Goldman Sachs Trust

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial Square Funds’ (the “Funds”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

GOVERNMENT MONEY MARKET FUNDS

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Federal Instruments Fund

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Government Fund

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Treasury Instruments Fund

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Treasury Obligations Fund

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Treasury Solutions Fund

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

INSTITUTIONAL MONEY MARKET FUNDS

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Money Market Fund

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Prime Obligations Fund

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

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

ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2018, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 1, 2018, as follows:

REPURCHASE AGREEMENTS — At February 28, 2018, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

At February 28, 2018, the Joint Repurchase Agreement Account I was fully collateralized by:

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2018, the Government Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 1, 2018, as follows:

REPURCHASE AGREEMENTS — At February 28, 2018, the Principal Amounts of the Government Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

At February 28, 2018, the Joint Repurchase Agreement Account III was fully collateralized by:

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:

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

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

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.

A. Investment Valuation — The investment valuation policy of the Funds, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distributions of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

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

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

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

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

As of February 28, 2018, all investments, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G8 countries which are generally classified as Level 1. Please refer to the Schedules of Investments for further detail.

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

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

Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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

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

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

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended February 28, 2018, Goldman Sachs has advised that it retained $252 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F. Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 29, 2018, 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.

Effective February 21, 2018, GSAM changed the contractual management fee rate from 0.205% to 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and to 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds.

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. As of February 8, 2018, GSAM has implemented a voluntary temporary fee waiver equal annually to 0.10% of the average daily net assets of Financial Square Prime Obligations Fund and Financial Square Money Market Fund. Prior to February 21, 2018, GSAM contractually agreed to not impose a portion of the management fee equal annually to 0.025% of the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds’ average daily net assets and 0.045% of the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds’ average daily net assets.

During the six months ended February 28, 2018, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended February 28, 2018, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

For the six months ended February 28, 2018, the net effective management fee rate was 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds, 0.16% for the Financial Square Government Fund and 0.15% for the Financial Square Money Market and Financial Square Prime Obligations Funds.

For the six months ended February 28, 2018, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

The following table provides information about the investment in issuers deemed to be affiliates of the Funds.

I. Line of Credit Facility — As of February 28, 2018, the Funds participated in a $1,100,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2018, the Funds did not have any borrowings under the facility.

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

At February 28, 2018, the aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

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 may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price (or, for the Institutional Money Market Funds, minimize the volatility of the Fund’s NAV per share). The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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 a Fund has unsettled or open transactions defaults.

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.

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

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.

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

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

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

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

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


	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,005.09		$	0.99	$	1,000.00	$	1,005.24		$	0.85	$	1,000.00	$	1,006.28		$	0.85
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00		1,000.00		1,023.95	+		0.85		1,000.00		1,023.95	+		0.85
Select Shares
Actual		1,000.00		1,004.94			1.14		1,000.00		1,005.09			0.99		1,000.00		1,006.13			0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.65	+		1.15		1,000.00		1,023.80	+		1.00		1,000.00		1,023.80	+		1.00
Preferred Shares
Actual		1,000.00		1,004.59			1.49		1,000.00		1,004.74			1.34		1,000.00		1,005.78			1.34
Hypothetical (5% return before expenses)		1,000.00		1,023.31	+		1.51		1,000.00		1,023.46	+		1.35		1,000.00		1,023.46	+		1.35
Capital Shares
Actual		1,000.00		1,004.35			1.74		1,000.00		1,004.49			1.59		1,000.00		1,005.63			0.85
Hypothetical (5% return before expenses)		1,000.00		1,023.06	+		1.76		1,000.00		1,023.21	+		1.61		1,000.00		1,023.95	+		0.85
Administration Shares
Actual		1,000.00		1,003.85			2.24		1,000.00		1,004.00			2.09		1,000.00		1,005.03			2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.56	+		2.26		1,000.00		1,022.71	+		2.11		1,000.00		1,022.71	+		2.11
Premier Shares
Actual		1,000.00		1,003.35			2.73		1,000.00		1,003.50			2.58		1,000.00		1,004.64			2.63
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		2.76		1,000.00		1,022.22	+		2.61		1,000.00		1,022.17	+		2.66
Service Shares
Actual		1,000.00		1,002.60			3.48		1,000.00		1,002.75			3.33		1,000.00		1,003.69			3.33
Hypothetical (5% return before expenses)		1,000.00		1,021.32	+		3.51		1,000.00		1,021.47	+		3.36		1,000.00		1,021.47	+		3.36
Class A Shares
Actual		N/A		N/A			N/A		1,000.00		1,004.00			2.09		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.71	+		2.11		N/A		N/A			N/A
Class C Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.46			5.60		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,019.19	+		5.66		N/A		N/A			N/A
Resource Shares
Actual		N/A		N/A			N/A		1,000.00		1,002.01			4.07		1,000.00		1,003.14			2.63
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,020.73	+		4.11		1,000.00		1,022.17	+		2.66
Cash Management Shares
Actual		1,000.00		1,001.11			4.96		1,000.00		1,001.26			4.81		1,000.00		1,002.40			4.42
Hypothetical (5% return before expenses)		1,000.00		1,019.84	+		5.01		1,000.00		1,019.98	+		4.86		1,000.00		1,020.38	+		4.46
Class R6 Shares
Actual		N/A		N/A			N/A		1,000.00		1,005.24			0.85		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,023.95	+		0.85		N/A		N/A			N/A

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)


	Prime Obligations							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,006.34		$	0.85	$	1,000.00	$	1,005.15		$	0.99	$	1,000.00	$	1,005.23		$	0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.95	+		0.85		1,000.00		1,023.80	+		1.00		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,006.09			0.99		1,000.00		1,005.00			1.14		1,000.00		1,005.08			1.14
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00		1,000.00		1,023.65	+		1.15		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,005.74			1.34		1,000.00		1,004.65			1.49		1,000.00		1,004.73			1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,005.59			1.59		1,000.00		1,004.40			1.74		1,000.00		1,004.48			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.21	+		1.61		1,000.00		1,023.06	+		1.76		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,005.00			2.09		1,000.00		1,003.90			2.24		1,000.00		1,003.99			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.71	+		2.11		1,000.00		1,022.56	+		2.26		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,004.60			2.63		1,000.00		1,003.41			2.73		1,000.00		1,003.49			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,003.75			3.33		1,000.00		1,002.66			3.48		1,000.00		1,002.74			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.47	+		3.36		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,003.11			2.63		1,000.00		1,001.92			2.63		1,000.00		1,002.00			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.17	+		2.66		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76
Cash Management Shares
Actual		1,000.00		1,002.36			4.42		1,000.00		1,001.17			4.96		1,000.00		1,001.25			4.96
Hypothetical (5% return before expenses)		1,000.00		1,020.38	+		4.46		1,000.00		1,019.84	+		5.01		1,000.00		1,019.84	+		5.01

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)


	Treasury Solutions Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,005.10		$	0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,004.95			1.14
Hypothetical (5% return before expenses)		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,004.60			1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,004.35			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,003.85			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,003.36			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,002.61			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,001.87			2.68
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71
Cash Management Shares
Actual		1,000.00		1,001.12			4.96
Hypothetical (5% return before expenses)		1,000.00		1,019.84	+		5.01

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2018. 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 Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


Fund	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares			Class R6 Shares
Federal Instruments		0.20	%		0.23	%		0.30	%		0.35	%		0.45	%		0.55	%		0.70	%		N/A			N/A			N/A			1.00	%		N/A
Government		0.17			0.20			0.27			0.32			0.42			0.52			0.67			0.42	%		1.13	%		0.82	%		0.97			0.17	%
Money Market		0.17			0.20			0.27			0.17			0.42			0.53			0.67			N/A			N/A			0.53			0.89			N/A
Prime Obligations		0.17			0.20			0.27			0.32			0.42			0.53			0.67			N/A			N/A			0.53			0.89			N/A
Treasury Instruments		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.53			1.00			N/A
Treasury Obligations		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.55			1.00			N/A
Treasury Solutions		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.54			1.00			N/A

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of December 31, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

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

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of February 28, 2018 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

For over 30 years, the Goldman Sachs Growth Strategies have consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses.

Performance driven by the compounding growth of businesses over time — not short-term market movements

Long-term participation in growing businesses — less reliance on macroeconomic predictions, market timing, sector rotation or momentum

Identify high quality growth businesses. Some required investment criteria include:

Investments in businesses that we believe are strategically positioned for consistent, sustainable long-term growth

Good investment decisions based on solid understanding of what each business is worth

Attractive buying opportunities as the stock prices of quality growth businesses fluctuate over time

Overall, U.S. equities rallied during the six months ended February 28, 2018 (the “Reporting Period”), boosted overall by a combination of accelerating economic growth, rising corporate earnings and a general lack of negative financial headlines. Plus, for most of the Reporting Period, U.S. equity market volatility was at or near historic lows. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 10.84%. The Russell 3000^® Index generated a return of 10.45%.

As the Reporting Period began in September 2017, U.S. economic activity and labor market data showed consistent strength, with U.S. Gross Domestic Product (“GDP”) at an annualized rate above 3%, unemployment down to 4.2% and a reversal of five consecutive downside inflation reports. Progress on tax reform and strong economic activity data remained supportive for U.S. equities in October and November 2017. The Federal Reserve (the “Fed”) delivered the third interest rate hike of 2017 in December as had been widely expected and maintained its projections for three additional interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%. The fourth quarter of 2017 marked the ninth consecutive quarter of positive returns for the S&P 500 Index, its strongest quarterly advance in four years.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion tax reform plan and a favorable corporate earnings season. U.S. GDP for the fourth quarter of 2017 came in below that of the growth rate for the second and third quarters of the calendar year but was still a respectable annualized rate of 2.5%. The labor market in January 2018 also continued to highlight tightening slack in the economy. While December 2017 payroll data undershot consensus expectations, November 2017 data was revised such that the U.S. unemployment rate stood at a 17-year low of 4.1% and average hourly earnings ticked up. The fourth quarter corporate earnings season was robust, with strong revenue and earnings growth relative to historical data. Companies were beginning to provide discrete guidance on tax rates, and 2018 earnings forecasts were being upgraded as a result. The S&P 500 Index saw 14 closing highs in the month of January 2018.

In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes, which stoked a sharp rise in rates and volatility. Robust labor market data sparked the initial risk-off sentiment (i.e. heightened investor risk aversion)—nonfarm payroll employment increased by 200,000 in January 2018, while the unemployment rate remained steady at 4.1% and average hourly earnings rose 0.34% month over month. Concerns about monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, triggered speculation of a faster pace of interest rate hikes, surprising markets with its hawkish tilt and sparking a sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House further drove heightened volatility. On February 5, 2018, the VIX, a measure of volatility in the U.S. equity market, recorded its largest ever one day increase, and on February 8, 2018, the S&P 500 Index posted a one-day correction of 10.16%. Though the S&P 500 Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8^th and the VIX declined from a month high of 50.30 to end the Reporting Period at 19.85.

the S&P 500 Index were utilities, real estate and consumer staples, traditionally considered more defensive sectors and the only three to post a negative absolute return during the Reporting Period.

Within the U.S. equity market, all capitalization segments posted positive returns, but large-cap stocks, as measured by the Russell 1000^® Index, performed best, followed by mid-cap stocks, as measured by the Russell Midcap^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

At the end of the Reporting Period, we maintained a positive view ahead to U.S. and global equities based on consensus economic and earnings growth expectations.

In our view, the U.S. economy continues to offer the strongest growth amongst the developed countries, and there is significant investor and business optimism about tax reform and fiscal expansion, which could support further economic and earnings growth. However, we believe this positive sentiment was already reflected in elevated equity valuations and U.S. equities reaching all-time highs before the February 2018 sell-off.

We also believe there are pockets of opportunity beyond the Funds’ respective benchmarks. For example, we see substantial opportunities in smaller-cap companies in the U.S. In our view, these companies may be well positioned to benefit from domestically-oriented, pro-growth policies and tax reform given their higher effective corporate tax rates compared to larger-cap companies. Additionally, operating margins at smaller companies were, at the end of the Reporting Period, far below prior peak levels and at a significant gap relative to those of larger caps. We believe this gap could narrow given the numerous catalysts that could disproportionately benefit smaller-cap stocks. In addition, in contrast to large-cap equities, smaller-cap stocks tend to operate and source more revenue domestically and thus stand to be hurt less from protectionist policies, as they tend to be less exposed to reciprocal tariffs and duties. Multiples, or price/earnings ratios, of smaller-cap companies, in our opinion, may be more attractive than they appear when taking into consideration the potential for an inflection in earnings growth.

We also believe the market has been overly pessimistic on retail real estate, whose performance significantly lagged other real estate investment trust (“REIT”) segments during the Reporting Period, as the market discounted retail REITs seemingly without regard for quality. Occupancy was at record highs in 2016 for shopping centers. There were net openings during that calendar year, with the number of stores opened exceeding the number of stores closed without building new facilities. Further, despite headlines, retail bankruptcies were at historically usual levels. We believe well-located assets with tenants playing toward “necessity based” or “experiential based” retail should remain resilient, especially compared to poorly-located assets with “commodity” tenants offering products easily sold online, such as apparel.

Finally, we like companies investing in their future growth through capital expenditures and research and development, rather than those focusing on shareholder returns. While companies with high shareholder returns have historically outperformed, those focused on investing for the future have outperformed significantly since 2016. We expect this performance trend to continue should economic growth remain solid.

All that said, regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

Effective after the close of business on October 31, 2017, Goldman Sachs Dynamic U.S. Equity Fund was re-named Goldman Sachs Blue Chip Fund and its principal investment strategy changed, as reflected above. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Blue Chip Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Effective after the close of business on August 31, 2017, Goldman Sachs Flexible Cap Growth Fund was re-named Goldman Sachs Flexible Cap Fund, its principal strategy was changed, as reflected above, and its benchmark was changed to the S&P 500 Index. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Flexible Cap Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.

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:

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 R and Class R6 Shares are not subject to a sales charge. Previously, Investor Shares were known as Class IR Shares.

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.

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. 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. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain 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), 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, 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 (mutual funds) 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 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.

E. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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

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

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2018:

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

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.

As of February 28, 2018, contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2018.

Prior to December 29, 2017 for the Capital Growth Fund, Concentrated Growth Fund, Growth Opportunities Fund, Small/Mid Cap Growth Fund, Strategic Growth Fund and Technology Opportunities Fund, prior to November 1, 2017 for the Blue Chip Fund and prior to September 1, 2017 for the Flexible Cap Fund, the contractual management fee rates were as stated below.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying 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 Government Money Market Fund. For the six months ended February 28, 2018, the management fee waived by GSAM for each Fund was as follows:

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 Services Shares of the Funds, as set forth below.

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 February 28, 2018, Goldman Sachs advised that it retained the following amounts:

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or 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 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: 0.18% 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 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Growth Opportunities Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Blue Chip, Concentrated Growth, Flexible Cap and Small/Mid Cap Growth Funds. This arrangement will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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 Blue Chip, Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.084%, 0.004%, 0.004%, 0.004%, 0.014%, 0.064%, 0.004%, and 0.004%, respectively. These Other Expense limitations will remain in place through at least December 29, 2018, 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.

For the six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

G. Line of Credit Facility — As of February 28, 2018, the Funds participated in a $1,100,000,000 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 February 28, 2018, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 28, 2018, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Funds.

The table below shows the transactions in and earnings from investments in the Government Money Market Fund — Institutional Shares for the six months ended February 28, 2018:

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were as follows:

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash and/or U.S. Treasury securities 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 Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the 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% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash and/or U.S. Treasury securities collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash and/or U.S. Treasury securities collateral due to reinvestment risk. 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 and/or U.S. Treasury securities 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 February 28, 2018, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2018:

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

As of February 28, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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

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

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities 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.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (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 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 and is required to maintain 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 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.

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). 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.

In February 2018, the Board of Trustees of the Goldman Sachs Trust approved certain changes to the Goldman Sachs Capital Growth Fund’s principal investment strategy and benchmark index. After the close of business on April 17, 2018, the Fund will seek to achieve its investment objective by investing, under normal circumstances, in approximately 90-150 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund will invest in both value and growth companies. The Fund’s fundamental equity investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management.

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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

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


	Blue Chip Fund							Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,086.10		$	5.48	$	1,000.00	$	1,132.60		$	6.03	$	1,000.00	$	1,103.10		$	6.15	$	1,000.00	$	1,107.50		$	4.96
Hypothetical 5% return		1,000.00		1,019.54	+		5.31		1,000.00		1,019.14	+		5.71		1,000.00		1,018.94	+		5.91		1,000.00		1,020.08	+		4.76
Class C
Actual		1,000.00		1,082.20			9.34		1,000.00		1,128.30			9.97		1,000.00		1,099.10			10.04		1,000.00		1,103.80			8.87
Hypothetical 5% return		1,000.00		1,015.82	+		9.05		1,000.00		1,015.42	+		9.44		1,000.00		1,015.22	+		9.64		1,000.00		1,016.36	+		8.50
Institutional
Actual		1,000.00		1,088.10			3.62		1,000.00		1,134.60			3.97		1,000.00		1,105.20			4.28		1,000.00		1,109.60			3.09
Hypothetical 5% return		1,000.00		1,021.32	+		3.51		1,000.00		1,021.08	+		3.76		1,000.00		1,020.73	+		4.11		1,000.00		1,021.87	+		2.96
Service
Actual		—		—			—		1,000.00		1,131.90			6.61		—		—			—		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.26		—		—			—		—		—			—
Investor
Actual		1,000.00		1,087.60			4.19		1,000.00		1,134.00			4.71		1,000.00		1,103.90			4.85		1,000.00		1,108.80			3.66
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,020.38	+		4.46		1,000.00		1,020.18	+		4.66		1,000.00		1,021.32	+		3.51
Class R
Actual		1,000.00		1,084.60			6.72		1,000.00		1,131.30			7.35		1,000.00		1,101.60			7.45		1,000.00		1,105.90			6.27
Hypothetical 5% return		1,000.00		1,018.35	+		6.51		1,000.00		1,017.90	+		6.95		1,000.00		1,017.70	+		7.15		1,000.00		1,018.84	+		6.01
Class R6
Actual		1,000.00		1,088.30			3.73		1,000.00		1,134.80			3.92		1,000.00		1,104.80			4.23		1,000.00		1,109.50			3.03
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.13	+		3.71		1,000.00		1,020.78	+		4.06		1,000.00		1,021.92	+		2.91

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)


	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,110.60		$	6.75	$	1,000.00	$	1,122.00		$	6.73	$	1,000.00	$	1,126.90		$	6.01	$	1,000.00	$	1,167.70		$	7.42
Hypothetical 5% return		1,000.00		1,018.40	+		6.46		1,000.00		1,018.45	+		6.41		1,000.00		1,019.14	+		5.71		1,000.00		1,017.95	+		6.90
Class C
Actual		1,000.00		1,106.50			10.65		1,000.00		1,117.50			10.66		1,000.00		1,122.70			9.95		1,000.00		1,163.50			11.43
Hypothetical 5% return		1,000.00		1,014.68	+		10.19		1,000.00		1,014.73	+		10.14		1,000.00		1,015.42	+		9.44		1,000.00		1,014.23	+		10.64
Institutional
Actual		1,000.00		1,112.40			4.98		1,000.00		1,123.60			4.84		1,000.00		1,129.30			3.96		1,000.00		1,170.00			5.33
Hypothetical 5% return		1,000.00		1,020.08	+		4.76		1,000.00		1,020.23	+		4.61		1,000.00		1,021.08	+		3.76		1,000.00		1,019.89	+		4.96
Service
Actual		1,000.00		1,109.70			7.58		1,000.00		1,121.40			7.47		1,000.00		1,127.20			6.59		1,000.00		1,167.10			8.01
Hypothetical 5% return		1,000.00		1,017.60	+		7.25		1,000.00		1,017.75	+		7.10		1,000.00		1,018.60	+		6.26		1,000.00		1,017.41	+		7.45
Investor
Actual		1,000.00		1,112.20			5.45		1,000.00		1,123.30			5.42		1,000.00		1,128.70			4.70		1,000.00		1,169.20			6.08
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.69	+		5.16		1,000.00		1,020.38	+		4.46		1,000.00		1,019.19	+		5.66
Class R
Actual		1,000.00		1,109.50			8.05		1,000.00		1,120.30			8.04		1,000.00		1,126.60			7.33		—		—			—
Hypothetical 5% return		1,000.00		1,017.16	+		7.70		1,000.00		1,017.21	+		7.65		1,000.00		1,017.90	+		6.95		—		—			—
Class R6
Actual		1,000.00		1,112.70			4.92		1,000.00		1,123.50			4.79		1,000.00		1,129.60			3.91		1,000.00		1,096.50	^		1.67	^
Hypothetical 5% return		1,000.00		1,020.13	+		4.71		1,000.00		1,020.28	+		4.56		1,000.00		1,021.13	+		3.71		1,000.00		1,006.36	+^		1.59	^

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.


Fund	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Blue Chip		1.06	%		1.81	%		0.70	%		—	%		0.81	%		1.30	%		0.72	%
Capital Growth		1.14			1.89			0.75			1.25			0.89			1.39			0.74
Concentrated Growth		1.18			1.93			0.82			—			0.93			1.43			0.81
Flexible Cap Growth		0.95			1.70			0.59			—			0.70			1.20			0.58
Growth Opportunities		1.29			2.04			0.95			1.45			1.04			1.54			0.94
Small/Mid Cap Growth		1.28			2.03			0.92			1.42			1.03			1.53			0.91
Strategic Growth		1.14			1.89			0.75			1.25			0.89			1.39			0.74
Technology Opportunities		1.38			2.13			0.99			1.49			1.13			—			1.00^

Class R6 Shares of the Technology Opportunities Fund commenced operations on December 29, 2017.

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

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

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 file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs 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.

Fund holdings and allocations shown are as of February 28, 2018 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).

Goldman Sachs’ Fundamental Equity Value Strategies Team (the “Team”) believes that all successful investing should thoughtfully weigh two important attributes of a stock: price and prospects. Through independent fundamental research, the Team seeks to identify and invest in quality businesses that are selling at compelling valuations.

At the heart of our value investment philosophy is a belief in the rigorous analysis of business fundamentals. Our approach may include:

We seek to buy companies with quality characteristics. For us, this means companies that have:

In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes, which stoked a sharp rise in rates and volatility. Robust labor market data sparked the initial risk-off sentiment — nonfarm payroll employment increased by 200,000 in January 2018, while the unemployment rate remained steady at 4.1% and average hourly earnings rose 0.34% month over month. Concerns about monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, triggered speculation of a faster pace of interest rate hikes, surprising markets with its hawkish tilt and sparking a sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House further drove heightened volatility. On February 5, 2018, the VIX, a measure of volatility in the U.S. equity market, recorded its largest ever one day increase, and on February 8, 2018, the S&P 500 Index posted a one-day correction of 10.16%. Though the S&P 500 Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8th and the VIX declined from a month high of 50.30 to end the Reporting Period at 19.85.

For the Reporting Period overall, information technology, financials and consumer discretionary, widely considered more economically-sensitive sectors, were the best performing sectors in the S&P 500 Index by a wide margin. The weakest performing sectors in the S&P 500 Index were utilities, real estate and consumer staples, traditionally considered more defensive sectors and the only three to post a negative absolute return during the Reporting Period.

Following robust fourth quarter 2017 earnings reports in the early months of 2018, we remained cautiously optimistic at the end of the Reporting Period that favorable macroeconomic conditions and strong corporate earnings could continue to drive positive U.S. equity market performance as the calendar year progresses. As a result of the U.S. tax legislation passed in December 2017, we expected additional upside from tax savings deployment into reinvestment, capital return in the form of buybacks and dividends, increased mergers and acquisitions and/or paying down of debt. While our return expectations for the U.S. equity market remained relatively muted given what we perceive to be rather extended valuations, we believed U.S. equities were still more attractive than most other asset classes. Additionally, after several years of thematic-driven markets, we were excited at the end of the Reporting Period about lower correlations at the stock level. We believe an active investment approach may well be poised to benefit in this type of market environment.

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share. We maintain our discipline in identifying companies with what we believe to be strong or improving balance sheets, led by quality management teams and trading at discounted valuations. We remain focused on the long-term performance of the Funds.

As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

Effective after the close of business on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed Goldman Sachs Equity Income Fund, and its principal strategy changed, as reflected above. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Equity Income Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.

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:

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

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 (mutual funds) 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:

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

F. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

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

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

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:

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2018:

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

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

As of February 28, 2018, contractual management fees with GSAM were at the following rates. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2018.

Prior to December 29, 2017, the contractual management fee rates for the Equity Income Fund, Focused Value Fund, Small Cap Value Fund, and Small/Mid Cap Value Fund were as stated below.

The Equity Income, Focused Value, Large Cap Value, Mid Cap Value and Small/Mid Cap Value Funds invest in Institutional Shares of Goldman Sachs Financial Square Government Fund, (“Government Money Market Fund”) which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds 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 Government Money Market Fund. For the six months ended February 28, 2018, the management fee waived by GSAM for each Fund was as follows:

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.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.07% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Large Cap Value Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date, the 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 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 Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 2018, 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.

For the six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

H. Other Transactions with Affiliates — For the six months ended February 28, 2018, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the funds.

The table below shows the transactions in and earnings from the investments by the Funds in the Government Money Market Fund for the six months ended February 28, 2018:

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following funds:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were as follows:

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 Government Money Market Fund, an affiliated series of the 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% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2018:

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ capital loss carryforwards and certain timing differences, on a tax basis were as follows:

As of February 28, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable to wash sales, differences related to the tax treatment of partnerships and underlying fund investments.

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 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 and is required to maintain a larger cash position than it ordinarily would.

Non-Diversification Risk — The Focused Value 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.

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.

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) 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 R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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.


	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,058.20		$	5.72	$	1,000.00	$	1,027.50		$	5.63	$	1,000.00	$	1,038.10		$	5.61
Hypothetical 5% return		1,000.00		1,019.24	+		5.61		1,000.00		1,019.24	+		5.61		1,000.00		1,019.29	+		5.56
Class C
Actual		1,000.00		1,054.30			9.52		1,000.00		1,023.00			9.38		1,000.00		1,034.40			9.38
Hypothetical 5% return		1,000.00		1,015.52	+		9.35		1,000.00		1,015.52	+		9.35		1,000.00		1,015.57	+		9.30
Institutional
Actual		1,000.00		1,059.90			3.73		1,000.00		1,029.80			3.67		1,000.00		1,040.10			4.00
Hypothetical 5% return		1,000.00		1,021.18	+		3.66		1,000.00		1,021.18	+		3.66		1,000.00		1,020.88	+		3.96
Service
Actual		1,000.00		1,057.40			6.27		N/A		N/A			N/A		1,000.00		1,037.80			6.52
Hypothetical 5% return		1,000.00		1,018.70	+		6.16		N/A		N/A			N/A		1,000.00		1,018.40	+		6.46
Investor
Actual		1,000.00		1,059.40			4.44		1,000.00		1,028.40			4.38		1,000.00		1,039.90			4.35
Hypothetical 5% return		1,000.00		1,020.48	+		4.36		1,000.00		1,020.48	+		4.36		1,000.00		1,020.53	+		4.31
Class R
Actual		1,000.00		1,056.70			6.99		1,000.00		1,025.70			6.88		1,000.00		1,037.10			6.87
Hypothetical 5% return		1,000.00		1,018.00	+		6.85		1,000.00		1,018.00	+		6.85		1,000.00		1,018.05	+		6.80
Class R6
Actual		1,000.00		1,060.20			3.63		1,000.00		1,028.90			3.62		1,000.00		1,040.10			3.95
Hypothetical 5% return		1,000.00		1,021.27	+		3.56		1,000.00		1,021.22	+		3.61		1,000.00		1,020.93	+		3.91

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)


	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,039.40		$	6.12	$	1,000.00	$	1,074.50		$	6.84	$	1,000.00	$	1,081.50		$	6.35
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,018.20	+		6.66		1,000.00		1,018.70	+		6.16
Class C
Actual		1,000.00		1,035.60			9.89		1,000.00		1,070.50			10.68		1,000.00		1,077.30			10.20
Hypothetical 5% return		1,000.00		1,015.08	+		9.79		1,000.00		1,014.48	+		10.39		1,000.00		1,014.98	+		9.89
Institutional
Actual		1,000.00		1,041.40			4.15		1,000.00		1,076.70			4.84		1,000.00		1,083.20			4.34
Hypothetical 5% return		1,000.00		1,020.73	+		4.11		1,000.00		1,020.13	+		4.71		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,039.00			6.67		1,000.00		1,074.00			7.41		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.25	+		6.61		1,000.00		1,017.65	+		7.20		N/A		N/A			N/A
Investor
Actual		1,000.00		1,040.90			4.86		1,000.00		1,075.90			5.56		1,000.00		1,082.60			5.06
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,019.44	+		5.41		1,000.00		1,019.94	+		4.91
Class R
Actual		1,000.00		1,038.40			7.38		1,000.00		1,073.30			8.12		1,000.00		1,079.70			7.63
Hypothetical 5% return		1,000.00		1,017.56	+		7.30		1,000.00		1,016.96	+		7.90		1,000.00		1,017.46	+		7.40
Class R6
Actual		1,000.00		1,041.50			4.10		1,000.00		1,076.70			4.79		1,000.00		1,083.30			4.29
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,020.18	+		4.66		1,000.00		1,020.68	+		4.16

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.


Fund	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Equity Income		1.12	%		1.87	%		0.73	%		1.23	%		0.87	%		1.37	%		0.71	%
Focused Value		1.12			1.87			0.73			N/A			0.87			1.37			0.72
Large Cap Value		1.11			1.86			0.79			1.29			0.86			1.36			0.78
Mid Cap Value		1.21			1.96			0.82			1.32			0.96			1.46			0.81
Small Cap Value		1.33			2.08			0.94			1.44			1.08			1.58			0.93
Small/Mid Cap Value		1.23			1.98			0.84			N/A			0.98			1.48			0.83

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

*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.

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

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 file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs 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).

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

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Global Managed Beta Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

CBOE Volatility Index^® (“VIX^®”) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian 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:
ADR		—American Depositary Receipt
BP		—British Pound Offered Rate
ETF		—Exchange Traded Fund
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Fund had the following futures contracts:

PURCHASED OPTIONS CONTRACTS — At February 28, 2018, the Fund had the following purchased options:


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	$	97.63		06/18/2018		917	$	2,292,500	$	275,100	$	1,296,200	$	(1,021,100	)
Eurodollar Futures		97.38		09/17/2018		579		1,447,500		351,019		1,118,625		(767,606	)
Eurodollar Futures		97.25		12/17/2018		448		1,120,000		291,200		857,947		(566,747	)
Eurodollar Futures		97.13		03/18/2019		732		1,830,000		594,750		1,784,903		(1,190,153	)
Eurodollar Futures		96.88		06/17/2019		594		1,485,000		694,238		1,711,335		(1,017,097	)
Eurodollar Futures		96.75		09/16/2019		628		1,570,000		847,800		1,982,676		(1,134,876	)
Eurodollar Futures		97.75		03/19/2018		1,162		2,905,000		399,437		1,546,909		(1,147,472	)
Eurodollar Futures		98.38		03/19/2018		71		177,500		444		116,723		(116,279	)
Eurodollar Futures		97.50		06/18/2018		2,101		5,252,500		1,208,075		3,130,091		(1,922,016	)
Eurodollar Futures		98.25		06/18/2018		33		82,500		206		31,426		(31,220	)
Eurodollar Futures		98.38		06/18/2018		99		247,500		619		178,261		(177,642	)
Eurodollar Futures		98.13		09/17/2018		80		200,000		1,500		89,185		(87,685	)
Eurodollar Futures		98.25		09/17/2018		112		280,000		1,400		229,174		(227,774	)
Eurodollar Futures		98.00		12/17/2018		104		260,000		4,550		130,240		(125,690	)
Eurodollar Futures		98.13		12/17/2018		120		300,000		3,750		266,792		(263,042	)
Eurodollar Futures		99.00		12/17/2018		3,240		8,100,000		20,250		250,484		(230,234	)
Eurodollar Futures		97.88		03/18/2019		99		247,500		10,519		143,779		(133,260	)
Eurodollar Futures		98.00		03/18/2019		141		352,500		10,575		296,584		(286,009	)
Eurodollar Futures		99.00		03/18/2019		5,264		13,160,000		32,900		372,335		(339,435	)
Eurodollar Futures		97.75		06/17/2019		166		415,000		29,050		357,871		(328,821	)
Eurodollar Futures		99.00		06/17/2019		2,194		5,485,000		27,425		180,981		(153,556	)
Eurodollar Futures		97.75		09/16/2019		337		842,500		75,825		211,404		(135,579	)
Eurodollar Futures		96.50		12/16/2019		182		455,000		320,775		553,245		(232,470	)
Total Calls						19,403			$	5,201,407	$	16,837,170	$	(11,635,763	)
Puts
Eurodollar Futures		100.00		03/16/2020		2,101		5,252,500		15,074,674		12,104,528		2,970,146
TOTAL PURCHASED OPTIONS CONTRACTS						21,504			$	20,276,081	$	28,941,698	$	(8,665,617	)

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 Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. 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.

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. 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. 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 or a return of capital. A return of capital is recorded by the Fund 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. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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 (mutual funds) 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 annually.

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 net investment income, net realized gain 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.

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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:

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 of the Institutional Share class 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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. 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 derivative contracts. Non-cash collateral pledged by the Fund if any, is noted in the Schedule of Investments.

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 interest rate swap contracts.

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.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

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

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting purposes) as of February 28, 2018. 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.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2018. 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 of Operations:

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the 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 the 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 the Fund and the counterparty. Additionally, the 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.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments. 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 the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that GSAM 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.

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 0.30% of the Fund’s average daily net assets.

GSAM has agreed to waive all management fees payable by the Fund, except those management fees it earns from the Fund’s investment of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”). This arrangement will remain in place through at least December 29, 2018 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the period ended February 28, 2018, GSAM waived $1,009,428 in management fees.

B. 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 an annual rate of 0.02% of the average daily net assets of Institutional Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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 limitations as an annual percentage rate of average daily net assets for the Fund is 0.204%. For the period ended February 28, 2018, the Fund did not have any other expense reimbursements from GSAM.

The Fund invests in Institutional Shares of the Government Money Market Fund and the shares of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF Fund, which are affiliated Underlying Funds. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to the management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests. For the period ended February 28, 2018, GSAM waived $81,023 of the Fund’s management fee.

These Other Expense limitations will remain in place through at least December 29, 2018, 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.

D. Line of Credit Facility — As of February 28, 2018, the Fund participated in a $1,100,000,000 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 period ended February 28, 2018, the Fund did not have any borrowings under the facility.

E. Other Transactions with Affiliates — The table below shows the transaction in and earnings from investments in the Underlying Funds for the period ended February 28, 2018:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $ 330,658,570 and $ 102,642,526 respectively.

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. 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 its 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 their 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 Statement 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 Fund invests the cash collateral received in connection with securities lending transactions in the 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% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) 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, BNYM may 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 BNYM is unable to purchase replacement securities, BNYM 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 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 represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2018 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned by the Fund for the six months ended February 28, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2018.

As of the Fund’s most recent fiscal year end August 31, 2017 the Fund’s certain timing differences on a tax basis were as follows:

As of February 28, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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 gain/loss 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.

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.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls, confiscations, 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. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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, it will subject the Fund, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), 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. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — 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 a Fund. Such large shareholder redemptions 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 and is required to maintain a larger cash position than it ordinarily would.

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). 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.

Sector Risk — To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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.

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.


Fund Expenses — Six Month Period Ended February, 28, 2018 (Unaudited)

As a shareholder of Institutional Shares of the Fund, you incur ongoing costs and other Fund expenses.

This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses — The first line 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 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.


Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional
Actual		1,000.00		1,075.50			0.36
Hypothetical 5% return		1,000.00		1,024.45	+		0.35

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.

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

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

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

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 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 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider 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 1-800-621-2550.

During the six months ended February 28, 2018 (the “Reporting Period”), global economic growth indicators, shifting expectations about central bank policy, rising corporate earnings and a general lack of negative financial headlines drove the performance of the financial markets. U.S. stocks posted double-digit gains, generally outpacing other developed markets stocks, which also generated positive returns. In contrast, the fixed income markets overall recorded negative returns.

When the Reporting Period began in September 2017, U.S. and international stocks overall advanced. In the U.S., economic activity and labor market data showed consistent strength, with the reversal in August of five consecutive downside inflation surprises, the unemployment rate down to 4.2% in September and the Gross Domestic Product (“GDP”) growing at an annualized rate above 3% during the third calendar quarter. The European Central Bank (“ECB”) kept monetary policy unchanged at its September policy meeting and revised down its inflation forecast. Investor sentiment in Japan deteriorated amid North Korean missile launches and escalating geopolitical tensions, while in Europe, the disputed independence referendum in Catalonia, Spain was negative for risk sentiment. The Japanese Prime Minister’s landslide victory in October 2017 reassured markets, signaling a continuation of current policies. Progress on tax reform and strong economic activity data was supportive of U.S. equities during October and November 2017. In December, the Federal Reserve (“Fed”) delivered its third interest rate hike of 2017, having previously raised rates in March and June, and maintained its projections for three interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%.

U.S. and international equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion U.S. tax reform plan and robust corporate earnings across the U.S., Europe and Japan. Fourth quarter 2017 U.S. GDP came in below the growth rates recorded in the second and third calendar quarters but was still at a respectable annualized rate of 2.5%. The U.S. labor market also continued to highlight the tightening of slack in the economy during

January 2018. In Japan, concerns around a strengthening yen increased, driven by the Bank of Japan’s announcement of reduced Japanese government bond purchases, which were interpreted as a withdrawal from its ultra-accommodative monetary policy.

In February 2018, U.S. and international equities sold off on market speculation about a faster pace of Fed interest rate hikes, which led to a sharp rise in yields and volatility. Robust U.S. labor market data sparked the initial “risk-off” sentiment, or reduced risk appetite. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed policy meeting, surprised the markets with its hawkish tilt. (Hawkish tilt suggests higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House, as well as heightened European political risk ahead of Italian general elections and a grand coalition referendum in Germany, further fueled volatility. On February 5, 2018, the CBOE Volatility Index^® (“VIX^®”), a measure of volatility in the U.S. equity market, recorded its largest ever one day increase. Though the S&P 500^® Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8th, and the VIX^® declined from a month high of 50.30 to end the Reporting Period at 19.85.

In September 2017, when the Reporting Period started, government bond sectors sold off and spread (or non-government bond) sectors generally advanced. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization, set to begin in October 2017. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted some hawkish market reaction, with the U.S. dollar strengthening and yields on U.S. government bonds rising, though the move had been largely anticipated given earlier signaling by policymakers. The central banks of other developed countries also set the stage for less accommodative monetary policy. The Bank of England (“BoE”) noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the Bank of Canada (“BoC”) surprised the markets with its second interest rate hike of 2017. The market’s expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, drove the British pound higher versus the U.S. dollar. (Brexit refers to the U.K.’s efforts to leave the European Union.)

During the fourth calendar quarter, spread sector performance was broadly positive, supported by ongoing strength in the global macroeconomic environment and contained market, macro and political volatility. Passage of U.S. tax legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the ECB announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. As mentioned previously, the Fed raised short-term interest rates at its December policy meeting. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three interest

rate increases were on tap for 2018 and potentially two more in 2019. The U.S. dollar weakened versus many developed markets currencies during the fourth quarter of 2017.

Ongoing momentum in global economic growth and accommodative financial conditions supported spread sectors in January 2018, though a pickup in interest rate volatility near month end and into February tempered performance. The Fed and ECB kept their respective monetary policies unchanged, while the BoC delivered another interest rate hike. Fed policymakers noted they expect “further” gradual adjustments in monetary policy, suggesting there might be scope for upward revisions to their median projections for three interest rate hikes in 2018. The U.S. dollar continued to weaken relative to most developed markets currencies in January 2018, despite higher U.S. interest rates.

The equity market volatility at the start of February 2018 upset long-standing correlations between asset classes and among currencies. In this environment, spread sectors turned in mixed results. After the new Fed chair, Jerome Powell, noted an improvement in the outlook for the U.S. economy since the Fed’s December 2017 policy meeting, U.S. Treasury yields rose as the markets anticipated a shift in the Fed’s dot plot at its March 2018 meeting. In February 2018, the U.S. dollar strengthened against most major currencies, except the Japanese yen.

At the end of the Reporting Period, we were focused on three macro themes. First, we expected the global economic expansion to continue in 2018. We believed the economies of emerging markets countries were likely to outperform, which should widen the gap between their economic growth and that of developed market countries broadly. Second, we thought the tax legislation passed by the U.S. Congress in December 2017 was likely to stimulate U.S. economic growth and riskier asset classes assets in the short term, which should, in turn, boost optimism about corporate earnings. In the long term, however, further deterioration in the U.S.’ fiscal deficit when the economy has little slack raises the possibility of overheating. (A fiscal deficit occurs when a government’s total expenditures exceed the revenue that it generates, excluding money from borrowings. An overheating economy is one that has experienced a prolonged period of economic growth, leading to high levels of inflation.) Third, with inflation inching closer to central bank targets, it appeared more developed markets policymakers were either preparing to or were already normalizing interest rates. That said, tighter monetary policy had yet to flow through to financial conditions, in our view, which could cause economic growth to moderate. Relative to Fed policy at the end of the Reporting Period, we expected three or four interest rate hikes in 2018.

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Enhanced Dividend Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

The returns set forth in the tables 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.

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Tax-Advantaged Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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.

S&P 500^® Index is Standard & Poor’s index of 500 U.S. stocks, an unmanaged index of common stock prices, captures approximately 80% coverage of available U.S. market capitalization.

CBOE Volatility Index^® (“VIX^®”) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX^® has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

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:

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional Shares and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the 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 (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds.

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. 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. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP 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. 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), 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 and Transfer Agency 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 (mutual funds) and to distribute each 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:

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 net investment income, net realized gain 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 a Portfolio are maintained in United States (“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 Portfolio 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 Portfolio shares are valued in the same manner as they are valued for purposes of computing a Portfolio’s NAV, in accordance with the Portfolios’ Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Portfolios’ prospectus.

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Portfolios’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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 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:

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 are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Underlying Funds — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. 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.

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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolios and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules of Investments.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations;

market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

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

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 February 28, 2018. 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:

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2018. 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:

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 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 29, 2018, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

B. Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Class A Shares of each Portfolio, 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 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

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. During the six months ended February 28, 2018,

Goldman Sachs advised that it retained front-end sales charges of $1,937 and $0 for the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio, respectively.

D. 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: 0.18% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired underlying 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. These Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2018, 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 custodian and 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.

For the six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

F. Line of Credit Facility — As of February 28, 2018, the Portfolios participated in a $1,100,000,000 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 February 28, 2018, the Portfolios did not have any borrowings under the facility.

G. Other Transactions with Affiliates — The Portfolios invest primarily in the Institutional Shares of the Underlying Funds. 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 February 28, 2018:

As of February 28, 2018, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of the following share classes of the Portfolios:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018 were as follows:

As of the Portfolios’ most recent fiscal year end, August 31, 2017, the Portfolios’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

As of February 28, 2018, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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 net mark to market gains (losses) on 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.

The Portfolios’ and Underlying Funds’ 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.

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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, 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 — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of February 28, 2018, the Enhanced Dividend Global Equity Portfolio invested 44.0% and 21.6% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large-capitalization U.S. equity issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in companies that are organized outside the U.S. or whose securities are principally traded outside the U.S. with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 28, 2018, the Tax-Advantaged Global Equity Portfolio invested 52.2% and 21.4% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests in a broadly diversified portfolio of equity investments in U.S. issuers, including foreign issuers that are traded in the U.S. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in international equity securities. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

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 or an Underlying Fund 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 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 or an Underlying 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 Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — 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 will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio and/or an Underlying 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 Portfolio and the Underlying Fund have unsettled or open transactions defaults.

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.


Portfolio Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

As a shareholder of Class A, Institutional or Class R6 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), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional and Class R6 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 September 1, 2017 through February 28, 2018, which represents a period of 181 days of a 365 day year. The Class R6 Example is based on the period from January 02, 2018 through February 28, 2018, which represents a period of 58 out of 365 days.

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

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


	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity Portfolio
Share Class	Beginning Account Value 9/01/17		Ending Account Value 2/28/18			Expenses Paid for the 6 Months Ended 2/28/18*		Beginning Account Value 9/01/17		Ending Account Value 2/28/18			Expenses Paid for the 6 Months Ended 2/28/18*
Class A
Actual	$	1,000	$	1,052.80		$	2.65	$	1,000	$	1,077.50		$	2.68
Hypothetical 5% return		1,000		1,022.22	+		2.61		1,000		1,022.22	+		2.61
Institutional
Actual		1,000		1,055.40			0.66		1,000		1,079.50			0.67
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.15	+		0.65
Class R6^(a)
Actual		1,000		996.70			0.19		1,000		1,006.40			0.18
Hypothetical 5% return		1,000		1,024.20	+		0.60		1,000		1,024.25	+		0.55

⁺

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.

Expenses 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 February 28, 2018. 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:


Portfolio	Class A			Institutional			Class R6^(a)
Enhanced Dividend Global Equity		0.52	%		0.13	%		0.12	%
Tax-Advantaged Global Equity		0.52			0.13			0.11

(a)

Commenced operations on December 29, 2017.

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

Financial Square Funds^SMand Investor Funds^SMare registered service marks of Goldman Sachs & Co. LLC.

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

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.

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.

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Portfolios’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. The Portfolios’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Qs 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).

Economic and market forecasts presented herein reflect our judgment as of the date of this report 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.

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

Fund holdings and allocations shown are as of February 28, 2018 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. Diversification does not protect an investor from market risk and does not ensure a profit.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a 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).

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Funds’ (the “Funds”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

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

Because Class I Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The yields and returns represent past performance. Past performance does not guarantee future results. The Funds’ investment yields and returns will fluctuate as market conditions change. 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 yields and 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.

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

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index is a seven-day high-grade market index comprised of tax-exempt variable rate demand obligations with certain characteristics. The Index is calculated and published by Bloomberg. The Index is overseen by SIFMA’s municipal swap index committee.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
AGM		—Insured by Assured Guaranty Municipal Corp.
BANS		—Bond Anticipation Notes
COPS		—Certificates of Participation
CP		—Commercial Paper
FHLMC		—Insured by Federal Home Loan Mortgage Corp.
FNMA		—Insured by Federal National Mortgage Association
GNMA		—Insured by Government National Mortgage Association
GO		—General Obligation
GTY AGMT		—Guaranty Agreement
IDA		—Industrial Development Agency
IDB		—Industrial Development Board
IHC		—Intermountain Health Care
LIBOR		—London Interbank Offered Rates
LIQ		—Liquidity Agreement
LOC		—Letter of Credit
PCRB		—Pollution Control Revenue Bond
RB		—Revenue Bond
RMKT		—Remarketed
SIFMA		Securities Industry and Financial Markets Association
SPA		—Stand-by Purchase Agreement
TRANS		—Tax Revenue Anticipation Notes
VRDN		—Variable Rate Demand Notes

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2018, Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of March 1, 2018, as follows:

REPURCHASE AGREEMENTS — At February 28, 2018, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

At February 28, 2018, the Joint Repurchase Agreement Account III was fully collateralized by:

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:

A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distributions of short-term capital gains (or any portion thereof).

measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

As of February 28, 2018, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

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

B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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

D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended February 28, 2018, Goldman Sachs has advised that it did not retain any CDSCs with respect to Class C Shares of the Funds.

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased. Prior to February 21, 2018, GSAM contractually agreed to not impose a portion of the management fee equal annually to 0.045% of each Fund’s average daily net assets. During the six months ended February 28, 2018, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended February 28, 2018, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

For the six months ended February 28, 2018, the net effective management fee rate for each of the Funds was 0.16%.

H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. For the six months ended February 28, 2018, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

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 February 28, 2018, the Funds did not have any borrowings under the facility.

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

At February 28, 2018, the aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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.

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

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


Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

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

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.


	Investor Money Market Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class I Shares
Actual	$	1,000.00	$	1,006.36		$	0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,005.12			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Service Shares
Actual		1,000.00		1,003.87			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.42	+		3.41
Resource Shares
Actual		1,000.00		1,003.12			4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.68	+		4.16
Cash Management Shares
Actual		1,000.00		1,002.38			4.87
Hypothetical (5% return before expenses)		1,000.00		1,019.93	+		4.91
Class A Shares
Actual		1,000.00		1,005.12			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,001.39			5.86
Hypothetical (5% return before expenses)		1,000.00		1,018.94	+		5.91


Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)


	Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class I Shares
Actual	$	1,000.00	$	1,004.30		$	0.89
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Select Shares
Actual		1,000.00		1,004.16			1.04
Hypothetical (5% return before expenses)		1,000.00		1,023.75	+		1.05
Preferred Shares
Actual		1,000.00		1,003.81			1.39
Hypothetical (5% return before expenses)		1,000.00		1,023.41	+		1.40
Capital Shares
Actual		1,000.00		1,003.56			0.89
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,003.06			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Premier Shares
Actual		1,000.00		1,002.56			2.68
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71
Service Shares
Actual		1,000.00		1,001.82			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.42	+		3.41
Resource Shares
Actual		1,000.00		1,001.07			4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.68	+		4.16
Cash Management Shares
Actual		1,000.00		1,000.49			4.71
Hypothetical (5% return before expenses)		1,000.00		1,020.08	+		4.76
Class A Shares
Actual		1,000.00		1,003.06			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,000.21			4.81
Hypothetical (5% return before expenses)		1,000.00		1,019.98	+		4.86

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.


Fund	Class I Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Investor Money Market		0.18	%		N/A			N/A			N/A			0.43	%		N/A			0.68	%		0.83	%		0.98	%		0.43	%		1.18	%
Investor Tax-Exempt Money Market		0.18			0.21	%		0.28	%		0.18	%		0.43			0.54	%		0.68			0.83			0.95			0.43			0.97

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

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

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

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

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

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

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

Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Factor Allocation Fund’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

CBOE Volatility Index^® (“VIX^®”) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

WRITTEN OPTIONS CONTRACTS — At February 28, 2018, the Portfolio had the following written and purchased options:

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 Strategic Factor Allocation Fund (the “Portfolio”) is a non-diversified portfolio and currently offers two classes of shares — Institutional Shares and Class R6 Shares. Class R6 Shares commenced operations on December 29, 2017. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

A. Investment Valuation — The Portfolio’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. 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. 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 Portfolio may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio 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 Transfer Agency fees.

D. Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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 annually.

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 Portfolio’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Portfolio’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 Portfolio 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.

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolio, 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 Portfolio’s portfolio 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 (“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 of the Institutional Share class 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 Portfolio invests in Underlying Funds that fluctuate in value, the Portfolio’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 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.

A forward foreign currency exchange contract is a forward contract in which the 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the 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 the 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments.

iii. Options — When the 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 interest rate swap contracts.

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

of the securities at the time of determining the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

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

The following table sets forth, by certain risk types, the gross value of derivative contracts as of February 28, 2018. These instruments were used as part of the Portfolio’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 Portfolio’s net exposure.

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2018. 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 of Operations:

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio 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 the Portfolio 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 the Portfolio and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. 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 the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio 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.

A. Management Agreement — Under the Agreement, GSAM manages the Portfolio, 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 Portfolio’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 Portfolio’s average daily net assets.

For the six months ended February 28, 2018, contractual and effective net management fees with GSAM were at the following rates:

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2018, GSAM waived $927,213 of the Portfolio’s management fee.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio 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: of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired (underlying) 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 Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio 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 Portfolio is 0.164%. The Other Expense limitation will remain in place through at least December 29, 2018, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

D. Line of Credit Facility — As of February 28, 2018, the Portfolio participated in a $1,100,000,000 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 Portfolio based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2018, the Portfolio did not have any borrowings under the facility.

E. Other Transactions with Affiliates — For the six months ended February 28, 2018, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

As of February 28, 2018 The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of Class R6 Shares of the Portfolio.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2018:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $ 2,824,744,690, and $ 2,667,108,190, respectively.

As of the Portfolio’s most recent fiscal year ended August 31, 2017, the Portfolio had no capital loss carryforwards nor certain timing differences on a tax basis.

As of February 28, 2018, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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 contracts, options contracts and foreign currency contracts.

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

Derivatives Risk — The Portfolio’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 Portfolio. 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 Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, confiscations, 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 Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Geographic Risk — If the Portfolio focuses its investments in securities of issuers located in a particular country or geographic region, the Portfolio 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio 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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Portfolio 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 Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — The Portfolio 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 Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’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 Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the 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.

Non-Diversification Risk — The Portfolio 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 Portfolio 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.

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

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.


Portfolio Expenses — Period Ended February 28, 2018 (Unaudited)

As a shareholder of Institutional Shares and Class R6 Shares of the Portfolio, you incur two types of costs: ongoing costs, including management fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional and Class R6 Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

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

would have been higher.


	Strategic Factor Allocation Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional
Actual		1,000.00		1,002.30			3.52
Hypothetical 5% return		1,000.00		1,021.27	+		3.56
Class R6^(a)
Actual		1,000.00		965.80			1.08
Hypothetical 5% return		1,000.00		1,006.85	+		1.10

(*)

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

(+)

Expenses are calculated using the 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 February 28, 2018. 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 is as follows: 0.71% for Institutional Share and 0.69% for Class R6 Shares.

(a)

Class R6 Shares commenced December 29, 2017.

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

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

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

The reports concerning the Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, 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 Portfolio. 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 Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Q. The Portfolio’s Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolio’s first and third fiscal quarters. The Portfolio’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Portfolio holdings and allocations shown are as of February 28, 2018 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.

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 the 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 the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

Below, the Goldman Sachs Global Portfolio Solutions Group discusses the Goldman Sachs Tactical Exposure Fund’s (the “Fund”) performance and positioning for the period since its inception on September 6, 2017 through February 28, 2018 (the “Reporting Period”).


Currency Abbreviations:
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
NOK		—Norwegian Krone
PHP		—Philippine Peso
RUB		—Russian Ruble
SEK		—Swedish Krona
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar

Investment Abbreviations:
ETF		—Exchange Traded Fund
TIPS		—Treasury Inflation Protected Securities

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Fund had the following futures contracts:

SWAP CONTRACTS — At February 28, 2018, the Fund had the following swap contracts:

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At February 28, 2018, the Fund had the following written and purchased options:


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
USO Index	Citibank NA	$	13.25		03/27/2018		3,526,448		$	3,526,448		$	297,096		$	352,645		$	(55,549	)
Puts
USO Index	Citibank NA		12.00		07/31/2018		1,444,417			1,444,417			904,348			710,653			193,695
XLP Index	CS International (London)		56.89		03/27/2018		85,114			85,114			313,991			102,137			211,854
							1,529,531					$	1,218,339		$	812,790		$	405,549
Total purchased option contracts							5,055,979					$	1,515,435		$	1,165,435		$	350,000
Written option contracts
Calls
USO Index	Citibank NA		12.25		03/27/2018		(3,526,448	)		(3,526,448	)		(1,414,067	)		(945,088	)		(468,979	)
XLP Index	CS International (London)		56.89		03/27/2018		(85,114	)		(85,114	)		(495	)		(92,451	)		91,956
							(3,611,562	)				$	(1,414,562	)	$	(1,037,539	)	$	(377,023	)
Puts
EEM Index	Citibank NA		45.88		03/05/2018		(271,497	)		(271,497	)		(7,769	)		(195,315	)		187,546
SPX Flex Indices	Citibank NA	$	2,648.94		03/05/2018		(68	)		(6,800	)		(20,098	)		(632,399	)		612,301
							(271,565	)				$	(27,867	)	$	(827,714	)	$	799,847
Total written option contracts							(3,883,127	)				$	(1,442,429	)	$	(1,865,253	)	$	422,824
TOTAL							1,172,852					$	73,006		$	(699,818	)	$	772,824

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 Tactical Exposure Fund (the “Fund”) is a diversified fund and currently offers two classes of shares — Institutional and Class R6 Shares. The Fund commenced operations on September 6, 2017. 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.

A. Basis of Consolidation for Goldman Sachs Tactical Exposure Fund — Cayman Commodity-TEX, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on June 27, 2017 and is currently a wholly-owned subsidiary of the 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 pursuant to a subscription agreement dated as of September 6, 2017, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2018, the Fund’s net assets were $256,842,638, of which, $13,895,873, or 5.4%, represented the Subsidiary’s net assets.

B. Investment Valuation — The Fund’s 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. 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. 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.

D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), 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 Transfer Agency fees.

E. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

F. 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 (mutual funds) 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 annually.

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 net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

G. 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 Consolidated 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.

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

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 (“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 of the Institutional Share class 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.

and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. 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 Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments.

iv. Swap Contracts — Swaps are marked-to-market daily using pricing vendor quotations, counterparty prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss.

A total return swap is an agreement that gives the Fund the right to receive the appreciation in the value of a specified security, index 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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

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

The following tables set forth, by certain risk types, the gross value of derivative contracts as of February 28, 2018. 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.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the period ended February 28, 2018. 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 “Unrealized gain (loss)” on the Consolidated Statement of Operations:

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. 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 the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The 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.

The following tables set forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2018:

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

The Fund invests in Institutional Shares of the Goldman Sachs Emerging Markets Debt Fund, Goldman Sach Financial Square Government Fund and the Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. 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 advisor to any of the affiliated Underlying Funds in which the Fund invests. For the period ended February 28, 2018, GSAM waived $177,216 of the Fund’s management fee.

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 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 period ended February 28, 2018, GSAM waived $28,969 of the Subsidiary’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B. 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: 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, 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 0.044%. This Other Expense limitation will remain in place through at least September 6, 2018, 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” limitation described above.

For the period ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

D. Other Transactions with Affiliates — For the period ended February 28, 2018 , Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the period ended February 28, 2018:

As of February 28, 2018, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Fund:

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2018, were $154,443,003 and $43,617,607, respectively.

As of February 28, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year) 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.

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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the 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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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.

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 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 and is required to maintain a larger cash position than it ordinarily would.

Tax Risk — The 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 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. However, the Fund has not received a PLR, and is not able to rely on

PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Fund’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently 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. The 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 Fund’s income from such investments 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 the 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.

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.

Subsequent events after the 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.


Fund Expenses — Period Ended February 28, 2018 (Unaudited)

As a shareholder of Institutional and Class R6 Shares of the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing Institutional or Class R6 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 September 6, 2017 through February 28, 2018, which represents a period of 176 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 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.


Share Class	Beginning Account Value 9/6/17		Ending Account Value 2/28/18			Expenses Paid for the Period Ended 2/28/18*
Institutional
Actual	$	1,000.00	$	1,001.90		$	3.26
Hypothetical 5% return		1,000.00		1,020.71	+		3.29
Class R6
Actual		1,000.00		1,000.90			3.17
Hypothethical 5% return		1,000.00		1,020.81	+		3.20

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 period ended February 28, 2018. 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 period; 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:


Institutional	Class R6
0.68%		0.66	%

The Goldman Sachs Tactical Exposure Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on August 24, 2017. At a meeting held on August 16-17, 2017 (the “Meeting”) in connection with the Fund’s organization, the Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to Be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Fund’s portfolio manager was currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that employ similar asset allocation investment strategies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

The Trustees considered the contractual terms of the Management Agreement and the fee rates to be payable by the Fund thereunder. In this regard, the Trustees considered information on the services to be 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 information on the proposed management fees and the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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

The Trustees considered the proposed breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Fund:

The Trustees noted that the breakpoints were meant 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 Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters, 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.

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, 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) fees earned by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund 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 (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 open to doing business with other areas of Goldman Sachs.

In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund.

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

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

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

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 for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

The Fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Q. The Fund’s Forms N-Q will be available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

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

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 1-800-621-2550.

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).

ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

CBOE Volatility Index^® (“VIX^®”) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX^® has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

S&P 500^® Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS^® energy sector.

IBEX 35 Index is the benchmark stock market index of the Bolsa de Madrid, Spain’s principal stock exchange.

EURO STOXX 50^® provides a blue-chip representation of super-sector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries in the 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 U.K.

MSCI Emerging Markets Index captures large-cap and mid-cap representation across 24 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging markets countries in the index include Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

U.S. Dollar Index measures the value of the U.S. dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.

Alerian MLP Index is a float-adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted market capitalization. It is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

FTSE/JSE Top 40 Index is a capitalization weighted index of the 40 largest companies by market capitalization included in the FTSE/JSE All Shares Index. The FTSE/JSE All-Share Index represents 99% of the full market capital value (i.e., before the application of any investability weightings) of all ordinary securities listed on the main board of the Johannesburg Stock Exchange, subject to minimum free-float and liquidity criteria.



Currency Abbreviations:
AUD		—Australian Dollar
CNH		—Chinese Yuan Renminbi Offshore
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
JPY		—Japanese Yen
SEK		—Swedish Krona
SGD		—Singapore Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

SWAP CONTRACTS — At February 28, 2018, the Portfolio had the following swap contracts:


Common Stocks	Sector	Shares		Value		Weight
Mattel Inc	Consumer, Cyclical		921,715		14,655,275		3.08	%
Sempra Energy	Utilities		132,551		14,445,434		3.04	%
Pinnacle West Capital Corp	Utilities		179,973		13,850,723		2.91	%
Duke Energy Corp	Utilities		183,767		13,845,029		2.91	%
Dominion Energy Inc	Utilities		186,043		13,780,225		2.90	%
Crown Castle International Cor	Financial		124,884		13,744,780		2.89	%
Southern Co/The	Utilities		318,177		13,700,687		2.88	%
Federal Realty Investment Trus	Financial		119,921		13,663,783		2.87	%
Regency Centers Corp	Financial		232,669		13,520,397		2.84	%
PPL Corp	Utilities		452,151		12,954,133		2.72	%
XL Group Ltd	Financial		191,909		8,119,681		1.71	%
Netflix Inc	Communications		26,636		7,761,127		1.63	%
Coty Inc	Consumer, Non-cyclical		374,355		7,232,543		1.52	%
Alliant Energy Corp	Utilities		180,664		6,982,657		1.47	%
Essex Property Trust Inc	Financial		31,080		6,956,537		1.46	%
NextEra Energy Inc	Utilities		45,160		6,871,120		1.44	%
Alexandria Real Estate Equitie	Financial		56,383		6,839,881		1.44	%
Dr Pepper Snapple Group Inc	Consumer, Non-cyclical		58,787		6,834,011		1.44	%
DTE Energy Co	Utilities		67,745		6,827,298		1.44	%
Xcel Energy Inc	Utilities		157,562		6,819,273		1.43	%
CMS Energy Corp	Utilities		159,881		6,786,945		1.43	%
Realty Income Corp	Financial		136,855		6,730,522		1.41	%
Consolidated Edison Inc	Utilities		89,655		6,714,272		1.41	%
Incyte Corp	Consumer, Non-cyclical		78,737		6,705,238		1.41	%
Eversource Energy	Utilities		117,359		6,689,483		1.41	%
American Tower Corp	Financial		48,010		6,689,226		1.41	%
Weyerhaeuser Co	Financial		189,998		6,655,642		1.40	%
Mid-America Apartment Communit	Financial		76,952		6,604,014		1.39	%
Equity Residential	Financial		117,029		6,580,524		1.38	%
Regeneron Pharmaceuticals Inc	Consumer, Non-cyclical		20,418		6,542,744		1.38	%
Johnson Controls International	Industrial		177,351		6,538,929		1.37	%
Advanced Micro Devices Inc	Technology		532,856		6,452,884		1.36	%
Molson Coors Brewing Co	Consumer, Non-cyclical		84,504		6,443,461		1.35	%
Equinix Inc	Financial		15,882		6,227,469		1.31	%
Kraft Heinz Co/The	Consumer, Non-cyclical		89,861		6,025,149		1.27	%
Chesapeake Energy Corp	Energy		2,040,560		5,754,380		1.21	%
TransDigm Group Inc	Industrial		18,659		5,379,528		1.13	%
Amazon.com Inc	Communications		2,540		3,841,156		0.81	%
Edwards Lifesciences Corp	Consumer, Non-cyclical		27,801		3,716,161		0.78	%
CME Group Inc	Financial		22,215		3,691,230		0.78	%
Cintas Corp	Consumer, Non-cyclical		21,372		3,647,289		0.77	%
NVIDIA Corp	Technology		14,678		3,552,187		0.75	%
Arthur J Gallagher & Co	Financial		51,021		3,526,090		0.74	%
Boston Properties Inc	Financial		29,618		3,520,691		0.74	%
McCormick & Co Inc/MD	Consumer, Non-cyclical		32,833		3,505,873		0.74	%

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2018, the Portfolio had the following purchased and written options:

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 Tactical Tilt Overlay Fund (the “Portfolio”) is a diversified fund and currently offers two classes of shares — Institutional and Class R6 Shares. Class R6 Shares commenced operations on December 29, 2017. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

A. Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity – TTIF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 31, 2014 and is currently a wholly-owned subsidiary of the Portfolio. The Subsidiary acts as an investment vehicle for the Portfolio to enable the Portfolio to gain exposure to certain types of commodity-linked derivative instruments. The Portfolio is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of July 31, 2014, and it is intended that the Portfolio will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2018, the Portfolio’s net assets were $4,796,257,208, of which, $356,141,403, or 7.4%, represented the Subsidiary’s net assets.

B. Investment Valuation — The Portfolio’s 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. 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. 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 Portfolio 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 from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Portfolio records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the 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 interest rate swaps 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. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio

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 Transfer Agency fees.

E. Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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 annually.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Portfolio 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 Portfolio in the current period nor carried forward to offset taxable income in future periods.

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 Portfolio’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Portfolio’s net assets on the Consolidated Statement 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 the Portfolio 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 Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. 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.

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 Portfolio’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 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 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 investments held by the Portfolio, 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 Portfolio’s portfolio 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:

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

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 of the Institutional Share class 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 Portfolio invests in Underlying Funds that fluctuate in value, the Portfolio’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.

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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

A forward foreign currency exchange contract is a forward contract in which the 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the 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 the 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Consolidated Schedule of Investments.

iv. Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio 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 Portfolio 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 Portfolio 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. The Portfolio’s investment in credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Portfolio 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, the Portfolio, 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. The Portfolio 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, the Portfolio generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Portfolio sells protection through a credit default swap, the Portfolio 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, the Portfolio, 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. The Portfolio 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, the Portfolio 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 the Portfolio 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 the Portfolio bought credit protection.

A total return swap is an agreement that gives the Portfolio the right to receive the appreciation in the value of a specified security, index 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 Portfolio 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 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 the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

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

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purpose) as of February 28, 2018. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

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 the Portfolio and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedules of Investments. 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 the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio 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.

The following table sets forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2018:

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

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and the Goldman Sachs High Yield Floating Rate Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2018, GSAM waived $1,761,037 of the Portfolio’s management fee.

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 Portfolio’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 February 28, 2018, GSAM waived $740,078 of the Portfolio’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio 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 of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired fund fees and expenses, transfer agency fees and expenses, 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 Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio 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 Portfolio is 0.164%. The Other Expense limitation will remain in place through at least February 28, 2018, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

E. Other Transactions with Affiliates — For the six months ended February 28, 2018 , Goldman Sachs earned $87,193, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

The Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the six months ended February 28, 2018, the purchases at cost with an affiliated fund in compliance with Rule 17a-7 for the Portfolio were $3,850,000

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2018:

As of February 28, 2018, the following Fund of Funds Portfolios were the benefiical owners of 5% or more of total outstanding shares of the Portfolio:

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $165,422,595 and $494,255,975 respectively.

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio 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 Portfolio, 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 Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio 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 Statement 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 Portfolio invests the cash collateral received in connection with securities lending transactions in the 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% (prior to February 21, 2018, GSAM may have received a management fee upto 0.205%) 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio 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 Portfolio’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 Portfolio’s overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2018, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities, where applicable.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio’s for the six months ended February 28, 2018, are reported under Investment Income on the Consolidated Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the six months ended February 28, 2018.

As of the Portfolio’s most recent fiscal year end, August 31, 2017, the Portfolio’s capital loss carryforwards were as follows:

As of February 28, 2018, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of swap transactions, underlying fund investments and consent fees.

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, (including repatriation restrictions), confiscations, 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 Portfolio 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 Portfolio also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio’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 Portfolio’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 the Portfolio focuses its investments in securities of issuers located in a particular country or geographic region, it will subject the Portfolio, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies — As a shareholder of another investment company, including an, ETF the Portfolio 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 Portfolio. 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.

Investments in the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The Portfolio 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 Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’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 Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — The Portfolio 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 Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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.

Sector Risk — To the extent the Portfolio focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Portfolio may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Tax Risk — The Portfolio 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 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 Portfolio has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Portfolio’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently 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. The Portfolio has obtained an opinion of counsel that the Portfolio’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 Portfolio’s income from such investments was not “qualifying income,” in which case the Portfolio 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 Portfolio 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, Portfolio’s shareholders.

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

Subsequent events after the 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.


Portfolio Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

As a shareholder of Institutional and Class R6 Shares of the Portfolio, you incur ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional and Class R6 Shares of the Portfolio 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 May 1, 2017 through February 28, 2018, which represents a period of 181 and 58 days in a 365 day year for Institutional and Class R6 Shares.

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


Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,012.50		$	3.44
Hypothetical 5% return		1,000.00		1,021.37	+		3.46
Class R6 Shares^(a)
Actual		1,000.00		993.90			1.16
Hypothetical 5% return		1,000.00		1,006.79	+		1.16

(a)

Commenced operations on December 29, 2017.

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

Expenses are calculated using the 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 February 28, 2018. 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 was 0.69% for Institutional Shares and 0.73% for Class R6 Shares.

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

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

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 the 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 the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

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

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

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

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

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).

The information required by this Item is only required in an annual report on this Form N-CSR.

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.

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.


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


TABLE OF CONTENTS

Management Discussion and Analysis			1

Fund Basics			4

Yield Summary			6

Sector Allocations			7

Schedules of Investments			10

Financial Statements			36

Financial Highlights			44

Notes to Financial Statements			58

Other Information			73


Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 54.2%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	1,000,000		1.557	%^(a)		03/28/19	$	1,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	1,800,000		1.555	^(a)		09/30/19		1,799,857
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)
	850,000		1.717	^(a)		11/29/19		850,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)^(a)
	700,000		1.727			10/18/19		699,966
	750,000		1.727			12/26/19		749,946
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)^(a)
	700,000		1.742			02/19/19		699,946
	900,000		1.737			07/05/19		899,976
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	20,000,000		1.520	^(a)		03/26/18		20,002,265
	Federal Farm Credit Bank (Prime Rate – 3.08%)^(a)
	250,000		1.420			06/27/19		249,983
	1,600,000		1.420			07/17/19		1,599,779
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	1,000,000		1.380	^(a)		01/24/19		999,900
	Federal Farm Credit Banks Funding Corporation (1 Mo. LIBOR + 0.12%)
	25,000,000		1.711	^(a)		03/21/18		25,004,582
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	14,000,000		1.510	^(a)		03/19/19		14,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	1,050,000		1.498	^(a)		01/14/19		1,050,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	5,900,000		1.495	^(a)		04/18/19		5,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	1,300,000		1.450	^(a)		05/18/18		1,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	1,900,000		1.445	^(a)		05/18/18		1,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)^(a)
	5,300,000		1.461			05/25/18		5,300,000
	2,900,000		1.471			05/25/18		2,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)
	2,500,000		1.456	^(a)		05/25/18		2,500,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.18%)^(a)
	16,000,000		1.405			06/06/18		16,000,000
	4,000,000		1.405			06/07/18		4,000,000
	9,500,000		1.404			06/08/18		9,500,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)^(a)
	4,800,000		1.600			06/19/18		4,800,000
	3,270,000		1.658			06/28/18		3,270,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)^(a)
	2,100,000		1.318			03/01/18		2,100,000
	7,000,000		1.321			06/01/18		7,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)^(a)
	2,410,000		1.418			03/15/18		2,410,000
	2,410,000		1.430			03/16/18		2,409,995
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)^(a)
	700,000		1.484			07/09/18		699,987
	1,100,000		1.489			07/12/18		1,099,980
	Federal Home Loan Bank Discount Notes
	15,600,000		1.341			03/09/18		15,595,355
	14,900,000		1.364			03/21/18		14,888,949
	75,000,000		1.447			03/23/18		74,935,100
	51,300,000		1.367			03/28/18		51,248,520

	TOTAL U.S. GOVERNMENT
	AGENCY OBLIGATIONS						$	299,364,086

U.S. Treasury Obligations – 55.4%
	United States Treasury Bills
$	5,000,000		1.327	%		03/15/18	$	4,997,472
	9,200,000		1.410			03/22/18		9,192,594
	5,800,000		1.513	^(b)		03/29/18		5,793,324
	50,000,000		1.528	^(b)		03/29/18		49,941,861
	9,000,000		1.463			04/19/18		8,982,483
	9,900,000		1.473			04/19/18		9,880,596
	600,000		1.432			04/26/18		598,693
	1,200,000		1.442			04/26/18		1,197,368
	400,000		1.571			04/26/18		399,045
	600,000		1.471	^(b)		05/31/18		597,824
	100,000		1.680	^(b)		05/31/18		99,586
	800,000		1.685	^(b)		05/31/18		796,673
	5,000,000		1.461			06/07/18		4,980,264
	300,000		1.494			06/07/18		298,787
	1,200,000		1.492			06/14/18		1,194,908
	8,200,000		1.497			06/14/18		8,165,082
	19,300,000		1.518			06/21/18		19,211,134
	1,400,000		1.538			06/21/18		1,393,467
	400,000		1.702			06/21/18		397,934
	3,000,000		1.611			07/05/18		2,983,515
	200,000		1.739			07/05/18		198,814
	400,000		1.744			07/05/18		397,620
	1,200,000		1.595			07/12/18		1,193,106
	200,000		1.601			07/12/18		198,847
	800,000		1.632			07/19/18		795,053
	32,400,000		1.871			08/23/18		32,113,350
	100,000		1.866	^(b)		08/30/18		99,082
	800,000		1.876	^(b)		08/30/18		792,619
	13,400,000		1.882	^(b)		08/30/18		13,276,028
	100,000		1.887	^(b)		08/30/18		99,072
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	600,000		1.700	^(a)		10/31/19		600,080
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	8,100,000		1.712	^(a)		07/31/19		8,106,381
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	3,100,000		1.722	^(a)		04/30/19		3,102,311
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	10,900,000		1.792	^(a)		01/31/19		10,919,959
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%)^(a)
	81,700,000		1.826			07/31/18		81,782,109
	12,800,000		1.822			10/31/18		12,818,302
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	7,500,000		1.842	^(a)		04/30/18		7,503,309
	United States Treasury Note
	400,000		0.750	^(b)		07/31/18		398,234

	TOTAL U.S. TREASURY
	OBLIGATIONS						$	305,496,886

	TOTAL INVESTMENTS – 109.6%						$	604,860,972

	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%							(52,752,197	)

	NET ASSETS – 100.0%						$	552,108,775


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(b)		All or a portion represents a forward commitment.



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



Semi-Annual Report				February 28, 2018

				Financial Square Funds^SM
				Federal Instruments
				Government
				Money Market
				Prime Obligations
				Treasury Instruments
				Treasury Obligations
				Treasury Solutions


PERFORMANCE REVIEW^1,2
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)⁴ Institutional Shares			iMoneyNet Institutional Average⁵
Federal Instruments		0.51	%		0.87	%⁶
Government		0.52			0.87	⁶
Money Market³		0.63			1.11	⁷
Prime Obligations³		0.63			1.11	⁷
Treasury Instruments		0.51			0.86	⁸
Treasury Obligations		0.52			0.85	⁹
Treasury Solutions		0.51			0.85	⁹


STANDARDIZED TOTAL RETURNS^1,^{^2,10}
For the period ended December 31, 2017	SEC 7-Day Current Yield¹¹			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal Instruments		1.14	%		0.73	%		N/A			N/A			0.46	%	10/30/15
Government		1.21			0.77			0.22	%		0.40	%		2.63		4/6/93
Money Market		1.43			1.07			0.36			0.53			2.70		5/18/94
Prime Obligations		1.41			1.08			0.33			0.50			3.03		3/8/90
Treasury Instruments		1.15			0.72			0.19			0.26			1.99		3/3/97
Treasury Obligations		1.22			0.74			0.20			0.28			2.83		4/25/90
Treasury Solutions		1.14			0.73			0.19			0.37			2.18		2/28/97


SUMMARY OF THE INSTITUTIONAL SHARES^1,2 AS OF 2/28/18
Funds	7-Day Dist. Yield¹²			SEC 7-Day Effective Yield¹³			30-Day Average Yield¹⁴			Weighted Avg. Maturity (days)¹⁵		Weighted Avg. Life (days)¹⁶
Federal Instruments		1.27	%		1.30	%		1.22	%		39		118
Government		1.27			1.29			1.23			26		107
Money Market³		1.63			1.65			1.56			29		64
Prime Obligations³		1.62			1.65			1.56			30		64
Treasury Instruments		1.33			1.35			1.25			40		104
Treasury Obligations		1.28			1.30			1.22			23		111
Treasury Solutions		1.32			1.30			1.22			34		119


SECTOR ALLOCATIONS¹⁷
as of February 28, 2018
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			0.6	%		0.7	%		—			—			—
Certificates of Deposit -Eurodollar		—			—			1.0			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			7.1			8.8			—			—			—
Commercial Paper & Corporate Obligations		—			—			29.7			35.2			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			4.6			3.7			—			—			—
Repurchase Agreements		—			58.9	%		5.3			4.5			—			62.5	%		35.4	%
Time Deposits		—			—			25.1			22.0			—			—			—
U.S. Government Agency Obligations		54.2	%		17.7			—			0.5			—			—			—
U.S. Treasury Obligations		55.4			28.5			1.8			1.8			103.9	%		44.4			99.3
Variable Rate Municipal Debt Obligations		—			—			5.8			5.8			—			—			—
Variable Rate Obligations		—			—			19.3			18.2			—			—			—


SECTOR ALLOCATIONS¹⁸
As of August 31, 2017
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			1.9	%		2.0	%		—			—			—
Certificates of Deposit - Eurodollar		—			—			2.3			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			9.8			10.5			—			—			—
Commercial Paper & Corporate Obligations		—			—			24.7			22.9			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			2.5			1.7			—			—			—
Repurchase Agreements		—			57.9	%		3.5			1.7			—			63.0	%		64.1	%
Time Deposits		—			—			14.6			16.4			—			—			—
U.S. Government Agency Obligations		34.6	%		26.2			—			0.6			—			—			—
U.S. Treasury Obligations		62.9			16.1			—			—			101.1	%		37.1			36.7
Variable Rate Municipal Debt Obligations		—			—			8.1			9.6			—			—			—
Variable Rate Obligations		—			—			32.6			34.6			—			—			—


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


Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 17.7%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	148,000,000		1.557	%^(a)		03/28/19	$	148,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	246,500,000		1.555	^(a)		09/30/19		246,480,472
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)^(a)
	198,700,000		1.717			11/20/19		198,689,772
	98,500,000		1.717			11/29/19		98,500,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)^(a)
	120,500,000		1.727			10/18/19		120,494,097
	98,600,000		1.727			12/26/19		98,592,865
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)^(a)
	98,500,000		1.742			02/19/19		98,492,326
	118,700,000		1.737			07/05/19		118,696,803
	Federal Farm Credit Bank (Prime Rate – 3.08%)^(a)
	36,500,000		1.420			06/27/19		36,497,542
	216,800,000		1.420			07/17/19		216,770,063
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	123,000,000		1.380	^(a)		01/24/19		122,987,757
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)
	497,200,000		1.533	^(a)		07/13/18		497,200,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	1,900,000,000		1.510	^(a)		03/19/19		1,900,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	147,750,000		1.498	^(a)		01/14/19		147,750,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	903,750,000		1.495	^(a)		04/18/19		903,750,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	168,800,000		1.450	^(a)		05/18/18		168,800,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	241,300,000		1.445	^(a)		05/18/18		241,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)^(a)
	739,500,000		1.461			05/25/18		739,500,000
	394,600,000		1.471			05/25/18		394,600,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)
	295,000,000		1.456	^(a)		05/25/18		295,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.18%)^(a)
	2,370,000,000		1.405			06/06/18		2,370,000,000
	492,500,000		1.405			06/07/18		492,500,000
	1,145,500,000		1.404			06/08/18		1,145,500,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)^(a)
	741,200,000		1.600			06/19/18		741,200,000
	494,020,000		1.658			06/28/18		494,020,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	993,000,000		1.321	^(a)		06/01/18		993,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)^(a)
	238,060,000		1.418			03/15/18		238,060,000
	238,060,000		1.430			03/16/18		238,059,509
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)^(a)
	496,000,000		1.455			03/23/18		496,000,000
	98,700,000		1.484			07/09/18		98,698,163
	148,100,000		1.489			07/12/18		148,097,281
	Federal Home Loan Bank Discount Note
	465,000,000		1.447			03/23/18		464,597,620
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)^(a)(d)
	74,600,000		1.600			03/07/18		74,600,000
	180,240,535		1.620			03/07/18		180,240,535
	63,926,407		1.650			03/07/18		63,926,407
	337,571,248		1.710			03/07/18		337,571,249

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	15,368,172,461

U.S. Treasury Obligations – 28.5%
	United States Treasury Bills
$	1,100,000		1.327	%		03/15/18	$	1,099,444
	779,100,000		1.513	^(b)		03/29/18		778,203,170
	208,400,000		1.515	^(b)		03/29/18		208,159,703
	3,100,000,000		1.528	^(b)		03/29/18		3,096,395,389
	1,157,400,000		1.463			04/19/18		1,155,147,251
	1,452,700,000		1.473			04/19/18		1,449,852,708
	111,400,000		1.432			04/26/18		111,157,396
	190,100,000		1.442			04/26/18		189,683,047
	57,600,000		1.571			04/26/18		57,462,464
	88,100,000		1.471	^(b)		05/31/18		87,780,430
	36,500,000		1.685	^(b)		05/31/18		36,348,226
	30,600,000		1.494			06/07/18		30,476,299
	1,299,200,000		1.497			06/14/18		1,293,667,574
	1,666,400,000		1.518			06/21/18		1,658,727,156
	80,300,000		1.702			06/21/18		79,885,295
	6,200,000		1.569			06/28/18		6,168,643
	204,900,000		1.611			07/05/18		203,774,075
	14,400,000		1.739			07/05/18		14,314,572
	27,800,000		1.744			07/05/18		27,634,590
	37,300,000		1.595			07/12/18		37,085,717
	98,800,000		1.601			07/12/18		98,230,583
	68,300,000		1.632			07/19/18		67,877,678
	63,600,000		1.637			07/19/18		63,205,503
	4,845,700,000		1.871			08/23/18		4,802,829,020
	12,500,000		1.866	^(b)		08/30/18		12,385,302
	113,000,000		1.876	^(b)		08/30/18		111,957,418
	1,628,800,000		1.882	^(b)		08/30/18		1,613,730,880
	17,600,000		1.887	^(b)		08/30/18		17,436,726
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	6,935,000,000		1.700	^(a)		10/31/19		6,936,270,485
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	165,000,000		1.822	^(a)		10/31/18		165,244,214
	United States Treasury Note
	217,000,000		0.750	^(b)		07/31/18		216,036,234

	TOTAL U.S. TREASURY OBLIGATIONS						$	24,628,227,192

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	39,996,399,653


Repurchase Agreements-Unaffiliated Issuers^(c) – 58.3%
	Barclays Capital, Inc.
$	300,000,000		1.350	%		03/01/18	$	300,000,000
	Maturity Value: $300,011,250
	Collateralized by Federal Home Loan Bank, 0.000%, due 05/02/18 and Federal Home Loan Mortgage Corp., 2.375%, due 02/16/21. The aggregate market value of the collateral, including accrued interest, was $306,000,297.


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		All or a portion represents a forward commitment.
(b)		Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2018, these securities amounted to $299,816,882 or approximately 8.8% of net assets.
(c)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(d)		Rate shown is that which is in effect on February 28, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)		Unless noted, all repurchase agreements were entered into on February 28, 2018.
(f)		Security has been determined to be illiquid by the Investment Adviser. At February 28, 2018, these securities amounted to $38,999,619 or approximately 1.2% of net assets.


Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 44.4%
	United States Treasury Bills
$	158,700,000		1.513	%^(a)		03/29/18	$	158,517,319
	42,100,000		1.515	^(a)		03/29/18		42,051,456
	675,000,000		1.528	^(a)		03/29/18		674,215,125
	188,200,000		1.463			04/19/18		187,833,690
	70,400,000		1.468			04/19/18		70,262,495
	338,900,000		1.473			04/19/18		338,235,756
	23,900,000		1.432			04/26/18		23,847,951
	44,900,000		1.442			04/26/18		44,801,519
	24,800,000		1.571			04/26/18		24,740,783
	37,900,000		1.471	^(a)		05/31/18		37,762,523
	12,400,000		1.685	^(a)		05/31/18		12,348,439
	5,700,000		1.494			06/07/18		5,676,958
	356,900,000		1.497			06/14/18		355,380,201
	98,300,000		1.518			06/21/18		97,847,383
	16,600,000		1.702			06/21/18		16,514,270
	34,000,000		1.611			07/05/18		33,813,170
	1,500,000		1.739			07/05/18		1,491,101
	2,800,000		1.744			07/05/18		2,783,340
	14,500,000		1.601			07/12/18		14,416,432
	7,200,000		1.632			07/19/18		7,155,480
	6,400,000		1.637			07/19/18		6,360,302
	991,700,000		1.871			08/23/18		982,926,211
	2,600,000		1.866	^(a)		08/30/18		2,576,143
	23,200,000		1.876	^(a)		08/30/18		22,985,948
	376,700,000		1.882	^(a)		08/30/18		373,214,896
	4,600,000		1.887	^(a)		08/30/18		4,557,326
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	882,900,000		1.700	^(b)		10/31/19		883,022,193
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	324,700,000		1.712	^(b)		07/31/19		324,810,145
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,520,000,000		1.722	^(b)		04/30/19		1,520,652,323
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	182,300,000		1.792	^(b)		01/31/19		182,546,544
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	391,400,000		1.826	^(b)		07/31/18		391,414,060
	35,000,000		1.822	^(b)		10/31/18		35,051,803
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	782,800,000		1.842	^(b)		04/30/18		782,827,345
	United States Treasury Note
	44,100,000		0.750	^(a)		07/31/18		43,904,141

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	7,706,544,771


Repurchase Agreements-Unaffiliated Issuers^(c) – 62.4%
	Barclays Capital, Inc.
$	100,000,000		1.350	%		03/01/18	$	100,000,000
	Maturity Value: $100,003,750
	Collateralized by U.S. Treasury Notes, 0.750% to 3.500%, due 03/31/18 to 06/30/22. The aggregate market value of the collateral, including accrued interest, was $102,000,032.

	BNP Paribas
	205,000,000		1.340			03/01/18		205,000,000
	Maturity Value: $205,228,917
	Settlement Date: 01/30/18
	Collateralized by U.S. Treasury Bonds, 2.875% to 3.750%, due 05/15/43 to 11/15/43, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/45, U.S. Treasury Notes, 1.125% to 1.375%, due 01/31/19 to 09/30/19 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/27 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $209,100,000.
	500,000,000		1.350			03/01/18		500,000,000
	Maturity Value: $500,018,750
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/24 to 02/15/37, U.S. Treasury Notes, 0.750% to 2.250%, due 02/15/19 to 09/30/20 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/43 to 02/15/44. The aggregate market value of the collateral, including accrued interest, was $510,000,000.
	500,000,000		1.380			03/01/18		500,000,000
	Maturity Value: $500,019,167
	Collateralized by a U.S. Treasury Note, 0.625%, due 01/15/26. The market value of the collateral, including accrued interest, was $510,000,000.
	205,000,000		1.340			03/02/18		205,000,000
	Maturity Value: $205,228,917
	Settlement Date: 01/31/18
	Collateralized by U.S. Treasury Bills, 0.000%, due 04/19/18 to 11/08/18, a U.S. Treasury Bond, 3.750%, due 11/15/43, a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Notes, 1.250% to 3.375%, due 04/30/19 to 05/15/25 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/37 to 08/15/43. The aggregate market value of the collateral, including accrued interest, was $209,099,999.
	150,000,000		1.340	^(d)		03/07/18		150,000,000
	Maturity Value: $150,547,166
	Settlement Date: 12/14/17
	Collateralized by a U.S. Treasury Bond, 9.125%, due 05/15/18, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.375%, due 01/15/25 to 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 02/15/45 and U.S. Treasury Notes, 1.750% to 2.625%, due 11/15/20 to 12/31/20. The aggregate market value of the collateral, including accrued interest, was $153,000,002.



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee



Investment Abbreviations:
MMY		— Money Market Yield
T-Bill		— Treasury Bill


Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	400,000,000	$	400,015,034	$	408,000,016
Treasury Obligations		1,548,800,000		1,548,858,213		1,579,776,064


Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bill		0.000	%		07/05/18
U.S. Treasury Bonds		2.250 to 8.750			05/15/20 to 08/15/47
U.S. Treasury Inflation-Indexed Bonds		0.875 to 2.500			01/15/29 to 02/15/48
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.125			01/15/21 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/25 to 11/15/44
U.S. Treasury Notes		1.250 to 3.125			04/30/18 to 11/30/23
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/24 to 02/15/47


Principal Amount	Maturity Value	Collateral Value
$9,803,200,000	$9,803,574,893	$10,077,224,030


	Federal Instruments Fund
Assets:
Investments, at value (cost $604,860,972, $39,996,399,653, $3,222,227,722, $1,822,506,340, $53,501,856,468, $7,706,544,771 and $8,968,385,397)	$	604,860,972
Repurchase agreements, at value — unaffiliated issuers (cost $0, $50,470,231,250, $179,000,000, $85,000,000, $0, $10,822,150,000 and $3,200,000,000)		—
Repurchase agreements, at value — affiliated issuers (cost $0, $490,000,000, $0, $0, $0, $10,000,000 and $0)		—
Cash		194,748
Receivables:
Investments sold		18,383,295
Interest		339,796
Fund shares sold		—
Reimbursement from investment advisor		35,848
Other assets		3,297
Total assets		623,817,956

Liabilities:
Payables:
Investments purchased		71,296,719
Fund shares redeemed		—
Dividend distribution		38,447
Management fees		80,968
Distribution and Service fees and Transfer Agency fees		4,510
Accrued expenses		288,537
Total liabilities		71,709,181

Net Assets:
Paid-in capital		552,120,549
Undistributed (distributions in excess of) net investment income		4,923
Accumulated net realized gain (loss)		(16,697	)
Net unrealized loss		—
NET ASSETS	$	552,108,775
Net Assets:
Institutional Shares	$	463,912,792
Select Shares		47,531
Preferred Shares		88,376
Capital Shares		14,750,216
Administration Shares		58,312,247
Premier Shares		50,264
Service Shares		14,897,286
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,063
Class R6 Shares		—
Total Net Assets	$	552,108,775
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		463,926,819
Select Shares		47,533
Preferred Shares		88,378
Capital Shares		14,750,663
Administration Shares		58,314,011
Premier Shares		50,265
Service Shares		14,897,738
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,065
Class R6 Shares		—
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00
Select Shares		1.00
Preferred Shares		1.00
Capital Shares		1.00
Administration Shares		1.00
Premier Shares		1.00
Service Shares		1.00
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		1.00
Class R6 Shares		—


Government Fund			Money Market Fund			Prime Obligations Fund			Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund

$	39,996,399,653		$	3,221,994,395		$	1,822,403,118		$	53,501,856,468		$	7,706,544,771		$	8,968,385,397
	50,470,231,250			178,999,937			84,999,070			—			10,822,150,000			3,200,000,000
	490,000,000			—			—			—			10,000,000			—
	1,218,054,896			38,362			63,196			411,689			26,118,767			84,439

	510,279,715			—			—			2,603,154,449			119,341,808			31,031,255
	34,400,275			3,141,948			1,616,676			22,664,362			7,677,562			4,448,537
	14,945,174			—			583,870			3,934,605			119,727			18,390
	—			80,087			67,681			—			—			—
	412,816			31,948			13,602			226,475			147,222			47,836
	92,734,723,779			3,404,286,677			1,909,747,213			56,132,248,048			18,692,099,857			12,204,015,854



	6,090,783,428			11,587,478			22,500,816			4,608,930,638			1,334,397,288			3,170,003,793
	65,644,997			—			1,067,073			1,476,092			358,215			132,143
	36,782,276			1,461,172			676,956			17,388,377			7,834,908			2,187,713
	10,818,115			166,525			94,513			6,736,427			2,518,373			1,222,731
	701,908			20,125			11,629			374,295			139,950			73,762
	1,478,349			217,211			186,406			1,191,069			731,233			280,356
	6,206,209,073			13,452,511			24,537,393			4,636,096,898			1,345,979,967			3,173,900,498


	86,530,328,739			3,391,080,485			1,885,329,073			51,497,229,569			17,346,377,803			9,029,982,421
	4,130,232			(3,566	)		(377	)		1,495,626			924,499			83,593
	(5,944,265	)		(9,363	)		(14,724	)		(2,574,045	)		(1,182,412	)		49,342
	—			(233,390	)		(104,152	)		—			—			—
$	86,528,514,706		$	3,390,834,166		$	1,885,209,820		$	51,496,151,150		$	17,346,119,890		$	9,030,115,356

	$76,934,509,581		$	3,373,164,222		$	1,855,303,041		$	48,512,222,751		$	14,389,213,280		$	8,314,602,102
	3,558,501,936			13,426,070			14,626,048			36,304,902			56,848,923			7,827,863
	790,106,930			315,523			280,024			42,776,639			121,448,224			42,054,682
	899,281,309			1,013			759,998			618,455,206			457,478,281			176,150,877
	3,682,297,280			3,406,697			14,126,221			2,186,976,568			1,333,846,576			267,409,604
	149,814,360			1,010			1,010			73,246,934			1,005			56,326,614
	363,546,851			517,620			111,468			26,118,682			987,168,914			141,900,153
	61,827,306			—			—			—			—			—
	5,672,021			—			—			—			—			—
	65,277,536			1,007			1,006			1,003			1,003			1,002
	6,174,767			1,004			1,004			48,465			113,684			23,842,459
	11,504,829			—			—			—			—			—
	$86,528,514,706		$	3,390,834,166		$	1,885,209,820		$	51,496,151,150		$	17,346,119,890		$	9,030,115,356

	76,936,117,740			3,372,974,334			1,855,096,910			48,513,241,059			14,389,427,217			8,314,479,704
	3,558,576,240			13,425,335			14,626,293			36,305,665			56,849,767			7,827,747
	790,123,438			315,504			280,025			42,777,536			121,450,031			42,054,062
	899,300,093			1,013			759,955			618,468,184			457,485,082			176,148,284
	3,682,374,224			3,406,526			14,126,126			2,187,022,482			1,333,866,415			267,405,667
	149,817,491			1,009			1,009			73,248,471			1,005			56,325,784
	363,554,448			517,636			111,468			26,119,231			987,183,599			141,898,063
	61,828,598			—			—			—			—			—
	5,672,139			—			—			—			—			—
	65,278,898			1,007			1,006			1,002			1,003			1,002
	6,174,896			1,005			1,005			48,466			113,686			23,842,108
	11,505,070			—			—			—			—			—

	$1.00			$1.0001			$1.0001			$1.00			$1.00			$1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0000			1.0000			1.00			1.00			1.00
	1.00			—			—			—			—			—
	1.00			—			—			—			—			—
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			—			—			—			—			—


	Federal Instruments Fund
Investment income:
Interest income — from unaffiliated issuers	$	3,674,572
Interest income — from affiliated issuers		—
Total investment income		3,674,572

Expenses:
Fund-Level Expenses:
Management fees		617,827
Transfer Agency fees		30,300
Custody, accounting and administrative services		28,638
Printing and mailing fees		—
Trustee fees		11,434
Registration fees		57,867
Professional fees		60,023
Other		3,633
Subtotal		809,722
Class Specific Expenses:
Administration Share fees		67,006
Service Share fees		34,068
Capital Share fees		13,360
Select Share fees		7
Premier Share fees		87
Preferred Share fees		216
Resource Share fees		—
Distribution and Service fees — Class A Shares		—
Distribution fees — Resource Shares		—
Distribution fees — Class C Shares		—
Cash Management Share fees		124
Class C Share fees		—
Distribution fees — Cash Management Shares		74
Total expenses		924,664
Less — expense reductions		(192,077	)
Net expenses		732,587
NET INVESTMENT INCOME	$	2,941,985
Net realized gain (loss) from investment transactions		9,108
Net change in unrealized gain (loss) from investment transactions		—
Net realized and unrealized gain (loss)		9,108
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,951,093


Government Fund			Money Market Fund			Prime Obligations Fund			Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund

$	538,444,378		$	19,362,399		$	10,450,050		$	292,452,055		$	112,999,675		$	56,274,040
	1,475,647			—			—			—			456,891			—
	539,920,025			19,362,399			10,450,050			292,452,055			113,456,566			56,274,040



	89,309,891			2,631,295			1,425,805			48,576,443			18,608,923			9,525,535
	4,399,502			129,620			70,237			2,382,366			912,649			467,167
	1,557,760			118,756			62,302			839,665			333,097			175,064
	384,039			4,228			14,183			382,760			41,265			45,222
	148,446			4,742			—			91,866			38,133			25,277
	129,287			35,365			41,816			110,798			107,469			85,833
	87,498			103,924			84,895			82,724			69,473			41,570
	529,111			32,634			37,262			277,446			70,671			75,938
	96,545,534			3,060,564			1,736,500			52,744,068			20,181,680			10,441,606

	5,052,188			4,611			15,134			3,023,430			1,660,599			333,467
	862,696			1,053			452			80,724			2,549,660			355,899
	734,512			1			432			631,933			252,871			144,892
	459,630			1,595			3,197			5,691			9,332			1,333
	354,534			2			2			101,543			2			52,422
	329,211			320			1,081			22,355			80,065			17,443
	181,774			2			2			2			2			2
	74,484			—			—			—			—			—
	54,532			1			1			1			1			1
	21,236			—			—			—			—			—
	10,563			2			2			104			278			68,981
	7,079			—			—			—			—			—
	6,338			1			1			62			167			41,389
	104,694,311			3,068,152			1,756,804			56,609,913			24,734,657			11,457,435
	(20,010,608	)		(832,657	)		(536,724	)		(5,704,039	)		(2,372,546	)		(1,118,276	)
	84,683,703			2,235,495			1,220,080			50,905,874			22,362,111			10,339,159
$	455,236,322		$	17,126,904		$	9,229,970		$	241,546,181		$	91,094,455		$	45,934,881
	(709,533	)		(6,490	)		(9,985	)		416,312			(77,141	)		625,215
	—			(666,397	)		(330,664	)		—			—			—
	(709,533	)		(672,887	)		(340,649	)		416,312			(77,141	)		625,215
$	454,526,789		$	16,454,017		$	8,889,321		$	241,962,493		$	91,017,314		$	46,560,096


	Federal Instruments Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	2,941,985		$	3,283,765
Net realized gain (loss) from investment transactions		9,108			16,482
Net change in unrealized gain (loss) from investment transactions		—			—
Net increase in net assets resulting from operations		2,951,093			3,300,247

Distributions to shareholders:
From net investment income:
Institutional Shares		(2,622,182	)		(3,095,257	)
Select Shares		(231	)		(228	)
Preferred Shares		(1,990	)		(206	)
Capital Shares		(75,974	)		(49,366	)
Administration Shares		(206,164	)		(124,894	)
Premier Shares		(166	)		(93	)
Service Shares		(35,226	)		(13,716	)
Class A Shares		—			—
Class C Shares^(a)		—			—
Resource Shares		—			—
Cash Management Shares		(52	)		(5	)
Class R6 Shares		—			—
From net realized gains:
Institutional Shares		(27,460	)		(41,633	)
Select Shares		(3	)		(3	)
Preferred Shares		(13	)		(4	)
Capital Shares		(1,061	)		(1,209	)
Administration Shares		(2,763	)		(3,111	)
Premier Shares		(3	)		(3	)
Service Shares		(701	)		(913	)
Class A Shares		—			—
Class C Shares^(a)		—			—
Resource Shares		—			—
Cash Management Shares		(3	)		(3	)
Class R6 Shares		—			—
Total distributions to shareholders		(2,973,992	)		(3,330,644	)

From share transactions:
Proceeds from sales of shares		806,366,993			1,339,201,171
Reinvestment of distributions		2,763,003			3,202,941
Cost of shares redeemed		(895,697,242	)		(1,340,103,614	)
Net increase (decrease) in net assets resulting from share transactions		(86,567,246	)		2,300,498
NET INCREASE (DECREASE)		(86,590,145	)		2,270,101

Net assets:
Beginning of period		638,698,920			636,428,819
End of period	$	552,108,775		$	638,698,920
Undistributed (distributions in excess of) net investment income	$	4,923		$	4,923


Government Fund						Money Market Fund						Prime Obligations Fund
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017

$	455,236,322		$	492,226,213		$	17,126,904		$	20,362,259		$	9,229,970		$	10,413,345
	(709,533	)		(4,078,164	)		(6,490	)		127,471			(9,985	)		68,191
	—			—			(666,397	)		433,007			(330,664	)		226,512
	454,526,789			488,148,049			16,454,017			20,922,737			8,889,321			10,708,048



	(413,551,492	)		(453,699,961	)		(17,032,227	)		(19,843,402	)		(9,012,349	)		(10,045,264	)
	(15,794,095	)		(14,324,690	)		(69,507	)		(417,452	)		(135,870	)		(121,442	)
	(3,173,851	)		(3,111,773	)		(3,715	)		(23,247	)		(11,940	)		(69,013	)
	(4,422,278	)		(4,882,786	)		(7	)		(10,738	)		(3,463	)		(22,889	)
	(16,181,636	)		(12,024,785	)		(19,618	)		(65,350	)		(65,607	)		(123,177	)
	(699,895	)		(178,746	)		(5	)		(7	)		(6	)		(7	)
	(953,231	)		(396,722	)		(1,800	)		(2,041	)		(722	)		(9,330	)
	(239,680	)		(153,078	)		—			—			—			—
	(2,495	)		(597	)		—			—			—			(236	)
	(145,346	)		(41,796	)		(5	)		(7	)		(6	)		(614	)
	(5,848	)		(1,165	)		(4	)		(19	)		(4	)		(5	)
	(66,475	)		(69,903	)		—			—			—			—

	(1,034,314	)		—			(3,990	)		(119,964	)		(4,751	)		(64,066	)
	(34,412	)		—			—			(1,177	)		(116	)		(918	)
	(7,722	)		—			(6	)		(23	)		(72	)		(171	)
	(12,772	)		—			—			—			—			(67	)
	(55,154	)		—			(13	)		(577	)		(16	)		(725	)
	(4,194	)		—			—			—			—			—
	(4,568	)		—			—			(57	)		—			(368	)
	(789	)		—			—			—			—			—
	(76	)		—			—			—			—			(12	)
	(989	)		—			—			—			—			(3	)
	(23	)		—			—			—			—			—
	(199	)		—			—			—			—			—
	(456,391,534	)		(488,886,002	)		(17,130,897	)		(20,484,061	)		(9,234,922	)		(10,458,307	)


	357,166,433,296			724,720,812,323			9,674,266,606			20,323,331,010			3,438,845,841			9,837,824,307
	232,646,700			249,258,134			9,260,450			10,300,366			5,151,837			4,935,078
	(359,379,636,874	)		(707,727,119,123	)		(8,851,561,074	)		(34,703,003,813	)		(3,050,301,006	)		(17,674,336,143	)
	(1,980,556,878	)		17,242,951,334			831,965,982			(14,369,372,437	)		393,696,672			(7,831,576,758	)
	(1,982,421,623	)		17,242,213,381			831,289,102			(14,368,933,761	)		393,351,071			(7,831,327,017	)


	88,510,936,329			71,268,722,948			2,559,545,064			16,928,478,825			1,491,858,749			9,323,185,766
$	86,528,514,706		$	88,510,936,329		$	3,390,834,166		$	2,559,545,064		$	1,885,209,820		$	1,491,858,749
$	4,130,232		$	4,130,232		$	(3,566	)	$	(3,582	)	$	(377	)	$	(380	)


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized gain			Total from investment operations			From net investment income			From net realized gains			Total distributions^(b)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	^(d)	$	0.005		$	(0.005	)	$	—	^(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	^(d)		0.005			(0.005	)		—	^(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			—	^(d)		0.005			(0.005	)		—	^(d)		(0.005	)
2018 - Capital Shares		1.00		0.004			—	^(d)		0.004			(0.004	)		—	^(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	^(d)		0.004			(0.004	)		—	^(d)		(0.004	)
2018 - Premier Shares		1.00		0.003			—	^(d)		0.003			(0.003	)		—	^(d)		(0.003	)
2018 - Service Shares		1.00		0.003			—	^(d)		0.003			(0.003	)		—	^(d)		(0.003	)
2018 - Cash Management Shares		1.00		0.001			—	^(d)		0.001			(0.001	)		—	^(d)		(0.001	)

FOR THE FISCAL YEAR ENDED AUGUST 31,
2017 - Institutional Shares		1.00		0.005			—	^(d)		0.005			(0.005	)		—	^(d)		(0.005	)
2017 - Select Shares		1.00		0.005			—	^(d)		0.005			(0.005	)		—	^(d)		(0.005	)
2017 - Preferred Shares		1.00		0.004			—	^(d)		0.004			(0.004	)		—	^(d)		(0.004	)
2017 - Capital Shares		1.00		0.003			0.001			0.004			(0.004	)		—	^(d)		(0.004	)
2017 - Administration Shares		1.00		0.003			—	^(d)		0.003			(0.003	)		—	^(d)		(0.003	)
2017 - Premier Shares		1.00		0.002			—	^(d)		0.002			(0.002	)		—	^(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	^(d)		0.001			(0.001	)		—	^(d)		(0.001	)
2017 - Cash Management Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)

FOR THE PERIOD ENDED AUGUST 31,*
2016 - Institutional Shares		1.00		0.002			—	^(d)		0.002			(0.002	)		—	^(d)		(0.002	)
2016 - Select Shares		1.00		0.001			—	^(d)		0.001			(0.001	)		—	^(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	^(d)		0.001			(0.001	)		—	^(d)		(0.001	)
2016 - Capital Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)
2016 - Administration Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)
2016 - Premier Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)
2016 - Service Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)
2016 - Cash Management Shares		1.00		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)		—	^(d)



Net asset value, end of period		Total return^(c)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets

$	1.00		0.51	%	$	463,913		0.20	%^(e)		0.26	%^(e)		1.01	%^(e)
	1.00		0.49			48		0.23	^(e)		0.29	^(e)		0.98	^(e)
	1.00		0.46			89		0.30	^(e)		0.36	^(e)		0.92	^(e)
	1.00		0.43			14,750		0.35	^(e)		0.41	^(e)		0.85	^(e)
	1.00		0.38			58,312		0.45	^(e)		0.51	^(e)		0.77	^(e)
	1.00		0.34			50		0.55	^(e)		0.61	^(e)		0.67	^(e)
	1.00		0.26			14,897		0.70	^(e)		0.76	^(e)		0.52	^(e)
	1.00		0.11			50		1.00	^(e)		1.06	^(e)		0.21	^(e)


	1.00		0.52			556,458		0.20			0.28			0.51
	1.00		0.49			47		0.23			0.31			0.48
	1.00		0.42			50		0.30			0.38			0.41
	1.00		0.37			16,147		0.35			0.43			0.31
	1.00		0.27			50,768		0.45			0.53			0.26
	1.00		0.19			50		0.53			0.63			0.19
	1.00		0.10			15,129		0.62			0.78			0.09
	1.00		0.01			50		0.71			1.08			0.01


	1.00		0.16			577,395		0.20	^(e)		0.39	^(e)		0.19	^(e)
	1.00		0.13			50		0.23	^(e)		0.42	^(e)		0.14	^(e)
	1.00		0.08			50		0.29	^(e)		0.49	^(e)		0.08	^(e)
	1.00		0.05			50		0.33	^(e)		0.54	^(e)		0.04	^(e)
	1.00		0.01			43,835		0.39	^(e)		0.64	^(e)		(0.01	)^(e)
	1.00		0.01			50		0.38	^(e)		0.74	^(e)		—	^(e)(f)
	1.00		0.01			14,949		0.39	^(e)		0.89	^(e)		(0.01	)^(e)
	1.00		0.01			50		0.38	^(e)		1.19	^(e)		—	^(e)(f)



Net asset value, end of period		Total return^(c)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets

$	1.0001		0.63	%	$	1,855,303		0.17	%^(e)		0.24	%^(e)		1.32	%^(e)
	1.0000		0.61			14,626		0.20	^(e)		0.27	^(e)		1.28	^(e)
	1.0000		0.57			280		0.27	^(e)		0.34	^(e)		1.10	^(e)
	1.0001		0.56			760		0.32	^(e)		0.39	^(e)		1.20	^(e)
	1.0000		0.50			14,126		0.42	^(e)		0.49	^(e)		1.08	^(e)
	1.0001		0.46			1		0.53	^(e)		0.59	^(e)		1.15	^(e)
	1.0000		0.38			112		0.67	^(e)		0.74	^(e)		0.80	^(e)
	1.0001		0.31			1		0.53	^(e)		0.89	^(e)		1.16	^(e)
	1.0001		0.24			1		0.89	^(e)		1.04	^(e)		0.79	^(e)


	1.0003		0.87			1,467,979		0.18			0.27			0.73
	1.0003		0.84			18,082		0.21			0.30			0.97
	1.0003		0.77			1,003		0.28			0.37			0.30
	1.0003		0.72			407		0.33			0.42			0.24
	1.0003		0.62			4,282		0.43			0.52			0.15
	1.0003		0.53			1		0.53			0.62			0.71
	1.0003		0.38			103		0.59			0.77			0.03
	1.0003		0.27			1		0.52			0.92			0.02
	1.0003		0.18			1		0.73			1.07			0.51
	1.00		0.29			7,299,656		0.18			0.23			0.31
	1.00		0.26			9,454		0.21			0.26			0.29
	1.00		0.20			279,445		0.28			0.33			0.19
	1.00		0.16			140,138		0.31			0.38			0.16
	1.00		0.09			1,250,848		0.38			0.48			0.09
	1.00		0.09			1		0.18			0.58			0.36
	1.00		0.01			253,231		0.42			0.73			—	^(g)
	1.00		0.01			71,804		0.46			0.88			0.01
	1.00		0.09			1		0.18			1.03			0.37
	1.00		0.03			9,211,383		0.18			0.23			0.03
	1.00		0.01			88,996		0.20			0.26			0.01
	1.00		0.01			332,798		0.21			0.33			0.01
	1.00		0.01			103,978		0.21			0.38			0.01
	1.00		0.01			1,893,461		0.20			0.48			0.01
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			777,357		0.20			0.73			0.01
	1.00		0.01			72,031		0.20			0.88			0.01
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.02			10,934,044		0.18			0.23			0.02
	1.00		0.01			118,994		0.19			0.26			0.01
	1.00		0.01			108,264		0.19			0.33			0.01
	1.00		0.01			72,327		0.19			0.38			0.01
	1.00		0.01			1,644,425		0.19			0.48			0.01
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			938,791		0.19			0.73			0.01
	1.00		0.01			78,532		0.19			0.88			0.01
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.07			13,339,031		0.18			0.23			0.07
	1.00		0.05			212,468		0.21			0.26			0.04
	1.00		0.01			227,037		0.24			0.33			—	^(g)
	1.00		0.01			102,509		0.26			0.38			—	^(g)
	1.00		0.01			2,579,850		0.24			0.48			—	^(g)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			767,593		0.24			0.73			—	^(g)
	1.00		0.01			91,805		0.25			0.88			—	^(g)
	1.00		0.01			1		0.18			1.03			0.40


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


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


Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers			Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	72	$	—		$	1	$	119	$	192
Government		19,352		1			658		—		20,011
Money Market		713		—	*		2		118		833
Prime Obligations		394		—	*		1		142		537
Treasury Instruments		5,694		—	*		10		—		5,704
Treasury Obligations		2,181		—	*		192		—		2,373
Treasury Solutions		1,116		—	*		2		—		1,118


Fund	Purchases	Sales		Net Realized Gain
Federal Instruments	$ 91,677,191	$	118,594,578	$	766
Government	46,198,402		1,596,009,439		26,133
Money Market	—		25,880,930		—
Prime Obligations	—		17,910,870		—
Treasury Instruments	2,401,239,723		5,909,140,494		25,139
Treasury Obligations	—		324,034,609		5,608
Treasury Solutions	5,817,945,416		409,281,613		4,542



Government Fund
Name of Affiliated Issuer	Value at 8/31/17		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 2/28/18		Interest Income
Goldman Sachs & Co. – Repurchase Agreement	$	—	$	33,918,900,000	$	(33,428,900,000	)	$	—	$	—	$	490,000,000	$	1,475,647


	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Timing differences (Dividend Payable and Post-October Capital Loss Deferral)	$	(24,446	)	$	(37,707,067	)	$	(1,143,803	)	$	(724,962	)	$	(13,354,206	)	$	(6,195,841	)	$	(2,228,574	)


	Federal Instruments Fund

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017

	Shares*			Shares*

Institutional Shares
Shares sold		712,206,229			1,074,848,953
Reinvestment of distributions		2,648,740			3,133,196
Shares redeemed		(807,380,174	)		(1,098,892,063	)
		(92,525,205	)		(20,909,914	)
Select Shares
Shares sold		—			—
Reinvestment of distributions		234			232
Shares redeemed		—			(3,000	)
		234			(2,768	)
Preferred Shares
Shares sold		6,917,677			10
Reinvestment of distributions		1,602			210
Shares redeemed		(6,881,153	)		(10	)
		38,126			210
Capital Shares
Shares sold		14,111,761			95,325,208
Reinvestment of distributions		77,035			50,539
Shares redeemed		(15,585,253	)		(79,278,651	)
		(1,396,457	)		16,097,096
Administration Shares
Shares sold		70,816,303			154,235,286
Reinvestment of distributions		35,165			18,664
Shares redeemed		(63,304,387	)		(147,319,273	)
		7,547,081			6,934,677
Premier Shares
Shares sold		—			—
Reinvestment of distributions		168			93
Shares redeemed		—			—
		168			93
Service Shares
Shares sold		2,315,023			14,791,704
Reinvestment of distributions		3			1
Shares redeemed		(2,546,275	)		(14,610,607	)
		(231,249	)		181,098
Cash Management Shares
Shares sold		—			10
Reinvestment of distributions		56			6
Shares redeemed		—			(10	)
		56			6
NET INCREASE (DECREASE) IN SHARES		(86,567,246	)		2,300,498