIT)	$	4,169,140
	82,022	Ventas, Inc. (REIT)		4,683,456
	58,219	Welltower, Inc. (REIT)		4,837,999
				13,690,595
Hotel – 5.3%
	261,497	Host Hotels & Resorts, Inc. (REIT)*		4,468,984
	53,566	Pebblebrook Hotel Trust (REIT)		1,261,479
	63,055	RLJ Lodging Trust (REIT)		960,328
	21,868	Ryman Hospitality Properties, Inc. (REIT)*		1,726,697
				8,417,488
Industrial – 14.9%
	25,611	Americold Realty Trust (REIT)		969,376
	103,926	Duke Realty Corp. (REIT)		4,920,896
	19,760	EastGroup Properties, Inc. (REIT)		3,249,532
	109,224	Prologis, Inc. (REIT)		13,055,545
	19,843	Terreno Realty Corp. (REIT)		1,280,270
				23,475,619
Office – 13.7%
	32,371	Alexandria Real Estate Equities, Inc. (REIT)		5,889,580
	37,024	Boston Properties, Inc. (REIT)		4,242,580
	72,695	Cousins Properties, Inc. (REIT)		2,673,722
	60,207	Highwoods Properties, Inc. (REIT)		2,719,550
	63,686	Hudson Pacific Properties, Inc. (REIT)		1,771,745
	36,656	Kilroy Realty Corp. (REIT)		2,552,724
	40,426	Vornado Realty Trust (REIT)		1,886,681
				21,736,582
Residential – 20.2%
	33,803	AvalonBay Communities, Inc. (REIT)		7,054,348
	29,527	Camden Property Trust (REIT)		3,917,347
	58,301	Equity LifeStyle Properties, Inc. (REIT)		4,332,347
	40,432	Equity Residential (REIT)		3,113,264
	18,268	Essex Property Trust, Inc. (REIT)		5,480,583
	148,695	Invitation Homes, Inc. (REIT)		5,544,837
	13,740	Sun Communities, Inc. (REIT)		2,355,036
				31,797,762
Retail – 9.7%
	21,807	Federal Realty Investment Trust (REIT)		2,555,126
	48,780	Regency Centers Corp. (REIT)		3,125,335
	63,036	Simon Property Group, Inc. (REIT)		8,224,937
	90,786	SITE Centers Corp. (REIT)		1,367,237
				15,272,635
Specialized – 26.3%
	10,254	American Tower Corp. (REIT)		2,770,016
	17,282	CoreSite Realty Corp. (REIT)		2,326,157
	75,145	CubeSmart (REIT)		3,480,716
	47,286	Digital Realty Trust, Inc. (REIT)		7,114,652
	13,628	Equinix, Inc. (REIT)		10,937,833
	12,338	Extra Space Storage, Inc. (REIT)		2,021,211
Common Stocks – (continued)
Specialized – (continued)
	36,489	Public Storage (REIT)		10,971,877
	5,371	SBA Communications Corp. (REIT)		1,711,738
				41,334,200
	TOTAL COMMON STOCKS
	(Cost $104,251,841)		$	155,724,881
Shares		Dividend Rate	Value
Investment Company(a) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	949,036	0.026%	$	949,036
	(Cost $949,036)
	TOTAL INVESTMENTS – 99.4%
	(Cost $105,200,877)		$	156,673,917
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			906,461
	NET ASSETS – 100.0%		$	157,580,378

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Global Real Estate Securities Fund		International Real Estate Securities Fund			Real Estate Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $127,160,594, $46,861,192 and $104,251,841)(a)	$	164,206,857	$	51,022,193		$	155,724,881
Investments in affiliated issuers, at value (cost $1,592,735, $13 and $949,036)		1,592,735		13			949,036
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,541,853, $0 and $0)		1,541,853		—			—
Cash		571,353		32,938			682,512
Foreign currencies, at value (cost $121,606, $153,663 and $0)		121,209		151,028			—
Receivables:
Due from custodian		838,128		—			—
Dividends		423,012		81,638			448,881
Foreign tax reclaims		146,532		74,914			—
Fund shares sold		90,000		—			61,715
Reimbursement from investment adviser		34,091		31,547			32,433
Securities lending income		257		51			—
Due from broker		—		34,836			—
Other assets		38,986		38,175			47,170
Total assets		169,605,013		51,467,333			157,946,628
Liabilities:
Payables:
Payable upon return of securities loaned		1,541,853		—			—
Investments purchased		838,112		—			—
Fund shares redeemed		305,558		6,680			47,980
Management fees		129,318		41,167			113,860
Distribution and Service fees and Transfer Agency fees		4,297		2,076			13,559
Accrued expenses		202,047		242,798			190,851
Total liabilities		3,021,185		292,721			366,250
Net Assets:
Paid-in capital		136,939,210		59,838,418			98,342,503
Total distributable earnings (loss)		29,644,618		(8,663,806	)		59,237,875
NET ASSETS	$	166,583,828	$	51,174,612		$	157,580,378
Net Assets:
Class A	$	77,018	$	2,150,231		$	21,412,812
Class C		57,808		30,219			1,246,662
Institutional		2,579,200		5,756,740			37,401,082
Service		—		—			863,758
Investor		36,530		73,741			2,590,057
Class R6		116,066,360		77,149			452,372
Class R		35,480		—			947,796
Class P		47,731,432		43,086,532			92,665,839
Total Net Assets	$	166,583,828	$	51,174,612		$	157,580,378
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		6,546		313,954			1,598,635
Class C		4,951		4,369			99,699
Institutional		219,137		871,515			2,664,819
Service		—		—			63,777
Investor		3,111		10,867			190,724
Class R6		9,880,752		11,693			32,229
Class R		3,028		—			71,876
Class P		4,065,842		6,539,090			6,606,488
Net asset value, offering and redemption price per share:(b)
Class A		$11.77		$6.85			$13.39
Class C		11.68		6.92			12.50
Institutional		11.77		6.61			14.04
Service		—		—			13.54
Investor		11.74		6.79			13.58
Class R6		11.75		6.60			14.04
Class R		11.72		—			13.19
Class P		11.74		6.59			14.03

(a) Includes loaned securities having a market value of $1,433,095 for the Global Real Estate Securities Fund.

(b) Maximum public offering price per share for Class A Shares of the Global Real Estate Securities, International Real Estate Securities and Real Estate Securities Funds is $12.46, $7.25 and $14.17, 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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

		Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign taxes withheld of $15,915, $50,836 and $0)	$	2,052,865		$	794,629		$	1,407,964
	Securities lending income — affiliated issuer		4,450			1,855			—
	Dividends — affiliated issuers		171			97			242
Other income			—			46,992			—
	Total investment income		2,057,486			843,573			1,408,206
	Expenses:
	Management fees		776,647			242,640			595,498
	Custody, accounting and administrative services		62,676			59,247			47,930
	Registration fees		55,974			32,954			48,697
	Professional fees		55,431			62,704			51,225
	Transfer Agency fees(a)		25,294			9,321			37,806
	Printing and mailing costs		22,399			17,513			26,141
	Trustee fees		9,542			9,446			9,498
	Distribution and Service (12b-1) fees(a)		367			2,707			32,688
	Service fees — Class C		67			56			1,583
	Shareholder administration fees — Service Shares		—			—			1,144
	Other		11,330			23,654			17,449
	Total expenses		1,019,727			460,242			869,659
	Less — expense reductions		(214,826	)		(205,200	)		(199,351	)
	Net expenses		804,901			255,042			670,308
	NET INVESTMENT INCOME		1,252,585			588,531			737,898
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		9,890,616			1,615,025			5,398,491
	Foreign currency transactions		(3,407	)		(5,504	)		—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		12,614,922			1,817,369			21,796,816
	Foreign currency translation		(11,495	)		(10,431	)		—
	Net realized and unrealized gain		22,490,636			3,416,459			27,195,307
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,743,221		$	4,004,990		$	27,933,205

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

	Distribution and/or (12b-1) Service Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Global Real Estate Securities	$	86	$	200	$	—	$	81	$	55	$	43	$	476	$	—	$	27	$	18,534	$	26	$	6,133
International Real Estate Securities		2,540		167		—		—		1,626		36		1,054		—		56		8		—		6,541
Real Estate Securities		24,549		4,750		1,144		2,245		15,712		1,013		6,176		183		1,857		101		719		12,045

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets

	Global Real Estate Securities Fund						International Real Estate Securities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	1,252,585		$	2,879,734		$	588,531		$	1,121,046
Net realized gain (loss)		9,887,209			(10,696,841	)		1,609,521			(2,625,472	)
Net change in unrealized gain (loss)		12,603,427			(9,358,626	)		1,806,938			(4,726,434	)
Net increase (decrease) in net assets resulting from operations		23,743,221			(17,175,733	)		4,004,990			(6,230,860	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(494	)		(609	)		(34,286	)		(15,239	)
Class C Shares		(220	)		(383	)		(284	)		(232	)
Institutional Shares		(20,554	)		(31,174	)		(104,566	)		(60,522	)
Investor Shares		(272	)		(436	)		(1,264	)		(870	)
Class R6 Shares		(970,439	)		(2,372,452	)		(1,411	)		(120	)
Class R Shares		(188	)		(323	)		—			—
Class P Shares		(377,251	)		(453,308	)		(788,584	)		(532,922	)
Return of capital
Class A Shares		—			(36	)		—			—
Class C Shares		—			(41	)		—			—
Institutional Shares		—			(1,508	)		—			—
Investor Shares		—			(22	)		—			—
Class R6 Shares		—			(116,461	)		—			—
Class R Shares		—			(22	)		—			—
Class P Shares		—			(22,783	)		—			—
Total distributions to shareholders		(1,369,418	)		(2,999,558	)		(930,395	)		(609,905	)
From share transactions:
Proceeds from sales of shares		19,419,304			41,090,365			1,954,264			19,591,950
Reinvestment of distributions		1,369,418			2,999,558			929,618			609,717
Cost of shares redeemed		(56,357,765	)		(82,690,864	)		(6,592,426	)		(41,602,561	)
Net decrease in net assets resulting from share transactions		(35,569,043	)		(38,600,941	)		(3,708,544	)		(21,400,894	)
TOTAL DECREASE		(13,195,240	)		(58,776,232	)		(633,949	)		(28,241,659	)
Net Assets:
Beginning of period		179,779,068			238,555,300			51,808,561			80,050,220
End of period	$	166,583,828		$	179,779,068		$	51,174,612		$	51,808,561

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	737,898		$	1,745,185
Net realized gain		5,398,491			12,433,337
Net change in unrealized gain (loss)		21,796,816			(26,856,048	)
Net increase (decrease) in net assets resulting from operations		27,933,205			(12,677,526	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(136,297	)		(1,884,068	)
Class C Shares		(4,201	)		(137,431	)
Institutional Shares		(283,552	)		(2,203,861	)
Service Shares		(4,907	)		(90,056	)
Investor Shares		(18,824	)		(230,536	)
Class R6 Shares		(3,393	)		(101,806	)
Class R Shares		(5,004	)		(86,660	)
Class P Shares		(692,430	)		(6,634,674	)
Total distributions to shareholders		(1,148,608	)		(11,369,092	)
From share transactions:
Proceeds from sales of shares		21,990,041			30,451,351
Reinvestment of distributions		1,138,503			11,186,191
Cost of shares redeemed		(11,721,590	)		(56,542,166	)
Net increase (decrease) in net assets resulting from share transactions		11,406,954			(14,904,624	)
TOTAL INCREASE (DECREASE)		38,191,551			(38,951,242	)
Net Assets:
Beginning of period		119,388,827			158,340,069
End of period	$	157,580,378		$	119,388,827

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.25		$	11.14		$	9.79		$	10.64		$	10.05		$	10.44
Net investment income(a)		0.07			0.12			0.17			0.19			0.21			0.17
Net realized and unrealized gain (loss)		1.53			(0.88	)		2.01			(0.79	)		0.63			(0.08	)
Total from investment operations		1.60			(0.76	)		2.18			(0.60	)		0.84			0.09
Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.53	)		(0.20	)		(0.25	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(b)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.02	)
Total distributions		(0.08	)		(0.13	)		(0.83	)		(0.25	)		(0.25	)		(0.48	)
Net asset value, end of period	$	11.77		$	10.25		$	11.14		$	9.79		$	10.64		$	10.05
Total return(c)		15.57	%		(6.63	)%		22.47	%		(5.77	)%		8.50	%		0.82	%
Net assets, end of period (in 000s)	$	77		$	50		$	54		$	905		$	1,768		$	32
Ratio of net expenses to average net assets		1.34	%(d)		1.35	%		1.36	%		1.37	%		1.39	%		1.44	%
Ratio of total expenses to average net assets		1.60	%(d)		1.60	%		1.52	%		1.52	%		1.59	%		4.34	%
Ratio of net investment income to average net assets		1.26	%(d)		1.21	%		1.55	%		1.85	%		2.03	%		1.57	%
Portfolio turnover rate(e)		36	%		75	%		42	%		67	%		58	%		60	%

(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.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.18		$	11.09		$	9.79		$	10.64		$	10.04		$	10.43
Net investment income(a)		0.02			0.04			0.11			0.12			0.12			0.10
Net realized and unrealized gain (loss)		1.52			(0.87	)		1.98			(0.80	)		0.65			(0.09	)
Total from investment operations		1.54			(0.83	)		2.09			(0.68	)		0.77			0.01
Distributions to shareholders from net investment income		(0.04	)		(0.05	)		(0.49	)		(0.12	)		(0.17	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(b)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.02	)
Total distributions		(0.04	)		(0.08	)		(0.79	)		(0.17	)		(0.17	)		(0.40	)
Net asset value, end of period	$	11.68		$	10.18		$	11.09		$	9.79		$	10.64		$	10.04
Total return(c)		15.17	%		(7.39	)%		21.60	%		(6.45	)%		7.72	%		0.11	%
Net assets, end of period (in 000s)	$	58		$	50		$	66		$	27		$	28		$	36
Ratio of net expenses to average net assets		2.09	%(d)		2.10	%		2.11	%		2.12	%		2.15	%		2.15	%
Ratio of total expenses to average net assets		2.35	%(d)		2.34	%		2.29	%		2.27	%		2.79	%		5.31	%
Ratio of net investment income to average net assets		0.42	%(d)		0.45	%		0.96	%		1.20	%		1.15	%		0.93	%
Portfolio turnover rate(e)		36	%		75	%		42	%		67	%		58	%		60	%

(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. 17

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.25		$	11.13		$	9.82		$	10.66		$	10.06		$	10.44
Net investment income (loss)(a)		0.08			0.15			0.22			(0.03	)		0.24			0.24
Net realized and unrealized gain (loss)		1.53			(0.87	)		2.00			(0.54	)		0.65			(0.10	)
Total from investment operations		1.61			(0.72	)		2.22			(0.57	)		0.89			0.14
Distributions to shareholders from net investment income		(0.09	)		(0.13	)		(0.61	)		(0.22	)		(0.29	)		(0.32	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(b)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.03	)
Total distributions		(0.09	)		(0.16	)		(0.91	)		(0.27	)		(0.29	)		(0.52	)
Net asset value, end of period	$	11.77		$	10.25		$	11.13		$	9.82		$	10.66		$	10.06
Total return(c)		15.76	%		(6.26	)%		22.91	%		(5.41	)%		8.96	%		1.30	%
Net assets, end of period (in 000s)	$	2,579		$	2,150		$	2,131		$	1,855		$	338,527		$	27,663
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.97	%		1.00	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.23	%(d)		1.22	%		1.15	%		1.18	%		1.24	%		2.82	%
Ratio of net investment income (loss) to average net assets		1.55	%(d)		1.60	%		1.98	%		(0.26	)%		2.31	%		2.23	%
Portfolio turnover rate(e)		36	%		75	%		42	%		67	%		58	%		60	%

(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.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.23		$	11.11		$	9.80		$	10.65		$	10.05		$	10.44
Net investment income(b)		0.08			0.14			0.21			0.23			0.22			0.20
Net realized and unrealized gain (loss)		1.52			(0.87	)		2.00			(0.81	)		0.65			(0.09	)
Total from investment operations		1.60			(0.73	)		2.21			(0.58	)		0.87			0.11
Distributions to shareholders from net investment income		(0.09	)		(0.12	)		(0.60	)		(0.22	)		(0.27	)		(0.31	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(c)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.02	)
Total distributions		(0.09	)		(0.15	)		(0.90	)		(0.27	)		(0.27	)		(0.50	)
Net asset value, end of period	$	11.74		$	10.23		$	11.11		$	9.80		$	10.65		$	10.05
Total return(d)		15.63	%		(6.37	)%		22.79	%		(5.50	)%		8.80	%		1.05	%
Net assets, end of period (in 000s)	$	37		$	32		$	34		$	27		$	29		$	27
Ratio of net expenses to average net assets		1.09	%(e)		1.10	%		1.11	%		1.12	%		1.15	%		1.15	%
Ratio of total expenses to average net assets		1.35	%(e)		1.34	%		1.29	%		1.27	%		1.75	%		4.22	%
Ratio of net investment income to average net assets		1.42	%(e)		1.45	%		1.85	%		2.20	%		2.13	%		1.85	%
Portfolio turnover rate(f)		36	%		75	%		42	%		67	%		58	%		60	%

(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) 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. 19

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.23		$	11.11		$	9.80		$	10.66		$	10.06		$	10.44
Net investment income(a)		0.08			0.15			0.21			0.29			0.24			0.21
Net realized and unrealized gain (loss)		1.53			(0.87	)		2.01			(0.86	)		0.65			(0.07	)
Total from investment operations		1.61			(0.72	)		2.22			(0.57	)		0.89			0.14
Distributions to shareholders from net investment income		(0.09	)		(0.13	)		(0.61	)		(0.24	)		(0.29	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(b)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.02	)
Total distributions		(0.09	)		(0.16	)		(0.91	)		(0.29	)		(0.29	)		(0.52	)
Net asset value, end of period	$	11.75		$	10.23		$	11.11		$	9.80		$	10.66		$	10.06
Total return(c)		15.80	%		(6.27	)%		22.97	%		(5.44	)%		8.97	%		1.31	%
Net assets, end of period (in 000s)	$	116,066		$	144,290		$	193,139		$	259,662		$	29		$	27
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.96	%		0.97	%		0.99	%		0.98	%
Ratio of total expenses to average net assets		1.22	%(d)		1.20	%		1.14	%		1.11	%		1.59	%		4.05	%
Ratio of net investment income to average net assets		1.46	%(d)		1.58	%		1.90	%		2.76	%		2.29	%		2.02	%
Portfolio turnover rate(e)		36	%		75	%		42	%		67	%		58	%		60	%

(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.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.21		$	11.10		$	9.80		$	10.65		$	10.05		$	10.44
Net investment income(a)		0.05			0.09			0.15			0.18			0.17			0.14
Net realized and unrealized gain (loss)		1.52			(0.87	)		1.99			(0.81	)		0.65			(0.08	)
Total from investment operations		1.57			(0.78	)		2.14			(0.63	)		0.82			0.06
Distributions to shareholders from net investment income		(0.06	)		(0.08	)		(0.54	)		(0.17	)		(0.22	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—			—	(b)		(0.17	)
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)		—			(0.02	)
Total distributions		(0.06	)		(0.11	)		(0.84	)		(0.22	)		(0.22	)		(0.45	)
Net asset value, end of period	$	11.72		$	10.21		$	11.10		$	9.80		$	10.65		$	10.05
Total return(c)		15.40	%		(6.83	)%		22.10	%		(5.97	)%		8.26	%		0.57	%
Net assets, end of period (in 000s)	$	35		$	31		$	33		$	27		$	29		$	27
Ratio of net expenses to average net assets		1.59	%(d)		1.60	%		1.61	%		1.62	%		1.65	%		1.65	%
Ratio of total expenses to average net assets		1.85	%(d)		1.84	%		1.79	%		1.77	%		2.25	%		4.73	%
Ratio of net investment income to average net assets		0.92	%(d)		0.95	%		1.35	%		1.70	%		1.63	%		1.35	%
Portfolio turnover rate(e)		36	%		75	%		42	%		67	%		58	%		60	%

(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. 21

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.22		$	11.11		$	9.80		$	10.30
Net investment income(a)		0.09			0.15			0.22			0.23
Net realized and unrealized gain (loss)		1.52			(0.88	)		2.01			(0.50	)
Total from investment operations		1.61			(0.73	)		2.23			(0.27	)
Distributions to shareholders from net investment income		(0.09	)		(0.13	)		(0.62	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.02	)		(0.30	)		—
Distributions to shareholders from return of capital		—			(0.01	)		—			(0.05	)
Total distributions		(0.09	)		(0.16	)		(0.92	)		(0.23	)
Net asset value, end of period	$	11.74		$	10.22		$	11.11		$	9.80
Total return(b)		15.81	%		(6.36	)%		22.98	%		(2.69	)%
Net assets, end of period (in 000s)	$	47,731		$	33,176		$	43,099		$	39,405
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%		0.96	%		0.96	%(c)
Ratio of total expenses to average net assets		1.22	%(c)		1.20	%		1.14	%		1.11	%(c)
Ratio of net investment income to average net assets		1.62	%(c)		1.56	%		1.98	%		3.15	%(c)
Portfolio turnover rate(d)		36	%		75	%		42	%		67	%

* 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 REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.45		$	6.66		$	5.90		$	6.48		$	5.73		$	6.09
Net investment income(a)		0.07			0.09			0.11			0.13			0.12			0.12
Net realized and unrealized gain (loss)		0.44			(0.26	)		1.08			(0.59	)		0.89			(0.23	)
Total from investment operations		0.51			(0.17	)		1.19			(0.46	)		1.01			(0.11	)
Distributions to shareholders from net investment income		(0.11	)		(0.04	)		(0.43	)		(0.12	)		(0.26	)		(0.25	)
Net asset value, end of period	$	6.85		$	6.45		$	6.66		$	5.90		$	6.48		$	5.73
Total return(b)		7.90	%		(2.42	)%		20.38	%		(7.19	)%		17.89	%		(1.84	)%
Net assets, end of period (in 000s)	$	2,150		$	2,005		$	2,888		$	3,081		$	4,377		$	5,400
Ratio of net expenses to average net assets		1.36	%(c)		1.37	%		1.38	%		1.38	%		1.39	%		1.39	%
Ratio of total expenses to average net assets		2.16	%(c)		2.17	%		1.89	%		1.76	%		1.70	%		1.62	%
Ratio of net investment income to average net assets		1.88	%(c)		1.62	%		1.72	%		2.04	%		2.02	%		1.90	%
Portfolio turnover rate(d)		20	%		55	%		30	%		43	%		38	%		41	%

(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 REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.49		$	6.72		$	5.94		$	6.50		$	5.73		$	6.09
Net investment income(a)		0.02			0.05			0.07			0.09			0.08			0.07
Net realized and unrealized gain (loss)		0.48			(0.27	)		1.07			(0.60	)		0.90			(0.23	)
Total from investment operations		0.50			(0.22	)		1.14			(0.51	)		0.98			(0.16	)
Distributions to shareholders from net investment income		(0.07	)		(0.01	)		(0.36	)		(0.05	)		(0.21	)		(0.20	)
Net asset value, end of period	$	6.92		$	6.49		$	6.72		$	5.94		$	6.50		$	5.73
Total return(b)		7.63	%		(3.17	)%		19.38	%		(7.89	)%		17.23	%		(2.65	)%
Net assets, end of period (in 000s)	$	30		$	76		$	158		$	231		$	810		$	1,148
Ratio of net expenses to average net assets		2.11	%(c)		2.12	%		2.13	%		2.13	%		2.14	%		2.14	%
Ratio of total expenses to average net assets		2.93	%(c)		2.90	%		2.64	%		2.49	%		2.44	%		2.37	%
Ratio of net investment income to average net assets		0.64	%(c)		0.86	%		0.99	%		1.38	%		1.26	%		1.12	%
Portfolio turnover rate(d)		20	%		55	%		30	%		43	%		38	%		41	%

(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 INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.22		$	6.43		$	5.71		$	6.26		$	5.54		$	5.91
Net investment income(a)		0.08			0.12			0.13			0.18			0.14			0.14
Net realized and unrealized gain (loss)		0.43			(0.27	)		1.05			(0.60	)		0.87			(0.24	)
Total from investment operations		0.51			(0.15	)		1.18			(0.42	)		1.01			(0.10	)
Distributions to shareholders from net investment income		(0.12	)		(0.06	)		(0.46	)		(0.13	)		(0.29	)		(0.27	)
Net asset value, end of period	$	6.61		$	6.22		$	6.43		$	5.71		$	6.26		$	5.54
Total return(b)		8.22	%		(2.16	)%		20.86	%		(6.72	)%		18.45	%		(1.63	)%
Net assets, end of period (in 000s)	$	5,757		$	4,864		$	6,938		$	10,138		$	117,768		$	297,473
Ratio of net expenses to average net assets		0.99	%(c)		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of total expenses to average net assets		1.79	%(c)		1.79	%		1.50	%		1.35	%		1.28	%		1.22	%
Ratio of net investment income to average net assets		2.27	%(c)		2.05	%		1.97	%		2.90	%		2.44	%		2.28	%
Portfolio turnover rate(d)		20	%		55	%		30	%		43	%		38	%		41	%

(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. 25

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.39		$	6.60		$	5.85		$	6.43		$	5.68		$	6.04
Net investment income(b)		0.07			0.11			0.13			0.14			0.16			0.12
Net realized and unrealized gain (loss)		0.45			(0.27	)		1.07			(0.58	)		0.87			(0.22	)
Total from investment operations		0.52			(0.16	)		1.20			(0.44	)		1.03			(0.10	)
Distributions to shareholders from net investment income		(0.12	)		(0.05	)		(0.45	)		(0.14	)		(0.28	)		(0.26	)
Net asset value, end of period	$	6.79		$	6.39		$	6.60		$	5.85		$	6.43		$	5.68
Total return(c)		8.09	%		(2.23	)%		20.71	%		(7.00	)%		18.29	%		(1.57	)%
Net assets, end of period (in 000s)	$	74		$	71		$	117		$	103		$	109		$	107
Ratio of net expenses to average net assets		1.11	%(d)		1.12	%		1.13	%		1.13	%		1.14	%		1.14	%
Ratio of total expenses to average net assets		1.91	%(d)		1.93	%		1.65	%		1.52	%		1.45	%		1.37	%
Ratio of net investment income to average net assets		2.10	%(d)		1.91	%		1.94	%		2.24	%		2.54	%		2.05	%
Portfolio turnover rate(e)		20	%		55	%		30	%		43	%		38	%		41	%

(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.

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.22		$	6.43		$	5.70		$	6.26		$	5.54		$	5.91
Net investment income(a)		0.10			0.12			0.11			0.24			0.14			0.13
Net realized and unrealized gain (loss)		0.40			(0.27	)		1.08			(0.65	)		0.87			(0.23	)
Total from investment operations		0.50			(0.15	)		1.19			(0.41	)		1.01			(0.10	)
Distributions to shareholders from net investment income		(0.12	)		(0.06	)		(0.46	)		(0.15	)		(0.29	)		(0.27	)
Net asset value, end of period	$	6.60		$	6.22		$	6.43		$	5.70		$	6.26		$	5.54
Total return(b)		8.06	%		(2.15	)%		21.05	%		(6.71	)%		18.48	%		(1.61	)%
Net assets, end of period (in 000s)	$	77		$	12		$	12		$	202		$	11		$	9
Ratio of net expenses to average net assets		0.98	%(c)		0.98	%		0.98	%		0.98	%		0.99	%		1.02	%
Ratio of total expenses to average net assets		1.76	%(c)		1.80	%		1.47	%		1.29	%		1.29	%		1.18	%
Ratio of net investment income to average net assets		2.92	%(c)		2.05	%		1.81	%		3.86	%		2.41	%		2.26	%
Portfolio turnover rate(d)		20	%		55	%		30	%		43	%		38	%		41	%

(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 INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	6.21		$	6.41		$	5.70		$	6.38
Net investment income(a)		0.07			0.11			0.13			0.08
Net realized and unrealized gain (loss)		0.43			(0.25	)		1.04			(0.61	)
Total from investment operations		0.50			(0.14	)		1.17			(0.53	)
Distributions to shareholders from net investment income		(0.12	)		(0.06	)		(0.46	)		(0.15	)
Net asset value, end of period	$	6.59		$	6.21		$	6.41		$	5.70
Total return(b)		8.07	%		(2.00	)%		20.72	%		(8.45	)%
Net assets, end of period (in 000s)	$	43,087		$	44,780		$	69,937		$	82,014
Ratio of net expenses to average net assets		0.98	%(c)		0.98	%		0.98	%		0.98	%(c)
Ratio of total expenses to average net assets		1.78	%(c)		1.77	%		1.50	%		1.39	%(c)
Ratio of net investment income to average net assets		2.22	%(c)		1.98	%		2.10	%		1.85	%(c)
Portfolio turnover rate(d)		20	%		55	%		30	%		43	%

* 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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.03		$	13.27		$	12.61		$	15.53		$	18.40		$	19.59
Net investment income(a)		0.04			0.12			0.22			0.28			0.30			0.33
Net realized and unrealized gain (loss)		2.41			(1.22	)		2.92			(0.94	)		0.06			0.71
Total from investment operations		2.45			(1.10	)		3.14			(0.66	)		0.36			1.04
Distributions to shareholders from net investment income		(0.09	)		(0.14	)		(0.22	)		(0.37	)		(0.29	)		(0.32	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.09	)		(1.14	)		(2.48	)		(2.26	)		(3.23	)		(2.23	)
Net asset value, end of period	$	13.39		$	11.03		$	13.27		$	12.61		$	15.53		$	18.40
Total return(b)		22.21	%		(7.85	)%		25.49	%		(5.39	)%		2.11	%		5.38	%
Net assets, end of period (in 000s)	$	21,413		$	19,177		$	27,488		$	26,002		$	38,120		$	54,869
Ratio of net expenses to average net assets		1.28	%(c)		1.29	%		1.30	%		1.30	%		1.31	%		1.31	%
Ratio of total expenses to average net assets		1.57	%(c)		1.62	%		1.57	%		1.50	%		1.54	%		1.52	%
Ratio of net investment income to average net assets		0.71	%(c)		1.06	%		1.51	%		1.88	%		1.65	%		1.62	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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. 29

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.31		$	12.50		$	11.99		$	14.88		$	17.79		$	19.03
Net investment income (loss)(a)		(0.01	)		0.03			0.10			0.12			0.16			0.18
Net realized and unrealized gain (loss)		2.24			(1.14	)		2.78			(0.85	)		0.06			0.68
Total from investment operations		2.23			(1.11	)		2.88			(0.73	)		0.22			0.86
Distributions to shareholders from net investment income		(0.04	)		(0.08	)		(0.11	)		(0.27	)		(0.19	)		(0.19	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.04	)		(1.08	)		(2.37	)		(2.16	)		(3.13	)		(2.10	)
Net asset value, end of period	$	12.50		$	10.31		$	12.50		$	11.99		$	14.88		$	17.79
Total return(b)		21.66	%		(8.50	)%		24.62	%		(6.12	)%		1.38	%		4.56	%
Net assets, end of period (in 000s)	$	1,247		$	1,332		$	2,615		$	3,568		$	12,421		$	15,578
Ratio of net expenses to average net assets		2.03	%(c)		2.04	%		2.05	%		2.05	%		2.06	%		2.06	%
Ratio of total expenses to average net assets		2.33	%(c)		2.37	%		2.32	%		2.25	%		2.29	%		2.27	%
Ratio of net investment income to average net assets		(0.11	)%(c)		0.26	%		0.69	%		0.83	%		0.92	%		0.91	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.56		$	13.83		$	13.05		$	15.98		$	18.81		$	19.97
Net investment income(a)		0.08			0.17			0.28			0.23			0.37			0.41
Net realized and unrealized gain (loss)		2.51			(1.26	)		3.03			(0.86	)		0.08			0.74
Total from investment operations		2.59			(1.09	)		3.31			(0.63	)		0.45			1.15
Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.27	)		(0.41	)		(0.34	)		(0.40	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.11	)		(1.18	)		(2.53	)		(2.30	)		(3.28	)		(2.31	)
Net asset value, end of period	$	14.04		$	11.56		$	13.83		$	13.05		$	15.98		$	18.81
Total return(b)		22.42	%		(7.48	)%		26.01	%		(5.04	)%		2.58	%		5.81	%
Net assets, end of period (in 000s)	$	37,401		$	23,409		$	30,069		$	31,337		$	206,095		$	397,211
Ratio of net expenses to average net assets		0.91	%(c)		0.91	%		0.92	%		0.91	%		0.91	%		0.91	%
Ratio of total expenses to average net assets		1.20	%(c)		1.24	%		1.19	%		1.12	%		1.14	%		1.12	%
Ratio of net investment income to average net assets		1.22	%(c)		1.47	%		1.86	%		1.50	%		1.98	%		2.03	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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. 31

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.15		$	13.40		$	12.71		$	15.65		$	18.52		$	19.71
Net investment income(a)		0.03			0.11			0.21			0.26			0.29			0.31
Net realized and unrealized gain (loss)		2.43			(1.23	)		2.94			(0.95	)		0.06			0.72
Total from investment operations		2.46			(1.12	)		3.15			(0.69	)		0.35			1.03
Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.20	)		(0.36	)		(0.28	)		(0.31	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.07	)		(1.13	)		(2.46	)		(2.25	)		(3.22	)		(2.22	)
Net asset value, end of period	$	13.54		$	11.15		$	13.40		$	12.71		$	15.65		$	18.52
Total return(b)		22.13	%		(7.95	)%		25.40	%		(5.56	)%		2.07	%		5.20	%
Net assets, end of period (in 000s)	$	864		$	940		$	1,608		$	1,429		$	2,446		$	2,951
Ratio of net expenses to average net assets		1.41	%(c)		1.41	%		1.42	%		1.41	%		1.41	%		1.41	%
Ratio of total expenses to average net assets		1.71	%(c)		1.74	%		1.69	%		1.61	%		1.64	%		1.62	%
Ratio of net investment income to average net assets		0.47	%(c)		0.95	%		1.43	%		1.73	%		1.60	%		1.55	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.19		$	13.43		$	12.73		$	15.65		$	18.50		$	19.68
Net investment income(b)		0.06			0.14			0.24			0.31			0.36			0.39
Net realized and unrealized gain (loss)		2.43			(1.22	)		2.97			(0.94	)		0.06			0.71
Total from investment operations		2.49			(1.08	)		3.21			(0.63	)		0.42			1.10
Distributions to shareholders from net investment income		(0.10	)		(0.16	)		(0.25	)		(0.40	)		(0.33	)		(0.37	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.10	)		(1.16	)		(2.51	)		(2.29	)		(3.27	)		(2.28	)
Net asset value, end of period	$	13.58		$	11.19		$	13.43		$	12.73		$	15.65		$	18.50
Total return(c)		22.29	%		(7.59	)%		25.84	%		(5.18	)%		2.42	%		5.65	%
Net assets, end of period (in 000s)	$	2,590		$	2,289		$	4,532		$	7,969		$	10,776		$	8,467
Ratio of net expenses to average net assets		1.03	%(d)		1.04	%		1.05	%		1.05	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.32	%(d)		1.36	%		1.32	%		1.25	%		1.29	%		1.27	%
Ratio of net investment income to average net assets		0.97	%(d)		1.17	%		1.64	%		2.10	%		1.99	%		1.92	%
Portfolio turnover rate(e)		23	%		57	%		37	%		43	%		35	%		31	%

(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. 33

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.56		$	13.83		$	13.05		$	15.98		$	18.81		$	19.98
Net investment income(a)		0.03			0.18			0.30			0.16			0.41			0.46
Net realized and unrealized gain (loss)		2.56			(1.27	)		3.01			(0.79	)		0.05			0.68
Total from investment operations		2.59			(1.09	)		3.31			(0.63	)		0.46			1.14
Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.27	)		(0.41	)		(0.35	)		(0.40	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.11	)		(1.18	)		(2.53	)		(2.30	)		(3.29	)		(2.31	)
Net asset value, end of period	$	14.04		$	11.56		$	13.83		$	13.05		$	15.98		$	18.81
Total return(b)		22.42	%		(7.47	)%		26.02	%		(5.03	)%		2.60	%		5.77	%
Net assets, end of period (in 000s)	$	452		$	1,116		$	973		$	797		$	227		$	42
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.21	%(c)		1.24	%		1.18	%		1.08	%		1.14	%		1.09	%
Ratio of net investment income to average net assets		0.53	%(c)		1.52	%		1.98	%		1.02	%		2.23	%		2.25	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.87		$	13.09		$	12.47		$	15.39		$	18.27		$	19.47
Net investment income(a)		0.03			0.09			0.18			0.24			0.26			0.29
Net realized and unrealized gain (loss)		2.36			(1.19	)		2.88			(0.93	)		0.05			0.70
Total from investment operations		2.39			(1.10	)		3.06			(0.69	)		0.31			0.99
Distributions to shareholders from net investment income		(0.07	)		(0.12	)		(0.18	)		(0.34	)		(0.25	)		(0.28	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)		(2.94	)		(1.91	)
Total distributions		(0.07	)		(1.12	)		(2.44	)		(2.23	)		(3.19	)		(2.19	)
Net asset value, end of period	$	13.19		$	10.87		$	13.09		$	12.47		$	15.39		$	18.27
Total return(b)		22.02	%		(8.00	)%		25.14	%		(5.62	)%		1.92	%		5.08	%
Net assets, end of period (in 000s)	$	948		$	910		$	1,440		$	1,770		$	3,092		$	4,156
Ratio of net expenses to average net assets		1.53	%(c)		1.54	%		1.55	%		1.55	%		1.56	%		1.56	%
Ratio of total expenses to average net assets		1.83	%(c)		1.87	%		1.82	%		1.75	%		1.79	%		1.77	%
Ratio of net investment income to average net assets		0.43	%(c)		0.79	%		1.22	%		1.60	%		1.45	%		1.44	%
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%		35	%		31	%

(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 REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.55		$	13.82		$	13.04		$	14.90
Net investment income(a)		0.07			0.17			0.29			0.39
Net realized and unrealized gain (loss)		2.52			(1.26	)		3.02			(0.01	)
Total from investment operations		2.59			(1.09	)		3.31			0.38
Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.27	)		(0.35	)
Distributions to shareholders from net realized gains		—			(1.00	)		(2.26	)		(1.89	)
Total distributions		(0.11	)		(1.18	)		(2.53	)		(2.24	)
Net asset value, end of period	$	14.03		$	11.55		$	13.82		$	13.04
Total return(b)		22.45	%		(7.48	)%		26.04	%		1.36	%
Net assets, end of period (in 000s)	$	92,666		$	70,215		$	89,616		$	89,479
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.91	%		0.90	%(c)
Ratio of total expenses to average net assets		1.19	%(c)		1.23	%		1.18	%		1.07	%(c)
Ratio of net investment income to average net assets		1.15	%(c)		1.47	%		1.90	%		3.56	%(c)
Portfolio turnover rate(d)		23	%		57	%		37	%		43	%

* 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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements

June 30, 2021 (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
Global Real Estate Securities	A, C, Institutional, Investor, R6, R and P	Diversified
International Real Estate Securities	A, C, Institutional, Investor, R6 and P	Non-diversified
Real Estate Securities	A, C, Institutional, Service, Investor, R6, R and P	Non-diversified

Class A Shares of the Global Real Estate Securities, International Real Estate Securities, and Real Estate Securities Funds 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 R6, Class R and Class P 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. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. 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 United States (“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.

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

37

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Global Real Estate Securities and Real Estate Securities	Quarterly	Annually
International Real Estate Securities	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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The 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’

38

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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.

39

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of June 30, 2021:

GLOBAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,709,145	$	28,158,651	$	—
Australia and Oceania		—		5,973,122		—
Europe		3,258,318		25,914,121		—
North America		98,193,500		—		—
Investment Company		1,592,735		—		—
Securities Lending Reinvestment Vehicle		1,541,853		—		—
Total	$	107,295,551	$	60,045,894	$	—
INTERNATIONAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,380,007	$	19,653,951	$	—
Australia and Oceania		—		4,097,797		—
Europe		1,936,680		19,241,186		—
North America		3,712,572		—		—
Investment Company		13		—		—
Total	$	8,029,272	$	42,992,934	$	—
REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	155,724,881	$	—	$	—
Investment Company		949,036		—		—
Total	$	156,673,917	$	—	$	—

(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 third party (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.

40

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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 June 30, 2021, 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
Global Real Estate Securities		0.93	%		0.84	%		0.80	%		0.78	%		0.76	%		0.93	%		0.93	%
International Real Estate Securities		0.95			0.95			0.86			0.81			0.80			0.95			0.95
Real Estate Securities		0.87			0.78			0.74			0.73			0.71			0.87			0.87

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The 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 June 30, 2021, GSAM waived $247, $136 and $297 of the Global Real Estate Securities, International Real Estate Securities and Real Estate Securities 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			Service			Class R*
Distribution and/or Service Plans		0.25	%		0.75	%		0.25	%		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 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.

41

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 June 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Real Estate Securities	$	7	$	—
Real Estate Securities		344		—

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: 0.16% 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 R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to January 1, 2021, the annual rate was 0.17% of the average daily net assets of Class A, Class C, Investor and Class R 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 limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2022, 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 June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Global Real Estate Securities	$	247	$	214,579	$	214,826
International Real Estate Securities		136		205,064		205,200
Real Estate Securities		297		199,054		199,351

G.  Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 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

42

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 June 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Global Real Estate Securities	$	2,365,286	$	22,892,466	$	(23,665,017	)	$	1,592,735		1,592,735	$	171
International Real Estate Securities		1,168,707		6,387,932		(7,556,626	)		13		13		97
Real Estate Securities		—		23,211,963		(22,262,927	)		949,036		949,036		242

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

	Percent of Share Class owned by Goldman Sachs Group, Inc.
Fund	Class A			Class C			Institutional			Investor			Class R6			Class R
Global Real Estate Securities		47	%		60	%		87	%		100	%		—	%		100	%
International Real Estate Securities		—			41			—			16			17			—

As of June 30, 2021, the following Goldman Sachs Fund of Funds and Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Dynamic Global Equity Portfolio			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Global Real Estate Securities		8	%		5	%		6	%		5	%		37	%

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were as follows:

Fund	Purchases		Sales
Global Real Estate Securities	$	59,843,687	$	93,743,053
International Real Estate Securities		9,942,889		12,752,236
Real Estate Securities		42,534,877		31,464,989

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities and International Real Estate Securities Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain

43

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

6. SECURITIES LENDING (continued)

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 Global Real Estate Securities and International Real Estate Securities 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 June 30, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The International Real Estate Securities Fund did not have securities on loan as of June 30, 2021.

Each of the Global Real Estate Securities and International Real Estate Securities 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 June 30, 2021, 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 June 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned
Global Real Estate Securities	$	496
International Real Estate Securities		205

44

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

6. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021
Global Real Estate Securities	$	—	$	7,455,472	$	(5,913,619	)	$	1,541,853
International Real Estate Securities		—		4,738,714		(4,738,714	)		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Capital loss carryforwards:
Perpetual short-term	$	(1,965,256	)	$	(352,616	)	$	—
Perpetual long-term		(5,981,265	)		(12,171,625	)		—
Total capital loss carryforwards	$	(7,946,521	)	$	(12,524,241	)	$	—
Timing differences (Real Estate Investment Trusts and Post October Capital Loss Deferral)	$	65,555		$	—		$	18,092

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Tax cost	$	139,587,273		$	48,819,633		$	106,413,726
Gross unrealized gain		38,127,900			7,115,534			52,179,174
Gross unrealized loss		(10,373,728	)		(4,912,961	)		(1,918,983	)
Net unrealized gain	$	27,754,172		$	2,202,573		$	50,260,191

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 real estate investment trust investments, partnership investments and passive foreign investment companies.

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.

45

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 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.

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 problems with 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 — A Fund invests in foreign securities, and as such 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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

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.

46

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

8. OTHER RISKS (continued)

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 a Fund’s 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.

Non-Diversification Risk — The International Real Estate Securities and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a 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.

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.

47

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,623		$	16,750			31		$	345
Reinvestment of distributions		42			494			71			645
Shares redeemed		(31	)		(330	)		(4	)		(41	)
		1,634			16,914			98			949
Class C Shares
Reinvestment of distributions		19			220			45			424
Shares redeemed		—			—			(1,043	)		(9,389	)
		19			220			(998	)		(8,965	)
Institutional Shares
Shares sold		11,427			117,480			19,341			204,292
Reinvestment of distributions		1,765			20,554			3,610			32,682
Shares redeemed		(3,855	)		(42,245	)		(4,532	)		(43,736	)
		9,337			95,789			18,419			193,238
Investor Shares
Reinvestment of distributions		23			272			51			458
		23			272			51			458
Class R6 Shares
Shares sold		244,076			2,603,451			2,017,932			18,813,179
Reinvestment of distributions		83,755			970,439			276,148			2,488,913
Shares redeemed		(4,553,039	)		(48,006,302	)		(5,568,483	)		(54,042,521	)
		(4,225,208	)		(44,432,412	)		(3,274,403	)		(32,740,429	)
Class R Shares
Reinvestment of distributions		16			188			38			345
		16			188			38			345
Class P Shares
Shares sold		1,489,618			16,681,623			2,568,798			22,072,549
Reinvestment of distributions		32,431			377,251			53,027			476,091
Shares redeemed		(701,275	)		(8,308,888	)		(3,257,812	)		(28,595,177	)
		820,774			8,749,986			(635,987	)		(6,046,537	)
NET DECREASE		(3,393,405	)	$	(35,569,043	)		(3,892,782	)	$	(38,600,941	)

48

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Real Estate Securities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		28,164		$	191,549			14,555		$	83,687
Reinvestment of distributions		4,924			34,022			2,770			15,123
Shares redeemed		(30,011	)		(198,962	)		(139,827	)		(769,843	)
		3,077			26,609			(122,502	)		(671,033	)
Class C Shares
Shares sold		44			300			551			3,383
Reinvestment of distributions		41			284			42			232
Shares redeemed		(7,353	)		(47,930	)		(12,454	)		(72,451	)
		(7,268	)		(47,346	)		(11,861	)		(68,836	)
Institutional Shares
Shares sold		79,602			505,602			20,583			123,358
Reinvestment of distributions		15,606			104,095			11,310			60,450
Shares redeemed		(5,379	)		(34,466	)		(329,293	)		(1,827,794	)
		89,829			575,231			(297,400	)		(1,643,986	)
Investor Shares
Shares sold		1,188			8,206			1,286			7,362
Reinvestment of distributions		178			1,223			159			870
Shares redeemed		(1,627	)		(10,633	)		(8,032	)		(49,166	)
		(261	)		(1,204	)		(6,587	)		(40,934	)
Class R6 Shares
Shares sold		9,862			62,108			—			—
Reinvestment of distributions		212			1,410			23			120
Shares redeemed		(348	)		(2,300	)		—			—
		9,726			61,218			23			120
Class P Shares
Shares sold		187,004			1,186,499			3,763,846			19,374,160
Reinvestment of distributions		118,584			788,584			99,884			532,922
Shares redeemed		(979,943	)		(6,298,135	)		(7,553,506	)		(38,883,307	)
		(674,355	)		(4,323,052	)		(3,689,776	)		(18,976,225	)
NET DECREASE		(579,252	)	$	(3,708,544	)		(4,128,103	)	$	(21,400,894	)

49

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		157,347		$	1,985,742			151,591		$	1,711,995
Reinvestment of distributions		10,304			132,008			167,283			1,784,623
Shares redeemed		(306,929	)		(3,695,636	)		(652,041	)		(7,478,412	)
		(139,278	)		(1,577,886	)		(333,167	)		(3,981,794	)
Class C Shares
Shares sold		3,363			37,565			12,822			136,861
Reinvestment of distributions		351			4,201			13,271			132,433
Shares redeemed		(33,294	)		(379,369	)		(106,025	)		(1,084,385	)
		(29,580	)		(337,603	)		(79,932	)		(815,091	)
Institutional Shares
Shares sold		711,882			8,797,429			203,539			2,421,613
Reinvestment of distributions		21,111			283,289			197,171			2,200,981
Shares redeemed		(93,742	)		(1,216,759	)		(549,710	)		(6,405,332	)
		639,251			7,863,959			(149,000	)		(1,782,738	)
Service Shares
Shares sold		7,905			95,498			17,117			186,599
Reinvestment of distributions		185			2,383			4,306			46,371
Shares redeemed		(28,567	)		(355,877	)		(57,146	)		(595,416	)
		(20,477	)		(257,996	)		(35,723	)		(362,446	)
Investor Shares
Shares sold		16,021			200,520			245,653			3,153,946
Reinvestment of distributions		1,449			18,824			21,337			230,536
Shares redeemed		(31,413	)		(368,807	)		(399,865	)		(4,922,922	)
		(13,943	)		(149,463	)		(132,875	)		(1,538,440	)
Class R6 Shares
Shares sold		7,140			86,547			29,934			329,275
Reinvestment of distributions		28			374			6,877			76,897
Shares redeemed		(71,473	)		(851,702	)		(10,623	)		(127,504	)
		(64,305	)		(764,781	)		26,188			278,668
Class R Shares
Shares sold		4,384			51,816			22,185			256,198
Reinvestment of distributions		395			4,994			7,577			79,676
Shares redeemed		(16,642	)		(193,508	)		(56,007	)		(628,800	)
		(11,863	)		(136,698	)		(26,245	)		(292,926	)
Class P Shares
Shares sold		837,281			10,734,924			2,099,373			22,254,864
Reinvestment of distributions		51,571			692,430			594,839			6,634,674
Shares redeemed		(362,064	)		(4,659,932	)		(3,099,620	)		(35,299,395	)
		526,788			6,767,422			(405,408	)		(6,409,857	)
NET INCREASE (DECREASE)		886,593		$	11,406,954			(1,136,162	)	$	(14,904,624	)

50

GOLDMAN SACHS REAL ESTATE SECURITIES 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

51

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P 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 R6, Class R and Class P 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.

	Global Real Estate Securities Fund							International Real Estate Securities Fund							Real Estate Securities Fund
Share Class	Beginning Account Value 1/01/21		Ending Account Value 6/30/21			Expenses Paid for the 6 Months Ended 6/30/21*		Beginning Account Value 1/01/21		Ending Account Value 6/30/21			Expenses Paid for the 6 Months Ended 6/30/21*		Beginning Account Value 1/01/21		Ending Account Value 6/30/21			Expenses Paid for the 6 Months Ended 6/30/21*
Class A
Actual	$	1,000	$	1,155.70		$	7.16	$	1,000	$	1,079.00		$	7.01	$	1,000	$	1,222.10		$	7.05
Hypothetical 5% return		1,000		1,018.15	+		6.71		1,000		1,018.05	+		6.81		1,000		1,018.45	+		6.41
Class C
Actual		1,000		1,151.70			11.15		1,000		1,076.30			10.86		1,000		1,216.60			11.16
Hypothetical 5% return		1,000		1,014.43	+		10.44		1,000		1,014.33	+		10.54		1,000		1,014.73	+		10.14
Institutional
Actual		1,000		1,157.60			5.19		1,000		1,082.20			5.11		1,000		1,224.20			5.02
Hypothetical 5% return		1,000		1,019.98	+		4.86		1,000		1,019.89	+		4.96		1,000		1,020.28	+		4.56
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,221.30			7.77
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,017.80	+		7.05
Investor
Actual		1,000		1,156.30			5.83		1,000		1,080.90			5.73		1,000		1,222.90			5.68
Hypothetical 5% return		1,000		1,019.39	+		5.46		1,000		1,019.29	+		5.56		1,000		1,019.69	+		5.16
Class R6
Actual		1,000		1,158.00			5.14		1,000		1,080.60			5.06		1,000		1,224.20			4.96
Hypothetical 5% return		1,000		1,020.03	+		4.81		1,000		1,019.93	+		4.91		1,000		1,020.33	+		4.51
Class R
Actual		1,000		1,154.00			8.49		N/A		N/A			N/A		1,000		1,220.20			8.42
Hypothetical 5% return		1,000		1,016.91	+		7.95		N/A		N/A			N/A		1,000		1,017.21	+		7.65
Class P
Actual		1,000		1,158.10			5.14		1,000		1,080.70			5.06		1,000		1,224.50			4.96
Hypothetical 5% return		1,000		1,020.03	+		4.81		1,000		1,019.93	+		4.91		1,000		1,020.33	+		4.51

+ 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 June 30, 2021. 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 R6			Class R			Class P
Global Real Estate Securities		1.34	%		2.09	%		0.97	%		N/A		1.09	%		0.96	%		1.59	%		0.96	%
International Real Estate Securities		1.36			2.11			0.99			N/A		1.11			0.98			N/A			0.98
Real Estate Securities		1.28			2.03			0.91			1.41		1.03			0.90			1.53			0.90

52

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Real Estate Securities Fund, Goldman Sachs International Real Estate Securities Fund, and Goldman Sachs Real Estate Securities Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

53

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020,

54

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Real Estate Securities Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, and ten-year periods and in the fourth quartile for the five-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They noted that the International Real Estate Securities Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five-year period and in the fourth quartile for the one-, three- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three- and five-year periods and underperformed for the ten-year period ended March 31, 2021. The Trustees considered that the International Real Estate Securities Fund has a “global” peer group and benchmark that contemplates investments in U.S. and non-U.S. securities, whereas the Fund invests only in non-U.S. securities. They noted that the Global Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the fourth quartile for the five-year period, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one- and five-year periods ended March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Real Estate Securities Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund and total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among

55

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
First $1 billion		0.93	%		0.95	%		0.87	%
Next $1 billion		0.84			0.95			0.78
Next $3 billion		0.80			0.86			0.74
Next $3 billion		0.78			0.81			0.73
Over $8 billion		0.76			0.80			0.71

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage commissions earned by Goldman Sachs for executing securities transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to

56

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (g) (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2022.

57

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 Asset Management Divison of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ 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

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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 Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for 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 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 June 30, 2021 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.

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).

© 2021 Goldman Sachs. All rights reserved. 248852-OTU-1459314 RESSAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Alternative Funds
	Absolute Return Tracker
	Alternative Premia
	Managed Futures Strategy

Goldman Sachs Alternative Funds

∎ ABSOLUTE RETURN TRACKER

∎ ALTERNATIVE PREMIA

∎ MANAGED FUTURES STRATEGY

TABLE OF CONTENTS
Fund Basics	1
Consolidated Schedules of Investments	7
Consolidated Financial Statements	53
Consolidated Financial Highlights	57
Absolute Return Tracker	57
Alternative Premia	64
Managed Futures Strategy	71
Notes to Financial Statements	78
Other Information	101

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Absolute Return Tracker Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			HFRX Global Hedge Fund Index2
Class A		4.95	%		3.73	%
Class C		4.64			3.73
Institutional		5.18			3.73
Investor		5.14			3.73
Class R6		5.19			3.73
Class R		4.79			3.73
Class P		5.29			3.73

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 HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The index is investable through products managed by HFR Asset Management, LLC that track HFRX Indices. The HFRX Global Hedge Fund Index is a trademark of HFR. HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund. It is not possible to invest directly in an 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

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above 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 Consolidated 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.

2

FUND BASICS

Alternative Premia Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR Three-Month Constant Maturity Index2
Class A		1.78	%		0.11	%
Class C		1.26			0.11
Institutional		1.88			0.11
Investor		1.74			0.11
Class R6		2.03			0.11
Class R		1.65			0.11
Class P		2.03			0.11

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 ICE BofAML USD LIBOR Three-Month Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an 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

3

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above graph 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 Consolidated 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.

4

FUND BASICS

Managed Futures Strategy Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR One-Month Constant Maturity Index2
Class A		3.46	%		0.05	%
Class C		2.94			0.05
Institutional		3.64			0.05
Investor		3.49			0.05
Class R6		3.64			0.05
Class R		3.23			0.05
Class P		3.65			0.05

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 ICE BofAML USD LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. 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 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.

5

FUND BASICS

FUND COMPOSITION³

³  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. 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 Consolidated 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.

6

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 29.7%
Automobiles & Components – 0.3%
	700	Aisin Corp.	$	30,014
	1,118	Aptiv plc*		175,895
	3,645	Bayerische Motoren Werke AG		386,427
	6,434	BorgWarner, Inc.		312,306
	5,200	Bridgestone Corp.		236,352
	6,276	Cie Generale des Etablissements Michelin SCA		1,001,621
	1,118	Continental AG		164,481
	23,743	Daimler AG (Registered)		2,121,642
	200	Denso Corp.		13,638
	3,682	Faurecia SE		181,008
	103,637	Ford Motor Co.*		1,540,046
	4,198	General Motors Co.*		248,396
	2,941	Honda Motor Co. Ltd.		94,592
	7,300	Isuzu Motors Ltd.		96,869
	5,900	JTEKT Corp.		60,714
	12,300	Mazda Motor Corp.*		116,044
	1,102	NGK Spark Plug Co. Ltd.		16,383
	700	NHK Spring Co. Ltd.		5,763
	700	Nifco, Inc.		26,474
	33,400	Nissan Motor Co. Ltd.*		166,388
	2,022	NOK Corp.		25,156
	5,771	Nokian Renkaat OYJ		233,136
	7,422	Renault SA*		300,869
	70,025	Stellantis NV		1,377,629
	1,600	Subaru Corp.		31,711
	5,187	Sumitomo Rubber Industries Ltd.		71,710
	4,300	Suzuki Motor Corp.		182,232
	298	Tesla, Inc.*		202,551
	5,035	TI Fluid Systems plc		21,382
	1,340	Tokai Rika Co. Ltd.		21,548
	2,000	Toyo Tire Corp.		42,350
	300	Toyoda Gosei Co. Ltd.		7,399
	600	Toyota Boshoku Corp.		12,454
	420	Toyota Industries Corp.		36,320
	1,208	TS Tech Co. Ltd.		18,704
	17,772	Valeo SA		536,066
	4,400	Yamaha Motor Co. Ltd.		119,514
	1,226	Yokohama Rubber Co. Ltd. (The)		26,332
				10,262,116
Banks – 1.2%
	1,052	77 Bank Ltd. (The)		11,574
	2,300	Aozora Bank Ltd.		51,559
	200,635	Banco Bilbao Vizcaya Argentaria SA		1,244,536
	7,648	Banco BPM SpA		24,653
	273,203	Bank of America Corp.		11,264,160
	3,937	Bank of Ireland Group plc*		21,126
	100	Bank of Kyoto Ltd. (The)		4,549
	74,295	Barclays plc		176,308
	5,132	BNP Paribas SA		322,082
	150,555	CaixaBank SA		463,515
	9,847	Citigroup, Inc.		696,675
	4,844	Citizens Financial Group, Inc.		222,194
	3,513	Close Brothers Group plc		73,622
	1,635	Comerica, Inc.		116,641
	18,582	Credit Agricole SA		260,512
Common Stocks – (continued)
Banks – (continued)
	2,984	Fifth Third Bancorp		114,078
	23,295	FinecoBank Banca Fineco SpA*		406,529
	1,100	Fukuoka Financial Group, Inc.		19,266
	2,456	Gunma Bank Ltd. (The)		7,763
	6,833	Hachijuni Bank Ltd. (The)		22,088
	2,020	Hirogin Holdings, Inc.		10,678
	2,038	Hokuhoku Financial Group, Inc.		14,926
	49,536	HSBC Holdings plc		285,897
	39,843	Huntington Bancshares, Inc.		568,560
	767	Iyo Bank Ltd. (The)		3,780
	113,629	JPMorgan Chase & Co.		17,673,855
	148,689	KeyCorp		3,070,428
	18,449	Lloyds Banking Group plc		11,934
	706	M&T Bank Corp.		102,589
	13,343	Mebuki Financial Group, Inc.		28,214
	980	Mediobanca Banca di Credito Finanziario SpA*		11,466
	21,343	Mizuho Financial Group, Inc.		305,899
	2,954	Natwest Group plc		8,313
	2,739	Nishi-Nippon Financial Holdings, Inc.		15,649
	761	OSB Group plc		4,884
	288	Paragon Banking Group plc		2,030
	19,654	PNC Financial Services Group, Inc. (The)		3,749,197
	10,787	Raiffeisen Bank International AG		244,849
	4,957	Regions Financial Corp.		100,032
	28,061	Resona Holdings, Inc.		108,193
	19,300	Seven Bank Ltd.		41,030
	567	Shiga Bank Ltd. (The)		9,943
	1,097	Shinsei Bank Ltd.		14,425
	100	Shizuoka Bank Ltd. (The)		776
	13,686	Standard Chartered plc		87,341
	1,800	Sumitomo Mitsui Financial Group, Inc.		62,050
	4,058	Sumitomo Mitsui Trust Holdings, Inc.		129,451
	1,318	SVB Financial Group*		733,375
	18,632	US Bancorp		1,061,465
	1,939	Virgin Money UK plc*		5,333
	1,544	Wells Fargo & Co.		69,928
	2,796	Yamaguchi Financial Group, Inc.		16,020
	3,497	Zions Bancorp NA		184,851
				44,260,791
Capital Goods – 1.4%
	32,751	3M Co.		6,505,331
	7,447	A O Smith Corp.		536,631
	2,299	Aalberts NV		123,823
	6,980	ACS Actividades de Construccion y Servicios SA		187,123
	2,600	AGC, Inc.		108,915
	7,100	Amada Co. Ltd.		72,015
	155	AMETEK, Inc.		20,693
	777	ANDRITZ AG		43,700
	224	Ashtead Group plc		16,650
	698	Bodycote plc		8,178
	4,468	Brenntag SE		415,848
	1,464	Bunzl plc		48,431

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	5,424	Carrier Global Corp.	$	263,606
	23,701	Caterpillar, Inc.		5,158,049
	487	Central Glass Co. Ltd.		9,350
	2,391	Chemring Group plc		9,509
	4,201	Cie de Saint-Gobain		277,249
	11,904	CNH Industrial NV		197,460
	3,840	Cummins, Inc.		936,230
	1,599	Daikin Industries Ltd.		297,973
	469	DCC plc		38,418
	5,155	Deere & Co.		1,818,220
	146	Diploma plc		5,873
	4,366	Dover Corp.		657,520
	442	Eaton Corp. plc		65,496
	371	Ebara Corp.		18,275
	4,450	Eiffage SA		453,262
	694	Electrocomponents plc		9,888
	11,430	Emerson Electric Co.		1,100,023
	12,349	Fastenal Co.		642,148
	4,902	Ferguson plc		682,002
	3,356	Fortive Corp.		234,047
	1,824	Fortune Brands Home & Security, Inc.		181,689
	336	Fuji Corp.		7,696
	91	Fuji Electric Co. Ltd.		4,248
	379	Fujitec Co. Ltd.		8,402
	5,480	GEA Group AG		222,050
	1,910	Generac Holdings, Inc.*		792,937
	20,291	General Dynamics Corp.		3,819,984
	473,709	General Electric Co.		6,376,123
	152	Genuit Group plc		1,290
	1,397	Glory Ltd.		29,014
	1,886	GS Yuasa Corp.		48,229
	9,000	Hino Motors Ltd.		79,606
	2,021	Hitachi Construction Machinery Co. Ltd.		61,895
	7,762	Hitachi Ltd.		444,818
	224	Honeywell International, Inc.		49,134
	300	Hoshizaki Corp.		25,486
	20,060	Howden Joinery Group plc		226,858
	1,155	Howmet Aerospace, Inc.*		39,813
	3,016	Huntington Ingalls Industries, Inc.		635,622
	2,095	IDEX Corp.		461,005
	39	IMCD NV		6,214
	7,331	IMI plc		174,425
	5,093	Ingersoll Rand, Inc.*		248,589
	2,279	Interpump Group SpA		135,214
	3,447	ITOCHU Corp.		99,462
	100	Japan Steel Works Ltd. (The)		2,567
	400	JGC Holdings Corp.		3,727
	335	John Laing Group plc		1,854
	17,397	Johnson Controls International plc		1,193,956
	3,171	Kajima Corp.		40,239
	1,827	Kinden Corp.		29,855
	3,325	Kingspan Group plc		314,257
	199	KION Group AG		21,245
	1,724	Knorr-Bremse AG		198,358
	6,800	Komatsu Ltd.		168,460
	500	Kubota Corp.		10,115
Common Stocks – (continued)
Capital Goods – (continued)
	240	Kurita Water Industries Ltd.		11,536
	109	Kyudenko Corp.		3,508
	136	Legrand SA		14,414
	9,855	Leonardo SpA*		79,741
	3,992	Lixil Corp.		103,302
	5,322	Maeda Corp.		46,168
	8,032	Marubeni Corp.		69,946
	2,088	Masco Corp.		123,004
	255	Meggitt plc*		1,629
	22,061	Melrose Industries plc		47,487
	3,014	Metso Outotec OYJ		35,021
	100	MINEBEA MITSUMI, Inc.		2,642
	1,800	MISUMI Group, Inc.		60,915
	3,135	Mitsubishi Corp.		85,636
	14,275	Mitsubishi Electric Corp.		207,234
	4,181	Mitsui & Co. Ltd.		94,180
	621	Miura Co. Ltd.		26,966
	3,906	MonotaRO Co. Ltd.		92,043
	5,276	Morgan Advanced Materials plc		25,763
	2,394	Morgan Sindall Group plc		71,365
	1,362	Nabtesco Corp.		51,384
	1,125	Nagase & Co. Ltd.		16,817
	500	NGK Insulators Ltd.		8,415
	3,330	Nidec Corp.		382,917
	200	Nishimatsu Construction Co. Ltd.		6,236
	3,954	Nisshinbo Holdings, Inc.		34,241
	12,100	NTN Corp.*		31,630
	653	OKUMA Corp.		31,992
	10,090	Otis Worldwide Corp.		825,059
	2,439	PACCAR, Inc.		217,681
	3,196	Parker-Hannifin Corp.		981,524
	9,007	Pentair plc		607,882
	3,267	Penta-Ocean Construction Co. Ltd.		22,765
	11,797	Prysmian SpA		423,348
	3,634	QinetiQ Group plc		17,297
	3,780	Quanta Services, Inc.		342,355
	159	Rational AG		144,050
	19,829	Rexel SA*		415,183
	2,750	Rheinmetall AG		271,736
	2,329	Rockwell Automation, Inc.		666,141
	21,694	Rotork plc		102,318
	2,236	Sanwa Holdings Corp.		27,500
	9,305	Schneider Electric SE		1,466,882
	6,900	Shimizu Corp.		53,026
	285	Siemens AG (Registered)		45,252
	4,247	Siemens Energy AG*		127,933
	991	Siemens Gamesa Renewable Energy SA*		33,133
	7,015	Signify NV		445,298
	1,293	Smiths Group plc		28,477
	2,851	Snap-on, Inc.		636,999
	15,571	Sojitz Corp.		47,100
	36	Spirax-Sarco Engineering plc		6,780
	4,363	Stanley Black & Decker, Inc.		894,371
	14,640	Sumitomo Corp.		196,300
	1,000	Sumitomo Heavy Industries Ltd.		27,652
	1,600	Tadano Ltd.		16,690

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	461	Taisei Corp.	$	15,130
	464	Thales SA		47,410
	1,300	TOTO Ltd.		67,357
	999	Toyota Tsusho Corp.		47,416
	4,700	Trane Technologies plc		865,458
	11,473	Travis Perkins plc*		268,437
	634	Ultra Electronics Holdings plc		20,095
	2,661	United Rentals, Inc.*		848,886
	878	Valmet OYJ		38,342
	3,752	Vesuvius plc		27,467
	2,283	Vinci SA		244,048
	3,219	Wartsila OYJ Abp		47,825
	819	Weir Group plc (The)*		21,024
	4,017	Westinghouse Air Brake Technologies Corp.		330,599
	80	XP Power Ltd.		6,175
	4,583	Xylem, Inc.		549,777
	2,400	Yaskawa Electric Corp.		117,205
				51,545,887
Commercial & Professional Services – 0.3%
	10,625	Aggreko plc		126,809
	736	Benefit One, Inc.		23,172
	7,060	Biffa plc*		31,740
	4,313	Copart, Inc.*		568,583
	7,180	Elis SA*		135,482
	12,893	Hays plc*		28,286
	910	HomeServe plc		12,028
	2,448	Jacobs Engineering Group, Inc.		326,612
	1,269	Kokuyo Co. Ltd.		19,841
	2,753	Leidos Holdings, Inc.		278,328
	23,279	Mitie Group plc*		21,897
	26,532	Nielsen Holdings plc		654,544
	154	Nihon M&A Center, Inc.		3,989
	11,773	Pagegroup plc*		91,036
	1,720	Persol Holdings Co. Ltd.		33,964
	6,091	Randstad NV		466,938
	7,989	Recruit Holdings Co. Ltd.		391,771
	710	Republic Services, Inc.		78,107
	6,936	Robert Half International, Inc.		617,096
	13,181	Rollins, Inc.		450,790
	18,443	Serco Group plc		34,626
	800	SMS Co. Ltd.		23,906
	335	Sohgo Security Services Co. Ltd.		15,263
	9,735	SPIE SA		224,276
	900	TechnoPro Holdings, Inc.		21,281
	49	Teleperformance		19,898
	592	Toppan, Inc.		9,521
	3,379	Verisk Analytics, Inc.		590,379
	29,125	Waste Management, Inc.		4,080,704
				9,380,867
Consumer Durables & Apparel – 0.9%
	3,850	adidas AG		1,436,658
	1,200	Asics Corp.		30,427
	3,974	Barratt Developments plc		38,264
Common Stocks – (continued)
Consumer Durables & Apparel – (continued)
	616	Bellway plc		27,598
	38,666	Brunswick Corp.		3,851,907
	163	Burberry Group plc*		4,662
	3,100	Casio Computer Co. Ltd.		52,017
	10,133	Coats Group plc		9,545
	1,027	Countryside Properties plc*		6,734
	4,692	Crest Nicholson Holdings plc*		27,221
	3,119	DR Horton, Inc.		281,864
	897	EssilorLuxottica SA		165,706
	153	Fujitsu General Ltd.		4,052
	1,107	Games Workshop Group plc		174,577
	681	Garmin Ltd.		98,500
	9,521	Hanesbrands, Inc.		177,757
	32,978	Hasbro, Inc.		3,117,081
	24	Hermes International		35,023
	2,848	Iida Group Holdings Co. Ltd.		73,256
	1,448	Kering SA		1,268,763
	3,465	Leggett & Platt, Inc.		179,522
	4,075	Lennar Corp. Class A		404,851
	114	LVMH Moet Hennessy Louis Vuitton SE		89,679
	1,896	Mohawk Industries, Inc.*		364,392
	83	Moncler SpA		5,626
	11,344	Newell Brands, Inc.		311,620
	68,925	NIKE, Inc. Class B		10,648,223
	5,600	Nikon Corp.		59,738
	50	NVR, Inc.*		248,665
	400	Open House Co. Ltd.		18,796
	4,722	Panasonic Corp.		54,372
	722	Persimmon plc		29,576
	73,610	PulteGroup, Inc.		4,016,898
	209	Puma SE		24,944
	6,179	PVH Corp.*		664,799
	3,698	Ralph Lauren Corp.		435,661
	3,290	Redrow plc		27,908
	100	Rinnai Corp.		9,518
	65	Sangetsu Corp.		907
	1,582	SEB SA		286,189
	5,524	Sekisui House Ltd.		113,434
	4,900	Sharp Corp.		80,839
	1,939	Sony Group Corp.		188,019
	17,241	Tapestry, Inc.*		749,639
	27,526	Under Armour, Inc. Class A*		582,175
	9,419	Under Armour, Inc. Class C*		174,911
	7,591	VF Corp.		622,766
	1,727	Vistry Group plc		28,106
	1,627	Whirlpool Corp.		354,718
	1,200	Yamaha Corp.		65,145
				31,723,248
Consumer Services – 0.5%
	15,666	888 Holdings plc		83,262
	395	Benesse Holdings, Inc.		9,810
	3,755	Booking Holdings, Inc.*		8,216,278
	399	Caesars Entertainment, Inc.*		41,396
	581	Chipotle Mexican Grill, Inc.*		900,748

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Services – (continued)
	147	Darden Restaurants, Inc.	$	21,460
	15,461	Domino’s Pizza Group plc		83,177
	1,415	Domino’s Pizza, Inc.		660,083
	1,894	Entain plc*		45,766
	4,037	Expedia Group, Inc.*		660,897
	3,935	Flutter Entertainment plc*		715,672
	1,800	Food & Life Cos. Ltd.		77,600
	2,752	Gamesys Group plc		70,193
	3,342	Greggs plc*		120,295
	5,210	Hilton Worldwide Holdings, Inc.*		628,430
	2,087	La Francaise des Jeux SAEM		122,752
	7,915	McDonald’s Corp.		1,828,286
	815	MGM Resorts International		34,760
	1,573	Mitchells & Butlers plc*		6,063
	1,522	Penn National Gaming, Inc.*		116,418
	5,297	Playtech plc*		31,156
	2,795	Restaurant Group plc (The)*		4,957
	400	Skylark Holdings Co. Ltd.*		5,554
	1,232	Sodexo SA*		115,142
	507	Starbucks Corp.		56,688
	34,958	Wynn Resorts Ltd.*		4,275,363
	6,224	Yum! Brands, Inc.		715,947
	800	Zensho Holdings Co. Ltd.		20,545
				19,668,698
Diversified Financials – 2.2%
	19,920	3i Group plc		323,279
	7,242	AJ Bell plc		43,494
	38,497	American Express Co.		6,360,859
	151	Ameriprise Financial, Inc.		37,581
	1,729	Amundi SA		152,496
	15,176	Ashmore Group plc		80,882
	82,246	Bank of New York Mellon Corp. (The)		4,213,463
	65,161	Berkshire Hathaway, Inc. Class B*		18,109,545
	68	BlackRock, Inc.		59,498
	296	Brewin Dolphin Holdings plc		1,424
	32,617	Capital One Financial Corp.		5,045,524
	98,363	Charles Schwab Corp. (The)		7,161,810
	18,235	Chrysalis Investments Ltd.*		62,052
	4,537	CMC Markets plc		28,870
	21,807	CME Group, Inc.		4,637,913
	2,529	Credit Saison Co. Ltd.		30,902
	4,926	Deutsche Boerse AG		859,815
	6,236	Discover Financial Services		737,656
	1,311	Euronext NV		142,622
	2,451	Franklin Resources, Inc.		78,407
	11,809	Hargreaves Lansdown plc		259,850
	14,010	IG Group Holdings plc		164,174
	4,379	IntegraFin Holdings plc		31,241
	244	Intermediate Capital Group plc		7,177
	11,903	Invesco Ltd.		318,167
	24,568	Investec plc		98,137
	4,658	IP Group plc		7,500
	600	JAFCO Group Co. Ltd.		37,411
	3,543	Japan Exchange Group, Inc.		78,924
	767	JTC plc		6,522
Common Stocks – (continued)
Diversified Financials – (continued)
	61,384	KKR & Co., Inc.		3,636,388
	94	Liontrust Asset Management plc		2,448
	119,694	M&G plc		379,179
	1,112	MarketAxess Holdings, Inc.		515,512
	2,613	Moody’s Corp.		946,873
	86,152	Morgan Stanley		7,899,277
	44	MSCI, Inc.		23,455
	5,903	Ninety One plc		17,981
	875	Nomura Holdings, Inc.		4,453
	5,050	Plus500 Ltd.		93,347
	450	Provident Financial plc*		1,445
	692	Quilter plc		1,424
	20	Rathbone Brothers plc		501
	314	Raymond James Financial, Inc.		40,789
	17,387	S&P Global, Inc.		7,136,494
	3,118	Sanne Group plc		35,885
	3,400	SBI Holdings, Inc.		80,310
	202	Sofina SA		87,275
	13,968	St James’s Place plc		285,600
	9,664	Standard Life Aberdeen plc		36,255
	43,736	State Street Corp.		3,598,598
	5,376	Synchrony Financial		260,843
	24,772	T. Rowe Price Group, Inc.		4,904,113
	500	Zenkoku Hosho Co. Ltd.		21,451
				79,187,091
Energy – 0.7%
	6,093	APA Corp.		131,792
	28,585	Baker Hughes Co.		653,739
	156,245	Cabot Oil & Gas Corp.		2,728,038
	15,945	Cairn Energy plc		32,207
	76,691	Chevron Corp.		8,032,615
	1,100	Cosmo Energy Holdings Co. Ltd.		25,251
	712	Diamondback Energy, Inc.		66,850
	4,093	ENEOS Holdings, Inc.		17,153
	53,795	Exxon Mobil Corp.		3,393,389
	35,066	Halliburton Co.		810,726
	14,851	HollyFrontier Corp.		488,598
	1,000	Iwatani Corp.		59,919
	41,533	John Wood Group plc*		126,532
	184,365	Kinder Morgan, Inc.		3,360,974
	13,787	Marathon Oil Corp.		187,779
	15,817	Marathon Petroleum Corp.		955,663
	10,420	Neste OYJ		639,184
	36,554	NOV, Inc.*		560,007
	5,632	Occidental Petroleum Corp.		176,113
	727	OMV AG		41,488
	1,182	Phillips 66		101,439
	57,880	Repsol SA		727,123
	10,714	Royal Dutch Shell plc Class A		214,793
	34,079	TechnipFMC plc*		307,736
	45,010	Tenaris SA		492,422
	43	Thungela Resources Ltd.*		118
	7,452	TotalEnergies SE		337,589
	388,921	Tullow Oil plc*		320,370
	9,814	Valero Energy Corp.		766,277
				25,755,884

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 0.3%
	1,012	Aeon Co. Ltd.	$	27,167
	240	Ain Holdings, Inc.		14,955
	10,767	Carrefour SA		211,888
	392	Cosmos Pharmaceutical Corp.		57,597
	5,006	Costco Wholesale Corp.		1,980,724
	896	Etablissements Franz Colruyt NV		50,104
	48,049	J Sainsbury plc		180,851
	14,049	Jeronimo Martins SGPS SA		256,209
	3,826	Kesko OYJ Class B		141,281
	36,527	Koninklijke Ahold Delhaize NV		1,087,758
	28,164	Kroger Co. (The)		1,078,963
	731	Lawson, Inc.		33,857
	6,472	Seven & i Holdings Co. Ltd.		310,014
	9,972	Sysco Corp.		775,323
	700	Tsuruha Holdings, Inc.		81,470
	6,594	Walgreens Boots Alliance, Inc.		346,910
	20,566	Walmart, Inc.		2,900,217
				9,535,288
Food, Beverage & Tobacco – 0.9%
	4,500	Ajinomoto Co., Inc.		116,908
	647	Altria Group, Inc.		30,849
	2,789	Anheuser-Busch InBev SA/NV		201,056
	69,028	Archer-Daniels-Midland Co.		4,183,097
	898	Asahi Group Holdings Ltd.		41,971
	8,160	British American Tobacco plc		316,817
	8,156	Britvic plc		105,714
	65,291	Bunge Ltd.		5,102,492
	11,298	C&C Group plc*		37,977
	3,326	Campbell Soup Co.		151,632
	2,100	Coca-Cola Bottlers Japan Holdings, Inc.		32,874
	38,715	Coca-Cola Co. (The)		2,094,869
	6,838	Coca-Cola HBC AG		247,513
	6,154	Conagra Brands, Inc.		223,882
	900	Constellation Brands, Inc. Class A		210,501
	2,475	Cranswick plc		136,163
	16,578	Davide Campari-Milano NV		222,215
	1,031	Fuji Oil Holdings, Inc.		24,529
	15,263	General Mills, Inc.		929,975
	6,626	Glanbia plc		107,916
	23,372	Greencore Group plc*		40,632
	1,233	Heineken Holding NV		124,420
	3,600	Hershey Co. (The)		627,048
	7,901	Imperial Brands plc		170,367
	507	Ito En Ltd.		30,090
	5,687	J M Smucker Co. (The)		736,865
	2,552	JDE Peet’s NV*		92,629
	10,195	Kellogg Co.		655,844
	1,300	Kikkoman Corp.		85,733
	7,195	Kraft Heinz Co. (The)		293,412
	5,228	Lamb Weston Holdings, Inc.		421,690
	974	Maruha Nichiro Corp.		20,739
	235	MEIJI Holdings Co. Ltd.		14,082
	5,924	Molson Coors Beverage Co. Class B*		318,060
	22,777	Mondelez International, Inc. Class A		1,422,196
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	7,139	Monster Beverage Corp.*		652,148
	300	Morinaga Milk Industry Co. Ltd.		15,636
	1,584	NH Foods Ltd.		61,574
	7,483	Nippon Suisan Kaisha Ltd.		35,685
	1,732	Nisshin Seifun Group, Inc.		25,392
	1,000	Nissin Foods Holdings Co. Ltd.		72,007
	13,906	PepsiCo, Inc.		2,060,452
	80,198	Philip Morris International, Inc.		7,948,424
	54,101	Premier Foods plc*		82,022
	114	Remy Cointreau SA		23,544
	734	Suntory Beverage & Food Ltd.		27,666
	400	Takara Holdings, Inc.		4,990
	8,147	Tate & Lyle plc		83,216
	1,482	Toyo Suisan Kaisha Ltd.		57,120
	47,722	Tyson Foods, Inc. Class A		3,519,975
	3,187	Yamazaki Baking Co. Ltd.		44,985
				34,287,593
Health Care Equipment & Services – 2.7%
	60,129	Abbott Laboratories		6,970,755
	1,592	ABIOMED, Inc.*		496,879
	772	Alfresa Holdings Corp.		11,531
	50	Align Technology, Inc.*		30,550
	1,215	AmerisourceBergen Corp.		139,105
	294	Amplifon SpA		14,536
	18,655	Anthem, Inc.		7,122,479
	21,436	Becton Dickinson and Co.		5,213,021
	126,790	Boston Scientific Corp.*		5,421,540
	5,643	Cardinal Health, Inc.		322,159
	1,002	Carl Zeiss Meditec AG		193,692
	74,284	Centene Corp.*		5,417,532
	9,556	Cerner Corp.		746,897
	22,817	Cigna Corp.		5,409,226
	88,405	ConvaTec Group plc		294,231
	85,158	CVS Health Corp.		7,105,584
	28,080	Danaher Corp.		7,535,549
	3,035	DaVita, Inc.*		365,505
	8,960	Dentsply Sirona, Inc.		566,810
	9,676	Edwards Lifesciences Corp.*		1,002,143
	8,786	Fresenius Medical Care AG & Co. KGaA		730,084
	5,073	Fresenius SE & Co. KGaA		264,759
	1,731	H.U. Group Holdings, Inc.		44,666
	25,452	HCA Healthcare, Inc.		5,261,947
	5,033	Henry Schein, Inc.*		373,398
	81,734	Hologic, Inc.*		5,453,292
	2,419	Hoya Corp.		319,962
	11,699	Humana, Inc.		5,179,381
	108	IDEXX Laboratories, Inc.*		68,207
	13,097	Insulet Corp.*		3,595,257
	23,043	Koninklijke Philips NV		1,143,720
	17,750	Laboratory Corp. of America Holdings*		4,896,338
	106	M3, Inc.		7,723
	1,931	McKesson Corp.		369,284
	13,056	Mediclinic International plc*		53,709

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	1,470	Medipal Holdings Corp.	$	28,104
	13,808	Medtronic plc		1,713,987
	200	Nihon Kohden Corp.		5,708
	3,100	Nipro Corp.		36,624
	8,500	Olympus Corp.		169,073
	3,554	Quest Diagnostics, Inc.		469,021
	123	ResMed, Inc.		30,322
	800	Ship Healthcare Holdings, Inc.		18,692
	19,198	Smith & Nephew plc		416,352
	111	STERIS plc		22,899
	4,335	Stryker Corp.		1,125,930
	698	Suzuken Co. Ltd.		20,461
	989	Sysmex Corp.		117,330
	1,149	Teleflex, Inc.		461,657
	895	Toho Holdings Co. Ltd.		14,431
	20,436	UDG Healthcare plc		302,197
	26,762	UnitedHealth Group, Inc.		10,716,575
	2,918	Universal Health Services, Inc. Class B		427,283
	132	West Pharmaceutical Services, Inc.		47,401
				98,285,498
Household & Personal Products – 0.5%
	2,934	Beiersdorf AG		354,151
	1,332	Church & Dwight Co., Inc.		113,513
	4,167	Clorox Co. (The)		749,685
	3,629	Estee Lauder Cos., Inc. (The) Class A		1,154,312
	4,715	Henkel AG & Co. KGaA (Preference)(a)		497,970
	5,956	Kimberly-Clark Corp.		796,794
	400	Kose Corp.		62,839
	3,424	L’Oreal SA		1,529,138
	1,900	Pigeon Corp.		53,588
	1,300	Pola Orbis Holdings, Inc.		34,278
	66,123	Procter & Gamble Co. (The)		8,921,976
	7,441	PZ Cussons plc		25,223
	11,787	Reckitt Benckiser Group plc		1,041,384
	20,278	Unilever plc		1,184,916
				16,519,767
Insurance – 0.8%
	7,459	Admiral Group plc		324,557
	20,645	Aflac, Inc.		1,107,811
	5,597	Ageas SA/NV		311,032
	8,592	Allianz SE (Registered)		2,144,193
	9,656	Allstate Corp. (The)		1,259,529
	22,875	Aon plc Class A		5,461,635
	361	Arthur J Gallagher & Co.		50,569
	17,814	Assicurazioni Generali SpA		357,646
	1,235	Assurant, Inc.		192,882
	114,656	Aviva plc		643,674
	2,426	Chubb Ltd.		385,588
	7,486	Cincinnati Financial Corp.		873,017
	12,393	CNP Assurances		211,219
	10,400	Dai-ichi Life Holdings, Inc.		191,352
	52,728	Direct Line Insurance Group plc		207,970
Common Stocks – (continued)
Insurance – (continued)
	1,579	Everest Re Group Ltd.		397,924
	78,731	First American Financial Corp.		4,908,878
	1,203	Globe Life, Inc.		114,586
	6,005	Hartford Financial Services Group, Inc. (The)		372,130
	6,492	Japan Post Holdings Co. Ltd.*		53,324
	2,688	Japan Post Insurance Co. Ltd.		49,736
	38,700	Just Group plc*		49,916
	144,261	Legal & General Group plc		514,664
	3,923	Lincoln National Corp.		246,521
	442	Loews Corp.		24,155
	7,145	Marsh & McLennan Cos., Inc.		1,005,159
	73,972	MetLife, Inc.		4,427,224
	7,764	NN Group NV		366,766
	10,932	Phoenix Group Holdings plc		102,335
	43,649	Poste Italiane SpA		577,719
	6,110	Principal Financial Group, Inc.		386,091
	13,417	Progressive Corp. (The)		1,317,684
	4,369	Prudential Financial, Inc.		447,691
	5,318	Sabre Insurance Group plc		18,780
	2,691	Sompo Holdings, Inc.		99,670
	9,586	T&D Holdings, Inc.		124,396
	2,633	Travelers Cos., Inc. (The)		394,186
	14,119	Unum Group		400,980
	665	W R Berkley Corp.		49,496
				30,172,685
Materials – 0.9%
	804	ADEKA Corp.		15,088
	3,054	Air Products and Chemicals, Inc.		878,575
	500	Air Water, Inc.		7,702
	5,319	Akzo Nobel NV		658,603
	315	Albemarle Corp.		53,065
	39,155	Amcor plc		448,716
	438	Anglo American plc		17,430
	455	Antofagasta plc		9,048
	6,227	ArcelorMittal SA		191,711
	2,389	Arkema SA		300,259
	11,900	Asahi Kasei Corp.		130,795
	228	Avery Dennison Corp.		47,935
	378	Ball Corp.		30,626
	2,600	BASF SE		205,243
	713	BHP Group plc		21,098
	3,285	Celanese Corp.		498,006
	159,287	Centamin plc		223,429
	4,878	CF Industries Holdings, Inc.		250,973
	284	Corbion NV		16,264
	88,257	Corteva, Inc.		3,914,198
	1,853	Covestro AG		119,812
	18,801	CRH plc		953,814
	87	Croda International plc		8,873
	900	Daicel Corp.		7,405
	200	Denka Co. Ltd.		6,648
	1,311	DIC Corp.		33,161
	2,915	Dow, Inc.		184,461
	7,184	DS Smith plc		41,593

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	12,321	DuPont de Nemours, Inc.	$	953,769
	5,238	Eastman Chemical Co.		611,537
	3,999	Ecolab, Inc.		823,674
	18,550	Elementis plc*		38,670
	5,766	Essentra plc		24,658
	2,028	Evonik Industries AG		68,087
	30,448	Evraz plc		249,802
	11,307	Ferrexpo plc		67,074
	4,947	Freeport-McMoRan, Inc.		183,583
	1,184	Fresnillo plc		12,660
	1,313	FUCHS PETROLUB SE (Preference)(a)		63,896
	29,920	Glencore plc*		128,419
	7,512	HeidelbergCement AG		644,954
	3,154	Hill & Smith Holdings plc		65,182
	17,641	Hochschild Mining plc		37,481
	1,089	Huhtamaki OYJ		51,654
	5,135	International Paper Co.		314,827
	200	JFE Holdings, Inc.		2,346
	8,795	Johnson Matthey plc		374,458
	2,294	JSR Corp.		69,685
	955	Kaneka Corp.		38,531
	11,400	Kobe Steel Ltd.		73,226
	135	Koninklijke DSM NV		25,236
	4,700	Kuraray Co. Ltd.		45,161
	645	LANXESS AG		44,266
	22,060	Linde plc		6,377,554
	414	Lintec Corp.		8,976
	138	LyondellBasell Industries NV Class A		14,196
	135	Martin Marietta Materials, Inc.		47,494
	16,388	Mitsubishi Chemical Holdings Corp.		137,889
	331	Mitsubishi Gas Chemical Co., Inc.		7,014
	2,358	Mitsui Chemicals, Inc.		81,511
	100	Mitsui Mining & Smelting Co. Ltd.		2,775
	1,902	Mondi plc		50,076
	6,584	Mosaic Co. (The)		210,095
	2,160	Newmont Corp.		136,901
	1,005	Nippon Light Metal Holdings Co. Ltd.		16,884
	1,493	Nippon Paper Industries Co. Ltd.		16,747
	323	Nippon Sanso Holdings Corp.		6,631
	300	Nippon Steel Corp.		5,072
	82	Nitto Denko Corp.		6,107
	700	NOF Corp.		36,496
	2,073	Nucor Corp.		198,863
	1,352	Oji Holdings Corp.		7,770
	221	Packaging Corp. of America		29,928
	2,638	Petropavlovsk plc*		865
	4,651	PPG Industries, Inc.		789,600
	1,745	Rengo Co. Ltd.		14,544
	1,460	RHI Magnesita NV		81,795
	351	Rio Tinto plc		28,988
	9,039	Sealed Air Corp.		535,561
	25,356	Sherwin-Williams Co. (The)		6,908,242
	73	Shin-Etsu Chemical Co. Ltd.		12,210
	2,700	Showa Denko KK		80,244
	12,252	Smurfit Kappa Group plc		666,424
	2,618	Solvay SA		333,228
Common Stocks – (continued)
Materials – (continued)
	3,345	Stora Enso OYJ Class R		61,083
	246	Sumitomo Bakelite Co. Ltd.		10,884
	23,510	Sumitomo Chemical Co. Ltd.		124,953
	105	Sumitomo Metal Mining Co. Ltd.		4,084
	356	Sumitomo Osaka Cement Co. Ltd.		9,699
	7,218	Synthomer plc		49,126
	819	Taiheiyo Cement Corp.		18,003
	4,433	Teijin Ltd.		67,677
	3,073	thyssenkrupp AG*		32,096
	4,733	Tokai Carbon Co. Ltd.		65,274
	1,995	Tokuyama Corp.		40,641
	100	Tokyo Ohka Kogyo Co. Ltd.		6,294
	2,927	Toray Industries, Inc.		19,511
	600	Tosoh Corp.		10,346
	784	Toyo Seikan Group Holdings Ltd.		10,734
	510	Toyobo Co. Ltd.		6,117
	2,579	Ube Industries Ltd.		52,407
	1,959	Victrex plc		69,097
	3,673	voestalpine AG		149,819
	221	Vulcan Materials Co.		38,469
	5,491	Westrock Co.		292,231
	5,157	Wienerberger AG		198,783
	227	Yamato Kogyo Co. Ltd.		7,499
	2,500	Zeon Corp.		34,600
				32,517,474
Media & Entertainment – 3.0%
	54,384	Activision Blizzard, Inc.		5,190,409
	8,364	Alphabet, Inc. Class A*		20,423,132
	6,283	Alphabet, Inc. Class C*		15,747,209
	28,407	Auto Trader Group plc*		248,789
	16,766	Bollore SA		89,939
	266	Capcom Co. Ltd.		7,775
	550	Charter Communications, Inc. Class A*		396,797
	717	Cineworld Group plc*		769
	170,744	Comcast Corp. Class A		9,735,823
	212	CyberAgent, Inc.		4,540
	700	DeNA Co. Ltd.		14,922
	4,209	Dentsu Group, Inc.		151,010
	28,444	Discovery, Inc. Class A*(b)		872,662
	15,186	Discovery, Inc. Class C*		440,090
	6,535	Electronic Arts, Inc.		939,929
	93	Euromoney Institutional Investor plc		1,312
	73,676	Facebook, Inc. Class A*		25,617,882
	14,175	Fox Corp. Class A		526,318
	14,141	Fox Corp. Class B		497,763
	181	Future plc		7,842
	2,700	GungHo Online Entertainment, Inc.		53,623
	23,197	Interpublic Group of Cos., Inc. (The)		753,671
	128,768	ITV plc*		223,799
	1,400	Kakaku.com, Inc.		42,118
	174	Koei Tecmo Holdings Co. Ltd.		8,459
	1,300	Konami Holdings Corp.		77,857
	24,977	Netflix, Inc.*		13,193,101
	33,505	News Corp. Class A		863,424

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	16,108	News Corp. Class B	$	392,230
	5,974	Nexon Co. Ltd.		132,948
	800	Nintendo Co. Ltd.		462,938
	3,624	Nippon Television Holdings, Inc.		42,272
	3,848	Omnicom Group, Inc.		307,802
	675	Pearson plc		7,773
	11,735	ProSiebenSat.1 Media SE		233,989
	505	Publicis Groupe SA		32,317
	30,320	Rightmove plc		272,522
	20,076	Roku, Inc.*		9,219,903
	2,734	Scout24 AG		230,678
	1,300	Square Enix Holdings Co. Ltd.		64,200
	3,951	Take-Two Interactive Software, Inc.*		699,406
	843	TV Asahi Holdings Corp.		13,401
	573	WPP plc		7,746
				108,251,089
Pharmaceuticals, Biotechnology & Life Sciences – 2.2%
	5,378	Agilent Technologies, Inc.		794,922
	6,856	Amgen, Inc.		1,671,150
	2,906	Astellas Pharma, Inc.		50,642
	10,652	AstraZeneca plc		1,279,776
	17,637	Biogen, Inc.*		6,107,164
	130	Bio-Rad Laboratories, Inc. Class A*		83,758
	33,558	Bristol-Myers Squibb Co.		2,242,346
	169	Catalent, Inc.*		18,272
	153	Charles River Laboratories International, Inc.*		56,598
	5,726	Chugai Pharmaceutical Co. Ltd.		226,959
	11,483	Daiichi Sankyo Co. Ltd.		247,724
	134	Dechra Pharmaceuticals plc		8,100
	2,000	Eisai Co. Ltd.		196,554
	29,303	Eli Lilly & Co.		6,725,625
	838	Eurofins Scientific SE*		95,849
	241	Evotec SE*		10,933
	101	Genus plc		6,936
	23,688	Gilead Sciences, Inc.		1,631,156
	75,853	GlaxoSmithKline plc		1,491,202
	5,207	Grifols SA		141,198
	2,377	Illumina, Inc.*		1,124,820
	5,866	Incyte Corp.*		493,507
	3,035	Indivior plc*		6,491
	2,770	Ipsen SA		288,238
	3,917	IQVIA Holdings, Inc.*		949,167
	84,130	Johnson & Johnson		13,859,576
	239	Kaken Pharmaceutical Co. Ltd.		10,256
	108,237	Merck & Co., Inc.		8,417,591
	3,950	Merck KGaA		757,911
	4,847	Mettler-Toledo International, Inc.*		6,714,743
	253	Mochida Pharmaceutical Co. Ltd.		8,307
	10,824	Organon & Co.*		327,534
	3,377	Orion OYJ Class B		145,192
	3,001	Otsuka Holdings Co. Ltd.		124,608
	1,766	PerkinElmer, Inc.		272,688
	5,469	Perrigo Co. plc		250,754
	183,665	Pfizer, Inc.		7,192,321
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	802	PureTech Health plc*		3,783
	879	Santen Pharmaceutical Co. Ltd.		12,132
	61	Sartorius Stedim Biotech		28,871
	609	Sawai Group Holdings Co. Ltd.		27,171
	1,874	Sumitomo Dainippon Pharma Co. Ltd.		39,306
	476	Taisho Pharmaceutical Holdings Co. Ltd.		25,481
	3,043	Takeda Pharmaceutical Co. Ltd.		102,125
	15,848	Thermo Fisher Scientific, Inc.		7,994,841
	80	Tsumura & Co.		2,515
	4,193	UCB SA		439,140
	225	Vectura Group plc		424
	31,183	Vertex Pharmaceuticals, Inc.*		6,287,428
	32,742	Viatris, Inc.		467,883
	1,851	Waters Corp.*		639,724
				80,101,392
Real Estate – 0.6%
	1,200	alstria office REIT-AG (REIT)		22,171
	23,975	American Tower Corp. (REIT)		6,476,607
	1,514	Aroundtown SA		11,813
	242	Big Yellow Group plc (REIT)		4,371
	307	CBRE Group, Inc. Class A*		26,319
	1,867	Civitas Social Housing plc (REIT)		2,983
	374	CLS Holdings plc		1,244
	31,902	Crown Castle International Corp. (REIT)		6,224,080
	800	Daito Trust Construction Co. Ltd.		87,282
	220	Duke Realty Corp. (REIT)		10,417
	1,291	Equinix, Inc. (REIT)		1,036,157
	374	Extra Space Storage, Inc. (REIT)		61,269
	1,165	GCP Student Living plc (REIT)		2,595
	18,533	Grainger plc		73,041
	26,063	Host Hotels & Resorts, Inc. (REIT)*		445,417
	2,800	Hulic Co. Ltd.		31,455
	10,273	Iron Mountain, Inc. (REIT)		434,753
	17,080	Kimco Realty Corp. (REIT)		356,118
	473	LondonMetric Property plc (REIT)		1,513
	1,922	LXI REIT plc (REIT)		3,544
	125	Mid-America Apartment Communities, Inc. (REIT)		21,053
	212	Public Storage (REIT)		63,746
	1,500	Relo Group, Inc.		34,264
	360	Safestore Holdings plc (REIT)		4,716
	2,844	Savills plc		45,400
	2,287	SBA Communications Corp. (REIT)		728,867
	501	Segro plc (REIT)		7,584
	130	Simon Property Group, Inc. (REIT)		16,962
	2,523	Sirius Real Estate Ltd.		3,857
	24,510	Sun Communities, Inc. (REIT)		4,201,014
	308	TAG Immobilien AG		9,763
	72,515	Tritax Big Box REIT plc (REIT)		197,021
	2,566	UK Commercial Property REIT Ltd. (REIT)		2,714
	290	UNITE Group plc (The) (REIT)		4,308
	439	Warehouses De Pauw CVA (REIT)		16,770

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	1,051	Weyerhaeuser Co. (REIT)	$	36,175
				20,707,363
Retailing – 1.7%
	600	ABC-Mart, Inc.		34,509
	1,503	Advance Auto Parts, Inc.		308,325
	3,591	Amazon.com, Inc.*		12,353,615
	15,509	AO World plc*		54,278
	1,003	Autobacs Seven Co. Ltd.		13,359
	614	AutoZone, Inc.*		916,223
	34,447	B&M European Value Retail SA		273,470
	8,603	Best Buy Co., Inc.		989,173
	1,358	CarMax, Inc.*		175,386
	22,502	Dixons Carphone plc*		40,527
	1,525	Dollar General Corp.		329,995
	8,782	Dollar Tree, Inc.*		873,809
	4,201	Dunelm Group plc		82,637
	93,135	eBay, Inc.		6,539,008
	338	Etsy, Inc.*		69,574
	400	Fast Retailing Co. Ltd.		300,675
	2,789	Frasers Group plc*		23,255
	1,593	Gap, Inc. (The)		53,605
	32,401	Genuine Parts Co.		4,097,755
	6,135	HelloFresh SE*		596,378
	44,696	Home Depot, Inc. (The)		14,253,107
	3,311	Inchcape plc		35,237
	500	Izumi Co. Ltd.		18,807
	2,118	J Front Retailing Co. Ltd.		18,840
	20,741	JD Sports Fashion plc		263,943
	71,796	Kingfisher plc		362,361
	1,727	K’s Holdings Corp.		19,847
	3,897	L Brands, Inc.		280,818
	15,020	LKQ Corp.*		739,284
	31,028	Lowe’s Cos., Inc.		6,018,501
	17,618	Marks & Spencer Group plc*		35,732
	3,279	Next plc*		356,866
	800	Nitori Holdings Co. Ltd.		141,278
	1,661	O’Reilly Automotive, Inc.*		940,475
	210	PALTAC Corp.		10,900
	15,157	Pets at Home Group plc		95,809
	124	Pool Corp.		56,874
	1,900	Rakuten Group, Inc.		21,453
	1,940	Ross Stores, Inc.		240,560
	100	Ryohin Keikaku Co. Ltd.		2,098
	904	Shimamura Co. Ltd.		86,729
	1,237	Shop Apotheke Europe NV*		232,402
	2,375	Takashimaya Co. Ltd.		25,893
	8,645	Target Corp.		2,089,842
	5,291	TJX Cos., Inc. (The)		356,719
	25,852	Tractor Supply Co.		4,810,023
	1,759	Ulta Beauty, Inc.*		608,209
	2,330	Vivo Energy plc		3,107
	1,271	Watches of Switzerland Group plc*		14,698
	5,099	Wickes Group plc*		17,352
	17,880	Yamada Holdings Co. Ltd.		82,679
	5,656	Zalando SE*		684,036
Common Stocks – (continued)
Retailing – (continued)
	142	ZOZO, Inc.		4,815
				61,054,850
Semiconductors & Semiconductor Equipment – 1.2%
	1,800	Advantest Corp.		161,616
	35,045	Analog Devices, Inc.		6,033,347
	579	Applied Materials, Inc.		82,450
	115	ASM International NV		37,930
	181	ASML Holding NV		124,948
	374	BE Semiconductor Industries NV		31,871
	5,626	Broadcom, Inc.		2,682,702
	360	Enphase Energy, Inc.*		66,107
	34,590	Infineon Technologies AG		1,391,322
	67,518	Intel Corp.		3,790,460
	8,884	Lam Research Corp.		5,780,819
	100	Lasertec Corp.		19,342
	947	Microchip Technology, Inc.		141,804
	100,699	Micron Technology, Inc.*		8,557,401
	1,565	Monolithic Power Systems, Inc.		584,449
	4,573	NXP Semiconductors NV		940,758
	3,400	Qorvo, Inc.*		665,210
	2,866	QUALCOMM, Inc.		409,637
	15,950	Renesas Electronics Corp.*		172,138
	1,166	SCREEN Holdings Co. Ltd.		114,591
	831	Skyworks Solutions, Inc.		159,344
	153	SOITEC*		33,786
	20,500	STMicroelectronics NV		745,289
	836	SUMCO Corp.		20,479
	4,150	Teradyne, Inc.		555,934
	46,783	Texas Instruments, Inc.		8,996,371
	1,243	Ulvac, Inc.		62,942
				42,363,047
Software & Services – 3.5%
	30,199	Accenture plc Class A		8,902,363
	21,570	Adobe, Inc.*		12,632,255
	598	Adyen NV*		1,466,494
	2,571	Akamai Technologies, Inc.*		299,779
	1,177	Alten SA		156,223
	11,473	Atos SE		698,620
	3,469	Autodesk, Inc.*		1,012,601
	201	Automatic Data Processing, Inc.		39,923
	1,093	Avast plc		7,410
	705	Bechtle AG		131,031
	39	Broadridge Financial Solutions, Inc.		6,300
	6,272	Bytes Technology Group plc*		40,170
	5,260	Cadence Design Systems, Inc.*		719,673
	1,460	Capgemini SE		280,778
	23,702	Capita plc*		12,248
	7,233	Citrix Systems, Inc.		848,214
	22,136	Cognizant Technology Solutions Corp. Class A		1,533,139
	553	Computacenter plc		19,708
	58	Dassault Systemes SE		14,076
	19,526	DXC Technology Co.*		760,342
	9,380	Fair Isaac Corp.*		4,715,138

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	189	FDM Group Holdings plc	$	2,668
	5,002	Fidelity National Information Services, Inc.		708,633
	16,600	Finablr plc*(c)		—
	57,100	Fiserv, Inc.*		6,103,419
	1,467	FleetCor Technologies, Inc.*		375,640
	39	Fortinet, Inc.*		9,289
	1,663	Fujitsu Ltd.		311,146
	4,189	Gartner, Inc.*		1,014,576
	3,148	Global Payments, Inc.		590,376
	668	GMO internet, Inc.		18,232
	18,169	International Business Machines Corp.		2,663,394
	3,285	Intuit, Inc.		1,610,208
	3,046	Jack Henry & Associates, Inc.		498,051
	2,562	Kainos Group plc		52,274
	30,540	Mastercard, Inc. Class A		11,149,849
	2,359	Micro Focus International plc		17,862
	138,659	Microsoft Corp.		37,562,723
	2,699	NCC Group plc		10,977
	3,654	NEC Corp.		188,014
	1,570	Nemetschek SE		120,178
	2,907	Nexi SpA*		63,882
	1,606	Nihon Unisys Ltd.		48,328
	114	Nomura Research Institute Ltd.		3,765
	1,985	NTT Data Corp.		30,987
	7,587	Oracle Corp.		590,572
	400	Oracle Corp. Japan		30,563
	42,485	PayPal Holdings, Inc.*		12,383,528
	203	PTC, Inc.*		28,676
	31,570	Sage Group plc (The)		299,039
	37,974	salesforce.com, Inc.*		9,275,909
	21,596	SAP SE		3,033,369
	162	SCSK Corp.		9,653
	2,802	ServiceNow, Inc.*		1,539,839
	267	Softcat plc		6,560
	564	Sopra Steria Group SACA		108,523
	2,964	Synopsys, Inc.*		817,442
	8,708	TeamViewer AG*		327,046
	1,800	Trend Micro, Inc.		94,254
	33	Tyler Technologies, Inc.*		14,928
	2,737	VeriSign, Inc.*		623,188
				126,634,045
Technology Hardware & Equipment – 2.3%
	2,618	Alps Alpine Co. Ltd.		27,707
	432	Amano Corp.		10,925
	10,026	Amphenol Corp. Class A		685,879
	300,924	Apple, Inc.		41,214,551
	183	Azbil Corp.		7,583
	4,262	Brother Industries Ltd.		85,127
	1,031	Canon Marketing Japan, Inc.		23,940
	10,225	Canon, Inc.		231,105
	7,620	CDW Corp.		1,330,833
	107,546	Ciena Corp.*		6,118,292
	212,497	Cisco Systems, Inc.		11,262,341
	8,277	Corning, Inc.		338,529
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	46,829	Dell Technologies, Inc. Class C*		4,667,446
	5,497	F5 Networks, Inc.*		1,026,070
	2,732	FUJIFILM Holdings Corp.		202,082
	100	Hamamatsu Photonics KK		6,024
	42,997	Hewlett Packard Enterprise Co.		626,896
	736	Horiba Ltd.		47,767
	28,428	HP, Inc.		858,241
	84	Ibiden Co. Ltd.		4,521
	19,699	Juniper Networks, Inc.		538,768
	3,581	Keysight Technologies, Inc.*		552,942
	19,090	Konica Minolta, Inc.		105,762
	600	Kyocera Corp.		37,068
	3,260	Motorola Solutions, Inc.		706,931
	241	Murata Manufacturing Co. Ltd.		18,358
	9,628	NetApp, Inc.		787,763
	1,497	Nippon Electric Glass Co. Ltd.		35,153
	198,602	Nokia OYJ*		1,064,061
	1,215	Oki Electric Industry Co. Ltd.		11,122
	1,800	Omron Corp.		142,518
	383	Oxford Instruments plc		12,252
	1,182	Renishaw plc		80,584
	11,004	Ricoh Co. Ltd.		123,862
	6,654	Seagate Technology Holdings plc		585,086
	5,819	Seiko Epson Corp.		102,287
	400	Shimadzu Corp.		15,456
	4,793	Spectris plc		214,976
	2,374	Spirent Communications plc		8,093
	81	Taiyo Yuden Co. Ltd.		3,997
	3,304	TE Connectivity Ltd.		446,734
	1,200	Topcon Corp.		17,853
	11,559	Trimble, Inc.*		945,873
	2,595	Western Digital Corp.*		184,686
	1,144	Yokogawa Electric Corp.		17,109
	11,743	Zebra Technologies Corp. Class A*		6,217,801
				81,752,954
Telecommunication Services – 0.5%
	6,710	Airtel Africa plc		7,166
	35,886	AT&T, Inc.		1,032,799
	82,037	Deutsche Telekom AG (Registered)		1,735,083
	1,206	Freenet AG		28,515
	3,400	KDDI Corp.		105,929
	163,067	Koninklijke KPN NV		510,017
	47,249	Lumen Technologies, Inc.		642,114
	19,977	Nippon Telegraph & Telephone Corp.		522,303
	10,047	Orange SA		114,664
	9,076	Proximus SADP		175,430
	2,577	SoftBank Corp.		33,694
	325	SoftBank Group Corp.		22,666
	238,545	Telecom Italia SpA		118,692
	35,269	Telefonica SA		164,617
	57,785	T-Mobile US, Inc.*		8,369,002
	55,951	Verizon Communications, Inc.		3,134,935
	176,463	Vodafone Group plc		295,757
				17,013,383

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Transportation – 0.8%
	2,100	Abertis Infraestructuras SA(c)	$	—
	226	Alaska Air Group, Inc.*		13,630
	5,200	ANA Holdings, Inc.*		122,211
	5,872	Atlantia SpA*		106,624
	4,297	CH Robinson Worldwide, Inc.		402,500
	666	Clarkson plc		29,425
	135,129	CSX Corp.		4,334,938
	224	Delta Air Lines, Inc.*		9,690
	24,073	Deutsche Post AG (Registered)		1,639,485
	2,600	East Japan Railway Co.		185,417
	1,357	Expeditors International of Washington, Inc.		171,796
	18,750	FedEx Corp.		5,593,688
	80,757	Firstgroup plc*		91,492
	1,400	Japan Airport Terminal Co. Ltd.		62,893
	675	JB Hunt Transport Services, Inc.		109,991
	817	Kamigumi Co. Ltd.		16,580
	2,700	Kyushu Railway Co.		60,927
	200	Mitsui OSK Lines Ltd.		9,612
	185	National Express Group plc*		682
	1,136	Nippon Yusen KK		57,650
	16,226	Norfolk Southern Corp.		4,306,543
	2,581	Old Dominion Freight Line, Inc.		655,058
	6,441	Redde Northgate plc		35,578
	40,706	Royal Mail plc*		325,479
	3,111	SG Holdings Co. Ltd.		81,692
	689	Southwest Airlines Co.*		36,579
	4,300	Tokyu Corp.		58,523
	36,912	Union Pacific Corp.		8,118,056
	8,619	United Parcel Service, Inc. Class B		1,792,493
	2,000	West Japan Railway Co.		114,290
	3,158	Wizz Air Holdings plc*		204,176
	902	Yamato Holdings Co. Ltd.		25,629
				28,773,327
Utilities – 0.3%
	43,346	A2A SpA		88,664
	74	Acciona SA		11,176
	148,829	AES Corp. (The)		3,879,972
	84	Alliant Energy Corp.		4,684
	120	Ameren Corp.		9,605
	186	American Water Works Co., Inc.		28,668
	506	CenterPoint Energy, Inc.		12,407
	76,494	Centrica plc*		54,523
	2,120	Chubu Electric Power Co., Inc.		25,937
	7,450	CMS Energy Corp.		440,146
	2,383	Consolidated Edison, Inc.		170,909
	7,414	ContourGlobal plc		19,813
	7,946	Drax Group plc		46,627
	5,541	DTE Energy Co.		718,114
	2,968	Duke Energy Corp.		293,001
	13,131	Edison International		759,234
	1,003	EDP Renovaveis SA		23,239
	26	Electricite de France SA		355
	163,316	Enel SpA		1,517,675
	12,189	Engie SA		167,143
Common Stocks – (continued)
Utilities – (continued)
	801	Entergy Corp.		79,860
	2,210	Evergy, Inc.		133,550
	6,126	Exelon Corp.		271,443
	3,280	FirstEnergy Corp.		122,049
	146	Fortum OYJ		4,028
	56,730	Hera SpA		234,529
	5,110	Hokkaido Electric Power Co., Inc.		23,164
	17,766	Iberdrola SA		216,650
	11,261	Italgas SpA		73,660
	639	NextEra Energy, Inc.		46,826
	1,590	NiSource, Inc.		38,955
	7,084	NRG Energy, Inc.		285,485
	3,500	Osaka Gas Co. Ltd.		65,306
	885	Pinnacle West Capital Corp.		72,543
	1,178	Public Service Enterprise Group, Inc.		70,374
	2,101	Red Electrica Corp. SA		39,008
	3,483	Rubis SCA		154,978
	5,488	RWE AG		198,980
	377	Southern Co. (The)		22,812
	4,664	SSE plc		96,866
	871	Telecom Plus plc		13,700
	500	Toho Gas Co. Ltd.		24,547
	4,990	Tokyo Gas Co. Ltd.		94,120
	3,230	Uniper SE		119,004
	2,642	Veolia Environnement SA		79,870
	315	Verbund AG Class A		29,018
				10,883,217
	TOTAL COMMON STOCKS
	(Cost $894,646,249)		$	1,070,637,554
Exchange Traded Funds – 20.6%
	36,911	First Trust US Equity Opportunities ETF(b)	$	4,705,045
	2,256,291	Invesco Senior Loan ETF		49,976,846
	2,276,261	iShares 5-10 Year Investment Grade Corporate Bond ETF(b)		137,759,316
	5,734,427	iShares Core MSCI Emerging Markets ETF		384,149,265
	80,000	iShares J.P. Morgan USD Emerging Markets Bond ETF		8,996,800
	963,441	SPDR Blackstone Senior Loan ETF		44,597,684
	920,358	SPDR Bloomberg Barclays Convertible Securities ETF		79,822,649
	803,376	VanEck Vectors Fallen Angel High Yield Bond ETF(b)		26,431,070
	92,700	Vanguard Real Estate ETF		9,435,933
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $654,285,899)		$	745,874,608

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(d) – 43.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,585,357,468	0.026%	$	1,585,357,468
	(Cost $1,585,357,468)
	TOTAL INVESTMENTS BEFORE SECURITIES-LENDING REINVESTMENT VEHICLE
	(Cost $3,134,289,616)		$	3,401,869,630
Securities Lending Reinvestment Vehicle(d) – 2.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	77,778,706	0.026%	$	77,778,706
	(Cost $77,778,706)
	TOTAL INVESTMENTS – 96.4%
	(Cost $3,212,068,322)		$	3,479,648,336
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.6%			128,780,709
	NET ASSETS – 100.0%		$	3,608,429,045

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(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)	All or a portion of security is on loan.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
EURIBOR	—Euro Interbank Offered Rate
REIT	—Real Estate Investment Trust
SPDR	—Standard and Poor’s Depositary Receipts
Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippines Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
TWD	—Taiwan Dollar
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
JPMorgan Chase Bank NA	BRL	20,890,000	USD	4,133,862		07/29/2021	$	53,802
	HUF	1,911,600,000	USD	6,435,035		07/23/2021		13,812
	ILS	34,060,000	USD	10,435,685		07/23/2021		13,455
	KRW	4,797,420,000	USD	4,227,994		07/29/2021		17,181
	MXN	99,800,000	USD	4,814,916		07/23/2021		178,351
	RUB	560,440,000	USD	7,608,139		07/29/2021		19,701
	USD	18,104,424	CHF	16,740,000		07/23/2021		1,585
	USD	51,457,963	EUR	43,170,000		07/23/2021		246,124
	USD	6,860,982	GBP	4,930,000		07/23/2021		40,865
	USD	58,710,433	JPY	6,468,340,000		07/27/2021		474,662
TOTAL							$	1,059,538

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Chase Bank NA	AUD	8,180,000	USD	6,162,504		07/23/2021	$	(27,220	)
	CAD	25,540,000	USD	20,653,722		07/23/2021		(50,569	)
	CHF	9,670,000	USD	10,538,005		07/23/2021		(80,750	)
	CZK	181,020,000	USD	8,449,671		07/23/2021		(33,692	)
	IDR	168,604,600,000	USD	11,606,227		07/29/2021		(64,399	)
	INR	1,223,510,000	USD	16,426,922		07/29/2021		(25,679	)
	NOK	33,020,000	USD	3,849,327		07/23/2021		(13,897	)
	NZD	5,140,000	USD	3,593,310		07/23/2021		(606	)
	PHP	724,230,000	USD	14,805,888		07/29/2021		(8,227	)
	PLN	16,140,000	USD	4,245,750		07/23/2021		(12,385	)
	SEK	52,070,000	USD	6,103,607		07/23/2021		(18,088	)
	TWD	314,130,000	USD	11,306,961		07/29/2021		(34,730	)
	ZAR	84,850,000	USD	5,930,017		07/23/2021		(4,008	)
TOTAL							$	(374,250	)

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Canadian Bankers Acceptance		50		09/13/2021	$	10,038,016	$	1,978
3 Month Canadian Bankers Acceptance		50		12/13/2021		10,032,470		(798	)
3 Month Canadian Bankers Acceptance		4		03/14/2022		801,670		(817	)
3 Month Eurodollar		4		06/13/2022		997,300		(59	)
Amsterdam Exchange Index		53		07/16/2021		9,166,912		(11,542	)
Australia 10 Year Bond		76		09/15/2021		8,050,465		385
Brent Crude Oil		153		07/30/2021		11,415,330		403,302
Brent Crude Oil		31		10/29/2021		2,242,850		61,628
CAC 40 10 Euro Index		145		07/16/2021		11,184,290		(232,192	)
Canada 10 Year Bond		69		09/21/2021		8,097,870		4,603
Cocoa		87		12/15/2021		2,113,230		(20,284	)
Coffee “C”		16		09/20/2021		958,500		850
Coffee “C”		35		12/20/2021		2,134,781		1,202
Copper		33		09/28/2021		3,537,600		(226,342	)
Copper		19		12/29/2021		2,034,662		(126,827	)
Corn		1		09/14/2021		29,962		(1,528	)
Corn		71		12/14/2021		2,089,175		(75,661	)
Cotton No. 2		42		12/08/2021		1,782,900		(63,552	)
DAX Index		49		09/17/2021		22,555,099		(229,144	)
EURO STOXX 50 Index		3,440		09/17/2021		165,423,034		(3,256,921	)
Euro-BTP		139		09/08/2021		24,955,283		154,317
FTSE 100 Index		650		09/17/2021		62,764,817		(999,662	)
FTSE/JSE Top 40 Index		108		09/16/2021		4,528,437		(116,230	)
FTSE/MIB Index		65		09/17/2021		9,635,760		(228,748	)
Hang Seng Index		71		07/29/2021		13,090,234		(214,713	)
HSCEI		62		07/29/2021		4,220,612		(14,395	)
IBEX 35 Index		69		07/16/2021		7,190,301		(278,346	)
Japan 10 Year Bond		14		09/13/2021		19,122,013		7,379
KC HRW Wheat		66		12/14/2021		2,201,925		41,863

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
KOSPI 200 Index		103			09/09/2021	$	10,034,531		$	138,072
Lean Hogs		60			12/14/2021		1,927,800			(202,989	)
Live Cattle		41			12/31/2021		2,165,210			23,651
LME Aluminum Base Metal		165			07/21/2021		10,392,938			(75,171	)
LME Aluminum Base Metal		159			08/18/2021		10,026,938			201,330
LME Aluminum Base Metal		35			11/17/2021		2,203,250			43,030
LME Lead Base Metal		131			07/21/2021		7,414,600			89,168
LME Lead Base Metal		165			08/18/2021		9,359,625			222,163
LME Nickel Base Metal		46			07/21/2021		5,024,856			34,202
LME Nickel Base Metal		76			08/18/2021		8,302,848			17,433
LME Zinc Base Metal		106			07/21/2021		7,871,162			(117,914	)
LME Zinc Base Metal		85			08/18/2021		6,318,156			(87,918	)
LME Zinc Base Metal		28			11/17/2021		2,084,250			(53,461	)
Low Sulphur Gasoil		116			08/12/2021		6,965,800			167,467
Low Sulphur Gasoil		37			11/11/2021		2,222,775			38,776
NASDAQ 100 E-Mini Index		65			09/17/2021		18,913,700			536,452
Natural Gas		21			07/28/2021		786,030			19,472
Natural Gas		67			10/27/2021		2,508,480			251,065
NY Harbor ULSD		71			07/30/2021		6,345,994			(28,930	)
NY Harbor ULSD		24			10/29/2021		2,147,645			2,294
OMXS30 Index		260			07/16/2021		6,884,238			(45,094	)
RBOB Gasoline		70			07/30/2021		6,585,306			71,358
RBOB Gasoline		25			10/29/2021		2,159,010			39,411
Russell 2000 E-Mini Index		153			09/17/2021		17,654,670			(173,858	)
S&P Midcap 400 E-Mini Index		22			09/17/2021		5,923,280			(115,880	)
S&P/TSX 60 Index		61			09/16/2021		11,836,834			(15,773	)
SET50 Index		837			09/29/2021		4,948,877			(20,313	)
Silver		31			09/28/2021		4,068,750			(234,446	)
Soybean		48			11/12/2021		3,343,800			(153,151	)
Sugar No. 11		56			09/30/2021		1,122,061			13,622
Sugar No. 11		108			02/28/2022		2,186,957			22,642
TOPIX Index		223			09/09/2021		39,001,665			(400,129	)
U.S. Treasury 2 Year Note		35			09/30/2021		7,711,484			(13,184	)
U.S. Treasury 5 Year Note		19			09/30/2021		2,344,273			(7,632	)
U.S. Treasury 10 Year Note		146			09/21/2021		19,333,594			49,542
U.S. Treasury Long Bond		105			09/21/2021		16,852,500			141,934
Wheat		62			12/14/2021		2,125,050			(24,220	)
WTI Crude Oil		227			07/20/2021		16,689,040			754,314
WTI Crude Oil		32			10/20/2021		2,267,840			76,391
Total									$	(4,236,528	)
Short position contracts:
100 oz Gold		(45	)		08/27/2021	$	(7,967,700	)	$	4,316
3 Month Euro Euribor		(35	)		12/13/2021		(10,430,302	)		(1,065	)
3 Month Euro Euribor		(145	)		03/14/2022		(43,200,504	)		(1,475	)
3 Month Euro Euribor		(131	)		06/13/2022		(39,023,596	)		(2,779	)
3 Month Euro Euribor		(137	)		09/19/2022		(40,802,814	)		(3,694	)
3 Month Euro Euribor		(150	)		12/19/2022		(44,663,497	)		(3,629	)
3 Month Euro Euribor		(133	)		03/13/2023		(39,585,864	)		(3,572	)
3 Month Euro Euribor		(164	)		06/19/2023		(48,795,628	)		(963	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
3 Month Eurodollar		(22	)		09/19/2022	$	(5,479,925	)	$	(492	)
3 Month Eurodollar		(195	)		12/19/2022		(48,496,500	)		(8,370	)
3 Month Eurodollar		(256	)		03/13/2023		(63,590,400	)		(3,317	)
3 Month Eurodollar		(307	)		06/19/2023		(76,151,350	)		2,197
3 Month Euroswiss		(31	)		09/13/2021		(8,438,935	)		(767	)
3 Month Euroswiss		(86	)		12/13/2021		(23,408,917	)		(2,854	)
3 Month Euroswiss		(70	)		03/14/2022		(19,048,095	)		(1,956	)
3 Month Sterling		(82	)		09/15/2021		(14,165,355	)		(543	)
3 Month Sterling		(69	)		12/15/2021		(11,916,049	)		(1,480	)
3 Month Sterling		(289	)		03/16/2022		(49,851,781	)		4,006
3 Month Sterling		(348	)		06/15/2022		(59,987,012	)		5,879
3 Month Sterling		(440	)		09/21/2022		(75,792,391	)		19,234
3 Month Sterling		(464	)		12/21/2022		(79,870,359	)		23,612
3 Month Sterling		(455	)		03/15/2023		(78,277,878	)		25,878
3 Month Sterling		(424	)		06/21/2023		(72,900,671	)		(10,087	)
CBOE Volatility Index		(74	)		07/21/2021		(1,324,844	)		345,266
CBOE Volatility Index		(72	)		08/18/2021		(1,421,906	)		257,959
Cocoa		(89	)		09/15/2021		(2,126,210	)		11,250
Euro-Bobl		(165	)		09/08/2021		(26,240,410	)		(24,971	)
Euro-Bund		(58	)		09/08/2021		(11,866,180	)		(19,063	)
Euro-Buxl		(7	)		09/08/2021		(1,684,619	)		(30,139	)
Euro-OAT		(31	)		09/08/2021		(5,843,091	)		(16,175	)
Euro-Schatz		(467	)		09/08/2021		(62,102,530	)		(1,714	)
Feeder Cattle		(6	)		08/26/2021		(463,950	)		(17,269	)
KC HRW Wheat		(67	)		09/14/2021		(2,209,325	)		(46,303	)
Lean Hogs		(15	)		08/13/2021		(621,600	)		(4,397	)
Live Cattle		(42	)		08/31/2021		(2,065,140	)		(58,252	)
LME Aluminum Base Metal		(165	)		07/21/2021		(10,392,938	)		(258,696	)
LME Aluminum Base Metal		(39	)		08/18/2021		(2,459,438	)		(105,688	)
LME Lead Base Metal		(131	)		07/21/2021		(7,414,600	)		(257,949	)
LME Lead Base Metal		(31	)		08/18/2021		(1,758,475	)		(70,898	)
LME Nickel Base Metal		(46	)		07/21/2021		(5,024,856	)		(26,155	)
LME Nickel Base Metal		(18	)		08/18/2021		(1,966,464	)		(84,232	)
LME Zinc Base Metal		(106	)		07/21/2021		(7,871,162	)		89,774
LME Zinc Base Metal		(61	)		08/18/2021		(4,534,206	)		(176,908	)
Long Gilt		(18	)		09/28/2021		(3,189,613	)		(14,949	)
S&P 500 E-Mini Index		(583	)		09/17/2021		(125,012,690	)		(1,287,553	)
Wheat		(29	)		09/14/2021		(986,362	)		(40,379	)
Total									$	(1,799,362	)
Total Futures Contracts									$	(6,035,890	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2021(b)		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%		2.320%		06/20/2026	EUR	52,900	$	7,885,828	$	6,486,892	$	1,398,936
iTraxx Europe Index		1.000		0.468		06/20/2026		199,650		6,378,416		5,949,024		429,392
Markit CDX North America High Yield Index		5.000		2.745		06/20/2026	USD	90,350		9,341,186		7,314,757		2,026,429
Markit CDX North America Investment Grade Index		1.000		0.479		06/20/2026		243,000		6,251,121		5,797,075		454,046
TOTAL									$	29,856,551	$	25,547,748	$	4,308,803

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund			Counterparty	Termination Date		Notional Amount (000’s)			Unrealized Appreciation/ (Depreciation)(a)
MSCI The World Net Return Index(b)		0.075	%	Bank of America NA		11/11/2021		USD	45,183	$	(20,757	)
Bloomberg Roll Select Commodity Index Total Return(c)		(0.000	)	JPMorgan Chase Bank NA		02/28/2022			10,059		143,734
A basket (JPGSMARB) of common stocks(d)*		(0.075	)			08/10/2021			34,072		187,143
Cushing 30 MLP Total Return Index(d)		(0.075	)			11/09/2021			7,659		436,585
Euro Stoxx Gross Total Return Index(b)		0.550				09/16/2021		EUR	48,955		758,128
FTSE 100 Total Return Index(b)		0.054				09/15/2021		GBP	12,342		306,282
J.P. Morgan Bespoke Global Healthcare Sector Index(d)		(0.075	)			08/24/2021		USD	47,544		1,500,375
J.P. Morgan Bespoke Global Materials Sector Index(d)		(0.075	)			08/24/2021			25,123		(1,320,638	)
J.P. Morgan Bespoke Global Technology Sector Index(d)		(0.075	)			08/24/2021			38,812		3,762,721
MSCI The World Growth Net Return Index(d)		(0.075	)			08/11/2021			47,982		3,418,063
MSCI The World Growth Net Return Index(d)		(0.075	)			08/25/2021			48,557		3,461,253
MSCI The World Net Return Index(b)		0.075				08/25/2021			232,143		(6,803,907	)
TOTAL										$	5,828,982

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments received monthly.

(c) Payments made weekly.

(d) Payments made monthly.

* The components of the basket shown below.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSMARB) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Domtar Corp	Materials		30,564	$	1,679,781		4.93	%
Coherent Inc	Information Technology		6,282		1,660,597		4.87
Cloudera Inc	Information Technology		104,693		1,660,428		4.87
Sportsman’s Warehouse Holdings Inc	Consumer Discretionary		93,159		1,655,433		4.86
Raven Industries Inc	Industrials		28,602		1,654,632		4.86
Aerojet Rocketdyne Holdings Inc	Industrials		34,238		1,653,363		4.85
Proofpoint Inc	Information Technology		9,509		1,652,335		4.85
W R Grace & Co	Materials		23,894		1,651,540		4.85
Shaw Communications Inc	Communication Services		45,920		1,648,998		4.84
Constellation Pharmaceuticals Inc	Health Care		48,784		1,648,912		4.84
Magellan Health Inc	Health Care		17,490		1,647,513		4.84
Kansas City Southern	Industrials		5,814		1,647,401		4.84
Change Healthcare Inc	Health Care		71,474		1,646,768		4.83
Nuance Communications Inc	Information Technology		30,211		1,644,682		4.83
Suez SA	Utilities		82,016		1,644,430		4.83
PPD Inc	Health Care		35,621		1,641,788		4.82
Slack Technologies Inc	Information Technology		36,996		1,638,923		4.81
Magnachip Semiconductor Corp	Information Technology		68,647		1,637,929		4.81
PRA Health Sciences Inc	Health Care		9,844		1,626,369		4.77
Dialog Semiconductor PLC	Information Technology		22,522		1,476,511		4.33
Forterra Inc	Materials		53,323		1,253,625		3.68

PURCHASED OPTIONS CONTRACTS & WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following purchased & written options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
CBOE Volatility Index		26 USD		07/21/2021		740	$	1,171,420		$	46,250		$	221,855		$	(175,605	)
		27 USD		08/18/2021		720		1,139,760			111,600			244,990			(133,390	)
Total calls						1,460				$	157,850		$	466,845		$	(308,995	)
Puts
S&P 500 Index		3,430 USD		07/30/2021		2	$	859,500		$	505		$	1,852		$	(1,347	)
		3,525 USD		07/30/2021		6		2,578,500			1,890			6,137			(4,247	)
		3,600 USD		07/30/2021		10		4,297,500			3,750			8,608			(4,858	)
		3,665 USD		07/30/2021		15		6,446,250			6,600			11,711			(5,111	)
		3,790 USD		07/30/2021		20		8,595,000			12,500			13,015			(515	)
Total puts						53				$	25,245		$	41,323		$	(16,078	)
Total purchased options contracts						1,513				$	183,095		$	508,168		$	(325,073	)
Written options contracts:
Puts
S&P 500 Index		4,150 USD		07/30/2021		2	$	(859,500	)	$	(4,970	)	$	(14,129	)	$	9,159
		4,180 USD		07/30/2021		6		(2,578,500	)		(17,100	)		(43,268	)		26,168
		4,205 USD		07/30/2021		10		(4,297,500	)		(32,200	)		(62,850	)		30,650
		4,210 USD		07/30/2021		15		(6,446,250	)		(49,500	)		(86,144	)		36,644
		4,265 USD		07/30/2021		20		(8,595,000	)		(76,900	)		(94,209	)		17,309
Total written options contracts						53				$	(180,670	)	$	(300,600	)	$	119,930

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Dividend Rate			Value
Investment Company(a) – 61.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,202,425		0.026	%	$	21,202,425
	TOTAL INVESTMENTS – 61.4%
	(Cost $21,202,425)				$	21,202,425
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 38.6%					13,341,029
	NET ASSETS – 100.0%				$	34,543,454

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Investment Abbreviations:
EURIBOR	—Euro Interbank Offered Rate
U.S.	—United States
Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israel New Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peru Nuevo Sol
PHP	— Philippines Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
THB	— Thailand Baht
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
Morgan Stanley Co., Inc.		BRL	4,900,000		USD	969,096		07/29/2021	$	13,170
		MXN	29,080,000		USD	1,410,817		07/23/2021		44,135
		RUB	98,810,000		USD	1,341,333		07/29/2021		3,517
		THB	7,620,000		USD	237,388		07/23/2021		349
		USD	406,738		IDR	5,936,750,000		07/29/2021		338
		USD	669,804		INR	49,930,000		07/29/2021		489
		USD	188,350		PHP	9,180,000		07/29/2021		782
		USD	308,085		PLN	1,170,000		07/23/2021		1,206
		USD	309,385		RUB	22,720,000		07/29/2021		155
		USD	1,322,482		THB	41,870,000		07/23/2021		16,176
TOTAL									$	80,317

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		CZK	1,120,000		USD	52,302		07/23/2021	$	(231)
		IDR	19,721,430,000		USD	1,357,524		07/29/2021		(7,494	)
		INR	180,890,000		USD	2,428,640		07/29/2021		(3,797	)
		NOK	2,120,000		USD	247,260		07/23/2021		(1,012	)
		PEN	2,060,000		USD	537,228		08/02/2021		(757	)
		PHP	38,820,000		USD	793,639		07/29/2021		(458	)
		SEK	30,960,000		USD	3,631,504		07/23/2021		(13,151	)
		TWD	12,840,000		USD	461,522		07/29/2021		(772	)
		USD	184,706		BRL	930,000		07/29/2021		(1,724	)
		USD	578,498		CLP	433,330,000		07/29/2021		(11,156	)
		USD	149,607		COP	563,400,000		07/29/2021		(316	)
		USD	283,132		HUF	83,950,000		07/23/2021		(76	)
		USD	358,239		ILS	1,170,000		07/23/2021		(701	)
		USD	245,346		KRW	278,050,000		07/29/2021		(697	)
		USD	325,151		MXN	6,500,000		07/23/2021		(62	)
		USD	2,144,337		PEN	8,500,000		08/02/2021		(69,255	)
		USD	202,014		PHP	9,890,000		07/29/2021		(61	)
		USD	1,140,209		SEK	9,760,000		07/23/2021		(461	)
		USD	211,333		TWD	5,900,000		07/29/2021		(382	)
		USD	296,727		ZAR	4,260,000		07/23/2021		(796	)
		ZAR	15,060,000		USD	1,054,265		07/23/2021		(2,459	)
TOTAL									$	(115,818	)

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		2		08/27/2021	$	354,120	$	(1,686	)
3 Month Canadian Bankers Acceptance		1		09/13/2021		200,760		58
3 Month Canadian Bankers Acceptance		1		12/13/2021		200,649		37
Amsterdam Exchange Index		1		07/16/2021		172,961		(218	)
Australia 10 Year Bond		157		09/15/2021		16,630,567		(19,514	)
Brent Crude Oil		21		10/29/2021		1,519,350		52,738
CAC 40 10 Euro Index		2		07/16/2021		154,266		(3,208	)
Canada 10 Year Bond		56		09/21/2021		6,572,185		74,335
Cocoa		63		12/15/2021		1,530,270		(53,065	)
Coffee “C”		24		12/20/2021		1,463,850		54,393
Copper		14		12/29/2021		1,499,225		(122,539	)
Corn		55		12/14/2021		1,618,375		(20,361	)
Cotton No. 2		2		12/08/2021		84,900		(2,556	)
DAX Index		1		09/17/2021		460,308		(4,922	)
EURO STOXX 50 Index		9		09/17/2021		432,793		(7,937	)
Euro-BTP		1		09/08/2021		179,534		1,491
Feeder Cattle		2		08/26/2021		154,650		865
Foreign Exchange AUD/USD		19		09/13/2021		1,425,285		(38,110	)
Foreign Exchange CAD/USD		26		09/14/2021		2,097,290		(45,674	)
FTSE 100 Index		2		09/17/2021		193,123		(3,159	)
FTSE/JSE Top 40 Index		1		09/16/2021		41,930		(1,076	)
FTSE/MIB Index		1		09/17/2021		148,242		(3,518	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
Hang Seng Index		1			07/29/2021	$	184,369		$	(3,240	)
IBEX 35 Index		1			07/16/2021		104,207			(4,037	)
KC HRW Wheat		48			12/14/2021		1,601,400			(97,570	)
KOSPI 200 Index		2			09/09/2021		194,845			2,844
Lean Hogs		47			12/14/2021		1,510,110			(119,638	)
Live Cattle		29			12/31/2021		1,531,490			30,709
LME Aluminum Base Metal		57			07/21/2021		3,590,288			385,048
LME Aluminum Base Metal		34			08/18/2021		2,144,125			249,873
LME Aluminum Base Metal		27			09/15/2021		1,704,038			164,648
LME Aluminum Base Metal		28			10/20/2021		1,764,350			7,159
LME Aluminum Base Metal		28			11/17/2021		1,762,600			46,830
LME Lead Base Metal		6			07/21/2021		339,600			5,988
LME Lead Base Metal		5			08/18/2021		283,625			9,285
LME Nickel Base Metal		3			07/21/2021		327,708			4,326
LME Nickel Base Metal		2			08/18/2021		218,496			3,210
LME Zinc Base Metal		43			07/21/2021		3,193,019			111,923
LME Zinc Base Metal		26			08/18/2021		1,932,612			107,701
LME Zinc Base Metal		22			09/15/2021		1,637,350			82,608
LME Zinc Base Metal		23			10/20/2021		1,711,200			(9,016	)
LME Zinc Base Metal		24			11/17/2021		1,786,500			(18,974	)
Low Sulphur Gasoil		25			11/11/2021		1,501,875			38,450
NASDAQ 100 E-Mini Index		1			09/17/2021		290,980			8,654
Natural Gas		42			10/27/2021		1,572,480			229,944
NY Harbor ULSD		17			10/29/2021		1,521,248			1,591
OMXS30 Index		4			07/16/2021		105,911			(693	)
RBOB Gasoline		18			10/29/2021		1,554,487			20,144
Russell 2000 E-Mini Index		1			09/17/2021		115,390			(1,144	)
S&P 500 E-Mini Index		6			09/17/2021		1,286,580			13,238
S&P/TSX 60 Index		1			09/16/2021		194,046			(261	)
SET50 Index		12			09/29/2021		70,952			(292	)
Silver		2			09/28/2021		262,500			(116	)
Soybean		7			11/12/2021		487,638			(3,075	)
Sugar No. 11		76			02/28/2022		1,538,970			27,402
TOPIX Index		1			09/09/2021		174,895			(1,616	)
U.S. Treasury 10 Year Note		8			09/21/2021		1,059,375			(813	)
Wheat		46			12/14/2021		1,576,650			(117,264	)
WTI Crude Oil		21			10/20/2021		1,488,270			66,382
Total									$	1,096,582
Short position contracts:
3 Month Euro Euribor		(1	)		12/13/2021	$	(298,009)		$	(31	)
3 Month Euro Euribor		(4	)		03/14/2022		(1,191,738	)		(6	)
3 Month Euro Euribor		(3	)		06/13/2022		(893,670	)		(49	)
3 Month Euro Euribor		(3	)		09/19/2022		(893,492	)		(79	)
3 Month Euro Euribor		(4	)		12/19/2022		(1,191,027	)		(140	)
3 Month Euro Euribor		(3	)		03/13/2023		(892,914	)		(93	)
3 Month Euro Euribor		(4	)		06/19/2023		(1,190,137	)		(7	)
3 Month Eurodollar		(1	)		09/19/2022		(249,088	)		(2	)
3 Month Eurodollar		(5	)		12/19/2022		(1,243,500	)		(224	)
3 Month Eurodollar		(6	)		03/13/2023		(1,490,400	)		(39	)
3 Month Eurodollar		(8	)		06/19/2023		(1,984,400	)		56

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
3 Month Euroswiss		(1	)		09/13/2021	$	(272,224	)	$	(28	)
3 Month Euroswiss		(2	)		12/13/2021		(544,393	)		(58	)
3 Month Euroswiss		(2	)		03/14/2022		(544,231	)		(31	)
3 Month Sterling		(2	)		09/15/2021		(345,496	)		(12	)
3 Month Sterling		(2	)		12/15/2021		(345,393	)		(64	)
3 Month Sterling		(7	)		03/16/2022		(1,207,483	)		191
3 Month Sterling		(9	)		06/15/2022		(1,551,388	)		174
3 Month Sterling		(11	)		09/21/2022		(1,894,810	)		590
3 Month Sterling		(12	)		12/21/2022		(2,065,613	)		835
3 Month Sterling		(11	)		03/15/2023		(1,892,432	)		858
3 Month Sterling		(11	)		06/21/2023		(1,891,291	)		(183	)
Brent Crude Oil		(16	)		07/30/2021		(1,193,760	)		(45,732	)
CBOE Volatility Index		(36	)		07/21/2021		(644,519	)		195,227
CBOE Volatility Index		(34	)		08/18/2021		(671,456	)		183,217
CBOE Volatility Index		(39	)		09/15/2021		(819,546	)		23,128
Cocoa		(50	)		09/15/2021		(1,194,500	)		11,623
Coffee “C”		(27	)		09/20/2021		(1,617,469	)		2,802
Copper		(8	)		09/28/2021		(857,600	)		13,965
Corn		(56	)		09/14/2021		(1,677,900	)		26,086
Euro-Bobl		(4	)		09/08/2021		(636,131	)		(520	)
Euro-Bund		(111	)		09/08/2021		(22,709,413	)		(128,282	)
Euro-Buxl		(1	)		09/08/2021		(240,660	)		(4,142	)
Euro-OAT		(1	)		09/08/2021		(188,487	)		(666	)
Euro-Schatz		(12	)		09/08/2021		(1,595,782	)		100
Foreign Exchange CHF/USD		(25	)		09/13/2021		(3,383,750	)		112,447
Foreign Exchange EUR/USD		(12	)		09/13/2021		(1,781,400	)		29,607
Foreign Exchange GBP/USD		(14	)		09/13/2021		(1,210,475	)		27,095
Foreign Exchange JPY/USD		(16	)		09/13/2021		(1,801,500	)		23,279
Foreign Exchange NZD/USD		(16	)		09/13/2021		(1,118,240	)		18,270
Japan 10 Year Bond		(5	)		09/13/2021		(6,829,290	)		3,671
KC HRW Wheat		(44	)		09/14/2021		(1,450,900	)		(54,161	)
Lean Hogs		(46	)		08/13/2021		(1,906,240	)		228,045
Live Cattle		(43	)		08/31/2021		(2,114,310	)		(56,605	)
LME Aluminum Base Metal		(57	)		07/21/2021		(3,590,288	)		(304,429	)
LME Aluminum Base Metal		(54	)		08/18/2021		(3,405,375	)		(242,500	)
LME Aluminum Base Metal		(27	)		09/15/2021		(1,704,038	)		(11,289	)
LME Aluminum Base Metal		(28	)		10/20/2021		(1,764,350	)		(51,625	)
LME Aluminum Base Metal		(4	)		11/17/2021		(251,800)			(1,562	)
LME Lead Base Metal		(6	)		07/21/2021		(339,600	)		(13,535	)
LME Lead Base Metal		(2	)		08/18/2021		(113,450	)		(2,555	)
LME Nickel Base Metal		(3	)		07/21/2021		(327,708	)		(10,155	)
LME Nickel Base Metal		(1	)		08/18/2021		(109,248	)		(2,904	)
LME Zinc Base Metal		(43	)		07/21/2021		(3,193,019	)		(106,584	)
LME Zinc Base Metal		(46	)		08/18/2021		(3,419,238	)		(84,180	)
LME Zinc Base Metal		(22	)		09/15/2021		(1,637,350	)		1,148
LME Zinc Base Metal		(23	)		10/20/2021		(1,711,200	)		25,198
LME Zinc Base Metal		(3	)		11/17/2021		(223,312	)		(213	)
Long Gilt		(58	)		09/28/2021		(10,277,642	)		(61,910	)
Low Sulphur Gasoil		(22	)		08/12/2021		(1,321,100	)		(34,994	)
Natural Gas		(31	)		07/28/2021		(1,160,330	)		(173,153	)
NY Harbor ULSD		(20	)		07/30/2021		(1,787,604	)		(3,655	)
RBOB Gasoline		(16	)		07/30/2021		(1,505,213	)		(21,103	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
Sugar No. 11		(74	)		09/30/2021	$	(1,482,723	)	$	(17,362	)
U.S. Treasury 2 Year Note		(2	)		09/30/2021		(440,656	)		(105	)
U.S. Treasury 5 Year Note		(5	)		09/30/2021		(616,914	)		(314	)
Wheat		(48	)		09/14/2021		(1,632,600	)		5,524
WTI Crude Oil		(21	)		07/20/2021		(1,543,920	)		(66,178	)
Total									$	(568,323	)
Total Futures Contracts									$	528,259

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2021(b)	Termination Date		Notional Amount(000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%	2.320%		06/20/2026		EUR 350	$	52,174	$	45,326	$	6,848
iTraxx Europe Index		1.000	0.468		06/20/2026		800		25,558		22,103		3,455
Markit CDX North America High Yield Index		5.000	2.745		06/20/2026		USD 400		41,356		34,383		6,973
Markit CDX North America Investment Grade Index		1.000	0.479		06/20/2026		950		24,439		20,785		3,654
TOTAL								$	143,527	$	122,597	$	20,930

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund			Counterparty	Termination Date		Notional Amount (000’s)			Unrealized Appreciation/ (Depreciation)(a)
A basket (MLGSFDJP) of common stocks(b)*		(0.080	)%	Bank of America NA		01/28/2022		JPY	2,869,915	$	(248,100	)
A basket (MLGSFDUS) of common stock(b)*		(0.096	)			09/01/2021		USD	47,208		68,127
Russell 1000 Index Total Return(c)		0.096				09/01/2021			34,838		(29,454	)
S&P 500 Total Return Index(c)		0.096				09/01/2021			8,658		(14,783	)
TOPIX Total Retun Index(c)		0.080				01/28/2022		JPY	2,720,333		249,015
A basket (JPGSFDEU) of common stocks(b)*		(0.564	)	JPMorgan Chase Bank NA		09/16/2021		EUR	13,942		22,632
A basket (JPGSFDUK) of common stocks(b)*		(0.056	)			11/05/2021		GBP	3,484		(34,896	)
Euro Stoxx Gross Total Return Index(c)		0.564				09/16/2021		EUR	12,874		114,496
FTSE 100 Total Return Index(c)		0.056				11/05/2021		GBP	2,821		24,076
TOTAL										$	151,113

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made weekly.

(c) Payments received weekly.

* The components of the basket shown below.

A basket (MLGSFDJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Nippon Telegraph & Telephone Corp	Communication Services		394	$	1,139,408		4.37	%
Sony Group Corp	Consumer Discretionary		95		1,025,821		3.94
Fujitsu Ltd	Information Technology		39		808,449		3.10
SoftBank Corp	Communication Services		486		706,970		2.71
Mitsubishi Corp	Industrials		232		701,811		2.69
East Japan Railway Co	Industrials		82		648,682		2.49
Kao Corp	Consumer Staples		88		599,114		2.30
Nitori Holdings Co Ltd	Consumer Discretionary		24		481,311		1.85
Shiseido Co Ltd	Consumer Staples		57		466,677		1.79
Nintendo Co Ltd	Communication Services		6		410,128		1.57
Kyocera Corp	Information Technology		51		352,938		1.35
Nidec Corp	Industrials		26		340,401		1.31
Recruit Holdings Co Ltd	Industrials		61		335,854		1.29
Hitachi Ltd	Industrials		52		331,094		1.27
Kirin Holdings Co Ltd	Consumer Staples		137		297,741		1.14
Hoya Corp	Health Care		19		281,543		1.08
Daikin Industries Ltd	Industrials		13		277,839		1.07
Daito Trust Construction Co Ltd	Real Estate		23		275,310		1.06
Fast Retailing Co Ltd	Consumer Discretionary		3		270,233		1.04
Sekisui House Ltd	Consumer Discretionary		114		259,616		1.00
Bandai Namco Holdings Inc	Consumer Discretionary		33		256,393		0.98
Seven & i Holdings Co Ltd	Consumer Staples		42		222,973		0.86
Mizuho Financial Group Inc	Financials		139		220,678		0.85
Capcom Co Ltd	Communication Services		64		209,558		0.80
Daiichi Sankyo Co Ltd	Health Care		87		208,461		0.80
Chugai Pharmaceutical Co Ltd	Health Care		44		194,133		0.74
TOTO Ltd	Industrials		34		193,601		0.74
Shimamura Co Ltd	Consumer Discretionary		17		185,759		0.71
Nikon Corp	Consumer Discretionary		151		178,933		0.69

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Bridgestone Corp	Consumer Discretionary		35	$	177,215		0.68	%
Eisai Co Ltd	Health Care		16		176,923		0.68
FUJIFILM Holdings Corp	Information Technology		21		175,199		0.67
Cosmos Pharmaceutical Corp	Consumer Staples		10		170,610		0.65
Pan Pacific International Holdings Corp	Consumer Discretionary		73		168,901		0.65
Canon Inc	Information Technology		66		166,421		0.64
Advantest Corp	Information Technology		15		152,617		0.59
Komatsu Ltd	Industrials		55		150,870		0.58
Casio Computer Co Ltd	Consumer Discretionary		81		150,518		0.58
Shimizu Corp	Industrials		176		149,797		0.57
Olympus Corp	Health Care		67		149,025		0.57
Pigeon Corp	Consumer Staples		48		148,957		0.57
MEIJI Holdings Co Ltd	Consumer Staples		22		147,540		0.57
Mitsubishi Electric Corp	Industrials		88		141,308		0.54
Dai-ichi Life Holdings Inc	Financials		69		140,820		0.54
Suzuki Motor Corp	Consumer Discretionary		29		136,946		0.53
Tsuruha Holdings Inc	Consumer Staples		11		135,585		0.52
ZOZO Inc	Consumer Discretionary		35		132,877		0.51
Renesas Electronics Corp	Information Technology		110		132,506		0.51
Sumitomo Corp	Industrials		87		129,117		0.50
NEC Corp	Information Technology		22		128,529		0.49
Kajima Corp	Industrials		90		126,934		0.49
Nissan Motor Co Ltd	Consumer Discretionary		228		125,499		0.48
Nexon Co Ltd	Communication Services		50		123,563		0.47
Obayashi Corp	Industrials		139		122,950		0.47
Sumitomo Rubber Industries Ltd	Consumer Discretionary		79		121,850		0.47
Nippon Express Co Ltd	Industrials		14		119,066		0.46
Kakaku.com Inc	Communication Services		35		118,696		0.46
Omron Corp	Information Technology		13		115,100		0.44
Sysmex Corp	Health Care		9		114,449		0.44
Otsuka Corp	Information Technology		19		112,424		0.43
Asahi Intecc Co Ltd	Health Care		41		108,450		0.42
Suntory Beverage & Food Ltd	Consumer Staples		26		108,262		0.42
ANA Holdings Inc	Industrials		41		107,629		0.41
Yaskawa Electric Corp	Industrials		19		104,685		0.40
Mitsubishi Chemical Holdings Corp	Materials		106		98,750		0.38
Asahi Kasei Corp	Materials		81		98,514		0.38
Lion Corp	Consumer Staples		52		97,532		0.37
Pola Orbis Holdings Inc	Consumer Staples		33		97,497		0.37
West Japan Railway Co	Industrials		15		96,571		0.37
Sumitomo Chemical Co Ltd	Materials		163		96,181		0.37
Sumitomo Mitsui Trust Holdings Inc	Financials		27		94,736		0.36
ABC-Mart Inc	Consumer Discretionary		15		94,665		0.36
NOF Corp	Materials		16		94,463		0.36
Relo Group Inc	Real Estate		37		93,447		0.36
SCREEN Holdings Co Ltd	Information Technology		8		93,020		0.36
Yamaha Motor Co Ltd	Consumer Discretionary		31		92,410		0.35
Oracle Corp Japan	Information Technology		11		91,178		0.35
Calbee Inc	Consumer Staples		36		91,107		0.35
Ito En Ltd	Consumer Staples		14		90,629		0.35
Ajinomoto Co Inc	Consumer Staples		31		90,300		0.35
AGC Inc	Industrials		19		89,576		0.34
NET One Systems Co Ltd	Information Technology		24		88,851		0.34
Kansai Paint Co Ltd	Materials		31		88,473		0.34
Nihon Unisys Ltd	Information Technology		26		88,243		0.34
Dentsu Group Inc	Communication Services		22		87,505		0.34
Otsuka Holdings Co Ltd	Health Care		19		86,510		0.33
T&D Holdings Inc	Financials		59		84,873		0.33
GungHo Online Entertainment Inc	Communication Services		38		84,750		0.33
Sompo Holdings Inc	Financials		21		84,420		0.32
Mazda Motor Corp	Consumer Discretionary		81		84,342		0.32

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Hirose Electric Co Ltd	Information Technology		5	$	83,891		0.32	%
Hoshizaki Corp	Industrials		9		83,410		0.32
Hikari Tsushin Inc	Consumer Discretionary		4		82,873		0.32
Resona Holdings Inc	Financials		194		82,788		0.32
Ricoh Co Ltd	Information Technology		66		81,791		0.31
H.U. Group Holdings Inc	Health Care		28		81,557		0.31
DeNA Co Ltd	Communication Services		34		80,750		0.31
MonotaRO Co Ltd	Industrials		31		80,557		0.31
Kikkoman Corp	Consumer Staples		11		80,274		0.31
Sega Sammy Holdings Inc	Consumer Discretionary		53		77,437		0.30
Food & Life Cos Ltd	Consumer Discretionary		16		77,198		0.30
Lixil Corp	Industrials		27		76,787		0.29
TIS Inc	Information Technology		27		75,497		0.29
Trend Micro Inc/Japan	Information Technology		13		74,165		0.28
Konami Holdings Corp	Communication Services		11		72,951		0.28
Sugi Holdings Co Ltd	Consumer Staples		9		71,781		0.28
SG Holdings Co Ltd	Industrials		25		71,660		0.27
Tokyo Gas Co Ltd	Utilities		33		70,021		0.27
Sharp Corp/Japan	Consumer Discretionary		38		68,822		0.26
Seiko Epson Corp	Information Technology		35		68,520		0.26
SBI Holdings Inc/Japan	Financials		26		68,475		0.26
Konica Minolta Inc	Information Technology		111		68,278		0.26
Isuzu Motors Ltd	Consumer Discretionary		46		67,752		0.26
JSR Corp	Materials		20		67,748		0.26
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		7		67,431		0.26
Medipal Holdings Corp	Health Care		32		67,088		0.26
SMS Co Ltd	Industrials		20		66,492		0.26
Rinnai Corp	Consumer Discretionary		6		66,436		0.25
Nishimatsu Construction Co Ltd	Industrials		19		66,362		0.25
USS Co Ltd	Consumer Discretionary		34		66,200		0.25
Mitsui Chemicals Inc	Materials		17		65,767		0.25
Japan Exchange Group Inc	Financials		26		64,989		0.25
SCSK Corp	Information Technology		10		64,987		0.25
Fancl Corp	Consumer Staples		18		63,950		0.25
Suzuken Co Ltd/Aichi Japan	Health Care		19		63,261		0.24
Tokai Carbon Co Ltd	Materials		41		62,591		0.24
Iwatani Corp	Energy		9		60,626		0.23
Showa Denko KK	Materials		18		59,736		0.23
Furukawa Electric Co Ltd	Industrials		21		59,016		0.23
Nissin Foods Holdings Co Ltd	Consumer Staples		7		58,716		0.23
Nisshin Seifun Group Inc	Consumer Staples		36		58,401		0.22
Japan Airport Terminal Co Ltd	Industrials		11		56,452		0.22
Daicel Corp	Materials		61		55,391		0.21
Yamaha Corp	Consumer Discretionary		9		54,891		0.21
Sundrug Co Ltd	Consumer Staples		15		54,003		0.21
Square Enix Holdings Co Ltd	Communication Services		10		53,452		0.21
Yamada Holdings Co Ltd	Consumer Discretionary		103		52,743		0.20
Kyushu Railway Co	Industrials		21		52,371		0.20
Amada Co Ltd	Industrials		47		52,368		0.20
Kobe Steel Ltd	Materials		73		52,349		0.20
Tokyu Corp	Industrials		34		51,764		0.20
Brother Industries Ltd	Information Technology		23		51,425		0.20
Iida Group Holdings Co Ltd	Consumer Discretionary		18		51,190		0.20
Kose Corp	Consumer Staples		3		50,988		0.20
MISUMI Group Inc	Industrials		13		50,447		0.19
Osaka Gas Co Ltd	Utilities		24		50,242		0.19
Kyowa Exeo Corp	Industrials		18		49,993		0.19
Hino Motors Ltd	Industrials		51		49,796		0.19
Nippon Suisan Kaisha Ltd	Consumer Staples		94		49,569		0.19
Sohgo Security Services Co Ltd	Industrials		10		49,529		0.19
Nabtesco Corp	Industrials		12		49,391		0.19

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Nipro Corp	Health Care		37	$	48,445		0.19	%
Justsystems Corp	Information Technology		7		47,382		0.18
Teijin Ltd	Materials		27		46,322		0.18
Kusuri no Aoki Holdings Co Ltd	Consumer Staples		6		45,952		0.18
Hitachi Metals Ltd	Materials		21		44,543		0.17
ITOCHU Corp	Industrials		14		44,091		0.17
Aozora Bank Ltd	Financials		18		43,867		0.17
Hitachi Construction Machinery Co Ltd	Industrials		13		43,327		0.17
Nippon Paper Industries Co Ltd	Materials		34		42,353		0.16
SoftBank Group Corp	Communication Services		5		42,234		0.16
Sumitomo Osaka Cement Co Ltd	Materials		14		41,311		0.16
Ezaki Glico Co Ltd	Consumer Staples		10		40,426		0.16
Menicon Co Ltd	Health Care		5		40,360		0.15
JAFCO Group Co ltd	Financials		6		39,969		0.15
Toyo Suisan Kaisha Ltd	Consumer Staples		9		39,764		0.15
Fujitsu General Ltd	Consumer Discretionary		13		39,735		0.15
Sawai Group Holdings Co Ltd	Health Care		8		39,397		0.15
Kewpie Corp	Consumer Staples		16		39,141		0.15
Kuraray Co Ltd	Materials		37		39,013		0.15
Sankyo Co Ltd	Consumer Discretionary		14		38,956		0.15
JTEKT Corp	Consumer Discretionary		34		38,611		0.15
Resorttrust Inc	Consumer Discretionary		21		37,339		0.14
NH Foods Ltd	Consumer Staples		9		36,813		0.14
Ship Healthcare Holdings Inc	Health Care		14		35,532		0.14
Ulvac Inc	Information Technology		6		35,466		0.14
Ube Industries Ltd	Materials		16		35,119		0.13
Seven Bank Ltd	Financials		146		34,534		0.13
Kinden Corp	Industrials		18		33,351		0.13
Ain Holdings Inc	Consumer Staples		5		33,172		0.13
Fuji Corp/Aichi	Industrials		13		33,144		0.13
Mitsui & Co Ltd	Industrials		13		32,325		0.12
GS Yuasa Corp	Industrials		11		32,166		0.12
Nippon Yusen KK	Industrials		6		31,314		0.12
Kyudenko Corp	Industrials		9		30,986		0.12
Zeon Corp	Materials		20		30,936		0.12
Izumi Co Ltd	Consumer Discretionary		7		29,691		0.11
Horiba Ltd	Information Technology		4		29,477		0.11
Goldwin Inc	Consumer Discretionary		4		29,358		0.11
Toyo Tire Corp	Consumer Discretionary		12		28,983		0.11
Kaneka Corp	Materials		6		28,867		0.11
Tokyo Electron Ltd	Information Technology		1		28,640		0.11
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		16		28,228		0.11
Tsumura & Co	Health Care		8		28,056		0.11
Asics Corp	Consumer Discretionary		10		27,997		0.11
Tokuyama Corp	Materials		12		27,242		0.10
Hulic Co Ltd	Real Estate		22		27,059		0.10
Marubeni Corp	Industrials		28		27,029		0.10
Yamazaki Baking Co Ltd	Consumer Staples		17		27,022		0.10
Maruha Nichiro Corp	Consumer Staples		11		26,934		0.10
Shochiku Co Ltd	Communication Services		2		26,889		0.10
Morinaga & Co Ltd/Japan	Consumer Staples		7		26,030		0.10
Nifco Inc/Japan	Consumer Discretionary		6		25,802		0.10
Shin-Etsu Chemical Co Ltd	Materials		1		24,595		0.09
Panasonic Corp	Consumer Discretionary		19		24,227		0.09
TBS Holdings Inc	Communication Services		14		24,184		0.09
KDDI Corp	Communication Services		7		24,138		0.09
Miura Co Ltd	Industrials		5		23,492		0.09
Persol Holdings Co Ltd	Industrials		11		23,084		0.09
Toyota Tsusho Corp	Industrials		4		22,946		0.09
Takeda Pharmaceutical Co Ltd	Health Care		6		22,338		0.09
Toho Gas Co Ltd	Utilities		4		21,925		0.08

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Honda Motor Co Ltd	Consumer Discretionary		6	$	21,524		0.08	%
Murata Manufacturing Co Ltd	Information Technology		2		21,172		0.08
Toyota Industries Corp	Consumer Discretionary		2		21,080		0.08
OKUMA Corp	Industrials		4		20,537		0.08
DIC Corp	Materials		7		20,428		0.08
Lasertec Corp	Information Technology		1		19,750		0.08
Benefit One Inc	Industrials		6		19,737		0.08
Zenkoku Hosho Co Ltd	Financials		4		19,730		0.08
TechnoPro Holdings Inc	Industrials		7		19,642		0.08
Denso Corp	Consumer Discretionary		3		19,062		0.07
Zensho Holdings Co Ltd	Consumer Discretionary		6		18,337		0.07
Nippon Electric Glass Co Ltd	Information Technology		7		18,114		0.07
M3 Inc	Health Care		2		18,008		0.07
Japan Post Insurance Co Ltd	Financials		9		17,678		0.07
Mitsui OSK Lines Ltd	Industrials		3		17,205		0.07
Koei Tecmo Holdings Co Ltd	Communication Services		3		16,297		0.06
Kubota Corp	Industrials		7		15,515		0.06
Ebara Corp	Industrials		3		14,572		0.06
SUMCO Corp	Information Technology		5		14,545		0.06
Kurita Water Industries Ltd	Industrials		3		14,275		0.05
Sumitomo Mitsui Financial Group Inc	Financials		4		14,159		0.05
Nitto Denko Corp	Materials		2		14,109		0.05
Open House Co Ltd	Consumer Discretionary		3		13,166		0.05
Azbil Corp	Information Technology		3		12,268		0.05
Taiyo Yuden Co Ltd	Information Technology		2		12,263		0.05
Japan Post Holdings Co Ltd	Financials		13		12,216		0.05
Morinaga Milk Industry Co Ltd	Consumer Staples		2		11,976		0.05
Astellas Pharma Inc	Health Care		6		11,967		0.05
Ibiden Co Ltd	Information Technology		2		11,908		0.05
Mitsubishi Gas Chemical Co Inc	Materials		5		11,834		0.05
Denka Co Ltd	Materials		3		11,276		0.04
Yamato Holdings Co Ltd	Industrials		4		11,070		0.04
Penta-Ocean Construction Co Ltd	Industrials		14		10,844		0.04
Sojitz Corp	Industrials		32		10,714		0.04
TDK Corp	Information Technology		1		9,949		0.04
Maeda Corp	Industrials		10		9,936		0.04
Fuji Electric Co Ltd	Industrials		2		9,827		0.04
Nippon Television Holdings Inc	Communication Services		7		9,610		0.04
Asahi Group Holdings Ltd	Consumer Staples		2		9,461		0.04
Disco Corp	Information Technology		0		9,229		0.04
CyberAgent Inc	Communication Services		4		9,218		0.04
Sumitomo Dainippon Pharma Co Ltd	Health Care		4		8,915		0.03
Nippon Steel Corp	Materials		5		8,720		0.03
Takara Holdings Inc	Consumer Staples		6		8,469		0.03
Nomura Holdings Inc	Financials		14		8,121		0.03
Nisshinbo Holdings Inc	Industrials		8		7,732		0.03
Sanwa Holdings Corp	Industrials		5		7,419		0.03
Bank of Kyoto Ltd/The	Financials		1		7,410		0.03
Subaru Corp	Consumer Discretionary		3		7,382		0.03
Lawson Inc	Consumer Staples		1		7,338		0.03
Nihon M&A Center Inc	Industrials		2		7,151		0.03
NTN Corp	Industrials		25		7,144		0.03
NTT Data Corp	Information Technology		4		6,968		0.03
Credit Saison Co Ltd	Financials		5		6,929		0.03
Tokyo Ohka Kogyo Co Ltd	Materials		1		6,893		0.03
Aisin Corp	Consumer Discretionary		1		6,580		0.03
Glory Ltd	Industrials		3		6,494		0.02
Sumitomo Metal Mining Co Ltd	Materials		1		6,379		0.02
Sumitomo Heavy Industries Ltd	Industrials		2		6,365		0.02
Mebuki Financial Group Inc	Financials		26		6,191		0.02
Aeon Co Ltd	Consumer Staples		2		6,188		0.02

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Alps Alpine Co Ltd	Information Technology		5	$	6,153		0.02	%
Yokohama Rubber Co Ltd/The	Consumer Discretionary		2		5,888		0.02
Takashimaya Co Ltd	Consumer Discretionary		5		5,877		0.02
Rohm Co Ltd	Information Technology		1		5,729		0.02
Chubu Electric Power Co Inc	Utilities		4		5,685		0.02
Hamamatsu Photonics KK	Information Technology		1		5,654		0.02
NOK Corp	Consumer Discretionary		4		5,515		0.02
Taisho Pharmaceutical Holdings Co Ltd	Health Care		1		5,471		0.02
Cosmo Energy Holdings Co Ltd	Energy		2		5,358		0.02
Fujitec Co Ltd	Industrials		2		5,347		0.02
Canon Marketing Japan Inc	Information Technology		2		5,312		0.02
Fuji Oil Holdings Inc	Consumer Staples		2		5,304		0.02
Hokkaido Electric Power Co Inc	Utilities		10		5,189		0.02
Daifuku Co Ltd	Industrials		1		5,128		0.02
Shimano Inc	Consumer Discretionary		0		4,983		0.02
Tokai Rika Co Ltd	Consumer Discretionary		3		4,913		0.02
Hachijuni Bank Ltd/The	Financials		14		4,912		0.02
Rakuten Group Inc	Consumer Discretionary		4		4,855		0.02
Kokuyo Co Ltd	Industrials		3		4,745		0.02
Fukuoka Financial Group Inc	Financials		2		4,597		0.02
Nomura Research Institute Ltd	Information Technology		1		4,561		0.02
K’s Holdings Corp	Consumer Discretionary		4		4,552		0.02
GMO internet Inc	Information Technology		1		4,541		0.02
Toray Industries Inc	Materials		6		4,530		0.02
ADEKA Corp	Materials		2		4,426		0.02
J Front Retailing Co Ltd	Consumer Discretionary		4		4,303		0.02
Tosoh Corp	Materials		2		4,149		0.02
Taiheiyo Cement Corp	Materials		2		4,142		0.02
TS Tech Co Ltd	Consumer Discretionary		2		4,139		0.02
JFE Holdings Inc	Materials		3		4,096		0.02
Shimadzu Corp	Information Technology		1		3,990		0.02
ENEOS Holdings Inc	Energy		8		3,918		0.02
Taisei Corp	Industrials		1		3,906		0.01
Topcon Corp	Information Technology		2		3,888		0.01
Yokogawa Electric Corp	Information Technology		2		3,869		0.01
Tadano Ltd	Industrials		3		3,858		0.01
Nagase & Co Ltd	Industrials		2		3,837		0.01
Nippon Light Metal Holdings Co Ltd	Materials		2		3,837		0.01
NGK Spark Plug Co Ltd	Consumer Discretionary		2		3,793		0.01
Yamaguchi Financial Group Inc	Financials		6		3,594		0.01
Kamigumi Co Ltd	Industrials		2		3,488		0.01
Shinsei Bank Ltd	Financials		2		3,461		0.01
Nishi-Nippon Financial Holdings Inc	Financials		5		3,412		0.01
Hokuhoku Financial Group Inc	Financials		4		3,366		0.01
Mitsui Mining & Smelting Co Ltd	Materials		1		3,320		0.01
Toho Holdings Co Ltd	Health Care		2		3,312		0.01
Rengo Co Ltd	Materials		3		3,190		0.01
TV Asahi Holdings Corp	Communication Services		2		2,985		0.01
Santen Pharmaceutical Co Ltd	Health Care		2		2,929		0.01
77 Bank Ltd/The	Financials		2		2,879		0.01
MINEBEA MITSUMI Inc	Industrials		1		2,876		0.01
Alfresa Holdings Corp	Health Care		2		2,847		0.01
Toyota Boshoku Corp	Consumer Discretionary		1		2,818		0.01
Autobacs Seven Co Ltd	Consumer Discretionary		2		2,812		0.01
Toyo Seikan Group Holdings Ltd	Materials		2		2,768		0.01
Japan Steel Works Ltd/The	Industrials		1		2,752		0.01
Oki Electric Industry Co Ltd	Information Technology		2		2,397		0.01
Shiga Bank Ltd/The	Financials		1		2,346		0.01
Hirogin Holdings Inc	Financials		4		2,318		0.01
Amano Corp	Information Technology		1		2,159		0.01
TOPPAN INC	Industrials		1		2,017		0.01

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Central Glass Co Ltd	Industrials		1	$	1,962		0.01	%
PALTAC Corp	Consumer Discretionary		0		1,961		0.01
Benesse Holdings Inc	Consumer Discretionary		1		1,959		0.01
Ryohin Keikaku Co Ltd	Consumer Discretionary		1		1,911		0.01
NGK Insulators Ltd	Industrials		1		1,895		0.01
Mochida Pharmaceutical Co Ltd	Health Care		1		1,893		0.01
Lintec Corp	Materials		1		1,846		0.01
Oji Holdings Corp	Materials		3		1,776		0.01
Gunma Bank Ltd/The	Financials		5		1,750		0.01
Sumitomo Bakelite Co Ltd	Materials		0		1,718		0.01
Toyoda Gosei Co Ltd	Consumer Discretionary		1		1,675		0.01
Air Water Inc	Materials		1		1,615		0.01
Kaken Pharmaceutical Co Ltd	Health Care		0		1,474		0.01
FP Corp	Materials		0		1,453		0.01
NHK Spring Co Ltd	Consumer Discretionary		1		1,354		0.01
Nippon Sanso Holdings Corp	Materials		1		1,335		0.01
Toyobo Co Ltd	Materials		1		1,333		0.01
Shizuoka Bank Ltd/The	Financials		2		1,302		0.00
Skylark Holdings Co Ltd	Consumer Discretionary		1		1,247		0.00
Yamato Kogyo Co Ltd	Materials		0		1,234		0.00
Nihon Kohden Corp	Health Care		0		1,199		0.00
JGC Holdings Corp	Industrials		1		871		0.00
Iyo Bank Ltd/The	Financials		2		836		0.00
Sangetsu Corp	Consumer Discretionary		0		377		0.00

A basket (MLGSFDUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Microsoft Corp	Information Technology		6,867	$	1,860,274		3.98	%
Berkshire Hathaway Inc	Financials		4,663		1,295,977		2.77
Amazon.com Inc	Consumer Discretionary		339		1,165,566		2.49
Alphabet Inc	Communication Services		381		931,420		1.99
Walmart Inc	Consumer Staples		5,761		812,441		1.74
Facebook Inc	Communication Services		2,074		721,197		1.54
Verizon Communications Inc	Communication Services		12,244		686,056		1.47
Costco Wholesale Corp	Consumer Staples		1,713		677,907		1.45
Apple Inc	Information Technology		4,828		661,268		1.41
Accenture PLC	Information Technology		2,035		599,946		1.28
Abbott Laboratories	Health Care		4,696		544,371		1.16
Johnson & Johnson	Health Care		3,259		536,859		1.15
Coca-Cola Co/The	Consumer Staples		9,856		533,322		1.14
Union Pacific Corp	Industrials		2,373		521,907		1.12
ServiceNow Inc	Information Technology		874		480,476		1.03
Charter Communications Inc	Communication Services		596		430,326		0.92
S&P Global Inc	Financials		996		408,728		0.87
Sherwin-Williams Co/The	Materials		1,475		401,964		0.86
JPMorgan Chase & Co	Financials		2,496		388,288		0.83
Chipotle Mexican Grill Inc	Consumer Discretionary		249		386,669		0.83
Estee Lauder Cos Inc/The	Consumer Staples		1,173		373,182		0.80
Illumina Inc	Health Care		773		365,784		0.78
Honeywell International Inc	Industrials		1,584		347,556		0.74
Stryker Corp	Health Care		1,255		326,039		0.70
Edwards Lifesciences Corp	Health Care		3,095		320,517		0.69
Home Depot Inc/The	Consumer Discretionary		966		307,903		0.66
Aon PLC	Financials		1,278		305,079		0.65
Mettler-Toledo International Inc	Health Care		219		302,962		0.65
Eaton Corp PLC	Industrials		2,000		296,407		0.63
Marsh & McLennan Cos Inc	Financials		2,104		295,981		0.63
Zebra Technologies Corp	Information Technology		558		295,678		0.63
Vertex Pharmaceuticals Inc	Health Care		1,448		291,932		0.62
Fiserv Inc	Information Technology		2,713		290,019		0.62

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Alphabet Inc	Communication Services		110	$	275,779		0.59	%
Southern Co/The	Utilities		4,499		272,206		0.58
Moody’s Corp	Financials		744		269,474		0.58
Netflix Inc	Communication Services		496		262,028		0.56
Autodesk Inc	Information Technology		890		259,895		0.56
Tractor Supply Co	Consumer Discretionary		1,397		259,834		0.56
Air Products and Chemicals Inc	Materials		884		254,291		0.54
Otis Worldwide Corp	Industrials		3,064		250,579		0.54
Emerson Electric Co	Industrials		2,585		248,768		0.53
TJX Cos Inc/The	Consumer Discretionary		3,655		246,417		0.53
Cisco Systems Inc/Delaware	Information Technology		4,435		235,045		0.50
Constellation Brands Inc	Consumer Staples		998		233,337		0.50
VF Corp	Consumer Discretionary		2,782		228,274		0.49
NIKE Inc	Consumer Discretionary		1,476		228,000		0.49
Baxter International Inc	Health Care		2,821		227,089		0.49
Palo Alto Networks Inc	Information Technology		602		223,363		0.48
Illinois Tool Works Inc	Industrials		988		220,777		0.47
SVB Financial Group	Financials		395		219,903		0.47
Dominion Energy Inc	Utilities		2,953		217,288		0.46
Fastenal Co	Industrials		4,166		216,640		0.46
Philip Morris International Inc	Consumer Staples		2,151		213,201		0.46
Ecolab Inc	Materials		1,029		211,905		0.45
General Electric Co	Industrials		15,726		211,667		0.45
Baker Hughes Co	Energy		9,254		211,635		0.45
Cadence Design Systems Inc	Information Technology		1,540		210,767		0.45
SBA Communications Corp	Real Estate		654		208,361		0.45
Global Payments Inc	Information Technology		1,109		207,991		0.44
Hershey Co/The	Consumer Staples		1,177		204,992		0.44
Texas Instruments Inc	Information Technology		1,058		203,483		0.44
Linde PLC	Materials		682		197,226		0.42
Rockwell Automation Inc	Industrials		680		194,469		0.42
Mastercard Inc	Information Technology		529		193,161		0.41
Marathon Oil Corp	Energy		14,166		192,940		0.41
Bank of America Corp	Financials		4,650		191,732		0.41
Stanley Black & Decker Inc	Industrials		891		182,702		0.39
VeriSign Inc	Information Technology		785		178,820		0.38
Keysight Technologies Inc	Information Technology		1,157		178,681		0.38
Bristol-Myers Squibb Co	Health Care		2,671		178,481		0.38
American Electric Power Co Inc	Utilities		2,097		177,390		0.38
eBay Inc	Consumer Discretionary		2,491		174,885		0.37
Booking Holdings Inc	Consumer Discretionary		78		171,544		0.37
TE Connectivity Ltd	Information Technology		1,260		170,349		0.36
Old Dominion Freight Line Inc	Industrials		655		166,163		0.36
UnitedHealth Group Inc	Health Care		413		165,232		0.35
Amgen Inc	Health Care		676		164,724		0.35
Gartner Inc	Information Technology		677		164,009		0.35
MSCI Inc	Financials		307		163,750		0.35
Monolithic Power Systems Inc	Information Technology		432		161,286		0.34
Target Corp	Consumer Discretionary		666		161,038		0.34
Micron Technology Inc	Information Technology		1,714		145,637		0.31
PPL Corp	Utilities		5,164		144,431		0.31
Expeditors International of Washington I	Industrials		1,133		143,424		0.31
Copart Inc	Industrials		1,065		140,403		0.30
CVS Health Corp	Health Care		1,681		140,243		0.30
Ingersoll Rand Inc	Industrials		2,823		137,782		0.29
Chevron Corp	Energy		1,315		137,723		0.29
Deere & Co	Industrials		390		137,452		0.29
salesforce.com Inc	Information Technology		558		136,294		0.29
CSX Corp	Industrials		4,183		134,179		0.29
American Water Works Co Inc	Utilities		862		132,849		0.28
Teleflex Inc	Health Care		330		132,447		0.28

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
AvalonBay Communities Inc	Real Estate		625	$	130,410		0.28	%
AT&T Inc	Communication Services		4,440		127,792		0.27
STERIS PLC	Health Care		619		127,687		0.27
Jack Henry & Associates Inc	Information Technology		774		126,616		0.27
Morgan Stanley	Financials		1,378		126,365		0.27
FleetCor Technologies Inc	Information Technology		492		126,084		0.27
ResMed Inc	Health Care		508		125,116		0.27
Alexandria Real Estate Equities Inc	Real Estate		685		124,622		0.27
Biogen Inc	Health Care		358		123,988		0.27
AbbVie Inc	Health Care		1,099		123,839		0.26
Dexcom Inc	Health Care		286		121,963		0.26
Charles Schwab Corp/The	Financials		1,661		120,907		0.26
Mondelez International Inc	Consumer Staples		1,934		120,749		0.26
Signature Bank/New York NY	Financials		489		120,057		0.26
Republic Services Inc	Industrials		1,089		119,787		0.26
Adobe Inc	Information Technology		204		119,482		0.26
Bio-Techne Corp	Health Care		263		118,286		0.25
CMS Energy Corp	Utilities		1,971		116,473		0.25
Exxon Mobil Corp	Energy		1,822		114,901		0.25
AMETEK Inc	Industrials		849		113,292		0.24
Oracle Corp	Information Technology		1,441		112,130		0.24
Anthem Inc	Health Care		289		110,453		0.24
Celanese Corp	Materials		729		110,443		0.24
Black Knight Inc	Information Technology		1,414		110,294		0.24
Herbalife Nutrition Ltd	Consumer Staples		2,037		107,411		0.23
HCA Healthcare Inc	Health Care		512		105,874		0.23
Intel Corp	Information Technology		1,879		105,477		0.23
T Rowe Price Group Inc	Financials		523		103,562		0.22
Analog Devices Inc	Information Technology		601		103,399		0.22
News Corp	Communication Services		3,978		102,517		0.22
Nasdaq Inc	Financials		580		102,039		0.22
Masco Corp	Industrials		1,709		100,661		0.22
Xylem Inc/NY	Industrials		834		100,042		0.21
FactSet Research Systems Inc	Financials		298		99,861		0.21
Avery Dennison Corp	Materials		448		94,269		0.20
Brown-Forman Corp	Consumer Staples		1,228		92,010		0.20
Roku Inc	Communication Services		196		89,906		0.19
Broadcom Inc	Information Technology		187		89,196		0.19
Starbucks Corp	Consumer Discretionary		789		88,222		0.19
T-Mobile US Inc	Communication Services		602		87,251		0.19
PepsiCo Inc	Consumer Staples		585		86,613		0.19
Merck & Co Inc	Health Care		1,102		85,716		0.18
Bunge Ltd	Consumer Staples		1,096		85,669		0.18
Hologic Inc	Health Care		1,284		85,650		0.18
Fair Isaac Corp	Information Technology		169		85,042		0.18
Agilent Technologies Inc	Health Care		571		84,370		0.18
Duke Realty Corp	Real Estate		1,761		83,383		0.18
First American Financial Corp	Financials		1,334		83,156		0.18
Electronic Arts Inc	Communication Services		576		82,889		0.18
Allegion plc	Industrials		595		82,834		0.18
Amcor PLC	Materials		7,204		82,558		0.18
Twilio Inc	Information Technology		209		82,405		0.18
General Mills Inc	Consumer Staples		1,323		80,620		0.17
Kroger Co/The	Consumer Staples		2,073		79,425		0.17
Lamb Weston Holdings Inc	Consumer Staples		981		79,101		0.17
Monster Beverage Corp	Consumer Staples		865		79,030		0.17
EQT Corp	Energy		3,544		78,900		0.17
Interactive Brokers Group Inc	Financials		1,197		78,683		0.17
CME Group Inc	Financials		370		78,591		0.17
AutoZone Inc	Consumer Discretionary		52		77,992		0.17
Vertiv Holdings Co	Industrials		2,837		77,439		0.17

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Manhattan Associates Inc	Information Technology		534	$	77,296		0.17	%
Capital One Financial Corp	Financials		499		77,162		0.16
DocuSign Inc	Information Technology		270		75,367		0.16
McDonald’s Corp	Consumer Discretionary		325		75,085		0.16
Laboratory Corp of America Holdings	Health Care		272		74,996		0.16
CubeSmart	Real Estate		1,609		74,540		0.16
MetLife Inc	Financials		1,243		74,389		0.16
Activision Blizzard Inc	Communication Services		777		74,124		0.16
Best Buy Co Inc	Consumer Discretionary		644		74,065		0.16
Amedisys Inc	Health Care		296		72,542		0.16
Life Storage Inc	Real Estate		675		72,497		0.16
Medtronic PLC	Health Care		584		72,447		0.15
Trimble Inc	Information Technology		884		72,370		0.15
United Parcel Service Inc	Industrials		347		72,179		0.15
Norfolk Southern Corp	Industrials		271		72,037		0.15
Sun Communities Inc	Real Estate		420		71,981		0.15
Wynn Resorts Ltd	Consumer Discretionary		585		71,603		0.15
Wayfair Inc	Consumer Discretionary		226		71,214		0.15
Teradyne Inc	Information Technology		529		70,814		0.15
Broadridge Financial Solutions Inc	Information Technology		435		70,280		0.15
Dollar General Corp	Consumer Discretionary		314		67,958		0.15
Zoetis Inc	Health Care		364		67,926		0.15
Archer-Daniels-Midland Co	Consumer Staples		1,119		67,792		0.14
International Business Machines Corp	Information Technology		458		67,207		0.14
Intuit Inc	Information Technology		137		67,194		0.14
Domino’s Pizza Inc	Consumer Discretionary		142		66,301		0.14
Carrier Global Corp	Industrials		1,355		65,843		0.14
Cerner Corp	Health Care		839		65,577		0.14
Regeneron Pharmaceuticals Inc	Health Care		117		65,555		0.14
Take-Two Interactive Software Inc	Communication Services		369		65,252		0.14
Incyte Corp	Health Care		769		64,684		0.14
Dolby Laboratories Inc	Information Technology		655		64,351		0.14
Gentex Corp	Consumer Discretionary		1,944		64,324		0.14
Brunswick Corp/DE	Consumer Discretionary		645		64,262		0.14
Crowdstrike Holdings Inc	Information Technology		253		63,601		0.14
PNC Financial Services Group Inc/The	Financials		333		63,495		0.14
CarMax Inc	Consumer Discretionary		491		63,475		0.14
American Financial Group Inc/OH	Financials		508		63,413		0.14
Tapestry Inc	Consumer Discretionary		1,447		62,913		0.13
RenaissanceRe Holdings Ltd	Financials		423		62,908		0.13
Bruker Corp	Health Care		819		62,250		0.13
Carter’s Inc	Consumer Discretionary		601		62,011		0.13
Corteva Inc	Materials		1,397		61,976		0.13
PulteGroup Inc	Consumer Discretionary		1,134		61,872		0.13
KKR & Co Inc	Financials		1,044		61,843		0.13
Atlassian Corp PLC	Information Technology		239		61,473		0.13
Ulta Beauty Inc	Consumer Discretionary		177		61,191		0.13
Voya Financial Inc	Financials		988		60,735		0.13
IDEXX Laboratories Inc	Health Care		95		60,226		0.13
Trex Co Inc	Industrials		586		59,935		0.13
Envista Holdings Corp	Health Care		1,385		59,848		0.13
General Dynamics Corp	Industrials		315		59,210		0.13
Bank of New York Mellon Corp/The	Financials		1,151		58,954		0.13
Dollar Tree Inc	Consumer Discretionary		589		58,619		0.13
Rollins Inc	Industrials		1,699		58,094		0.12
ABIOMED Inc	Health Care		186		57,953		0.12
Becton Dickinson and Co	Health Care		237		57,532		0.12
New York Times Co/The	Communication Services		1,303		56,745		0.12
3M Co	Industrials		286		56,735		0.12
American Express Co	Financials		342		56,436		0.12
Spotify Technology SA	Communication Services		204		56,226		0.12

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
HP Inc	Information Technology		1,860	$	56,168		0.12	%
Newmont Corp	Materials		883		55,966		0.12
Intercontinental Exchange Inc	Financials		461		54,693		0.12
Zscaler Inc	Information Technology		252		54,482		0.12
Chemed Corp	Health Care		113		53,734		0.11
OneMain Holdings Inc	Financials		888		53,176		0.11
American International Group Inc	Financials		1,101		52,419		0.11
Kellogg Co	Consumer Staples		811		52,203		0.11
Gilead Sciences Inc	Health Care		756		52,060		0.11
Northern Trust Corp	Financials		446		51,577		0.11
Boston Beer Co Inc/The	Consumer Staples		50		51,481		0.11
Paychex Inc	Information Technology		474		50,818		0.11
Waste Management Inc	Industrials		362		50,747		0.11
DR Horton Inc	Consumer Discretionary		544		49,139		0.11
CH Robinson Worldwide Inc	Industrials		510		47,798		0.10
Hain Celestial Group Inc/The	Consumer Staples		1,176		47,180		0.10
Beyond Meat Inc	Consumer Staples		299		47,078		0.10
A O Smith Corp	Industrials		651		46,913		0.10
ITT Inc	Industrials		512		46,905		0.10
J M Smucker Co/The	Consumer Staples		353		45,801		0.10
Equifax Inc	Industrials		189		45,241		0.10
Crown Castle International Corp	Real Estate		232		45,171		0.10
Liberty Broadband Corp	Communication Services		268		45,027		0.10
Arista Networks Inc	Information Technology		124		45,015		0.10
McKesson Corp	Health Care		235		44,979		0.10
Ford Motor Co	Consumer Discretionary		3,012		44,761		0.10
Integra LifeSciences Holdings Corp	Health Care		656		44,740		0.10
Public Storage	Real Estate		148		44,390		0.09
Yum China Holdings Inc	Consumer Discretionary		667		44,194		0.09
US Bancorp	Financials		773		44,037		0.09
Equinix Inc	Real Estate		54		43,421		0.09
Citizens Financial Group Inc	Financials		943		43,238		0.09
Lincoln National Corp	Financials		687		43,187		0.09
Toro Co/The	Industrials		390		42,821		0.09
F5 Networks Inc	Information Technology		226		42,190		0.09
CoStar Group Inc	Industrials		504		41,768		0.09
Hubbell Inc	Industrials		223		41,717		0.09
Elastic NV	Information Technology		284		41,433		0.09
Horizon Therapeutics Plc	Health Care		436		40,828		0.09
Hexcel Corp	Industrials		653		40,768		0.09
NXP Semiconductors NV	Information Technology		198		40,651		0.09
PACCAR Inc	Industrials		449		40,060		0.09
Humana Inc	Health Care		90		39,986		0.09
Cardinal Health Inc	Health Care		681		38,895		0.08
Progressive Corp/The	Financials		395		38,813		0.08
Boston Scientific Corp	Health Care		905		38,718		0.08
Charles River Laboratories International	Health Care		103		38,159		0.08
Five Below Inc	Consumer Discretionary		194		37,570		0.08
Masimo Corp	Health Care		154		37,238		0.08
Nordson Corp	Industrials		170		37,237		0.08
Zimmer Biomet Holdings Inc	Health Care		232		37,234		0.08
McCormick & Co Inc/MD	Consumer Staples		420		37,091		0.08
Garmin Ltd	Consumer Discretionary		256		37,069		0.08
Insulet Corp	Health Care		135		37,002		0.08
BWX Technologies Inc	Industrials		622		36,159		0.08
AmerisourceBergen Corp	Health Care		313		35,851		0.08
Avalara Inc	Information Technology		220		35,607		0.08
Conagra Brands Inc	Consumer Staples		976		35,493		0.08
SolarEdge Technologies Inc	Information Technology		128		35,478		0.08
Cboe Global Markets Inc	Financials		294		35,041		0.07
PTC Inc	Information Technology		246		34,778		0.07

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Penumbra Inc	Health Care		126	$	34,553		0.07	%
Synopsys Inc	Information Technology		125		34,392		0.07
Viatris Inc	Health Care		2,404		34,350		0.07
Five9 Inc	Information Technology		187		34,305		0.07
Campbell Soup Co	Consumer Staples		752		34,300		0.07
Vistra Corp	Utilities		1,840		34,129		0.07
Cooper Cos Inc/The	Health Care		85		33,792		0.07
Johnson Controls International plc	Industrials		491		33,699		0.07
Westinghouse Air Brake Technologies Corp	Industrials		409		33,657		0.07
Capri Holdings Ltd	Consumer Discretionary		587		33,562		0.07
Regal Beloit Corp	Industrials		251		33,544		0.07
Molina Healthcare Inc	Health Care		132		33,530		0.07
Credit Acceptance Corp	Financials		74		33,520		0.07
Kimberly-Clark Corp	Consumer Staples		250		33,488		0.07
Marathon Petroleum Corp	Energy		554		33,463		0.07
Booz Allen Hamilton Holding Corp	Industrials		388		33,078		0.07
Guardant Health Inc	Health Care		266		33,024		0.07
IQVIA Holdings Inc	Health Care		136		32,996		0.07
Tyler Technologies Inc	Information Technology		72		32,769		0.07
IPG Photonics Corp	Information Technology		155		32,662		0.07
United Therapeutics Corp	Health Care		181		32,490		0.07
Quest Diagnostics Inc	Health Care		243		32,007		0.07
Akamai Technologies Inc	Information Technology		274		31,968		0.07
DaVita Inc	Health Care		264		31,748		0.07
Allstate Corp/The	Financials		243		31,696		0.07
O’Reilly Automotive Inc	Consumer Discretionary		56		31,670		0.07
IDACORP Inc	Utilities		325		31,648		0.07
Neurocrine Biosciences Inc	Health Care		323		31,412		0.07
Axon Enterprise Inc	Industrials		177		31,207		0.07
PPG Industries Inc	Materials		183		31,134		0.07
Cognizant Technology Solutions Corp	Information Technology		449		31,087		0.07
Generac Holdings Inc	Industrials		75		31,025		0.07
Dropbox Inc	Information Technology		1,023		31,016		0.07
Flowserve Corp	Industrials		750		30,224		0.06
Burlington Stores Inc	Consumer Discretionary		94		30,115		0.06
Element Solutions Inc	Materials		1,270		29,681		0.06
Yum! Brands Inc	Consumer Discretionary		257		29,586		0.06
Berry Global Group Inc	Materials		452		29,483		0.06
Motorola Solutions Inc	Information Technology		136		29,428		0.06
Discover Financial Services	Financials		248		29,394		0.06
Globus Medical Inc	Health Care		378		29,325		0.06
Advance Auto Parts Inc	Consumer Discretionary		142		29,156		0.06
Trane Technologies PLC	Industrials		158		29,126		0.06
Parker-Hannifin Corp	Industrials		94		29,005		0.06
Amphenol Corp	Information Technology		424		28,981		0.06
DuPont de Nemours Inc	Materials		374		28,925		0.06
Hormel Foods Corp	Consumer Staples		605		28,876		0.06
QIAGEN NV	Health Care		596		28,857		0.06
Ollie’s Bargain Outlet Holdings Inc	Consumer Discretionary		343		28,852		0.06
MDU Resources Group Inc	Utilities		920		28,838		0.06
Leidos Holdings Inc	Industrials		284		28,738		0.06
First Solar Inc	Information Technology		315		28,467		0.06
Discovery Inc	Communication Services		927		28,455		0.06
Everbridge Inc	Information Technology		209		28,449		0.06
Haemonetics Corp	Health Care		426		28,414		0.06
Jazz Pharmaceuticals PLC	Health Care		159		28,261		0.06
Valero Energy Corp	Energy		361		28,173		0.06
Aflac Inc	Financials		524		28,144		0.06
Sysco Corp	Consumer Staples		360		28,018		0.06
Cummins Inc	Industrials		114		27,833		0.06
Federal Realty Investment Trust	Real Estate		235		27,558		0.06

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Lennox International Inc	Industrials		78	$	27,341		0.06	%
IAA Inc	Industrials		500		27,255		0.06
Expedia Group Inc	Consumer Discretionary		165		27,020		0.06
Henry Schein Inc	Health Care		363		26,939		0.06
Switch Inc	Information Technology		1,276		26,935		0.06
Perrigo Co PLC	Health Care		587		26,928		0.06
Zynga Inc	Communication Services		2,527		26,863		0.06
Medallia Inc	Information Technology		796		26,862		0.06
Grocery Outlet Holding Corp	Consumer Staples		771		26,712		0.06
AptarGroup Inc	Materials		189		26,668		0.06
Acuity Brands Inc	Industrials		143		26,668		0.06
Ubiquiti Inc	Information Technology		85		26,622		0.06
Halliburton Co	Energy		1,150		26,584		0.06
NortonLifeLock Inc	Information Technology		974		26,507		0.06
Hilton Worldwide Holdings Inc	Consumer Discretionary		218		26,268		0.06
Donaldson Co Inc	Industrials		413		26,214		0.06
Skechers USA Inc	Consumer Discretionary		518		25,793		0.06
Juniper Networks Inc	Information Technology		942		25,756		0.06
Waters Corp	Health Care		74		25,670		0.05
Clorox Co/The	Consumer Staples		143		25,652		0.05
Cirrus Logic Inc	Information Technology		301		25,640		0.05
Alleghany Corp	Financials		38		25,384		0.05
Brown & Brown Inc	Financials		473		25,143		0.05
Lincoln Electric Holdings Inc	Industrials		191		25,121		0.05
Ciena Corp	Information Technology		437		24,857		0.05
Verisk Analytics Inc	Industrials		142		24,832		0.05
CDW Corp/DE	Information Technology		142		24,823		0.05
PagerDuty Inc	Information Technology		581		24,734		0.05
Newell Brands Inc	Consumer Discretionary		900		24,723		0.05
Ionis Pharmaceuticals Inc	Health Care		611		24,378		0.05
Commerce Bancshares Inc/MO	Financials		326		24,304		0.05
Casey’s General Stores Inc	Consumer Staples		124		24,094		0.05
Americold Realty Trust	Real Estate		624		23,635		0.05
CDK Global Inc	Information Technology		468		23,237		0.05
United Rentals Inc	Industrials		72		22,962		0.05
Edison International	Utilities		396		22,904		0.05
Amdocs Ltd	Information Technology		294		22,735		0.05
Choice Hotels International Inc	Consumer Discretionary		191		22,670		0.05
Citrix Systems Inc	Information Technology		192		22,528		0.05
Seagate Technology Holdings PLC	Information Technology		253		22,213		0.05
NetApp Inc	Information Technology		270		22,132		0.05
MarketAxess Holdings Inc	Financials		47		21,892		0.05
Post Holdings Inc	Consumer Staples		202		21,882		0.05
Watsco Inc	Industrials		76		21,815		0.05
Corporate Office Properties Trust	Real Estate		779		21,802		0.05
Cincinnati Financial Corp	Financials		186		21,708		0.05
Regency Centers Corp	Real Estate		336		21,502		0.05
New York Community Bancorp Inc	Financials		1,937		21,347		0.05
Aspen Technology Inc	Information Technology		155		21,314		0.05
DTE Energy Co	Utilities		162		20,975		0.04
Tyson Foods Inc	Consumer Staples		284		20,933		0.04
Dover Corp	Industrials		137		20,576		0.04
New Relic Inc	Information Technology		306		20,510		0.04
Energizer Holdings Inc	Consumer Staples		470		20,218		0.04
SEI Investments Co	Financials		320		19,831		0.04
Robert Half International Inc	Industrials		219		19,498		0.04
Genuine Parts Co	Consumer Discretionary		154		19,424		0.04
DENTSPLY SIRONA Inc	Health Care		306		19,345		0.04
Stericycle Inc	Industrials		269		19,256		0.04
Madison Square Garden Entertainment Corp	Communication Services		226		19,018		0.04
Host Hotels & Resorts Inc	Real Estate		1,106		18,899		0.04

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Huntington Bancshares Inc/OH	Financials		1,264	$	18,044		0.04	%
Primerica Inc	Financials		117		17,904		0.04
IDEX Corp	Industrials		81		17,857		0.04
World Wrestling Entertainment Inc	Communication Services		308		17,836		0.04
Vontier Corp	Information Technology		545		17,760		0.04
Under Armour Inc	Consumer Discretionary		834		17,648		0.04
Sealed Air Corp	Materials		298		17,630		0.04
Ingredion Inc	Consumer Staples		193		17,509		0.04
Interpublic Group of Cos Inc/The	Communication Services		538		17,488		0.04
Eastman Chemical Co	Materials		149		17,450		0.04
Pentair PLC	Industrials		256		17,266		0.04
LKQ Corp	Consumer Discretionary		347		17,060		0.04
NOV Inc	Energy		1,095		16,780		0.04
Bank of Hawaii Corp	Financials		199		16,758		0.04
HollyFrontier Corp	Energy		508		16,698		0.04
Allegro MicroSystems Inc	Information Technology		600		16,611		0.04
Iron Mountain Inc	Real Estate		383		16,220		0.03
Snap-on Inc	Industrials		72		16,185		0.03
National Fuel Gas Co	Utilities		303		15,810		0.03
MSA Safety Inc	Industrials		94		15,638		0.03
Kimco Realty Corp	Real Estate		739		15,410		0.03
Ralph Lauren Corp	Consumer Discretionary		130		15,286		0.03
Mercury General Corp	Financials		235		15,246		0.03
PVH Corp	Consumer Discretionary		139		14,996		0.03
Huntington Ingalls Industries Inc	Industrials		70		14,783		0.03
Nielsen Holdings PLC	Industrials		589		14,523		0.03
Reynolds Consumer Products Inc	Consumer Staples		465		14,109		0.03
Silgan Holdings Inc	Materials		313		12,976		0.03
Organon & Co	Health Care		110		3,335		0.01

A basket (JPGSFDEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Allianz SE	Financials		2,394	$	503,551		3.05	%
L’Oreal SA	Consumer Staples		1,274		478,744		2.90
adidas AG	Consumer Discretionary		1,477		463,584		2.81
Deutsche Post AG	Industrials		7,923		454,448		2.75
Infineon Technologies AG	Information Technology		13,422		453,943		2.75
Vonovia SE	Real Estate		7,755		422,827		2.56
Merck KGaA	Health Care		2,231		360,675		2.18
Neste Oyj	Energy		6,837		353,046		2.14
Linde PLC	Materials		1,421		345,806		2.09
Koninklijke Philips NV	Health Care		8,247		344,634		2.09
ASML Holding NV	Information Technology		586		339,752		2.06
Siemens AG	Industrials		2,491		332,880		2.01
HelloFresh SE	Consumer Discretionary		3,719		304,920		1.85
Air Liquide SA	Materials		2,012		297,057		1.80
Industria de Diseno Textil SA	Consumer Discretionary		9,771		290,290		1.76
Koninklijke Ahold Delhaize NV	Consumer Staples		11,149		279,506		1.69
Deutsche Boerse AG	Financials		1,844		271,391		1.64
Henkel AG & Co KGaA	Consumer Staples		2,986		265,889		1.61
Kone Oyj	Industrials		3,674		252,793		1.53
SAP SE	Information Technology		2,047		243,289		1.47
Assicurazioni Generali SpA	Financials		13,572		229,434		1.39
RWE AG	Utilities		6,902		210,913		1.28
Poste Italiane SpA	Financials		17,648		196,773		1.19
EssilorLuxottica SA	Consumer Discretionary		1,204		187,337		1.13
Ferrari NV	Consumer Discretionary		1,073		186,770		1.13
Pernod Ricard SA	Consumer Staples		983		184,002		1.11
Siemens Energy AG	Industrials		7,122		181,040		1.10
Koninklijke KPN NV	Communication Services		67,849		178,715		1.08

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Beiersdorf AG	Consumer Staples		1,750	$	178,047		1.08	%
Vivendi SE	Communication Services		5,869		166,258		1.01
Tenaris SA	Energy		17,646		162,198		0.98
Daimler AG	Consumer Discretionary		2,116		159,312		0.96
Fresenius Medical Care AG & Co KGaA	Health Care		2,133		149,390		0.90
Enel SpA	Utilities		18,782		147,100		0.89
Deutsche Telekom AG	Communication Services		8,160		145,341		0.88
Kingspan Group PLC	Industrials		1,802		143,473		0.87
Hermes International	Consumer Discretionary		115		141,789		0.86
CaixaBank SA	Financials		54,585		141,593		0.86
Schneider Electric SE	Industrials		1,040		137,978		0.84
Adyen NV	Information Technology		65		134,204		0.81
Koninklijke DSM NV	Materials		835		131,372		0.80
Heineken NV	Consumer Staples		1,272		130,014		0.79
FinecoBank Banca Fineco SpA	Financials		8,841		129,959		0.79
Dassault Systemes SE	Information Technology		626		128,094		0.78
Scout24 AG	Communication Services		1,783		126,815		0.77
Evonik Industries AG	Materials		4,431		125,302		0.76
Kering SA	Consumer Discretionary		168		124,018		0.75
Sampo Oyj	Financials		3,064		118,775		0.72
Sodexo SA	Consumer Discretionary		1,454		114,468		0.69
Stellantis NV	Consumer Discretionary		6,739		111,559		0.68
Bureau Veritas SA	Industrials		4,058		108,272		0.66
MTU Aero Engines AG	Industrials		517		108,104		0.65
Siemens Gamesa Renewable Energy SA	Industrials		3,758		105,838		0.64
Snam SpA	Utilities		21,034		102,542		0.62
Knorr-Bremse AG	Industrials		1,043		101,181		0.61
Hannover Rueck SE	Financials		704		99,331		0.60
Wolters Kluwer NV	Industrials		1,167		98,871		0.60
Banco Bilbao Vizcaya Argentaria SA	Financials		18,492		96,676		0.59
QIAGEN NV	Health Care		2,365		96,395		0.58
UCB SA	Health Care		1,070		94,368		0.57
Brenntag SE	Industrials		1,196		93,754		0.57
Randstad NV	Industrials		1,446		93,278		0.56
UPM-Kymmene Oyj	Materials		2,797		89,221		0.54
LEG Immobilien SE	Real Estate		725		88,071		0.53
Mediobanca Banca di Credito Finanziario	Financials		8,903		87,691		0.53
Smurfit Kappa Group PLC	Materials		1,911		87,446		0.53
Signify NV	Industrials		1,596		85,143		0.52
BioMerieux	Health Care		815		79,893		0.48
Ubisoft Entertainment SA	Communication Services		1,321		77,983		0.47
Groupe Bruxelles Lambert SA	Financials		824		77,731		0.47
Endesa SA	Utilities		3,721		76,124		0.46
EDP—Energias de Portugal SA	Utilities		16,840		75,274		0.46
Eurofins Scientific SE	Health Care		749		72,196		0.44
Uniper SE	Utilities		2,321		72,078		0.44
Michelin	Consumer Discretionary		533		71,733		0.43
Nokia Oyj	Information Technology		15,500		69,991		0.42
Symrise AG	Materials		567		66,597		0.40
Koninklijke Vopak NV	Energy		1,683		64,456		0.39
Zalando SE	Consumer Discretionary		629		64,101		0.39
ProSiebenSat.1 Media SE	Communication Services		3,719		62,380		0.38
Repsol SA	Energy		5,863		61,877		0.37
Umicore SA	Materials		1,142		58,817		0.36
Elisa Oyj	Communication Services		1,117		56,195		0.34
Grifols SA	Health Care		2,442		55,783		0.34
Akzo Nobel NV	Materials		528		55,037		0.33
Euronext NV	Financials		594		54,480		0.33
Sartorius Stedim Biotech	Health Care		134		53,305		0.32
A2A SpA	Utilities		30,486		52,558		0.32
Carl Zeiss Meditec AG	Health Care		312		50,808		0.31

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
HeidelbergCement AG	Materials		684	$	49,508		0.30	%
Amplifon SpA	Health Care		1,180		49,139		0.30
Edenred	Information Technology		1,022		49,084		0.30
GEA Group AG	Industrials		1,430		48,860		0.30
Orion Oyj	Health Care		1,332		48,297		0.29
Enagas SA	Utilities		2,412		47,003		0.28
Grand City Properties SA	Real Estate		2,028		46,207		0.28
Infrastrutture Wireless Italiane SpA	Communication Services		4,689		44,601		0.27
Atos SE	Information Technology		815		41,822		0.25
Aroundtown SA	Real Estate		6,300		41,454		0.25
Sofina SA	Financials		114		41,412		0.25
Argenx SE	Health Care		162		41,260		0.25
Interpump Group SpA	Industrials		817		40,782		0.25
Orpea SA	Health Care		380		40,766		0.25
Freenet AG	Communication Services		1,984		39,518		0.24
SEB SA	Consumer Discretionary		252		38,407		0.23
Gecina SA	Real Estate		289		37,292		0.23
Recordati Industria Chimica e Farmaceuti	Health Care		771		37,157		0.22
MorphoSys AG	Health Care		566		37,014		0.22
La Francaise des Jeux SAEM	Consumer Discretionary		746		36,994		0.22
Nemetschek SE	Information Technology		548		35,356		0.21
Valmet Oyj	Industrials		931		34,237		0.21
Prysmian SpA	Industrials		1,104		33,370		0.20
TeamViewer AG	Information Technology		1,040		32,974		0.20
Valeo SA	Consumer Discretionary		1,249		31,692		0.19
Rubis SCA	Utilities		845		31,662		0.19
Aalberts NV	Industrials		697		31,572		0.19
Bechtle AG	Information Technology		200		31,384		0.19
SOITEC	Information Technology		165		30,730		0.19
Italgas SpA	Utilities		5,405		29,790		0.18
Heineken Holding NV	Consumer Staples		345		29,330		0.18
Fluidra SA	Industrials		872		29,184		0.18
Eiffage SA	Industrials		316		27,092		0.16
Wienerberger AG	Materials		801		26,045		0.16
Huhtamaki Oyj	Materials		599		23,940		0.14
Solvay SA	Materials		211		22,644		0.14
Kojamo Oyj	Real Estate		1,156		22,271		0.13
TechnipFMC PLC	Energy		2,834		21,433		0.13
FUCHS PETROLUB SE	Materials		521		21,357		0.13
Rexel SA	Industrials		1,206		21,267		0.13
Arkema SA	Materials		201		21,238		0.13
United Internet AG	Communication Services		608		20,963		0.13
Davide Campari-Milano NV	Consumer Staples		1,823		20,585		0.12
Shop Apotheke Europe NV	Consumer Discretionary		130		20,571		0.12
Corbion NV	Materials		418		20,162		0.12
Ageas SA/NV	Financials		426		19,947		0.12
ACS Actividades de Construccion y Servic	Industrials		816		18,430		0.11
Gerresheimer AG	Health Care		198		18,424		0.11
Merlin Properties Socimi SA	Real Estate		2,041		17,832		0.11
JDE Peet’s NV	Consumer Staples		569		17,404		0.11
Proximus SADP	Communication Services		1,041		16,963		0.10
Bollore SA	Communication Services		3,711		16,773		0.10
Rheinmetall AG	Industrials		181		15,106		0.09
Amundi SA	Financials		199		14,793		0.09
Nokian Renkaat Oyj	Consumer Discretionary		429		14,594		0.09
Elia Group SA/NV	Utilities		150		13,320		0.08
Ipsen SA	Health Care		148		12,955		0.08
Aedifica SA	Real Estate		114		12,647		0.08
Reply SpA	Information Technology		88		12,238		0.07
Jeronimo Martins SGPS SA	Consumer Staples		722		11,110		0.07
Hera SpA	Utilities		3,170		11,046		0.07

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Rational AG	Industrials		13	$	10,134		0.06	%
Glanbia PLC	Consumer Staples		676		9,258		0.06
SPIE SA	Industrials		345		6,686		0.04

A basket (JPGSFDUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Reckitt Benckiser Group PLC	Consumer Staples		40	$	253,750		5.27	%
Unilever PLC	Consumer Staples		46		195,764		4.07
Admiral Group PLC	Financials		47		148,108		3.08
Ferguson PLC	Industrials		14		139,226		2.89
Sage Group PLC/The	Information Technology		189		129,610		2.69
Smith & Nephew PLC	Health Care		80		125,135		2.60
Ashtead Group PLC	Industrials		22		116,910		2.43
Next PLC	Consumer Discretionary		15		114,209		2.37
Spirax-Sarco Engineering PLC	Industrials		8		104,629		2.18
Tesco PLC	Consumer Staples		437		97,468		2.03
RELX PLC	Industrials		51		97,398		2.02
HSBC Holdings PLC	Financials		229		95,768		1.99
London Stock Exchange Group PLC	Financials		12		95,763		1.99
Hargreaves Lansdown PLC	Financials		59		93,495		1.94
Intertek Group PLC	Industrials		17		92,493		1.92
AstraZeneca PLC	Health Care		10		85,193		1.77
GlaxoSmithKline PLC	Health Care		60		84,519		1.76
Coca-Cola HBC AG	Consumer Staples		31		81,858		1.70
Smurfit Kappa Group PLC	Materials		20		79,984		1.66
Dechra Pharmaceuticals PLC	Health Care		17		75,456		1.57
Standard Life Aberdeen PLC	Financials		260		70,524		1.47
Schroders PLC	Financials		20		70,174		1.46
B&M European Value Retail SA	Consumer Discretionary		110		62,797		1.31
Electrocomponents PLC	Industrials		61		62,614		1.30
Games Workshop Group PLC	Consumer Discretionary		5		59,696		1.24
Auto Trader Group PLC	Communication Services		89		56,159		1.17
Travis Perkins PLC	Industrials		31		52,832		1.10
Informa PLC	Communication Services		104		51,950		1.08
Hikma Pharmaceuticals PLC	Health Care		21		51,375		1.07
ConvaTec Group PLC	Health Care		203		48,738		1.01
Melrose Industries PLC	Industrials		297		46,141		0.96
United Utilities Group PLC	Utilities		46		45,142		0.94
Rightmove PLC	Communication Services		68		44,354		0.92
Future PLC	Communication Services		14		43,543		0.91
Spectris PLC	Information Technology		13		43,057		0.90
CRH PLC	Materials		12		42,680		0.89
Associated British Foods PLC	Consumer Staples		18		40,921		0.85
Flutter Entertainment PLC	Consumer Discretionary		3		40,127		0.83
J Sainsbury PLC	Consumer Staples		147		39,937		0.83
Weir Group PLC/The	Industrials		21		39,046		0.81
DCC PLC	Industrials		6		38,226		0.79
British Land Co PLC/The	Real Estate		76		37,567		0.78
Halma PLC	Information Technology		14		36,474		0.76
Tritax Big Box REIT PLC	Real Estate		185		36,344		0.76
Smiths Group PLC	Industrials		23		36,130		0.75
Grainger PLC	Real Estate		126		35,903		0.75
Fresnillo PLC	Materials		46		35,127		0.73
Genus PLC	Health Care		7		32,682		0.68
Severn Trent PLC	Utilities		13		31,858		0.66
Centamin PLC	Materials		315		31,845		0.66
Aviva PLC	Financials		75		30,467		0.63
Berkeley Group Holdings PLC	Consumer Discretionary		7		30,342		0.63
Legal & General Group PLC	Financials		116		29,897		0.62
Land Securities Group PLC	Real Estate		44		29,716		0.62

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Diploma PLC	Industrials		10	$	29,542		0.61	%
IG Group Holdings PLC	Financials		32		27,070		0.56
Pets at Home Group Plc	Consumer Discretionary		59		26,982		0.56
Britvic PLC	Consumer Staples		29		26,915		0.56
Pagegroup PLC	Industrials		46		25,752		0.54
International Consolidated Airlines Grou	Industrials		147		25,574		0.53
Victrex PLC	Materials		10		24,415		0.51
Hays PLC	Industrials		151		23,887		0.50
Dunelm Group PLC	Consumer Discretionary		17		23,825		0.50
Pennon Group PLC	Utilities		21		23,501		0.49
Derwent London PLC	Real Estate		7		22,135		0.46
Tate & Lyle PLC	Consumer Staples		30		22,076		0.46
Kainos Group PLC	Information Technology		15		21,706		0.45
3i Group PLC	Financials		18		21,474		0.45
Rotork PLC	Industrials		63		21,410		0.45
Kingfisher PLC	Consumer Discretionary		57		20,688		0.43
Computacenter PLC	Information Technology		8		20,286		0.42
St James’s Place PLC	Financials		13		19,218		0.40
Hill & Smith Holdings PLC	Materials		12		18,467		0.38
Johnson Matthey PLC	Materials		6		18,346		0.38
Royal Mail PLC	Industrials		31		18,071		0.38
Quilter PLC	Financials		115		17,045		0.35
M&G PLC	Financials		73		16,642		0.35
JD Sports Fashion PLC	Consumer Discretionary		18		16,463		0.34
Evraz PLC	Materials		28		16,363		0.34
Cranswick PLC	Consumer Staples		4		16,140		0.34
Spirent Communications PLC	Information Technology		65		16,109		0.33
Plus500 Ltd	Financials		12		15,975		0.33
National Express Group PLC	Industrials		58		15,546		0.32
ITV PLC	Communication Services		124		15,531		0.32
888 Holdings PLC	Consumer Discretionary		40		15,475		0.32
IntegraFin Holdings PLC	Financials		29		14,979		0.31
Assura PLC	Real Estate		199		14,710		0.31
Wizz Air Holdings Plc	Industrials		3		14,536		0.30
Domino’s Pizza Group PLC	Consumer Discretionary		37		14,350		0.30
Howden Joinery Group PLC	Industrials		17		14,009		0.29
Direct Line Insurance Group PLC	Financials		49		13,879		0.29
Softcat PLC	Information Technology		7		11,992		0.25
IMI PLC	Industrials		7		11,316		0.24
Tullow Oil PLC	Energy		190		11,300		0.23
Man Group PLC/Jersey	Financials		62		11,076		0.23
Watches of Switzerland Group PLC	Consumer Discretionary		13		10,667		0.22
Inchcape PLC	Consumer Discretionary		13		10,016		0.21
Clarkson PLC	Industrials		3		9,955		0.21
QinetiQ Group PLC	Industrials		28		9,715		0.20
Synthomer PLC	Materials		17		8,366		0.17
Greggs PLC	Consumer Discretionary		3		7,916		0.16
Ninety One PLC	Financials		34		7,548		0.16
Bodycote PLC	Industrials		9		7,302		0.15
Chemring Group PLC	Industrials		24		6,928		0.14
J D Wetherspoon PLC	Consumer Discretionary		6		6,599		0.14
Moneysupermarket.com Group PLC	Consumer Discretionary		25		6,364		0.13
Energean PLC	Energy		9		6,192		0.13
Diversified Energy Co PLC	Energy		59		6,169		0.13
Ultra Electronics Holdings PLC	Industrials		3		5,850		0.12
XP Power Ltd	Industrials		1		5,723		0.12
Workspace Group PLC	Real Estate		7		5,674		0.12
Ashmore Group PLC	Financials		14		5,558		0.12
Frasers Group PLC	Consumer Discretionary		9		5,421		0.11
Brewin Dolphin Holdings PLC	Financials		15		5,341		0.11
Renishaw PLC	Information Technology		1		5,291		0.11

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Euromoney Institutional Investor PLC	Communication Services		5	$	5,202		0.11	%
Tyman PLC	Industrials		11		5,109		0.11
TP ICAP Group PLC	Financials		26		5,054		0.11
Marshalls PLC	Materials		7		4,948		0.10
Indivior PLC	Health Care		31		4,851		0.10
Close Brothers Group PLC	Financials		3		4,765		0.10
PZ Cussons PLC	Consumer Staples		19		4,655		0.10
4imprint Group PLC	Communication Services		2		4,596		0.10
Vesuvius PLC	Industrials		8		4,096		0.09
RHI Magnesita NV	Materials		1		3,846		0.08
Dr. Martens Plc	Consumer Discretionary		9		3,807		0.08
UK Commercial Property REIT Ltd	Real Estate		49		3,750		0.08
Chrysalis Investments Ltd	N/A		15		3,724		0.08
Firstgroup PLC	Industrials		42		3,430		0.07
Savills PLC	Real Estate		3		2,957		0.06
AJ Bell PLC	Financials		7		2,918		0.06
Greencore Group PLC	Consumer Staples		22		2,770		0.06
Rank Group PLC	Consumer Discretionary		16		2,719		0.06
Bytes Technology Group PLC	Information Technology		6		2,595		0.05
Mitie Group PLC	Industrials		37		2,482		0.05
Helios Towers PLC	Communication Services		15		2,454		0.05
AO World PLC	Consumer Discretionary		10		2,416		0.05
NCC Group PLC	Information Technology		8		2,411		0.05
Morgan Sindall Group PLC	Industrials		1		2,373		0.05
Cairn Energy PLC	Energy		16		2,322		0.05
TI Fluid Systems PLC	Consumer Discretionary		7		2,194		0.05
Telecom Plus PLC	Utilities		2		2,006		0.04
Essentra PLC	Materials		6		1,883		0.04
CLS Holdings PLC	Real Estate		6		1,550		0.03
CMC Markets PLC	Financials		3		1,483		0.03
ContourGlobal PLC	Utilities		7		1,368		0.03
Sabre Insurance Group PLC	Financials		5		1,269		0.03

PURCHASED OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following purchased options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
CBOE Volatility Index	24 USD		09/15/2021		390	$	617,370	$	109,200	$	132,947	$	(23,747	)
	26 USD		07/21/2021		360		569,880		22,500		116,415		(93,915	)
	27 USD		08/18/2021		340		538,220		52,700		140,048		(87,348	)
Total Purchased Options Contracts					1,090			$	184,400	$	389,410	$	(205,010	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Dividend Rate			Value
Investment Company(a) – 65.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	171,144,776		0.026	%	$	171,144,776
	TOTAL INVESTMENTS – 65.2%
	(Cost $171,144,776)				$	171,144,776
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 34.8%					91,466,912
	NET ASSETS – 100.0%				$	262,611,688

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Investment Abbreviations:
BA	—Banker Acceptance Rate
BBR	—Bank Bill Reference Rate
BUBOR	—Budapest Interbank Offered Rate
EURIBOR	—Euro Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
LIBOR	—London Interbank Offered Rate
PRIBOR	—Prague Interbank Offered Rate
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
USD	— United States Dollar
ZAR	— South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
Morgan Stanley Co., Inc.	BRL	16,260,000		USD	3,137,909		07/02/2021	$	131,221
	CAD	2,160,000		USD	1,741,986		09/15/2021		456
	COP	3,256,000,000		USD	856,330		09/15/2021		7,790
	MXN	110,250,000		USD	5,459,409		09/15/2021		18,004
	RUB	545,500,000		USD	7,323,327		09/15/2021		48,387
	USD	9,040,088		AUD	11,909,000		09/15/2021		106,016
	USD	3,271,959		BRL	16,260,000		07/02/2021		2,829
	USD	2,622,580		CAD	3,200,000		09/15/2021		41,185
	USD	11,341,607		CHF	10,158,000		09/15/2021		340,539
	USD	3,889,939		CLP	2,810,000,000		09/15/2021		71,590
	USD	5,104,122		COP	19,074,000,000		09/15/2021		42,015
	USD	2,789,794		CZK	58,324,000		09/15/2021		79,451
	USD	21,624,185		EUR	17,873,000		09/15/2021		397,672
	USD	6,841,966		GBP	4,891,250		09/15/2021		74,725
	USD	934,750		HUF	265,804,000		09/15/2021		39,035

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
	USD	46,945,706		JPY	5,142,949,000		09/15/2021	$	622,156
	USD	874,433		MXN	17,500,000		09/15/2021		5,002
	USD	2,096,408		NOK	18,000,000		09/15/2021		5,199
	USD	3,321,292		PLN	12,577,000		09/15/2021		22,073
	USD	4,606,857		SEK	38,782,600		09/15/2021		71,917
	USD	173,641		ZAR	2,389,000		09/15/2021		7,976
TOTAL								$	2,135,238

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	20,830,000		USD	16,141,084		09/15/2021	$	(514,522	)
	BRL	16,260,000		USD	3,261,851		08/03/2021		(4,275	)
	CAD	21,505,000		USD	17,824,973		09/15/2021		(477,194	)
	CHF	5,939,000		USD	6,639,821		09/15/2021		(207,911	)
	CLP	4,220,000,000		USD	5,809,871		09/15/2021		(75,554	)
	CZK	177,125,000		USD	8,469,331		09/15/2021		(238,252	)
	EUR	14,688,000		USD	17,910,929		09/15/2021		(467,018	)
	GBP	27,173,000		USD	38,507,270		09/15/2021		(912,338	)
	HUF	1,903,460,000		USD	6,693,881		09/15/2021		(279,541	)
	IDR	177,660,000,000		USD	12,311,850		09/15/2021		(226,173	)
	INR	1,101,000,000		USD	14,841,475		09/15/2021		(171,592	)
	JPY	492,276,000		USD	4,460,315		09/15/2021		(26,290	)
	KRW	15,280,000,000		USD	13,760,902		09/15/2021		(242,793	)
	NOK	46,000,000		USD	5,530,290		09/15/2021		(186,088	)
	NZD	7,820,000		USD	5,662,830		09/15/2021		(197,940	)
	PLN	28,007,000		USD	7,642,687		09/15/2021		(295,846	)
	SEK	78,919,000		USD	9,534,238		09/15/2021		(306,052	)
	USD	1,629,620		CLP	1,230,000,000		09/15/2021		(41,756	)
	USD	862,287		COP	3,256,000,000		09/15/2021		(1,832	)
	USD	12,844,813		KRW	14,540,000,000		09/15/2021		(18,622	)
	USD	641,710		MXN	12,959,000		09/15/2021		(2,116	)
	USD	3,717,299		NZD	5,320,000		09/15/2021		(503	)
	USD	417,122		ZAR	6,052,000		09/15/2021		(2,553	)
	ZAR	84,571,000		USD	6,153,595		09/15/2021		(289,034	)
TOTAL								$	(5,185,795	)

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		14		08/27/2021	$	2,478,840	$	(162,725	)
Amsterdam Exchange Index		50		07/16/2021		8,648,030		(4,503	)
BIST 30 Index		1,805		08/31/2021		3,110,175		(93,029	)
Brent Crude Oil		20		07/30/2021		1,492,200		66,960
CAC 40 10 Euro Index		110		07/16/2021		8,484,634		(44,694	)
Coffee “C”		26		09/20/2021		1,557,562		(2,819	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
Corn		20		09/14/2021	$	599,250	$	(26,950	)
Cotton No. 2		53		12/08/2021		2,249,850		(22,672	)
DAX Index		18		09/17/2021		8,285,547		(29,290	)
DJIA CBOT E-Mini Index		25		09/17/2021		4,299,875		7,359
EURO STOXX 50 Index		78		09/17/2021		3,750,871		(51,347	)
EURO STOXX 50 Volatility Index		319		07/21/2021		678,966		(63,574	)
FTSE 100 Index		89		09/17/2021		8,593,952		(39,035	)
FTSE China A50 Index		267		07/29/2021		4,619,100		38,853
FTSE Taiwan Index Equity Index		56		07/29/2021		3,416,560		25,098
FTSE/JSE Top 40 Index		89		09/16/2021		3,731,768		(109,665	)
FTSE/MIB Index		58		09/17/2021		8,598,063		(70,988	)
Hang Seng Index		29		07/29/2021		5,346,715		(28,020	)
HSCEI		24		07/29/2021		1,633,785		(22,098	)
IBEX 35 Index		81		07/16/2021		8,440,789		(127,374	)
KC HRW Wheat		9		09/14/2021		296,775		1,884
KOSPI 200 Index		44		09/09/2021		4,286,596		78,289
Lean Hogs		27		08/13/2021		1,118,880		(161,586	)
LME Aluminum Base Metal		57		07/21/2021		3,590,288		66,799
LME Aluminum Base Metal		46		08/18/2021		2,900,875		115,433
LME Copper Base Metal		11		07/21/2021		2,574,962		(184,078	)
LME Copper Base Metal		10		08/18/2021		2,342,750		(125,781	)
LME Lead Base Metal		57		07/21/2021		3,226,200		105,987
LME Lead Base Metal		57		08/18/2021		3,233,325		193,268
LME Nickel Base Metal		21		07/21/2021		2,293,956		30,805
LME Nickel Base Metal		21		08/18/2021		2,294,208		61,900
LME Zinc Base Metal		37		07/21/2021		2,747,481		45,211
LME Zinc Base Metal		37		08/18/2021		2,750,256		12,205
Low Sulphur Gasoil		30		08/12/2021		1,801,500		36,115
NASDAQ 100 E-Mini Index		11		09/17/2021		3,200,780		107,333
Natural Gas		52		07/28/2021		1,946,360		323,326
Nikkei 225 Index		12		09/09/2021		3,108,691		15,380
NY Harbor ULSD		18		07/30/2021		1,608,844		4,638
OMXS30 Index		319		07/16/2021		8,446,431		(15,480	)
RBOB Gasoline		18		07/30/2021		1,693,364		25,423
S&P 500 E-Mini Index		179		09/17/2021		38,382,970		487,663
S&P/TSX 60 Index		49		09/16/2021		9,508,277		92,213
SET50 Index		1,084		09/29/2021		6,409,298		(19,191	)
Silver		10		09/28/2021		1,312,500		(48,128	)
Soybean		13		11/12/2021		905,612		(49,526	)
SPI 200 Index		106		09/16/2021		14,354,756		10,596
Sugar No. 11		111		09/30/2021		2,224,085		56,591
TOPIX Index		49		09/09/2021		8,569,873		7,764
Wheat		17		09/14/2021		578,212		(16,498	)
WTI Crude Oil		17		07/20/2021		1,249,840		72,544
Total							$	570,586

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
CBOE Volatility Index		(149	)		07/21/2021	$	(2,667,592	)	$	245,007
Feeder Cattle		(7	)		08/26/2021		(541,275	)		(24,506	)
Live Cattle		(12	)		08/31/2021		(590,040	)		(25,061	)
LME Aluminum Base Metal		(57	)		07/21/2021		(3,590,288	)		(149,513	)
LME Copper Base Metal		(11	)		07/21/2021		(2,574,962	)		148,704
LME Copper Base Metal		(4	)		08/18/2021		(937,100	)		3,388
LME Lead Base Metal		(57	)		07/21/2021		(3,226,200	)		(198,251	)
LME Lead Base Metal		(6	)		08/18/2021		(340,350	)		6,282
LME Nickel Base Metal		(21	)		07/21/2021		(2,293,956	)		(57,341	)
LME Nickel Base Metal		(3	)		08/18/2021		(327,744	)		4,707
LME Zinc Base Metal		(37	)		07/21/2021		(2,747,481	)		3,217
LME Zinc Base Metal		(15	)		08/18/2021		(1,114,969	)		(9,702	)
MSCI EAFE E-Mini Index		(70	)		09/17/2021		(8,064,350	)		82,232
MSCI Emerging Markets E-Mini Index		(111	)		09/17/2021		(7,574,640	)		(27,853	)
Russell 2000 E-Mini Index		(43	)		09/17/2021		(4,961,770	)		(3,520	)
Total									$	(2,210	)
TOTAL FUTURES CONTRACTS									$	568,376

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR(b)	0.250%	09/15/2022	AUD	552,300	$	523,304		$	(98,627	)	$	621,931
3 Month BA(c)	0.500	09/15/2022	CAD	464,810		(335,348	)		(99,313	)		(236,035	)
6 Month LIBOR(c)	0.000	09/15/2022	CHF	461,610		3,388,859			3,532,641			(143,782	)
6 Month EURIBOR(c)	0.000	09/15/2022	EUR	549,510		3,208,774			3,303,068			(94,294	)
0.250%(c)	6 Month LIBOR	09/15/2022	GBP	462,700		110,682			661,799			(551,117	)
3 Month STIBOR(b)	0.000	09/15/2022	SEK	1,321,550		51,207			51,207			–
3 Month LIBOR(b)	0.200	09/15/2022	USD	1,814,060		(116,570	)		673,912			(790,482	)
6 Month EURIBOR(c)	0.000	09/15/2023	EUR	170,480		1,200,991			1,270,081			(69,090	)
6 Month LIBOR(c)	0.500	09/15/2023	GBP	67,200		92,531			183,458			(90,927	)
3 Month LIBOR(b)	0.500	09/15/2023	USD	236,520		456,431			519,576			(63,145	)
1.000(d)	6 Month PRIBOR	09/15/2026	CZK	665,060		1,468,323			343,195			1,125,128
2.000(d)	6 Month BUBOR	09/15/2026	HUF	6,455,520		550,470			(268,175	)		818,645
5.750(e)	1 Month TIIE	09/15/2026	MXN	267,510		561,911			199,475			362,436
1.500(d)	6 Month WIBOR	09/15/2026	PLN	88,270		5,732			(399,093	)		404,825
3 Month JIBAR(b)	6.750	09/15/2026	ZAR	220,840		370,772			426,291			(55,519	)
2.000(c)	3 Month BA	09/15/2031	CAD	13,560		(121,749	)		(60,223	)		(61,526	)
0.000(d)	6 Month LIBOR	09/15/2031	CHF	17,810		74,565			100,534			(25,969	)
6 Month EURIBOR(c)	0.250	09/15/2031	EUR	29,240		(144,682	)		(144,682	)		–
6 Month LIBOR(c)	1.000	09/15/2031	GBP	14,310		–			(12,014	)		12,014
1.000(d)	3 Month STIBOR	09/15/2031	SEK	153,730		(376,211	)		(376,006	)		(205	)
3 Month LIBOR(b)	1.500	09/15/2031	USD	33,760		(37,400	)		(37,400	)		–
0.500(d)	6 Month EURIBOR	09/15/2051	EUR	18,700		(101,404	)		(70,581	)		(30,823	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by the Fund		Termination Date	Notional Amount (000’s)(a)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.250(c)		6 Month LIBOR	09/15/2051		GBP	4,720	$	(40,398	)	$	(22,079	)	$	(18,319	)
2.000(c)		3 Month LIBOR	09/15/2051		USD	19,550		(822,417	)		(756,533	)		(65,884	)
TOTAL							$	9,968,373		$	8,920,511		$	1,047,862

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

(e) Payments made monthly.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Assets and Liabilities^(a)

June 30, 2021 (Unaudited)

	Absolute Return Tracker Fund		Alternative Premia Fund			Managed Futures Strategy Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,548,932,148, $0 and $0)(b)	$	1,816,512,162	$	—		$	—
Investments in affiliated issuers, at value (cost $1,585,357,468, $21,202,425 and $171,144,776)		1,585,357,468		21,202,425			171,144,776
Investments in affiliated securities lending reinvestment vehicle, at value (cost $77,778,706, $0 and $0)		77,778,706		—			—
Purchased Options, at value (premiums paid $508,168, $389,410 and $0)		183,095		184,400			—
Cash		65,700,962		1,420,940			13,625,372
Foreign currencies, at value (cost $58,265,170, $1,826,853 and $36,220,147)		58,557,147		1,971,569			37,557,177
Receivables:
Collateral on certain derivative contracts(c)		85,820,397		9,524,291			48,124,131
Fund shares sold		7,649,493		414			547,526
Dividends		699,315		473			3,976
Foreign tax reclaims		183,017		36,293			—
Investments sold		94,209		35,560			1,409
Reimbursement from investment adviser		62,873		36,175			1,272
Securities lending income		11,776		—			—
Due from broker		—		3,787			—
Unrealized gain on swap contracts		13,974,284		478,346			—
Unrealized gain on forward foreign currency exchange contracts		1,059,538		80,317			2,135,238
Variation margin on futures		—		503,417			—
Other assets		137,589		50,238			67,496
Total assets		3,713,782,031		35,528,645			273,208,373
Liabilities:
Unrealized loss on swap contracts		8,145,302		327,233			—
Variation margin on futures		3,163,838		—			4,490,371
Unrealized loss on forward foreign currency exchange contracts		374,250		115,818			5,185,795
Written options, at value (premiums received $300,600, $0 and $0)		180,670		—			—
Variation margin on swaps		138,733		92,799			130,297
Payables:
Payable upon return of securities loaned		77,778,706		—			—
Fund shares redeemed		12,829,245		12,895			275,697
Management fees		1,829,097		21,477			209,653
Distribution and Service fees and Transfer Agency fees		165,612		3,528			29,317
Investments purchased		13,016		—			—
Collateral on certain derivative contracts(c)		—		10,000			—
Accrued expenses		734,517		401,441			275,555
Total liabilities		105,352,986		985,191			10,596,685
Net Assets:
Paid-in capital		3,270,068,208		38,849,589			243,405,023
Total distributable earnings (loss)		338,360,837		(4,306,135	)		19,206,665
NET ASSETS	$	3,608,429,045	$	34,543,454		$	262,611,688
Net Assets:
Class A	$	61,515,551	$	6,411,461		$	14,324,784
Class C		8,245,402		404,397			3,640,826
Institutional		3,068,958,891		3,912,437			53,320,828
Investor		228,546,809		1,823,654			133,957,119
Class R6		18,239,611		21,967,467			56,917,901
Class R		1,568,496		11,597			439,138
Class P		221,354,285		12,441			11,092
Total Net Assets	$	3,608,429,045	$	34,543,454		$	262,611,688
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		6,047,204		936,903			1,369,656
Class C		891,468		63,105			371,611
Institutional		290,929,032		554,454			4,936,107
Investor		21,919,790		260,182			12,548,009
Class R6		1,731,023		3,124,376			5,266,269
Class R		159,168		1,710			42,895
Class P		20,991,034		1,767			1,028
Net asset value, offering and redemption price per share:(d)
Class A		$10.17		$6.84			$10.46
Class C		9.25		6.41			9.80
Institutional		10.55		7.06			10.80
Investor		10.43		7.01			10.68
Class R6		10.54		7.03			10.81
Class R		9.85		6.78			10.24
Class P		10.55		7.04			10.79

(a) Statements of Assets and Liabilities for Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, LLC., Cayman Commodity-AP LLC. and Cayman Commodity-MFS, LLC. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $76,287,395 for the Absolute Return Tracker Fund.

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

Fund	Forwards			Futures		Options		Swaps
Absolute Return Tracker	$	—		$	47,397,119	$	5,975,782	$	32,447,496
Alternative Premia		(10,000	)		3,183,238		5,216,865		1,124,188
Managed Futures Strategy		9,840,000			17,661,764		—		20,622,367

(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds is $10.76, $7.25 and $11.07, 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. 53

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Operations^(a)

For the Six Months Ended June 30, 2021 (Unaudited)

	Absolute Return Tracker Fund			Alternative Premia Fund			Managed Futures Strategy Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $154,915, $0 and $0)	$	12,047,563		$	—		$	—
Dividends — affiliated issuers		251,511			11,718			86,135
Securities lending income — affiliated issuer		77,728			—			—
Total investment income		12,376,802			11,718			86,135
Expenses:
Management fees		10,947,728			145,007			1,446,769
Transfer Agency fees(b)		857,250			10,928			145,614
Custody, accounting and administrative services		265,334			54,151			59,417
Printing and mailing costs		231,523			25,830			39,507
Distribution and Service (12b-1) fees(b)		113,325			11,202			30,515
Professional fees		112,185			114,106			89,748
Registration fees		63,040			41,125			49,248
Trustee fees		12,031			9,436			9,615
Service fees — Class C		10,864			1,200			4,346
Other		77,362			15,740			171,831
Total expenses		12,690,642			428,725			2,046,610
Less — expense reductions		(826,225	)		(248,229	)		(160,621	)
Net expenses		11,864,417			180,496			1,885,989
NET INVESTMENT INCOME (LOSS)		512,385			(168,778	)		(1,799,854	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		115,647,674			21,624			647
Futures contracts		15,234,078			2,081,657			16,953,580
Purchased options		(3,448,211	)		(747,583	)		—
Swap contracts		1,524,388			(967,285	)		2,531,790
Forward foreign currency exchange contracts		(3,568,456	)		172,918			4,002,446
Foreign currency transactions		(589,511	)		(90,620	)		(176,775	)
Written options		24,988,424			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		47,103,908			—			—
Futures contracts		(11,465,502	)		303,353			(3,646,169	)
Purchased options		(129,662	)		(142,293	)		—
Swap contracts		(6,152,215	)		155,483			(3,145,070	)
Forward foreign currency exchange contracts		(713,626	)		(41,887	)		(5,648,360	)
Foreign currency translation		(3,027,159	)		10,256			153,690
Written options		(1,319,111	)		—			—
Net realized and unrealized gain		174,085,019			755,623			11,025,779
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	174,597,404		$	586,845		$	9,225,925

(a) Statements of Operations for Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, LLC., Cayman Commodity-AP LLC. and Cayman Commodity-MFS, LLC. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

	Distribution and/or (12b-1) Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Absolute Return Tracker	$	76,693	$	32,591	$	4,041	$	49,084	$	6,953	$	577,729	$	188,172	$	2,346	$	1,293	$	31,673
Alternative Premia		7,573		3,600		29		4,847		768		796		1,493		3,013		9		2
Managed Futures Strategy		16,354		13,037		1,124		10,466		2,781		10,364		113,161		8,477		360		5

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a)

	Absolute Return Tracker Fund						Alternative Premia Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income (loss)	$	512,385		$	8,780,977		$	(168,778	)	$	(261,382	)
Net realized gain (loss)		149,788,386			9,509,639			470,711			(3,658,163	)
Net change in unrealized gain (loss)		24,296,633			65,857,178			284,912			(216,610	)
Net increase (decrease) in net assets resulting from operations		174,597,404			84,147,794			586,845			(4,136,155	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(386,990	)		—			(401,977	)
Class C Shares		—			(67,157	)		—			(82,517	)
Institutional Shares		—			(17,700,159	)		—			(342,456	)
Investor Shares		—			(1,515,395	)		—			(145,793	)
Class R6 Shares		—			(56,391	)		—			(1,451,948	)
Class R Shares		—			(10,040	)		—			(1,195	)
Class P Shares		—			(1,277,883	)		—			(891	)
Total distributions to shareholders		—			(21,014,015	)		—			(2,426,777	)
From share transactions:
Proceeds from sales of shares		627,390,465			1,411,743,043			3,622,550			6,525,219
Reinvestment of distributions		—			15,612,050			—			2,401,923
Cost of shares redeemed		(663,190,462	)		(1,572,014,523	)		(3,910,894	)		(20,153,881	)
Net decrease in net assets resulting from share transactions		(35,799,997	)		(144,659,430	)		(288,344	)		(11,226,739	)
TOTAL INCREASE (DECREASE)		138,797,407			(81,525,651	)		298,501			(17,789,671	)
Net Assets:
Beginning of period		3,469,631,638			3,551,157,289			34,244,953			52,034,624
End of period	$	3,608,429,045		$	3,469,631,638		$	34,543,454		$	34,244,953

(a) Statements of Changes in Net Assets for the Absolute Return Tracker and Alternative Premia Funds are consolidated and include the balances of Cayman Commodity-ART, LLC. and Cayman Commodity-AP, LLC. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a) (continued)

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment loss	$	(1,799,854	)	$	(2,471,040	)
Net realized gain		23,311,688			6,934,760
Net change in unrealized gain (loss)		(12,285,909	)		11,743,583
Net increase in net assets resulting from operations		9,225,925			16,207,303
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(142,248	)
Class C Shares		—			(43,078	)
Institutional Shares		—			(573,968	)
Investor Shares		—			(1,830,145	)
Class R6 Shares		—			(659,155	)
Class R Shares		—			(6,810	)
Class P Shares		—			(842	)
Total distributions to shareholders		—			(3,256,246	)
From share transactions:
Proceeds from sales of shares		43,330,122			191,383,416
Reinvestment of distributions		—			3,243,585
Cost of shares redeemed		(60,071,654	)		(198,235,855	)
Net decrease in net assets resulting from share transactions		(16,741,532	)		(3,608,854	)
TOTAL INCREASE (DECREASE)		(7,515,607	)		9,342,203
Net Assets:
Beginning of period		270,127,295			260,785,092
End of period	$	262,611,688		$	270,127,295

(a) Statements of Changes in Net Assets for the Managed Futures Strategy Fund are consolidated and include the balances of Cayman Commodity-MFS, LLC. (wholly-owned subsidiary). Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.69		$	9.44		$	8.84		$	9.31		$	9.02		$	8.67
Net investment income (loss)(a)		(0.02	)		(0.01	)		0.10			0.07			—	(b)		(0.04	)
Net realized and unrealized gain (loss)		0.50			0.32			0.81			(0.33	)		0.62			0.43
Total from investment operations		0.48			0.31			0.91			(0.26	)		0.62			0.39
Distributions to shareholders from net investment income		—			(0.01	)		(0.09	)		(0.07	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.31	)		(0.21	)		(0.33	)		(0.04	)
Net asset value, end of period	$	10.17		$	9.69		$	9.44		$	8.84		$	9.31		$	9.02
Total return(c)		4.95	%		3.29	%		10.36	%		(2.80	)%		6.93	%		4.45	%
Net assets, end of period (in 000s)	$	61,516		$	61,642		$	80,596		$	65,635		$	52,427		$	38,886
Ratio of net expenses to average net assets		1.04	%(d)		0.96	%		0.97	%		1.00	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.09	%(d)		1.11	%		1.11	%		1.26	%		1.61	%		1.66	%
Ratio of net investment income (loss) to average net assets		(0.33	)%(d)		(0.10	)%		1.08	%		0.73	%		(0.04	)%		(0.43	)%
Portfolio turnover rate(e)		76	%		193	%		127	%		137	%		76	%		130	%

(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 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 ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.84		$	8.69		$	8.14		$	8.61		$	8.43		$	8.17
Net investment income (loss)(a)		(0.05	)		(0.07	)		0.03			—	(b)		(0.07	)		(0.10	)
Net realized and unrealized gain (loss)		0.46			0.28			0.75			(0.31	)		0.58			0.40
Total from investment operations		0.41			0.21			0.78			(0.31	)		0.51			0.30
Distributions to shareholders from net investment income		—			(0.01	)		(0.01	)		(0.02	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.23	)		(0.16	)		(0.33	)		(0.04	)
Net asset value, end of period	$	9.25		$	8.84		$	8.69		$	8.14		$	8.61		$	8.43
Total return(c)		4.64	%		2.43	%		9.69	%		(3.60	)%		6.10	%		3.62	%
Net assets, end of period (in 000s)	$	8,245		$	9,638		$	15,761		$	18,985		$	13,718		$	13,490
Ratio of net expenses to average net assets		1.79	%(d)		1.71	%		1.72	%		1.75	%		1.78	%		1.78	%
Ratio of total expenses to average net assets		1.84	%(d)		1.86	%		1.86	%		2.00	%		2.36	%		2.41	%
Ratio of net investment income (loss) to average net assets		(1.09	)%(d)		(0.84	)%		0.34	%		—	%(e)		(0.81	)%		(1.18	)%
Portfolio turnover rate(f)		76	%		193	%		127	%		137	%		76	%		130	%

(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 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 ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.03		$	9.74		$	9.10		$	9.58		$	9.23		$	8.86
Net investment income (loss) (a)		—	(b)		0.03			0.14			0.11			0.03			—	(b)
Net realized and unrealized gain (loss)		0.52			0.32			0.85			(0.35	)		0.65			0.43
Total from investment operations		0.52			0.35			0.99			(0.24	)		0.68			0.43
Distributions to shareholders from net investment income		—			(0.01	)		(0.13	)		(0.10	)		—	(b)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.35	)		(0.24	)		(0.33	)		(0.06	)
Net asset value, end of period	$	10.55		$	10.03		$	9.74		$	9.10		$	9.58		$	9.23
Total return(c)		5.18	%		3.60	%		10.91	%		(2.47	)%		7.46	%		4.82	%
Net assets, end of period (in 000s)	$	3,068,959		$	2,928,949		$	2,852,690		$	2,129,116		$	1,510,457		$	970,838
Ratio of net expenses to average net assets		0.67	%(d)		0.58	%		0.59	%		0.61	%		0.64	%		0.62	%
Ratio of total expenses to average net assets		0.72	%(d)		0.73	%		0.73	%		0.88	%		1.21	%		1.24	%
Ratio of net investment income (loss) to average net assets		0.05	%(d)		0.28	%		1.46	%		1.13	%		0.36	%		(0.02	)%
Portfolio turnover rate(e)		76	%		193	%		127	%		137	%		76	%		130	%

(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 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 ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.92		$	9.64		$	9.02		$	9.50		$	9.17		$	8.80
Net investment income (loss)(b)		—	(c)		0.02			0.13			0.10			0.03			(0.01	)
Net realized and unrealized gain (loss)		0.51			0.32			0.83			(0.35	)		0.63			0.43
Total from investment operations		0.51			0.34			0.96			(0.25	)		0.66			0.42
Distributions to shareholders from net investment income		—			(0.01	)		(0.12	)		(0.09	)		—			(0.01	)
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.34	)		(0.23	)		(0.33	)		(0.05	)
Net asset value, end of period	$	10.43		$	9.92		$	9.64		$	9.02		$	9.50		$	9.17
Total return(d)		5.14	%		3.54	%		10.66	%		(2.58	)%		7.25	%		4.75	%
Net assets, end of period (in 000s)	$	228,547		$	246,694		$	370,779		$	254,436		$	93,650		$	13,245
Ratio of net expenses to average net assets		0.79	%(e)		0.71	%		0.72	%		0.75	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.84	%(e)		0.86	%		0.87	%		0.98	%		1.35	%		1.42	%
Ratio of net investment income (loss) to average net assets		(0.09	)%(e)		0.16	%		1.33	%		1.08	%		0.28	%		(0.13	)%
Portfolio turnover rate(f)		76	%		193	%		127	%		137	%		76	%		130	%

(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) 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 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 ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.02		$	9.72		$	9.09		$	9.57		$	9.23		$	8.86
Net investment income(a)		—	(b)		0.03			0.14			0.12			0.04			—	(b)
Net realized and unrealized gain (loss)		0.52			0.33			0.84			(0.36	)		0.63			0.43
Total from investment operations		0.52			0.36			0.98			(0.24	)		0.67			0.43
Distributions to shareholders from net investment income		—			(0.01	)		(0.13	)		(0.10	)		—	(b)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.35	)		(0.24	)		(0.33	)		(0.06	)
Net asset value, end of period	$	10.54		$	10.02		$	9.72		$	9.09		$	9.57		$	9.23
Total return(c)		5.19	%		3.71	%		10.82	%		(2.46	)%		7.36	%		4.85	%
Net assets, end of period (in 000s)	$	18,240		$	9,353		$	9,284		$	6,030		$	2,226		$	27
Ratio of net expenses to average net assets		0.67	%(d)		0.57	%		0.58	%		0.60	%		0.62	%		0.64	%
Ratio of total expenses to average net assets		0.71	%(d)		0.72	%		0.72	%		0.84	%		1.19	%		1.24	%
Ratio of net investment income to average net assets		0.07	%(d)		0.29	%		1.47	%		1.20	%		0.39	%		0.01	%
Portfolio turnover rate(e)		76	%		193	%		127	%		137	%		76	%		130	%

(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 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 ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Absolute Return Tracker Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.40		$	9.18		$	8.61		$	9.08		$	8.82		$	8.50
Net investment income (loss)(a)		(0.03	)		(0.03	)		0.08			0.04			(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		0.48			0.31			0.78			(0.33	)		0.62			0.42
Total from investment operations		0.45			0.28			0.86			(0.29	)		0.59			0.36
Distributions to shareholders from net investment income		—			(0.01	)		(0.07	)		(0.04	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)		(0.33	)		(0.04	)
Total distributions		—			(0.06	)		(0.29	)		(0.18	)		(0.33	)		(0.04	)
Net asset value, end of period	$	9.85		$	9.40		$	9.18		$	8.61		$	9.08		$	8.82
Total return(b)		4.79	%		3.06	%		10.06	%		(3.13	)%		6.74	%		4.19	%
Net assets, end of period (in 000s)	$	1,568		$	1,562		$	2,347		$	1,954		$	2,150		$	2,197
Ratio of net expenses to average net assets		1.29	%(c)		1.21	%		1.22	%		1.25	%		1.28	%		1.28	%
Ratio of total expenses to average net assets		1.34	%(c)		1.36	%		1.37	%		1.53	%		1.86	%		1.91	%
Ratio of net investment income (loss) to average net assets		(0.58	)%(c)		(0.35	)%		0.83	%		0.45	%		(0.31	)%		(0.66	)%
Portfolio turnover rate(d)		76	%		193	%		127	%		137	%		76	%		130	%

(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.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.02		$	9.73		$	9.09		$	9.64
Net investment income(a)		—	(b)		0.03			0.14			0.10
Net realized and unrealized gain (loss)		0.53			0.32			0.85			(0.41	)
Total from investment operations		0.53			0.35			0.99			(0.31	)
Distributions to shareholders from net investment income		—			(0.01	)		(0.13	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.05	)		(0.22	)		(0.14	)
Total distributions		—			(0.06	)		(0.35	)		(0.24	)
Net asset value, end of period	$	10.55		$	10.02		$	9.73		$	9.09
Total return(c)		5.29	%		3.61	%		10.93	%		(3.17	)%
Net assets, end of period (in 000s)	$	221,354		$	211,794		$	219,701		$	152,975
Ratio of net expenses to average net assets		0.66	%(d)		0.57	%		0.58	%		0.59	%(d)
Ratio of total expenses to average net assets		0.71	%(d)		0.72	%		0.72	%		0.74	%(d)
Ratio of net investment income to average net assets		0.05	%(d)		0.29	%		1.48	%		1.41	%(d)
Portfolio turnover rate(e)		76	%		193	%		127	%		137	%

* 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 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 ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.73		$	7.97		$	7.92		$	8.91		$	10.01		$	9.45
Net investment income (loss)(a)		(0.04	)		(0.06	)		0.05			0.03			(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		0.15			(0.68	)		—	(b)		(0.58	)		1.40			0.57
Total from investment operations		0.11			(0.74	)		0.05			(0.55	)		1.39			0.56
Distributions to shareholders from net investment income		—			(0.50	)		—			—			(0.17	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.50	)		—			(0.44	)		(2.49	)		—
Net asset value, end of period	$	6.84		$	6.73		$	7.97		$	7.92		$	8.91		$	10.01
Total return(c)		1.78	%		(9.23	)%		0.63	%		(6.18	)%		14.17	%		5.91	%
Net assets, end of period (in 000s)	$	6,411		$	5,642		$	8,047		$	9,166		$	13,886		$	27,566
Ratio of net expenses to average net assets		1.29	%(d)		1.19	%		1.13	%		1.13	%		1.12	%		1.15	%
Ratio of total expenses to average net assets		2.70	%(d)		2.46	%		1.95	%		1.64	%		1.51	%		1.45	%
Ratio of net investment income (loss) to average net assets		(1.29	)%(d)		(0.83	)%		0.60	%		0.34	%		(0.10	)%		(0.13	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		349	%		272	%

(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 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 ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.33		$	7.34		$	7.35		$	8.36		$	9.55		$	9.08
Net investment loss(a)		(0.06	)		(0.11	)		(0.01	)		(0.03	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss)		0.14			(0.61	)		—	(b)		(0.54	)		1.32			0.55
Total from investment operations		0.08			(0.72	)		(0.01	)		(0.57	)		1.24			0.47
Distributions to shareholders from net investment income		—			(0.29	)		—			—			(0.11	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.29	)		—			(0.44	)		(2.43	)		—
Net asset value, end of period	$	6.41		$	6.33		$	7.34		$	7.35		$	8.36		$	9.55
Total return(c)		1.26	%		(9.82	)%		(0.14	)%		(6.93	)%		13.37	%		5.16	%
Net assets, end of period (in 000s)	$	404		$	1,888		$	4,335		$	8,547		$	15,239		$	20,123
Ratio of net expenses to average net assets		2.02	%(d)		1.94	%		1.89	%		1.88	%		1.87	%		1.90	%
Ratio of total expenses to average net assets		3.48	%(d)		3.19	%		2.67	%		2.39	%		2.27	%		2.20	%
Ratio of net investment loss to average net assets		(2.04	)%(d)		(1.54	)%		(0.11	)%		(0.41	)%		(0.84	)%		(0.88	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		349	%		272	%

(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 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 ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.93		$	8.20		$	8.11		$	9.07		$	10.15		$	9.54
Net investment income (loss)(a)		(0.03	)		(0.03	)		0.08			0.05			0.04			0.03
Net realized and unrealized gain (loss)		0.16			(0.70	)		0.01			(0.57	)		1.41			0.58
Total from investment operations		0.13			(0.73	)		0.09			(0.52	)		1.45			0.61
Distributions to shareholders from net investment income		—			(0.54	)		—			—			(0.21	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.54	)		—			(0.44	)		(2.53	)		—
Net asset value, end of period	$	7.06		$	6.93		$	8.20		$	8.11		$	9.07		$	10.15
Total return(b)		1.88	%		(8.89	)%		1.11	%		(5.74	)%		14.59	%		6.38	%
Net assets, end of period (in 000s)	$	3,912		$	4,620		$	13,006		$	32,924		$	114,953		$	468,924
Ratio of net expenses to average net assets		0.92	%(c)		0.81	%		0.77	%		0.73	%		0.73	%		0.75	%
Ratio of total expenses to average net assets		2.33	%(c)		2.06	%		1.51	%		1.27	%		1.09	%		1.05	%
Ratio of net investment income (loss) to average net assets		(0.92	)%(c)		(0.43	)%		1.02	%		0.52	%		0.36	%		0.27	%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		349	%		272	%

(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.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.89		$	8.12		$	8.04		$	9.02		$	10.11		$	9.52
Net investment income (loss)(b)		(0.04	)		(0.04	)		0.07			0.05			0.02			0.01
Net realized and unrealized gain (loss)		0.16			(0.69	)		0.01			(0.59	)		1.41			0.58
Total from investment operations		0.12			(0.73	)		0.08			(0.54	)		1.43			0.59
Distributions to shareholders from net investment income		—			(0.50	)		—			—			(0.20	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.50	)		—			(0.44	)		(2.52	)		—
Net asset value, end of period	$	7.01		$	6.89		$	8.12		$	8.04		$	9.02		$	10.11
Total return(c)		1.74	%		(8.97	)%		1.00	%		(5.99	)%		14.47	%		6.18	%
Net assets, end of period (in 000s)	$	1,824		$	2,096		$	3,911		$	9,092		$	8,910		$	5,733
Ratio of net expenses to average net assets		1.04	%(d)		0.93	%		0.88	%		0.88	%		0.86	%		0.90	%
Ratio of total expenses to average net assets		2.45	%(d)		2.19	%		1.66	%		1.39	%		1.28	%		1.20	%
Ratio of net investment income (loss) to average net assets		(1.04	)%(d)		(0.52	)%		0.91	%		0.61	%		0.20	%		0.10	%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		349	%		272	%

(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. 67

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.90		$	8.17		$	8.09		$	9.05		$	10.15		$	9.54
Net investment income (loss)(a)		(0.03	)		(0.04	)		0.09			0.07			0.02			0.02
Net realized and unrealized gain (loss)		0.16			(0.69	)		(0.01	)		(0.59	)		1.42			0.59
Total from investment operations		0.13			(0.73	)		0.08			(0.52	)		1.44			0.61
Distributions to shareholders from net investment income		—			(0.54	)		—			—			(0.22	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.54	)		—			(0.44	)		(2.54	)		—
Net asset value, end of period	$	7.03		$	6.90		$	8.17		$	8.09		$	9.05		$	10.15
Total return(b)		2.03	%		(8.88	)%		0.99	%		(5.75	)%		14.48	%		6.38	%
Net assets, end of period (in 000s)	$	21,967		$	19,963		$	22,670		$	50,199		$	3,074		$	10
Ratio of net expenses to average net assets		0.91	%(c)		0.81	%		0.74	%		0.72	%		0.72	%		0.77	%
Ratio of total expenses to average net assets		2.32	%(c)		2.08	%		1.52	%		1.24	%		1.27	%		1.02	%
Ratio of net investment income (loss) to average net assets		(0.91	)%(c)		(0.46	)%		1.05	%		0.82	%		0.22	%		0.24	%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		349	%		272	%

(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.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.68		$	7.78		$	7.75		$	8.75		$	9.89		$	9.36
Net investment income (loss)(a)		(0.05	)		(0.08	)		0.03			0.01			(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		0.15			(0.66	)		—	(b)		(0.57	)		1.37			0.57
Total from investment operations		0.10			(0.74	)		0.03			(0.56	)		1.34			0.53
Distributions to shareholders from net investment income		—			(0.36	)		—			—			(0.16	)		—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)		(2.32	)		—
Total distributions		—			(0.36	)		—			(0.44	)		(2.48	)		—
Net asset value, end of period	$	6.78		$	6.68		$	7.78		$	7.75		$	8.75		$	9.89
Total return(c)		1.65	%		(9.53	)%		0.39	%		(6.40	)%		13.89	%		5.65	%
Net assets, end of period (in 000s)	$	12		$	24		$	53		$	13		$	13		$	12
Ratio of net expenses to average net assets		1.54	%(d)		1.46	%		1.36	%		1.38	%		1.36	%		1.40	%
Ratio of total expenses to average net assets		2.96	%(d)		2.71	%		2.16	%		1.88	%		1.77	%		1.71	%
Ratio of net investment income (loss) to average net assets		(1.54	)%(d)		(1.10	)%		0.42	%		0.11	%		(0.33	)%		(0.39	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		349	%		272	%

(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 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 ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 18, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	6.91		$	8.19		$	8.10		$	8.85
Net investment income (loss)(a)		(0.03	)		(0.04	)		0.08			0.05
Net realized and unrealized gain (loss)		0.16			(0.70	)		0.01			(0.36	)
Total from investment operations		0.13			(0.74	)		0.09			(0.31	)
Distributions to shareholders from net investment income		—			(0.54	)		—			—
Distributions to shareholders from net realized gains		—			—			—			(0.44	)
Total distributions		—			(0.54	)		—			(0.44	)
Net asset value, end of period	$	7.04		$	6.91		$	8.19		$	8.10
Total return(b)		2.03	%		(8.95	)%		1.11	%		(3.51	)%
Net assets, end of period (in 000s)	$	12		$	12		$	13		$	13
Ratio of net expenses to average net assets		0.90	%(c)		0.80	%		0.74	%		0.77	%(c)
Ratio of total expenses to average net assets		2.32	%(c)		2.08	%		1.56	%		1.36	%(c)
Ratio of net investment income (loss) to average net assets		(0.91	)%(c)		(0.46	)%		0.99	%		0.83	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%

* 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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.12		$	9.61		$	10.03		$	10.30		$	10.12		$	10.21
Net investment income (loss)(a)		(0.08	)		(0.12	)		0.01			(0.02	)		(0.10	)		(0.14	)
Net realized and unrealized gain (loss)		0.42			0.76			0.23			(0.23	)		0.33			0.05
Total from investment operations		0.34			0.64			0.24			(0.25	)		0.23			(0.09	)
Distributions to shareholders from net investment income		—			—			(0.59	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)		(0.05	)		—
Total distributions		—			(0.13	)		(0.66	)		(0.02	)		(0.05	)		—
Net asset value, end of period	$	10.46		$	10.12		$	9.61		$	10.03		$	10.30		$	10.12
Total return(b)		3.46	%		6.62	%		2.28	%		(2.37	)%		2.29	%		(0.88	)%
Net assets, end of period (in 000s)	$	14,325		$	11,964		$	7,712		$	8,622		$	7,711		$	23,174
Ratio of net expenses to average net assets		1.57	%(c)		1.48	%		1.49	%		1.47	%		1.55	%		1.55	%
Ratio of total expenses to average net assets		1.60	%(c)		1.63	%		1.64	%		1.62	%		1.75	%		1.74	%
Ratio of net investment income (loss) to average net assets		(1.62	)%(c)		(1.21	)%		0.06	%		(0.19	)%		(1.02	)%		(1.33	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		529	%

(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. 71

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.52		$	9.11		$	9.56		$	9.88		$	9.79		$	9.95
Net investment loss(a)		(0.12	)		(0.18	)		(0.07	)		(0.09	)		(0.17	)		(0.21	)
Net realized and unrealized gain (loss)		0.40			0.72			0.21			(0.21	)		0.31			0.05
Total from investment operations		0.28			0.54			0.14			(0.30	)		0.14			(0.16	)
Distributions to shareholders from net investment income		—			—			(0.52	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)		(0.05	)		—
Total distributions		—			(0.13	)		(0.59	)		(0.02	)		(0.05	)		—
Net asset value, end of period	$	9.80		$	9.52		$	9.11		$	9.56		$	9.88		$	9.79
Total return(b)		2.94	%		5.88	%		1.51	%		(3.08	)%		1.44	%		(1.60	)%
Net assets, end of period (in 000s)	$	3,641		$	3,335		$	3,279		$	3,281		$	3,480		$	4,054
Ratio of net expenses to average net assets		2.32	%(c)		2.22	%		2.24	%		2.22	%		2.29	%		2.31	%
Ratio of total expenses to average net assets		2.35	%(c)		2.37	%		2.39	%		2.37	%		2.48	%		2.49	%
Ratio of net investment loss to average net assets		(2.37	)%(c)		(1.92	)%		(0.69	)%		(0.95	)%		(1.72	)%		(2.09	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		529	%

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.43		$	9.87		$	10.28		$	10.52		$	10.29		$	10.36
Net investment income (loss)(a)		(0.07	)		(0.07	)		0.04			0.02			(0.06	)		(0.10	)
Net realized and unrealized gain (loss)		0.44			0.76			0.25			(0.24	)		0.34			0.04
Total from investment operations		0.37			0.69			0.29			(0.22	)		0.28			(0.06	)
Distributions to shareholders from net investment income		—			—			(0.63	)		—			—			(0.01	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)		(0.05	)		—
Total distributions		—			(0.13	)		(0.70	)		(0.02	)		(0.05	)		(0.01	)
Net asset value, end of period	$	10.80		$	10.43		$	9.87		$	10.28		$	10.52		$	10.29
Total return(b)		3.64	%		6.95	%		2.82	%		(2.13	)%		2.73	%		(0.57	)%
Net assets, end of period (in 000s)	$	53,321		$	49,052		$	90,623		$	83,425		$	163,971		$	110,763
Ratio of net expenses to average net assets		1.20	%(c)		1.07	%		1.11	%		1.07	%		1.14	%		1.16	%
Ratio of total expenses to average net assets		1.23	%(c)		1.24	%		1.26	%		1.22	%		1.33	%		1.34	%
Ratio of net investment income (loss) to average net assets		(1.25	)%(c)		(0.74	)%		0.42	%		0.16	%		(0.54	)%		(0.94	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		529	%

(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. 73

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.32		$	9.77		$	10.19		$	10.44		$	10.23		$	10.30
Net investment income (loss)(b)		(0.07	)		(0.10	)		0.03			0.01			(0.06	)		(0.11	)
Net realized and unrealized gain (loss)		0.43			0.78			0.23			(0.24	)		0.32			0.04
Total from investment operations		0.36			0.68			0.26			(0.23	)		0.26			(0.07	)
Distributions to shareholders from net investment income		—			—			(0.61	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)		(0.05	)		—
Total distributions		—			(0.13	)		(0.68	)		(0.02	)		(0.05	)		—
Net asset value, end of period	$	10.68		$	10.32		$	9.77		$	10.19		$	10.44		$	10.23
Total return(c)		3.49	%		6.92	%		2.60	%		(2.24	)%		2.55	%		(0.68	)%
Net assets, end of period (in 000s)	$	133,957		$	149,762		$	106,968		$	105,393		$	106,431		$	20,181
Ratio of net expenses to average net assets		1.32	%(d)		1.22	%		1.24	%		1.22	%		1.26	%		1.31	%
Ratio of total expenses to average net assets		1.35	%(d)		1.38	%		1.39	%		1.37	%		1.45	%		1.49	%
Ratio of net investment income (loss) to average net assets		(1.37	)%(d)		(0.96	)%		0.31	%		0.06	%		(0.60	)%		(1.09	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		—	%		529	%

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						May 1, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.44		$	9.87		$	10.29		$	10.36
Net investment income (loss)(a)		(0.07	)		(0.08	)		0.05			0.02
Net realized and unrealized gain (loss)		0.44			0.78			0.23			(0.07	)
Total from investment operations		0.37			0.70			0.28			(0.05	)
Distributions to shareholders from net investment income		—			—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)
Total distributions		—			(0.13	)		(0.70	)		(0.02	)
Net asset value, end of period	$	10.81		$	10.44		$	9.87		$	10.29
Total return(b)		3.64	%		7.05	%		2.72	%		(0.52	)%
Net assets, end of period (in 000s)	$	56,918		$	55,439		$	51,499		$	50,649
Ratio of net expenses to average net assets		1.19	%(c)		1.08	%		1.09	%		1.12	%(c)
Ratio of total expenses to average net assets		1.22	%(c)		1.24	%		1.23	%		1.27	%(c)
Ratio of net investment income (loss) to average net assets		(1.24	)%(c)		(0.79	)%		0.47	%		0.31	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%

* 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. 75

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.92		$	9.45		$	9.87		$	10.16		$	10.00		$	10.12
Net investment loss(a)		(0.09	)		(0.13	)		(0.02	)		(0.04	)		(0.12	)		(0.16	)
Net realized and unrealized gain (loss)		0.41			0.73			0.23			(0.23	)		0.33			0.04
Total from investment operations		0.32			0.60			0.21			(0.27	)		0.21			(0.12	)
Distributions to shareholders from net investment income		—			—			(0.56	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)		(0.05	)		—
Total distributions		—			(0.13	)		(0.63	)		(0.02	)		(0.05	)		—
Net asset value, end of period	$	10.24		$	9.92		$	9.45		$	9.87		$	10.16		$	10.00
Total return(b)		3.23	%		6.30	%		2.14	%		(2.70	)%		2.11	%		(1.18	)%
Net assets, end of period (in 000s)	$	439		$	504		$	539		$	584		$	595		$	309
Ratio of net expenses to average net assets		1.82	%(c)		1.72	%		1.74	%		1.72	%		1.79	%		1.81	%
Ratio of total expenses to average net assets		1.85	%(c)		1.87	%		1.89	%		1.87	%		1.98	%		1.99	%
Ratio of net investment loss to average net assets		(1.87	)%(c)		(1.41	)%		(0.19	)%		(0.44	)%		(1.19	)%		(1.59	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		529	%

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 18, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.42		$	9.86		$	10.28		$	10.56
Net investment income (loss)(a)		(0.06	)		(0.08	)		0.05			0.02
Net realized and unrealized gain (loss)		0.43			0.77			0.23			(0.28	)
Total from investment operations		0.37			0.69			0.28			(0.26	)
Distributions to shareholders from net investment income		—			—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.13	)		(0.07	)		(0.02	)
Total distributions		—			(0.13	)		(0.70	)		(0.02	)
Net asset value, end of period	$	10.79		$	10.42		$	9.86		$	10.28
Total return(b)		3.65	%		6.95	%		2.71	%		(2.50	)%
Net assets, end of period (in 000s)	$	11		$	71		$	166		$	429
Ratio of net expenses to average net assets		1.17	%(c)		1.08	%		1.09	%		1.12	%(c)
Ratio of total expenses to average net assets		1.22	%(c)		1.24	%		1.23	%		1.27	%(c)
Ratio of net investment income (loss) to average net assets		(1.21	)%(c)		(0.84	)%		0.49	%		0.32	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%

* 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. 77

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements

June 30, 2021 (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
Absolute Return Tracker, Alternative Premia and Managed Futures Strategy	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds 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, Investor, Class R6, Class R and Class P 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 (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Basis of Consolidation for Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds — Cayman Commodity-ART, LLC., Cayman Commodity-AP, LLC., and Cayman Commodity-MFS, LLC. (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of June 30, 2021, the Fund and Subsidiary net assets were as follows:

Fund	Fund Net Assets		Subsidiary Net Assets		% Represented by Subsidiary’s Net Assets
Absolute Return Tracker	$	3,608,429,045	$	19,648,745		1	%
Alternative Premia		34,543,454		7,477,969		22
Managed Futures Strategy		262,611,688		53,262,052		20

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

C.  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.

78

GOLDMAN SACHS ALTERNATIVE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 United States (“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. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated 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.

D.  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.

E.  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/Paid
Absolute Return Tracker, Alternative Premia and Managed Futures  Strategy	Annually	Annually

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiaries’ income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods.

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 Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  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 Consolidated 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.

79

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The 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 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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

80

GOLDMAN SACHS ALTERNATIVE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 Consolidated 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.

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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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 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

81

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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

82

GOLDMAN SACHS ALTERNATIVE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 June 30, 2021:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	3,225		$	666,532		$	—
Asia		946,933			19,687,790			—
Australia and Oceania		—			178,505			—
Europe		9,437,731			76,154,179			—
North America		959,476,356			4,039,774			—
South America		—			46,529			—
Exchange Traded Funds		745,874,608			—			—
Investment Company		1,585,357,468			—			—
Securities Lending Reinvestment Vehicle		77,778,706			—			—
Total	$	3,378,875,027		$	100,773,309		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	1,059,538		$	—
Futures Contracts(b)		4,420,667			—			—
Credit Default Swap Contracts(b)		—			4,308,803			—
Total Return Swap Contracts(b)		—			13,974,284			—
Purchased Options Contracts		183,095			—			—
Total	$	4,603,762		$	19,342,625		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(374,250	)	$	—
Futures Contracts(b)		(10,456,557	)		—			—
Total Return Swap Contracts(b)		—			(8,145,302	)		—
Written Options Contracts		(180,670	)		—			—
Total	$	(10,637,227	)	$	(8,519,552	)	$	—

(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 third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

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

83

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	21,202,425		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	80,317		$	—
Futures Contracts(b)		2,735,010			—			—
Credit Default Swap Contracts(b)		—			20,930			—
Total Return Swap Contracts(b)		—			478,346			—
Purchased Options Contracts		184,400			—			—
Total	$	2,919,410		$	579,593		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(115,818	)	$	—
Futures Contracts		(2,206,751	)		—			—
Total Return Swap Contracts		—			(327,233	)		—
Total	$	(2,206,751	)	$	(443,051	)	$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	171,144,776		$	—		$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	2,135,238		$	—
Futures Contracts		2,583,174			—			—
Interest Rate Swap Contracts		—			3,344,979			—
Total	$	2,583,174		$	5,480,217		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(5,185,795	)	$	—
Futures Contracts		(2,014,798	)		—			—
Interest Rate Swap Contracts		—			(2,297,117	)		—
Total	$	(2,014,798	)	$	(7,482,912	)	$	—

(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 third party (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 Consolidated Schedules of Investments.

84

GOLDMAN SACHS ALTERNATIVE FUNDS

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 June 30, 2021. 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.

Absolute Return Tracker
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Receivable for unrealized gain on swap contracts and variation margin on futures contracts	$	2,845,708	(a)	Variation margin on futures contracts	$	(2,639,520)	(a)
Credit	Variation margin on swap contracts		4,308,803	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,059,538		Payable for unrealized loss on forward foreign currency exchange contracts		(374,250)
Equity	Receivable for unrealized gain on swap contracts, Purchased options at value and variation margin on futures contracts		15,291,394	(a)	Payable for unrealized loss on swap contracts, Written options at value and variation margin on futures contracts		(15,966,465)	(a)(b)
Interest Rate	Variation margin on futures contracts		440,944	(a)	Variation margin on futures contracts		(176,544)	(a)
Total		$	23,946,387			$	(19,156,779)

Alternative Premia
Risk	Consolidated Statements of Assets and Liabilities	Assets(a)		Consolidated Statements of Assets and Liabilities	Liabilities(a)
Commodity	Variation margin on futures contracts	$	2,015,608	Variation margin on futures contracts	$	(1,870,334)
Credit	Variation margin on swap contracts		20,930	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts and variation margin on futures contracts		291,015	Payable for unrealized loss on forward foreign currency exchange contracts and variation margin on futures contracts		(199,602)
Equity	Receivable for unrealized gain on swap contracts, Purchased options at value and variation margin on futures contracts		1,089,054	Payable for unrealized loss on swap contracts and variation margin on futures contracts		(362,554)	(b)
Interest Rate	Variation margin on futures contracts		82,396	Variation margin on futures contracts		(217,312)
Total		$	3,499,003		$	(2,649,802)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2021 is reported within the Consolidated Statements of Assets and Liabilities.

(b) Aggregate of amounts include $8,145,302 and $327,233 for the Absolute Return Tracker and Alternative Premia Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

85

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Managed Futures Strategy
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	1,385,387	(a)	Variation margin on futures contracts	$	(1,265,137)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,135,238		Payable for unrealized loss on forward foreign currency exchange contracts		(5,185,795)
Equity	Variation margin on futures contracts		1,197,787	(a)	Variation margin on futures contracts		(749,661)	(a)
Interest Rate	Variation margin on swap contracts		3,344,979	(a)	Variation margin on swap contracts		(2,297,117)	(a)
Total		$	8,063,391			$	(9,497,710)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2021, is reported within the Consolidated 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 June 30, 2021. 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 Consolidated Statements of Operations:

Absolute Return Tracker
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$ 6,371,776		$	(2,264,340	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	20,534,613			(12,144,259	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	(3,568,456)			(713,626	)
Equity	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, purchased options, swap contracts and written options	23,771,270			(3,741,076	)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	(12,378,980)			(916,815	)
Total		$34,730,223		$	(19,780,116	)

86

GOLDMAN SACHS ALTERNATIVE FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Alternative Premia
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$ 108,076		$	94,606
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	10,687			18,018
Currency	Net realized gain (loss) from futures contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on futures contracts and forward foreign currency exchange contracts	235,004			32,643
Equity	Net realized gain (loss) from futures contracts, purchased options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options and swap contracts	(18,094)			287,332
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	204,034			(157,943	)
Total		$ 539,707		$	274,656
Managed Futures Strategy
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$7,568,466		$	(2,216,850	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	4,002,446			(5,648,360	)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	11,156,921			(1,429,319	)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	759,983			(3,145,070	)
Total		$23,487,816		$	(12,439,599	)

For the six months ended June 30, 2021, the relevant values for each derivative type were as follows:

	Average number of Contracts or Notional Amounts(1)
Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Absolute Return Tracker		12,734	$	285,021,622	$	978,582,478		1,201		845
Alternative Premia		2,094		19,041,790		135,481,544		906		—
Managed Futures Strategy		6,013		406,516,247		5,012,482,403		—		—

(1) Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2021.

87

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2021:

Alternative Premia
	Derivative Assets(1)				Derivative Liabilities(1)						Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Forwards		Swaps		Forwards			Swaps
Bank of America NA	$	—	$	317,142		—		$	(292,337	)	$	24,805		$	—	$	24,805
JPMorgan Chase Bank NA		—		161,204		—			(34,896	)		126,308			—		126,308
Morgan Stanley Co., Inc.		80,317		—		(115,818	)		—			(35,501	)		10,000		(45,501	)
Total	$	80,317	$	478,346	$	(115,818	)	$	(327,233	)	$	115,612		$	10,000	$	105,612

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Managed Futures Strategy
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Forwards		Forwards
Morgan Stanley Co., Inc.	$	2,135,238	$	(5,185,795	)	$	(3,050,557	)		(3,050,557	)	$	—

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

88

GOLDMAN SACHS ALTERNATIVE FUNDS

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 June 30, 2021, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^(1)
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Absolute Return Tracker		0.70	%		0.63	%		0.60	%		0.59	%		0.53	%		0.64	%		0.62	%
Alternative Premia		0.79			0.71			0.68			0.66			0.65			0.79			0.77
Managed Futures Strategy		1.00			0.90			0.86			0.84			0.82			1.00			0.97

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

(1) Reflects combined management fees paid to GSAM under the Agreement and the Funds’ Subsidiary Agreements (as defined below) after the waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2021, GSAM waived $36,165, $14,757 and $112,657 of each Fund’s management fee for Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds, respectively.

The 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 June 30, 2021, GSAM waived $308,760, $4,096 and $34,743 of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy 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 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

89

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 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 June 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Tracker	$	3,438	$	—
Alternative Premia		—
Managed Futures Strategy		235		—

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: 0.16% 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 R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional 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 for the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are 0.014%, 0.114% and 0.254%, respectively. These Other Expense limitations will remain in place through at least April 30, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds. 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.

90

GOLDMAN SACHS ALTERNATIVE FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Absolute Return Tracker	$	344,925	$	481,300	$	826,225
Alternative Premia		18,853		229,376		248,229
Managed Futures Strategy		147,400		13,221		160,621

G. Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 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 June 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H. Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Absolute Return Tracker	$	1,902,588,303	$	852,577,485	$	(1,169,808,320	)	$	1,585,357,468		1,585,357,468	$	251,511
Alternative Premia		24,297,724		23,754,940		(26,850,239	)		21,202,425		21,202,425		11,718
Managed Futures Strategy		180,241,518		145,973,306		(155,070,048	)		171,144,776		171,144,776		86,135

As of June 30, 2021, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Multi-strategy Alternative Portfolio
Alternative Premia		30	%		—	%		25	%		8	%
Managed Futures Strategy		6			5			9			—

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class R			Class P
Alternative Premia		100	%		73	%
Managed Futures Strategy		—			100

91

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were as follows:

Fund	Purchases		Sales and Maturities
Absolute Return Tracker	$	1,487,959,488	$	1,167,099,714

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker 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 Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Consolidated 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 Absolute Return Tracker Fund invests 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 Fund 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 Fund by paying the Fund 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 Fund’s 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 Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2021, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2021, are reported under Investment Income on the Consolidated Statements of Operations.

92

GOLDMAN SACHS ALTERNATIVE FUNDS

7. SECURITIES LENDING (continued)

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

	For the six months ended June 30, 2021				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Absolute Return Tracker	$	8,815	$	2,466	$	15,269,300

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021
Absolute Return Tracker	$	2,117,550	$	463,308,488	$	(387,647,332	)	$	77,778,706

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Absolute Return Tracker			Alternative Premia			Managed Futures Strategy
Capital loss carryforwards:
Perpetual Short-term	$	—		$	(3,250,720	)	$	—
Perpetual Long-term		—			(1,086,453	)		—
Total capital loss carryforwards	$	—		$	(4,337,173	)	$	—
Timing differences (Qualified Late year Loss Deferral, Real Estate Investment Trusts and Straddle Loss Deferral)	$	(144,264,466	)	$	(759,742	)	$	(212,258	)

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Absolute Return Tracker			Alternative Premia			Managed Futures Strategy
Tax cost	$	3,222,466,710		$	21,710,422		$	174,429,415
Gross unrealized gain		298,888,537			3,314,603			8,063,391
Gross unrealized loss		(41,706,911	)		(3,822,600	)		(11,348,030	)
Net unrealized gain (loss)	$	257,181,626		$	(507,997	)	$	(3,284,639	)

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, options and foreign currency contracts, and differences related to the tax treatment of swap transactions, underlying fund investments and passive foreign investment company investments.

93

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

8. TAX INFORMATION (continued)

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 problems with 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 — A Fund invests in foreign securities, and as such 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.

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, including an exchange-traded fund (“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.

94

GOLDMAN SACHS ALTERNATIVE FUNDS

9. OTHER RISKS (continued)

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 a Fund’s 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.

Tax Risk — Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker and Alternative Premia Funds. Based on such rulings, these Funds may seek to gain exposure to the commodity markets through investments in commodity-linked notes and/or subsidiaries. The Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. The IRS recently issued final regulations that would generally treat the Funds’ income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion, or (B) such inclusion is derived with respect to the Funds’ business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Funds have limited their investments in commodity index-linked structured notes. The Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the income from investments in the Subsidiary was not “qualifying income”, in which case the Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If a Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

95

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 Consolidated 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.

96

GOLDMAN SACHS ALTERNATIVE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Absolute Return Tracker Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		944,642		$	9,369,999			2,774,357		$	25,185,750
Reinvestment of distributions		—			—			35,723			341,674
Shares redeemed		(1,260,616	)		(12,518,253	)		(4,982,130	)		(45,622,852	)
		(315,974	)		(3,148,254	)		(2,172,050	)		(20,095,428	)
Class C Shares
Shares sold		50,482			456,813			223,442			1,841,170
Reinvestment of distributions		—			—			6,102			53,316
Shares redeemed		(249,163	)		(2,247,225	)		(953,536	)		(7,868,021	)
		(198,681	)		(1,790,412	)		(723,992	)		(5,973,535	)
Institutional Shares
Shares sold		52,248,884			539,679,172			127,122,072			1,197,771,733
Reinvestment of distributions		—			—			1,247,946			12,357,361
Shares redeemed		(53,418,611	)		(547,352,791	)		(129,284,677	)		(1,193,182,095	)
		(1,169,727	)		(7,673,619	)		(914,659	)		16,946,999
Investor Shares
Shares sold		4,118,149			41,979,566			15,229,502			142,879,584
Reinvestment of distributions		—			—			154,614			1,515,394
Shares redeemed		(7,074,704	)		(71,866,464	)		(28,969,064	)		(267,111,009	)
		(2,956,555	)		(29,886,898	)		(13,584,948	)		(122,716,031	)
Class R6 Shares
Shares sold		953,725			9,686,834			292,940			2,776,639
Reinvestment of distributions		—			—			5,700			56,384
Shares redeemed		(156,516	)		(1,619,998	)		(319,576	)		(2,960,447	)
		797,209			8,066,836			(20,936	)		(127,424	)
Class R Shares
Shares sold		24,989			241,923			34,948			307,594
Reinvestment of distributions		—			—			1,081			10,038
Shares redeemed		(32,029	)		(311,828	)		(125,366	)		(1,122,374	)
		(7,040	)		(69,905	)		(89,337	)		(804,742	)
Class P Shares
Shares sold		2,526,480			25,976,158			4,299,285			40,980,573
Reinvestment of distributions		—			—			129,063			1,277,883
Shares redeemed		(2,665,984	)		(27,273,903	)		(5,876,922	)		(54,147,725	)
		(139,504	)		(1,297,745	)		(1,448,574	)		(11,889,269	)
NET DECREASE		(3,990,272	)	$	(35,799,997	)		(18,954,496	)	$	(144,659,430	)

97

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Alternative Premia Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		219,216		$	1,453,439			110,964		$	827,956
Reinvestment of distributions		—			—			57,228			384,570
Shares redeemed		(120,540	)		(803,546	)		(339,135	)		(2,579,777	)
		98,676			649,893			(170,943	)		(1,367,251	)
Class C Shares
Shares sold		1,326			8,285			2,828			19,634
Reinvestment of distributions		—			—			12,992			81,979
Shares redeemed		(236,746	)		(1,473,359	)		(307,511	)		(2,163,535	)
		(235,420	)		(1,465,074	)		(291,691	)		(2,061,922	)
Institutional Shares
Shares sold		41,551			287,276			74,881			601,607
Reinvestment of distributions		—			—			48,559			335,547
Shares redeemed		(154,048	)		(1,047,990	)		(1,043,082	)		(8,036,220	)
		(112,497	)		(760,714	)		(919,642	)		(7,099,066	)
Investor Shares
Shares sold		40,102			273,550			14,245			112,109
Reinvestment of distributions		—			—			21,222			145,793
Shares redeemed		(84,277	)		(573,466	)		(212,846	)		(1,659,229	)
		(44,175	)		(299,916	)		(177,379	)		(1,401,327	)
Class R6 Shares
Shares sold		232,299			1,600,000			632,947			4,920,000
Reinvestment of distributions		—			—			210,733			1,451,948
Shares redeemed		—			(373	)		(724,767	)		(5,645,935	)
		232,299			1,599,627			118,913			726,013
Class R Shares
Shares sold		—			—			5,840			43,913
Reinvestment of distributions		—			—			179			1,195
Shares redeemed		(1,823	)		(12,160	)		(9,277	)		(69,185	)
		(1,823	)		(12,160	)		(3,258	)		(24,077	)
Class P Shares
Reinvestment of distributions		—			—			130			891
		—			—			130			891
NET DECREASE		(62,940	)	$	(288,344	)		(1,443,870	)	$	(11,226,739	)

98

GOLDMAN SACHS ALTERNATIVE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		329,151		$	3,436,643			812,401		$	7,889,565
Reinvestment of distributions		—			—			14,242			141,564
Shares redeemed		(141,597	)		(1,482,319	)		(446,837	)		(4,371,545	)
		187,554			1,954,324			379,806			3,659,584
Class C Shares
Shares sold		48,296			474,904			80,724			740,636
Reinvestment of distributions		—			—			4,607			43,078
Shares redeemed		(27,156	)		(267,380	)		(94,581	)		(867,923	)
		21,140			207,524			(9,250	)		(84,209	)
Institutional Shares
Shares sold		922,170			9,933,908			7,705,607			78,017,186
Reinvestment of distributions		—			—			54,914			562,864
Shares redeemed		(686,998	)		(7,427,589	)		(12,242,752	)		(121,705,770	)
		235,172			2,506,319			(4,482,231	)		(43,125,720	)
Investor Shares
Shares sold		2,768,268			29,352,761			10,524,025			104,023,405
Reinvestment of distributions		—			—			180,402			1,829,272
Shares redeemed		(4,735,043	)		(50,138,749	)		(7,135,351	)		(70,727,988	)
		(1,966,775	)		(20,785,988	)		3,569,076			35,124,689
Class R6 Shares
Shares sold		9,968			107,213			44,949			473,048
Reinvestment of distributions		—			—			64,245			659,155
Shares redeemed		(54,135	)		(590,003	)		(14,423	)		(150,000	)
		(44,167	)		(482,790	)		94,771			982,203
Class R Shares
Shares sold		2,410			24,693			11,297			107,460
Reinvestment of distributions		—			—			698			6,810
Shares redeemed		(10,324	)		(104,379	)		(18,242	)		(179,559	)
		(7,914	)		(79,686	)		(6,247	)		(65,289	)
Class P Shares
Shares sold		—			—			13,089			132,116
Reinvestment of distributions		—			—			82			842
Shares redeemed		(5,772	)		(61,235	)		(23,158	)		(233,070	)
		(5,772	)		(61,235	)		(9,987	)		(100,112	)
NET DECREASE		(1,580,762	)	$	(16,741,532	)		(464,062	)	$	(3,608,854	)

99

GOLDMAN SACHS ALTERNATIVE 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

100

GOLDMAN SACHS ALTERNATIVE FUNDS

Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P 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 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 R6, Class R and Class P 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.

	Absolute Return Tracker Fund							Alternative Premia Fund							Managed Futures Strategy Fund
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Class A
Actual	$	1,000	$	1,049.50		$	5.28	$	1,000	$	1,017.80		$	6.45	$	1,000	$	1,034.60		$	7.92
Hypothetical 5% return		1,000		1,019.64	+		5.21		1,000		1,018.40	+		6.46		1,000		1,017.01	+		7.85
Class C
Actual		1,000		1,046.40			9.08		1,000		1,012.60			10.08		1,000		1,029.40			11.67
Hypothetical 5% return		1,000		1,015.92	+		8.95		1,000		1,014.78	+		10.09		1,000		1,013.29	+		11.58
Institutional
Actual		1,000		1,051.80			3.41		1,000		1,018.80			4.61		1,000		1,036.40			6.06
Hypothetical 5% return		1,000		1,021.47	+		3.36		1,000		1,020.23	+		4.61		1,000		1,018.84	+		6.01
Investor
Actual		1,000		1,051.40			4.02		1,000		1,017.40			5.20		1,000		1,034.90			6.66
Hypothetical 5% return		1,000		1,020.88	+		3.96		1,000		1,019.64	+		5.21		1,000		1,018.25	+		6.61
Class R6
Actual		1,000		1,051.90			3.41		1,000		1,020.30			4.56		1,000		1,036.40			6.01
Hypothetical 5% return		1,000		1,021.47	+		3.36		1,000		1,020.28	+		4.56		1,000		1,018.89	+		5.96
Class R
Actual		1,000		1,047.90			6.55		1,000		1,016.50			7.70		1,000		1,032.30			9.17
Hypothetical 5% return		1,000		1,018.40	+		6.46		1,000		1,017.16	+		7.70		1,000		1,015.77	+		9.10
Class P
Actual		1,000		1,052.90			3.36		1,000		1,020.30			4.51		1,000		1,036.50			5.91
Hypothetical 5% return		1,000		1,021.52	+		3.31		1,000		1,020.33	+		4.51		1,000		1,018.99	+		5.86

+ 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 June 30, 2021. 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			Investor			Class R6			Class R			Class P
Absolute Return Tracker		1.04	%		1.79	%		0.67	%		0.79	%		0.67	%		1.29	%		0.66	%
Alternative Premia		1.29			2.02			0.92			1.04			0.91			1.54			0.90
Managed Futures Strategy		1.57			2.32			1.20			1.32			1.19			1.82			1.17

101

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Alternative Premia Fund, and Goldman Sachs Managed Futures Strategy Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”) and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

102

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (with respect to the Absolute Return Tracker Fund) securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-,

103

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of each Fund’s portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Absolute Return Tracker Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods; had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser (the “Competitor Fund Average”), for the one-, three-, and five-year periods ended March 31, 2021. They noted that the Absolute Return Tracker Fund had experienced certain portfolio management changes in 2020. The Board considered that the Alternative Premia Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one- and three-year periods; had underperformed the Fund’s LIBOR-based benchmark by 8.64%, 6.11%, 0.96%, and 0.07%, respectively, for the one-, three-, five-, and ten-year periods, and had underperformed its Competitor Fund Average for the one-year period and outperformed its Competitor Fund Average for the three- and five-year periods ended March 31, 2021. They observed that in October 2017, the Fund had been repositioned from the Dynamic Allocation Fund, which involved changes to the Fund’s investment objective, investment strategy, benchmark, and portfolio management. The Trustees also noted that the Alternative Premia Fund had experienced certain portfolio management changes in 2020 and had certain significant differences from its benchmark index that caused it to be an imperfect basis for comparison. The Board considered that the Managed Futures Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 6.32%, 1.75%, and 1.10%, respectively, for the one-, three-, and five-year periods; and had outperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to each Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense

104

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Absolute Return Tracker Fund			Alternative Premia Fund			Managed Futures Strategy Fund
First $1 billion		0.70	%		0.79	%		1.00	%
Next $1 billion		0.63			0.71			0.90
Next $3 billion		0.60			0.68			0.86
Next $3 billion		0.59			0.66			0.84
Over $8 billion		0.53			0.65			0.82

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Absolute Return Tracker Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker Fund, fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

105

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Absolute Return Tracker Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2022.

106

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ 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

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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

∎ Strategic Voltility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for 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).

Holdings and allocations shown are as of June 30, 2021 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.

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 the 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 the 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).

© 2021 Goldman Sachs. All rights reserved. 250022-OTU-1460277 SELSATSAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Alternative Funds II
	Commodity Strategy
	Defensive Equity

Goldman Sachs Alternative Funds II

∎ COMMODITY STRATEGY FUND

∎ DEFENSIVE EQUITY FUND

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	5
Financial Statements	11
Financial Highlights	14
Commodity Strategy	14
Defensive Equity	21
Notes to the Financial Statements	28
Other Information	44

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Commodity Strategy Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			S&P GSCI®2
Class A		24.65	%	31.40%
Class C		24.18		31.40
Institutional		24.87		31.40
Investor		24.84		31.40
Class R6		24.81		31.40
Class R		24.48		31.40
Class P		24.81		31.40

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 GSCI^® Total Return Index (Gross, USD, Unhedged) is an unmanaged composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Individual components qualify for inclusion in the S&P GSCI^® on the basis of liquidity and are weighted by their respective world production quantities. The figures for the S&P GSCI^® 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 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.

At a meeting held on July 23, 2020, the Board of Trustees of the Commodity Strategy Fund approved CoreCommodity Management, LLC (the “Sub-Adviser” or “CoreCommodity”) to serve as sub-adviser to the Commodity Strategy Fund, subject to approval by the Fund’s shareholders. At a special meeting of shareholders of the Fund held on December 18, 2020, the Fund’s shareholders approved a subadvisory agreement with CoreCommodity. Accordingly, effective after the close of business on January 22, 2021, CoreCommodity began sub-advising the Fund.

1

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 Consolidated 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.

2

FUND BASICS

Defensive Equity Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		7.46	%		15.25	%
Class C		6.97			15.25
Institutional		7.56			15.25
Investor		7.56			15.25
Class R6		7.56			15.25
Class R		7.26			15.25
Class P		7.56			15.25

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 an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes.

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.

TOP 10 HOLDINGS AS OF 6/30/213
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.7	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.5		Software
Alphabet, Inc. Class A		3.9		Interactive Media & Services
Berkshire Hathaway, Inc. Class B		1.7		Diversified Financial Services
Johnson & Johnson		1.7		Pharmaceuticals
The Procter & Gamble Co.		1.3		Household Products
Visa, Inc. Class A		1.2		IT Services
Verizon Communications, Inc.		1.1		Diversified Telecommunication Services
Accenture PLC Class A		1.1		IT Services
Bank of America Corp.		1.0		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.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2021

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 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 COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 23.0%
	U.S. Treasury Notes
$	39,250,000		1.750	%		02/28/22	$	39,688,496
	47,000,000		1.875			05/31/22		47,765,586
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $87,467,479)						$	87,454,082

Shares		Dividend Rate	Value
Investment Company(a) – 19.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	72,748,311	0.026%	$	72,748,311
	(Cost $72,748,311)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(b) – 53.9%
U.S. Treasury Obligations – 53.9%
	U.S. Treasury Bills
$	45,000,000		0.000	%		07/29/21	$	44,998,329
	10,000,000		0.000			10/07/21		9,998,794
	150,000,000		0.000			12/30/21		149,959,809
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $204,928,969)						$	204,956,932
	TOTAL INVESTMENTS – 96.0%
	(Cost $365,144,759)						$	365,159,325
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.0%							15,227,686
	NET ASSETS – 100.0%						$	380,387,011

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Brent Crude		336		07/30/21	$	25,072,320	$	453,177
Copper		190		07/19/21		44,476,625		(2,806,663	)
Corn		127		09/14/21		3,805,238		233,869
Gasoline RBOB		12		07/30/21		1,129,867		(19,286	)
Gold 100 Oz		109		08/27/21		19,310,440		(784,989	)
Low Sulphur Gas Oil		185		07/12/21		11,039,875		232,559
Natural Gas		515		07/28/21		18,797,500		2,099,228
Nickel		79		07/19/21		8,629,644		133,300
Platinum		75		10/27/21		4,023,375		83,250
Primary Aluminum		16		09/13/21		1,009,800		52,549
Silver		104		09/28/21		13,620,880		63,109
Soybean		166		09/14/21		6,291,400		232,314
Soybean		55		11/12/21		3,847,250		400,923
Wheat		71		09/14/21		2,372,250		185,196
Zinc		140		07/19/21		10,395,875		(122,067	)
Total							$	436,469

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Cattle		(27	)		08/31/21	$	(1,325,430	)	$	(19,409	)
Cocoa		(10	)		09/15/21		(238,900	)		908
Coffee		(23	)		09/20/21		(1,377,844	)		(60,866	)
Copper		(319	)		09/28/21		(34,204,775	)		(920,421	)
Copper		(7	)		07/19/21		(1,638,613	)		(13,147	)
Cotton No.2		(89	)		12/08/21		(3,778,050	)		(8,985	)
Crude Oil		(449	)		07/20/21		(32,988,030	)		(817,814	)
FCOJ-A		(9	)		09/10/21		(166,252	)		(5,326	)
Gasoline RBOB		(35	)		10/29/21		(3,026,289	)		49,528
Lean Hogs		(6	)		08/13/21		(247,800	)		19,785
Nickel		(3	)		07/19/21		(327,708	)		(8,676	)
NY Harbor ULSD		(50	)		07/30/21		(4,469,430	)		(52,085	)
Primary Aluminum		(12	)		09/13/21		(757,350	)		(39,450	)
Sugar No.11		(140	)		09/30/21		(2,805,152	)		(190,929	)
Zinc		(5	)		07/19/21		(371,281	)		(14,610	)
Total									$	(2,081,497	)
TOTAL FUTURES CONTRACTS									$	(1,645,028	)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS^#

Reference Obligation/ Index(a)	Financing Rate Paid by the Fund		Counterparty	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
CRB 1M Forward Index		3M USD LIBOR	Citibank NA		01/31/22	$	128	$	2,911,244	$	2	$	2,911,242
CRB 1M Forward Index		3M USD LIBOR	Merrill Lynch & Co., Inc.		01/31/22		166		3,660,244		—		3,660,244
CRB 1M Forward Index		3M USD LIBOR	UBS AG (London)		01/31/22		10		80,450		—		80,450
CRB 1M Forward Index		0.300%	UBS AG (London)		01/31/22		138		3,045,241		—		3,045,241
TOTAL								$	9,697,179	$	2	$	9,697,177

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(a) Payments made monthly.

Abbreviation:
CRB 1M Forward Index	—Commodity Research Bureau 1 Month Forward Index

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 90.8%
Aerospace & Defense – 1.1%
	420	Howmet Aerospace, Inc.*	$	14,478
	48	Huntington Ingalls Industries, Inc.		10,116
	494	Raytheon Technologies Corp.		42,143
				66,737
Air Freight & Logistics – 0.4%
	194	C.H. Robinson Worldwide, Inc.		18,172
	69	Expeditors International of Washington, Inc.		8,735
				26,907
Auto Components* – 0.2%
	66	Aptiv PLC		10,384
Banks – 1.0%
	1,576	Bank of America Corp.		64,978
Beverages – 2.5%
	157	Constellation Brands, Inc. Class A		36,720
	177	Monster Beverage Corp.*		16,169
	282	PepsiCo, Inc.(a)		41,784
	1,117	The Coca-Cola Co.		60,441
				155,114
Biotechnology – 1.6%
	379	AbbVie, Inc.		42,690
	137	Amgen, Inc.(a)		33,394
	109	Vertex Pharmaceuticals, Inc.*		21,978
				98,062
Building Products – 1.0%
	139	A.O. Smith Corp.		10,016
	112	Allegion PLC		15,602
	331	Masco Corp.		19,499
	100	Trane Technologies PLC		18,414
				63,531
Capital Markets – 2.5%
	73	Ameriprise Financial, Inc.		18,168
	151	Cboe Global Markets, Inc.		17,977
	63	Moody’s Corp.		22,829
	53	MSCI, Inc.		28,253
	75	Nasdaq, Inc.		13,185
	107	Northern Trust Corp.		12,371
	75	Raymond James Financial, Inc.		9,743
	81	S&P Global, Inc.		33,247
				155,773
Chemicals – 2.6%
	107	Air Products & Chemicals, Inc.		30,782
	667	Corteva, Inc.		29,581
	63	Eastman Chemical Co.		7,355
	75	Ecolab, Inc.		15,448
	115	Linde PLC		33,247
	139	PPG Industries, Inc.		23,598
	85	The Sherwin-Williams Co.		23,158
				163,169
Common Stocks – (continued)
Commercial Services & Supplies – 1.3%
	213	Copart, Inc.*		28,080
	190	Republic Services, Inc.		20,902
	375	Rollins, Inc.		12,825
	143	Waste Management, Inc.		20,035
				81,842
Communications Equipment – 0.5%
	65	F5 Networks, Inc.*		12,133
	96	Motorola Solutions, Inc.		20,817
				32,950
Construction & Engineering – 0.1%
	99	Quanta Services, Inc.		8,966
Containers & Packaging – 0.8%
	1,131	Amcor PLC		12,961
	76	Avery Dennison Corp.		15,978
	108	Ball Corp.		8,750
	90	Packaging Corp. of America		12,188
				49,877
Diversified Financial Services*(a) – 1.7%
	387	Berkshire Hathaway, Inc. Class B		107,555
Diversified Telecommunication Services – 1.7%
	1,391	AT&T, Inc.		40,033
	1,198	Verizon Communications, Inc.(a)		67,124
				107,157
Electric Utilities – 1.4%
	272	American Electric Power Co., Inc.		23,009
	931	PPL Corp.		26,040
	596	The Southern Co.		36,064
				85,113
Electrical Equipment – 1.0%
	110	AMETEK, Inc.		14,685
	245	Emerson Electric Co.		23,579
	96	Rockwell Automation, Inc.		27,458
				65,722
Electronic Equipment, Instruments & Components – 1.5%
	72	CDW Corp.		12,575
	105	Keysight Technologies, Inc.*(a)		16,213
	234	TE Connectivity Ltd.		31,639
	69	Zebra Technologies Corp. Class A*		36,535
				96,962
Entertainment – 1.6%
	316	Activision Blizzard, Inc.		30,159
	83	Electronic Arts, Inc.		11,938
	116	Netflix, Inc.*		61,272
				103,369
Equity Real Estate Investment Trusts (REITs) – 2.7%
	104	Alexandria Real Estate Equities, Inc.		18,922
	112	Crown Castle International Corp.		21,851

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	456	Duke Realty Corp.	$	21,592
	29	Equinix, Inc.		23,275
	53	Extra Space Storage, Inc.		8,683
	248	Prologis, Inc.		29,644
	60	Public Storage		18,041
	92	SBA Communications Corp.		29,320
				171,328
Food & Staples Retailing – 2.0%
	121	Costco Wholesale Corp.(a)		47,876
	186	Sysco Corp.		14,461
	447	Walmart, Inc.(a)		63,036
				125,373
Food Products – 1.8%
	191	Campbell Soup Co.		8,708
	181	Conagra Brands, Inc.		6,585
	208	General Mills, Inc.		12,673
	169	Lamb Weston Holdings, Inc.		13,632
	228	McCormick & Co., Inc.		20,137
	547	Mondelez International, Inc. Class A		34,155
	86	The Hershey Co.		14,979
				110,869
Health Care Equipment & Supplies – 7.3%
	319	Abbott Laboratories(a)		36,982
	40	ABIOMED, Inc.*		12,484
	41	Align Technology, Inc.*		25,051
	460	Baxter International, Inc.(a)		37,030
	61	Becton Dickinson & Co.		14,835
	681	Boston Scientific Corp.*		29,120
	137	Danaher Corp.		36,765
	263	DENTSPLY SIRONA, Inc.		16,637
	44	DexCom, Inc.*		18,788
	425	Edwards Lifesciences Corp.*(a)		44,017
	23	IDEXX Laboratories, Inc.*		14,526
	416	Medtronic PLC		51,638
	42	ResMed, Inc.		10,354
	143	Stryker Corp.		37,141
	72	Teleflex, Inc.		28,929
	73	The Cooper Cos., Inc.		28,928
	41	West Pharmaceutical Services, Inc.		14,723
				457,948
Health Care Providers & Services – 0.6%
	87	HCA Healthcare, Inc.		17,986
	57	McKesson Corp.		10,901
	41	Universal Health Services, Inc. Class B		6,004
				34,891
Health Care Technology – 0.4%
	331	Cerner Corp.		25,871
Hotels, Restaurants & Leisure – 2.4%
	14	Chipotle Mexican Grill, Inc.*		21,705
	64	Domino’s Pizza, Inc.		29,855
	247	Las Vegas Sands Corp.*		13,014
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	152	McDonald’s Corp.		35,111
	433	Starbucks Corp.		48,414
				148,099
Household Durables – 0.2%
	531	Newell Brands, Inc.		14,587
Household Products – 1.8%
	195	Colgate-Palmolive Co.		15,863
	84	The Clorox Co.		15,113
	610	The Procter & Gamble Co.(a)		82,307
				113,283
Independent Power and Renewable Electricity Producers – 0.2%
	547	The AES Corp.		14,260
Industrial Conglomerates – 1.0%
	241	Honeywell International, Inc.(a)		52,864
	26	Roper Technologies, Inc.		12,225
				65,089
Insurance – 2.4%
	140	Aon PLC Class A		33,426
	185	Arthur J. Gallagher & Co.		25,915
	196	Chubb Ltd.		31,152
	274	Marsh & McLennan Cos., Inc.		38,546
	122	The Travelers Cos., Inc.		18,265
	78	W.R. Berkley Corp.		5,806
				153,110
Interactive Media & Services*(a) – 3.9%
	100	Alphabet, Inc. Class A		244,179
IT Services – 7.0%
	227	Accenture PLC Class A(a)		66,917
	190	Automatic Data Processing, Inc.(a)		37,738
	147	Broadridge Financial Solutions, Inc.		23,745
	168	Cognizant Technology Solutions Corp. Class A		11,636
	268	Fidelity National Information Services, Inc.		37,967
	307	Fiserv, Inc.*		32,815
	100	FleetCor Technologies, Inc.*		25,606
	113	Gartner, Inc.*		27,369
	169	Global Payments, Inc.		31,694
	74	Jack Henry & Associates, Inc.		12,100
	217	Paychex, Inc.(a)		23,284
	145	VeriSign, Inc.*		33,015
	328	Visa, Inc. Class A		76,693
				440,579
Life Sciences Tools & Services – 1.4%
	112	Agilent Technologies, Inc.		16,555
	53	Charles River Laboratories International, Inc.*		19,606
	69	Illumina, Inc.*		32,651
	15	Mettler-Toledo International, Inc.*		20,780
				89,592

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Machinery – 1.9%
	347	Fortive Corp.	$	24,200
	146	Illinois Tool Works, Inc.		32,640
	260	Ingersoll Rand, Inc.*		12,690
	366	Otis Worldwide Corp.		29,928
	75	Stanley Black & Decker, Inc.		15,374
	60	Xylem, Inc.		7,198
				122,030
Media – 1.0%
	57	Charter Communications, Inc. Class A*(a)		41,123
	247	Fox Corp. Class A		9,171
	504	News Corp. Class A		12,988
				63,282
Multi-Utilities – 1.2%
	381	CMS Energy Corp.		22,510
	471	Dominion Energy, Inc.		34,651
	320	Public Service Enterprise Group, Inc.		19,117
				76,278
Multiline Retail – 1.2%
	133	Dollar General Corp.(a)		28,780
	132	Dollar Tree, Inc.*		13,134
	131	Target Corp.		31,668
				73,582
Oil, Gas & Consumable Fuels – 0.7%
	348	Chevron Corp.		36,450
	581	Marathon Oil Corp.		7,913
				44,363
Personal Products(a) – 0.5%
	97	The Estee Lauder Cos., Inc. Class A		30,854
Pharmaceuticals – 2.8%
	532	Bristol-Myers Squibb Co.		35,548
	636	Johnson & Johnson(a)		104,775
	473	Merck & Co., Inc.		36,785
				177,108
Professional Services – 0.8%
	89	Equifax, Inc.		21,316
	164	Verisk Analytics, Inc.		28,654
				49,970
Road & Rail – 1.9%
	1,051	CSX Corp.		33,716
	93	Norfolk Southern Corp.		24,683
	52	Old Dominion Freight Line, Inc.		13,198
	225	Union Pacific Corp.(a)		49,484
				121,081
Semiconductors & Semiconductor Equipment – 2.1%
	103	Broadcom, Inc.		49,114
	44	Monolithic Power Systems, Inc.		16,432
	100	Skyworks Solutions, Inc.		19,175
	80	Teradyne, Inc.		10,717
	180	Texas Instruments, Inc.		34,614
				130,052
Common Stocks – (continued)
Software – 9.1%
	64	ANSYS, Inc.*		22,212
	129	Autodesk, Inc.*		37,655
	87	Cadence Design Systems, Inc.*(a)		11,903
	52	Intuit, Inc.		25,489
	1,284	Microsoft Corp.(a)		347,836
	30	Paycom Software, Inc.*		10,904
	220	salesforce.com, Inc.*		53,739
	64	ServiceNow, Inc.*(a)		35,171
	43	Synopsys, Inc.*		11,859
	35	Tyler Technologies, Inc.*		15,833
				572,601
Specialty Retail – 0.8%
	321	The TJX Cos., Inc.		21,642
	83	Tractor Supply Co.		15,443
	47	Ulta Beauty, Inc.*		16,251
				53,336
Technology Hardware, Storage & Peripherals(a) – 5.7%
	2,617	Apple, Inc.		358,424
Textiles, Apparel & Luxury Goods – 0.7%
	287	NIKE, Inc. Class B		44,339
Trading Companies & Distributors – 0.6%
	680	Fastenal Co.		35,360
Water Utilities – 0.2%
	99	American Water Works Co., Inc.		15,259
	TOTAL COMMON STOCKS
	(Cost $5,429,972)		$	5,721,145

Shares		Dividend Rate	Value
Investment Company(b) – 4.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	296,143	0.026%	$	296,143
	(Cost $296,143)
	TOTAL INVESTMENTS — 95.5%
	(Cost $5,726,115)		$	6,017,288
	OTHER ASSETS IN EXCESS OF     LIABILITIES — 4.5%			280,718
	NET ASSETS — 100.0%		$	6,298,006

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		2		09/17/21	$	428,860	$	4,411

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	4,200.00		07/30/2021		14		$	1,400		$	43,960		$	45,463		$	(1,503	)
Written option contracts
Calls
S&P 500 Index	4,355.00		07/30/2021		(14	)		(1,400	)		(34,859	)		(31,747	)		(3,112	)
Puts
S&P 500 Index	3,965.00		07/30/2021		(14	)		(1,400	)		(16,171	)		(16,194	)		23
Total written option contracts					(28	)	$	(2,800	)	$	(51,030	)	$	(47,941	)	$	(3,089	)
TOTAL					(14	)	$	(1,400	)	$	(7,070	)	$	(2,478	)	$	(4,592	)

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Commodity Strategy Fund(a)		Defensive Equity Fund
Assets:
Investments of unaffiliated issuers, at value (cost $292,396,448 and $5,429,972, respectively)	$	292,411,014	$	5,721,145
Investments of affiliated issuers, at value (cost $72,748,311 and $296,143, respectively)		72,748,311		296,143
Purchased options, at value (premium paid $0 and $45,463, respectively)		—		43,960
Cash		1,484,664		90,573
Unrealized gain on swap contracts		9,697,177		—
Variation margin on futures contracts		166,621		3,290
Upfront payments made on swap contracts		2		—
Deferred offering costs		—		53,871
Receivables:
Fund shares sold		4,372,244		250,000
Dividends and interest		289,510		3,143
Reimbursement from investment adviser		32,196		44,237
Investments sold		—		1,258,420
Collateral on certain derivative contracts(b)		—		24,200
Other assets		536,087		27,945
Total assets		381,737,826		7,816,927
Liabilities:
Written option contracts, at value (premium received $0 and $47,941, respectively)		—		51,030
Payables:
Fund shares redeemed		966,036		—
Management fees		143,144		2,559
Distribution and Service fees and Transfer Agency fees		19,714		305
Investments purchased		1,519		1,324,600
Due to broker — upfront payment		35		—
Accrued expenses and other liabilities		220,367		140,427
Total liabilities		1,350,815		1,518,921
Net Assets:
Paid-in capital		339,711,135		5,781,352
Total distributable earnings		40,675,876		516,654
NET ASSETS	$	380,387,011	$	6,298,006
Net Assets:
Class A	$	20,021,478	$	355,689
Class C		2,057,948		54,447
Institutional		160,722,995		5,668,551
Investor		11,039,233		54,855
Class R6		94,073,665		54,905
Class R		2,930,768		54,651
Class P		89,540,924		54,908
Total Net Assets	$	380,387,011	$	6,298,006
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,062,494		32,502
Class C		226,406		5,000
Institutional		16,332,798		517,307
Investor		1,121,041		5,009
Class R6		9,538,996		5,010
Class R		308,158		5,003
Class P		9,082,068		5,010
Net asset value, offering and redemption price per share:(c)
Class A		$9.71		$10.94
Class C		9.09		10.89
Institutional		9.84		10.96
Investor		9.85		10.95
Class R6		9.86		10.96
Class R		9.51		10.92
Class P		9.86		10.96

(a) Statement of Assets and Liabilities for the Commodity Strategy Fund is consolidated and include the balance of a wholly-owned subsidiary, Cayman Commodity-CSF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Segregated for initial margin requirements and/or collateral on futures contracts.

(c) Maximum public offering price per share for Class A Shares of the Commodity Strategy Fund and Defensive Equity Fund is $10.28 and $11.58, 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. 11

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

	Commodity Strategy Fund(a)			Defensive Equity Fund
Investment income:
Interest	$	97,478		$	—
Dividends — affiliated issuers		8,473			21
Dividends — unaffiliated issuers		—			33,565
Total investment income		105,951			33,586
Expenses:
Management fees		857,533			15,071
Professional fees		117,836			70,625
Printing and mailing costs		108,356			25,441
Custody, accounting and administrative services		70,147			44,586
Transfer Agency fees(b)		63,515			1,264
Registration fees		40,350			11,981
Distribution and Service (12b-1) fees(b)		33,956			408
Trustee fees		9,707			9,412
Service fees — Class C		1,964			65
Amortization of offering costs		—			98,570
Other		15,899			15,947
Total expenses		1,319,263			293,370
Less — expense reductions		(414,982	)		(276,505	)
Net expenses		904,281			16,865
NET INVESTMENT INCOME (LOSS)		(798,330	)		16,721
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		3,367,238			683,329
Purchased options		—			(431,905	)
Futures contracts		10,535,209			62,555
Written options		—			140,274
Swap contracts		44,366,845			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,433,063	)		(45,999	)
Purchased options		—			698
Futures contracts		(1,769,328	)		(6,563	)
Written options		—			369
Swap contracts		9,697,137			—
Net realized and unrealized gain		62,764,038			402,758
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,965,708		$	419,479

(a) Statement of Operations for Commodity Strategy Fund is consolidated and include the balance of a wholly-owned subsidiary, Cayman Commodity-CSF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Commodity Strategy	$	22,197	$	5,890	$	5,869	$	10,655	$	942	$	28,918	$	3,721	$	13,246	$	1,409	$	4,624
Defensive Equity		84		194		130		54		41		1,072		42		7		41		7

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Changes in Net Assets

	Commodity Strategy Fund(a)						Defensive Equity Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020(b)
From operations:
Net investment income (loss)	$	(798,330	)	$	(264,652	)	$	16,721		$	10,363
Net realized gain (loss)		58,269,292			(52,273,359	)		454,253			(245,088	)
Net change in unrealized gain (loss)		4,494,746			1,808,856			(51,495	)		342,487
Net increase (decrease) in net assets resulting from operations		61,965,708			(50,729,155	)		419,479			107,762
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(35,886	)		—			(108	)
Class C Shares		—			—			—			(4	)
Institutional Shares		—			(485,058	)		—			(10,372	)
Investor Shares		—			(10,293	)		—			(89	)
Class R6 Shares		—			(249,795	)		—			(105	)
Class R Shares		—			(2,158	)		—			(26	)
Class P Shares		—			(2,720	)		—			(105	)
Total distributions to shareholders		—			(785,910	)		—			(10,809	)
From share transactions:
Proceeds from sales of shares		145,345,704			138,603,930			371,017			5,427,072
Reinvestment of distributions		—			614,812			—			10,809
Cost of shares redeemed		(59,688,345	)		(131,532,145	)		(27,254	)		(70	)
Net increase in net assets resulting from share transactions		85,657,359			7,686,597			343,763			5,437,811
TOTAL INCREASE (DECREASE)		147,623,067			(43,828,468	)		763,242			5,534,764
Net assets:
Beginning of period		232,763,944			276,592,412			5,534,764			–
End of period	$	380,387,011		$	232,763,944		$	6,298,006		$	5,534,764

(a) Statements of Changes in Net Assets for the Commodity Strategy Fund is consolidated and include the balance of a wholly-owned subsidiary, Cayman Commodity-CSF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on September 30, 2020.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.79		$	10.17		$	9.66		$	11.49		$	11.68		$	10.49
Net investment income (loss)(a)		(0.04	)		(0.03	)		0.14			0.10			0.02			0.02
Net realized and unrealized gain (loss)		1.96			(2.33	)		1.44			(1.84	)		0.43			1.23
Total from investment operations		1.92			(2.36	)		1.58			(1.74	)		0.45			1.25
Distributions to shareholders from net investment income		—			(0.02	)		(0.18	)		(0.09	)		(0.52	)		(0.06	)
Distributions to shareholders from return of capital		—			—			(0.89	)		—			(0.12	)		—
Total distributions		—			(0.02	)		(1.07	)		(0.09	)		(0.64	)		(0.06	)
Net asset value, end of period	$	9.71		$	7.79		$	10.17		$	9.66		$	11.49		$	11.68
Total return(b)		24.65	%		(23.16	)%		16.31	%		(15.17	)%		3.95	%		11.91	%
Net assets, end of period (in 000s)	$	20,021		$	15,324		$	22,569		$	25,351		$	46,809		$	60,944
Ratio of net expenses to average net assets		0.92	%(c)		0.80	%		0.84	%		0.84	%		0.86	%		0.90	%
Ratio of total expenses to average net assets		1.12	%(c)		1.28	%		1.09	%		1.01	%		1.01	%		1.07	%
Ratio of net investment income (loss) to average net assets		(0.85	)%(c)		(0.39	)%		1.34	%		0.88	%		0.16	%		0.19	%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.32		$	9.61		$	9.17		$	10.92		$	11.15		$	10.04
Net investment income (loss)(a)		(0.07	)		(0.08	)		0.08			0.02			(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		1.84			(2.21	)		1.35			(1.75	)		0.42			1.17
Total from investment operations		1.77			(2.29	)		1.43			(1.73	)		0.35			1.11
Distributions to shareholders from net investment income		—			—			(0.17	)		(0.02	)		(0.46	)		—
Distributions to shareholders from return of capital		—			—			(0.82	)		—			(0.12	)		—
Total distributions		—			—			(0.99	)		(0.02	)		(0.58	)		—
Net asset value, end of period	$	9.09		$	7.32		$	9.61		$	9.17		$	10.92		$	11.15
Total return(b)		24.18	%		(23.77	)%		15.54	%		(15.84	)%		3.16	%		11.02	%
Net assets, end of period (in 000s)	$	2,058		$	1,340		$	2,271		$	2,472		$	2,949		$	3,858
Ratio of net expenses to average net assets		1.67	%(c)		1.55	%		1.59	%		1.59	%		1.61	%		1.65	%
Ratio of total expenses to average net assets		1.87	%(c)		2.03	%		1.84	%		1.76	%		1.76	%		1.82	%
Ratio of net investment income (loss) to average net assets		(1.60	)%(c)		(1.12	)%		0.81	%		0.14	%		(0.68	)%		(0.56	)%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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. 15

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.88		$	10.28		$	9.74		$	11.61		$	11.80		$	10.59
Net investment income (loss)(a)		(0.02	)		(0.01	)		0.09			0.15			0.09			0.06
Net realized and unrealized gain (loss)		1.98			(2.36	)		1.56			(1.88	)		0.40			1.25
Total from investment operations		1.96			(2.37	)		1.65			(1.73	)		0.49			1.31
Distributions to shareholders from net investment income		—			(0.03	)		(0.19	)		(0.14	)		(0.56	)		(0.10	)
Distributions to shareholders from return of capital		—			—			(0.92	)		—			(0.12	)		—
Total distributions		—			(0.03	)		(1.11	)		(0.14	)		(0.68	)		(0.10	)
Net asset value, end of period	$	9.84		$	7.88		$	10.28		$	9.74		$	11.61		$	11.80
Total return(b)		24.87	%		(22.96	)%		16.77	%		(14.89	)%		4.28	%		12.32	%
Net assets, end of period (in 000s)	$	160,723		$	127,172		$	156,673		$	259,239		$	314,888		$	326,270
Ratio of net expenses to average net assets		0.59	%(c)		0.47	%		0.50	%		0.50	%		0.52	%		0.56	%
Ratio of total expenses to average net assets		0.79	%(c)		0.96	%		0.74	%		0.66	%		0.66	%		0.72	%
Ratio of net investment income (loss) to average net assets		(0.52	)%(c)		(0.10	)%		0.81	%		1.23	%		0.78	%		0.53	%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.89		$	10.29		$	9.75		$	11.61		$	11.81		$	10.60
Net investment income (loss)(a)		(0.03	)		(0.01	)		(0.04	)		0.14			(0.02	)		0.05
Net realized and unrealized gain (loss)		1.99			(2.37	)		1.68			(1.87	)		0.49			1.25
Total from investment operations		1.96			(2.38	)		1.64			(1.73	)		0.47			1.30
Distributions to shareholders from net investment income		—			(0.02	)		(0.18	)		(0.13	)		(0.55	)		(0.09	)
Distributions to shareholders from return of capital		—			—			(0.92	)		—			(0.12	)		—
Total distributions		—			(0.02	)		(1.10	)		(0.13	)		(0.67	)		(0.09	)
Net asset value, end of period	$	9.85		$	7.89		$	10.29		$	9.75		$	11.61		$	11.81
Total return(b)		24.84	%		(22.99	)%		16.73	%		(14.97	)%		4.08	%		12.21	%
Net assets, end of period (in 000s)	$	11,039		$	3,115		$	6,651		$	8,272		$	8,586		$	5,265
Ratio of net expenses to average net assets		0.67	%(c)		0.55	%		0.59	%		0.59	%		0.61	%		0.65	%
Ratio of total expenses to average net assets		0.86	%(c)		1.02	%		0.83	%		0.75	%		0.75	%		0.82	%
Ratio of net investment income (loss) to average net assets		(0.61	)%(c)		(0.09	)%		(0.36	)%		1.15	%		(0.18	)%		0.44	%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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. 17

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.90		$	10.30		$	9.76		$	11.62		$	11.80		$	10.60
Net investment income (loss)(a)		(0.02	)		(0.01	)		0.38			0.14			(0.45	)		0.06
Net realized and unrealized gain (loss)		1.98			(2.36	)		1.27			(1.87	)		0.95			1.24
Total from investment operations		1.96			(2.37	)		1.65			(1.73	)		0.50			1.30
Distributions to shareholders from net investment income		—			(0.03	)		(0.19	)		(0.13	)		(0.56	)		(0.10	)
Distributions to shareholders from return of capital		—			—			(0.92	)		—			(0.12	)		—
Total distributions		—			(0.03	)		(1.11	)		(0.13	)		(0.68	)		(0.10	)
Net asset value, end of period	$	9.86		$	7.90		$	10.30		$	9.76		$	11.62		$	11.80
Total return(b)		24.81	%		(22.92	)%		16.87	%		(14.96	)%		4.29	%		12.25	%
Net assets, end of period (in 000s)	$	94,074		$	83,227		$	85,170		$	182		$	90		$	1,907
Ratio of net expenses to average net assets		0.58	%(c)		0.46	%		0.49	%		0.49	%		0.50	%		0.54	%
Ratio of total expenses to average net assets		0.79	%(c)		0.96	%		0.75	%		0.68	%		0.66	%		0.72	%
Ratio of net investment income (loss) to average net assets		(0.50	)%(c)		(0.09	)%		3.52	%		1.15	%		(4.04	)%		0.54	%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.64		$	9.99		$	9.50		$	11.31		$	11.51		$	10.35
Net investment income (loss)(a)		(0.05	)		(0.05	)		0.16			0.07			(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		1.92			(2.29	)		1.38			(1.81	)		0.45			1.21
Total from investment operations		1.87			(2.34	)		1.54			(1.74	)		0.41			1.20
Distributions to shareholders from net investment income		—			(0.01	)		(0.18	)		(0.07	)		(0.49	)		(0.04	)
Distributions to shareholders from return of capital		—			—			(0.87	)		—			(0.12	)		—
Total distributions		—			(0.01	)		(1.05	)		(0.07	)		(0.61	)		(0.04	)
Net asset value, end of period	$	9.51		$	7.64		$	9.99		$	9.50		$	11.31		$	11.51
Total return(b)		24.48	%		(23.36	)%		16.11	%		(15.40	)%		3.60	%		11.60	%
Net assets, end of period (in 000s)	$	2,931		$	1,903		$	2,280		$	2,233		$	2,892		$	4,419
Ratio of net expenses to average net assets		1.17	%(c)		1.05	%		1.09	%		1.09	%		1.11	%		1.14	%
Ratio of total expenses to average net assets		1.37	%(c)		1.54	%		1.34	%		1.25	%		1.26	%		1.34	%
Ratio of net investment income (loss) to average net assets		(1.10	)%(c)		(0.68	)%		1.53	%		0.64	%		(0.40	)%		(0.07	)%
Portfolio turnover rate(d)		65	%		70	%		52	%		46	%		89	%		145	%

(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. 19

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018*
				2020			2019
Per Share Data
Net asset value, beginning of period	$	7.90		$	10.29		$	9.76		$	12.11
Net investment income (loss)(a)		(0.03	)		—	(b)		(0.25	)		0.12
Net realized and unrealized gain (loss)		1.99			(2.36	)		1.89			(2.33	)
Total from investment operations		1.96			(2.36	)		1.64			(2.21	)
Distributions to shareholders from net investment income		—			(0.03	)		(0.19	)		(0.14	)
Distributions to shareholders from return of capital		—			—			(0.92	)		—
Total distributions		—			(0.03	)		(1.11	)		(0.14	)
Net asset value, end of period	$	9.86		$	7.90		$	10.29		$	9.76
Total return(c)		24.81	%		(22.84	)%		16.73	%		(18.31	)%
Net assets, end of period (in 000s)	$	89,541		$	684		$	977		$	3,167
Ratio of net expenses to average net assets		0.59	%(d)		0.45	%		0.48	%		0.45	%(d)
Ratio of total expenses to average net assets		0.75	%(d)		0.94	%		0.72	%		0.65	%(d)
Ratio of net investment income (loss) to average net assets		(0.54	)%(d)		(0.04	)%		(2.28	)%		1.43	%(d)
Portfolio turnover rate(e)		65	%		70	%		52	%		46	%

 * Commencement of operations on April 17, 2018.

(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 and certain derivatives. 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 DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		0.01			0.01
Net realized and unrealized gain		0.74			0.19
Total from investment operations		0.75			0.20
Distributions to shareholders from net investment income		—			(0.01	)
Distributions to shareholders from net realized gains		—			—	(c)
Total distributions		—			(0.01	)
Net asset value, end of period	$	10.94		$	10.19
Total return(d)		7.46	%		2.04	%
Net assets, end of period (in 000s)	$	356		$	79
Ratio of net expenses to average net assets		0.94	%(e)		0.94	%(e)
Ratio of total expenses to average net assets		8.90	%(e)		10.42	%(e)
Ratio of net investment income to average net assets		0.25	%(e)		0.42	%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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. 21

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.18		$	10.00
Net investment loss(b)		(0.03	)		(0.01	)
Net realized and unrealized gain		0.74			0.19
Total from investment operations		0.71			0.18
Distributions to shareholders from net realized gains		—			—	(c)
Net asset value, end of period	$	10.89		$	10.18
Total return(d)		6.97	%		1.81	%
Net assets, end of period (in 000s)	$	54		$	51
Ratio of net expenses to average net assets		1.69	%(e)		1.69	%(e)
Ratio of total expenses to average net assets		9.67	%(e)		11.70	%(e)
Ratio of net investment loss to average net assets		(0.51	)%(e)		(0.28	)%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		0.03			0.02
Net realized and unrealized gain		0.74			0.19
Total from investment operations		0.77			0.21
Distributions to shareholders from net investment income		—			(0.02	)
Distributions to shareholders from net realized gains		—			—	(c)
Total distributions		—			(0.02	)
Net asset value, end of period	$	10.96		$	10.19
Total return(d)		7.56	%		2.11	%
Net assets, end of period (in 000s)	$	5,669		$	5,201
Ratio of net expenses to average net assets		0.57	%(e)		0.57	%(e)
Ratio of total expenses to average net assets		8.55	%(e)		10.45	%(e)
Ratio of net investment income to average net assets		0.61	%(e)		0.84	%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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. 23

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		0.03			0.02
Net realized and unrealized gain		0.73			0.19
Total from investment operations		0.76			0.21
Distributions to shareholders from net investment income		—			(0.02	)
Distributions to shareholders from net realized gains		—			—	(c)
Total distributions		—			(0.02	)
Net asset value, end of period	$	10.95		$	10.19
Total return(d)		7.56	%		2.08	%
Net assets, end of period (in 000s)	$	55		$	51
Ratio of net expenses to average net assets		0.69	%(e)		0.69	%(e)
Ratio of total expenses to average net assets		8.67	%(e)		10.70	%(e)
Ratio of net investment income to average net assets		0.49	%(e)		0.72	%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		0.03			0.02
Net realized and unrealized gain		0.74			0.19
Total from investment operations		0.77			0.21
Distributions to shareholders from net investment income		—			(0.02	)
Distributions to shareholders from net realized gains		—			—	(c)
Total distributions		—			(0.02	)
Net asset value, end of period	$	10.96		$	10.19
Total return(d)		7.56	%		2.11	%
Net assets, end of period (in 000s)	$	55		$	51
Ratio of net expenses to average net assets		0.57	%(e)		0.57	%(e)
Ratio of total expenses to average net assets		8.55	%(e)		10.58	%(e)
Ratio of net investment income to average net assets		0.61	%(e)		0.84	%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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. 25

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		—	(c)		0.01
Net realized and unrealized gain		0.73			0.19
Total from investment operations		0.73			0.20
Distributions to shareholders from net investment income		—			(0.01	)
Distributions to shareholders from net realized gains		—			—	(d)
Total distributions		—			(0.01	)
Net asset value, end of period	$	10.92		$	10.19
Total return(e)		7.26	%		1.95	%
Net assets, end of period (in 000s)	$	55		$	51
Ratio of net expenses to average net assets		1.19	%(f)		1.19	%(f)
Ratio of total expenses to average net assets		9.17	%(f)		11.20	%(f)
Ratio of net investment income (loss) to average net assets		(0.01	)%(f)		0.22	%(f)
Portfolio turnover rate(g)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.01 per share.

(d) Rounds to 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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.00
Net investment income(b)		0.03			0.02
Net realized and unrealized gain		0.74			0.19
Total from investment operations		0.77			0.21
Distributions to shareholders from net investment income		—			(0.02	)
Distributions to shareholders from net realized gains		—			—	(c)
Total distributions		—			(0.02	)
Net asset value, end of period	$	10.96		$	10.19
Total return(d)		7.56	%		2.11	%
Net assets, end of period (in 000s)	$	55		$	51
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%(e)
Ratio of total expenses to average net assets		8.54	%(e)		10.57	%(e)
Ratio of net investment income to average net assets		0.62	%(e)		0.85	%(e)
Portfolio turnover rate(f)		139	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

(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. 27

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements

June 30, 2021 (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	Shares Classes Offered	Diversified/ Non-diversified
Commodity Strategy	A, C, Institutional, Investor, R6, R and P	Diversified
Defensive Equity	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class A Shares of the Defensive Equity Fund 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, Investor, Class R6, Class R and Class P 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 with the Trust. CoreCommodity Management, LLC (“CoreCommodity” or the “Sub-Adviser”) serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy 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.  Basis of Consolidation for Commodity Strategy Fund — Cayman Commodity-CSF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Commodity Strategy Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control its Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of June 30, 2021, the Fund’s net assets were $380,387,011, of which $74,284,333, or 19.5%, represented the Subsidiary’s net assets.

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

C.  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 United States (“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.

28

GOLDMAN SACHS ALTERNATIVE FUNDS II

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Statement and Consolidated Statement 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.

D.  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.

E.  Offering Costs — Offering costs paid in connection with the initial offering of shares of the Defensive Equity Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

F.  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/Paid
Commodity Strategy	Semi-Annually	Annually
Defensive Equity	Annually	Annually

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Commodity Strategy Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods. 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 Statement and Consolidated Statement 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an

29

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Fund’s 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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.

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.

30

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Statement and Consolidated Statement 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 Schedule and Consolidated Schedule 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.

ii.  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 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.

iii.  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.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee

31

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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 June 30, 2021:

COMMODITY STRATEGY
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	87,454,082		$	—	$	—
Investment Company		72,748,311			—		—
Short-term Investments		204,956,932			—		—
Total	$	365,159,325		$	—	$	—
Derivative Type
Assets(a)
Futures Contracts	$	4,239,695		$	—	$	—
Total Return Swap Contracts		—			9,697,177		—
Total	$	4,239,695		$	9,697,177	$	—
Liabilities(a)
Futures Contracts	$	(5,884,723	)	$	—	$	—

32

GOLDMAN SACHS ALTERNATIVE FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

DEFENSIVE EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	282,035		$	—	$	—
North America		5,439,110			—		—
Investment Company		296,143			—		—
Total	$	6,017,288		$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	4,411		$	—	$	—
Purchased Options		43,960			—		—
Total	$	48,371		$	—	$	—
Liabilities
Written Options Contracts	$	(51,030	)	$	—	$	—

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

(b) 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 Schedule and Consolidated Schedule 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 June 30, 2021. 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.

COMMODITY STRATEGY
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Commodity	Receivable for unrealized gain on swap contracts/Variation margin on futures contracts	$	13,936,872	(a)	Variation margin on futures contracts	$	(5,884,723)	(a)

DEFENSIVE EQUITY
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts; Purchased options, at value	$	48,371	(a)	Written options, at value	$	(51,030)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation margin as of June 30, 2021 is reported within the Consolidated Statement of Assets and Liabilities.

33

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (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 June 30, 2021. 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 Statement and Consolidated Statement of Operations:

COMMODITY STRATEGY
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net change in unrealized loss on futures contracts	$	—		$	(124,300	)
Commodity	Net realized gain from swap contracts and futures contracts/ Net change in unrealized gain on swap contracts and futures contracts		54,902,054			8,052,109
Total		$	54,902,054		$	7,927,809
DEFENSIVE EQUITY
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options	$	(229,076	)	$	(5,496	)

For the six months ended June 30, 2021, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or  Shares/Units(a)
Fund	Futures contracts		Swap Agreements		Purchased Options		Written Options
Commodity Strategy		3,371	$	214,492,651		—		—
Defensive Equity		2		—		2,167		4,100

(a) Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2021.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

34

GOLDMAN SACHS ALTERNATIVE FUNDS II

4. INVESTMENTS IN DERIVATIVES (continued)

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following table sets forth the Commodity Strategy Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2021:

COMMODITY STRATEGY
	Derivative Assets(1)				Net Derivative Asset (Liabilities)		Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Total
Citibank NA	$	2,911,242	$	2,911,242	$	2,911,242	$	—	$	2,911,242
Merrill Lynch & Co., Inc.		3,660,244		3,660,244		3,660,244		—		3,660,244
UBS AG (London)		3,125,691		3,125,691		3,125,691		—		3,125,691
Total	$	9,697,177	$	9,697,177	$	9,697,177	$	—	$	9,697,177

(1) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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 June 30, 2021, 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
Commodity Strategy		0.50	%		0.50	%		0.45	%		0.43	%		0.42	%		0.50	%		0.40	%(a)
Defensive Equity		0.53			0.48			0.45			0.44			0.43			0.53			0.53

^ Effective Net Management Rate includes impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

(a) Reflects combined management fees paid to GSAM under the Agreement and the Commodity Strategy Fund’s Subsidiary Agreement (as defined below) after the waivers.

35

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The 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. For the six months ended June 30, 2021, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Commodity Strategy	$	34,458
Defensive Equity		56

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Commodity Strategy Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2021, GSAM waived $127,355 of the Commodity Strategy Fund’s management fee.

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 June 30 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund	Class A
Commodity Strategy	$	3,217
Defensive Equity		—

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

36

GOLDMAN SACHS ALTERNATIVE FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Defensive Equity Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional 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 Funds. 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 Commodity Strategy and Defensive Equity Funds are 0.074% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2022, 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. The Subsidiary also pays certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit the Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Commodity Strategy Fund.

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Commodity Strategy	$	161,813	$	253,169	$	414,982
Defensive Equity		56		276,449		276,505

G.  Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 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 June 30, 2021 , the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates —For the six months ended June 30, 2021, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or greater of the following:

Fund	Class A	Class C			Institutional			Investor			Class R6			Class R			Class P
Defensive Equity	15%		100	%		91	%		100	%		100	%		100	%		100	%

37

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying Fund for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Commodity Strategy	$	168,485,696	$	579,746,138	$	(675,483,523	)	$	72,748,311		72,748,311	$	8,473
Defensive Equity		307,935		992,840		(1,004,632	)		296,143		296,143		21

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Commodity Strategy	$	88,457,170	$	—	$	26,136,252	$	45,768
Defensive Equity		—		7,508,262		—		7,576,428

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Commodity Strategy			Defensive Equity
Capital loss carryforwards:
Perpetual Short-Term	$	(4,526,130	)	$	—
Perpetual Long-Term		(17,060,636	)		—
Total capital loss carryforwards		(21,586,766	)		—
Timing differences (Post October Loss Deferral, Qualified Late Year Loss Deferral, Real Estate Investment Trusts and Straddle Loss Deferral)	$	(3,117,415	)	$	(234,918	)

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Commodity Strategy			Defensive Equity
Tax cost	$	341,112,170		$	5,830,934
Gross unrealized gain		24,061,213			324,225
Gross unrealized loss		(14,058	)		(137,871	)
Net unrealized security gain (loss)	$	24,047,155		$	186,354

38

GOLDMAN SACHS ALTERNATIVE FUNDS II

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains/(losses) on regulated futures, options and foreign currency contracts, market discount accretion and premium amortization, and differences related to the tax treatment of swap transactions and 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 Fund’s 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:

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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Commodity Strategy 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 the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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. 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

39

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

8. OTHER RISKS (continued)

redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s 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.

Tax Risk — The Commodity Strategy Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Commodity Strategy Fund. Based on such rulings, this Fund may seek to gain exposure to the commodity markets through investments in commodity-linked notes and/or subsidiaries. The IRS recently issued final regulations that, would generally treat the Commodity Strategy Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Commodity Strategy Fund’s business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Commodity Strategy Fund has limited its investments in commodity index-linked structured notes. The Commodity Strategy Fund obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Commodity Strategy Fund’s income from such investments was not “qualifying income,” in which case the Commodity Strategy Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Commodity Strategy Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Commodity Strategy Fund shareholders.

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 Statement and Consolidated Statement 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.

40

GOLDMAN SACHS ALTERNATIVE FUNDS II

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Goldman Sachs Commodity Strategy Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		510,839		$	4,567,971			948,695		$	6,254,977
Reinvestment of distributions		—			—			4,976			32,397
Shares redeemed		(415,246	)		(3,671,311	)		(1,205,352	)		(8,518,281	)
		95,593			896,660			(251,681	)		(2,230,907	)
Class C Shares
Shares sold		71,038			620,832			47,065			265,484
Shares redeemed		(27,645	)		(228,675	)		(100,448	)		(638,692	)
		43,393			392,157			(53,383	)		(373,208	)
Institutional Shares
Shares sold		3,840,751			35,019,332			13,805,822			89,817,355
Reinvestment of distributions		—			—			48,268			317,600
Shares redeemed		(3,637,092	)		(32,980,612	)		(12,968,538	)		(93,328,388	)
		203,659			2,038,720			885,552			(3,193,433	)
Investor Shares
Shares sold		807,531			7,469,295			135,357			937,796
Reinvestment of distributions		—			—			1,550			10,217
Shares redeemed		(81,129	)		(753,225	)		(388,664	)		(3,009,974	)
		726,402			6,716,070			(251,757	)		(2,061,961	)
Class R6 Shares
Shares sold		1,222,706			10,988,983			5,768,180			40,531,756
Reinvestment of distributions		—			—			37,905			249,794
Shares redeemed		(2,216,881	)		(19,734,470	)		(3,542,010	)		(25,266,581	)
		(994,175	)		(8,745,487	)		2,264,075			15,514,969
Class R Shares
Shares sold		114,784			1,010,055			107,409			707,673
Reinvestment of distributions		—			—			326			2,084
Shares redeemed		(55,714	)		(476,655	)		(86,869	)		(619,599	)
		59,070			533,400			20,866			90,158
Class P Shares
Shares sold		9,185,433			85,669,236			11,482			88,889
Reinvestment of distributions		—			—			413			2,720
Shares redeemed		(189,945	)		(1,843,397	)		(20,254	)		(150,630	)
		8,995,488			83,825,839			(8,359	)		(59,021	)
NET INCREASE		9,129,430		$	85,657,359			2,605,313		$	7,686,597

41

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Goldman Sachs Defensive Equity
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Period Ended December 31, 2020(a)
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		27,495		$	300,000			7,701		$	77,020
Reinvestment of distributions		—			—			11			108
Shares redeemed		(2,704	)		(27,254	)		(1	)		(10	)
		24,791			272,746			7,711			77,118
Class C Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		—			—			—			4
Shares redeemed		—			—			(1	)		(10	)
		—			—			5,000			50,004
Institutional Shares
Shares sold		6,915			71,017			509,373			5,100,002
Reinvestment of distributions		—			—			1,020			10,372
Shares redeemed		—			—			(1	)		(10	)
		6,915			71,017			510,392			5,110,364
Investor Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		—			—			9			89
Shares redeemed		—			—			(1	)		(10	)
		—			—			5,009			50,089
Class R6 Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		—			—			10			105
Shares redeemed		—			—			(1	)		(10	)
		—			—			5,010			50,105
Class R Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		—			—			3			26
Shares redeemed		—			—			(1	)		(10	)
		—			—			5,003			50,026
Class P Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		—			—			10			105
Shares redeemed		—			—			(1	)		(10	)
		—			—			5,010			50,105
NET INCREASE		31,706		$	343,763			543,135		$	5,437,811

(a) Commenced operations on September 30, 2020.

42

GOLDMAN SACHS ALTERNATIVE FUNDS II

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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

43

GOLDMAN SACHS ALTERNATIVE FUNDS II

Fund Expenses — Six Months Period Ended  June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P 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.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of a Fund 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Funds invest. 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.

	Commodity Strategy Fund							Defensive Equity Fund
Share Class	Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*		Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*
Class A
Actual	$	1,000.00	$	1,246.50		$	5.12	$	1,000.00	$	1,074.60		$	4.84
Hypothetical 5% return		1,000.00		1,020.13	+		4.61		1,000.00		1,020.13	+		4.71
Class C
Actual		1,000.00		1,241.80			9.28		1,000.00		1,069.70			8.67
Hypothetical 5% return		1,000.00		1,016.51	+		8.35		1,000.00		1,016.41	+		8.45
Institutional
Actual		1,000.00		1,248.70			3.29		1,000.00		1,075.60			2.93
Hypothetical 5% return		1,000.00		1,021.87	+		2.96		1,000.00		1,021.97	+		2.86
Investor
Actual		1,000.00		1,248.40			3.74		1,000.00		1,075.60			3.55
Hypothetical 5% return		1,000.00		1,021.47	+		3.36		1,000.00		1,021.37	+		3.46
Class R6
Actual		1,000.00		1,248.10			3.23		1,000.00		1,075.60			2.93
Hypothetical 5% return		1,000.00		1,021.92	+		2.91		1,000.00		1,021.97	+		2.86
Class R
Actual		1,000.00		1,244.80			6.51		1,000.00		1,072.60			6.12
Hypothetical 5% return		1,000.00		1,018.89	+		5.86		1,000.00		1,018.89	+		5.96
Class P
Actual		1,000.00		1,248.10			3.29		1,000.00		1,075.60			2.88
Hypothetical 5% return		1,000.00		1,022.02	+		2.96		1,000.00		1,022.02			2.81

* 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 June 30, 2021. 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			Investor			Class R6			Class R			Class P
Commodity Strategy		0.92	%		1.67	%		0.59	%		0.67	%		0.58	%		1.17	%		0.59	%
Defensive Equity		0.94			1.69			0.57			0.69			0.57			1.19			0.56

+ 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.

44

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Commodity Strategy Fund and Goldman Sachs Defensive Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”) and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time (except for the Defensive Equity Fund, which commenced operations on September 30, 2020); and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

45

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers (including CoreCommodity Management, LLC, the Commodity Strategy Fund’s sub-adviser (the “Sub-Adviser”)), and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates (including, with respect to the Commodity Strategy Fund, the Investment Adviser’s oversight of the Sub-Adviser). The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Commodity Strategy Fund. In this regard, they compared the investment performance of the Commodity Strategy Fund to its peers using rankings and ratings compiled by the Outside Data

46

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on the Commodity Strategy Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Commodity Strategy Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Commodity Strategy Fund over time, and reviewed the investment performance of the Commodity Strategy Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which the Commodity Strategy Fund’s performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Commodity Strategy Fund’s risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Commodity Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. They noted that the Sub-Adviser began sub-advising the Commodity Strategy Fund at the beginning of 2021. The Trustees considered that the Defensive Equity Fund had launched on September 30, 2020 and did not yet have a meaningful performance history.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder and, with respect to the Commodity Strategy Fund, the fee rate payable by the Investment Adviser under the sub-advisory agreement with the Sub-Adviser. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. With respect to the Commodity Strategy Fund, the Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2020 and (in the

47

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

case of the Commodity Strategy Fund) 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Commodity Strategy Fund			Defensive Equity Fund
First $1 billion		0.50	%		0.53	%
Next $1 billion		0.50			0.48
Next $3 billion		0.45			0.45
Next $3 billion		0.43			0.44
Over $8 billion		0.42			0.43

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (i) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated

48

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2022.

49

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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 Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the 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 Fund 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).

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

Holdings and allocations shown are as of June 30, 2021 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).

© 2021 Goldman Sachs. All rights reserved. 249619-OTU-1459799 SELSAT2SAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Tax-Advantaged Equity Funds
	U.S. Equity Dividend and Premium
	International Equity Dividend and Premium
	U.S. Tax-Managed Equity
	International Tax-Managed Equity

Goldman Sachs Tax-Advantaged Equity Funds

∎ U.S. EQUITY DIVIDEND AND PREMIUM

∎ INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

∎ U.S. TAX-MANAGED EQUITY

∎ INTERNATIONAL TAX-MANAGED EQUITY

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	9
Financial Statements	30
Financial Highlights	34
U.S. Equity Dividend and Premium	34
International Equity Dividend and Premium	40
U.S. Tax-Managed Equity	46
International Tax-Managed Equity	53
Notes to the Financial Statements	59
Other Information	78

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			S&P 500® Index2			Bloomberg Barclays U.S. Aggregate Bond Index3
Class A		12.67	%		15.25	%		(1.60)	%
Class C		12.23			15.25			(1.60)
Institutional		12.81			15.25			(1.60)
Investor		12.83			15.25			(1.60)
Class R6		12.83			15.25			(1.60)
Class P		12.90			15.25			(1.60)

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 an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. 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 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.

TOP TEN HOLDINGS AS OF 6/30/214,5
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.2	%	Technology Hardware & Equipment
Microsoft Corp.		5.6		Software & Services
Amazon.com, Inc.		4.2		Retailing
Alphabet, Inc. Class A		2.6		Media & Entertainment
Facebook, Inc. Class A		2.4		Media & Entertainment
Home Depot, Inc. (The)		1.5		Retailing
JPMorgan Chase & Co.		1.5		Banks
NVIDIA Corp.		1.5		Semiconductors & Semiconductor Equipment
Tesla, Inc.		1.5		Automobiles & Components
Pfizer, Inc.		1.4		Pharmaceuticals, Biotechnology & Life Sciences

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

⁵  The Fund’s overall top ten 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 1.6% of the Fund’s net assets as of June 30, 2021.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of June 30, 2021

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 (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. 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.

2

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2			Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged)3
Class A		6.59	%		8.83	%		(3.21)	%
Class C		6.22			8.83			(3.21)
Institutional		6.76			8.83			(3.21)
Investor		6.73			8.83			(3.21)
Class R6		6.76			8.83			(3.21)
Class P		6.75			8.83			(3.21)

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 reflects 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 (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

³  The Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged) represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. 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 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.

TOP TEN HOLDINGS AS OF 6/30/214
Company	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		2.6	%	Food, Beverage & Tobacco	Switzerland
ASML Holding NV		2.3		Semiconductors & Semiconductor Equipment	Netherlands
Nordea Bank Abp		1.8		Banks	Finland
LVMH Moet Hennessy Louis Vuitton SE		1.7		Consumer Durables & Apparel	France
Toyota Motor Corp.		1.7		Automobiles & Components	Japan
Rio Tinto plc ADR		1.7		Materials	Australia
Roche Holding AG		1.6		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Zurich Insurance Group AG		1.4		Insurance	Switzerland
GlaxoSmithKline plc ADR		1.4		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Novartis AG (Registered)		1.4		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland

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

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2021

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. 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.

4

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021– June 30, 2021	Fund Total Return (based on NAV)1			Russell 3000® Index2
Class A		16.76	%		15.11	%
Class C		16.30			15.11
Institutional		16.93			15.11
Service		16.66			15.11
Investor		16.89			15.11
Class R6		16.95			15.11
Class P		16.95			15.11

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 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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 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.

TOP TEN HOLDINGS AS OF 6/30/213
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.4	%	Software & Services
Apple, Inc.		4.7		Technology Hardware & Equipment
Amazon.com, Inc.		3.7		Retailing
NVIDIA Corp.		2.1		Semiconductors & Semiconductor Equipment
PayPal Holdings, Inc.		2.1		Software & Services
Facebook, Inc. Class A		1.8		Media & Entertainment
Alphabet, Inc. Class A		1.7		Media & Entertainment
Alphabet, Inc. Class C		1.7		Media & Entertainment
Target Corp.		1.6		Retailing
AbbVie, Inc.		1.4		Pharmaceuticals, Biotechnology & Life Sciences

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

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

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). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets at June 30, 2021. 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.

6

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2
Class A		8.39	%		8.83	%
Class C		8.06			8.83
Institutional		8.59			8.83
Investor		8.50			8.83
Class R6		8.56			8.83
Class P		8.65			8.83

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 MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures 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 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.

TOP TEN HOLDINGS AS OF 6/30/213
Holding	% of Net Assets			Line of Business
Roche Holding AG		2.4	%	Pharmaceuticals, Biotechnology & Life Sciences
Novo Nordisk A/S Class B		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Commonwealth Bank of Australia		1.6		Banks
ASML Holding NV		1.5		Semiconductors & Semiconductor Equipment
Schneider Electric SE		1.4		Capital Goods
L’Oreal SA		1.4		Household & Personal Products
Deutsche Post AG (Registered)		1.4		Transportation
Rio Tinto plc ADR(a)		1.4		Materials
Fujitsu Ltd.		1.2		Software & Services
BHP Group plc		1.2		Materials

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 June 30, 2021

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). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets at June 30, 2021. 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.

8

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Automobiles & Components – 1.6%
	145,419	Gentex Corp.	$	4,811,915
	64,040	Tesla, Inc.*		43,527,988
	2,072	Thor Industries, Inc.		234,136
				48,574,039
Banks – 4.5%
	8,100	Bank of America Corp.		333,963
	50,000	Credicorp Ltd.*		6,055,500
	9,800	Cullen/Frost Bankers, Inc.		1,097,600
	2,500	First Hawaiian, Inc.		70,850
	240,200	First Horizon Corp.		4,150,656
	177,300	FNB Corp.		2,186,109
	1,012,100	Huntington Bancshares, Inc.		14,442,667
	281,629	JPMorgan Chase & Co.(a)(b)		43,804,575
	119,599	New York Community Bancorp, Inc.(b)		1,317,981
	210,500	PacWest Bancorp		8,664,180
	950,199	People’s United Financial, Inc.(b)		16,286,411
	89,800	PNC Financial Services Group, Inc. (The)		17,130,248
	198,000	Truist Financial Corp.		10,989,000
	346,500	Umpqua Holdings Corp.		6,392,925
	400	Webster Financial Corp.		21,336
				132,944,001
Capital Goods – 6.6%
	107,068	3M Co.		21,266,917
	57,900	Boeing Co. (The)*		13,870,524
	73,387	Caterpillar, Inc.		15,971,213
	7,865	Crane Co.		726,490
	23,562	Cummins, Inc.		5,744,651
	641	Donaldson Co., Inc.		40,723
	112,062	Eaton Corp. plc		16,605,347
	109,961	Emerson Electric Co.		10,582,647
	148,698	Fastenal Co.		7,732,296
	84,624	Honeywell International, Inc.		18,562,274
	14,822	Hubbell, Inc.		2,769,342
	72,450	Illinois Tool Works, Inc.		16,196,922
	174,638	Johnson Controls International plc		11,985,406
	600	Lincoln Electric Holdings, Inc.		79,026
	40,534	Lockheed Martin Corp.		15,336,039
	57,900	MSC Industrial Direct Co., Inc. Class A		5,195,367
	2,143	nVent Electric plc		66,947
	18,034	Owens Corning		1,765,529
	272,430	Raytheon Technologies Corp.		23,241,003
	3,800	Sunrun, Inc.*		211,964
	11,852	Timken Co. (The)		955,153
	16,956	Trinity Industries, Inc.		455,947
	21,399	Watsco, Inc.		6,133,809
				195,495,536
Commercial & Professional Services – 0.0%
	160	CoStar Group, Inc.*		13,251
	9,900	ManpowerGroup, Inc.		1,177,209
	500	MSA Safety, Inc.		82,790
				1,273,250
Common Stocks – (continued)
Consumer Durables & Apparel – 1.3%
	2,433	Capri Holdings Ltd.*		139,143
	80,003	Garmin Ltd.		11,571,369
	427	Lennar Corp. Class B		34,779
	2,437	Lululemon Athletica, Inc.*		889,432
	143,400	NIKE, Inc. Class B		22,153,866
	23,076	Tempur Sealy International, Inc.		904,349
	45,420	Toll Brothers, Inc.		2,625,730
				38,318,668
Consumer Services – 0.7%
	11,871	Aramark		442,195
	7,800	Bright Horizons Family Solutions, Inc.*		1,147,458
	3,627	Choice Hotels International, Inc.		431,105
	33,600	H&R Block, Inc.		788,928
	11,719	Hyatt Hotels Corp. Class A*		909,863
	15,465	Planet Fitness, Inc. Class A*		1,163,741
	30,800	Six Flags Entertainment Corp.*		1,333,024
	92,500	Starbucks Corp.		10,342,425
	68,700	Travel + Leisure Co.		4,084,215
	14,277	Wendy’s Co. (The)		334,367
	14,043	Wyndham Hotels & Resorts, Inc.		1,015,169
				21,992,490
Diversified Financials – 3.6%
	65,098	Ally Financial, Inc.		3,244,484
	88,660	American Express Co.		14,649,292
	178,000	Apollo Global Management, Inc.		11,071,600
	134,800	Ares Management Corp.		8,571,932
	74,926	Berkshire Hathaway, Inc. Class B*		20,823,434
	17,500	BlackRock, Inc.		15,311,975
	54,600	Carlyle Group, Inc. (The)		2,537,808
	42,800	CME Group, Inc.		9,102,704
	14,800	Equitable Holdings, Inc.		450,660
	5,800	Jefferies Financial Group, Inc.		198,360
	33,973	KKR & Co., Inc.		2,012,561
	5,864	Morgan Stanley		537,670
	72,800	T. Rowe Price Group, Inc.		14,412,216
	107,700	Virtu Financial, Inc. Class A		2,975,751
				105,900,447
Energy – 1.9%
	237,098	Chevron Corp.		24,833,645
	111,000	ConocoPhillips		6,759,900
	395,119	Exxon Mobil Corp.(b)		24,924,106
				56,517,651
Food & Staples Retailing – 0.6%
	11,454	Costco Wholesale Corp.		4,532,004
	137,600	Walgreens Boots Alliance, Inc.		7,239,136
	38,141	Walmart, Inc.		5,378,644
				17,149,784
Food, Beverage & Tobacco – 3.7%
	89,459	Altria Group, Inc.		4,265,405
	24,400	Bunge Ltd.		1,906,860

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	572,400	Coca-Cola Co. (The)(a)	$	30,972,564
	60,800	Coca-Cola Europacific Partners plc		3,606,656
	93,600	Flowers Foods, Inc.		2,265,120
	186,134	General Mills, Inc.		11,341,145
	5,500	Ingredion, Inc.		497,750
	15,800	Keurig Dr Pepper, Inc.		556,792
	336,300	Kraft Heinz Co. (The)		13,714,314
	151,782	PepsiCo, Inc.		22,489,539
	190,954	Philip Morris International, Inc.		18,925,451
				110,541,596
Health Care Equipment & Services – 5.2%
	165,642	Abbott Laboratories		19,202,877
	31,879	Anthem, Inc.		12,171,402
	110,000	Cardinal Health, Inc.		6,279,900
	26,368	Change Healthcare, Inc.*		607,519
	29,200	Cigna Corp.		6,922,444
	125,878	CVS Health Corp.		10,503,260
	12,300	Danaher Corp.		3,300,828
	24,798	Encompass Health Corp.		1,934,988
	7,143	Envista Holdings Corp.*		308,649
	2,000	Guardant Health, Inc.*		248,380
	8,500	Insulet Corp.*		2,333,335
	282,253	Medtronic plc		35,036,065
	3,000	Novocure Ltd.*		665,460
	3,241	Penumbra, Inc.*		888,229
	65,840	Stryker Corp.		17,100,623
	200	Tandem Diabetes Care, Inc.*		19,480
	87,077	UnitedHealth Group, Inc.(a)		34,869,114
				152,392,553
Household & Personal Products – 1.3%
	97,498	Kimberly-Clark Corp.		13,043,283
	5,300	Nu Skin Enterprises, Inc. Class A		300,245
	189,798	Procter & Gamble Co. (The)(a)		25,609,444
				38,952,972
Insurance – 2.7%
	4,800	Axis Capital Holdings Ltd.		235,248
	21,400	CNA Financial Corp.		973,486
	1,800	Erie Indemnity Co. Class A		348,030
	144,400	Fidelity National Financial, Inc.		6,275,624
	45,800	First American Financial Corp.		2,855,630
	224,799	Mercury General Corp.		14,600,695
	632,306	Old Republic International Corp.		15,750,742
	141,999	Principal Financial Group, Inc.		8,972,917
	279,300	Prudential Financial, Inc.		28,619,871
				78,632,243
Materials – 2.8%
	43,426	Air Products and Chemicals, Inc.		12,492,792
	875,000	Amcor plc		10,027,500
	20,103	Ashland Global Holdings, Inc.		1,758,940
	31,900	Huntsman Corp.		845,988
	40,700	International Flavors & Fragrances, Inc.		6,080,580
Common Stocks – (continued)
Materials – (continued)
	185,799	International Paper Co.		11,391,337
	79,319	Linde plc		22,931,123
	65,780	Newmont Corp.		4,169,136
	3,399	Reliance Steel & Aluminum Co.		512,909
	723	RPM International, Inc.		64,115
	23,300	Sonoco Products Co.		1,558,770
	152,800	Southern Copper Corp.		9,828,096
	41,803	Steel Dynamics, Inc.		2,491,459
	2,300	W R Grace & Co.		158,976
				84,311,721
Media & Entertainment – 9.7%
	54,052	Activision Blizzard, Inc.		5,158,723
	31,006	Alphabet, Inc. Class A*(a)		75,710,141
	13,128	Alphabet, Inc. Class C*(a)		32,902,969
	441,919	Comcast Corp. Class A		25,198,221
	206,494	Facebook, Inc. Class A*		71,800,029
	391,801	Interpublic Group of Cos., Inc. (The)		12,729,614
	38,524	Netflix, Inc.*		20,348,395
	4,593	Nexstar Media Group, Inc. Class A		679,213
	171,400	Omnicom Group, Inc.		13,710,286
	16,900	Pinterest, Inc. Class A*		1,334,255
	928	Roku, Inc.*		426,184
	16,500	Snap, Inc. Class A*		1,124,310
	16,000	TripAdvisor, Inc.*		644,800
	700	ViacomCBS, Inc. Class A		33,915
	125,050	Walt Disney Co. (The)*		21,980,039
	9,275	Zillow Group, Inc. Class A*		1,136,466
	21,502	Zillow Group, Inc. Class C*		2,627,974
				287,545,534
Pharmaceuticals, Biotechnology & Life Sciences – 7.8%
	2,200	10X Genomics, Inc. Class A*		430,804
	310,486	AbbVie, Inc.(a)(b)		34,973,143
	7,200	Adaptive Biotechnologies Corp.*		294,192
	5,345	Alnylam Pharmaceuticals, Inc.*		906,084
	49,202	Amgen, Inc.		11,992,988
	2,432	Bio-Techne Corp.		1,095,032
	355,801	Bristol-Myers Squibb Co.(a)		23,774,623
	1,553	Bruker Corp.		117,997
	6,275	Charles River Laboratories International, Inc.*		2,321,248
	78,578	Eli Lilly & Co.		18,035,223
	2,608	Exact Sciences Corp.*		324,200
	209,994	Gilead Sciences, Inc.		14,460,187
	5,100	Iovance Biotherapeutics, Inc.*		132,702
	212,934	Johnson & Johnson		35,078,747
	373,253	Merck & Co., Inc.		29,027,886
	7,485	Moderna, Inc.*		1,758,825
	37,325	Organon & Co.*		1,129,454
	1,035,199	Pfizer, Inc.		40,538,393
	7,600	Repligen Corp.*		1,517,112
	1,420	Sage Therapeutics, Inc.*		80,670
	2,687	Seagen, Inc.*		424,224
	23,701	Thermo Fisher Scientific, Inc.		11,953,993
				230,367,727

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Real Estate Investment Trusts – 2.4%
	1,028	American Campus Communities, Inc.	$	48,028
	80,291	American Homes 4 Rent Class A		3,119,305
	44,401	American Tower Corp.		11,994,486
	1,797	Brandywine Realty Trust		24,637
	3,320	Brixmor Property Group, Inc.		75,995
	14,887	Camden Property Trust		1,975,058
	3,658	Cousins Properties, Inc.		134,541
	40,100	Crown Castle International Corp.		7,823,510
	22,000	CubeSmart		1,019,040
	1,403	EPR Properties*		73,910
	8,300	Equinix, Inc.		6,661,580
	31,200	Equity LifeStyle Properties, Inc.		2,318,472
	7,366	Gaming and Leisure Properties, Inc.		341,267
	7,526	Healthcare Trust of America, Inc. Class A		200,944
	90,500	Invitation Homes, Inc.		3,374,745
	5,456	Lamar Advertising Co. Class A		569,716
	37,320	Medical Properties Trust, Inc.		750,132
	5,566	National Retail Properties, Inc.		260,881
	66,335	Outfront Media, Inc.*		1,594,030
	8,383	Park Hotels & Resorts, Inc.*		172,774
	102,727	Prologis, Inc.		12,278,958
	26,200	SBA Communications Corp.		8,349,940
	1,781	Spirit Realty Capital, Inc.		85,203
	12,591	STORE Capital Corp.		434,516
	29,993	Sun Communities, Inc.		5,140,800
	27,532	VEREIT, Inc.		1,264,545
	10,400	VICI Properties, Inc.		322,608
	1,280	WP Carey, Inc.		95,514
				70,505,135
Retailing – 7.6%
	36,186	Amazon.com, Inc.*(a)(b)		124,485,630
	4,507	Burlington Stores, Inc.*		1,451,209
	6,875	Carvana Co.*		2,075,012
	300	Chewy, Inc. Class A*		23,913
	41,900	Dick’s Sporting Goods, Inc.		4,197,961
	5,281	Five Below, Inc.*		1,020,659
	4,000	Floor & Decor Holdings, Inc. Class A*		422,800
	14,900	Foot Locker, Inc.		918,287
	142,476	Home Depot, Inc. (The)		45,434,172
	13,020	Just Eat Takeaway.com NV ADR*		237,745
	87,199	Lowe’s Cos., Inc.		16,913,990
	1,318	MercadoLibre, Inc.*		2,053,167
	277,000	Qurate Retail, Inc. Series A		3,625,930
	67,115	Target Corp.		16,224,380
	10,900	Vroom, Inc.*(c)		456,274
	6,162	Wayfair, Inc. Class A*		1,945,405
	16,500	Williams-Sonoma, Inc.		2,634,225
				224,120,759
Semiconductors & Semiconductor Equipment – 5.8%
	115,317	Advanced Micro Devices, Inc.*		10,831,726
	51,900	Analog Devices, Inc.		8,935,104
	56,690	Broadcom, Inc.		27,032,060
	1,100	Cree, Inc.*		107,723
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	600	First Solar, Inc.*		54,306
	356,609	Intel Corp.		20,020,029
	24,453	Lam Research Corp.		15,911,567
	47,901	Marvell Technology, Inc.		2,794,065
	54,700	NVIDIA Corp.		43,765,470
	4,000	NXP Semiconductors NV		822,880
	99,397	QUALCOMM, Inc.		14,206,813
	1,600	SolarEdge Technologies, Inc.*		442,192
	144,350	Texas Instruments, Inc.(a)		27,758,505
				172,682,440
Software & Services – 14.4%
	59,600	Accenture plc Class A		17,569,484
	37,091	Adobe, Inc.*		21,721,973
	9,000	Alteryx, Inc. Class A*		774,180
	6,300	Amdocs Ltd.		487,368
	4,300	Anaplan, Inc.*		229,190
	27,608	Automatic Data Processing, Inc.		5,483,501
	3,100	Avalara, Inc.*		501,580
	400	Bill.com Holdings, Inc.*		73,272
	2,400	Ceridian HCM Holding, Inc.*		230,208
	13,500	Cloudflare, Inc. Class A*		1,428,840
	9,000	Coupa Software, Inc.*		2,358,990
	10,600	Crowdstrike Holdings, Inc. Class A*		2,663,886
	10,000	Datadog, Inc. Class A*		1,040,800
	11,868	DocuSign, Inc.*		3,317,937
	2,700	Dynatrace, Inc.*		157,734
	2,400	Everbridge, Inc.*		326,592
	32,772	Fidelity National Information Services, Inc.		4,642,809
	300	Five9, Inc.*		55,017
	10,400	HubSpot, Inc.*		6,060,288
	239,001	International Business Machines Corp.		35,035,157
	12,900	Intuit, Inc.		6,323,193
	62,200	Mastercard, Inc. Class A		22,708,598
	615,533	Microsoft Corp.(a)(b)		166,747,890
	3,622	MongoDB, Inc.*		1,309,426
	4,900	Nutanix, Inc. Class A*		187,278
	3,527	Okta, Inc.*		862,986
	1,100	PagerDuty, Inc.*		46,838
	154,200	Paychex, Inc.		16,545,660
	94,300	PayPal Holdings, Inc.*		27,486,564
	600	PTC, Inc.*		84,756
	70,049	salesforce.com, Inc.*		17,110,869
	16,262	ServiceNow, Inc.*		8,936,782
	14,000	Slack Technologies, Inc. Class A*		620,200
	6,200	Smartsheet, Inc. Class A*		448,384
	700	Snowflake, Inc. Class A*		169,260
	8,910	Square, Inc. Class A*		2,172,258
	34,000	Trade Desk, Inc. (The) Class A*		2,630,240
	7,300	Twilio, Inc. Class A*		2,877,368
	117,555	Visa, Inc. Class A		27,486,710
	511,299	Western Union Co. (The)		11,744,538
	12,600	Zendesk, Inc.*		1,818,684
	1,800	Zoom Video Communications, Inc. Class A*		696,654

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	8,600	Zscaler, Inc.*	$	1,858,116
				425,032,058
Technology Hardware & Equipment – 8.4%
	1,331,056	Apple, Inc.(a)		182,301,429
	524,848	Cisco Systems, Inc.(a)		27,816,944
	181,181	Corning, Inc.		7,410,303
	17,559	Flex Ltd.*		313,779
	363,000	HP, Inc.		10,958,970
	800	Littelfuse, Inc.		203,832
	52,430	National Instruments Corp.		2,216,740
	93,800	NetApp, Inc.		7,674,716
	60,500	TE Connectivity Ltd.		8,180,205
				247,076,918
Telecommunication Services – 2.4%
	1,202,828	AT&T, Inc.(a)		34,617,390
	674,302	Verizon Communications, Inc.(b)		37,781,141
				72,398,531
Transportation – 1.8%
	18,284	JetBlue Airways Corp.*		306,805
	17,224	Lyft, Inc. Class A*		1,041,707
	22,346	Norfolk Southern Corp.		5,930,852
	57,800	Ryder System, Inc.		4,296,274
	28,482	Uber Technologies, Inc.*		1,427,518
	93,562	Union Pacific Corp.		20,577,091
	88,698	United Parcel Service, Inc. Class B		18,446,523
				52,026,770
Utilities – 3.0%
	81,100	Consolidated Edison, Inc.		5,816,492
	111,097	Dominion Energy, Inc.		8,173,406
	183,400	Duke Energy Corp.		18,105,248
	56,800	Entergy Corp.		5,662,960
	21,700	MDU Resources Group, Inc.		680,078
	200,500	OGE Energy Corp.		6,746,825
	645,101	PPL Corp.		18,043,475
	37,000	Sempra Energy		4,901,760
	316,501	Southern Co. (The)		19,151,476
				87,281,720
	TOTAL COMMON STOCKS
	(Cost $1,958,303,159)		$	2,952,034,543

Shares		Dividend Rate	Value
Investment Company(d) – 1.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	47,903,237	0.026%	$	47,903,237
	(Cost $47,903,237)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,006,206,396)		$	2,999,937,780
Securities Lending Reinvestment Vehicle(d) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	188,100	0.026%	$	188,100
	(Cost $188,100)
	TOTAL INVESTMENTS – 101.4%
	(Cost $2,006,394,496)		$	3,000,125,880
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%			(42,192,413	)
	NET ASSETS – 100.0%		$	2,957,933,467

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is segregated as collateral for call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

Currency Abbreviation:
USD	—United States Dollar

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		164		09/17/2021	$	35,166,520	$	425,069

WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Calls
S&P 500 Index	4,225 USD		07/30/2021		910	$	(391,072,500	)	$	(9,955,400	)	$	(9,627,818	)	$	(327,582	)
	4,250 USD		08/31/2021		907		(389,783,250	)		(11,020,050	)		(8,687,636	)		(2,332,414	)
	4,325 USD		09/30/2021		893		(383,766,750	)		(8,858,560	)		(8,746,221	)		(112,339	)
Total written options contracts					2,710				$	(29,834,010	)	$	(27,061,675	)	$	(2,772,335	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 9.7%
	1,244	Afterpay Ltd. (Software & Services)*	$	110,418
	52,943	AGL Energy Ltd. (Utilities)		325,272
	51,152	APA Group (Utilities)		341,318
	2,405	ASX Ltd. (Diversified Financials)		140,201
	462,912	Aurizon Holdings Ltd. (Transportation)		1,289,371
	58,793	AusNet Services Ltd. (Utilities)		77,058
	26,727	BHP Group Ltd. (Materials)		972,336
	5,805	BHP Group plc (Materials)		171,776
	10,024	CIMIC Group Ltd. (Capital Goods)		148,496
	23,965	Coles Group Ltd. (Food & Staples Retailing)		306,986
	27,180	Commonwealth Bank of Australia (Banks)		2,035,310
	809	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		173,020
	80,273	Fortescue Metals Group Ltd. (Materials)		1,402,283
	24,786	Magellan Financial Group Ltd. (Diversified Financials)		1,001,049
	181,654	Medibank Pvt Ltd. (Insurance)		430,670
	121,850	National Australia Bank Ltd. (Banks)		2,395,427
	14,680	Rio Tinto Ltd. (Materials)		1,391,746
	11,619	Rio Tinto plc (Materials)		959,584
	37,882	Rio Tinto plc ADR (Materials)(a)(b)		3,177,921
	9,879	Sonic Healthcare Ltd. (Health Care Equipment & Services)		284,668
	25,935	Wesfarmers Ltd. (Retailing)		1,149,778
				18,284,688
Belgium – 1.5%
	27,782	Ageas SA/NV (Insurance)(b)		1,543,879
	1,987	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		143,240
	57,166	Proximus SADP (Telecommunication Services)(b)		1,104,963
				2,792,082
Brazil – 0.2%
	6,050	Yara International ASA (Materials)		318,801
China – 0.3%
	4,910	Prosus NV (Retailing)*		481,021
Denmark – 1.9%
	1,065	Ambu A/S Class B (Health Care Equipment & Services)		40,979
	6,157	Coloplast A/S Class B (Health Care Equipment & Services)		1,010,876
	25,297	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,117,512
	7,861	Tryg A/S (Insurance)		193,088
	7,445	Vestas Wind Systems A/S (Capital Goods)		290,891
				3,653,346
Finland – 3.4%
	7,106	Kone OYJ Class B (Capital Goods)		579,692
	50,367	Neles OYJ (Capital Goods)		726,228
Common Stocks – (continued)
Finland – (continued)
	7,263	Neste OYJ (Energy)		445,527
	298,364	Nordea Bank Abp (Banks)		3,322,556
	4,735	Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences)		203,579
	26,278	Sampo OYJ Class A (Insurance)(b)		1,208,382
				6,485,964
France – 10.2%
	11,265	Airbus SE (Capital Goods)*		1,451,527
	2,983	BNP Paribas SA (Banks)		187,212
	12,106	Bouygues SA (Capital Goods)		448,405
	2,794	Capgemini SE (Software & Services)(b)		537,324
	125,092	Credit Agricole SA (Banks)(b)		1,753,739
	21,499	Danone SA (Food, Beverage & Tobacco)(b)		1,512,561
	741	Dassault Systemes SE (Software & Services)		179,838
	8,725	Edenred (Software & Services)		497,472
	1,617	Kering SA (Consumer Durables & Apparel)(b)		1,416,844
	2,385	L’Oreal SA (Household & Personal Products)(b)		1,065,126
	4,118	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		3,239,454
	4,048	Orange SA (Telecommunication Services)		46,199
	2,445	Pernod Ricard SA (Food, Beverage & Tobacco)		543,431
	3,578	Publicis Groupe SA (Media & Entertainment)		228,974
	3,760	Safran SA (Capital Goods)		521,824
	22,801	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(b)		2,395,532
	40,614	TotalEnergies SE (Energy)(b)		1,839,887
	1,535	Unibail-Rodamco-Westfield (REIT)*		133,078
	2,233	Valeo SA (Automobiles & Components)		67,355
	2,177	Vinci SA (Capital Goods)		232,717
	21,606	Vivendi SE (Media & Entertainment)(b)		725,943
	2,168	Worldline SA (Software & Services)*(c)		203,152
				19,227,594
Germany – 9.5%
	1,494	adidas AG (Consumer Durables & Apparel)		557,498
	1,868	Allianz SE (Registered) (Insurance)		466,172
	10,462	BASF SE (Materials)(b)		825,868
	17,239	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)(b)		1,048,049
	3,522	Bayerische Motoren Werke AG (Automobiles & Components)(b)		373,387
	12,857	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)(d)		1,156,605
	1,259	Deutsche Boerse AG (Diversified Financials)		219,754

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	22,030	Deutsche Post AG (Registered) (Transportation)(b)	$	1,500,347
	53,273	Evonik Industries AG (Materials)(b)		1,788,556
	808	GEA Group AG (Capital Goods)		32,740
	5,368	HelloFresh SE (Retailing)*		521,819
	14,750	HOCHTIEF AG (Capital Goods)(b)		1,134,439
	8,731	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		351,189
	2,547	Just Eat Takeaway.com NV (Retailing)*(c)		235,556
	3,095	LEG Immobilien SE (Real Estate)		445,546
	1,694	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(d)		182,186
	2,633	Puma SE (Consumer Durables & Apparel)		314,251
	13,192	SAP SE (Software & Services)(b)		1,852,945
	689	Sartorius AG (Preference) (Health Care Equipment & Services)(d)		358,630
	14,147	Siemens AG (Registered) (Capital Goods)		2,246,244
	2,182	Siemens Healthineers AG (Health Care Equipment & Services)(c)		133,786
	211,846	Telefonica Deutschland Holding AG (Telecommunication Services)		559,215
	2,051	Volkswagen AG (Preference) (Automobiles & Components)(d)		514,250
	17,336	Vonovia SE (Real Estate)(b)		1,120,348
				17,939,380
Hong Kong – 2.6%
	107,800	AIA Group Ltd. (Insurance)		1,337,321
	16,700	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		226,222
	28,000	Hang Lung Properties Ltd. (Real Estate)		67,908
	98	Hong Kong & China Gas Co. Ltd. (Utilities)		152
	14,596	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		868,897
	2,300	Jardine Matheson Holdings Ltd. (Capital Goods)		147,015
	187,387	Link REIT (REIT)		1,813,033
	23,910	Sino Land Co. Ltd. (Real Estate)		37,693
	500	Sun Hung Kai Properties Ltd. (Real Estate)		7,431
	400	Swire Properties Ltd. (Real Estate)		1,191
	24,000	Techtronic Industries Co. Ltd. (Capital Goods)		418,247
				4,925,110
Ireland – 0.7%
	24,567	CRH plc (Materials)(b)		1,242,386
Israel – 0.2%
	12,983	ICL Group Ltd. (Materials)		88,096
Common Stocks – (continued)
Israel – (continued)
	710	Wix.com Ltd. (Software & Services)*(a)		206,099
				294,195
Italy – 0.6%
	9,895	Enel SpA (Utilities)		91,953
	4,925	Eni SpA (Energy)(b)		60,044
	1,974	Ferrari NV (Automobiles & Components)		407,525
	2,098	Moncler SpA (Consumer Durables & Apparel)		142,219
	60,423	Snam SpA (Utilities)		349,532
				1,051,273
Japan – 22.8%
	2,400	ABC-Mart, Inc. (Retailing)		138,037
	2,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)		215,488
	11,300	AGC, Inc. (Capital Goods)		473,362
	10,500	Alfresa Holdings Corp. (Health Care Equipment & Services)		156,827
	13,000	Asahi Kasei Corp. (Materials)		142,885
	7,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		123,729
	1,600	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)		110,735
	28,200	Bridgestone Corp. (Automobiles & Components)		1,281,757
	22,100	Canon, Inc. (Technology Hardware & Equipment)		499,504
	7,900	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		132,559
	12,800	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		507,349
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)		283,789
	1,500	Dai-ichi Life Holdings, Inc. (Insurance)		27,599
	27,400	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		591,103
	1,200	Daikin Industries Ltd. (Capital Goods)		223,620
	3,200	Daito Trust Construction Co. Ltd. (Real Estate)		349,128
	132,700	Daiwa Securities Group, Inc. (Diversified Financials)		729,000
	2,900	Denso Corp. (Automobiles & Components)		197,755
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)		456,074
	6,400	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		628,975
	2,000	FANUC Corp. (Capital Goods)		479,596
	200	Fast Retailing Co. Ltd. (Retailing)		150,338
	2,600	Fuji Electric Co. Ltd. (Capital Goods)		121,361
	1,300	Hikari Tsushin, Inc. (Retailing)		228,470
	28,600	Hino Motors Ltd. (Capital Goods)		252,970

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)	$	280,300
	1,400	Hitachi Ltd. (Capital Goods)		80,230
	1,200	Honda Motor Co. Ltd. (Automobiles & Components)		38,596
	3,500	Hoya Corp. (Health Care Equipment & Services)		462,946
	3,100	Isuzu Motors Ltd. (Automobiles & Components)		41,136
	54,000	ITOCHU Corp. (Capital Goods)		1,558,154
	14,200	Japan Exchange Group, Inc. (Diversified Financials)		316,319
	11,000	Japan Post Bank Co. Ltd. (Banks)		92,514
	16,700	Japan Post Insurance Co. Ltd. (Insurance)		309,001
	11,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		217,331
	6,400	JSR Corp. (Materials)		194,414
	12,400	Kajima Corp. (Capital Goods)		157,354
	9,300	Kakaku.com, Inc. (Media & Entertainment)		279,782
	33,100	Kansai Electric Power Co., Inc. (The) (Utilities)		315,834
	1,700	Kao Corp. (Household & Personal Products)		104,822
	300	Keyence Corp. (Technology Hardware & Equipment)		151,087
	4,600	Kikkoman Corp. (Food, Beverage & Tobacco)		303,362
	3,600	Kintetsu Group Holdings Co. Ltd. (Transportation)*		126,537
	38,100	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		743,553
	12,500	Komatsu Ltd. (Capital Goods)		309,670
	2,300	Kose Corp. (Household & Personal Products)		361,323
	2,800	Kyushu Railway Co. (Transportation)		63,184
	4,100	Lawson, Inc. (Food & Staples Retailing)		189,898
	27,300	Lixil Corp. (Capital Goods)		706,452
	6,100	M3, Inc. (Health Care Equipment & Services)		444,436
	2,100	Makita Corp. (Capital Goods)		98,883
	5,000	Mercari, Inc. (Retailing)*		264,317
	33,700	Mitsubishi Corp. (Capital Goods)		920,558
	23,400	Mitsubishi Electric Corp. (Capital Goods)		339,703
	49,600	Mitsubishi HC Capital, Inc. (Diversified Financials)		265,980
	162,300	Mitsubishi UFJ Financial Group, Inc. (Banks)		874,190
	4,800	Mitsui & Co. Ltd. (Capital Goods)		108,123
	2,030	Mizuho Financial Group, Inc. (Banks)		29,095
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		396,097
	8,800	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		670,339
Common Stocks – (continued)
Japan – (continued)
	8,200	Nabtesco Corp. (Capital Goods)		309,362
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)		151,639
	400	Nidec Corp. (Capital Goods)		45,996
	1,600	Nintendo Co. Ltd. (Media & Entertainment)		925,877
	3,700	Nippon Express Co. Ltd. (Transportation)		282,142
	1,000	Nippon Paint Holdings Co. Ltd. (Materials)		13,528
	68	Nippon Prologis REIT, Inc. (REIT)		213,085
	5,200	Nippon Yusen KK (Transportation)		263,890
	11,600	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		170,063
	4,200	Nitto Denko Corp. (Materials)		312,776
	51,900	Nomura Holdings, Inc. (Diversified Financials)		264,144
	14,700	Nomura Research Institute Ltd. (Software & Services)		485,491
	48,300	NSK Ltd. (Capital Goods)		408,542
	2,200	Obic Co. Ltd. (Software & Services)		409,154
	300	Odakyu Electric Railway Co. Ltd. (Transportation)		7,588
	7,400	Olympus Corp. (Health Care Equipment & Services)		147,193
	1,700	Omron Corp. (Technology Hardware & Equipment)		134,601
	5,400	Otsuka Corp. (Software & Services)		283,070
	45,300	Panasonic Corp. (Consumer Durables & Apparel)		521,608
	13,200	Pola Orbis Holdings, Inc. (Household & Personal Products)		348,056
	19,700	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		966,064
	66,300	Resona Holdings, Inc. (Banks)		255,630
	1,000	Ryohin Keikaku Co. Ltd. (Retailing)		20,978
	17,100	Seiko Epson Corp. (Technology Hardware & Equipment)		300,584
	5,000	Shimadzu Corp. (Technology Hardware & Equipment)		193,204
	3,900	Shin-Etsu Chemical Co. Ltd. (Materials)		652,317
	2,300	Shiseido Co. Ltd. (Household & Personal Products)		169,645
	94,500	SoftBank Corp. (Telecommunication Services)		1,235,587
	16,500	SoftBank Group Corp. (Telecommunication Services)		1,150,740
	3,800	Sompo Holdings, Inc. (Insurance)		140,745
	7,500	Sony Group Corp. (Consumer Durables & Apparel)		727,254
	28,300	Subaru Corp. (Automobiles & Components)		560,892
	6,400	Sumitomo Corp. (Capital Goods)		85,814
	1,100	Sumitomo Metal Mining Co. Ltd. (Materials)		42,780
	46,600	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,606,394

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	$	9,570
	2,200	Sysmex Corp. (Health Care Equipment & Services)		260,996
	38,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,282,014
	1,000	TDK Corp. (Technology Hardware & Equipment)		121,055
	6,300	Tohoku Electric Power Co., Inc. (Utilities)		49,395
	10,900	Tokio Marine Holdings, Inc. (Insurance)		502,057
	3,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,556,584
	300	Tokyo Gas Co. Ltd. (Utilities)		5,658
	3,900	TOTO Ltd. (Capital Goods)		202,072
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)		93,725
	37,020	Toyota Motor Corp. (Automobiles & Components)		3,236,070
	57,500	USS Co. Ltd. (Retailing)		1,005,124
	3,000	Yamaha Corp. (Consumer Durables & Apparel)		162,862
	200	Yamato Holdings Co. Ltd. (Transportation)		5,683
	900	Yaskawa Electric Corp. (Capital Goods)		43,952
	3,900	ZOZO, Inc. (Retailing)		132,232
				42,793,012
Luxembourg – 0.0%
	4,775	SES SA FDR (Media & Entertainment)		36,516
Macau – 0.4%
	37,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		295,855
	77,600	Sands China Ltd. (Consumer Services)*		326,631
	108,800	Wynn Macau Ltd. (Consumer Services)*		171,131
				793,617
Netherlands – 4.3%
	149	Adyen NV (Software & Services)*(c)		363,069
	555	Argenx SE (Pharmaceuticals, Biotechnology & Life Sciences)*		167,452
	6,132	ASML Holding NV (Semiconductors & Semiconductor Equipment)(b)		4,233,037
	4,999	Heineken NV (Food, Beverage & Tobacco)		606,876
	6,596	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		196,426
	44,137	Koninklijke KPN NV (Telecommunication Services)		138,045
	4,249	NN Group NV (Insurance)		200,720
	24,710	Royal Dutch Shell plc Class A (Energy)(b)		496,089
	86,152	Royal Dutch Shell plc Class B (Energy)(b)		1,672,451
				8,074,165
Common Stocks – (continued)
New Zealand – 0.8%
	9,788	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		212,932
	26,020	Meridian Energy Ltd. (Utilities)		97,015
	356,327	Spark New Zealand Ltd. (Telecommunication Services)		1,196,081
				1,506,028
Norway – 0.4%
	14,865	DNB ASA (Banks)		323,971
	58	Gjensidige Forsikring ASA (Insurance)		1,279
	9,166	Orkla ASA (Food, Beverage & Tobacco)		93,412
	17,663	Telenor ASA (Telecommunication Services)		297,887
				716,549
Portugal – 0.1%
	14,664	Galp Energia SGPS SA (Energy)		159,437
Russia – 1.1%
	31,477	Coca-Cola HBC AG (Food, Beverage & Tobacco)		1,139,362
	104,181	Evraz plc (Materials)		854,724
				1,994,086
Saudi Arabia – 0.1%
	2,137	Delivery Hero SE (Retailing)*(c)		282,353
Singapore – 1.0%
	2,800	City Developments Ltd. (Real Estate)		15,206
	41,946	DBS Group Holdings Ltd. (Banks)		933,186
	5,200	Keppel Corp. Ltd. (Capital Goods)		21,205
	17,600	Singapore Exchange Ltd. (Diversified Financials)		146,588
	211,200	Singapore Technologies Engineering Ltd. (Capital Goods)		609,401
	121,600	Singapore Telecommunications Ltd. (Telecommunication Services)		207,082
				1,932,668
South Africa – 0.0%
	2	Anglo American plc (Materials)		80
Spain – 3.0%
	205	ACS Actividades de Construccion y Servicios SA (Capital Goods)		5,496
	169	Amadeus IT Group SA (Software & Services)*		11,914
	34,534	Enagas SA (Utilities)		798,182
	98,111	Endesa SA (Utilities)(b)		2,381,722
	30,922	Ferrovial SA (Capital Goods)		908,748
	29,118	Naturgy Energy Group SA (Utilities)		749,395
	45,811	Red Electrica Corp. SA (Utilities)		850,536
				5,705,993
Sweden – 1.8%
	4,320	Atlas Copco AB Class A (Capital Goods)		265,284

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	11,277	Atlas Copco AB Class B (Capital Goods)	$	593,920
	2,920	Boliden AB (Materials)*		112,360
	8,614	Electrolux ABSeries B (Consumer Durables & Apparel)		238,711
	6,276	H & M Hennes & Mauritz AB Class B (Retailing)*		149,051
	2,714	Lundin Energy AB (Energy)		96,218
	11,112	Skandinaviska Enskilda Banken AB Class A (Banks)		143,635
	22,571	Svenska Handelsbanken AB Class A (Banks)		254,797
	239,872	Telia Co. AB (Telecommunication Services)		1,065,383
	16,408	Volvo AB Class B (Capital Goods)		395,423
				3,314,782
Switzerland – 10.6%
	17,824	Adecco Group AG (Registered) (Commercial & Professional Services)		1,212,777
	1,868	Banque Cantonale Vaudoise (Registered) (Banks)		167,856
	90,877	Clariant AG (Registered) (Materials)		1,809,569
	313	Geberit AG (Registered) (Capital Goods)		235,117
	5,805	Holcim Ltd. (Materials)*		348,927
	39,000	Nestle SA (Registered) (Food, Beverage & Tobacco)		4,861,236
	28,173	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		2,570,127
	1,102	Partners Group Holding AG (Diversified Financials)		1,670,573
	8,225	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		3,099,494
	164	SGS SA (Registered) (Commercial & Professional Services)		506,344
	18,359	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		667,654
	103	Straumann Holding AG (Registered) (Health Care Equipment & Services)		164,289
	6,693	Zurich Insurance Group AG (Insurance)		2,688,347
				20,002,310
United Kingdom – 10.6%
	255,575	Aviva plc (Insurance)		1,434,787
	246,432	BAE Systems plc (Capital Goods)		1,780,723
	82,983	Barclays plc (Banks)		196,925
	20,568	BP plc ADR (Energy)(b)		543,407
	20,812	British American Tobacco plc (Food, Beverage & Tobacco)		808,038
	5,890	Coca-Cola Europacific Partners plc (Food, Beverage & Tobacco)		349,395
	3,981	Compass Group plc (Consumer Services)*		83,871
Common Stocks – (continued)
United Kingdom – (continued)
	13,945	Diageo plc (Food, Beverage & Tobacco)		668,363
	73,976	Direct Line Insurance Group plc (Insurance)		291,777
	67,079	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(b)		2,671,086
	278,576	HSBC Holdings plc (Banks)(b)		1,607,804
	27,552	Imperial Brands plc (Food, Beverage & Tobacco)		594,097
	133,695	M&G plc (Diversified Financials)		423,533
	41,559	National Grid plc (Utilities)		528,617
	30,216	Persimmon plc (Consumer Durables & Apparel)		1,237,757
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)(b)		169,279
	17,073	RELX plc (Commercial & Professional Services)		452,720
	104,341	Rolls-Royce Holdings plc (Capital Goods)*		142,845
	22,346	Segro plc (REIT)		338,280
	42,819	SSE plc (Utilities)		889,298
	9,344	St James’s Place plc (Diversified Financials)		191,054
	28,191	Unilever plc (Household & Personal Products)(b)		1,650,147
	20,386	Unilever plc ADR (Household & Personal Products)(b)		1,192,581
	91,841	Vodafone Group plc ADR (Telecommunication Services)(b)		1,573,236
	7,359	Wm Morrison Supermarkets plc (Food & Staples Retailing)		25,113
				19,844,733
United States – 1.3%
	7,531	Schneider Electric SE (Capital Goods)(b)		1,187,221
	65,321	Stellantis NV (Automobiles & Components)(b)		1,285,085
				2,472,306
	TOTAL INVESTMENTS – 99.1%
	(Cost $143,367,783)		$	186,324,475
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			1,655,795
	NET ASSETS – 100.0%		$	187,980,270

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	All or a portion of security is segregated as collateral for call options written.

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	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.

Investment Abbreviations:
ADR	—American Depositary Receipt
FDR	—Fiduciary Depositary Receipt
REIT	—Real Estate Investment Trust

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		1		09/17/2021	$	48,088	$	(743	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Calls
EURO STOXX 50 Index	4,175 EUR		09/17/2021		914	$	(37,147,702	)	$	(553,809	)	$	(1,102,616	)	$	548,807
FTSE 100 Index	7,175 GBP		09/17/2021		131		(9,219,086	)		(154,937	)		(236,435	)		81,498
Nikkei 225 Index	29,250 JPY		09/10/2021		73		(2,101,781,690	)		(374,544	)		(575,046	)		200,502
Total written options contracts					1,118				$	(1,083,290	)	$	(1,914,097	)	$	830,807

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Automobiles & Components – 1.7%
	1,037,233	Ford Motor Co.*	$	15,413,282
	164,726	General Motors Co.*		9,746,838
	21,887	Gentex Corp.		724,241
	204,156	Goodyear Tire & Rubber Co. (The)*		3,501,275
	16,231	Tesla, Inc.*		11,032,211
				40,417,847
Banks – 2.3%
	107,659	Bancorp, Inc. (The)*		2,477,234
	144,004	Cadence BanCorp		3,006,803
	13,311	Cathay General Bancorp		523,921
	62,481	Citigroup, Inc.		4,420,531
	11,346	East West Bancorp, Inc.		813,395
	23,131	Essent Group Ltd.		1,039,738
	40,192	First BanCorp		479,089
	56,420	First Hawaiian, Inc.		1,598,943
	49,865	First Horizon Corp.		861,667
	32,891	Independent Bank Group, Inc.		2,433,276
	52,490	International Bancshares Corp.		2,253,921
	26,250	Investors Bancorp, Inc.		374,325
	49,088	JPMorgan Chase & Co.		7,635,147
	80,240	MGIC Investment Corp.		1,091,264
	10,646	National Bank Holdings Corp. Class A		401,780
	3,532	Origin Bancorp, Inc.		149,969
	5,054	PNC Financial Services Group, Inc. (The)		964,101
	25,107	Popular, Inc.		1,884,280
	28,824	Radian Group, Inc.		641,334
	17,309	SVB Financial Group*		9,631,247
	13,919	TriState Capital Holdings, Inc.*		283,808
	39,488	Umpqua Holdings Corp.		728,554
	20,899	Walker & Dunlop, Inc.		2,181,438
	71,005	Western Alliance Bancorp		6,592,814
				52,468,579
Capital Goods – 4.1%
	13,048	AECOM*		826,199
	5,761	AGCO Corp.		751,119
	14,624	Allison Transmission Holdings, Inc.		581,158
	29,484	AMETEK, Inc.		3,936,114
	94,330	Atkore, Inc.*		6,697,430
	3,274	Boise Cascade Co.		191,038
	32,308	Emerson Electric Co.		3,109,322
	5,635	Encore Wire Corp.		427,077
	13,565	Fortive Corp.		946,023
	36,110	H&E Equipment Services, Inc.		1,201,380
	50,186	Hexcel Corp.*		3,131,606
	6,443	Honeywell International, Inc.		1,413,272
	97,597	Illinois Tool Works, Inc.		21,818,785
	96,928	Johnson Controls International plc		6,652,169
	26,377	L3Harris Technologies, Inc.		5,701,389
	12,408	Lockheed Martin Corp.		4,694,567
	12,050	McGrath RentCorp		982,919
	71,657	Otis Worldwide Corp.		5,859,393
	149,820	Raytheon Technologies Corp.		12,781,144
	1,213	RBC Bearings, Inc.*		241,896
Common Stocks – (continued)
Capital Goods – (continued)
	25,076	Rush Enterprises, Inc. Class A		1,084,286
	30,166	Snap-on, Inc.		6,739,989
	10,329	Teledyne Technologies, Inc.*		4,326,095
	9,195	Terex Corp.		437,866
				94,532,236
Commercial & Professional Services – 0.9%
	11,341	Cimpress plc*		1,229,478
	29,156	Cintas Corp.		11,137,592
	8,842	Clean Harbors, Inc.*		823,544
	71,280	CoStar Group, Inc.*		5,903,410
	10,024	IAA, Inc.*		546,709
	6,383	ManpowerGroup, Inc.		759,002
				20,399,735
Consumer Durables & Apparel – 0.9%
	17,960	G-III Apparel Group Ltd.*		590,166
	68,452	Levi Strauss & Co. Class A		1,897,489
	85,115	Skechers USA, Inc. Class A*		4,241,280
	15,973	Steven Madden Ltd.		698,979
	141,371	Tapestry, Inc.*		6,146,811
	7,009	Tempur Sealy International, Inc.		274,683
	39,213	TRI Pointe Group, Inc.*		840,335
	12,109	Whirlpool Corp.		2,640,004
	39,938	YETI Holdings, Inc.*		3,667,107
				20,996,854
Consumer Services – 2.6%
	18,628	Chipotle Mexican Grill, Inc.*		28,879,733
	37,579	frontdoor, Inc.*		1,872,186
	2,086	Graham Holdings Co. Class B		1,322,315
	129,460	H&R Block, Inc.		3,039,721
	142,560	International Game Technology plc*		3,415,738
	102,150	Red Rock Resorts, Inc. Class A*		4,341,375
	60,042	Terminix Global Holdings, Inc.*		2,864,604
	23,953	Vail Resorts, Inc.*		7,581,603
	49,027	Yum China Holdings, Inc.		3,248,039
	25,926	Yum! Brands, Inc.		2,982,268
				59,547,582
Diversified Financials – 8.0%
	489,203	Ally Financial, Inc.		24,381,877
	5,634	Artisan Partners Asset Management, Inc. Class A		286,320
	38,603	Berkshire Hathaway, Inc. Class B*		10,728,546
	59,113	Capital One Financial Corp.		9,144,190
	113,657	CME Group, Inc.		24,172,571
	96,351	Discover Financial Services		11,397,360
	19,961	Interactive Brokers Group, Inc. Class A		1,312,037
	60,419	Intercontinental Exchange, Inc.		7,171,735
	323,608	Jefferies Financial Group, Inc.		11,067,394
	23,105	LPL Financial Holdings, Inc.		3,118,713
	112,434	Morgan Stanley		10,309,073
	70,228	Navient Corp.		1,357,507
	21,215	Oppenheimer Holdings, Inc. Class A		1,078,571
	58,063	S&P Global, Inc.		23,831,958

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Diversified Financials – (continued)
	132,885	Santander Consumer USA Holdings, Inc.	$	4,826,383
	130,364	Starwood Property Trust, Inc. (REIT)		3,411,626
	34,376	State Street Corp.		2,828,457
	316,003	Synchrony Financial		15,332,466
	56,882	TPG RE Finance Trust, Inc. (REIT)		765,063
	327,211	Voya Financial, Inc.		20,123,476
				186,645,323
Energy – 1.6%
	15,871	Baker Hughes Co.		362,970
	8,224	Cactus, Inc. Class A		301,985
	7,426	Core Laboratories NV		289,243
	18,968	Diamondback Energy, Inc.		1,780,906
	99,446	EOG Resources, Inc.		8,297,774
	11,147	Exxon Mobil Corp.		703,153
	12,264	Hess Corp.		1,070,892
	18,924	Matador Resources Co.		681,453
	8,760	ONEOK, Inc.		487,406
	103,617	Ovintiv, Inc.		3,260,827
	33,190	Pioneer Natural Resources Co.		5,394,039
	25,139	Renewable Energy Group, Inc.*		1,567,165
	94,650	Schlumberger NV		3,029,746
	103,628	Targa Resources Corp.		4,606,265
	86,052	W&T Offshore, Inc.*		417,352
	156,754	Williams Cos., Inc. (The)		4,161,819
				36,412,995
Food & Staples Retailing – 0.2%
	3,528	Costco Wholesale Corp.		1,395,924
	5,239	Ingles Markets, Inc. Class A		305,276
	68,139	Walgreens Boots Alliance, Inc.		3,584,793
				5,285,993
Food, Beverage & Tobacco – 2.0%
	7,213	Archer-Daniels-Midland Co.		437,108
	7,580	Constellation Brands, Inc. Class A		1,772,886
	51,135	Darling Ingredients, Inc.*		3,451,612
	4,501	Freshpet, Inc.*		733,483
	35,242	Lamb Weston Holdings, Inc.		2,842,620
	9,833	Lancaster Colony Corp.		1,902,784
	213,411	Monster Beverage Corp.*		19,495,095
	159,106	Philip Morris International, Inc.		15,768,996
				46,404,584
Health Care Equipment & Services – 6.9%
	3,020	Abbott Laboratories		350,109
	730	Align Technology, Inc.*		446,030
	77,577	Anthem, Inc.		29,618,899
	5,639	Centene Corp.*		411,252
	21,748	Cigna Corp.		5,155,798
	21,779	Community Health Systems, Inc.*		336,268
	5,024	Cooper Cos., Inc. (The)		1,990,860
	72,981	Edwards Lifesciences Corp.*		7,558,642
	43,603	Encompass Health Corp.		3,402,342
	137,014	HCA Healthcare, Inc.		28,326,274
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	58,037	Hologic, Inc.*		3,872,229
	34,579	Humana, Inc.		15,308,815
	14,459	IDEXX Laboratories, Inc.*		9,131,581
	6,269	Molina Healthcare, Inc.*		1,586,433
	215,460	Select Medical Holdings Corp.		9,105,340
	1,283	STERIS plc		264,683
	47,957	UnitedHealth Group, Inc.		19,203,901
	51,555	Universal Health Services, Inc. Class B		7,549,199
	46,257	West Pharmaceutical Services, Inc.		16,610,889
				160,229,544
Household & Personal Products – 0.1%
	41,117	Herbalife Nutrition Ltd.*		2,168,099
	8,185	Procter & Gamble Co. (The)		1,104,402
				3,272,501
Insurance – 4.0%
	554,017	American Equity Investment Life Holding Co.		17,905,829
	35,396	American Financial Group, Inc.		4,414,589
	487,843	Arch Capital Group Ltd.*		18,996,606
	80,386	Athene Holding Ltd. Class A*		5,426,055
	59,191	Brighthouse Financial, Inc.*		2,695,558
	18,632	Fidelity National Financial, Inc.		809,747
	56,350	First American Financial Corp.		3,513,423
	87,149	Globe Life, Inc.		8,300,942
	9,425	Goosehead Insurance, Inc. Class A		1,199,803
	15,650	Marsh & McLennan Cos., Inc.		2,201,642
	209,677	Old Republic International Corp.		5,223,054
	22,348	Primerica, Inc.		3,422,373
	17,273	Reinsurance Group of America, Inc.		1,969,122
	9,861	Stewart Information Services Corp.		559,020
	69,160	Trupanion, Inc.*		7,960,316
	109,410	W R Berkley Corp.		8,143,386
				92,741,465
Materials – 4.0%
	4,937	Air Products and Chemicals, Inc.		1,420,276
	37,395	Amcor plc		428,547
	78,720	Avient Corp.		3,869,875
	328,568	Axalta Coating Systems Ltd.*		10,018,038
	119,588	Celanese Corp.		18,129,541
	47,477	CF Industries Holdings, Inc.		2,442,692
	28,500	Corteva, Inc.		1,263,975
	2,903	Crown Holdings, Inc.		296,716
	8,601	Dow, Inc.		544,271
	29,441	Eagle Materials, Inc.		4,183,860
	71,308	Element Solutions, Inc.		1,667,181
	4,681	Ingevity Corp.*		380,846
	5,609	International Flavors & Fragrances, Inc.		837,985
	133,281	Louisiana-Pacific Corp.		8,035,511
	128,708	Mosaic Co. (The)		4,107,072
	56,853	Olin Corp.		2,630,020
	116,961	Sherwin-Williams Co. (The)		31,866,024

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	6,280	Southern Copper Corp.	$	403,930
	34,799	Summit Materials, Inc. Class A*		1,212,745
	44,490	SunCoke Energy, Inc.		317,659
				94,056,764
Media & Entertainment – 9.4%
	16,330	Alphabet, Inc. Class A*		39,874,431
	15,750	Alphabet, Inc. Class C*		39,474,540
	11,277	AMC Entertainment Holdings, Inc. Class A*(a)		639,180
	12,147	Cardlytics, Inc.*		1,541,819
	285,691	Cinemark Holdings, Inc.*		6,270,917
	94,443	Comcast Corp. Class A		5,385,140
	119,060	Facebook, Inc. Class A*		41,398,353
	17,336	Netflix, Inc.*		9,157,048
	111,991	News Corp. Class A		2,886,008
	55,380	Nexstar Media Group, Inc. Class A		8,189,594
	196,224	Omnicom Group, Inc.		15,695,958
	220,769	Pinterest, Inc. Class A*		17,429,712
	15,013	Roku, Inc.*		6,894,720
	11,879	Spotify Technology SA*		3,273,734
	42,395	Take-Two Interactive Software, Inc.*		7,504,763
	19,404	World Wrestling Entertainment, Inc. Class A		1,123,298
	24,332	Zillow Group, Inc. Class C*		2,973,857
	749,749	Zynga, Inc. Class A*		7,969,832
				217,682,904
Pharmaceuticals, Biotechnology & Life Sciences – 9.6%
	296,208	AbbVie, Inc.		33,364,869
	17,266	Alexion Pharmaceuticals, Inc.*		3,171,937
	35,555	Avid Bioservices, Inc.*		911,986
	33,463	Biogen, Inc.*		11,587,233
	272,719	Gilead Sciences, Inc.		18,779,430
	259,726	Horizon Therapeutics plc*		24,320,743
	105,565	IQVIA Holdings, Inc.*		25,580,511
	24,507	Jazz Pharmaceuticals plc*		4,353,423
	94,767	Johnson & Johnson		15,611,916
	26,154	Merck & Co., Inc.		2,033,997
	8,389	Mettler-Toledo International, Inc.*		11,621,617
	74,997	PerkinElmer, Inc.		11,580,287
	83,636	Perrigo Co. plc		3,834,711
	128,361	Pfizer, Inc.		5,026,617
	9,527	Phibro Animal Health Corp. Class A		275,140
	93,584	Prestige Consumer Healthcare, Inc.*		4,875,726
	22,821	Regeneron Pharmaceuticals, Inc.*		12,746,441
	8,738	Sage Therapeutics, Inc.*		496,406
	3,494	Thermo Fisher Scientific, Inc.		1,762,618
	6,486	Twist Bioscience Corp.*		864,259
	1,149	Vertex Pharmaceuticals, Inc.*		231,673
	15,927	Viatris, Inc.		227,597
	156,407	Zoetis, Inc.		29,148,008
				222,407,145
Real Estate – 4.5%
	21,275	Brixmor Property Group, Inc. (REIT)		486,985
	85,305	Camden Property Trust (REIT)		11,317,414
Common Stocks – (continued)
Real Estate – (continued)
	18,849	CoreSite Realty Corp. (REIT)		2,537,075
	5,732	CubeSmart (REIT)		265,506
	257,053	Duke Realty Corp. (REIT)		12,171,460
	345,029	Equity LifeStyle Properties, Inc. (REIT)		25,639,105
	36,707	Extra Space Storage, Inc. (REIT)		6,013,341
	126,979	First Industrial Realty Trust, Inc. (REIT)		6,632,113
	6,416	Gaming and Leisure Properties, Inc. (REIT)		297,253
	352,093	Invitation Homes, Inc. (REIT)		13,129,548
	2,070	Jones Lang LaSalle, Inc.*		404,602
	17,448	Kilroy Realty Corp. (REIT)		1,215,079
	12,030	Lamar Advertising Co. Class A (REIT)		1,256,173
	47,715	MGM Growth Properties LLC Class A (REIT)		1,747,323
	29,850	Mid-America Apartment Communities, Inc. (REIT)		5,027,337
	22,704	National Storage Affiliates Trust (REIT)		1,147,914
	22,558	NexPoint Residential Trust, Inc. (REIT)		1,240,239
	2,236	PotlatchDeltic Corp. (REIT)		118,843
	9,166	Prologis, Inc. (REIT)		1,095,612
	1,888	PS Business Parks, Inc. (REIT)		279,575
	69,737	Retail Opportunity Investments Corp. (REIT)		1,231,555
	93,086	Rexford Industrial Realty, Inc. (REIT)		5,301,248
	84,434	SITE Centers Corp. (REIT)		1,271,863
	17,864	STORE Capital Corp. (REIT)		616,487
	47,424	Tanger Factory Outlet Centers, Inc. (REIT)		893,942
	14,722	Terreno Realty Corp. (REIT)		949,864
	45,708	Ventas, Inc. (REIT)		2,609,927
				104,897,383
Retailing – 9.0%
	24,763	Amazon.com, Inc.*		85,188,682
	1,486	Asbury Automotive Group, Inc.*		254,656
	2,286	AutoZone, Inc.*		3,411,215
	16,448	Boot Barn Holdings, Inc.*		1,382,454
	17,163	Buckle, Inc. (The)		853,859
	66,497	Dick’s Sporting Goods, Inc.		6,662,335
	34,974	eBay, Inc.		2,455,525
	17,138	Funko, Inc. Class A*		364,697
	765	GameStop Corp. Class A*		163,817
	20,996	Groupon, Inc.*		906,187
	46,469	Haverty Furniture Cos., Inc.		1,987,015
	4,651	Home Depot, Inc. (The)		1,483,157
	247,840	Kohl’s Corp.		13,658,462
	166,465	L Brands, Inc.		11,995,468
	91,859	Lowe’s Cos., Inc.		17,817,890
	1,541	MercadoLibre, Inc.*		2,400,554
	20,014	Murphy USA, Inc.		2,669,267
	1,394	O’Reilly Automotive, Inc.*		789,297

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Retailing – (continued)
	8,426	Penske Automotive Group, Inc.	$	636,079
	11,448	Revolve Group, Inc.*		788,767
	13,353	Signet Jewelers Ltd.*		1,078,789
	149,794	Target Corp.		36,211,202
	204,528	TJX Cos., Inc. (The)		13,789,278
	13,691	Urban Outfitters, Inc.*		564,343
	7,731	Williams-Sonoma, Inc.		1,234,254
				208,747,249
Semiconductors & Semiconductor Equipment – 4.6%
	218,165	Applied Materials, Inc.		31,066,696
	31,784	Intel Corp.		1,784,354
	3,264	KLA Corp.		1,058,222
	61,648	NVIDIA Corp.		49,324,565
	46,974	NXP Semiconductors NV		9,663,491
	13,204	Power Integrations, Inc.		1,083,520
	11,970	QUALCOMM, Inc.		1,710,872
	63,128	Texas Instruments, Inc.		12,139,514
				107,831,234
Software & Services – 13.2%
	44,829	Adobe, Inc.*		26,253,656
	18,021	Black Knight, Inc.*		1,405,278
	21,888	Cadence Design Systems, Inc.*		2,994,716
	17,268	Citrix Systems, Inc.		2,025,018
	37,536	Cognizant Technology Solutions Corp. Class A		2,599,743
	1,531	Concentrix Corp.*		246,185
	33,705	Dolby Laboratories, Inc. Class A		3,312,864
	5,074	EPAM Systems, Inc.*		2,592,611
	16,958	Fastly, Inc. Class A*(a)		1,010,697
	20,345	FireEye, Inc.*		411,376
	2,902	FleetCor Technologies, Inc.*		743,086
	79,080	Fortinet, Inc.*		18,836,065
	8,663	Gartner, Inc.*		2,098,179
	9,159	International Business Machines Corp.		1,342,618
	3,182	Intuit, Inc.		1,559,721
	461,564	Microsoft Corp.		125,037,688
	66,295	NortonLifeLock, Inc.		1,804,550
	37,008	Okta, Inc.*		9,055,117
	75,324	Oracle Corp.		5,863,220
	6,494	Palo Alto Networks, Inc.*		2,409,599
	166,869	PayPal Holdings, Inc.*		48,638,976
	5,663	Perficient, Inc.*		455,419
	5,399	ServiceNow, Inc.*		2,967,021
	1,609	Square, Inc. Class A*		392,274
	78,979	Tenable Holdings, Inc.*		3,265,782
	14,865	Twilio, Inc. Class A*		5,859,188
	4,947	VeriSign, Inc.*		1,126,382
	12,315	Visa, Inc. Class A		2,879,493
	629,872	Western Union Co. (The)		14,468,160
	27,322	Workday, Inc. Class A*		6,522,854
	43,289	Zscaler, Inc.*		9,353,021
				307,530,557
Common Stocks – (continued)
Technology Hardware & Equipment – 6.0%
	799,518	Apple, Inc.		109,501,985
	1,620	Arista Networks, Inc.*		586,942
	18,686	Jabil, Inc.		1,086,030
	94,239	Keysight Technologies, Inc.*		14,551,444
	19,675	Knowles Corp.*		388,385
	42,942	NetApp, Inc.		3,513,514
	427,709	TTM Technologies, Inc.*		6,116,239
	25,865	Vishay Intertechnology, Inc.		583,256
	5,426	Vontier Corp.		176,779
	34,029	Western Digital Corp.*		2,421,844
				138,926,418
Telecommunication Services – 0.2%
	155,401	Liberty Global plc Class C*		4,202,043
Transportation – 1.8%
	6,795	AMERCO		4,004,973
	94,059	CSX Corp.		3,017,413
	18,420	Norfolk Southern Corp.		4,888,852
	53,219	Old Dominion Freight Line, Inc.		13,506,982
	36,542	Ryder System, Inc.		2,716,167
	61,767	Union Pacific Corp.		13,584,416
	3,209	XPO Logistics, Inc.*		448,907
				42,167,710
Utilities – 0.6%
	25,070	AES Corp. (The)		653,575
	28,619	CMS Energy Corp.		1,690,810
	3,186	DTE Energy Co.		412,906
	165,814	MDU Resources Group, Inc.		5,196,611
	7,182	NorthWestern Corp.		432,500
	68,737	NRG Energy, Inc.		2,770,101
	43,279	Public Service Enterprise Group, Inc.		2,585,487
				13,741,990
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,158,939,632)		$	2,281,546,635
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,610,495	0.026%	$	1,610,495
	(Cost $1,610,495)
	TOTAL INVESTMENTS – 98.3%
	(Cost $1,160,550,127)		$	2,283,157,130
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%			40,023,313
	NET ASSETS – 100.0%		$	2,323,180,443

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		15	09/17/2021	$	1,730,850	$	(17,240	)
S&P 500 E-Mini Index		84	09/17/2021		18,012,120		218,244
Total Futures Contracts						$	201,004

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.9%
Australia – 8.7%
	64,696	ASX Ltd. (Diversified Financials)	$	3,771,499
	317,850	BHP Group plc (Materials)		9,405,491
	16,188	Brambles Ltd. (Commercial & Professional Services)		138,925
	167,225	Commonwealth Bank of Australia (Banks)		12,522,251
	429,493	Fortescue Metals Group Ltd. (Materials)		7,502,782
	261,023	Glencore plc (Materials)*		1,120,334
	358,204	Goodman Group (REIT)		5,668,822
	297,507	Harvey Norman Holdings Ltd. (Retailing)		1,223,646
	5,771	JB Hi-Fi Ltd. (Retailing)		218,711
	54,405	Mineral Resources Ltd. (Materials)		2,185,232
	124,163	Rio Tinto plc ADR (Materials)(a)		10,416,034
	10,703	Sonic Healthcare Ltd. (Health Care Equipment & Services)		308,412
	534,037	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		4,676,186
	177,028	Wesfarmers Ltd. (Retailing)		7,848,194
				67,006,519
Belgium – 0.4%
	10,088	Bekaert SA (Materials)		450,702
	14,673	D’ieteren Group (Retailing)		1,776,457
	1,427	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		149,452
	25,294	Warehouses De Pauw CVA (REIT)		966,216
				3,342,827
China – 0.9%
	942,600	Chow Tai Fook Jewellery Group Ltd. (Retailing)		2,153,675
	168,100	ENN Energy Holdings Ltd. (Utilities)		3,194,866
	73,000	SITC International Holdings Co. Ltd. (Transportation)		305,063
	486,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		970,264
				6,623,868
Denmark – 3.0%
	1,757	AP Moller—Maersk A/S Class A (Transportation)		4,887,276
	287	AP Moller—Maersk A/S Class B (Transportation)		826,247
	166,815	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		13,963,859
	4,304	Pandora A/S (Consumer Durables & Apparel)		580,670
	10,594	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(b)		216,452
	69,020	Vestas Wind Systems A/S (Capital Goods)		2,696,750
				23,171,254
Common Stocks – (continued)
Finland – 2.2%
	151,573	Kesko OYJ Class B (Food & Staples Retailing)		5,597,048
	110,809	Neste OYJ (Energy)		6,797,250
	166,314	Nokia OYJ (Technology Hardware & Equipment)*		891,070
	53,390	Nokian Renkaat OYJ (Automobiles & Components)		2,156,841
	56,671	Tokmanni Group Corp. (Retailing)		1,567,049
				17,009,258
France – 8.5%
	26,265	Arkema SA (Materials)		3,301,094
	39,153	BNP Paribas SA (Banks)		2,457,228
	29,031	Bouygues SA (Capital Goods)		1,075,305
	4,992	Christian Dior SE (Consumer Durables & Apparel)		4,029,616
	316,222	Credit Agricole SA (Banks)		4,433,302
	2,146	Gaztransport Et Technigaz SA (Energy)		173,630
	10,696	Gecina SA (REIT)		1,638,753
	127	Hermes International (Consumer Durables & Apparel)		185,332
	6,649	Kering SA (Consumer Durables & Apparel)		5,825,972
	54,234	Legrand SA (Capital Goods)		5,747,900
	24,093	L’Oreal SA (Household & Personal Products)		10,759,786
	2,837	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		2,231,746
	4,822	Nexity SA (Real Estate)		241,308
	38,375	Rexel SA (Capital Goods)*		803,502
	33,650	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		3,535,356
	16,319	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		7,723,627
	189,427	Societe Generale SA (Banks)		5,603,519
	7,145	Teleperformance (Commercial & Professional Services)		2,901,511
	2,686	Trigano SA (Automobiles & Components)		555,381
	69,348	Vivendi SE (Media & Entertainment)		2,330,033
				65,553,901
Germany – 8.1%
	21,545	adidas AG (Consumer Durables & Apparel)		8,039,687
	43,117	Aurubis AG (Materials)		4,001,990
	49,551	Bayerische Motoren Werke AG (Automobiles & Components)		5,253,176
	10,717	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)(c)		964,092
	20,925	Daimler AG (Registered) (Automobiles & Components)		1,869,830
	154,330	Deutsche Post AG (Registered) (Transportation)		10,510,601

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	204,901	Deutsche Telekom AG (Registered) (Telecommunication Services)	$	4,333,658
	1,171	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		129,521
	24,549	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(c)		2,592,718
	32,072	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		6,153,855
	4,498	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(c)		482,864
	15,709	Puma SE (Consumer Durables & Apparel)		1,874,884
	51,537	SAF-Holland SE (Automobiles & Components)*		716,820
	46,652	Siemens AG (Registered) (Capital Goods)		7,407,348
	30,859	Volkswagen AG (Preference) (Automobiles & Components)(c)		7,737,323
				62,068,367
Hong Kong – 1.0%
	310,000	AIA Group Ltd. (Insurance)		3,845,729
	32,000	Link REIT (REIT)		309,611
	221,500	Sun Hung Kai Properties Ltd. (Real Estate)		3,291,922
				7,447,262
Ireland – 0.2%
	2,957	Flutter Entertainment plc (Consumer Services)*		538,169
	15,867	Smurfit Kappa Group plc (Materials)		863,244
				1,401,413
Israel – 0.5%
	190,911	Plus500 Ltd. (Diversified Financials)		3,528,911
Italy – 2.1%
	23,285	Azimut Holding SpA (Diversified Financials)		566,251
	17,152	Banca Generali SpA (Diversified Financials)*		732,743
	93,386	Banca Mediolanum SpA (Diversified Financials)		909,506
	73,342	Banco BPM SpA (Banks)		236,416
	458,517	Enel SpA (Utilities)		4,260,942
	1,166	Ferrari NV (Automobiles & Components)		240,716
	539,535	Intesa Sanpaolo SpA (Banks)		1,492,537
	83,698	Poste Italiane SpA (Insurance)(b)		1,107,790
	17,300	PRADA SpA (Consumer Durables & Apparel)		131,263
	182,792	Prysmian SpA (Capital Goods)		6,559,685
				16,237,849
Common Stocks – (continued)
Japan – 23.0%
	168,800	Aeon Co. Ltd. (Food & Staples Retailing)		4,531,394
	6,500	AGC, Inc. (Capital Goods)		272,288
	19,700	Aisan Industry Co. Ltd. (Automobiles & Components)		156,501
	6,100	Aisin Corp. (Automobiles & Components)		261,553
	345,000	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		6,012,199
	38,800	Autobacs Seven Co. Ltd. (Retailing)		516,761
	31,900	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,264,408
	180,700	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,898,258
	51,300	Dentsu Group, Inc. (Media & Entertainment)		1,840,530
	4,500	DIC Corp. (Materials)		113,826
	72,400	Ebara Corp. (Capital Goods)		3,566,282
	1,257,400	ENEOS Holdings, Inc. (Energy)		5,269,515
	9,900	FCC Co. Ltd. (Automobiles & Components)		144,172
	50,900	Fujitsu Ltd. (Software & Services)		9,523,337
	2,900	Gunze Ltd. (Consumer Durables & Apparel)		120,781
	3,500	Halows Co. Ltd. (Food & Staples Retailing)		86,534
	17,500	Hikari Tsushin, Inc. (Retailing)		3,075,557
	59,400	Hitachi Ltd. (Capital Goods)		3,404,046
	121,800	Hitachi Metals Ltd. (Materials)		2,327,591
	9,500	I-PEX, Inc. (Technology Hardware & Equipment)		209,997
	80,700	Isuzu Motors Ltd. (Automobiles & Components)		1,070,861
	15,700	Izumi Co. Ltd. (Retailing)		590,552
	551,200	JVCKenwood Corp. (Consumer Durables & Apparel)		1,177,886
	5,500	Kaneka Corp. (Materials)		221,907
	95,300	Kao Corp. (Household & Personal Products)		5,876,206
	14,700	KDDI Corp. (Telecommunication Services)		457,989
	180,500	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		3,522,608
	7,000	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		340,320
	67,200	Konami Holdings Corp. (Media & Entertainment)		4,024,602
	18,400	K’s Holdings Corp. (Retailing)		211,458
	50,300	Kyushu Electric Power Co., Inc. (Utilities)		387,360
	7,100	Lawson, Inc. (Food & Staples Retailing)		328,848
	2,800	Lintec Corp. (Materials)		60,707

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	50,300	Lixil Corp. (Capital Goods)	$	1,301,632
	18,900	M3, Inc. (Health Care Equipment & Services)		1,377,023
	441,400	Marubeni Corp. (Capital Goods)		3,843,911
	29,800	Marui Group Co. Ltd. (Retailing)		562,251
	126,300	Mazda Motor Corp. (Automobiles & Components)*		1,191,578
	263,100	Mitsubishi Electric Corp. (Capital Goods)		3,819,486
	801,900	Mitsubishi HC Capital, Inc. (Diversified Financials)		4,300,185
	1,388,100	Mitsubishi UFJ Financial Group, Inc. (Banks)		7,476,665
	272,400	Mitsui & Co. Ltd. (Capital Goods)		6,136,002
	10,000	Mitsui Chemicals, Inc. (Materials)		345,678
	4,100	Mizuno Corp. (Consumer Durables & Apparel)		87,236
	73,300	Nexon Co. Ltd. (Media & Entertainment)		1,631,256
	86,600	NGK Insulators Ltd. (Capital Goods)		1,457,459
	5,800	Nintendo Co. Ltd. (Media & Entertainment)		3,356,303
	141,000	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		3,686,472
	131,600	Nippon Yusen KK (Transportation)		6,678,453
	75,100	Nitto Denko Corp. (Materials)		5,592,731
	194,200	Nomura Research Institute Ltd. (Software & Services)		6,413,772
	4,100	Pola Orbis Holdings, Inc. (Household & Personal Products)		108,108
	45,300	Rakuten Group, Inc. (Retailing)		511,489
	282,400	Ricoh Co. Ltd. (Technology Hardware & Equipment)		3,178,705
	3,900	Ricoh Leasing Co. Ltd. (Diversified Financials)		120,925
	43,500	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		4,003,208
	8,100	S Foods, Inc. (Food, Beverage & Tobacco)		240,012
	72,100	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		995,098
	11,400	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,120,357
	35,000	Shikoku Electric Power Co., Inc. (Utilities)		238,398
	4,700	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		171,799
	44,900	SoftBank Group Corp. (Telecommunication Services)		3,131,408
	168,200	Sojitz Corp. (Capital Goods)		508,783
	33,100	Square Enix Holdings Co. Ltd. (Media & Entertainment)		1,634,640
	58,200	Subaru Corp. (Automobiles & Components)		1,153,494
Common Stocks – (continued)
Japan – (continued)
	391,200	Sumitomo Corp. (Capital Goods)		5,245,381
	68,900	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,445,123
	111,200	Sumitomo Electric Industries Ltd. (Automobiles & Components)		1,642,416
	14,300	Sumitomo Mitsui Financial Group, Inc. (Banks)		492,949
	31,800	Suzuki Motor Corp. (Automobiles & Components)		1,347,671
	208,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,990,668
	174,600	TIS, Inc. (Software & Services)		4,456,016
	20,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		8,907,118
	31,200	Tosoh Corp. (Materials)		537,976
	139,100	Toyo Tire Corp. (Automobiles & Components)		2,945,455
	9,600	TS Tech Co. Ltd. (Automobiles & Components)		148,641
	17,500	Wacoal Holdings Corp. (Consumer Durables & Apparel)		396,390
	234,100	Yamada Holdings Co. Ltd. (Retailing)		1,082,508
	21,600	Yellow Hat Ltd. (Retailing)		382,918
	9,100	Yokohama Rubber Co. Ltd. (The) (Automobiles & Components)		195,449
				177,458,030
Luxembourg – 0.8%
	51,680	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*		5,911,093
Netherlands – 6.7%
	25,296	ASM International NV (Semiconductors & Semiconductor Equipment)		8,343,311
	17,088	ASML Holding NV (Semiconductors & Semiconductor Equipment)		11,796,175
	80,092	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		6,825,261
	91,568	ING Groep NV (Banks)		1,215,506
	174,588	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		5,199,155
	35,830	Koninklijke DSM NV (Materials)		6,697,813
	53,896	PostNL NV (Transportation)		292,837
	12,965	Randstad NV (Commercial & Professional Services)		993,900
	33,249	Signify NV (Capital Goods)(b)		2,110,577
	11,221	Van Lanschot Kempen NV CVA (Banks)		285,399
	82,288	Wolters Kluwer NV (Commercial & Professional Services)		8,271,084
				52,031,018

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
New Zealand – 0.4%
	27,359	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	$	595,179
	25,463	Xero Ltd. (Software & Services)*		2,619,118
				3,214,297
Norway – 1.9%
	42,540	Aker BP ASA (Energy)		1,355,888
	194,177	DNB ASA (Banks)		4,231,937
	229,330	Europris ASA (Retailing)(b)		1,438,114
	44,397	Golden Ocean Group Ltd. (Transportation)		490,558
	14,504	Kid ASA (Retailing)(b)		179,233
	651,872	Norsk Hydro ASA (Materials)		4,161,811
	129,507	Orkla ASA (Food, Beverage & Tobacco)		1,319,825
	55,750	SpareBank 1 SMN (Banks)		772,390
	41,416	SpareBank 1 SR-Bank ASA (Banks)		547,070
				14,496,826
Portugal – 0.2%
	303,868	EDP – Energias de Portugal SA (Utilities)		1,610,592
Singapore – 1.0%
	350,733	DBS Group Holdings Ltd. (Banks)		7,802,866
South Africa – 1.0%
	191,469	Anglo American plc (Materials)		7,619,351
Spain – 1.5%
	29,160	ACS Actividades de Construccion y Servicios SA (Capital Goods)		781,735
	565,109	Banco Bilbao Vizcaya Argentaria SA (Banks)		3,505,364
	236,837	Banco de Sabadell SA (Banks)*		161,691
	844,515	Banco Santander SA (Banks)		3,230,316
	340,723	Bankinter SA (Banks)		1,714,192
	44,774	EDP Renovaveis SA (Utilities)		1,037,394
	161,960	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)*		339,342
	14,643	Viscofan SA (Food, Beverage & Tobacco)		1,020,665
				11,790,699
Sweden – 2.7%
	148,381	Boliden AB (Materials)*		5,709,629
	11,225	Evolution AB (Consumer Services)(b)		1,775,594
	119,326	Kinnevik AB Class B (Diversified Financials)*		4,778,283
	42,129	Lundin Energy AB (Energy)		1,493,578
	21,815	Swedbank AB Class A (Banks)		406,128
	712,340	Swedish Match AB (Food, Beverage & Tobacco)		6,074,925
	39,278	Volvo AB Class B (Capital Goods)		946,577
				21,184,714
Common Stocks – (continued)
Switzerland – 12.2%
	73,295	Adecco Group AG (Registered) (Commercial & Professional Services)		4,987,123
	10	Chocoladefabriken Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco)		1,047,284
	55,326	Cie Financiere Richemont SA (Consumer Durables & Apparel)		6,707,095
	13,425	Kuehne + Nagel International AG (Registered) (Transportation)		4,594,831
	11,268	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		7,988,525
	61,625	Nestle SA (Registered) (Food, Beverage & Tobacco)		7,681,376
	20,375	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,858,742
	49,106	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		18,505,013
	20,488	Sonova Holding AG (Registered) (Health Care Equipment & Services)		7,716,904
	185,782	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		6,754,205
	1,198	Swatch Group AG (The) (Consumer Durables & Apparel)		411,411
	11,728	Swiss Life Holding AG (Registered) (Insurance)		5,705,127
	9,401	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		4,658,381
	503,453	UBS Group AG (Registered) (Diversified Financials)		7,711,503
	19,596	Zurich Insurance Group AG (Insurance)		7,871,036
				94,198,556
Ukraine – 0.1%
	159,031	Ferrexpo plc (Materials)		943,389
United Kingdom – 6.9%
	8,738	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(d)		523,406
	1,309,916	Aviva plc (Insurance)		7,353,810
	152,511	Barratt Developments plc (Consumer Durables & Apparel)		1,468,480
	292,911	BP plc ADR (Energy)		7,738,709
	7,821	Clarkson plc (Transportation)		345,545
	345,337	CNH Industrial NV (Capital Goods)		5,728,338
	194,685	Experian plc (Commercial & Professional Services)		7,516,627
	6,524	Games Workshop Group plc (Consumer Durables & Apparel)		1,028,854
	62,543	Halfords Group plc (Retailing)*		373,056
	62,399	Halma plc (Technology Hardware & Equipment)		2,324,691

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	60,061	IG Group Holdings plc (Diversified Financials)	$	703,814
	1,450,071	ITV plc (Media & Entertainment)*		2,520,224
	270,098	JD Sports Fashion plc (Retailing)		3,437,172
	5,852	Morgan Sindall Group plc (Capital Goods)		174,449
	22,740	National Grid plc (Utilities)		289,245
	47,782	Next plc (Retailing)*		5,200,296
	73,739	Paragon Banking Group plc (Banks)		519,706
	65,890	Persimmon plc (Consumer Durables & Apparel)		2,699,094
	71,708	Phoenix Group Holdings plc (Insurance)		671,261
	2,576	Reckitt Benckiser Group plc (Household & Personal Products)		227,590
	42,054	Segro plc (REIT)		636,625
	20,090	Unilever plc (Household & Personal Products)		1,174,159
	11,361	Unilever plc ADR (Household & Personal Products)		664,618
	293	Vistry Group plc (Consumer Durables & Apparel)		4,769
				53,324,538
United States – 2.9%
	35,211	Ferguson plc (Capital Goods)		4,898,810
	68,853	Schneider Electric SE (Capital Goods)		10,854,298
	332,178	Stellantis NV (Automobiles & Components)		6,535,068
				22,288,176
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $517,369,676)		$	747,265,574
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(e) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	510,450	0.026%	$	510,450
	(Cost $510,450)
	TOTAL INVESTMENTS – 97.0% (Cost $517,880,126)		$	747,776,024
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.0%			22,903,413
	NET ASSETS – 100.0%		$	770,679,437
	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(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)	All or a portion of security is on loan.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		80		09/17/2021	$	3,847,047	$	(62,360	)
FTSE 100 Index		14		09/17/2021		1,351,858		(21,029	)
Hang Seng Index		2		07/29/2021		368,739		(6,761	)
MSCI Singapore Index		4		07/29/2021		105,734		(177	)
SPI 200 Index		4		09/16/2021		541,689		(2,625	)
TOPIX Index		10		09/09/2021		1,748,954		(13,345	)
Total Futures Contracts							$	(106,297	)

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	U.S. Equity Dividend and Premium Fund		International Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund		International Tax-Managed Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,958,303,159, $143,367,783, $1,158,939,632 and $517,369,676)(a)	$	2,952,034,543	$	186,324,475		$	2,281,546,635	$	747,265,574
Investments in affiliated issuers, at value (cost $47,903,237, $0, $0 and $0)		47,903,237		—			—		—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $188,100, $0, $1,610,495 and $510,450)		188,100		—			1,610,495		510,450
Cash		4,096,238		—			34,897,195		2,043,680
Foreign currencies, at value (cost $0, $347,146, $0 and $11,546,426)		—		345,562			—		11,472,545
Receivables:
Investments sold		8,746,221		—			—		109,957
Fund shares sold		3,118,739		878,413			7,281,333		7,620,635
Dividends		2,573,483		700,815			1,275,613		619,398
Foreign tax reclaims		134,930		1,792,069			—		2,455,895
Reimbursement from investment adviser		46,479		36,981			—		43,469
Securities lending income		149		—			380		164
Due from custodian		—		—			—		1,112,078
Variation margin on futures		54,127		—			30,120		—
Other assets		63,486		34,692			69,092		52,273
Total assets		3,018,959,732		190,113,007			2,326,710,863		773,306,118
Liabilities:
Written options, at value (premiums received $27,061,675, $1,914,097, $0 and $0)		29,834,010		1,083,290			—		—
Variation margin on futures		—		434			—		51,717
Payables:
Investments purchased		25,260,750		—			—		1,112,078
Fund shares redeemed		3,334,635		153,113			303,294		88,727
Management fees		1,575,726		127,291			1,250,865		540,529
Distribution and Service fees and Transfer Agency fees		273,422		6,198			102,233		22,635
Payable upon return of securities loaned		188,100		—			1,610,495		510,450
Due to custodian		—		339,795			—		—
Accrued expenses		559,622		422,616			263,533		300,545
Total liabilities		61,026,265		2,132,737			3,530,420		2,626,681
Net Assets:
Paid-in capital		1,979,998,196		231,794,436			1,173,346,236		596,962,637
Total distributable earnings (loss)		977,935,271		(43,814,166	)		1,149,834,207		173,716,800
NET ASSETS	$	2,957,933,467	$	187,980,270		$	2,323,180,443	$	770,679,437
Net Assets:
Class A	$	165,408,254	$	2,209,186		$	89,049,107	$	7,196,525
Class C		112,526,581		386,198			20,126,549		993,428
Institutional		1,362,322,791		5,136,443			57,351,319		10,900,639
Service		—		—			2,221,082		—
Investor		428,995,916		5,103,859			18,806,587		9,007,307
Class R6		234,308,937		92,394,229			1,944,410,980		664,363,692
Class P		654,370,988		82,750,355			191,214,819		78,217,846
Total Net Assets	$	2,957,933,467	$	187,980,270		$	2,323,180,443	$	770,679,437
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		10,389,695		292,984			2,560,842		586,504
Class C		7,099,087		53,113			617,166		83,306
Institutional		85,838,421		695,705			1,606,420		888,829
Service		—		—			63,552		—
Investor		27,012,833		692,956			531,667		734,447
Class R6		14,770,216		12,516,659			54,943,091		54,538,044
Class P		41,239,163		11,193,651			5,401,872		6,418,125
Net asset value, offering and redemption price per share:(b)
Class A		$15.92		$7.54			$34.77		$12.27
Class C		15.85		7.27			32.61		11.93
Institutional		15.87		7.38			35.70		12.26
Service		—		—			34.95		—
Investor		15.88		7.37			35.37		12.26
Class R6		15.86		7.38			35.39		12.18
Class P		15.87		7.39			35.40		12.19

(a) Includes loaned securities having a market value of $184,184, $1,566,036 and $497,170, for the U.S. Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

(a) Maximum public offering price per share for Class A Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds is $16.85, $7.98, $36.79 and $12.98, 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.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

		U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund			International Tax-Managed Equity Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign taxes withheld of $0, $408,980, $10,408 and $1,174,320)	$	29,122,237		$	3,748,510		$	11,740,829		$	13,403,791
	Securities lending income — affiliated issuer		26,708			128			1,203			885
	Dividends — affiliated issuers		10,347			65			1,059			—
	Interest		87			—			—			—
Other income			—			138,454			—			61,910
	Total investment income		29,159,379			3,887,157			11,743,091			13,466,586
	Expenses:
	Management fees		9,756,019			776,804			6,911,821			3,193,197
	Transfer Agency fees(a)		924,481			33,775			393,965			124,049
	Distribution and Service (12b-1) fees(a)		616,304			4,457			178,220			12,386
	Custody, accounting and administrative services		167,446			74,672			105,658			137,301
	Service fees — Class C		142,632			587			23,812			1,268
	Printing and mailing costs		122,719			20,614			31,650			25,287
	Registration fees		67,490			36,201			45,777			59,565
	Professional fees		53,096			69,921			52,527			66,174
	Trustee fees		11,461			9,566			10,765			9,947
	Shareholder administration fees — Service Shares		—			—			2,593			—
	Other		50,554			55,298			24,391			22,446
	Total expenses		11,912,202			1,081,895			7,781,179			3,651,620
	Less — expense reductions		(921,768	)		(225,976	)		(25,023	)		(273,140	)
	Net expenses		10,990,434			855,919			7,756,156			3,378,480
	NET INVESTMENT INCOME		18,168,945			3,031,238			3,986,935			10,088,106
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		53,921,005			8,585,078			4,717,227			15,887,293
	In-kind transactions from affiliated Underlying Funds		—			—			34,594,991			20,045,635
	Futures contracts		5,190,981			146,392			2,680,261			1,016,359
	Foreign currency transactions		(563	)		(121,974	)		—			210,365
	Written options		(69,260,639	)		(4,166,797	)		—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		312,257,060			4,230,460			285,783,036			14,229,948
	Futures contracts		162,627			17,039			201,004			(223,657	)
	Foreign currency translation		(1,841	)		(79,726	)		—			(275,113	)
	Written options		19,320,974			997,364			—			—
	Net realized and unrealized gain		321,589,604			9,607,836			327,976,519			50,890,830
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	339,758,549		$	12,639,074		$	331,963,454		$	60,978,936

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

	Distribution and/or (12b-1) Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Service		Investor		Class R6		Class P
U.S. Equity Dividend and Premium	$	188,409	$	427,895	$	—	$	120,583	$	91,285	$	257,786	$	—	$	329,067	$	32,259	$	93,501
International Equity Dividend and Premium		2,696		1,761		—		1,726		375		1,027		—		3,743		14,183		12,721
U.S. Tax-Managed Equity		104,192		71,435		2,593		66,683		15,240		10,301		415		13,710		262,075		25,541
International Tax-Managed Equity		8,581		3,805		—		5,491		812		2,108		—		7,018		97,532		11,088

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2021 (Unaudited)

	U.S. Equity Dividend and Premium Fund						International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	18,168,945		$	42,628,482		$	3,031,238		$	5,693,933
Net realized gain (loss)		(10,149,216	)		159,096,999			4,442,699			(39,437,182	)
Net change in unrealized gain		331,738,820			67,663,187			5,165,137			21,956,401
Net increase (decrease) in net assets resulting from operations		339,758,549			269,388,668			12,639,074			(11,786,848	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(791,585	)		(8,813,798	)		(27,010	)		(45,797	)
Class C Shares		(136,446	)		(7,122,278	)		(3,164	)		(11,424	)
Institutional Shares		(8,644,732	)		(86,526,760	)		(72,335	)		(139,608	)
Investor Shares		(2,543,910	)		(28,195,263	)		(67,780	)		(108,837	)
Class R6 Shares		(1,427,267	)		(14,541,591	)		(1,299,749	)		(2,843,419	)
Class P Shares		(4,212,086	)		(41,326,407	)		(1,167,791	)		(2,619,218	)
Return of capital
Class A Shares		—			(34,917	)		—			(1,071	)
Class C Shares		—			(32,721	)		—			(382	)
Institutional Shares		—			(320,645	)		—			(2,873	)
Investor Shares		—			(111,393	)		—			(2,391	)
Class R6 Shares		—			(57,937	)		—			(57,728	)
Class P Shares		—			(157,363	)		—			(53,449	)
Total distributions to shareholders		(17,756,026	)		(187,241,073	)		(2,637,829	)		(5,886,197	)
From share transactions:
Proceeds from sales of shares		255,049,000			650,146,397			7,555,751			24,809,273
Reinvestment of distributions		16,056,205			169,859,628			2,600,090			5,825,672
Cost of shares redeemed		(346,829,622	)		(1,193,732,492	)		(33,023,777	)		(110,895,820	)
Net decrease in net assets resulting from share transactions		(75,724,417	)		(373,726,467	)		(22,867,936	)		(80,260,875	)
TOTAL INCREASE (DECREASE)		246,278,106			(291,578,872	)		(12,866,691	)		(97,933,920	)
Net Assets:
Beginning of period		2,711,655,361			3,003,234,233			200,846,961			298,780,881
End of period	$	2,957,933,467		$	2,711,655,361		$	187,980,270		$	200,846,961

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets (continued)

For the Six Months Ended June 30, 2021 (Unaudited)

	U.S. Tax-Managed Equity Fund						International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	3,986,935		$	9,058,310		$	10,088,106		$	9,515,616
Net realized gain (loss)		41,992,479			64,937,751			37,159,652			(73,126,704	)
Net change in unrealized gain		285,984,040			173,716,486			13,731,178			121,870,409
Net increase in net assets resulting from operations		331,963,454			247,712,547			60,978,936			58,259,321
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(227,570	)		—			(83,262	)
Class C Shares		—			—			—			(4,591	)
Institutional Shares		—			(272,887	)		—			(142,381	)
Service Shares		—			(3,211	)		—			—
Investor Shares		—			(78,104	)		—			(120,706	)
Class R6 Shares		—			(9,022,049	)		—			(9,502,533	)
Class P Shares		—			(892,356	)		—			(998,750	)
Return of capital
Class A Shares		—			(95,505	)		—			—
Institutional Shares		—			(58,669	)		—			—
Service Shares		—			(2,439	)		—			—
Investor Shares		—			(19,743	)		—			—
Class R6 Shares		—			(1,942,310	)		—			—
Class P Shares		—			(188,413	)		—			—
Total distributions to shareholders		—			(12,803,256	)		—			(10,852,223	)
From share transactions:
Proceeds from sales of shares		224,882,324			116,867,565			45,683,502			81,613,669
Proceeds paid in connection with in-kind transactions		(42,000,000	)		(92,360,000	)		(56,160,000	)		—
Reinvestment of distributions		—			12,717,767			—			10,851,335
Cost of shares redeemed		(42,115,659	)		(291,799,400	)		(15,629,167	)		(175,459,100	)
Net increase (decrease) in net assets resulting from share transactions		140,766,665			(254,574,068	)		(26,105,665	)		(82,994,096	)
TOTAL INCREASE (DECREASE)		472,730,119			(19,664,777	)		34,873,271			(35,586,998	)
Net Assets:
Beginning of period		1,850,450,324			1,870,115,101			735,806,166			771,393,164
End of period	$	2,323,180,443		$	1,850,450,324		$	770,679,437		$	735,806,166

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.20		$	13.38		$	11.46		$	13.16		$	12.11		$	11.34
Net investment income(a)		0.08			0.18			0.21			0.21			0.19			0.20
Net realized and unrealized gain (loss)		1.72			1.61			2.57			(1.05	)		1.61			1.21
Total from investment operations		1.80			1.79			2.78			(0.84	)		1.80			1.41
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.21	)		(0.22	)		(0.19	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)		(0.56	)		(0.45	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.08	)		(0.97	)		(0.86	)		(0.86	)		(0.75	)		(0.64	)
Net asset value, end of period	$	15.92		$	14.20		$	13.38		$	11.46		$	13.16		$	12.11
Total return(c)		12.67	%		13.62	%		24.62	%		(6.63	)%		14.83	%		12.73	%
Net assets, end of period (in 000s)	$	165,408		$	135,937		$	195,689		$	187,524		$	275,451		$	294,401
Ratio of net expenses to average net assets		1.06	%(d)		1.09	%		1.12	%		1.12	%		1.13	%		1.16	%
Ratio of total expenses to average net assets		1.14	%(d)		1.15	%		1.16	%		1.15	%		1.15	%		1.19	%
Ratio of net investment income to average net assets		1.02	%(d)		1.41	%		1.65	%		1.61	%		1.47	%		1.67	%
Portfolio turnover rate(e)		7	%		39	%		26	%		37	%		34	%		23	%

(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 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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.14		$	13.33		$	11.41		$	13.11		$	12.07		$	11.31
Net investment income(a)		0.02			0.08			0.12			0.11			0.10			0.11
Net realized and unrealized gain (loss)		1.71			1.60			2.57			(1.05	)		1.60			1.21
Total from investment operations		1.73			1.68			2.69			(0.94	)		1.70			1.32
Distributions to shareholders from net investment income		(0.02	)		(0.09	)		(0.12	)		(0.12	)		(0.10	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)		(0.56	)		(0.45	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.02	)		(0.87	)		(0.77	)		(0.76	)		(0.66	)		(0.56	)
Net asset value, end of period	$	15.85		$	14.14		$	13.33		$	11.41		$	13.11		$	12.07
Total return(c)		12.23	%		12.83	%		23.72	%		(7.38	)%		13.99	%		11.92	%
Net assets, end of period (in 000s)	$	112,527		$	118,819		$	141,029		$	139,580		$	177,178		$	142,909
Ratio of net expenses to average net assets		1.81	%(d)		1.84	%		1.87	%		1.87	%		1.88	%		1.91	%
Ratio of total expenses to average net assets		1.89	%(d)		1.90	%		1.91	%		1.90	%		1.90	%		1.94	%
Ratio of net investment income to average net assets		0.28	%(d)		0.64	%		0.90	%		0.86	%		0.76	%		0.92	%
Portfolio turnover rate(e)		7	%		39	%		26	%		37	%		34	%		23	%

(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 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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.16		$	13.35		$	11.43		$	13.13		$	12.09		$	11.31
Net investment income(a)		0.10			0.23			0.26			0.27			0.24			0.24
Net realized and unrealized gain (loss)		1.71			1.60			2.57			(1.06	)		1.60			1.22
Total from investment operations		1.81			1.83			2.83			(0.79	)		1.84			1.46
Distributions to shareholders from net investment income		(0.10	)		(0.24	)		(0.26	)		(0.27	)		(0.24	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)		(0.56	)		(0.45	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.10	)		(1.02	)		(0.91	)		(0.91	)		(0.80	)		(0.68	)
Net asset value, end of period	$	15.87		$	14.16		$	13.35		$	11.43		$	13.13		$	12.09
Total return(c)		12.81	%		14.12	%		25.06	%		(6.28	)%		15.31	%		13.17	%
Net assets, end of period (in 000s)	$	1,362,323		$	1,252,383		$	1,242,858		$	1,106,179		$	2,565,883		$	2,062,756
Ratio of net expenses to average net assets		0.71	%(d)		0.72	%		0.75	%		0.74	%		0.74	%		0.76	%
Ratio of total expenses to average net assets		0.77	%(d)		0.78	%		0.77	%		0.76	%		0.76	%		0.79	%
Ratio of net investment income to average net assets		1.37	%(d)		1.73	%		2.02	%		2.01	%		1.89	%		2.07	%
Portfolio turnover rate(e)		7	%		39	%		26	%		37	%		34	%		23	%

(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 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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.17		$	13.36		$	11.44		$	13.14		$	12.10		$	11.33
Net investment income(b)		0.10			0.21			0.25			0.25			0.23			0.23
Net realized and unrealized gain (loss)		1.70			1.60			2.57			(1.06	)		1.60			1.21
Total from investment operations		1.80			1.81			2.82			(0.81	)		1.83			1.44
Distributions to shareholders from net investment income		(0.09	)		(0.22	)		(0.25	)		(0.25	)		(0.23	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)		(0.56	)		(0.45	)
Distributions to shareholders from return of capital		—			—	(c)		—			—			—			—
Total distributions		(0.09	)		(1.00	)		(0.90	)		(0.89	)		(0.79	)		(0.67	)
Net asset value, end of period	$	15.88		$	14.17		$	13.36		$	11.44		$	13.14		$	12.10
Total return(d)		12.83	%		13.90	%		25.00	%		(6.47	)%		15.18	%		12.92	%
Net assets, end of period (in 000s)	$	428,996		$	402,711		$	468,254		$	432,136		$	473,178		$	174,527
Ratio of net expenses to average net assets		0.81	%(e)		0.83	%		0.87	%		0.87	%		0.88	%		0.91	%
Ratio of total expenses to average net assets		0.89	%(e)		0.90	%		0.91	%		0.90	%		0.90	%		0.94	%
Ratio of net investment income to average net assets		1.27	%(e)		1.64	%		1.90	%		1.86	%		1.76	%		1.90	%
Portfolio turnover rate(f)		7	%		39	%		26	%		37	%		34	%		23	%

(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) 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 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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 30, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	14.15		$	13.34		$	11.42		$	12.84
Net investment income(a)		0.10			0.23			0.26			0.17
Net realized and unrealized gain (loss)		1.71			1.60			2.57			(0.75	)
Total from investment operations		1.81			1.83			2.83			(0.58	)
Distributions to shareholders from net investment income		(0.10	)		(0.24	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)
Distributions to shareholders from return of capital		—			—	(b)		—			—
Total distributions		(0.10	)		(1.02	)		(0.91	)		(0.84	)
Net asset value, end of period	$	15.86		$	14.15		$	13.34		$	11.42
Total return(c)		12.83	%		14.13	%		25.09	%		(4.78	)%
Net assets, end of period (in 000s)	$	234,309		$	208,584		$	275,973		$	252,381
Ratio of net expenses to average net assets		0.70	%(d)		0.72	%		0.74	%		0.73	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.77	%		0.76	%		0.76	%(d)
Ratio of net investment income to average net assets		1.37	%(d)		1.77	%		2.03	%		1.91	%(d)
Portfolio turnover rate(e)		7	%		39	%		26	%		37	%

 * 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 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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	14.15		$	13.34		$	11.43		$	13.12
Net investment income(a)		0.10			0.23			0.26			0.18
Net realized and unrealized gain (loss)		1.72			1.60			2.56			(1.03	)
Total from investment operations		1.82			1.83			2.82			(0.85	)
Distributions to shareholders from net investment income		(0.10	)		(0.24	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.65	)		(0.64	)
Distributions to shareholders from return of capital		—			—	(b)		—			—
Total distributions		(0.10	)		(1.02	)		(0.91	)		(0.84	)
Net asset value, end of period	$	15.87		$	14.15		$	13.34		$	11.43
Total return(c)		12.90	%		14.05	%		25.07	%		(6.73	)%
Net assets, end of period (in 000s)	$	654,371		$	593,220		$	679,431		$	648,424
Ratio of net expenses to average net assets		0.70	%(d)		0.72	%		0.74	%		0.73	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.77	%		0.76	%		0.76	%(d)
Ratio of net investment income to average net assets		1.38	%(d)		1.76	%		2.03	%		1.93	%(d)
Portfolio turnover rate(e)		7	%		39	%		26	%		37	%

 * 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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.16		$	7.28		$	6.55		$	7.76		$	6.43		$	6.56
Net investment income(a)		0.11			0.15			0.20			0.20			0.15			0.18
Net realized and unrealized gain (loss)		0.36			(0.11	)		0.73			(1.22	)		1.34			(0.14	)
Total from investment operations		0.47			0.04			0.93			(1.02	)		1.49			0.04
Distributions to shareholders from net investment income		(0.09	)		(0.16	)		(0.20	)		(0.19	)		(0.16	)		(0.17	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.09	)		(0.16	)		(0.20	)		(0.19	)		(0.16	)		(0.17	)
Net asset value, end of period	$	7.54		$	7.16		$	7.28		$	6.55		$	7.76		$	6.43
Total return(c)		6.59	%		0.93	%		14.42	%		(13.34	)%		23.36	%		0.66	%
Net assets, end of period (in 000s)	$	2,209		$	2,050		$	2,424		$	2,232		$	3,962		$	5,968
Ratio of net expenses to average net assets		1.23	%(d)		1.27	%		1.33	%		1.34	%		1.34	%		1.37	%
Ratio of total expenses to average net assets		1.50	%(d)		1.48	%		1.44	%		1.38	%		1.34	%		1.38	%
Ratio of net investment income to average net assets		2.81	%(d)		2.39	%		2.86	%		2.71	%		2.16	%		2.87	%
Portfolio turnover rate(e)		10	%		34	%		9	%		14	%		17	%		18	%

(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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.90		$	7.02		$	6.32		$	7.48		$	6.21		$	6.35
Net investment income(a)		0.06			0.10			0.14			0.16			0.09			0.12
Net realized and unrealized gain (loss)		0.37			(0.11	)		0.71			(1.20	)		1.30			(0.14	)
Total from investment operations		0.43			(0.01	)		0.85			(1.04	)		1.39			(0.02	)
Distributions to shareholders from net investment income		(0.06	)		(0.11	)		(0.15	)		(0.12	)		(0.12	)		(0.12	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.06	)		(0.11	)		(0.15	)		(0.12	)		(0.12	)		(0.12	)
Net asset value, end of period	$	7.27		$	6.90		$	7.02		$	6.32		$	7.48		$	6.21
Total return(c)		6.22	%		0.18	%		13.54	%		(14.01	)%		22.50	%		(0.21	)%
Net assets, end of period (in 000s)	$	386		$	621		$	815		$	1,252		$	4,276		$	2,549
Ratio of net expenses to average net assets		1.98	%(d)		2.02	%		2.08	%		2.09	%		2.09	%		2.12	%
Ratio of total expenses to average net assets		2.25	%(d)		2.23	%		2.19	%		2.11	%		2.09	%		2.13	%
Ratio of net investment income to average net assets		1.75	%(d)		1.63	%		2.11	%		2.24	%		1.29	%		2.00	%
Portfolio turnover rate(e)		10	%		34	%		9	%		14	%		17	%		18	%

(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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.01		$	7.14		$	6.42		$	7.62		$	6.32		$	6.46
Net investment income(a)		0.12			0.16			0.22			0.31			0.18			0.19
Net realized and unrealized gain (loss)		0.35			(0.10	)		0.73			(1.29	)		1.31			(0.14	)
Total from investment operations		0.47			0.06			0.95			(0.98	)		1.49			0.05
Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.23	)		(0.22	)		(0.19	)		(0.19	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.10	)		(0.19	)		(0.23	)		(0.22	)		(0.19	)		(0.19	)
Net asset value, end of period	$	7.38		$	7.01		$	7.14		$	6.42		$	7.62		$	6.32
Total return(c)		6.76	%		1.18	%		14.82	%		(12.96	)%		23.85	%		0.92	%
Net assets, end of period (in 000s)	$	5,136		$	4,897		$	12,005		$	15,696		$	399,955		$	307,311
Ratio of net expenses to average net assets		0.89	%(d)		0.92	%		0.95	%		0.95	%		0.95	%		0.97	%
Ratio of total expenses to average net assets		1.13	%(d)		1.10	%		1.06	%		0.95	%		0.95	%		0.98	%
Ratio of net investment income to average net assets		3.15	%(d)		2.51	%		3.28	%		4.12	%		2.58	%		3.08	%
Portfolio turnover rate(e)		10	%		34	%		9	%		14	%		17	%		18	%

(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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.00		$	7.12		$	6.41		$	7.60		$	6.31		$	6.44
Net investment income(b)		0.11			0.15			0.21			0.20			0.17			0.17
Net realized and unrealized gain (loss)		0.36			(0.09	)		0.72			(1.18	)		1.30			(0.11	)
Total from investment operations		0.47			0.06			0.93			(0.98	)		1.47			0.06
Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.22	)		(0.21	)		(0.18	)		(0.19	)
Distributions to shareholders from return of capital		—			—	(c)		—			—			—			—
Total distributions		(0.10	)		(0.18	)		(0.22	)		(0.21	)		(0.18	)		(0.19	)
Net asset value, end of period	$	7.37		$	7.00		$	7.12		$	6.41		$	7.60		$	6.31
Total return(d)		6.73	%		1.20	%		14.71	%		(13.10	)%		23.58	%		0.96	%
Net assets, end of period (in 000s)	$	5,104		$	4,288		$	8,915		$	8,207		$	6,048		$	2,111
Ratio of net expenses to average net assets		0.98	%(e)		1.03	%		1.08	%		1.09	%		1.09	%		1.12	%
Ratio of total expenses to average net assets		1.25	%(e)		1.23	%		1.19	%		1.14	%		1.09	%		1.13	%
Ratio of net investment income to average net assets		3.09	%(e)		2.39	%		3.14	%		2.76	%		2.36	%		2.64	%
Portfolio turnover rate(f)		10	%		34	%		9	%		14	%		17	%		18	%

(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) 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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 30, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	7.01		$	7.13		$	6.42		$	7.60
Net investment income(a)		0.11			0.17			0.22			0.08
Net realized and unrealized gain (loss)		0.36			(0.10	)		0.72			(1.07	)
Total from investment operations		0.47			0.07			0.94			(0.99	)
Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.23	)		(0.19	)
Distributions to shareholders from return of capital		—			—	(b)		—			—
Total distributions		(0.10	)		(0.19	)		(0.23	)		(0.19	)
Net asset value, end of period	$	7.38		$	7.01		$	7.13		$	6.42
Total return(c)		6.76	%		1.34	%		14.85	%		(13.25	)%
Net assets, end of period (in 000s)	$	92,394		$	102,041		$	136,241		$	125,311
Ratio of net expenses to average net assets		0.88	%(d)		0.90	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		1.12	%(d)		1.10	%		1.05	%		1.03	%(d)
Ratio of net investment income to average net assets		3.07	%(d)		2.70	%		3.23	%		1.81	%(d)
Portfolio turnover rate(e)		10	%		34	%		9	%		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 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 DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	7.02		$	7.14		$	6.43		$	7.71
Net investment income(a)		0.12			0.17			0.22			0.09
Net realized and unrealized gain (loss)		0.35			(0.10	)		0.72			(1.18	)
Total from investment operations		0.47			0.07			0.94			(1.09	)
Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.23	)		(0.19	)
Distributions to shareholders from return of capital		—			—	(b)		—			—
Total distributions		(0.10	)		(0.19	)		(0.23	)		(0.19	)
Net asset value, end of period	$	7.39		$	7.02		$	7.14		$	6.43
Total return(c)		6.75	%		1.33	%		14.83	%		(14.35	)%
Net assets, end of period (in 000s)	$	82,750		$	86,949		$	138,381		$	162,129
Ratio of net expenses to average net assets		0.88	%(d)		0.90	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		1.12	%(d)		1.10	%		1.05	%		1.03	%(d)
Ratio of net investment income to average net assets		3.12	%(d)		2.67	%		3.26	%		1.81	%(d)
Portfolio turnover rate(e)		10	%		34	%		9	%		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 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 U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	29.78		$	25.54		$	20.43		$	22.37		$	18.75		$	17.28
Net investment income(a)		0.01			0.06			0.11			0.10			0.13			0.11
Net realized and unrealized gain (loss)		4.98			4.31			5.09			(1.93	)		3.60			1.47
Total from investment operations		4.99			4.37			5.20			(1.83	)		3.73			1.58
Distributions to shareholders from net investment income		—			(0.09	)		(0.09	)		(0.11	)		(0.11	)		(0.11	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		—			(0.13	)		(0.09	)		(0.11	)		(0.11	)		(0.11	)
Net asset value, end of period	$	34.77		$	29.78		$	25.54		$	20.43		$	22.37		$	18.75
Total return(b)		16.76	%		17.06	%		25.48	%		(8.15	)%		19.88	%		9.09	%
Net assets, end of period (in 000s)	$	89,049		$	75,584		$	68,427		$	57,833		$	50,218		$	51,206
Ratio of net expenses to average net assets		1.06	%(c)		1.08	%		1.10	%		1.14	%		1.15	%		1.17	%
Ratio of total expenses to average net assets		1.10	%(c)		1.12	%		1.13	%		1.14	%		1.15	%		1.17	%
Ratio of net investment income to average net assets		0.07	%(c)		0.24	%		0.47	%		0.44	%		0.61	%		0.61	%
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%		108	%		118	%

(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 U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	28.04		$	24.11		$	19.36		$	21.24		$	17.86		$	16.48
Net investment loss(a)		(0.10	)		(0.13	)		(0.06	)		(0.07	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		4.67			4.06			4.81			(1.81	)		3.41			1.40
Total from investment operations		4.57			3.93			4.75			(1.88	)		3.38			1.38
Net asset value, end of period	$	32.61		$	28.04		$	24.11		$	19.36		$	21.24		$	17.86
Total return(b)		16.30	%		16.25	%		24.54	%		(8.85	)%		18.93	%		8.35	%
Net assets, end of period (in 000s)	$	20,127		$	19,502		$	18,341		$	14,380		$	22,337		$	22,512
Ratio of net expenses to average net assets		1.81	%(c)		1.83	%		1.85	%		1.88	%		1.90	%		1.92	%
Ratio of total expenses to average net assets		1.85	%(c)		1.87	%		1.88	%		1.89	%		1.90	%		1.92	%
Ratio of net investment loss to average net assets		(0.69	)%(c)		(0.53	)%		(0.28	)%		(0.33	)%		(0.14	)%		(0.15	)%
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%		108	%		118	%

(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 U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	30.53		$	26.16		$	20.91		$	22.71		$	19.04		$	17.53
Net investment income(a)		0.07			0.15			0.20			0.19			0.21			0.18
Net realized and unrealized gain (loss)		5.10			4.43			5.23			(1.97	)		3.65			1.51
Total from investment operations		5.17			4.58			5.43			(1.78	)		3.86			1.69
Distributions to shareholders from net investment income		—			(0.17	)		(0.18	)		(0.02	)		(0.19	)		(0.18	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		—			(0.21	)		(0.18	)		(0.02	)		(0.19	)		(0.18	)
Net asset value, end of period	$	35.70		$	30.53		$	26.16		$	20.91		$	22.71		$	19.04
Total return(b)		16.93	%		17.48	%		25.90	%		(7.78	)%		20.29	%		9.61	%
Net assets, end of period (in 000s)	$	57,351		$	47,997		$	45,718		$	34,812		$	1,395,335		$	1,057,850
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%		0.74	%		0.74	%		0.75	%		0.77	%
Ratio of total expenses to average net assets		0.73	%(c)		0.75	%		0.75	%		0.74	%		0.75	%		0.77	%
Ratio of net investment income to average net assets		0.40	%(c)		0.56	%		0.83	%		0.79	%		1.02	%		1.01	%
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%		108	%		118	%

(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 U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	29.96		$	25.70		$	20.57		$	22.51		$	18.88		$	17.33
Net investment income (loss)(a)		(0.02	)		0.02			0.08			0.08			0.11			0.09
Net realized and unrealized gain (loss)		5.01			4.33			5.13			(1.94	)		3.61			1.49
Total from investment operations		4.99			4.35			5.21			(1.86	)		3.72			1.58
Distributions to shareholders from net investment income		—			(0.05	)		(0.08	)		(0.08	)		(0.09	)		(0.03	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		—			(0.09	)		(0.08	)		(0.08	)		(0.09	)		(0.03	)
Net asset value, end of period	$	34.95		$	29.96		$	25.70		$	20.57		$	22.51		$	18.88
Total return(b)		16.66	%		16.87	%		25.31	%		(8.26	)%		19.71	%		9.07	%
Net assets, end of period (in 000s)	$	2,221		$	1,932		$	1,649		$	732		$	736		$	614
Ratio of net expenses to average net assets		1.23	%(c)		1.24	%		1.24	%		1.25	%		1.25	%		1.27	%
Ratio of total expenses to average net assets		1.23	%(c)		1.25	%		1.25	%		1.25	%		1.25	%		1.27	%
Ratio of net investment income (loss) to average net assets		(0.11	)%(c)		0.08	%		0.33	%		0.33	%		0.52	%		0.53	%
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%		108	%		118	%

(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 U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	30.26		$	25.93		$	20.73		$	22.70		$	19.03		$	17.54
Net investment income(b)		0.05			0.12			0.17			0.16			0.18			0.15
Net realized and unrealized gain (loss)		5.06			4.40			5.18			(1.97	)		3.65			1.50
Total from investment operations		5.11			4.52			5.35			(1.81	)		3.83			1.65
Distributions to shareholders from net investment income		—			(0.15	)		(0.15	)		(0.16	)		(0.16	)		(0.16	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—
Total distributions		—			(0.19	)		(0.15	)		(0.16	)		(0.16	)		(0.16	)
Net asset value, end of period	$	35.37		$	30.26		$	25.93		$	20.73		$	22.70		$	19.03
Total return(c)		16.89	%		17.38	%		25.82	%		(7.95	)%		20.14	%		9.40	%
Net assets, end of period (in 000s)	$	18,807		$	15,938		$	21,591		$	17,894		$	17,251		$	14,262
Ratio of net expenses to average net assets		0.81	%(d)		0.83	%		0.85	%		0.89	%		0.90	%		0.92	%
Ratio of total expenses to average net assets		0.85	%(d)		0.87	%		0.88	%		0.89	%		0.90	%		0.93	%
Ratio of net investment income to average net assets		0.32	%(d)		0.46	%		0.72	%		0.68	%		0.88	%		0.84	%
Portfolio turnover rate(e)		45	%		177	%		205	%		152	%		108	%		118	%

(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.

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 30, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	30.26		$	25.93		$	20.73		$	22.93
Net investment income(a)		0.07			0.15			0.20			0.13
Net realized and unrealized gain (loss)		5.06			4.40			5.18			(2.14	)
Total from investment operations		5.13			4.55			5.38			(2.01	)
Distributions to shareholders from net investment income		—			(0.18	)		(0.18	)		(0.19	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—
Total distributions		—			(0.22	)		(0.18	)		(0.19	)
Net asset value, end of period	$	35.39		$	30.26		$	25.93		$	20.73
Total return(b)		16.95	%		17.49	%		25.96	%		(8.72	)%
Net assets, end of period (in 000s)	$	1,944,411		$	1,536,722		$	1,575,990		$	1,263,556
Ratio of net expenses to average net assets		0.72	%(c)		0.73	%		0.73	%		0.74	%(c)
Ratio of total expenses to average net assets		0.72	%(c)		0.74	%		0.74	%		0.74	%(c)
Ratio of net investment income to average net assets		0.41	%(c)		0.57	%		0.84	%		0.85	%(c)
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%

 * 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. 51

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	30.27		$	25.94		$	20.74		$	23.43
Net investment income(a)		0.07			0.15			0.20			0.16
Net realized and unrealized gain (loss)		5.06			4.40			5.18			(2.66	)
Total from investment operations		5.13			4.55			5.38			(2.50	)
Distributions to shareholders from net investment income		—			(0.18	)		(0.18	)		(0.19	)
Distributions to shareholders from return of capital		—			(0.04	)		—			—
Total distributions		—			(0.22	)		(0.18	)		(0.19	)
Net asset value, end of period	$	35.40		$	30.27		$	25.94		$	20.74
Total return(b)		16.95	%		17.48	%		25.94	%		(10.62	)%
Net assets, end of period (in 000s)	$	191,215		$	152,775		$	138,399		$	97,892
Ratio of net expenses to average net assets		0.72	%(c)		0.73	%		0.73	%		0.74	%(c)
Ratio of total expenses to average net assets		0.72	%(c)		0.74	%		0.74	%		0.75	%(c)
Ratio of net investment income to average net assets		0.41	%(c)		0.59	%		0.83	%		0.95	%(c)
Portfolio turnover rate(d)		45	%		177	%		205	%		152	%

 * 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 TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.32		$	10.43		$	8.93		$	10.93		$	8.62		$	8.67
Net investment income(a)		0.14			0.10			0.18			0.18			0.11			0.12
Net realized and unrealized gain (loss)		0.81			0.92			1.49			(2.03	)		2.38			(0.04	)
Total from investment operations		0.95			1.02			1.67			(1.85	)		2.49			0.08
Distributions to shareholders from net investment income		—			(0.13	)		(0.17	)		(0.15	)		(0.18	)		(0.13	)
Net asset value, end of period	$	12.27		$	11.32		$	10.43		$	8.93		$	10.93		$	8.62
Total return(b)		8.39	%		9.75	%		18.66	%		(16.86	)%		28.85	%		0.93	%
Net assets, end of period (in 000s)	$	7,197		$	6,662		$	8,419		$	8,145		$	9,429		$	5,082
Ratio of net expenses to average net assets		1.22	%(c)		1.23	%		1.25	%		1.29	%		1.31	%		1.38	%
Ratio of total expenses to average net assets		1.34	%(c)		1.36	%		1.37	%		1.37	%		1.36	%		1.39	%
Ratio of net investment income to average net assets		2.37	%(c)		1.07	%		1.81	%		1.69	%		1.04	%		1.37	%
Portfolio turnover rate(d)		67	%		177	%		231	%		177	%		134	%		125	%

(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 TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.04		$	10.18		$	8.68		$	10.59		$	8.39		$	8.45
Net investment income(a)		0.09			0.03			0.12			0.10			0.04			0.06
Net realized and unrealized gain (loss)		0.80			0.88			1.42			(1.94	)		2.30			(0.05	)
Total from investment operations		0.89			0.91			1.54			(1.84	)		2.34			0.01
Distributions to shareholders from net investment income		—			(0.05	)		(0.04	)		(0.07	)		(0.14	)		(0.07	)
Net asset value, end of period	$	11.93		$	11.04		$	10.18		$	8.68		$	10.59		$	8.39
Total return(b)		8.06	%		8.89	%		17.74	%		(17.39	)%		27.85	%		0.11	%
Net assets, end of period (in 000s)	$	993		$	1,060		$	1,308		$	2,551		$	2,661		$	1,012
Ratio of net expenses to average net assets		1.97	%(c)		1.98	%		2.01	%		2.04	%		2.06	%		2.13	%
Ratio of total expenses to average net assets		2.09	%(c)		2.11	%		2.12	%		2.12	%		2.11	%		2.14	%
Ratio of net investment income to average net assets		1.61	%(c)		0.33	%		1.25	%		1.01	%		0.40	%		0.67	%
Portfolio turnover rate(d)		67	%		177	%		231	%		177	%		134	%		125	%

(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.

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.29		$	10.40		$	8.91		$	10.85		$	8.54		$	8.59
Net investment income(a)		0.16			0.13			0.21			0.31			0.17			0.16
Net realized and unrealized gain (loss)		0.81			0.92			1.48			(2.10	)		2.34			(0.05	)
Total from investment operations		0.97			1.05			1.69			(1.79	)		2.51			0.11
Distributions to shareholders from net investment income		—			(0.16	)		(0.20	)		(0.15	)		(0.20	)		(0.16	)
Net asset value, end of period	$	12.26		$	11.29		$	10.40		$	8.91		$	10.85		$	8.54
Total return(b)		8.59	%		10.11	%		19.01	%		(16.49	)%		29.42	%		1.26	%
Net assets, end of period (in 000s)	$	10,901		$	9,998		$	15,783		$	16,948		$	619,288		$	519,135
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.92	%		0.98	%
Ratio of total expenses to average net assets		0.97	%(c)		0.99	%		0.99	%		0.96	%		0.97	%		0.99	%
Ratio of net investment income to average net assets		2.69	%(c)		1.36	%		2.11	%		2.87	%		1.74	%		1.90	%
Portfolio turnover rate(d)		67	%		177	%		231	%		177	%		134	%		125	%

(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. 55

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.30		$	10.40		$	8.91		$	10.91		$	8.61		$	8.65
Net investment income(b)		0.15			0.13			0.20			0.19			0.13			0.15
Net realized and unrealized gain (loss)		0.81			0.92			1.48			(2.00	)		2.36			(0.05	)
Total from investment operations		0.96			1.05			1.68			(1.81	)		2.49			0.10
Distributions to shareholders from net investment income		—			(0.15	)		(0.19	)		(0.19	)		(0.19	)		(0.14	)
Net asset value, end of period	$	12.26		$	11.30		$	10.40		$	8.91		$	10.91		$	8.61
Total return(c)		8.50	%		10.09	%		18.90	%		(16.66	)%		29.09	%		1.21	%
Net assets, end of period (in 000s)	$	9,007		$	9,085		$	18,290		$	14,008		$	15,547		$	1,251
Ratio of net expenses to average net assets		0.97	%(d)		0.98	%		1.00	%		1.04	%		1.05	%		1.13	%
Ratio of total expenses to average net assets		1.09	%(d)		1.11	%		1.12	%		1.12	%		1.11	%		1.14	%
Ratio of net investment income to average net assets		2.58	%(d)		1.38	%		2.06	%		1.82	%		1.30	%		1.76	%
Portfolio turnover rate(e)		67	%		177	%		231	%		177	%		134	%		125	%

(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.

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 30, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.22		$	10.33		$	8.85		$	10.92
Net investment income(a)		0.16			0.14			0.21			0.08
Net realized and unrealized gain (loss)		0.80			0.92			1.47			(1.95	)
Total from investment operations		0.96			1.06			1.68			(1.87	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.20	)		(0.20	)
Net asset value, end of period	$	12.18		$	11.22		$	10.33		$	8.85
Total return(b)		8.56	%		10.20	%		19.05	%		(17.07	)%
Net assets, end of period (in 000s)	$	664,364		$	640,212		$	660,555		$	530,891
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		0.96	%(c)		0.97	%		0.98	%		0.99	%(c)
Ratio of net investment income to average net assets		2.68	%(c)		1.42	%		2.12	%		1.14	%(c)
Portfolio turnover rate(d)		67	%		177	%		231	%		177	%

 * 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. 57

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						April 17, 2018* to December 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.22		$	10.34		$	8.86		$	11.07
Net investment income(a)		0.16			0.14			0.21			0.10
Net realized and unrealized gain (loss)		0.81			0.91			1.47			(2.11	)
Total from investment operations		0.97			1.05			1.68			(2.01	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.20	)		(0.20	)
Net asset value, end of period	$	12.19		$	11.22		$	10.34		$	8.86
Total return(b)		8.65	%		10.09	%		19.02	%		(18.09	)%
Net assets, end of period (in 000s)	$	78,218		$	68,788		$	67,038		$	64,578
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		0.96	%(c)		0.98	%		0.98	%		1.00	%(c)
Ratio of net investment income to average net assets		2.70	%(c)		1.45	%		2.15	%		1.43	%(c)
Portfolio turnover rate(d)		67	%		177	%		231	%		177	%

 * 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.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2021 (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
U.S. Equity Dividend and Premium, International Equity Dividend and Premium, International Tax-Managed Equity	A, C, Institutional, Investor, R6 and P	Diversified
U. S. Tax-Managed Equity	A, C, Institutional, Service, Investor, R6 and P	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 R6 and Class P 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. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as Other income in the Statements of Operations. 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 United States (“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.

59

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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/Paid
U.S. Equity Dividend and Premium International Equity Dividend and Premium	Quarterly	Annually
U.S. Tax-Managed Equity International Tax-Managed Equity	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.

F.  In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

60

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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

61

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

ii.  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 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.

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 June 30, 2021:

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

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	822,880	$	—	$	—
Europe		26,775,524		—		—
North America		2,906,499,376		—		—
South America		17,936,763		—		—
Investment Company		47,903,237		—		—
Securities Lending Reinvestment Vehicle		188,100		—		—
Total	$	3,000,125,880	$	—	$	—

(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.

62

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS(continued)

U.S. EQUITY DIVIDEND AND PREMIUM (continued)
Derivative Type	Level 1			Level 2		Level 3
Assets(a)
Futures Contracts	$	425,069		$	—	$	—
Liabilities
Written Options Contracts	$	(29,834,010	)	$	—	$	—
INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	—		$	80	$	—
Asia		413,181			53,082,881		—
Australia and Oceania		3,177,921			16,612,795		—
Europe		8,731,193			101,515,317		—
North America		—			2,472,306		—
South America		—			318,801		—
Total	$	12,322,295		$	174,002,180	$	—
Derivative Type
Liabilities
Futures Contracts(a)	$	(743	)	$	—	$	—
Written Options Contracts		(1,083,290	)		—		—
Total	$	(1,084,033	)	$	—	$	—
U.S. TAX-MANAGED EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	12,911,530		$	—	$	—
Europe		5,431,521			—		—
North America		2,260,399,100			—		—
South America		2,804,484			—		—
Securities Lending Reinvestment Vehicle		1,610,495			—		—
Total	$	2,283,157,130		$	—	$	—
Derivative Type
Assets(a)
Futures Contracts	$	218,244		$	—	$	—
Liabilities(a)
Futures Contracts	$	(17,240	)	$	—	$	—

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

(b) 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.

63

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS(continued)

INTERNATIONAL TAX-MANAGED EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	7,619,351	$	—
Asia		—			202,860,937		—
Australia and Oceania		10,416,034			59,804,782		—
Europe		16,913,880			427,362,414		—
North America		—			22,288,176		—
Securities Lending Reinvestment Vehicle		510,450			—		—
Total	$	27,840,364		$	719,935,660	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(106,297	)	$	—	$	—

(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.

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 June 30, 2021. 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		Statements of Assets and Liabilities	Liabilities
U.S. Equity Dividend and Premium	Equity	Variation margin on futures contracts		$425,069(a)	Payable for written options, at value	$	(29,834,010)
International Equity Dividend and Premium	Equity	—		—	Variation margin on futures contracts and payable for written options, at value		(1,084,033)	(a)
U.S. Tax-Managed Equity	Equity	Variation margin on futures contracts		218,244(a)	Variation margin on futures contracts		(17,240)	(a)
International Tax-Managed Equity	Equity	—		—	Variation margin on futures contracts		(106,297)	(a)
Total				$643,313		$	(31,041,580)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of June 30, 2021 is reported within the Statements of Assets and Liabilities.

64

GOLDMAN SACHS TAX-ADVANTAGED EQUITY 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 June 30, 2021. 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)
U.S. Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	(64,069,658	)	$	19,483,601
International Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		(4,020,405	)		1,014,403
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		2,680,261			201,004
International Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,016,359			(223,657	)
Total			$	(64,393,443	)	$	20,475,351

For the six months ended June 30, 2021, the relevant values for each derivative type were as follows:

	Average number of Contracts(1)
Fund	Futures Contracts		Written Options
U.S. Equity Dividend and Premium		184		2,404
International Equity Dividend and Premium		14		1,053
U.S. Tax-Managed Equity		170		—
International Tax-Managed Equity		101		—

(1) Amounts disclosed represent average number of contracts for futures and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2021.

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.

65

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2021, 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
U.S. Equity Dividend and Premium		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.70	%		0.65	%*
International Equity Dividend and Premium		0.81			0.73			0.69			0.68			0.67			0.81			0.81
U.S. Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.66			0.66
International Tax-Managed Equity		0.85			0.77			0.73			0.72			0.71			0.85			0.85

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

* GSAM agreed to waive a portion of its management fees in an amount equal to 0.04% as an annual percentage of the Fund’s average daily net assets. This waiver will be effective through at least April 30, 2022, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

The 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 June 30, 2021, GSAM waived $12,617, $92 and $1,115 of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium and U.S. Tax-Managed Equity Funds’ management fees, respectively.

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

The Trust, on behalf of Class C 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			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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.

66

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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. During the six months ended June 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
U.S. Equity Dividend and Premium	$	7,900	$	—
International Equity Dividend and Premium		179		—
U.S. Tax-Managed Equity		977		—
International Tax-Managed Equity		278		—

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: 0.16% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P 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 0.02%, 0.03%, 0.04% and 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively. This arrangement will remain in effect through at least April 30, 2022, 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 U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds are 0.014%, 0.044%, 0.044% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 30, 2022, 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.

67

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Transfer Agency Waivers/ Credits		Total Expense Reductions
U.S. Equity Dividend and Premium	$	573,322	$	280,835	$	67,611	$	921,768
International Equity Dividend and Premium		92		224,788		1,096		225,976
U.S. Tax-Managed Equity		1,115		—		23,908		25,023
International Tax-Managed Equity		—		268,977		4,163		273,140

G.  Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 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 June 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
U.S. Equity Dividend and Premium	$	61,847,593	$	190,525,777	$	(204,470,133	)	$	47,903,237		47,903,237	$	10,347
International Equity Dividend and Premium		30,000		8,101,110		(8,131,110	)		—		—		65
U.S. Tax-Managed Equity		—		190,463,362		(190,463,362	)		—		—		1,059

As of June 30, 2021, the following Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
U.S. Equity Dividend and Premium		8	%		—	%
International Equity Dividend and Premium		49			—
U.S. Tax-Managed Equity		—			83
International Tax-Managed Equity		—			86

68

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, were as follows:

Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	198,489,561	$	318,406,497
International Equity Dividend and Premium		18,701,083		42,231,083
U.S. Tax-Managed Equity		1,089,210,959		924,374,474
International Tax-Managed Equity		503,889,519		489,496,998

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 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 June 30, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Goldman Sachs International Equity Dividend and Premium Fund did not have securities on loan as of June 30, 2021.

69

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

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 June 30, 2021, 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 June 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
U.S. Equity Dividend and Premium	$	2,961	$	133
International Equity Dividend and Premium		14		38
U.S. Tax-Managed Equity		134		20
International Tax-Managed Equity		100		54

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2021:

Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021
U.S. Equity Dividend and Premium	$	5,425,300	$	5,769,310	$	(11,006,510	)	$	188,100
International Equity Dividend and Premium		—		7,862,690		(7,862,690	)		—
U.S. Tax-Managed Equity		1,153,125		14,816,931		(14,359,561	)		1,610,495
International Tax-Managed Equity		—		34,941,310		(34,430,860	)		510,450

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Capital loss carryforwards:
Perpetual Long-term	$	—		$	(79,228,902	)	$	—		$	—
Perpetual Short-term		—			(9,494,589	)		(18,834,893	)		(100,711,883	)
Total capital loss carryforwards	$	—		$	(88,723,491	)	$	(18,834,893	)	$	(100,711,883	)
Timing differences (Real Estate Investment Trusts/Post October Capital Loss Deferral)	$	(25,484,616	)	$	(3,625,468	)	$	344,776		$	—

70

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

8. TAX INFORMATION (continued)

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Tax cost	$	1,984,620,589		$	143,472,995		$	1,161,013,224		$	521,754,513
Gross unrealized gain		1,031,406,429			52,405,774			1,123,263,548			232,028,025
Gross unrealized loss		(15,901,138	)		(9,554,294	)		(1,119,642	)		(6,006,514	)
Net unrealized gain	$	1,015,505,291		$	42,851,480		$	1,122,143,906		$	226,021,511

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 and options contracts, net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of partnership investments and 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.

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 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.

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 problems with 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.

71

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

Foreign Custody Risk — A Fund invests in foreign securities, and as such 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.

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 a Fund’s 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.

72

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,799,387		$	27,034,365			2,601,527		$	34,248,716
Reinvestment of distributions		45,805			704,895			584,009			7,945,436
Shares redeemed		(1,026,459	)		(15,454,075	)		(8,235,498	)		(98,280,277	)
		818,733			12,285,185			(5,049,962	)		(56,086,125	)
Class C Shares
Shares sold		362,470			5,462,960			833,219			11,031,713
Reinvestment of distributions		8,103			122,739			471,148			6,434,889
Shares redeemed		(1,674,598	)		(25,077,708	)		(3,483,419	)		(44,305,190	)
		(1,304,025	)		(19,492,009	)		(2,179,052	)		(26,838,588	)
Institutional Shares
Shares sold		8,187,854			123,479,969			38,250,549			483,838,534
Reinvestment of distributions		458,596			7,045,947			5,239,327			71,089,349
Shares redeemed		(11,276,881	)		(168,597,142	)		(48,141,547	)		(590,714,675	)
		(2,630,431	)		(38,071,226	)		(4,651,671	)		(35,786,792	)
Investor Shares
Shares sold		2,968,202			44,714,985			5,801,640			73,329,566
Reinvestment of distributions		165,517			2,543,727			2,092,102			28,306,656
Shares redeemed		(4,549,088	)		(68,222,872	)		(14,526,808	)		(184,500,914	)
		(1,415,369	)		(20,964,160	)		(6,633,066	)		(82,864,692	)
Class R6 Shares
Shares sold		1,793,779			26,972,495			426,781			5,834,309
Reinvestment of distributions		92,773			1,426,811			1,083,068			14,599,528
Shares redeemed		(1,857,673	)		(27,525,335	)		(7,453,462	)		(88,937,447	)
		28,879			873,971			(5,943,613	)		(68,503,610	)
Class P Shares
Shares sold		1,825,760			27,384,226			3,523,930			41,863,559
Reinvestment of distributions		274,366			4,212,086			3,070,150			41,483,770
Shares redeemed		(2,774,489	)		(41,952,490	)		(15,593,577	)		(186,993,989	)
		(674,363	)		(10,356,178	)		(8,999,497	)		(103,646,660	)
NET DECREASE		(5,176,576	)	$	(75,724,417	)		(33,456,861	)	$	(373,726,467	)

73

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		31,987		$	238,959			46,550		$	307,171
Reinvestment of distributions		3,579			26,979			7,439			46,424
Shares redeemed		(28,954	)		(215,269	)		(100,693	)		(611,124	)
		6,612			50,669			(46,704	)		(257,529	)
Class C Shares
Shares sold		430			3,098			6,152			39,218
Reinvestment of distributions		417			3,049			1,935			11,582
Shares redeemed		(37,717	)		(268,933	)		(34,158	)		(210,609	)
		(36,870	)		(262,786	)		(26,071	)		(159,809	)
Institutional Shares
Shares sold		65,949			476,743			109,441			689,860
Reinvestment of distributions		5,790			42,700			13,616			82,624
Shares redeemed		(74,432	)		(543,268	)		(1,106,946	)		(6,253,743	)
		(2,693	)		(23,825	)		(983,889	)		(5,481,259	)
Investor Shares
Shares sold		154,248			1,125,741			351,438			2,270,728
Reinvestment of distributions		9,210			67,780			18,330			111,228
Shares redeemed		(83,449	)		(611,471	)		(1,009,587	)		(6,010,595	)
		80,009			582,050			(639,819	)		(3,628,639	)
Class R6 Shares
Shares sold		435,279			3,204,707			1,662,305			9,561,833
Reinvestment of distributions		176,309			1,299,749			475,235			2,901,147
Shares redeemed		(2,649,957	)		(19,004,563	)		(6,685,693	)		(39,308,643	)
		(2,038,369	)		(14,500,107	)		(4,548,153	)		(26,845,663	)
Class P Shares
Shares sold		341,380			2,506,503			1,965,602			11,940,463
Reinvestment of distributions		157,099			1,159,833			438,126			2,672,667
Shares redeemed		(1,689,256	)		(12,380,273	)		(9,393,621	)		(58,501,106	)
		(1,190,777	)		(8,713,937	)		(6,989,893	)		(43,887,976	)
NET DECREASE		(3,182,088	)	$	(22,867,936	)		(13,234,529	)	$	(80,260,875	)

74

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		152,763		$	4,768,231			230,549		$	5,826,973
Reinvestment of distributions		—			—			10,190			300,211
Shares redeemed		(129,734	)		(4,289,268	)		(382,518	)		(9,101,459	)
		23,029			478,963			(141,779	)		(2,974,275	)
Class C Shares
Shares sold		26,127			789,113			82,376			1,977,542
Shares redeemed		(104,576	)		(3,090,122	)		(147,321	)		(3,483,352	)
		(78,449	)		(2,301,009	)		(64,945	)		(1,505,810	)
Institutional Shares
Shares sold		123,976			4,155,520			254,054			6,269,384
Reinvestment of distributions		—			—			8,905			268,931
Shares redeemed		(89,795	)		(2,940,825	)		(438,418	)		(11,073,817	)
		34,181			1,214,695			(175,459	)		(4,535,502	)
Service Shares
Shares sold		4,488			145,720			12,129			243,756
Reinvestment of distributions		—			—			191			5,650
Shares redeemed		(5,418	)		(176,898	)		(12,000	)		(271,889	)
		(930	)		(31,178	)		320			(22,483	)
Investor Shares
Shares sold		17,664			579,770			32,763			873,594
Reinvestment of distributions		—			—			3,269			97,847
Shares redeemed		(12,731	)		(413,019	)		(341,975	)		(7,367,830	)
		4,933			166,751			(305,943	)		(6,396,389	)
Class R6 Shares
Shares sold		6,231,908			201,001,171			3,162,038			80,532,569
Reinvestment of distributions		—			—			366,333			10,964,359
Shares redeemed		(885,179	)		(29,336,361	)		(9,922,219	)		(233,723,879	)
Shares redeemed in connection with in-kind transactions		(1,187,783	)		(42,000,000	)		(3,599,438	)		(92,360,000	)
		4,158,946			129,664,810			(9,993,286	)		(234,586,951	)
Class P Shares
Shares sold		410,940			13,442,799			808,573			21,143,747
Reinvestment of distributions		—			—			36,098			1,080,769
Shares redeemed		(56,663	)		(1,869,166	)		(1,132,969	)		(26,777,174	)
		354,277			11,573,633			(288,298	)		(4,552,658	)
NET INCREASE (DECREASE)		4,495,987		$	140,766,665			(10,969,390	)	$	(254,574,068	)

75

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		64,657		$	760,967			84,208		$	821,313
Reinvestment of distributions		—			—			7,405			83,156
Shares redeemed		(66,884	)		(785,732	)		(310,258	)		(3,026,467	)
		(2,227	)		(24,765	)		(218,645	)		(2,121,998	)
Class C Shares
Shares sold		6,581			78,043			8,916			89,144
Reinvestment of distributions		—			—			419			4,591
Shares redeemed		(19,281	)		(221,414	)		(41,872	)		(396,482	)
		(12,700	)		(143,371	)		(32,537	)		(302,747	)
Institutional Shares
Shares sold		82,789			974,990			425,300			3,682,625
Reinvestment of distributions		—			—			12,653			141,843
Shares redeemed		(79,334	)		(938,553	)		(1,069,674	)		(9,576,961	)
		3,455			36,437			(631,721	)		(5,752,493	)
Investor Shares
Shares sold		61,162			727,411			363,286			3,346,656
Reinvestment of distributions		—			—			10,746			120,463
Shares redeemed		(130,987	)		(1,538,820	)		(1,327,906	)		(12,221,352	)
		(69,825	)		(811,409	)		(953,874	)		(8,754,233	)
Class R6 Shares
Shares sold		3,308,379			38,759,706			5,488,866			50,095,940
Reinvestment of distributions		—			—			853,777			9,502,533
Shares redeemed		(937,603	)		(11,114,332	)		(13,180,661	)		(120,467,112	)
Shares redeemed in connection with in-kind transactions		(4,913,386	)		(56,160,000	)		—			—
		(2,542,610	)		(28,514,626	)		(6,838,018	)		(60,868,639	)
Class P Shares
Shares sold		374,895			4,382,385			2,908,942			23,577,991
Reinvestment of distributions		—			—			89,654			998,749
Shares redeemed		(87,042	)		(1,030,316	)		(3,351,805	)		(29,770,726	)
		287,853			3,352,069			(353,209	)		(5,193,986	)
NET DECREASE		(2,336,054	)	$	(26,105,665	)		(9,028,004	)	$	(82,994,096	)

76

GOLDMAN SACHS TAX-ADVANTAGED 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

77

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6 or Class P 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), (if any); 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 R6 and Class P 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 January 01, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.

	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							U.S. Tax-Managed Equity Fund							International Tax-Managed Equity Fund
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Class A
Actual	$	1,000	$	1,126.70		$	5.59	$	1,000	$	1,065.90		$	6.30	$	1,000	$	1,167.60		$	5.70	$	1,000	$	1,083.90		$	6.30
Hypothetical 5% return		1,000		1,019.54	+		5.31		1,000		1,018.70	+		6.16		1,000		1,019.54	+		5.31		1,000		1,018.74	+		6.11
Class C
Actual		1,000		1,122.30			9.52		1,000		1,062.20			10.12		1,000		1,163.00			9.71		1,000		1,080.60			10.16
Hypothetical 5% return		1,000		1,015.82	+		9.05		1,000		1,014.98	+		9.89		1,000		1,015.82	+		9.05		1,000		1,015.03	+		9.84
Institutional
Actual		1,000		1,128.10			3.75		1,000		1,067.60			4.56		1,000		1,169.30			3.93		1,000		1,085.90			4.65
Hypothetical 5% return		1,000		1,021.27	+		3.56		1,000		1,020.38	+		4.46		1,000		1,021.17	+		3.66		1,000		1,020.33	+		4.51
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,166.60			6.61		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.70	+		6.16		N/A		N/A			N/A
Investor
Actual		1,000		1,128.30			4.27		1,000		1,067.30			5.02		1,000		1,168.90			4.36		1,000		1,085.00			5.01
Hypothetical 5% return		1,000		1,020.78	+		4.06		1,000		1,019.93	+		4.91		1,000		1,020.78	+		4.06		1,000		1,019.98	+		4.86
Class R6
Actual		1,000		1,128.30			3.69		1,000		1,067.60			4.51		1,000		1,169.50			3.87		1,000		1,085.60			4.60
Hypothetical 5% return		1,000		1,021.32	+		3.51		1,000		1,020.43	+		4.41		1,000		1,021.22	+		3.61		1,000		1,020.38	+		4.46
Class P
Actual		1,000		1,129.00			3.70		1,000		1,067.50			4.51		1,000		1,169.50			3.87		1,000		1,086.50			4.60
Hypothetical 5% return		1,000		1,021.32	+		3.51		1,000		1,020.43	+		4.41		1,000		1,021.22	+		3.61		1,000		1,020.38	+		4.46

+ 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 June 30, 2021 . 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 R6			Class P
U.S. Equity Dividend and Premium		1.06	%		1.81	%		0.71	%		N/A			0.81	%		0.70	%		0.70	%
International Equity Dividend and Premium		1.23			1.98			0.89			N/A			0.98			0.88			0.88
U.S. Tax-Managed Equity		1.06			1.81			0.73			1.23	%		0.81			0.72			0.72
International Tax-Managed Equity		1.22			1.97			0.90			N/A			0.97			0.89			0.89

78

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs International Tax-Managed Equity Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, and Goldman Sachs U.S. Tax-Managed Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

79

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-,

80

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Equity Dividend and Premium Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They noted that the International Equity Dividend and Premium Fund had experienced certain portfolio management changes in 2020. The Trustees considered that the International Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one- and ten-year periods and underperformed for the three- and five-year periods ended March 31, 2021. They noted that the U.S. Equity Dividend and Premium Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three , five-, and ten-year periods ended March 31, 2021. The Trustees considered that the U.S. Equity Dividend and Premium Fund had experienced certain portfolio management changes in 2020. They observed that the U.S. Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and ten-year periods, the third quartile for the five-year period, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the U.S. Tax-Managed Equity Fund had experienced certain portfolio management changes in 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the U.S. Equity Dividend and Premium Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on

81

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	International Equity Dividend and Premium Fund			International Tax-Managed Equity Fund			U.S. Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund
First $1 billion		0.81	%		0.85	%		0.75	%		0.70	%
Next $1 billion		0.73			0.77			0.68			0.63
Next $3 billion		0.69			0.73			0.65			0.60
Next $3 billion		0.68			0.72			0.64			0.59
Over $8 billion		0.67			0.71			0.63			0.58

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to waive a portion of its management fee with respect to U.S. Equity Dividend and Premium Fund and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of its transfer agency fee with respect to each of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund and U.S. Tax-Managed Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

82

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2022.

83

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic 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

∎ U.S. Equity ESG Fund⁵

∎ 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 Fund

∎ Emerging Markets Equity Fund

∎ 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

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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 Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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 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).

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

Holdings and allocations shown are as of June 30, 2021 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).

© 2021 Goldman Sachs. All rights reserved. 248860-OTU-1459316 TAXADVSAR-21

Goldman Sachs Funds

Semi-Annual Report	June 30, 2021
	Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

TABLE OF CONTENTS
Fund Basics	1
Schedule of Investments	4
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	20
Other Information	37

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Dynamic Global Equity Fund

as of June 30, 2021

PERFORMANCE REVIEW
January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)1			MSCI® ACWI Index2
Class A		14.09	%		12.30	%
Class C		13.66			12.30
Institutional		14.29			12.30
Service		14.00			12.30
Investor		14.20			12.30
Class R6		14.29			12.30
Class R		13.93			12.30
Class P		14.33			12.30

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 Fund’s benchmark is the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”). The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: 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. The index figures do not include any deduction for fees or expenses. 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.

Effective May 24, 2021, after the close of the Reporting Period, Christopher Lvoff no longer served as a portfolio manager of the Goldman Sachs Dynamic Global Equity Fund (The “Fund”). Effective the same date, Siwen Wu began serving as a portfolio manager for the Fund. Neil Nuttall continues to serve as portfolio managers for the Fund.

1

FUND BASICS

³ Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation. The percentage shown for each weighting reflects the value of that weighting as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the target allocations as of June 30, 2021. Actual underlying fund weighting in the Fund may differ from the figures shown above due to rounding, timing differences, and/or differences in returns of the underlying funds. The above figures are not indicative of future allocations.

2

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. 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.

3

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 91.4%
Equity – 32.5%
	4,861,214	Goldman Sachs International Equity Insights Fund – Class R6	$	73,793,222
	1,313,501	Goldman Sachs Large Cap Growth Insights Fund – Class R6		60,696,858
	2,209,607	Goldman Sachs Large Cap Value Insights Fund – Class R6		57,449,780
	2,676,299	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		35,434,201
	543,853	Goldman Sachs Small Cap Equity Insights Fund – Class R6		19,774,485
	1,118,012	Goldman Sachs International Small Cap Insights Fund – Class R6		15,998,753
	1,121,420	Goldman Sachs Global Infrastructure Fund – Class R6		14,421,464
	1,123,478	Goldman Sachs Global Real Estate Securities Fund – Class R6		13,200,864
				290,769,627
Exchange Traded Funds – 58.9%
	2,662,535	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		229,057,886
	4,455,305	Goldman Sachs ActiveBeta International Equity ETF		155,623,804
	1,675,600	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		68,381,236
	685,277	Goldman Sachs MarketBeta International Equity ETF		38,697,592
	585,460	Goldman Sachs MarketBeta Emerging Markets Equity ETF		34,360,413
				526,120,931
	TOTAL UNDERLYING FUNDS – 91.4%
	(Cost $593,725,352)		$	816,890,558

Shares		Dividend Rate	Value
Investment Company(a) – 5.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	46,397,273	0.026%	$	46,397,273
	(Cost $46,397,273)
	TOTAL INVESTMENTS – 96.6%
	(Cost $640,122,625)		$	863,287,831
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.4%			30,542,936
	NET ASSETS – 100%		$	893,830,767

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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	USD	14,468,147		JPY	1,585,000,000		09/15/21	$	191,742
	USD	152,005		NZD	210,000		09/15/21		5,250
	USD	1,395,780		DKK	8,490,000		09/15/21		39,973
	USD	366,649		NOK	3,050,000		09/15/21		12,306
	USD	619,513		SGD	820,000		09/15/21		9,719
	USD	184,762		ILS	600,000		09/17/21		552
	USD	1,927,041		HKD	14,950,000		09/15/21		1,264
	USD	18,734,962		EUR	15,330,000		09/15/21		528,594
	USD	2,046,336		SEK	16,950,000		09/15/21		64,331
	USD	4,187,329		AUD	5,410,000		09/15/21		128,774
	USD	5,329,265		CHF	4,780,000		09/15/21		152,547
	USD	8,463,694		GBP	5,975,000		09/15/21		197,043
TOTAL								$	1,332,095

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Mini MSCI EAFE Index		203		09/17/21	$	23,386,615	$	(611,036	)
S&P 500 E-Mini Index		423		09/17/21		90,703,890		1,456,090
S&P Toronto Stock Exchange 60 Index		50		09/16/21		9,702,323		64,845
TOTAL FUTURES CONTRACTS							$	909,899

SWAP CONTRACTS — At June, 30 2021, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date(b)	Notional Amount (000s)		Value		Unrealized Appreciation/ (Depreciation)*
MSGSHBC Index(c)	0.050%	Morgan Stanley & Co.	08/26/21	$	17,954	$	292,144	$	292,144

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made quarterly.

(b) The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(c) The top 50 components are shown below.

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MSGSHBC) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Cleveland-Cliffs Inc	Basic Materials		481	$	10,361		3.55	%
Freeport-McMoRan Inc	Basic Materials		273		10,118		3.46
Alcoa Corp	Basic Materials		241		8,875		3.04
Marathon Oil Corp	Energy		609		8,293		2.84
LyondellBasell Industries NV	Basic Materials		79		8,146		2.79
General Motors Co	Consumer, Cyclical		132		7,819		2.68
Devon Energy Corp	Energy		264		7,709		2.64
Wynn Resorts Ltd	Consumer, Cyclical		62		7,640		2.62
Aptiv PLC	Consumer, Cyclical		47		7,428		2.54
Marathon Petroleum Corp	Energy		117		7,075		2.42
Southwest Airlines Co	Consumer, Cyclical		133		7,045		2.41
Applied Materials Inc	Technology		49		6,968		2.39
Occidental Petroleum Corp	Energy		221		6,909		2.36
Delta Air Lines Inc	Consumer, Cyclical		156		6,758		2.31
Valero Energy Corp	Energy		84		6,542		2.24
Whirlpool Corp	Consumer, Cyclical		28		6,054		2.07
Lam Research Corp	Technology		9		6,040		2.07
United Rentals Inc	Consumer, Non-cyclical		19		5,968		2.04
NXP Semiconductors NV	Technology		29		5,917		2.03
Stanley Black & Decker Inc	Industrial		28		5,766		1.97
Parker-Hannifin Corp	Industrial		18		5,596		1.92
Eastman Chemical Co	Basic Materials		47		5,481		1.88
Micron Technology Inc	Technology		64		5,412		1.85
Advanced Micro Devices Inc	Technology		57		5,356		1.83
Williams Cos Inc/The	Energy		199		5,282		1.81
Halliburton Co	Energy		227		5,257		1.80
Microchip Technology Inc	Technology		34		5,058		1.73
ON Semiconductor Corp	Technology		120		4,585		1.57
TE Connectivity Ltd	Industrial		33		4,423		1.51
JetBlue Airways Corp	Consumer, Cyclical		258		4,329		1.48
BorgWarner Inc	Consumer, Cyclical		86		4,189		1.43
Under Armour Inc	Consumer, Cyclical		196		4,140		1.42
TransDigm Group Inc	Industrial		6		3,841		1.31
ONEOK Inc	Energy		67		3,741		1.28
Teradyne Inc	Technology		28		3,728		1.28
Hess Corp	Energy		41		3,596		1.23
Masco Corp	Industrial		57		3,344		1.14
Axalta Coating Systems Ltd	Basic Materials		103		3,133		1.07
CDW Corp/DE	Communications		17		3,007		1.03
Harley-Davidson Inc	Consumer, Cyclical		65		2,979		1.02
Polaris Inc	Consumer, Cyclical		21		2,941		1.01
Baker Hughes Co	Energy		120		2,755		0.94
Aramark	Consumer, Cyclical		71		2,653		0.91
Brunswick Corp/DE	Consumer, Cyclical		26		2,625		0.90
Boyd Gaming Corp	Consumer, Cyclical		40		2,436		0.83
Fortune Brands Home & Security Inc	Industrial		24		2,418		0.83
Eagle Materials Inc	Industrial		17		2,400		0.82
Westinghouse Air Brake Technologies Corp	Industrial		29		2,357		0.81
Leggett & Platt Inc	Consumer, Cyclical		43		2,223		0.76
Murphy Oil Corp	Energy		93		2,174		0.74

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$97.75		03/13/2023		118	$	295,000	$	488,225	$	519,747	$	(31,522	)
Eurodollar Futures	97.75		06/19/2023		127		317,500		488,950		517,923		(28,973	)
Eurodollar Futures	99.00		12/19/2022		558		1,395,000		795,150		794,603		547
TOTAL					803	$	2,007,500	$	1,772,325	$	1,832,273	$	(59,948	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$4,290.00		07/30/2021		(2	)	$	(200	)	$	(12,070	)	$	(7,525	)	$	(4,545	)
S&P 500 Index	4,300.00		07/07/2021		(9	)		(900	)		(16,020	)		(20,131	)		4,111
S&P 500 Index	4,315.00		07/21/2021		(10	)		(1,000	)		(31,500	)		(19,859	)		(11,641	)
S&P 500 Index	4,320.00		07/14/2021		(9	)		(900	)		(17,145	)		(15,814	)		(1,331	)
S&P 500 Index	4,330.00		07/30/2021		(6	)		(600	)		(21,870	)		(22,435	)		565
S&P 500 Index	4,335.00		07/30/2021		(1	)		(100	)		(3,390	)		(2,209	)		(1,181	)
S&P 500 Index	4,340.00		07/30/2021		(3	)		(300	)		(9,435	)		(9,508	)		73
S&P 500 Index	4,345.00		07/30/2021		(1	)		(100	)		(2,915	)		(2,506	)		(409	)
S&P 500 Index	4,355.00		07/30/2021		(8	)		(800	)		(19,920	)		(18,593	)		(1,327	)
S&P 500 Index	4,360.00		07/28/2021		(9	)		(900	)		(18,315	)		(16,803	)		(1,512	)
S&P 500 Index	4,360.00		07/30/2021		(8	)		(800	)		(18,360	)		(16,992	)		(1,368	)
S&P 500 Index	4,365.00		07/30/2021		(8	)		(800	)		(16,880	)		(15,651	)		(1,229	)
S&P 500 Index	4,370.00		07/30/2021		(8	)		(800	)		(15,480	)		(14,432	)		(1,048	)
S&P 500 Index	4,375.00		07/30/2021		(8	)		(800	)		(14,160	)		(13,220	)		(940	)
S&P 500 Index	4,375.00		08/31/2021		(2	)		(200	)		(9,420	)		(6,572	)		(2,848	)
S&P 500 Index	4,380.00		08/31/2021		(1	)		(100	)		(4,500	)		(4,315	)		(185	)
S&P 500 Index	4,390.00		08/31/2021		(1	)		(100	)		(4,080	)		(3,479	)		(601	)
S&P 500 Index	4,410.00		08/31/2021		(3	)		(300	)		(10,035	)		(9,453	)		(582	)
					(97	)	$	(9,700	)	$	(245,495	)	$	(219,497	)	$	(25,998	)

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
S&P 500 Index	$3,960.00		07/30/2021		(2	)	$	(200	)	$	(2,260	)	$	(22,054	)	$	19,794
S&P 500 Index	3,980.00		07/30/2021		(1	)		(100	)		(1,225	)		(11,249	)		10,024
S&P 500 Index	4,045.00		07/30/2021		(2	)		(200	)		(3,160	)		(13,579	)		10,419
S&P 500 Index	4,075.00		07/30/2021		(3	)		(300	)		(5,370	)		(17,469	)		12,099
S&P 500 Index	4,080.00		08/31/2021		(1	)		(100	)		(4,465	)		(7,987	)		3,522
S&P 500 Index	4,105.00		08/31/2021		(1	)		(100	)		(4,820	)		(7,183	)		2,363
S&P 500 Index	4,110.00		08/31/2021		(2	)		(200	)		(9,790	)		(13,406	)		3,616
S&P 500 Index	4,115.00		07/30/2021		(2	)		(200	)		(4,250	)		(11,268	)		7,018
S&P 500 Index	4,145.00		07/30/2021		(1	)		(100	)		(2,425	)		(4,874	)		2,449
S&P 500 Index	4,150.00		07/07/2021		(9	)		(900	)		(1,170	)		(32,771	)		31,601
S&P 500 Index	4,155.00		07/30/2021		(1	)		(100	)		(2,540	)		(4,501	)		1,961
S&P 500 Index	4,170.00		07/14/2021		(9	)		(900	)		(7,784	)		(31,395	)		23,611
S&P 500 Index	4,170.00		07/21/2021		(10	)		(1,000	)		(16,200	)		(33,288	)		17,088
S&P 500 Index	4,175.00		08/31/2021		(3	)		(300	)		(17,970	)		(18,335	)		365
S&P 500 Index	4,210.00		07/30/2021		(8	)		(800	)		(26,400	)		(27,830	)		1,430
S&P 500 Index	4,215.00		07/30/2021		(8	)		(800	)		(27,040	)		(28,654	)		1,614
S&P 500 Index	4,220.00		07/30/2021		(8	)		(800	)		(27,720	)		(29,204	)		1,484
S&P 500 Index	4,225.00		07/28/2021		(9	)		(900	)		(28,890	)		(30,709	)		1,819
S&P 500 Index	4,225.00		07/30/2021		(8	)		(800	)		(28,440	)		(29,982	)		1,542
S&P 500 Index	4,230.00		07/30/2021		(8	)		(800	)		(29,240	)		(30,832	)		1,592
					(96	)	$	(9,600	)	$	(251,159	)	$	(406,570	)	$	155,411
TOTAL					(193	)	$	(19,300	)	$	(496,654	)	$	(626,067	)	$	129,413

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets:
Investments in Affiliated Funds, at value (cost $640,122,625)	$	863,287,831
Purchased options, at value (premium paid $1,832,273)		1,772,325
Cash		16,364,313
Foreign currencies, at value (cost $62,121)		58,594
Unrealized gain on forward foreign currency exchange contracts		1,332,095
Unrealized gain on swap contracts		292,144
Receivables:
Collateral on certain derivative contracts(a)		12,690,847
Investments sold		2,547,969
Dividends		377,009
Reimbursement from investment adviser		31,234
Fund shares sold		5,637
Other assets		64,555
Total assets		898,824,553
Liabilities:
Written option contracts, at value (premium received $626,067)		496,654
Variation margin on futures contracts		35,614
Payables:
Investments purchased		2,308,515
Collateral on certain derivative contracts(b)		1,580,000
Fund shares redeemed		169,157
Management fees		111,246
Distribution and Service fees and Transfer Agency fees		93,746
Accrued expenses		198,854
Total liabilities		4,993,786
Net Assets:
Paid-in capital		623,604,986
Total distributable earnings		270,225,781
NET ASSETS	$	893,830,767
Net Assets:
Class A	$	183,284,772
Class C		11,029,470
Institutional		15,919,934
Service		303,331
Investor		5,541,558
Class R6		519,859,635
Class R		6,341,464
Class P		151,550,603
Total Net Assets	$	893,830,767
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,518,958
Class C		468,286
Institutional		643,781
Service		12,457
Investor		230,410
Class R6		21,017,491
Class R		262,787
Class P		6,124,092
Net asset value, offering and redemption price per share:(c)
Class A		$24.38
Class C		23.55
Institutional		24.73
Service		24.35
Investor		24.05
Class R6		24.73
Class R		24.13
Class P		24.75

(a) Includes segregated cash of $5,584,285 and $7,106,562 relating to initial margin requirements and/or collateral on futures and options transactions, respectively.

(b) Includes segregated cash of $390,000 and $1,190,000 relating to initial margin requirements and/or collateral on swaps and forward foreign currency transactions, respectively.

(c) Maximum public offering price per share for Class A Shares is $25.80. 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. 9

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

Investment income:
Dividends from Affiliated Funds	$	5,126,768
Interest		298
Total investment income		5,127,066
Expenses:
Management fees		647,906
Distribution and Service (12b-1) fees(a)		277,845
Transfer Agency fees(a)		249,646
Professional fees		51,525
Registration fees		40,556
Printing and mailing costs		39,511
Custody, accounting and administrative services		38,167
Service fees — Class C		15,003
Trustee fees		9,980
Shareholder Administration fees — Service Class		354
Other		12,699
Total expenses		1,383,192
Less — expense reductions		(178,037	)
Net expenses		1,205,155
NET INVESTMENT INCOME		3,921,911
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		7,262,734
Purchased options		419,582
Futures contracts		19,878,858
Written options		2,937,469
Swap contracts		509,711
Forward foreign currency exchange contracts		(174,566	)
Foreign currency transactions		(3,099	)
Net change in unrealized gain (loss) on:
Affiliated Funds		81,776,135
Purchased options		(966,724	)
Futures contracts		(1,979,392	)
Written options		4,083
Swap contracts		292,144
Forward foreign currency exchange contracts		2,172,454
Foreign currency translation		2,353
Net realized and unrealized gain		112,131,742
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	116,053,653

(a) Class specific Distribution and/or (12b-1) Service and Transfer Agency fees were as follows:

Distribution and/or (12b-1) Service Fees								Transfer Agency Fees
Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
$	217,487	$	45,011	$	354	$	14,993	$	131,492	$	8,933	$	2,993	$	57	$	3,929	$	76,496	$	4,525	$	21,221

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
From operations:
Net investment income	$	3,921,911		$	9,397,445
Net realized gain		30,830,689			13,860,434
Net change in unrealized gain		81,301,053			71,268,212
Net increase in net assets resulting from operations		116,053,653			94,526,091
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(3,838,747	)
Class C Shares		—			(223,898	)
Institutional Shares		—			(368,684	)
Service Shares		—			(5,799	)
Investor Shares		—			(125,539	)
Class R6 Shares		—			(12,747,997	)
Class R Shares		—			(117,416	)
Class P Shares		—			(3,401,510	)
Total distributions to shareholders		—			(20,829,590	)
From share transactions:
Proceeds from sales of shares		17,210,310			40,734,037
Reinvestment of distributions		—			20,421,928
Cost of shares redeemed		(66,097,835	)		(117,245,793	)
Net decrease in net assets resulting from share transactions		(48,887,525	)		(56,089,828	)
TOTAL INCREASE		67,166,128			17,606,673
Net assets:
Beginning of period		826,664,639			809,057,966
End of period	$	893,830,767		$	826,664,639

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class A Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.36		$	19.32		$	16.26		$	18.84		$	15.25		$	14.44
Net investment income(a)(b)		0.07			0.18			0.29			0.20			0.16			0.16
Net realized and unrealized gain (loss)		2.95			2.36			3.86			(2.35	)		3.80			0.83
Total from investment operations		3.02			2.54			4.15			(2.15	)		3.96			0.99
Distributions to shareholders from net investment income		—			(0.18	)		(0.27	)		(0.43	)		(0.37	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.50	)		(1.09	)		(0.43	)		(0.37	)		(0.18	)
Net asset value, end of period	$	24.38		$	21.36		$	19.32		$	16.26		$	18.84		$	15.25
Total return(c)		14.09	%		13.15	%		25.66	%		(11.40	)%		25.96	%		6.81	%
Net assets, end of period (in 000s)	$	183,285		$	166,449		$	162,028		$	135,758		$	137,276		$	124,514
Ratio of net expenses to average net assets(d)		0.55	%(e)		0.57	%		0.58	%		0.58	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.64	%		0.66	%		0.66	%		0.67	%		0.69	%
Ratio of net investment income to average net assets(b)		0.64	%(e)		0.98	%		1.56	%		1.09	%		0.93	%		1.12	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class C Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	20.71		$	18.74		$	15.77		$	18.01		$	14.58		$	13.82
Net investment income (loss)(a)(b)		(0.03	)		0.02			0.10			(0.05	)		0.01			0.05
Net realized and unrealized gain (loss)		2.87			2.28			3.77			(2.12	)		3.65			0.78
Total from investment operations		2.84			2.30			3.87			(2.17	)		3.66			0.83
Distributions to shareholders from net investment income		—			(0.01	)		(0.08	)		(0.07	)		(0.23	)		(0.07	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.33	)		(0.90	)		(0.07	)		(0.23	)		(0.07	)
Net asset value, end of period	$	23.55		$	20.71		$	18.74		$	15.77		$	18.01		$	14.58
Total return(c)		13.66	%		12.29	%		24.72	%		(12.04	)%		25.08	%		5.95	%
Net assets, end of period (in 000s)	$	11,029		$	13,716		$	17,348		$	23,020		$	68,315		$	75,027
Ratio of net expenses to average net assets(d)		1.30	%(e)		1.32	%		1.33	%		1.33	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.34	%(e)		1.39	%		1.41	%		1.40	%		1.42	%		1.44	%
Ratio of net investment income (loss) to average net assets(b)		(0.26	)%(e)		0.13	%		0.58	%		(0.29	)%		0.08	%		0.33	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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. 13

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.63		$	19.55		$	16.43		$	19.01		$	15.38		$	14.57
Net investment income(a)(b)		0.12			0.23			0.34			0.09			0.24			0.23
Net realized and unrealized gain (loss)		2.98			2.42			3.93			(2.20	)		3.83			0.82
Total from investment operations		3.10			2.65			4.27			(2.11	)		4.07			1.05
Distributions to shareholders from net investment income		—			(0.25	)		(0.33	)		(0.47	)		(0.44	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.57	)		(1.15	)		(0.47	)		(0.44	)		(0.24	)
Net asset value, end of period	$	24.73		$	21.63		$	19.55		$	16.43		$	19.01		$	15.38
Total return(c)		14.29	%		13.56	%		26.18	%		(11.07	)%		26.48	%		7.18	%
Net assets, end of period (in 000s)	$	15,920		$	14,179		$	13,423		$	16,974		$	155,828		$	119,108
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.20	%		0.19	%		0.20	%		0.19	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.26	%		0.28	%		0.26	%		0.28	%		0.29	%
Ratio of net investment income to average net assets(b)		1.01	%(e)		1.25	%		1.82	%		0.47	%		1.40	%		1.55	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.35		$	19.30		$	16.20		$	18.75		$	15.19		$	14.39
Net investment income(a)(b)		0.06			0.15			0.21			0.15			0.16			0.15
Net realized and unrealized gain (loss)		2.94			2.37			3.89			(2.31	)		3.76			0.81
Total from investment operations		3.00			2.52			4.10			(2.16	)		3.92			0.96
Distributions to shareholders from net investment income		—			(0.15	)		(0.18	)		(0.39	)		(0.36	)		(0.16	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.47	)		(1.00	)		(0.39	)		(0.36	)		(0.16	)
Net asset value, end of period	$	24.35		$	21.35		$	19.30		$	16.20		$	18.75		$	15.19
Total return(c)		14.00	%		13.04	%		25.49	%		(11.48	)%		25.79	%		6.66	%
Net assets, end of period (in 000s)	$	303		$	269		$	380		$	543		$	684		$	470
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.70	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.73	%(e)		0.76	%		0.78	%		0.77	%		0.78	%		0.79	%
Ratio of net investment income to average net assets(b)		0.51	%(e)		0.79	%		1.16	%		0.80	%		0.91	%		1.01	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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. 15

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Investor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.05		$	19.04		$	16.03		$	18.58		$	15.03		$	14.25
Net investment income(a)(b)		0.10			0.23			0.30			0.24			0.18			0.21
Net realized and unrealized gain (loss)		2.90			2.33			3.84			(2.32	)		3.78			0.79
Total from investment operations		3.00			2.56			4.14			(2.08	)		3.96			1.00
Distributions to shareholders from net investment income		—			(0.23	)		(0.31	)		(0.47	)		(0.41	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.55	)		(1.13	)		(0.47	)		(0.41	)		(0.22	)
Net asset value, end of period	$	24.05		$	21.05		$	19.04		$	16.03		$	18.58		$	15.03
Total return(c)		14.20	%		13.44	%		25.97	%		(11.18	)%		26.35	%		6.99	%
Net assets, end of period (in 000s)	$	5,542		$	4,908		$	4,517		$	5,703		$	5,481		$	5,663
Ratio of net expenses to average net assets(d)		0.30	%(e)		0.32	%		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.35	%(e)		0.39	%		0.41	%		0.41	%		0.42	%		0.44	%
Ratio of net investment income to average net assets(b)		0.89	%(e)		1.24	%		1.66	%		1.28	%		1.07	%		1.47	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.63		$	19.55		$	16.44		$	19.04		$	15.37		$	14.57
Net investment income(a)(b)		0.12			0.25			0.49			1.61			0.12			0.24
Net realized and unrealized gain (loss)		2.98			2.40			3.78			(3.71	)		3.96			0.80
Total from investment operations		3.10			2.65			4.27			(2.10	)		4.08			1.04
Distributions to shareholders from net investment income		—			(0.25	)		(0.34	)		(0.50	)		(0.41	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.57	)		(1.16	)		(0.50	)		(0.41	)		(0.24	)
Net asset value, end of period	$	24.73		$	21.63		$	19.55		$	16.44		$	19.04		$	15.37
Total return(c)		14.29	%		13.57	%		26.14	%		(11.00	)%		26.54	%		7.12	%
Net assets, end of period (in 000s)	$	519,860		$	490,832		$	478,073		$	4,485		$	13		$	10
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.19	%		0.18	%		0.18	%		0.19	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.25	%		0.26	%		0.32	%		0.24	%		0.28	%
Ratio of net investment income to average net assets(b)		1.00	%(e)		1.36	%		2.55	%		9.20	%		0.66	%		1.63	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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. 17

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.17		$	19.15		$	16.13		$	18.69		$	15.15		$	14.37
Net investment income(a)(b)		0.04			0.13			0.24			0.14			0.19			0.16
Net realized and unrealized gain (loss)		2.92			2.34			3.82			(2.32	)		3.70			0.78
Total from investment operations		2.96			2.47			4.06			(2.18	)		3.89			0.94
Distributions to shareholders from net investment income		—			(0.13	)		(0.22	)		(0.38	)		(0.35	)		(0.16	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—			—			—
Total distributions		—			(0.45	)		(1.04	)		(0.38	)		(0.35	)		(0.16	)
Net asset value, end of period	$	24.13		$	21.17		$	19.15		$	16.13		$	18.69		$	15.15
Total return(c)		13.93	%		12.88	%		25.36	%		(11.63	)%		25.70	%		6.49	%
Net assets, end of period (in 000s)	$	6,341		$	5,700		$	5,922		$	4,938		$	5,910		$	2,031
Ratio of net expenses to average net assets(d)		0.80	%(e)		0.82	%		0.83	%		0.83	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.89	%		0.91	%		0.91	%		0.92	%		0.94	%
Ratio of net investment income to average net assets(b)		0.39	%(e)		0.70	%		1.31	%		0.77	%		1.06	%		1.10	%
Portfolio turnover rate(f)		1	%		12	%		40	%		11	%		53	%		39	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class P Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	21.64		$	19.56		$	16.44		$	19.43
Net investment income(b)(c)		0.12			0.26			0.37			0.31
Net realized and unrealized gain (loss)		2.99			2.39			3.91			(2.80	)
Total from investment operations		3.11			2.65			4.28			(2.49	)
Distributions to shareholders from net investment income		—			(0.25	)		(0.34	)		(0.50	)
Distributions to shareholders from net realized gains		—			(0.32	)		(0.82	)		—
Total distributions		—			(0.57	)		(1.16	)		(0.50	)
Net asset value, end of period	$	24.75		$	21.64		$	19.56		$	16.44
Total return(d)		14.33	%		13.57	%		26.19	%		(12.80	)%
Net assets, end of period (in 000s)	$	151,551		$	130,610		$	127,367		$	103,074
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.22	%(f)		0.25	%		0.27	%		0.27	%(f)
Ratio of net investment income to average net assets(c)		1.02	%(f)		1.37	%		1.96	%		2.33	%(f)
Portfolio turnover rate(g)		1	%		12	%		40	%		11	%

(a) Commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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. 19

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements

June 30, 2021 (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 Trust includes the Goldman Sachs Dynamic Global Equity Fund (the “Fund”). The Fund is a diversified fund and currently offers eight classes of shares: Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares.

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 R6 and Class R and Class P 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.

The Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include underlying funds (including exchange-traded funds (“ETFs”)) (collectively, the “Underlying Funds”), futures, forwards, options, swaps and other instruments with similar economic exposures. The Fund may invest in Underlying Funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter.

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The valuation policy of the Fund and Underlying Funds 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 Fund 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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 Statement 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.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund 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. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

20

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is the 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, the 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement 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 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 Statement 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 Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, 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 Fund’s 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.

21

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2021 (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:

Underlying Funds (including Money Market 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 Fund invests in Underlying Funds that fluctuate in value, the Fund’s 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The 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 the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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.

A forward foreign currency exchange contract is a forward contract in which the 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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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, the 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 the 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 the 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 swap contracts.

22

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Upon the purchase of a call option or a put option by the 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 the 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 the 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, the 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.

A total return swap is an agreement that gives the Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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 the 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 the 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 Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2021:

Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	290,769,627	$	—	$	—
Exchange Traded Funds		526,120,931		—		—
Investment Company		46,397,273		—		—
Total	$	863,287,831	$	—	$	—

23

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Type	Level 1			Level 2		Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,332,095	$	—
Futures Contracts(a)		1,520,935			—		—
Total Return Swap Contracts(a)		—			292,144		—
Options Purchased Contracts		1,772,325			—		—
Total	$	3,293,260		$	1,624,239	$	—
Liabilities
Futures Contracts(a)	$	(611,036	)	$	—	$	—
Written Option Contracts		(496,654	)		—		—
Total	$	(1,107,690	)	$	—	$	—

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

For further information regarding security characteristics, see the Schedule 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 June 30, 2021. These instruments were used as part of the Fund’s 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 Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	1,772,325		—	$	—
Equity	Variation margin on future contracts; Receivable for unrealized gain on swap contracts		1,813,079	(a)	Written options, at value; Variation margin on future contracts		(1,107,690)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,332,095		—		—
Total		$	4,917,499			$	(1,107,690)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2021 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2021. 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

24

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options /Net change in unrealized gain (loss) on purchased options	$	419,582		$	(966,724	)
Equity	Net realized gain (loss) from futures contracts, swaps contracts and written options/Net change in unrealized gain (loss) on futures contracts, swaps contracts and written options		23,326,038			(1,683,165	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(174,566	)		2,172,454
Total		$	23,571,054		$	(477,435	)

For the six months ended June 30, 2021, the relevant values for each derivative type was as follows:

Average Number of Contracts, Notional Amounts(a)
Futures contracts	Forward contracts	Swap Agreements		Purchased Options		Written Options
737	$61,645,594	$	14,227,531		910,000		23,250

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets of 0.15% for the Fund.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the 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 Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

The Trust, on behalf of Service Shares of the 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

25

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Fund, 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/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 Fund 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 June 30, 2021, Goldman Sachs retained $3,085 of the front end sales charges and $321 of the CDSC for this Fund.

D.  Service and/or Shareholder Administration Plan — The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares and a Shareholder Administration Plan 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 or Service Shares of the Fund, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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: 0.16% 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 R6 and P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were $178,037.

F.  Line of Credit Facility — As of June 30, 2021, the Fund participated in a $1,000,000,000 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 Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2021, the Fund did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

26

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Other Transactions with Affiliates — The Fund invests primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2021 (in thousands):

Underlying Funds	Market Value as of 12/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Market Value as of 6/30/2021		Shares as of 6/30/2021		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	67,905	$	2,231	$	(6,212	)	$	1,260	$	3,197	$	68,381		1,676	$	341
Goldman Sachs ActiveBeta International Equity ETF		144,159		—		(2,242	)		458		13,249		155,624		4,455		2,018
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		211,584		—		(11,130	)		3,540		25,064		229,058		2,663		1,227
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		31,286		—		—			—		4,148		35,434		2,676		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		44,437		66,016		(64,056	)		—		—		46,397		46,397		7
Goldman Sachs Global Infrastructure Fund — Class R6		13,081		128		(46	)		—		1,258		14,421		1,121		193
Goldman Sachs Global Real Estate Securities Fund — Class R6		11,400		106		(18	)		13		1,700		13,201		1,124		173
Goldman Sachs International Equity Insights Fund — Class R6		66,793		—		—			—		7,000		73,793		4,861		—
Goldman Sachs International Small Cap Insights Fund — Class R6		14,165		—		—			—		1,834		15,999		1,118		—
Goldman Sachs Large Cap Growth Insights Fund — Class R6		52,882		—		—			—		7,815		60,697		1,314		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		52,758		360		(5,000	)		996		8,336		57,450		2,210		540
Goldman Sachs MarketBeta Emerging Markets Equity ETF		32,094		—		—			—		2,266		34,360		585		103
Goldman Sachs MarketBeta International Equity ETF		36,046		—		—			—		2,652		38,698		685		525
Goldman Sachs Small Cap Equity Insights Fund — Class R6		19,022		—		(3,500	)		996		3,257		19,775		544		—
Total	$	797,612	$	68,841	$	(92,204	)	$	7,263	$	81,776	$	863,288			$	5,127

As of June 30, 2021, the Goldman Sachs Growth Strategy, Goldman Sachs Growth and Income Strategy and Goldman Sachs Balanced Strategy Portfolios beneficially owned 25%, 23% and 10%, respectively, of the total outstanding shares of the Fund.

27

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2021, are $4,657,064 and $28,873,483, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2020, certain timing differences on a tax basis were as follows:

Timing differences (Qualified Late Year Loss Deferral and Straddle Loss Deferral) $ (2,164,833 ) 

As of June 30, 2021, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	648,078,808
Gross unrealized gain		223,424,250
Gross unrealized loss		(8,215,227	)
Net unrealized gains (loss)	$	215,209,023

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 and options contracts and net mark to market gains/(losses) on foreign currency contracts.

GSAM has reviewed the Fund’s 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 Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk— The Fund’s 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 Fund. 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 — The Fund’s investments in dividend-paying securities could cause the 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 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 the Fund to produce current income.

28

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

8. OTHER RISKS (continued)

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 the 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 problems with 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 the 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 the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk — The investments of the Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk— The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the 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 — The 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 the 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, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the 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 Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the 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 the 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 the Fund and its investments. Additionally, the 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.

29

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund 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 Statement 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.

30

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		265,520		$	6,059,724			452,591		$	8,274,964
Reinvestment of distributions		—			—			166,912			3,526,407
Shares redeemed		(540,282	)		(12,358,454	)		(1,212,679	)		(22,020,216	)
		(274,762	)		(6,298,730	)		(593,176	)		(10,218,845	)
Class C Shares
Shares sold		21,151			470,751			28,501			498,361
Reinvestment of distributions		—			—			10,959			221,848
Shares redeemed		(215,082	)		(4,734,212	)		(302,838	)		(5,160,510	)
		(193,931	)		(4,263,461	)		(263,378	)		(4,440,301	)
Institutional Shares
Shares sold		47,113			1,083,807			651,159			12,881,036
Reinvestment of distributions		—			—			16,739			359,055
Shares redeemed		(58,944	)		(1,356,189	)		(699,008	)		(13,145,115	)
		(11,831	)		(272,382	)		(31,110	)		94,976
Service Shares
Shares sold		52			1,195			211			3,915
Reinvestment of distributions		—			—			220			4,649
Shares redeemed		(209	)		(4,497	)		(7,507	)		(113,385	)
		(157	)		(3,302	)		(7,076	)		(104,821	)
Investor Shares
Shares sold		20,993			475,606			33,472			604,166
Reinvestment of distributions		—			—			6,017			125,539
Shares redeemed		(23,796	)		(538,233	)		(43,486	)		(766,754	)
		(2,803	)		(62,627	)		(3,997	)		(37,049	)
Class R6 Shares
Shares sold		98,159			2,198,437			383,853			7,549,584
Reinvestment of distributions		—			—			590,151			12,665,504
Shares redeemed		(1,771,429	)		(42,034,107	)		(2,735,397	)		(53,939,479	)
		(1,673,270	)		(39,835,670	)		(1,761,393	)		(33,724,391	)
Class R Shares
Shares sold		13,787			312,741			34,886			626,087
Reinvestment of distributions		—			—			5,623			117,416
Shares redeemed		(20,284	)		(458,056	)		(80,430	)		(1,469,351	)
		(6,497	)		(145,315	)		(39,921	)		(725,848	)
Class P Shares
Shares sold		288,343			6,608,049			547,359			10,295,924
Reinvestment of distributions		—			—			158,422			3,401,510
Shares redeemed		(199,369	)		(4,614,087	)		(1,182,031	)		(20,630,983	)
		88,974			1,993,962			(476,250	)		(6,933,549	)
NET DECREASE		(2,074,277	)	$	(48,887,525	)		(3,176,301	)	$	(56,089,828	)

31

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Global Equity Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund and the Underlying Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

32

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund and the Underlying Funds. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified

33

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

by the Outside Data Provider as of March 31, 2021. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing the Underlying Funds.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one- and ten-year periods and underperformed for the three- and five-year periods ended March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.

The Trustees noted that, although the Fund itself does not have breakpoints in its management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Fund at the specified asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent

34

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund and/or the Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund and/or the Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund and the Underlying Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Fund’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to the Fund and certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Fund’s and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Fund’s and Underlying Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2022.

35

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Liquidity Risk Management Program (Unaudited)

The 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 the 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, the 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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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.

36

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Fund Expenses —Six Months Period Ended June  30, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the 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.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund 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 January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 Fund 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 and do not include expenses of Underlying Funds in which the Fund invests. 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.

	Dynamic Global Equity Fund
Share Class	Beginning Account Value 1/1/21		Ending Account Value 6/30/21			Expenses Paid for the 6 months ended 6/30/21*
Class A
Actual	$	1,000.00	$	1,140.90		$	2.92
Hypothetical 5% return		1,000.00		1,022.07	+		2.76
Class C
Actual		1,000.00		1,136.60			6.89
Hypothetical 5% return		1,000.00		1,018.35	+		6.51
Institutional
Actual		1,000.00		1,142.90			1.01
Hypothetical 5% return		1,000.00		1,023.85	+		0.95
Service
Actual		1,000.00		1,140.00			3.66
Hypothetical 5% return		1,000.00		1,021.37	+		3.46
Investor
Actual		1,000.00		1,142.00			1.59
Hypothetical 5% return		1,000.00		1,023.31	+		1.51
Class R6
Actual		1,000.00		1,142.90			0.96
Hypothetical 5% return		1,000.00		1,023.90	+		0.90
Class R
Actual		1,000.00		1,139.30			4.24
Hypothetical 5% return		1,000.00		1,020.83	+		4.01
Class P
Actual		1,000.00		1,143.30			0.96
Hypothetical 5% return		1,000.00		1,023.90	+		0.90

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

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2021. 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 R6			Class R			Class P
Dynamic Global Equity Fund		0.55	%		1.30	%		0.19	%		0.69	%		0.30	%		0.18	%		0.80	%		0.18	%

37

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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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

∎ U.S. Equity ESG Fund⁵

∎ 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

∎ Clean Energy Income Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ 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

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income 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 Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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.

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the 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.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Fund will file its 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 June 30, 2021 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.

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 the 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 the 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).

© 2021 Goldman Sachs. All rights reserved. 250021-OTU-1459885 DYNGLEQSAR-21

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 filed herewith.
(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:	August 31, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 31, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 31, 2021