N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Caroline Kraus, Esq.	Copies to:
Goldman Sachs & Co. LLC	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	100 Oliver Street
	40th Floor
	Boston, MA 02110-2605

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: December 31

Date of reporting period: June 30, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2018
	Fund of Funds Portfolios
	Balanced Strategy
	Equity Growth Strategy
	Growth and Income Strategy
	Growth Strategy
	Satellite Strategies

Goldman Sachs Fund of Funds Portfolios

∎ BALANCED STRATEGY

∎ EQUITY GROWTH STRATEGY

∎ GROWTH AND INCOME STRATEGY

∎ GROWTH STRATEGY

∎ SATELLITE STRATEGIES

TABLE OF CONTENTS
Market Review	1
Investment Process	3
Portfolio Management Discussions and Performance Summaries	5
Index Definitions	32
Schedules of Investments	33
Financial Statements	48
Financial Highlights	55
Notes to Financial Statements	95
Other Information	119

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Fund of Funds Portfolios

Market Review

The capital markets were influenced most during the six months ended June 30, 2018 (the “Reporting Period”) by economic data, central bank monetary policy, higher commodity prices and geopolitical events.

In the first quarter of 2018, when the Reporting Period began, global equity markets experienced their first pullback after rallying for eight consecutive calendar quarters. Global equity prices peaked during the last week of January 2018 before retreating on news of stronger than consensus expected U.S. wage growth data in early February. In addition to the wage growth data, which led investors to anticipate a faster pace of Federal Reserve (“Fed”) interest rate hikes, rising concerns about potential trade protectionism and worsening market sentiment about U.S. information technology stocks weighed on global equity prices. In the second half of March 2018, U.S. information technology stocks sold off due to investor concerns about data privacy. During the first calendar quarter overall, macroeconomic data moderated in the developed markets, particularly in Europe and Japan. Emerging markets equities generally outperformed their developed markets peers because of what many considered to be attractive valuations and because of the comparatively stronger economic data within emerging markets countries as well as higher commodity prices. In the fixed income markets, the 10-year U.S. Treasury yield rose during the first quarter of 2018, driven by the Fed’s decision to raise interest rates at its March policy meeting as well as by a modest pickup in inflation and a higher than expected U.S. fiscal deficit. The outcome of the Fed’s policy meeting was generally considered dovish by investors but was also in line with market expectations. (Dovish tends to imply lower interest rates.) The U.S. dollar weakened relative to other major developed markets currencies during the first calendar quarter.

During the second quarter of 2018, developed markets equities generated positive returns, while emerging markets equities experienced broad-based weakness. Two major themes were at play: 1) divergence between U.S. economic growth compared to that of the rest of the world, and 2) continued escalation of trade tensions. Within developed markets, U.S., U.K., European and Japanese equities rallied. U.K. export-driven stocks, in particular, benefited strongly from the depreciation of the British pound versus other major currencies. Meanwhile, emerging markets equities substantially underperformed developed markets stocks, as emerging markets’ economic growth slowed and disputes between the U.S. and China about trade tariffs soured investors’ appetite for emerging markets assets in general. Broad-based selling within the global equity markets also contributed to the weakness of emerging markets stocks. Within fixed income, the 10-year U.S. Treasury yield rose, as U.S. macroeconomic data remained relatively strong, inflation increased and oil prices rose. The U.S. dollar strengthened against major currencies, driven by comparatively better U.S. economic growth and tighter Fed monetary policy. The Mexican peso and euro were among those currencies experiencing some of the largest drops versus the U.S. dollar. Weakening appetite for emerging markets assets and the looming Mexican presidential election weighed on the Mexican peso, while slower Eurozone economic growth and a dovish European Central Bank pressured the euro. Meanwhile, moderating global economic growth and escalating trade tensions weighed on the prices of metals, such as copper, and the stronger U.S. dollar pushed down gold prices.

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MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we emphasized three macro themes. First, we expect to see divergence in the global economic expansion, with the U.S. and Japanese economies likely to surprise to the upside and European and Chinese economies more at risk. Second, we believe that shorter-term yields, which experienced a sharp rise in early 2018, may well be comparatively stable in the near term. Third, we think that, in the short term, the capital markets may experience temporary bouts of volatility. Accordingly, at the end of the Reporting Period, we believed the investing environment may favor a dynamic approach to asset allocation.

On the asset class level, we expect global equities to generate positive but moderate returns over the medium term. In our opinion, global equity performance may well be supported by continued economic expansion overall, corporate earnings growth and inexpensive valuations relative to macroeconomic conditions, though we believe valuations are likely to remain high in absolute terms. Regarding fixed income, we were bearish on government bonds at the end of the Reporting Period, as the Fed is likely, in our view, to raise interest rates faster than the markets seem to expect. At the end of the Reporting Period, we thought credit spreads were at reasonable levels relative to macroeconomic conditions. However, we plan to monitor them because we believe the corporate bond market may be approaching the point in the economic cycle when credit spreads historically start to widen. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.) At the end of the Reporting Period, we were bullish on emerging markets assets overall for the medium term. Emerging economies outside of China are generally earlier in their economic cycle than developed market economies, which enables us to remain confident about a widening gap between the economic growth trajectories of emerging and developed markets. However, given the rise in market volatility during the Reporting Period and the increased frequency of political shocks, we have become more cautious about the performance of emerging markets assets for the near term.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

What Differentiates Goldman Sachs’

Approach to Asset Allocation?

We believe that strong investment results through asset allocation are best achieved through teams of experts working together on a global scale:

∎ Goldman Sachs’ Global Portfolio Solutions Group determines the strategic and tactical asset allocations. The team is comprised of over 135* professionals with significant academic and practitioner experience.

∎ Goldman Sachs’ Portfolio Management Teams offer expert management of the mutual funds that are contained within each Portfolio. These same teams manage portfolios for institutional and high net worth investors.

Goldman Sachs Asset Allocation Investment Process

Global Portfolio Solutions Group

Each Portfolio represents a diversified global portfolio on the efficient frontier.† The Portfolios differ in their long-term objective, and therefore, their asset allocation mix. The long-term strategic asset allocation is the primary source of risk and the corresponding primary determinant of total return. It therefore represents an anchor, or neutral starting point, from which tactical asset allocation decisions are made.

Global Portfolio Solutions Group

For each Portfolio, the long-term strategic asset allocation is adjusted through a tactical investment process that seeks to react to and capitalize on changes in the market, the economic cycle, and macroeconomic environment. Within each strategy, we shift assets away from the strategic allocation by over and underweighting certain asset classes and by taking long or short positions in specific sectors, regions and countries. Using a proprietary fundamental analysis and portfolio construction process, the team develops views based on its current market and economic outlook across asset classes like global developed equity, emerging market equity, investment grade and non-investment grade fixed income, and currency markets.

*As of June 2018.

†Portfolios on the efficient frontier are optimal in both the sense that they offer maximal expected return for some given level of risk and minimal risk for some given level of expected return. The efficient frontier is the line created from the risk-reward graph, comprised of optimal portfolios. The optimal portfolios plotted along the curve have the highest expected return possible for the given amount of risk.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Portfolio Management Teams

Each Portfolio is predominantly comprised of underlying Goldman Sachs funds managed by broad, deep portfolio management teams. In addition to global tactical asset allocation, we seek to generate excess returns through security selection within each underlying fund. Whether in the equity or fixed income arenas, these portfolio management teams share a commitment to firsthand fundamental research and seek performance driven by successful security selection.

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PORTFOLIO RESULTS

Fund of Funds Portfolios

Investment Objectives

The Goldman Sachs Balanced Strategy Portfolio seeks current income and long-term capital appreciation. The Goldman Sachs Equity Growth Strategy Portfolio seeks long-term capital appreciation. The Goldman Sachs Growth and Income Strategy Portfolio seeks long-term capital appreciation and current income. The Goldman Sachs Growth Strategy Portfolio seeks long-term capital appreciation and, secondarily, current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the performance and positioning of the Goldman Sachs Fund of Funds Portfolios — Asset Allocation (the “Portfolios”) for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Portfolios perform during the Reporting Period?

A Goldman Sachs Balanced Strategy Portfolio — During the Reporting Period, the Balanced Strategy Portfolio’s Class A, C, Institutional, Service, Investor, R and R6 Shares generated cumulative total returns of -2.26%, -2.70%, -2.08%, -2.38%, -2.15%, -2.30% and -2.07%, respectively. This compares to the -0.13% cumulative total return of the Portfolio’s blended benchmark, which is composed 60% of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) and 40% of the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI ACWI Index”), during the same period.

The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.07% and -0.43%, respectively, during the Reporting Period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Portfolio’s Class P Shares generated a cumulative total return of -2.23% compared to the 0.17% cumulative total return of the blended benchmark. The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.56% and -0.42%, respectively, during the same period.

Goldman Sachs Equity Growth Strategy Portfolio — During the Reporting Period, the Equity Growth Strategy Portfolio’s Class A, C, Institutional, Service, Investor, R and R6 Shares generated cumulative total returns of -0.58%, -0.94%, -0.37%, -0.64%, -0.48%, -0.70% and -0.37%, respectively. This compares to the -0.43% cumulative total return of the Portfolio’s benchmark, the MSCI ACWI Index, during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Portfolio’s Class P Shares generated a cumulative total return of -2.32% compared to the -0.42% cumulative total return of the Portfolio’s benchmark.

Goldman Sachs Growth and Income Strategy Portfolio — During the Reporting Period, the Growth and Income Strategy Portfolio’s Class A, C, Institutional, Service, Investor, R and R6 Shares generated cumulative total returns of -1.81%, -2.16%, -1.62%, -1.80%, -1.62%, -1.88% and -1.61%, respectively. This compares to the -0.23% cumulative total return of the Portfolio’s blended benchmark, which is composed 40% of the Bloomberg Barclays Global Index and 60% of the MSCI ACWI Index, during the same period.

The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.07% and -0.43%, respectively, during the Reporting Period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Portfolio’s Class P Shares generated a cumulative total return of -2.41% compared to the -0.03% cumulative total return of the blended benchmark. The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.23% and -1.57%, respectively, during the same period.

Goldman Sachs Growth Strategy Portfolio — During the Reporting Period, the Growth Strategy Portfolio’s Class A,

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PORTFOLIO RESULTS

C, Institutional, Service, Investor, R and R6 Shares generated cumulative total returns of -1.90%, -2.21%, -1.71%, -1.90%, -1.73%, -1.95% and -1.64%, respectively. This compares to the -0.33% cumulative total return of the Portfolio’s blended benchmark, which is composed 80% of the MSCI ACWI Index and 20% of the Bloomberg Barclays Global Index, during the same period.

The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.07% and -0.43%, respectively, during the Reporting Period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Portfolio’s Class P Shares generated a cumulative total return of -2.51% compared to the -0.22% cumulative total return of the blended benchmark. The components of the Portfolio’s blended benchmark, the Bloomberg Barclays Global Index and the MSCI ACWI Index, generated cumulative total returns of 0.23% and -1.57%, respectively, during the same period.

Q What key factors were responsible for the Portfolios’ performance during the Reporting Period?

A The Portfolios seek to achieve their respective investment objectives by investing mainly in a combination of underlying funds and exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”). Some of the Portfolios’ Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”); some of the underlying funds invest primarily in equity securities (the “Underlying Equity Funds”); and other underlying funds invest dynamically across equity, fixed income, commodity and other markets through a managed-volatility or trend-following approach (the “Underlying Dynamic Funds”).

Performance is driven by four sources of return: long-term strategic asset allocation, medium-term cycle-aware allocation, short-term tactical allocation and excess returns from investments in Underlying Funds. Strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including but not limited to, equity, interest rate, emerging markets, credit, momentum and active risk. The resulting strategic asset allocations are implemented using a range of bottom-up security selection strategies across equity, fixed income and dynamic asset classes, which may utilize fundamental or quantitative investment techniques. We then incorporate our medium-term cycle-aware views and short-term tactical views into the Portfolios in order to react to changes in the economic cycle and the markets, respectively. Each Portfolio’s positioning may therefore change over time based on medium- and short-term market views on dislocations and attractive investment opportunities. These views may impact the relative weighting across asset classes, the allocation to geographies, sectors and industries as well as the Portfolios’ duration and sensitivity to inflation. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.)

During the Reporting Period, the Portfolios generated negative returns on an absolute basis, with those having greater equity exposure producing less negative results. In addition, all four Portfolios generally underperformed their respective benchmark indices.* Overall, our medium-term cycle-aware views and short-term tactical decisions detracted from performance. The contribution from strategic asset allocation was mixed as was security selection within the Underlying Funds.

Our medium-term cycle-aware views detracted from the returns of all four Portfolios during the Reporting Period. Within equities, our view that the Portfolios should hold long positions in emerging markets equities versus developed markets equities hurt performance, as emerging market equities struggled on the back of a stronger U.S. dollar, higher U.S. interest rates and concerns around global trade policies. Within fixed income, we held the view that the Goldman Sachs Balanced Strategy Portfolio, the Goldman Sachs Growth and Income Strategy Portfolio and the Goldman Sachs Growth Strategy Portfolio should each have a short duration bias, which was expressed through a short position in long-maturity German government bonds and short positions in specific segments of the U.S. Treasury yield curve. (Yield curve is a spectrum of maturities. The Goldman Sachs Equity Growth Strategy Portfolio did not adopt any of our fixed income views as it is an all-equity portfolio.) The short position in long-maturity German government bonds added to the Portfolios’ performance early in the Reporting Period due to hawkish commentary from Germany’s central bank, but it detracted during the second

* As measured by Institutional Shares.

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PORTFOLIO RESULTS

half of the Reporting Period as Germany’s long-term interest rates fell in response to slower European economic growth, dovish European Central Bank monetary policy and political risk in Italy. (Hawkish tends to suggest higher interest rates; opposite of dovish.). A short position in the two-year segment of the U.S. Treasury yield curve contributed positively, partially offsetting these negative results. Elsewhere within fixed income, the Portfolios were hampered by their exposure to local emerging markets debt versus U.S. high yield corporate bonds. We established this positioning based on our view that credit spreads, which typically start to widen before an equity market peak, would be a headwind for U.S. high yield corporate bonds in the near term. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.) However, U.S. high yield corporate bonds outperformed local emerging markets debt during the Reporting Period, which hurt the Portfolios’ returns.

Our short-term tactical views, which seek to take advantage of what we consider short-term market mispricing, detracted overall from the performance of all four Portfolios. In terms of our country-specific views, however, the Goldman Sachs Equity Growth Strategy Portfolio experienced some positive results. Our view to hold long positions in certain developed markets stocks, including U.S. and Singaporean equities, and short positions in certain emerging markets stocks, such as South African and Mexican equities, added to the Portfolio’s performance. This was offset somewhat by the Portfolio’s long positions in emerging markets equities, which detracted, as emerging markets assets were broadly challenged during the second half of the Reporting Period.

The impact of security selection within the Underlying Funds was mixed during the Reporting Period. Security selection detracted from the returns of the Goldman Sachs Balanced Strategy Portfolio and the Goldman Sachs Growth and Income Strategy Portfolio but was the primary positive contributor to the performance of the Goldman Sachs Growth Strategy Portfolio and the Goldman Sachs Equity Growth Strategy Portfolio because of their relatively higher proportion of equity assets.

Our long-term, strategic asset allocation also had mixed results. While strategic asset allocation bolstered returns in the Goldman Sachs Equity Growth Strategy Portfolio, it detracted from the performance of the other three Portfolios during the Reporting Period.

Q How did the Portfolios’ Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A Among Underlying Fixed Income Funds, the Goldman Sachs Emerging Markets Debt Fund underperformed its benchmark index most during the Reporting Period. The Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund and the Goldman Sachs High Yield Floating Rate Fund also lagged their respective benchmark indices. Among Underlying Equity Funds, the Goldman Sachs Emerging Markets Equity Fund, the Goldman Sachs ActiveBeta Emerging Markets Equity ETF and the Goldman Sachs International Small Cap Insights Fund underperformed their respective benchmark indices. The Goldman Sachs Emerging Markets Equity Insights Fund outperformed its benchmark index. Among Underlying Funds that invest in real assets, the Goldman Sachs Real Estate Securities Fund outperformed its benchmark index and the Goldman Sachs Global Infrastructure Fund underperformed its benchmark index during the Reporting Period.

Q How did the Portfolios use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Portfolios used derivatives primarily to express medium-term cycle-aware views across equities and fixed income. The Goldman Sachs Equity Growth Strategy Portfolio was the only Portfolio to use derivatives to express our short-term tactical views across developed and emerging markets equities. The Goldman Sachs Balanced Strategy Portfolio, the Goldman Sachs Growth and Income Strategy Portfolio and the Goldman Sachs Growth Strategy Portfolio used a single implementation vehicle to express our short-term tactical views — the Goldman Sachs Tactical Exposure Fund (the “Underlying Tactical Fund”).

Within equities, the Goldman Sachs Equity Growth Strategy Portfolio employed equity index futures to establish tactical short positions in Australian equities and U.K. large cap equities (both had a negative impact) and in Mexican equities and South African equities (both had a positive impact). In addition, the Portfolios used equity index futures to establish a tactical long position in Singaporean equities (positive impact) and tactical long positions in emerging markets equities broadly, European high-dividend equities, Chinese onshore-listed equities, South Korean equities and Japanese equities (all four had a negative impact). The Goldman Sachs Equity Growth Strategy Portfolio also employed equity index

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PORTFOLIO RESULTS

options on U.S. equities (positive impact), European equities (negative impact) and Japanese equities (positive impact).

Within fixed income, the Goldman Sachs Balanced Strategy Portfolio, the Goldman Sachs Growth and Income Strategy Portfolio and the Goldman Sachs Growth Strategy Portfolio used interest rate futures to express our medium-term cycle-aware views on the U.S. Treasury yield curve (positive impact) and on long-term German interest rates (negative impact). (The Goldman Sachs Equity Growth Strategy Portfolio did not adopt any of our fixed income views as it is an all-equity portfolio.)

During the Reporting Period overall, some of the Portfolios’ Underlying Funds, including the Underlying Tactical Fund, used derivatives to apply their active investment views with greater versatility and potentially to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes.

Q What changes did you make during the Reporting Period within the Portfolios?

A In May 2018, we made changes to the strategic allocations of three of the four Portfolios — the Goldman Sachs Balanced Strategy Portfolio, the Goldman Sachs Growth and Income Strategy Portfolio and the Goldman Sachs Growth Strategy Portfolio. Specifically, we added strategic allocations to the Goldman Sachs Access Investment Grade Corporate Bond ETF and the Goldman Sachs Access High Yield Corporate Bond ETF. Additionally, we added strategic allocations to a volatility selling strategy. (Our volatility selling strategy seeks to benefit from the difference between implied volatility (i.e., expectations of future volatility) and realized volatility (i.e., historical volatility) in equity markets.) In addition, we implemented a foreign currency hedging strategy, which seeks to manage the risk associated with investing in non-U.S. currencies.

Q Were there any changes to the Portfolios’ portfolio management team during the Reporting Period?

A Effective June 21, 2018, Edward J. Tostanoski III no longer served as a portfolio manager of the Portfolios. By design, all investment decisions for the Portfolios are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Portfolios. At the end of the Reporting Period, the portfolio managers for the Portfolios were Raymond Chan and Christopher Lvoff.

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FUND BASICS

Balanced Strategy

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018– June 30, 2018	Portfolio Total Return (based on NAV)1			Balanced Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		-2.26	%		-0.13	%		0.07	%		-0.43	%
Class C		-2.70			-0.13			0.07			-0.43
Institutional		-2.08			-0.13			0.07			-0.43
Service		-2.38			-0.13			0.07			-0.43
Investor		-2.15			-0.13			0.07			-0.43
Class R		-2.30			-0.13			0.07			-0.43
Class R6		-2.07			-0.13			0.07			-0.43
April 17, 2018– June 30, 2018
Class P		-2.23	%		0.17	%		0.56	%		-0.42	%

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

²  The Balanced Strategy Composite Index (“Balanced Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (60%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (40%). The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

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

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FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year	Five Years			Ten Years			Since Inception			Inception Date
Class A	-2.45%		3.27	%		3.16	%		4.10	%	1/2/98
Class C	1.33		3.65			2.97			3.62		1/2/98
Institutional	3.64		4.85			4.17			4.81		1/2/98
Service	3.07		4.49			3.72			4.33		1/2/98
Investor	3.40		4.70			3.99			3.44		11/30/07
Class P	N/A		N/A			N/A			-2.23		4/17/18
Class R	3.00		4.23			3.52			2.97		11/30/07
Class R6	3.56		N/A			N/A			4.24		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.28	%		1.34	%
Class C		2.03			2.09
Institutional		0.89			0.95
Service		1.39			1.45
Investor		1.03			1.09
Class P		0.88			0.94
Class R		1.53			1.59
Class R6		0.88			0.94

⁴ The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

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FUND BASICS

⁵  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁶  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2018. Actual Fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations.

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FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁷

Percentage of Net Assets

⁷  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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FUND BASICS

Equity Growth Strategy

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Portfolio Total Return (based on NAV)1			MSCI® ACWI Index2
Class A		-0.58	%		-0.43	%
Class C		-0.94			-0.43
Institutional		-0.37			-0.43
Service		-0.64			-0.43
Investor		-0.48			-0.43
Class R		-0.70			-0.43
Class R6		-0.37			-0.43
April 17, 2018–June 30, 2018
Class P		-2.32	%		-0.42	%

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

²  The Portfolio’s benchmark is the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”). The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

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

13

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.62	%		8.79	%		4.94	%		5.07	%	1/2/98
Class C		9.88			9.22			4.74			4.58		1/2/98
Institutional		12.22			10.49			5.95			5.76		1/2/98
Service		11.62			9.92			5.41			5.25		1/2/98
Investor		11.96			10.31			5.79			4.36		11/30/07
Class P		N/A			N/A			N/A			-2.32		4/17/18
Class R		11.44			9.76			5.31			3.88		11/30/07
Class R6		12.20			N/A			N/A			9.33		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.32	%
Class C		1.98			2.07
Institutional		0.84			0.93
Service		1.34			1.43
Investor		0.98			1.07
Class P		0.83			0.92
Class R		1.48			1.57
Class R6		0.83			0.92

⁴ The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

14

FUND BASICS

⁵ Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁶ Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2018. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

15

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁷

Percentage of Net Assets

⁷  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

16

FUND BASICS

Growth and Income Strategy

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018– June 30 2018	Portfolio Total Return (based on NAV)1			Growth and Income Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		-1.81	%		-0.23	%		0.07	%		-0.43	%
Class C		-2.16			-0.23			0.07			-0.43
Institutional		-1.62			-0.23			0.07			-0.43
Service		-1.80			-0.23			0.07			-0.43
Investor		-1.62			-0.23			0.07			-0.43
Class R		-1.88			-0.23			0.07			-0.43
Class R6		-1.61			-0.23			0.07			-0.43
April 17, 2018– June 30, 2018
Class P		-2.41	%		-0.03	%		0.23	%		-1.57	%

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

²  The Growth and Income Strategy Composite Index (“Growth and Income Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth and Income Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (40%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (60%). The Growth and Income Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

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

17

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.23	%		5.05	%		3.68	%		4.58	%	1/2/98
Class C		4.20			5.45			3.48			4.08		1/2/98
Institutional		6.46			6.66			4.67			5.28		1/2/98
Service		5.96			6.14			4.16			4.76		1/2/98
Investor		6.38			6.53			4.50			3.52		11/30/07
Class P		N/A			N/A			N/A			-2.41		4/17/18
Class R		5.76			5.97			4.01			3.02		11/30/07
Class R6		6.48			N/A			N/A			5.93		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.29	%
Class C		2.00			2.04
Institutional		0.86			0.90
Service		1.36			1.40
Investor		1.00			1.04
Class P		0.85			0.89
Class R		1.50			1.54
Class R6		0.85			0.89

⁴ The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

18

FUND BASICS

⁵  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁶ Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2018. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

19

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁷

Percentage of Net Assets

⁷  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

20

FUND BASICS

Growth Strategy

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018– June 30, 2018	Portfolio Total Return (based on NAV)1			Growth Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		-1.90	%		-0.33	%		0.07	%		-0.43	%
Class C		-2.21			-0.33			0.07			-0.43
Institutional		-1.71			-0.33			0.07			-0.43
Service		-1.90			-0.33			0.07			-0.43
Investor		-1.73			-0.33			0.07			-0.43
Class R		-1.95			-0.33			0.07			-0.43
Class R6		-1.64			-0.33			0.07			-0.43
April 17, 2018– June 30, 2018
Class P		-2.51	%		-0.22	%		0.23	%		-1.57	%

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

²  The Growth Strategy Composite Index (“Growth Composite”) is a composite representation prepared by the Investment Advisor of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (20%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (80%). The Growth Strategy Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

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

21

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.37	%		6.72	%		3.95	%		4.56	%	1/2/98
Class C		6.44			7.13			3.76			4.07		1/2/98
Institutional		8.72			8.35			4.96			5.27		1/2/98
Service		8.21			7.83			4.45			4.75		1/2/98
Investor		8.59			8.20			4.81			3.57		11/30/07
Class P		N/A			N/A			N/A			-2.51		4/17/18
Class R		8.08			7.67			4.29			3.06		11/30/07
Class R6		8.70			N/A			N/A			7.33		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns 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.

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		1.31	%
Class C		2.01			2.06
Institutional		0.87			0.92
Service		1.37			1.42
Investor		1.01			1.06
Class P		0.86			0.91
Class R		1.51			1.56
Class R6		0.86			0.91

⁴ The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

22

FUND BASICS

⁵  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁶  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2018. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

23

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁷

Percentage of Net Assets

⁷  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

24

PORTFOLIO RESULTS

Goldman Sachs Satellite Strategies Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the performance and positioning of the Goldman Sachs Fund of Funds Portfolios — Satellite Strategies (the “Portfolio”) for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A, C, Institutional, Service, Investor, R and R6 Shares generated cumulative total returns of -3.81%, -4.08%, -3.64%, -3.75%, -3.71%, -3.83% and -3.51%, respectively. This compares to the -0.60% cumulative total return of the Portfolio’s blended benchmark, which is composed 40% of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays U.S. Index”), 30% of the Standard & Poor’s 500 Index (the “S&P 500^® Index”) and 30% of the MSCI EAFE Net Total Return Index (the “MSCI EAFE Index”), during the same period.

The components of the blended benchmark, the Bloomberg Barclays U.S. Index, the S&P 500^® Index and the MSCI EAFE Index, generated cumulative total returns of -1.62%, 2.65% and -3.36%, respectively, during the same period. The Portfolio’s former benchmark, the MSCI EAFE Index (Gross, USD, Unhedged), returned -2.37% during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Portfolio’s Class P Shares generated a cumulative total return of -3.33% compared to the -0.84% cumulative total return of the blended benchmark. The components of the Portfolio’s blended benchmark, the Bloomberg Barclays U.S. Index, the S&P 500^® Index and the MSCI EAFE Index, generated cumulative total returns of -0.06%, 0.85% and -3.36%, respectively, during the same period. The MSCI EAFE Index (Gross, USD, Unhedged), returned -2.37% during the same period.

Q How did the various satellite asset classes perform during the Reporting Period?

A During the Reporting Period, satellite asset classes generated mixed results, with some posting positive absolute returns and others recording negative absolute returns. In addition, certain satellite asset classes outpaced traditional equity and fixed income asset classes, while others underperformed them.

Among real assets, global real estate securities, as represented by the FTSE EPRA/NAREIT Global Real Estate Index, produced a positive return of 0.53% during the Reporting Period. High demand and strong retail sales helped boost the performance of real estate investment trusts. Global real estate securities also outperformed international stocks, which returned -2.37%, as measured by the MSCI EAFE Index, but they underperformed U.S. stocks, as represented by the S&P 500^® Index, which returned 2.65% during the Reporting Period. Meanwhile, global infrastructure securities underperformed U.S. stocks, returning -0.82%, as measured by the Dow Jones Brookfield Global Infrastructure Index. Global infrastructure securities, which many investors consider proxies for fixed income because of their relatively high dividend yields, struggled during the Reporting Period as U.S. interest rates increased.

Among equity satellite asset classes, emerging markets stocks turned in the weakest results of the Reporting Period, returning -6.67%, as measured by the MSCI Emerging Markets Index. The negative performance was driven by a stronger U.S. dollar, prospects of a continued rise in U.S. interest rates and concerns around trade protectionism. These factors also had an adverse impact on international small-cap equities, which returned -1.33% during the Reporting Period, as measured by the MSCI EAFE Small Cap Index. Furthermore, while international small-cap stocks outperformed international large-cap stocks during the Reporting Period, they trailed U.S. large-cap stocks amid divergence between U.S. economic growth and that of the rest of the world.

25

PORTFOLIO RESULTS

Among fixed income satellite asset classes, U.S. high yield corporate bonds and leveraged loans outpaced the broad U.S. fixed income market, which generated -1.62%, as measured by the Bloomberg Barclays U.S. Index, during the Reporting Period. High yield corporate bonds were up 0.16% during the Reporting Period, as measured by the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Index. Leveraged loans, as represented by the Credit Suisse Leveraged Loan Index, produced a gain of 2.38% during the Reporting Period. Leveraged loans tend to perform well in rising interest rate environments because they are floating rate securities and their coupon rates reset regularly to reflect current interest rates. On the negative side, U.S. dollar-denominated emerging markets debt, as represented by the J.P. Morgan Emerging Market Bond Index — Global Diversified Index, and local emerging markets debt, as measured by the J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index, were down -5.23% and -6.44%, respectively, during the Reporting Period. Concerns about trade protectionism and a stronger U.S. dollar weighed on both of these satellite asset classes.

Q What key factors were responsible for the Portfolio’s performance during the Reporting Period?

A The Portfolio seeks to achieve its investment objective by investing mainly in a combination of underlying funds and exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”). Some of the Portfolio’s Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), and some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”).

The Portfolio’s performance is driven by four sources of return: long-term strategic asset allocation, medium-term cycle-aware allocation, short-term tactical allocation and excess returns from investments in Underlying Funds. Strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including but not limited to, equity, interest rate, emerging markets, credit, momentum and active risk. We apply a factor-based risk budgeting approach to develop a strategic allocation across the satellite asset classes included in the Portfolio. Our model focuses on broad asset classes, such as emerging markets, high yield credit and real assets. We then incorporate our medium-term cycle-aware views into the Portfolio in order to react to changes in the economic cycle. The Portfolio’s positioning may therefore change over time based on our medium-term cycle-aware views of attractive investment opportunities. These views may impact relative weighting across asset classes, the allocation to geographies, sectors and industries as well as the Portfolio’s duration and sensitivity to inflation. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.)

Overall, during the Reporting Period, our strategic asset allocation had a negative impact on the Portfolio’s results. Medium-term cycle-aware allocation also detracted from returns as did security selection within the Underlying Funds. Our short-term tactical allocation did not have a material impact on performance during the Reporting Period.

Strategic allocation detracted from the Portfolio’s returns during the Reporting Period. Among real asset classes, the Portfolio’s strategic allocation to global infrastructure securities, which are sensitive to interest rates, lagged the equity components of the blended benchmark as U.S. interest rates rose during the Reporting Period. This was offset somewhat by the Portfolio’s strategic allocation to global real estate securities, which outperformed the equity components of the blended benchmark amid strong demand for real estate and positive U.S. economic data. Within equities, the Portfolio was hampered by its strategic allocation to emerging markets equities, which were pressured by geopolitical risks and a stronger U.S. dollar. For similar reasons, within fixed income, the Portfolio was hurt by strategic allocations to local emerging markets debt and U.S. dollar-denominated emerging markets debt. This was offset somewhat by strategic allocations to U.S. high yield corporate bonds and leveraged loans, which outperformed the fixed income component of the blended benchmark as investors flocked to higher-yielding U.S. fixed income assets.

Our medium-term cycle-aware allocation further detracted from the Portfolio’s performance during the Reporting Period. Specifically, our view that the Portfolio be overweight global infrastructure securities versus global real estate securities hurt results, as global real estate securities outperformed global infrastructure securities during the Reporting Period. Within equities, our medium-term cycle-aware views, wherein the Portfolio was overweight emerging markets equities and international small-cap stocks, had a negative impact on performance.

Overall, security selection within the Underlying Funds dampened Portfolio returns, with underperformance concentrated in the Underlying Fixed Income Funds.

26

PORTFOLIO RESULTS

Q How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A Among Underlying Fixed Income Funds, the Goldman Sachs Emerging Markets Debt Fund underperformed its benchmark index most during the Reporting Period. The Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund and the Goldman Sachs High Yield Floating Rate Fund also lagged their respective benchmark indices. Among Underlying Equity Funds, the Goldman Sachs Emerging Markets Equity Fund, the Goldman Sachs ActiveBeta Emerging Markets Equity ETF and the Goldman Sachs International Small Cap Insights Fund underperformed their respective benchmark indices. The Goldman Sachs Emerging Markets Equity Insights Fund outperformed its benchmark index. Among Underlying Funds that invest in real assets, the Goldman Sachs Real Estate Securities Fund outperformed its benchmark index and the Goldman Sachs Global Infrastructure Fund underperformed its benchmark index during the Reporting Period.

Q How did the Portfolio use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Portfolio did not directly invest in derivatives. However, some of the Underlying Funds used derivatives to apply their active investment views with greater versatility and to potentially afford greater risk management precision. As market conditions warranted, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes.

Q What changes did you make during the Reporting Period within the Portfolio?

A We made three notable adjustments to the Portfolio’s allocations during the Reporting Period. First, we implemented a medium-term cycle-aware view that the Portfolio be overweight emerging markets equities by reducing exposure to global infrastructure securities. In our opinion, the growth trajectory of the emerging markets should widen relative to that of the developed markets over the medium term, and we believe that equities tend to benefit more from greater corporate growth than other asset classes. Meanwhile, we were anticipating the possibility of higher interest rates, leading to our decision to underweight global infrastructure securities.

Second, during March 2018, we implemented a medium-term cycle-aware view that the Portfolio be overweight global infrastructure securities by reducing exposure to global real estate securities. This was to express our positive view on energy master limited partnerships (“MLPs”), which had sold off following a surprise regulatory ruling from the Federal Energy Regulatory Commission. We considered the market reaction overly negative and took advantage of the selloff to add exposure to the Portfolio, as we thought energy MLPs had attractive fundamentals and strong dividend yields.

Third, in early May 2018, we changed our medium-term cycle-aware view that the Portfolio have a long position in U.S. high yield corporate debt versus local emerging markets debt to a view that it hold a long position in local emerging markets debt versus U.S. high yield corporate debt. This move reflected our belief that credit spreads, which typically start to widen before an equity market peak, would be a headwind for U.S. high yield corporate bonds in the near term. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.)

Q Were there any changes to the Portfolio’s portfolio management team during the Reporting Period?

A Effective June 21, 2018, Edward J. Tostanoski III no longer served as a portfolio manager of the Portfolio. By design, all investment decisions for the Portfolio are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Portfolio. At the end of the Reporting Period, the portfolio managers for the Portfolio were Raymond Chan and Christopher Lvoff.

27

FUND BASICS

Satellite Strategies Portfolio

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018– June 30, 2018	Fund Total Return (based on NAV)1			Satellite Strategies Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index			MSCI® EAFE® (Gross,  USD, Unhedged) Index			MSCI® EAFE® Net Total Return Index			S&P 500® Index
Class A		-3.81	%		-0.60	%		-1.62	%		-3.36	%		-2.37	%		2.65	%
Class C		-4.08			-0.60			-1.62			-3.36			-2.37			2.65
Institutional		-3.64			-0.60			-1.62			-3.36			-2.37			2.65
Service		-3.75			-0.60			-1.62			-3.36			-2.37			2.65
Investor		-3.71			-0.60			-1.62			-3.36			-2.37			2.65
Class R		-3.83			-0.60			-1.62			-3.36			-2.37			2.65
Class R6		-3.51			-0.60			-1.62			-3.36			-2.37			2.65
April 17, 2018– June 30, 2018
Class P		-3.33	%		-0.84	%		-0.06	%		-3.36	%		-2.37	%		0.85	%

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

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

28

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.97	%		2.37	%		1.07	%		1.46	%	3/30/07
Class C		0.99			2.78			0.89			1.21		3/30/07
Institutional		3.09			3.95			2.05			2.35		3/30/07
Service		2.55			3.44			N/A			2.43		8/29/08
Investor		2.93			3.79			1.90			1.78		11/30/07
Class P		N/A			N/A			N/A			-3.33		4/17/18
Class R		2.54			3.28			1.41			1.28		11/30/07
Class R6		3.10			N/A			N/A			4.13		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.37	%		1.41	%
Class C		2.12			2.16
Institutional		0.98			1.02
Service		1.48			1.52
Investor		1.12			1.16
Class P		0.97			1.01
Class R		1.62			1.66
Class R6		0.97			1.01

⁴  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

29

FUND BASICS

TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO⁵ AS OF 6/30/18

Percentage of Investment Portfolio

⁵  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2018. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

30

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁶

Percentage of Net Assets

⁶  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

31

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Index Definitions

Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, noninvestment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower.

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market.

FTSE EPRA/NAREIT Global Real Estate Index is a free-float adjusted, market capitalization-weighted index designed to track the performance of listed real estate companies in both developed and emerging countries worldwide. Constituents of the Index are screened on liquidity, size and revenue.

Dow Jones Brookfield Global Infrastructure Index intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business.

J.P. Morgan Emerging Market Bond Index – Global Diversified Index is an unmanaged index of external debt instruments of emerging countries. The index is positioned as the investable benchmark that includes only those countries that are accessible by most of the international investor base and is popular largely due to its diversification weighting scheme and country coverage.

J.P. Morgan Government Bond Index – Emerging Markets Global Diversified Index is an unmanaged index of debt instruments issued by emerging markets governments in local currency. As emerging markets look increasingly toward their domestic market for sources of finance, investors are looking more closely at local markets in search for higher yield and greater diversification.

MSCI EAFE Small Cap Index is an equity index that captures small-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 14% 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.

It is not possible to invest directly in an unmanaged index.

32

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 93.5%
Dynamic – 15.2%
	984,892	Goldman Sachs Alternative Premia Fund – Class R6	$	8,795,082
	1,887,218	Goldman Sachs Managed Futures Strategy Fund – Class R6		19,249,620
	5,347,757	Goldman Sachs Tactical Exposure Fund – Class R6		51,284,994
				79,329,696
Equity – 25.7%
	4,794,515	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		47,897,205
	2,007,989	Goldman Sachs International Equity Insights Fund – Class R6		26,786,568
	1,398,064	Goldman Sachs Global Real Estate Securities Fund – Class R6		14,777,532
	1,142,648	Goldman Sachs Global Infrastructure Fund – Class R6		12,020,652
	416,941	Goldman Sachs Large Cap Value Insights Fund – Class R6		9,126,847
	313,670	Goldman Sachs Small Cap Equity Insights Fund – Class R6		9,043,120
	245,861	Goldman Sachs Large Cap Growth Insights Fund – Class R6		8,078,992
	482,913	Goldman Sachs International Small Cap Insights Fund – Class R6		6,065,385
				133,796,301
Exchange Traded Funds – 16.4%
	607,802	Goldman Sachs Access Investment Grade Corporate Bond ETF		29,134,685
	382,232	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		20,927,202
	547,053	Goldman Sachs ActiveBeta International Equity ETF		16,072,417
	279,371	Goldman Sachs Access High Yield Corporate Bond ETF		13,475,935
	179,877	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		5,968,319
				85,578,558
Fixed Income – 36.2%
	9,366,241	Goldman Sachs Global Income Fund – Class R6		112,956,864
	3,567,052	Goldman Sachs Emerging Markets Debt Fund – Class R6		42,126,889
	3,416,483	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		19,815,600
	2,142,506	Goldman Sachs High Yield Fund – Class R6		13,562,061
				188,461,414
	TOTAL UNDERLYING FUNDS – 93.5%
	(Cost $504,710,507)		$	487,165,969
Shares		Distribution Rate	Value
Investment Company(a) – 3.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	19,465,467	1.869%	$	19,465,467
	(Cost $19,465,467)
	TOTAL INVESTMENTS – 97.2%
	(Cost $524,175,974)		$	506,631,436
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%			14,361,697
	NET ASSETS – 100.0%		$	520,993,133

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

Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	6,699,862	GBP	4,970,000	$	6,582,761		09/19/18	$	117,100
	USD	12,323,645	EUR	10,380,000		12,195,759		09/19/18		127,886
	USD	63,361	NZD	90,000		60,962		09/19/18		2,399
	USD	987,407	SEK	8,550,000		960,498		09/19/18		26,909
	USD	101,567	ILS	360,000		98,976		09/20/18		2,591
	USD	511,639	SGD	680,000		499,948		09/19/18		11,691
	USD	2,578,303	AUD	3,360,000		2,487,178		09/19/18		91,124
	USD	9,221,559	JPY	1,008,000,000		9,155,916		09/19/18		65,644
	USD	260,924	NOK	2,100,000		258,677		09/19/18		2,246
	USD	2,908,629	CHF	2,840,000		2,887,901		09/19/18		20,728
	USD	651,056	DKK	4,080,000		643,608		09/19/18		7,448
	USD	1,285,408	HKD	10,070,000		1,285,261		09/19/18		147
TOTAL									$	475,913

FUTURES CONTRACTS — At June 30, 2018, the Portfolio had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		198		09/21/18	$	26,943,840		$	(568,955	)
Short position contracts:
Eurodollars		(814	)	03/16/20		(197,435,700	)		1,961,919
Euro Buxl 30 Year Bonds		(85	)	09/06/18		(17,639,035	)		(258,569	)
Total								$	1,703,350
TOTAL								$	1,134,395

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	97.00		09/14/2020		81	$	202,500	$	78,468	$	72,075	$	6,393
Eurodollar Futures	97.00		06/15/2020		111		277,500		96,431		90,445		5,986
Eurodollar Futures	96.50		09/17/2018		87		217,500		227,287		223,139		4,148
Eurodollar Futures	96.50		03/18/2019		39		97,500		72,150		71,266		884
Eurodollar Futures	96.50		12/17/2018		35		87,500		75,250		74,456		794
Eurodollar Futures	97.00		09/17/2018		117		292,500		159,412		174,009		(14,597	)
Eurodollar Futures	97.38		09/17/2018		157		392,500		67,707		281,988		(214,281	)
Eurodollar Futures	97.25		12/17/2018		85		212,500		31,344		116,634		(85,290	)

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts (continued)
Calls (continued)
Eurodollar Futures	99.00		12/17/2018		2,824	$	7,060,000	$	17,651	$	218,324	$	(200,673	)
Eurodollar Futures	97.13		03/18/2019		222		555,000		106,837		407,663		(300,826	)
Eurodollar Futures	99.00		03/18/2019		2,098		5,245,000		13,112		214,646		(201,534	)
Eurodollar Futures	96.88		06/17/2019		289		722,500		236,619		544,807		(308,188	)
Eurodollar Futures	99.00		06/17/2019		1,149		2,872,500		7,181		146,279		(139,098	)
Eurodollar Futures	96.75		09/16/2019		286		715,000		289,575		633,649		(344,074	)
Eurodollar Futures	97.75		09/16/2019		119		297,500		19,338		58,900		(39,562	)
Eurodollar Futures	96.50		12/16/2019		172		430,000		251,550		334,861		(83,311	)
Eurodollar Futures	96.00		03/16/2020		101		252,500		258,182		258,184		(2	)
TOTAL						$	19,930,000	$	2,008,094	$	3,921,325	$	(1,913,231	)

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	2,800.00		08/31/2018		(2	)	$	(200	)	$	(4,360	)	$	(3,798	)	$	(562	)
S&P 500 Index	2,840.00		08/31/2018		(1	)		(100	)		(910	)		(1,849	)		939
S&P 500 Index	2,870.00		08/31/2018		(1	)		(100	)		(370	)		(1,739	)		1,369
S&P 500 Index	2,760.00		07/31/2018		(6	)		(600	)		(12,965	)		(12,965	)		—
S&P 500 Index	2,765.00		07/31/2018		(8	)		(800	)		(13,936	)		(18,110	)		4,174
S&P 500 Index	2,770.00		07/25/2018		(7	)		(700	)		(9,170	)		(8,959	)		(211	)
S&P 500 Index	2,770.00		07/31/2018		(6	)		(600	)		(9,717	)		(9,717	)		—
S&P 500 Index	2,775.00		07/31/2018		(6	)		(600	)		(9,261	)		(9,261	)		—
S&P 500 Index	2,780.00		07/31/2018		(6	)		(600	)		(7,544	)		(7,544	)		—
S&P 500 Index	2,790.00		07/03/2018		(7	)		(700	)		(70	)		(10,542	)		10,472
S&P 500 Index	2,795.00		07/31/2018		(1	)		(100	)		(720	)		(2,288	)		1,568
S&P 500 Index	2,800.00		07/31/2018		(2	)		(200	)		(1,400	)		(3,438	)		2,038
S&P 500 Index	2,805.00		07/18/2018		(7	)		(700	)		(1,400	)		(7,948	)		6,548
S&P 500 Index	2,815.00		07/31/2018		(3	)		(300	)		(1,800	)		(5,192	)		3,392
S&P 500 Index	2,825.00		07/11/2018		(7	)		(700	)		(210	)		(6,217	)		6,007
S&P 500 Index	2,845.00		07/31/2018		(1	)		(100	)		(140	)		(1,282	)		1,142
							$	(7,100	)	$	(73,973	)	$	(110,849	)	$	36,876
Puts
S&P 500 Index	2,650.00		08/31/2018		(2	)		(200	)		(7,380	)		(8,887	)		1,507
S&P 500 Index	2,700.00		08/31/2018		(1	)		(100	)		(4,380	)		(3,180	)		(1,200	)
S&P 500 Index	2,730.00		08/31/2018		(1	)		(100	)		(5,580	)		(3,739	)		(1,841	)
S&P 500 Index	2,590.00		07/31/2018		(1	)		(100	)		(920	)		(2,854	)		1,934
S&P 500 Index	2,625.00		07/31/2018		(2	)		(200	)		(2,950	)		(5,117	)		2,167
S&P 500 Index	2,645.00		07/31/2018		(1	)		(100	)		(1,567	)		(3,299	)		1,732
S&P 500 Index	2,650.00		07/31/2018		(6	)		(600	)		(11,090	)		(11,090	)		—
S&P 500 Index	2,655.00		07/31/2018		(6	)		(600	)		(11,607	)		(11,607	)		—
S&P 500 Index	2,660.00		07/31/2018		(6	)		(600	)		(11,895	)		(11,895	)		—
S&P 500 Index	2,665.00		07/31/2018		(6	)		(600	)		(12,821	)		(12,821	)		—
S&P 500 Index	2,670.00		07/31/2018		(8	)		(800	)		(18,264	)		(19,345	)		1,081
S&P 500 Index	2,675.00		07/25/2018		(7	)		(700	)		(13,090	)		(21,070	)		7,980

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)
Puts (continued)
S&P 500 Index	2,700.00		07/31/2018		(2	)	$	(200	)	$	(5,000	)	$	(4,525	)	$	(475	)
S&P 500 Index	2,715.00		07/03/2018		(7	)		(700	)		(6,930	)		(8,361	)		1,431
S&P 500 Index	2,720.00		07/31/2018		(1	)		(100	)		(3,650	)		(2,136	)		(1,514	)
S&P 500 Index	2,725.00		07/18/2018		(7	)		(700	)		(16,730	)		(10,818	)		(5,912	)
S&P 500 Index	2,745.00		07/31/2018		(1	)		(100	)		(3,663	)		(2,609	)		(1,054	)
S&P 500 Index	2,755.00		07/11/2018		(7	)		(700	)		(22,435	)		(12,965	)		(9,470	)
					(72	)	$	(7,200	)	$	(159,952	)	$	(156,318	)	$	(3,634	)
TOTAL							$	(14,300	)	$	(233,925	)	$	(267,167	)	$	33,242

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 95.0%
Equity – 72.9%
	6,150,779	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6	$	61,446,281
	3,629,094	Goldman Sachs International Equity Insights Fund – Class R6		48,412,117
	1,262,417	Goldman Sachs Large Cap Growth Insights Fund – Class R6		41,483,013
	1,861,229	Goldman Sachs Large Cap Value Insights Fund – Class R6		40,742,313
	2,095,796	Goldman Sachs Global Real Estate Securities Fund – Class R6		22,152,562
	701,439	Goldman Sachs Small Cap Equity Insights Fund – Class R6		20,222,476
	979,831	Goldman Sachs International Small Cap Insights Fund – Class R6		12,306,676
				246,765,438
Exchange Traded Funds – 22.1%
	595,100	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		32,581,725
	690,133	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		22,898,613
	657,245	Goldman Sachs ActiveBeta International Equity ETF		19,309,858
				74,790,196
	TOTAL UNDERLYING FUNDS – 95.0%
	(Cost $274,614,540)		$	321,555,634
Shares		Distribution Rate	Value
Investment Company(a) – 2.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,748,819	1.869%	$	9,748,819
	(Cost $9,748,819)
	TOTAL INVESTMENTS – 97.9%
	(Cost $284,363,359)		$	331,304,453
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.1%			7,080,756
	NET ASSETS – 100.0%		$	338,385,209

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

Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Portfolio had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
DEDA Index — Euro Stoxx 50 Index		188			12/18/20	$	2,742,135		$	(75,329	)
FTSE China A50 Index		82			07/30/18		945,460			(40,020	)
Kospi 200 Index		26			09/13/18		1,749,664			(105,331	)
Mini MSCI EAFE Index		13			09/21/18		1,271,010			(36,324	)
MSCI Emerging Markets Index		27			09/21/18		1,435,455			(115,818	)
S&P 500 E-Mini Index		113			09/21/18		15,377,040			(321,030	)
Topix Index		16			09/13/18		2,500,835			(59,723	)
Total									$	(753,575	)
Short position contracts:
Euro Stoxx 50 Index		(18	)		09/21/18		(712,802	)		10,844
TOTAL									$	(742,731	)

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Portfolio had the following written and purchased options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Puts
S&P 500 Flex Index	Barclays Bank PLC		2,757.23		07/18/2018		(6	)	$	(600	)	$	(29,775	)	$	(13,818	)	$	(15,957	)

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2018 (Unaudited)

Shares			Description		Value
Underlying Funds(a) – 92.8%
Dynamic – 15.2%
	10,063,340		Goldman Sachs Tactical Exposure Fund – Class R6		$	96,507,431
	2,534,076		Goldman Sachs Managed Futures Strategy Fund – Class R6			25,847,572
	2,873,248		Goldman Sachs Alternative Premia Fund – Class R6			25,658,102
						148,013,105
Equity – 43.2%
	12,328,504		Goldman Sachs Emerging Markets Equity Insights Fund – Class R6			123,161,757
	6,963,933		Goldman Sachs International Equity Insights Fund – Class R6			92,898,864
	2,228,199		Goldman Sachs Large Cap Value Insights Fund – Class R6			48,775,276
	1,433,098		Goldman Sachs Large Cap Growth Insights Fund – Class R6			47,091,587
	3,816,322		Goldman Sachs Global Real Estate Securities Fund – Class R6			40,338,524
	3,083,986		Goldman Sachs Global Infrastructure Fund – Class R6			32,443,528
	742,359		Goldman Sachs Small Cap Equity Insights Fund – Class R6			21,402,201
	1,128,916		Goldman Sachs International Small Cap Insights Fund – Class R6			14,179,181
						420,290,918
Exchange Traded Funds – 18.0%
	1,270,813		Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF			69,577,012
	1,732,705		Goldman Sachs ActiveBeta International Equity ETF			50,906,873
	750,697		Goldman Sachs ActiveBeta Emerging Markets Equity ETF			24,908,126
	417,545		Goldman Sachs Access Investment Grade Corporate Bond ETF			20,014,811
	207,275		Goldman Sachs Access High Yield Corporate Bond ETF			9,998,262
						175,405,084
Fixed Income – 16.4%
	6,834,015		Goldman Sachs Global Income Fund – Class R6			82,418,215
	4,061,581		Goldman Sachs Emerging Markets Debt Fund – Class R6			47,967,273
	3,238,779		Goldman Sachs Local Emerging Markets Debt Fund – Class R6			18,784,916
	1,747,737		Goldman Sachs High Yield Fund – Class R6			11,063,173
						160,233,577
	TOTAL UNDERLYING FUNDS – 92.8%
	(Cost $889,663,739)				$	903,942,684
Shares		Distribution Rate	Value
Investment Company(a) – 4.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
40,112,977		1.869%	$	40,112,977
(Cost $40,112,977)
TOTAL INVESTMENTS – 96.9%
(Cost $929,776,716)			$	944,055,661
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.1%				29,798,400
NET ASSETS – 100.0%			$	973,854,061

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

Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	5,125,911	AUD	6,680,000	$	4,944,748		09/19/18	$	181,164
	USD	515,635	NOK	4,150,000		511,195		09/19/18		4,439
	USD	18,333,339	JPY	2,004,000,000		18,202,832		09/19/18		130,506
	USD	5,786,533	CHF	5,650,000		5,745,295		09/19/18		41,238
	USD	13,312,099	GBP	9,875,000		13,079,430		09/19/18		232,669
	USD	24,504,819	EUR	20,640,000		24,250,526		09/19/18		254,294
	USD	126,722	NZD	180,000		121,924		09/19/18		4,798
	USD	1,957,491	SEK	16,950,000		1,904,145		09/19/18		53,346
	USD	1,292,537	DKK	8,100,000		1,277,752		09/19/18		14,785
	USD	191,849	ILS	680,000		186,954		09/20/18		4,895
	USD	1,015,754	SGD	1,350,000		992,544		09/19/18		23,210
	USD	2,554,221	HKD	20,010,000		2,553,931		09/19/18		290
TOTAL									$	945,634

FUTURES CONTRACTS — At June 30, 2018, the Portfolio had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		367			09/21/18	$	49,941,360		$	(1,054,561	)
Short position contracts:
Eurodollars		(1,911	)		03/16/20		(463,513,050	)		4,584,796
Euro Buxl 30 Year Bonds		(193	)		09/06/18		(40,050,986	)		(586,098	)
Total									$	3,998,698
TOTAL									$	2,944,137

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Portfolio had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	97.00		09/17/2018		374	$	935,000	$	509,575	$	541,630	$	(32,055	)
Eurodollar Futures	97.38		09/17/2018		263		657,500		113,419		542,608		(429,189	)
Eurodollar Futures	97.25		12/17/2018		111		277,500		40,931		179,244		(138,313	)
Eurodollar Futures	99.00		12/17/2018		5,800		14,500,000		36,250		448,398		(412,148	)
Eurodollar Futures	97.13		03/18/2019		519		1,297,500		249,769		965,751		(715,982	)
Eurodollar Futures	99.00		03/18/2019		4,310		10,800,000		26,937		440,956		(414,019	)
Eurodollar Futures	96.88		06/17/2019		712		1,780,000		582,950		1,256,411		(673,461	)
Eurodollar Futures	97.00		06/15/2020		314		785,000		272,787		255,853		16,934

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts (continued)
Calls (continued)
Eurodollar Futures	99.00		06/17/2019		2,363	$	5,907,500	$	14,769	$	300,834	$	(286,065	)
Eurodollar Futures	96.75		09/16/2019		676		1,690,000		684,450		1,378,140		(693,690	)
Eurodollar Futures	96.50		12/17/2018		98		245,000		210,700		208,477		2,223
Eurodollar Futures	97.00		09/14/2020		230		575,000		222,813		204,659		18,154
Eurodollar Futures	96.50		03/18/2019		111		277,500		205,351		202,833		2,518
Eurodollar Futures	97.75		09/16/2019		155		387,500		25,187		97,233		(72,046	)
Eurodollar Futures	96.50		12/16/2019		417		1,042,500		609,862		737,629		(127,767	)
Eurodollar Futures	96.50		09/17/2018		247		617,500		645,288		633,511		11,777
Eurodollar Futures	96.00		03/16/2020		312		780,000		797,550		782,461		15,089
TOTAL					17,012	$	42,555,000	$	5,248,588	$	9,176,628	$	(3,928,040	)

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	2,800.00		08/31/2018		(5	)	$	(500	)	$	(10,900	)	$	(9,494	)	$	(1,406	)
S&P 500 Index	2,790.00		07/03/2018		(18	)		(1,800	)		(180	)		(27,107	)		26,927
S&P 500 Index	2,830.00		08/31/2018		(1	)		(100	)		(1,220	)		(2,579	)		1,359
S&P 500 Index	2,840.00		08/31/2018		(3	)		(300	)		(2,730	)		(5,546	)		2,816
S&P 500 Index	2,870.00		08/31/2018		(2	)		(200	)		(740	)		(3,479	)		2,739
S&P 500 Index	2,780.00		07/31/2018		(15	)		(1,500	)		(18,860	)		(18,860	)		—
S&P 500 Index	2,770.00		07/31/2018		(15	)		(1,500	)		(24,293	)		(24,293	)		—
S&P 500 Index	2,765.00		07/31/2018		(21	)		(2,100	)		(36,582	)		(46,237	)		9,655
S&P 500 Index	2,760.00		07/31/2018		(15	)		(1,500	)		(32,413	)		(32,413	)		—
S&P 500 Index	2,770.00		07/25/2018		(18	)		(1,800	)		(23,580	)		(23,038	)		(542	)
S&P 500 Index	2,775.00		07/31/2018		(16	)		(1,600	)		(21,760	)		(24,679	)		2,919
S&P 500 Index	2,795.00		07/31/2018		(3	)		(300	)		(2,160	)		(6,864	)		4,704
S&P 500 Index	2,800.00		07/31/2018		(4	)		(400	)		(2,800	)		(6,877	)		4,077
S&P 500 Index	2,805.00		07/18/2018		(18	)		(1,800	)		(3,601	)		(20,438	)		16,837
S&P 500 Index	2,815.00		07/31/2018		(7	)		(700	)		(4,200	)		(12,276	)		8,076
S&P 500 Index	2,825.00		07/11/2018		(18	)		(1,800	)		(540	)		(15,987	)		15,447
S&P 500 Index	2,845.00		07/31/2018		(3	)		(300	)		(419	)		(3,845	)		3,426
					(182	)	$	(18,200	)	$	(186,978	)	$	(284,012	)	$	97,034
Puts
S&P 500 Index	2,650.00		08/31/2018		(5	)		(500	)		(18,450	)		(22,218	)		3,768
S&P 500 Index	2,660.00		07/31/2018		(15	)		(1,500	)		(29,736	)		(29,736	)		—
S&P 500 Index	2,650.00		07/31/2018		(15	)		(1,500	)		(27,726	)		(27,726	)		—
S&P 500 Index	2,655.00		07/31/2018		(15	)		(1,500	)		(29,019	)		(29,019	)		—
S&P 500 Index	2,665.00		07/31/2018		(15	)		(1,500	)		(32,052	)		(32,052	)		—
S&P 500 Index	2,715.00		07/03/2018		(18	)		(1,800	)		(17,820	)		(21,500	)		3,680
S&P 500 Index	2,680.00		08/31/2018		(1	)		(100	)		(3,665	)		(3,389	)		(276	)
S&P 500 Index	2,700.00		08/31/2018		(3	)		(300	)		(13,140	)		(9,539	)		(3,601	)
S&P 500 Index	2,730.00		08/31/2018		(2	)		(200	)		(11,160	)		(7,479	)		(3,681	)
S&P 500 Index	2,590.00		07/31/2018		(1	)		(100	)		(920	)		(2,854	)		1,934

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)
Puts (continued)
S&P 500 Index	2,625.00		07/31/2018		(5	)	$	(500	)	$	(7,375	)	$	(12,792	)	$	5,417
S&P 500 Index	2,645.00		07/31/2018		(3	)		(300	)		(4,701	)		(9,897	)		5,196
S&P 500 Index	2,670.00		07/31/2018		(20	)		(2,000	)		(45,660	)		(48,137	)		2,477
S&P 500 Index	2,675.00		07/25/2018		(18	)		(1,800	)		(33,660	)		(54,178	)		20,518
S&P 500 Index	2,700.00		07/31/2018		(5	)		(500	)		(12,500	)		(11,312	)		(1,188	)
S&P 500 Index	2,720.00		07/31/2018		(2	)		(200	)		(7,300	)		(4,273	)		(3,027	)
S&P 500 Index	2,725.00		07/18/2018		(18	)		(1,800	)		(43,019	)		(27,817	)		(15,202	)
S&P 500 Index	2,745.00		07/31/2018		(3	)		(300	)		(10,989	)		(7,828	)		(3,161	)
S&P 500 Index	2,755.00		07/11/2018		(18	)		(1,800	)		(57,691	)		(33,339	)		(24,352	)
					(182	)	$	(18,200	)	$	(406,583	)	$	(395,085	)	$	(11,498	)
TOTAL					(364	)	$	(36,400	)	$	(593,561	)	$	(679,097	)	$	85,536

Abbreviations:

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.8%
Dynamic – 12.4%
	9,160,174	Goldman Sachs Tactical Exposure Fund – Class R6	$	87,846,070
	1,262,986	Goldman Sachs Alternative Premia Fund – Class R6		11,278,465
	1,029,733	Goldman Sachs Managed Futures Strategy Fund – Class R6		10,503,282
				109,627,817
Equity – 59.6%
	17,152,118	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		171,349,661
	6,870,993	Goldman Sachs International Equity Insights Fund – Class R6		91,659,043
	6,107,448	Goldman Sachs Global Real Estate Securities Fund – Class R6		64,555,727
	1,555,808	Goldman Sachs Large Cap Growth Insights Fund – Class R6		51,123,846
	2,314,458	Goldman Sachs Large Cap Value Insights Fund – Class R6		50,663,479
	1,513,503	Goldman Sachs Small Cap Equity Insights Fund – Class R6		43,634,282
	2,310,260	Goldman Sachs International Small Cap Insights Fund – Class R6		29,016,868
	2,352,575	Goldman Sachs Global Infrastructure Fund – Class R6		24,749,085
				526,751,991
Exchange Traded Funds – 19.0%
	1,296,813	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		71,000,512
	1,702,719	Goldman Sachs ActiveBeta International Equity ETF		50,025,884
	1,177,572	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		39,071,839
	165,161	Goldman Sachs Access High Yield Corporate Bond ETF		7,966,822
				168,065,057
Fixed Income – 3.8%
	1,617,562	Goldman Sachs Emerging Markets Debt Fund – Class R6		19,103,408
	1,296,804	Goldman Sachs High Yield Fund – Class R6		8,208,768
	1,141,047	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		6,618,075
				33,930,251
	TOTAL UNDERLYING FUNDS – 94.8%
	(Cost $793,573,038)		$	838,375,116
Shares		Distribution Rate	Value
Investment Company(a) – 2.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,390,064	1.869%	$	22,390,064
	(Cost $22,390,064)
	TOTAL INVESTMENTS – 97.4%
	(Cost $815,963,102)		$	860,765,180
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.6%			23,371,860
	NET ASSETS – 100.0%		$	884,137,040

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

Investment Abbreviations:
ETF	– Exchange Traded Fund

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	4,903,379	AUD	6,390,000	$	4,730,081		09/19/18	$	173,299
	USD	490,785	NOK	3,950,000		486,559		09/19/18		4,225
	USD	17,528,282	JPY	1,916,000,000		17,403,506		09/19/18		124,776
	USD	12,725,693	GBP	9,440,000		12,503,273		09/19/18		222,420
	USD	5,530,492	CHF	5,400,000		5,491,079		09/19/18		39,413
	USD	23,424,423	EUR	19,730,000		23,181,341		09/19/18		243,082
	USD	119,682	NZD	170,000		115,150		09/19/18		4,532
	USD	1,870,876	SEK	16,200,000		1,819,891		09/19/18		50,986
	USD	191,849	ILS	680,000		186,954		09/20/18		4,895
	USD	970,609	SGD	1,290,000		948,431		09/19/18		22,178
	USD	2,441,892	HKD	19,130,000		2,441,614		09/19/18		278
	USD	1,236,687	DKK	7,750,000		1,222,540		09/19/18		14,145
TOTAL									$	904,229

FUTURES CONTRACTS — At June 30, 2018, the Portfolio had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		336			09/21/18	$	45,722,880		$	(965,560	)
Short position contracts:
Euro Buxl 30 Year Bonds		(244	)		09/06/18		(50,634,407	)		(741,030	)
Eurodollars		(2,522	)		03/16/20		(611,711,100	)		6,084,420
Total									$	5,343,390
TOTAL FUTURES CONTRACTS									$	4,377,830

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures		97.00		09/14/2020		307	$	767,500	$	297,407	$	273,175	$	24,232
Eurodollar Futures		97.00		06/15/2020		419		1,047,500		364,007		341,410		22,597
Eurodollar Futures		96.50		09/17/2018		329		822,500		859,513		843,826		15,687
Eurodollar Futures		96.50		03/18/2019		149		372,500		275,650		272,271		3,379
Eurodollar Futures		96.50		12/17/2018		131		327,500		281,650		278,679		2,971
Eurodollar Futures		97.00		09/17/2018		383		957,500		521,837		566,338		(44,501	)
Eurodollar Futures		97.38		09/17/2018		364		910,000		156,975		756,816		(599,841	)
Eurodollar Futures		97.25		12/17/2018		333		832,500		122,794		734,294		(611,500	)

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts (continued)
Calls (continued)
Eurodollar Futures		99.00		12/17/2018		8,067	$	20,167,500	$	50,419	$	623,660	$	(573,241	)
Eurodollar Futures		97.13		03/18/2019		593		1,482,500		285,381		1,141,584		(856,203	)
Eurodollar Futures		99.00		03/18/2019		6,028		15,070,000		37,675		615,925		(578,250	)
Eurodollar Futures		96.88		06/17/2019		781		1,952,500		639,444		1,360,196		(720,752	)
Eurodollar Futures		99.00		06/17/2019		3,300		8,250,000		20,625		419,823		(399,198	)
Eurodollar Futures		96.75		09/16/2019		719		1,797,500		727,987		1,416,640		(688,653	)
Eurodollar Futures		97.75		09/16/2019		206		515,000		33,475		129,226		(95,751	)
Eurodollar Futures		96.50		12/16/2019		477		1,192,500		697,612		883,968		(186,356	)
Eurodollar Futures		96.00		03/16/2020		350		875,000		894,687		889,874		4,813
TOTAL						22,936	$	57,340,000	$	6,267,138	$	11,547,705	$	(5,280,567	)

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index		2,800.00		08/31/2018		(1	)	$	(100	)	$	(2,180	)	$	(1,899	)	$	(281	)
S&P 500 Index		2,840.00		08/31/2018		(1	)		(100	)		(910	)		(1,849	)		939
S&P 500 Index		2,760.00		07/31/2018		(3	)		(300	)		(6,483	)		(6,483	)		—
S&P 500 Index		2,765.00		07/31/2018		(5	)		(500	)		(8,710	)		(11,388	)		2,678
S&P 500 Index		2,770.00		07/25/2018		(4	)		(400	)		(5,240	)		(5,119	)		(121	)
S&P 500 Index		2,770.00		07/31/2018		(3	)		(300	)		(4,858	)		(4,858	)		—
S&P 500 Index		2,775.00		07/31/2018		(4	)		(400	)		(6,174	)		(6,174	)		—
S&P 500 Index		2,780.00		07/31/2018		(3	)		(300	)		(3,772	)		(3,772	)		—
S&P 500 Index		2,790.00		07/03/2018		(4	)		(400	)		(40	)		(6,024	)		5,984
S&P 500 Index		2,795.00		07/31/2018		(1	)		(100	)		(720	)		(2,288	)		1,568
S&P 500 Index		2,800.00		07/31/2018		(1	)		(100	)		(700	)		(1,719	)		1,019
S&P 500 Index		2,805.00		07/18/2018		(4	)		(400	)		(800	)		(4,542	)		3,742
S&P 500 Index		2,815.00		07/31/2018		(2	)		(200	)		(1,199	)		(3,301	)		2,102
S&P 500 Index		2,825.00		07/11/2018		(4	)		(400	)		(120	)		(3,552	)		3,432
S&P 500 Index		2,845.00		07/31/2018		(1	)		(100	)		(140	)		(1,282	)		1,142
S&P 500 Index		2,740.00		06/27/2018		(4	)		(400	)		—			(9,335	)		9,335
						(45	)	$	(4,500	)	$	(42,047	)	$	(73,585	)	$	31,539
Puts
S&P 500 Index		2,650.00		08/31/2018		(1	)		(100	)		(3,690	)		(4,444	)		754
S&P 500 Index		2,700.00		08/31/2018		(1	)		(100	)		(4,380	)		(3,180	)		(1,200	)
S&P 500 Index		2,625.00		07/31/2018		(1	)		(100	)		(1,475	)		(2,558	)		1,083
S&P 500 Index		2,645.00		07/31/2018		(1	)		(100	)		(1,567	)		(3,299	)		1,732
S&P 500 Index		2,650.00		07/31/2018		(3	)		(300	)		(5,545	)		(5,545	)		—
S&P 500 Index		2,655.00		07/31/2018		(3	)		(300	)		(5,804	)		(5,804	)		—
S&P 500 Index		2,660.00		07/31/2018		(3	)		(300	)		(5,947	)		(5,947	)		—
S&P 500 Index		2,665.00		07/31/2018		(3	)		(300	)		(6,410	)		(6,410	)		—
S&P 500 Index		2,670.00		07/31/2018		(5	)		(500	)		(11,415	)		(11,803	)		388
S&P 500 Index		2,675.00		07/25/2018		(4	)		(400	)		(7,481	)		(12,040	)		4,559
S&P 500 Index		2,700.00		07/31/2018		(1	)		(100	)		(2,500	)		(2,262	)		(238	)

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)
Puts (continued)
S&P 500 Index		2,715.00		07/03/2018		(4	)	$	(400	)	$	(3,960	)	$	(4,778	)	$	818
S&P 500 Index		2,725.00		07/18/2018		(4	)		(400	)		(9,560	)		(6,182	)		(3,378	)
S&P 500 Index		2,745.00		07/31/2018		(1	)		(100	)		(3,663	)		(2,609	)		(1,054	)
S&P 500 Index		2,755.00		07/11/2018		(4	)		(400	)		(12,820	)		(7,409	)		(5,411	)
						(39	)	$	(3,900	)	$	(86,216	)	$	(84,270	)	$	(1,947	)
TOTAL						(84	)	$	(8,400	)	$	(128,263	)	$	(157,855	)	$	29,592

Abbreviations:

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 98.6%
Equity – 55.6%
	9,084,705	Goldman Sachs Global Real Estate Securities Fund – Class R6	$	96,025,337
	7,163,275	Goldman Sachs Global Infrastructure Fund – Class R6		75,357,658
	5,467,652	Goldman Sachs International Small Cap Insights Fund – Class R6		68,673,712
	5,856,662	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		58,508,049
	1,253,652	Goldman Sachs Emerging Markets Equity Fund – Class R6		26,752,935
				325,317,691
Fixed Income – 38.9%
	8,011,623	Goldman Sachs Emerging Markets Debt Fund – Class R6		94,617,265
	8,681,029	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		50,349,969
	7,426,676	Goldman Sachs High Yield Fund – Class R6		47,010,862
	3,688,215	Goldman Sachs High Yield Floating Rate Fund – Class R6		35,406,865
				227,384,961
Exchange Traded Funds – 4.1%
	713,116	Goldman Sachs ActiveBeta Emerging Markets Equity ETF – Institutional Shares		23,661,189
	TOTAL UNDERLYING FUNDS – 98.6%
	(Cost $536,471,524)		$	576,363,841
Shares		Distribution Rate	Value
Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	194,613	1.869%	$	194,613
	(Cost $194,613)
	TOTAL INVESTMENTS – 98.6%
	(Cost $536,666,137)		$	576,558,454
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			8,151,868
	NET ASSETS – 100.0%		$	584,710,322

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

Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	Balanced Strategy Portfolio			Equity Growth Strategy Portfolio			Growth and Income Strategy Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $524,175,974, $284,363,359 and $929,776,716)	$	506,631,436		$	331,304,453		$	944,055,661
Purchased options (cost $3,921,325, $0 and $9,176,628)		2,008,094			—			5,248,588
Cash		8,535,062			5,581,650			15,897,573
Foreign currencies, at value (cost $17,938, $57,891 and $41,811, respectively)		24,851			56,197			45,107
Unrealized gain on forward foreign currency exchange contracts		475,913			—			945,634
Variation margin on futures		—			226,536			—
Receivables:
Collateral on certain derivative contracts(a)		4,091,771			1,922,796			9,828,000
Dividends		532,645			13,310			534,825
Portfolio shares sold		477,782			116,368			309,710
Investments sold		108,606			—			274,191
Other assets		69,951			68,375			73,243
Total assets		522,956,111			339,289,685			977,212,532
Liabilities:
Variation margin on futures		59,231			—			138,431
Written option contracts, at value (premium received $267,167, $13,818 and $679,097, respectively)		233,925			29,775			593,561
Payables:
Collateral on certain derivative contracts(b)		649,972			—			1,150,000
Investments purchased		532,645			13,310			534,825
Portfolio shares redeemed		140,221			588,441			239,903
Due to broker		85,427			—			227,024
Distribution and Service fees and Transfer Agency fees		85,217			116,647			209,887
Management fees		64,969			42,736			121,848
Payable to investment adviser		—			45,249			41,830
Accrued expenses		111,371			68,318			101,162
Total liabilities		1,962,978			904,476			3,358,471
Net Assets:
Paid-in capital		528,412,507			364,351,114			1,135,065,416
Undistributed net investment income		277,721			481,437			39,932
Accumulated net realized gain (loss)		10,110,210			(72,638,337	)		(175,580,795	)
Net unrealized gain (loss)		(17,807,305	)		46,190,995			14,329,508
NET ASSETS	$	520,993,133		$	338,385,209		$	973,854,061
Net Assets:
Class A	$	109,823,000		$	130,336,063		$	288,912,462
Class C		28,641,340			61,608,835			82,157,344
Institutional		315,897,555			15,392,746			377,389,641
Service		798,574			646,590			3,194,670
Investor		3,499,831			6,361,438			10,685,893
Class P		53,202,081			118,982,541			203,196,649
Class R		8,579,149			5,044,020			4,797,348
Class R6		551,603			12,976			3,520,054
Total Net Assets	$	520,993,133		$	338,385,209		$	973,854,061
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		9,772,979			6,959,598			21,395,472
Class C		2,549,271			3,453,957			6,226,441
Institutional		28,113,500			812,944			27,870,059
Service		70,271			34,702			237,188
Investor		312,727			344,034			795,148
Class P		4,733,721			6,270,611			15,012,620
Class R		766,317			271,797			357,933
Class R6		49,076			684			260,013
Net asset value, offering and redemption price per share:(c)
Class A		$11.24			$18.73			$13.50
Class C		11.24			17.84			13.19
Institutional		11.24			18.93			13.54
Service		11.36			18.63			13.47
Investor		11.19			18.49			13.44
Class P		11.24			18.97			13.54
Class R		11.20			18.56			13.40
Class R6		11.24			18.97			13.54

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

Fund	Futures		Options
Balanced Strategy	$	564,945	$	3,526,826
Equity Growth Strategy		1,277,834		644,962
Growth and Income Strategy		1,287,032		8,540,968

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

Fund	Forwards
Balanced Strategy	$	649,972
Growth and Income Strategy		1,150,000

(c) Maximum public offering price per share for Class A Shares of the Balanced Strategy, Equity Growth Strategy and Growth and Income Strategy is $11.89, $19.82 and $14.29, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $815,963,102 and $536,666,137)	$	860,765,180		$	576,558,454
Purchased options (cost $11,547,705 and $0)		6,267,138			—
Cash		14,448,961			8,159,431
Foreign currencies, at value (cost $56,688 and $0, respectively)		57,110			—
Unrealized gain on forward foreign currency exchange contracts		904,229			—
Variation margin on futures		—			—
Receivables:
Collateral on certain derivative contracts(a)		3,666,781			—
Dividends		192,019			1,049,215
Portfolio shares sold		281,535			467,543
Investments sold		58,869			—
Other assets		74,531			82,117
Total assets		886,716,353			586,316,760
Liabilities:
Variation margin on futures		183,960			—
Written option contracts, at value (premium received $157,855 and $0, respectively)		128,263			—
Payables:
Collateral on certain derivative contracts(b)		1,099,799			—
Investments purchased		192,019			1,049,489
Portfolio shares redeemed		447,858			334,561
Due to Broker		23,502			—
Distribution and Service fees and Transfer Agency fees		241,420			76,996
Management fees		111,272			61,667
Payable to investment adviser		39,112			18,440
Accrued expenses		112,108			65,285
Total liabilities		2,579,313			1,606,438
Net Assets:
Paid-in capital		1,006,136,422			595,197,515
Undistributed net investment income		2,153,847			191,276
Accumulated net realized gain (loss)		(168,989,578	)		(50,570,786	)
Net unrealized gain (loss)		44,836,349			39,892,317
NET ASSETS	$	884,137,040		$	584,710,322
Net Assets:
Class A	$	298,600,770		$	47,088,439
Class C		112,639,569			37,878,271
Institutional		280,490,413			414,060,491
Service		2,642,497			314,036
Investor		12,314,204			37,420,969
Class P		168,486,180			3,436,703
Class R		6,092,967			2,361,306
Class R6		2,870,440			42,150,107
Total Net Assets	$	884,137,040		$	584,710,322
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		19,221,819			5,855,062
Class C		7,284,207			4,735,869
Institutional		18,045,866			51,607,384
Service		170,844			39,118
Investor		803,977			4,663,363
Class P		10,830,208			427,808
Class R		403,067			294,965
Class R6		184,577			5,251,680
Net asset value, offering and redemption price per share:(c)
Class A		$15.53			$8.04
Class C		15.46			8.00
Institutional		15.54			8.02
Service		15.47			8.03
Investor		15.32			8.02
Class P		15.56			8.03
Class R		15.12			8.01
Class R6		15.55			8.03

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

Fund	Futures		Options
Growth Strategy	$	1,629,681	$	2,037,100

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

Fund	Forwards
Growth Strategy	$	1,099,799

(c) Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.43 and $8.51, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	Balanced Strategy Portfolio			Equity Growth Strategy Portfolio			Growth and Income Strategy Portfolio
Investment income:
Dividends from Affiliated Funds	$	3,900,188		$	1,393,258		$	6,641,056
Dividends — unaffiliated Funds		—			902			—
Interest		2,883			1,711			5,717
Total investment income		3,903,071			1,395,871			6,646,773
Expenses:
Management fees		402,996			270,084			744,175
Distribution and Service fees(a)		320,698			511,779			830,374
Transfer Agency fees(a)		217,420			219,688			477,632
Professional fees		22,194			21,801			38,958
Printing and mailing costs		15,453			19,000			32,053
Custody, accounting and administrative services		12,900			8,737			12,146
Trustee fees		9,203			9,049			9,706
Service Share fees — Service Plan		1,015			845			4,111
Service Share fees — Shareholder Administration Plan		1,015			845			4,111
Prime Broker Fees		175			—			348
Total expenses		1,003,069			1,061,828			2,153,614
Less — expense reductions		(48,402	)		(49,933	)		(72,010	)
Net expenses		954,667			1,011,895			2,081,604
NET INVESTMENT INCOME		2,948,404			383,976			4,565,169
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		5,146,607			9,993,995			17,930,673
Investments — unaffiliated funds		—			(968	)		—
Purchased options		(1,048,145	)		(101,338	)		(2,049,800	)
Futures contracts		1,102,885			833,890			2,024,437
Written options		263,959			165,570			650,876
Swap contracts		132			—			291
Forward foreign currency exchange contracts		194,970			—			370,804
Foreign currency transactions		15,114			3,968			47,734
Net change in unrealized gain (loss) on:
Affiliated Funds		(19,686,402	)		(11,979,101	)		(39,065,141	)
Investments — unaffiliated Funds		—			(7,728	)		—
Purchased options		(688,011	)		105,292			(1,260,795	)
Futures contracts		(665,668	)		(1,095,688	)		(1,043,058	)
Written options		33,242			(32,056	)		85,536
Forward foreign currency exchange contracts		475,913			—			945,634
Foreign currency translation		8,731			8,992			10,987
Net realized and unrealized loss		(14,846,673	)		(2,105,171	)		(21,351,822	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,898,269	)	$	(1,721,195	)	$	(16,786,653	)

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

	Distribution and/or Service Fees						Transfer Agency Fees
Portfolio	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Balanced Strategy	$	142,299	$	156,883	$	21,516	$	102,455	$	28,239	$	74,287	$	162	$	3,410	$	1,038	$	7,746	$	83
Equity Growth Strategy		168,529		329,684		13,566		121,341		59,343		26,395		135		5,279		2,309		4,884		2
Growth and Income Strategy		369,458		448,307		12,609		266,010		80,695		115,426		658		8,487		1,540		4,539		277

(b) Commenced operations April 17, 2018.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Investment income:
Dividends from Affiliated Underlying Funds	$	4,330,592		$	8,256,423
Interest		5,503			—
Total investment income		4,336,095			8,256,423
Expenses:
Management fees		685,243			395,730
Distribution and Service fees(a)		1,014,660			275,112
Transfer Agency fees(a)		497,189			221,116
Professional fees		25,391			37,681
Printing and mailing costs		63,475			50,811
Custody, accounting and administrative services		7,460			13,248
Trustee fees		9,632			9,583
Service Share fees — Service Plan		3,425			413
Service Share fees — Shareholder Administration Plan		3,425			413
Prime Broker Fees		333			—
Total expenses		2,310,233			1,004,107
Less — expense reductions		(86,679	)		(79,549	)
Net expenses		2,223,554			924,558
NET INVESTMENT INCOME		2,112,541			7,331,865
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		19,262,421			5,263,271
Purchased options		(3,096,730	)		—
Futures contracts		1,187,708			—
Written options		135,805			—
Swap contracts		268			—
Forward foreign currency exchange contracts		407,941			—
Foreign currency transactions		(8,667	)		—
Net change in unrealized gain (loss) on:
Affiliated Funds		(35,032,456	)		(35,920,616	)
Purchased options		(1,506,928	)		—
Futures contracts		(534,167	)		—
Written options		29,592			—
Forward foreign currency exchange contracts		904,229			—
Foreign currency translation		12,988			—
Net realized and unrealized loss		(18,237,996	)		(30,657,345	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,125,455	)	$	(23,325,480	)

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

	Distribution and/or Service Fees						Transfer Agency Fees
Portfolio	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Growth Strategy		385,728		613,358		15,574		277,724		110,405		89,840		548		11,317		1,279		5,607		469
Satellite Strategies		62,368		206,420		6,324		44,905		37,156		91,448		66		38,658		66		2,277		6,540

(b) Commenced operations April 17, 2018.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Balanced Strategy Portfolio						Equity Growth Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	2,948,404		$	8,256,157		$	383,976		$	3,326,307
Net realized gain		5,675,522			23,914,681			10,895,118			35,742,945
Net change in unrealized gain (loss)		(20,522,195	)		22,130,956			(13,000,289	)		41,703,446
Net increase (decrease) in net assets resulting from operations		(11,898,269	)		54,301,794			(1,721,195	)		80,772,698
Distributions to shareholders:
From net investment income
Class A Shares		(477,811	)		(2,796,031	)		—			(2,649,600	)
Class C Shares		(22,171	)		(526,244	)		—			(849,532	)
Institutional Shares		(2,103,564	)		(9,247,944	)		—			(3,558,755	)
Service Shares		(2,987	)		(18,323	)		—			(12,907	)
Investor Shares		(20,325	)		(108,353	)		—			(118,913	)
Class P Shares(a)		(203,449	)		—			—			—
Class R Shares		(27,009	)		(175,314	)		—			(110,002	)
Class R6 Shares		(3,455	)		(9,245	)		—			(275	)
From net realized gains
Class A Shares		—			(2,081,980	)		—			—
Class C Shares		—			(604,281	)		—			—
Institutional Shares		—			(5,837,964	)		—			—
Service Shares		—			(14,614	)		—			—
Investor Shares		—			(69,407	)		—			—
Class R Shares		—			(147,554	)		—			—
Class R6 Shares		—			(9,490	)		—			—
Total distributions to shareholders		(2,860,771	)		(21,646,744	)		—			(7,299,984	)
From share transactions:
Proceeds from sales of shares		134,774,509			150,772,289			142,305,844			47,255,994
Reinvestment of distributions		2,812,954			21,076,195			—			6,908,591
Cost of shares redeemed		(123,806,438	)		(156,751,124	)		(175,705,945	)		(80,953,284	)
Net increase (decrease) in net assets resulting from share transactions		13,781,025			15,097,360			(33,400,101	)		(26,788,699	)
TOTAL INCREASE (DECREASE)		(978,015	)		47,752,410			(35,121,296	)		46,684,015
Net assets:
Beginning of period		521,971,148			474,218,738			373,506,505			326,822,490
End of period	$	520,993,133		$	521,971,148		$	338,385,209		$	373,506,505
Undistributed net investment income	$	277,721		$	190,088		$	481,437		$	97,461

(a) Commenced operations April 17, 2018.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Growth and Income Strategy Portfolio						Growth Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	4,565,169		$	14,023,060		$	2,112,541		$	9,365,836
Net realized gain		18,975,015			63,058,176			17,888,746			82,969,769
Net change in unrealized gain (loss)		(40,326,837	)		63,551,569			(36,126,742	)		71,356,011
Net increase (decrease) in net assets resulting from operations		(16,786,653	)		140,632,805			(16,125,455	)		163,691,616
Distributions to shareholders:
From net investment income
Class A Shares		(1,282,611	)		(7,117,184	)		—			(7,343,791	)
Class C Shares		(57,899	)		(1,604,335	)		—			(1,941,823	)
Institutional Shares		(3,003,147	)		(15,064,907	)		—			(12,067,688	)
Service Shares		(12,438	)		(77,973	)		—			(66,907	)
Investor Shares		(57,327	)		(183,527	)		—			(211,478	)
Class P Shares(a)		(662,459	)		—			—			—
Class R Shares		(15,681	)		(117,611	)		—			(146,324	)
Class R6 Shares		(15,532	)		(1,994	)		—			(25,853	)
Total distributions to shareholders		(5,107,094	)		(24,167,531	)		—			(21,803,864	)
From share transactions:
Proceeds from sales of shares		289,624,771			165,939,453			230,347,600			146,419,550
Reinvestment of distributions		4,968,980			23,310,034			—			20,734,721
Cost of shares redeemed		(285,396,837	)		(209,763,801	)		(247,151,829	)		(181,982,948	)
Net increase (decrease) in net assets resulting from share transactions		9,196,914			(20,514,314	)		(16,804,229	)		(14,828,677	)
TOTAL INCREASE (DECREASE)		(12,696,833	)		95,950,960			(32,929,684	)		127,059,075
Net assets:
Beginning of period		986,550,894			890,599,934			917,066,724			790,007,649
End of period	$	973,854,061		$	986,550,894		$	884,137,040		$	917,066,724
Undistributed net investment income	$	39,932		$	581,857		$	2,153,847		$	41,306

(a) Commenced operations April 17, 2018.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	7,331,865		$	20,145,476
Net realized gain		5,263,271			57,640,869
Net change in unrealized gain (loss)		(35,920,616	)		20,156,478
Net increase (decrease) in net assets resulting from operations		(23,325,480	)		97,942,823
Distributions to shareholders:
From net investment income
Class A Shares		(520,023	)		(1,869,309	)
Class C Shares		(276,554	)		(1,157,089	)
Institutional Shares		(5,465,636	)		(18,281,836	)
Service Shares		(3,319	)		(11,501	)
Investor Shares		(476,132	)		(1,779,204	)
Class P Shares(a)		(25,902	)		—
Class R Shares		(23,418	)		(81,318	)
Class R6 Shares		(626,500	)		(1,442,350	)
Total distributions to shareholders		(7,417,484	)		(24,622,607	)
From share transactions:
Proceeds from sales of shares		76,515,344			108,035,680
Reinvestment of distributions		6,279,966			21,535,001
Cost of shares redeemed		(142,592,164	)		(271,166,567	)
Net decrease in net assets resulting from share transactions		(59,796,854	)		(141,595,886	)
TOTAL DECREASE		(90,539,818	)		(68,275,670	)
Net assets:
Beginning of period		675,250,140			743,525,810
End of period	$	584,710,322		$	675,250,140
Undistributed net investment income	$	191,276		$	276,895

(a) Commenced operations April 17, 2018.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.55		$	10.82		$	10.41		$	11.06		$	11.13		$	10.56
Net investment income (loss)(a)(b)		0.05			0.16			0.11			0.33			0.21			0.25
Net realized and unrealized gain (loss)		(0.31	)		1.05			0.41			(0.43	)		0.06			0.61
Total from investment operations		(0.26	)		1.21			0.52			(0.10	)		0.27			0.86
Distributions to shareholders from net investment income		(0.05	)		(0.27	)		(0.11	)		(0.38	)		(0.34	)		(0.29	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.17	)		—			—
Total distributions		(0.05	)		(0.48	)		(0.11	)		(0.55	)		(0.34	)		(0.29	)
Net asset value, end of period	$	11.24		$	11.55		$	10.82		$	10.41		$	11.06		$	11.13
Total return(c)		(2.26	)%		11.19	%		5.04	%		(0.90	)%		2.40	%		8.23	%
Net assets, end of period (in 000s)	$	109,823		$	119,662		$	129,445		$	146,047		$	173,813		$	186,034
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.62	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.68	%		0.67	%		0.65	%		0.66	%		0.65	%
Ratio of net investment income to average net assets(b)		0.87	%(e)		1.40	%		1.01	%		2.95	%		1.85	%		2.29	%
Portfolio turnover rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.55		$	10.82		$	10.41		$	11.07		$	11.13		$	10.56
Net investment income(a)(b)		0.01			0.07			0.03			0.24			0.12			0.17
Net realized and unrealized gain (loss)		(0.31	)		1.05			0.42			(0.43	)		0.07			0.61
Total from investment operations		(0.30	)		1.12			0.45			(0.19	)		0.19			0.78
Distributions to shareholders from net investment income		(0.01	)		(0.18	)		(0.04	)		(0.32	)		(0.25	)		(0.21	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.15	)		—			—
Total distributions		(0.01	)		(0.39	)		(0.04	)		(0.47	)		(0.25	)		(0.21	)
Net asset value, end of period	$	11.24		$	11.55		$	10.82		$	10.41		$	11.07		$	11.13
Total return(c)		(2.70	)%		10.30	%		4.24	%		(1.65	)%		1.71	%		7.42	%
Net assets, end of period (000s)	$	28,641		$	34,542		$	47,217		$	53,734		$	63,726		$	74,053
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.37	%		1.34	%		1.34	%		1.35	%		1.34	%
Ratio of total expenses to average net assets(d)		1.35	%(e)		1.42	%		1.42	%		1.40	%		1.41	%		1.40	%
Ratio of net investment income to average net assets(b)		0.10	%(e)		0.58	%		0.27	%		2.20	%		1.05	%		1.57	%
Portfolio Turnover Rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

	Goldman Sachs Balanced Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.55		$	10.82		$	10.42		$	11.07		$	11.13		$	10.56
Net investment income(a)(b)		0.07			0.21			0.16			0.39			0.25			0.33
Net realized and unrealized gain (loss)		(0.31	)		1.04			0.40			(0.44	)		0.07			0.58
Total from investment operations		(0.24	)		1.25			0.56			(0.05	)		0.32			0.91
Distributions to shareholders from net investment income		(0.07	)		(0.31	)		(0.16	)		(0.40	)		(0.38	)		(0.34	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.20	)		—			—
Total distributions		(0.07	)		(0.52	)		(0.16	)		(0.60	)		(0.38	)		(0.34	)
Net asset value, end of period	$	11.24		$	11.55		$	10.82		$	10.42		$	11.07		$	11.13
Total return(c)		(2.08	)%		11.63	%		5.36	%		(0.49	)%		2.90	%		8.67	%
Net assets, end of period (000s)	$	315,898		$	353,778		$	285,795		$	234,110		$	254,620		$	287,623
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.22	%		0.19	%		0.19	%		0.20	%		0.20	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.28	%		0.27	%		0.25	%		0.26	%		0.25	%
Ratio of net investment income to average net assets(b)		1.23	%(e)		1.85	%		1.46	%		3.48	%		2.22	%		2.99	%
Portfolio Turnover Rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.68		$	10.94		$	10.45		$	11.10		$	11.16		$	10.59
Net investment income(a)(b)		0.04			0.15			0.10			0.39			0.19			0.23
Net realized and unrealized gain (loss)		(0.32	)		1.06			0.49			(0.50	)		0.08			0.62
Total from investment operations		(0.28	)		1.21			0.59			(0.11	)		0.27			0.85
Distributions to shareholders from net investment income		(0.04	)		(0.26	)		(0.10	)		(0.36	)		(0.33	)		(0.28	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.18	)		—			—
Total distributions		(0.04	)		(0.47	)		(0.10	)		(0.54	)		(0.33	)		(0.28	)
Net asset value, end of period	$	11.36		$	11.68		$	10.94		$	10.45		$	11.10		$	11.16
Total return(c)		(2.38	)%		11.04	%		5.67	%		(0.99	)%		2.38	%		8.08	%
Net assets, end of period (000s)	$	799		$	833		$	831		$	967		$	1,391		$	1,736
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.72	%		0.69	%		0.69	%		0.70	%		0.69	%
Ratio of total expenses to average net assets(d)		0.71	%(e)		0.78	%		0.77	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets(b)		0.76	%(e)		1.31	%		0.93	%		3.47	%		1.65	%		2.14	%
Portfolio Turnover Rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

	Goldman Sachs Balanced Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.78		$	10.37		$	11.03		$	11.09		$	10.53
Net investment income(a)(b)		0.06			0.18			0.14			0.36			0.25			0.37
Net realized and unrealized gain (loss)		(0.31	)		1.05			0.41			(0.44	)		0.06			0.51
Total from investment operations		(0.25	)		1.23			0.55			(0.08	)		0.31			0.88
Distributions to shareholders from net investment income		(0.06	)		(0.30	)		(0.14	)		(0.39	)		(0.37	)		(0.32	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.19	)		—			—
Total distributions		(0.06	)		(0.51	)		(0.14	)		(0.58	)		(0.37	)		(0.32	)
Net asset value, end of period	$	11.19		$	11.50		$	10.78		$	10.37		$	11.03		$	11.09
Total return(c)		(2.15	)%		11.41	%		5.33	%		(0.73	)%		2.76	%		8.45	%
Net assets, end of period (in 000s)	$	3,500		$	3,976		$	4,810		$	4,555		$	4,980		$	3,938
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.37	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of gross expenses to average net assets(d)		0.35	%(e)		0.42	%		0.42	%		0.40	%		0.41	%		0.40	%
Ratio of net investment income to average net assets(b)		1.11	%(e)		1.60	%		1.30	%		3.29	%		2.23	%		3.37	%
Portfolio Turnover Rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class P Shares (a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	11.54
Net investment income(b)(c)		0.06
Net realized and unrealized loss		(0.32	)
Total from investment operations		(0.26	)
Distributions to shareholders from net investment income		(0.04	)
Total distributions		(0.04	)
Net asset value, end of period	$	11.24
Total return(d)		(2.23	)%
Net assets, end of period (in 000s)	$	53,202
Ratio of net expenses to average net assets(e)		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.18	%(f)
Ratio of net investment income to average net assets(c)		2.74	%(f)
Portfolio Turnover Rate(g)		35	%

(a) Commenced operations April 17, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

	Goldman Sachs Balanced Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.79		$	10.36		$	11.02		$	11.08		$	10.51
Net investment income(a)(b)		0.04			0.15			0.09			0.36			0.18			0.23
Net realized and unrealized gain (loss)		(0.30	)		1.02			0.43			(0.49	)		0.07			0.61
Total from investment operations		(0.26	)		1.17			0.52			(0.13	)		0.25			0.84
Distributions to shareholders from net investment income		(0.04	)		(0.25	)		(0.09	)		(0.34	)		(0.31	)		(0.27	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—			—			—
Distributions to shareholder from return of capital		—			—			—			(0.19	)		—			—
Total distributions		(0.04	)		(0.46	)		(0.09	)		(0.53	)		(0.31	)		(0.27	)
Net asset value, end of period	$	11.20		$	11.50		$	10.79		$	10.36		$	11.02		$	11.08
Total return(c)		(2.30	)%		10.81	%		5.02	%		(1.23	)%		2.25	%		8.00	%
Net assets, end of period (000s)	$	8,579		$	8,629		$	6,110		$	5,196		$	5,436		$	5,615
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.87	%		0.84	%		0.84	%		0.85	%		0.84	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.93	%		0.92	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets(b)		0.63	%(e)		1.30	%		0.85	%		3.22	%		1.61	%		2.07	%
Portfolio Turnover Rate(f)		35	%		81	%		76	%		48	%		38	%		63	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2015 (Unaudited)(a)
				2017			2016
Per Share Data
Net asset value, beginning of period	$	11.55		$	10.83		$	10.42		$	11.16
Net investment income(b)(c)		0.07			0.54			0.15			0.30
Net realized and unrealized gain (loss)		(0.31	)		0.71			0.42			(0.52	)
Total from investment operations		(0.24	)		1.25			0.57			(0.22	)
Distributions to shareholders from net investment income		(0.07	)		(0.32	)		(0.16	)		(0.35	)
Distributions to shareholder from net realized gains		—			(0.21	)		—			—
Distributions to shareholder from return of capital		—			—			—			(0.17	)
Total distributions		(0.07	)		(0.53	)		(0.16	)		(0.52	)
Net asset value, end of period	$	11.24		$	11.55		$	10.83		$	10.42
Total return(d)		(2.07	)%		11.54	%		5.46	%		(2.01	)%
Net assets, end of period (000s)	$	552		$	551		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.31	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.20	%(f)		0.39	%		0.27	%		0.23	%(f)
Ratio of net investment income to average net assets(c)		1.28	%(f)		4.64	%		1.45	%		6.52	%(f)
Portfolio Turnover Rate(g)		35	%		81	%		76	%		48	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Equity Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	18.84		$	15.25		$	14.44		$	14.46		$	14.29		$	11.75
Net investment income (loss)(a)(b)		0.02			0.16			0.16			0.09			0.23			0.19
Net realized and unrealized gain (loss)		(0.13	)		3.80			0.83			0.03			0.20			2.57
Total from investment operations		(0.11	)		3.96			0.99			0.12			0.43			2.76
Distributions to shareholders from net investment income		—			(0.37	)		(0.18	)		(0.14	)		(0.26	)		(0.22	)
Net asset value, end of period	$	18.73		$	18.84		$	15.25		$	14.44		$	14.46		$	14.29
Total return(c)		(0.58	)%		25.96	%		6.81	%		0.83	%		3.01	%		23.51	%
Net assets, end of period (in 000s)	$	130,336		$	137,276		$	124,514		$	134,851		$	148,611		$	152,264
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of total expenses to average net assets(d)		0.61	%(e)		0.67	%		0.69	%		0.67	%		0.68	%		0.68	%
Ratio of net investment income to average net assets(b)		0.19	%(e)		0.93	%		1.12	%		0.63	%		1.56	%		1.45	%
Portfolio turnover rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	18.01		$	14.58		$	13.82		$	13.83		$	13.68		$	11.26
Net investment income (loss)(a)(b)		(0.05	)		0.01			0.05			(0.02	)		0.10			0.08
Net realized and unrealized gain (loss)		(0.12	)		3.65			0.78			0.04			0.20			2.46
Total from investment operations		(0.17	)		3.66			0.83			0.02			0.30			2.54
Distributions to shareholders from net investment income		—			(0.23	)		(0.07	)		(0.03	)		(0.15	)		(0.12	)
Net asset value, end of period	$	17.84		$	18.01		$	14.58		$	13.82		$	13.83		$	13.68
Total return(c)		(0.94	)%		25.08	%		5.95	%		0.13	%		2.18	%		22.60	%
Net assets, end of period (000s)	$	61,609		$	68,315		$	75,027		$	83,743		$	96,667		$	106,208
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.34	%		1.34	%		1.34	%		1.35	%		1.35	%
Ratio of total expenses to average net assets(d)		1.36	%(e)		1.42	%		1.44	%		1.42	%		1.42	%		1.43	%
Ratio of net investment income (loss) to average net assets(b)		(0.57	)%(e)		0.08	%		0.33	%		(0.15	)%		0.71	%		0.68	%
Portfolio Turnover Rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Equity Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	19.01		$	15.38		$	14.57		$	14.58		$	14.41		$	11.85
Net investment income(a)(b)		0.02			0.24			0.23			0.16			0.29			0.27
Net realized and unrealized gain (loss)		(0.10	)		3.83			0.82			0.03			0.20			2.57
Total from investment operations		(0.08	)		4.07			1.05			0.19			0.49			2.84
Distributions to shareholders from net investment income		—			(0.44	)		(0.24	)		(0.20	)		(0.32	)		(0.28	)
Net asset value, end of period	$	18.93		$	19.01		$	15.38		$	14.57		$	14.58		$	14.41
Total return(c)		(0.37	)%		26.48	%		7.18	%		1.31	%		3.38	%		23.96	%
Net assets, end of period (000s)	$	15,393		$	155,828		$	119,108		$	117,357		$	130,499		$	124,275
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.19	%		0.19	%		0.20	%		0.20	%
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.28	%		0.29	%		0.27	%		0.28	%		0.28	%
Ratio of net investment income to average net assets(b)		0.23	%(e)		1.40	%		1.55	%		1.05	%		1.96	%		2.07	%
Portfolio Turnover Rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	18.75		$	15.19		$	14.39		$	14.40		$	14.22		$	11.71
Net investment income(a)(b)		0.01			0.16			0.15			0.08			0.19			0.19
Net realized and unrealized gain (loss)		(0.13	)		3.76			0.81			0.03			0.23			2.54
Total from investment operations		(0.12	)		3.92			0.96			0.11			0.42			2.73
Distributions to shareholders from net investment income		—			(0.36	)		(0.16	)		(0.12	)		(0.24	)		(0.22	)
Net asset value, end of period	$	18.63		$	18.75		$	15.19		$	14.39		$	14.40		$	14.22
Total return(c)		(0.64	)%		25.79	%		6.66	%		0.78	%		2.94	%		23.28	%
Net assets, end of period (000s)	$	647		$	684		$	470		$	577		$	626		$	715
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.69	%		0.70	%		0.70	%
Ratio of total expenses to average net assets(d)		0.72	%(e)		0.78	%		0.79	%		0.77	%		0.77	%		0.78	%
Ratio of net investment income to average net assets(b)		0.08	%(e)		0.91	%		1.01	%		0.52	%		1.27	%		1.48	%
Portfolio Turnover Rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Equity Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	18.58		$	15.03		$	14.25		$	14.27		$	14.11		$	11.62
Net investment income(a)(b)		0.05			0.18			0.21			0.13			0.32			0.47
Net realized and unrealized gain (loss)		(0.14	)		3.78			0.79			0.03			0.14			2.29
Total from investment operations		(0.09	)		3.96			1.00			0.16			0.46			2.76
Distributions to shareholders from net investment income		—			(0.41	)		(0.22	)		(0.18	)		(0.30	)		(0.27	)
Net asset value, end of period	$	18.49		$	18.58		$	15.03		$	14.25		$	14.27		$	14.11
Total return(c)		(0.48	)%		26.35	%		6.99	%		1.11	%		3.27	%		23.77	%
Net assets, end of period (in 000s)	$	6,361		$	5,481		$	5,663		$	5,282		$	5,280		$	3,735
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of gross expenses to average net assets(d)		0.36	%(e)		0.42	%		0.44	%		0.42	%		0.43	%		0.43	%
Ratio of net investment income to average net assets(b)		0.50	%(e)		1.07	%		1.47	%		0.91	%		2.19	%		3.55	%
Portfolio Turnover Rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Growth Strategy Portfolio
	Class P Shares(a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	19.43
Net investment income(b)(c)		0.14
Net realized and unrealized gain (loss)		(0.60	)
Total from investment operations		(0.46	)
Net asset value, end of period	$	18.97
Total return(d)		(2.32	)%
Net assets, end of period (in 000s)	$	118,983
Ratio of net expenses to average net assets(e)		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.18	%(f)
Ratio of net investment income to average net assets(c)		3.59	%(f)
Portfolio Turnover Rate(g)		3	%

(a) Commenced operations April 17, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Equity Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	18.69		$	15.15		$	14.37		$	14.37		$	14.17		$	11.64
Net investment income (loss)(a)(b)		(0.01	)		0.19			0.16			0.04			0.13			0.11
Net realized and unrealized gain (loss)		(0.12	)		3.70			0.78			0.05			0.26			2.59
Total from investment operations		(0.13	)		3.89			0.94			0.09			0.39			2.70
Distributions to shareholders from net investment income		—			(0.35	)		(0.16	)		(0.09	)		(0.19	)		(0.17	)
Net asset value, end of period	$	18.56		$	18.69		$	15.15		$	14.37		$	14.37		$	14.17
Total return(c)		(0.70	)%		25.70	%		6.49	%		0.61	%		2.77	%		23.17	%
Net assets, end of period (000s)	$	5,044		$	5,910		$	2,031		$	1,785		$	2,339		$	3,740
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.85	%		0.84	%
Ratio of total expenses to average net assets(d)		0.86	%(e)		0.92	%		0.94	%		0.92	%		0.92	%		0.93	%
Ratio of net investment income (loss) to average net assets(b)		(0.06	)%(e)		1.06	%		1.10	%		0.28	%		0.86	%		0.85	%
Portfolio Turnover Rate(f)		3	%		53	%		39	%		18	%		23	%		21	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS EQUITY GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2015 (Unaudited)(a)
				2017			2016
Per Share Data
Net asset value, beginning of period	$	19.04		$	15.37		$	14.57		$	15.38
Net investment income(b)(c)		0.06			0.12			0.24			0.14
Net realized and unrealized gain (loss)		(0.13	)		3.96			0.80			(0.74	)
Total from investment operations		(0.07	)		4.08			1.04			(0.60	)
Distributions to shareholders from net investment income		—			(0.41	)		(0.24	)		(0.21	)
Net asset value, end of period	$	18.97		$	19.04		$	15.37		$	14.57
Total return(d)		(0.37	)%		26.54	%		7.12	%		(3.93	)%
Net assets, end of period (000s)	$	13		$	13		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.21	%(f)		0.24	%		0.28	%		0.29	%(f)
Ratio of net investment income to average net assets(c)		0.60	%(f)		0.66	%		1.63	%		2.32	%(f)
Portfolio Turnover Rate(g)		3	%		53	%		39	%		18	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

	Goldman Sachs Growth and Income Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.81		$	12.17		$	11.62		$	12.10		$	12.14		$	10.95
Net investment income (loss)(a)(b)		0.05			0.18			0.11			0.25			0.20			0.20
Net realized and unrealized gain (loss)		(0.30	)		1.79			0.56			(0.31	)		0.07			1.23
Total from investment operations		(0.25	)		1.97			0.67			(0.06	)		0.27			1.43
Distributions to shareholders from net investment income		(0.06	)		(0.33	)		(0.12	)		(0.42	)		(0.31	)		(0.24	)
Net asset value, end of period	$	13.50		$	13.81		$	12.17		$	11.62		$	12.10		$	12.14
Total return(c)		(1.81	)%		16.19	%		5.75	%		(0.54	)%		2.22	%		13.10	%
Net assets, end of period (in 000s)	$	288,912		$	302,116		$	302,858		$	341,468		$	408,488		$	435,812
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.63	%		0.64	%		0.63	%		0.63	%		0.63	%
Ratio of net investment income to average net assets(b)		0.75	%(e)		1.35	%		0.95	%		2.08	%		1.64	%		1.74	%
Portfolio turnover rate(f)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.49		$	11.90		$	11.42		$	11.91		$	11.99		$	10.85
Net investment income(a)(b)		—	(c)		0.06			0.02			0.16			0.10			0.12
Net realized and unrealized gain (loss)		(0.29	)		1.76			0.54			(0.31	)		0.08			1.22
Total from investment operations		(0.29	)		1.82			0.56			(0.15	)		0.18			1.34
Distributions to shareholders from net investment income		(0.01	)		(0.23	)		(0.08	)		(0.34	)		(0.26	)		(0.20	)
Net asset value, end of period	$	13.19		$	13.49		$	11.90		$	11.42		$	11.91		$	11.99
Total return(d)		(2.16	)%		15.31	%		4.86	%		(1.24	) %		1.46	%		12.32	%
Net assets, end of period (000s)	$	82,157		$	94,118		$	121,778		$	143,257		$	169,745		$	196,121
Ratio of net expenses to average net assets(e)		1.33	%(f)		1.34	%		1.34	%		1.34	%		1.35	%		1.34	%
Ratio of total expenses to average net assets(e)		1.35	%(f)		1.38	%		1.39	%		1.38	%		1.38	%		1.38	%
Ratio of net investment income (loss) to average net assets(b)		(0.02	)%(f)		0.50	%		0.18	%		1.30	%		0.80	%		1.02	%
Portfolio Turnover Rate(g)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

	Goldman Sachs Growth and Income Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.85		$	12.21		$	11.66		$	12.14		$	12.18		$	10.98
Net investment income(a)(b)		0.07			0.24			0.17			0.32			0.26			0.28
Net realized and unrealized gain (loss)		(0.30	)		1.78			0.55			(0.33	)		0.06			1.21
Total from investment operations		(0.23	)		2.02			0.72			(0.01	)		0.32			1.49
Distributions to shareholders from net investment income		(0.08	)		(0.38	)		(0.17	)		(0.47	)		(0.36	)		(0.29	)
Net asset value, end of period	$	13.54		$	13.85		$	12.21		$	11.66		$	12.14		$	12.18
Total return(c)		(1.62	)%		16.60	%		6.15	%		(0.13	)%		2.62	%		13.63	%
Net assets, end of period (000s)	$	377,390		$	574,136		$	455,273		$	429,243		$	421,720		$	353,203
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.19	%		0.19	%		0.20	%		0.20	%
Ratio of total expenses to average net assets(d)		0.21	%(e)		0.23	%		0.24	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets(b)		1.03	%(e)		1.80	%		1.42	%		2.59	%		2.11	%		2.36	%
Portfolio Turnover Rate(f)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.77		$	12.14		$	11.60		$	12.07		$	12.11		$	10.92
Net investment income(a)(b)		0.04			0.17			0.11			0.25			0.20			0.20
Net realized and unrealized gain (loss)		(0.29	)		1.77			0.54			(0.32	)		0.06			1.23
Total from investment operations		(0.25	)		1.94			0.65			(0.07	)		0.26			1.43
Distributions to shareholders from net investment income		(0.05	)		(0.31	)		(0.11	)		(0.40	)		(0.30	)		(0.24	)
Net asset value, end of period	$	13.47		$	13.77		$	12.14		$	11.60		$	12.07		$	12.11
Total return(c)		(1.80	)%		16.03	%		5.58	%		(0.56	)%		2.11	%		13.08	%
Net assets, end of period (000s)	$	3,195		$	3,414		$	3,253		$	3,246		$	3,725		$	3,917
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.69	%		0.70	%		0.70	%
Ratio of total expenses to average net assets(d)		0.71	%(e)		0.73	%		0.74	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income to average net assets(b)		0.64	%(e)		1.27	%		0.90	%		2.03	%		1.58	%		1.71	%
Portfolio Turnover Rate(f)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

	Goldman Sachs Growth and Income Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.74		$	12.12		$	11.57		$	12.05		$	12.09		$	10.91
Net investment income(a)(b)		0.07			0.23			0.16			0.29			0.25			0.29
Net realized and unrealized gain (loss)		(0.29	)		1.75			0.54			(0.32	)		0.05			1.16
Total from investment operations		(0.22	)		1.98			0.70			(0.03	)		0.30			1.45
Distributions to shareholders from net investment income		(0.08	)		(0.36	)		(0.15	)		(0.45	)		(0.34	)		(0.27	)
Net asset value, end of period	$	13.44		$	13.74		$	12.12		$	11.57		$	12.05		$	12.09
Total return(c)		(1.62	)%		16.39	%		6.04	%		(0.29	)%		2.49	%		13.36	%
Net assets, end of period (in 000s)	$	10,686		$	7,241		$	4,769		$	3,085		$	3,478		$	2,796
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of gross expenses to average net assets(d)		0.35	%(e)		0.38	%		0.39	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets(b)		1.06	%(e)		1.72	%		1.37	%		2.42	%		2.00	%		2.46	%
Portfolio Turnover Rate(f)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class P Shares(a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	13.91
Net investment income(b)(c)		0.22
Net realized and unrealized loss		(0.55	)
Total from investment operations		(0.33	)
Distributions to shareholders from net investment income		(0.04	)
Net asset value, end of period	$	13.54
Total return(d)		(2.41	)%
Net assets, end of period (in 000s)	$	203,197
Ratio of net expenses to average net assets(e)		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.18	%(f)
Ratio of net investment income to average net assets(c)		7.82	%(f)
Portfolio Turnover Rate(g)		24	%

(a) Commenced operations April 17, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	13.70		$	12.09		$	11.56		$	12.03		$	12.08		$	10.90
Net investment income(a)(b)		0.03			0.18			0.09			0.23			0.16			0.16
Net realized and unrealized gain (loss)		(0.29	)		1.73			0.54			(0.31	)		0.07			1.24
Total from investment operations		(0.26	)		1.91			0.63			(0.08	)		0.23			1.40
Distributions to shareholders from net investment income		(0.04	)		(0.30	)		(0.10	)		(0.39	)		(0.28	)		(0.22	)
Net asset value, end of period	$	13.40		$	13.70		$	12.09		$	11.56		$	12.03		$	12.08
Total return(c)		(1.88	)%		15.83	%		5.40	%		(0.69	)%		1.97	%		12.76	%
Net assets, end of period (000s)	$	4,797		$	5,441		$	2,659		$	2,330		$	2,438		$	3,430
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.88	%		0.89	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets(b)		0.49	%(e)		1.35	%		0.75	%		1.89	%		1.27	%		4.42	%
Portfolio Turnover Rate(f)		24	%		81	%		67	%		40	%		35	%		50	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2015 (Unaudited)(a)
				2017			2016
Per Share Data
Net asset value, beginning of period	$	13.85		$	12.20		$	11.66		$	12.42
Net investment income(b)(c)		0.10			0.30			0.17			0.26
Net realized and unrealized gain (loss)		(0.32	)		1.73			0.54			(0.62	)
Total from investment operations		(0.22	)		2.03			0.71			(0.36	)
Distributions to shareholders from net investment income		(0.09	)		(0.38	)		(0.17	)		(0.40	)
Net asset value, end of period	$	13.54		$	13.85		$	12.20		$	11.66
Total return(d)		(1.61	)%		16.71	%		6.07	%		(2.87	)%
Net assets, end of period (000s)	$	3,520		$	84		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.19	%(f)		0.22	%		0.23	%		0.21	%(f)
Ratio of net investment income to average net assets(c)		1.43	%(f)		2.21	%		1.43	%		5.04	%(f)
Portfolio Turnover Rate(g)		24	%		81	%		67	%		40	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.83		$	13.39		$	12.70		$	12.91		$	12.89		$	11.05
Net investment income(a)(b)		0.03			0.15			0.11			0.15			0.19			0.14
Net realized and unrealized gain (loss)		(0.33	)		2.67			0.70			(0.16	)		0.12			1.88
Total from investment operations		(0.30	)		2.82			0.81			(0.01	)		0.31			2.02
Distributions to shareholders from net investment income		—			(0.38	)		(0.12	)		(0.20	)		(0.29	)		(0.18	)
Net asset value, end of period	$	15.53		$	15.83		$	13.39		$	12.70		$	12.91		$	12.89
Total return(c)		(1.90	)%		21.02	%		6.38	%		(0.08	)%		2.36	%		18.31	%
Net assets, end of period (in 000s)	$	298,601		$	316,078		$	301,331		$	336,880		$	385,409		$	389,445
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.63	%		0.65	%		0.64	%		0.64	%		0.64	%
Ratio of net investment income to average net assets(b)		0.36	%(e)		1.00	%		0.83	%		1.15	%		1.46	%		1.19	%
Portfolio turnover rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.81		$	13.37		$	12.68		$	12.88		$	12.85		$	11.02
Net investment income (loss)(a)(b)		(0.03	)		0.03			0.01			0.05			0.07			0.05
Net realized and unrealized gain (loss)		(0.32	)		2.66			0.70			(0.15	)		0.13			1.86
Total from investment operations		(0.35	)		2.69			0.71			(0.10	)		0.20			1.91
Distributions to shareholders from net investment income		—			(0.25	)		(0.02	)		(0.10	)		(0.17	)		(0.08	)
Net asset value, end of period	$	15.46		$	15.81		$	13.37		$	12.68		$	12.88		$	12.85
Total return(c)		(2.21	)%		20.08	%		5.57	%		(0.82	)%		1.59	%		17.37	%
Net assets, end of period (000s)	$	112,640		$	126,894		$	144,292		$	161,733		$	190,125		$	218,776
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.34	%		1.34	%		1.34	%		1.35	%		1.35	%
Ratio of total expenses to average net assets(d)		1.35	%(e)		1.38	%		1.40	%		1.39	%		1.39	%		1.39	%
Ratio of net investment income (loss) to average net assets(b)		(0.41	)%(e)		0.18	%		0.08	%		0.39	%		0.57	%		0.42	%
Portfolio Turnover Rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.81		$	13.37		$	12.69		$	12.90		$	12.88		$	11.04
Net investment income(a)(b)		0.05			0.22			0.17			0.22			0.24			0.21
Net realized and unrealized gain (loss)		(0.32	)		2.66			0.69			(0.17	)		0.12			1.87
Total from investment operations		(0.27	)		2.88			0.86			0.05			0.36			2.08
Distributions to shareholders from net investment income		—			(0.44	)		(0.18	)		(0.26	)		(0.34	)		(0.24	)
Net asset value, end of period	$	15.54		$	15.81		$	13.37		$	12.69		$	12.90		$	12.88
Total return(c)		(1.71	)%		21.53	%		6.76	%		0.35	%		2.76	%		18.81	%
Net assets, end of period (000s)	$	280,490		$	455,902		$	335,237		$	303,237		$	267,677		$	246,229
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.19	%		0.19	%		0.20	%		0.20	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.24	%		0.25	%		0.23	%		0.24	%		0.24	%
Ratio of net investment income to average net assets(b)		0.60	%(e)		1.46	%		1.33	%		1.68	%		1.84	%		1.77	%
Portfolio Turnover Rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.77		$	13.35		$	12.67		$	12.88		$	12.84		$	11.01
Net investment income(a)(b)		0.02			0.15			0.10			0.14			0.15			0.14
Net realized and unrealized gain (loss)		(0.32	)		2.64			0.69			(0.16	)		0.15			1.86
Total from investment operations		(0.30	)		2.79			0.79			(0.02	)		0.30			2.00
Distributions to shareholders from net investment income		—			(0.37	)		(0.11	)		(0.19	)		(0.26	)		(0.17	)
Net asset value, end of period	$	15.47		$	15.77		$	13.35		$	12.67		$	12.88		$	12.84
Total return(c)		(1.90	)%		20.88	%		6.26	%		(0.17	)%		2.32	%		18.19	%
Net assets, end of period (000s)	$	2,642		$	2,888		$	2,237		$	2,135		$	2,509		$	3,419
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.69	%		0.69	%		0.70	%		0.70	%
Ratio of total expenses to average net assets(d)		0.71	%(e)		0.74	%		0.75	%		0.74	%		0.74	%		0.74	%
Ratio of net investment income to average net assets(b)		0.25	%(e)		1.00	%		0.81	%		1.09	%		1.11	%		1.14	%
Portfolio Turnover Rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.59		$	13.20		$	12.52		$	12.73		$	12.72		$	10.91
Net investment income(a)(b)		0.05			0.23			0.15			0.19			0.25			0.26
Net realized and unrealized gain (loss)		(0.32	)		2.58			0.69			(0.16	)		0.08			1.77
Total from investment operations		(0.27	)		2.81			0.84			0.03			0.33			2.03
Distributions to shareholders from net investment income		—			(0.42	)		(0.16	)		(0.24	)		(0.32	)		(0.22	)
Net asset value, end of period	$	15.32		$	15.59		$	13.20		$	12.52		$	12.73		$	12.72
Total return(c)		(1.73	)%		21.30	%		6.70	%		0.20	%		2.58	%		18.65	%
Net assets, end of period (in 000s)	$	12,314		$	8,008		$	4,352		$	4,114		$	4,496		$	3,598
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of gross expenses to average net assets(d)		0.35	%(e)		0.39	%		0.40	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assets(b)		0.62	%(e)		1.54	%		1.18	%		1.50	%		1.92	%		2.17	%
Portfolio Turnover Rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class P Shares(a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	15.96
Net investment income(b)(c)		0.29
Net realized and unrealized gain (loss)		(0.69	)
Total from investment operations		(0.40	)
Net asset value, end of period	$	15.56
Total return(d)		(2.51	)%
Net assets, end of period (000s)	$	168,486
Ratio of net expenses to average net assets(e)		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.18	%(f)
Ratio of net investment income to average net assets(c)		9.06	%(f)
Portfolio Turnover Rate(g)		21	%

(a) Commenced operations April 17, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

	Goldman Sachs Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	15.42		$	13.08		$	12.41		$	12.62		$	12.59		$	10.80
Net investment income(a)(b)		0.01			0.16			0.08			0.12			0.11			0.10
Net realized and unrealized gain (loss)		(0.31	)		2.54			0.69			(0.16	)		0.15			1.84
Total from investment operations		(0.30	)		2.70			0.77			(0.04	)		0.26			1.94
Distributions to shareholders from net investment income		—			(0.36	)		(0.10	)		(0.17	)		(0.23	)		(0.15	)
Net asset value, end of period	$	15.12		$	15.42		$	13.08		$	12.41		$	12.62		$	12.59
Total return(c)		(1.95	)%		20.67	%		6.16	%		(0.31	)%		2.06	%		17.93	%
Net assets, end of period (000s)	$	6,093		$	6,334		$	2,548		$	2,323		$	2,461		$	4,208
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.89	%		0.90	%		0.89	%		0.89	%		0.89	%
Ratio of net investment income to average net assets(b)		0.12	%(e)		1.06	%		0.65	%		0.95	%		0.84	%		0.84	%
Portfolio Turnover Rate(f)		21	%		85	%		59	%		38	%		26	%		32	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2015 (Unaudited)(a)
				2017			2016
Per Share Data
Net asset value, beginning of period	$	15.81		$	13.37		$	12.68		$	13.44
Net investment income(b)(c)		0.07			0.17			0.17			0.18
Net realized and unrealized gain (loss)		(0.33	)		2.71			0.70			(0.68	)
Total from investment operations		(0.26	)		2.88			0.87			(0.50	)
Distributions to shareholders from net investment income		—			(0.44	)		(0.18	)		(0.26	)
Net asset value, end of period	$	15.55		$	15.81		$	13.37		$	12.68
Total return(d)		(1.64	)%		21.51	%		6.76	%		(3.66	)%
Net assets, end of period (000s)	$	2,870		$	964		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.19	%		0.21	%(f)
Ratio of total expenses to average net assets(e)		0.20	%(f)		0.23	%		0.25	%		0.25	%(f)
Ratio of net investment income to average net assets(c)		0.83	%(f)		1.12	%		1.33	%		3.22	%(f)
Portfolio Turnover Rate(g)		21	%		85	%		59	%		38	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

	Goldman Sachs Satellite Strategies Portfolio
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.45		$	7.64		$	7.45		$	7.89		$	8.16		$	8.22
Net investment income(a)(b)		0.08			0.20			0.20			0.19			0.21			0.25
Net realized and unrealized gain (loss)		(0.40	)		0.88			0.24			(0.44	)		(0.23	)		(0.04	)
Total from investment operations		(0.32	)		1.08			0.44			(0.25	)		(0.02	)		0.21
Distributions to shareholders from net investment income		(0.09	)		(0.27	)		(0.25	)		(0.19	)		(0.21	)		(0.27	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.09	)		(0.27	)		(0.25	)		(0.19	)		(0.25	)		(0.27	)
Net asset value, end of period	$	8.04		$	8.45		$	7.64		$	7.45		$	7.89		$	8.16
Total return(d)		(3.81	)%		14.28	%		5.92	%		(3.24	)%		(0.28	)%		2.67	%
Net assets, end of period (in 000s)	$	47,088		$	53,090		$	84,529		$	118,345		$	177,204		$	231,868
Ratio of net expenses to average net assets(e)		0.56	%(f)		0.57	%		0.57	%		0.57	%		0.58	%		0.58	%
Ratio of total expenses to average net assets(e)		0.59	%(f)		0.61	%		0.61	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets(b)		2.04	%(f)		2.42	%		2.62	%		2.43	%		2.50	%		3.08	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.40		$	7.60		$	7.41		$	7.84		$	8.12		$	8.18
Net investment income(a)(b)		0.05			0.14			0.15			0.13			0.15			0.19
Net realized and unrealized gain (loss)		(0.39	)		0.87			0.23			(0.43	)		(0.24	)		(0.04	)
Total from investment operations		(0.34	)		1.01			0.38			(0.30	)		(0.09	)		0.15
Distributions to shareholders from net investment income		(0.06	)		(0.21	)		(0.19	)		(0.13	)		(0.15	)		(0.21	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.06	)		(0.21	)		(0.19	)		(0.13	)		(0.19	)		(0.21	)
Net asset value, end of period	$	8.00		$	8.40		$	7.60		$	7.41		$	7.84		$	8.12
Total return(d)		(4.08	)%		13.37	%		5.17	%		(3.89	)%		(1.16	)%		1.91	%
Net assets, end of period (000s)	$	37,878		$	44,710		$	53,575		$	68,765		$	102,605		$	118,513
Ratio of net expenses to average net assets(e)		1.31	%(f)		1.32	%		1.32	%		1.32	%		1.33	%		1.33	%
Ratio of total expenses to average net assets(e)		1.34	%(f)		1.36	%		1.36	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income to average net assets(b)		1.27	%(f)		1.78	%		1.94	%		1.66	%		1.79	%		2.35	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

	Goldman Sachs Satellite Strategies Portfolio
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.62		$	7.43		$	7.87		$	8.15		$	8.21
Net investment income(a)(b)		0.10			0.24			0.23			0.23			0.25			0.29
Net realized and unrealized gain (loss)		(0.41	)		0.88			0.24			(0.45	)		(0.24	)		(0.04	)
Total from investment operations		(0.31	)		1.12			0.47			(0.22	)		0.01			0.25
Distributions to shareholders from net investment income		(0.10	)		(0.31	)		(0.28	)		(0.22	)		(0.25	)		(0.31	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.10	)		(0.31	)		(0.28	)		(0.22	)		(0.29	)		(0.31	)
Net asset value, end of period	$	8.02		$	8.43		$	7.62		$	7.43		$	7.87		$	8.15
Total return(d)		(3.64	)%		14.80	%		6.38	%		(2.84	)%		—	%(c)		3.09	%
Net assets, end of period (000s)	$	414,060		$	488,118		$	509,681		$	655,268		$	833,657		$	853,543
Ratio of net expenses to average net assets(e)		0.17	%(f)		0.17	%		0.17	%		0.17	%		0.18	%		0.18	%
Ratio of total expenses to average net assets(e)		0.20	%(f)		0.22	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets(b)		2.40	%(f)		2.96	%		3.08	%		2.85	%		2.97	%		3.53	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Service Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.63		$	7.43		$	7.84		$	8.12		$	8.19
Net investment income(a)(b)		0.08			0.20			0.18			0.14			0.19			0.24
Net realized and unrealized gain (loss)		(0.40	)		0.86			0.26			(0.40	)		(0.22	)		(0.04	)
Total from investment operations		(0.32	)		1.06			0.44			(0.26	)		(0.03	)		0.20
Distributions to shareholders from net investment income		(0.08	)		(0.26	)		(0.24	)		(0.15	)		(0.21	)		(0.27	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.08	)		(0.26	)		(0.24	)		(0.15	)		(0.25	)		(0.27	)
Net asset value, end of period	$	8.03		$	8.43		$	7.63		$	7.43		$	7.84		$	8.12
Total return(d)		(3.75	)%		14.06	%		5.92	%		(3.32	)%		(0.39	)%		2.45	%
Net assets, end of period (000s)	$	314		$	350		$	408		$	988		$	14,085		$	28,483
Ratio of net expenses to average net assets(e)		0.67	%(f)		0.67	%		0.67	%		0.67	%		0.68	%		0.68	%
Ratio of total expenses to average net assets(e)		0.70	%(f)		0.72	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets(b)		1.93	%(f)		2.41	%		2.40	%		1.81	%		2.30	%		2.96	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

	Goldman Sachs Satellite Strategies Portfolio
	Investor Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.62		$	7.43		$	7.87		$	8.15		$	8.21
Net investment income(a)(b)		0.09			0.22			0.23			0.21			0.23			0.28
Net realized and unrealized gain (loss)		(0.40	)		0.88			0.23			(0.44	)		(0.24	)		(0.04	)
Total from investment operations		(0.31	)		1.10			0.46			(0.23	)		(0.01	)		0.24
Distributions to shareholders from net investment income		(0.10	)		(0.29	)		(0.27	)		(0.21	)		(0.23	)		(0.30	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.10	)		(0.29	)		(0.27	)		(0.21	)		(0.27	)		(0.30	)
Net asset value, end of period	$	8.02		$	8.43		$	7.62		$	7.43		$	7.87		$	8.15
Total return(d)		(3.71	)%		14.62	%		6.22	%		(2.99	)%		(0.15	)%		2.94	%
Net assets, end of period (000s)	$	37,421		$	46,011		$	58,740		$	67,547		$	86,018		$	91,493
Ratio of net expenses to average net assets(e)		0.31	%(f)		0.32	%		0.32	%		0.32	%		0.33	%		0.33	%
Ratio of gross expenses to average net assets(e)		0.34	%(f)		0.36	%		0.36	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assets(b)		2.25	%(f)		2.74	%		3.02	%		2.69	%		2.78	%		3.39	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class P Shares(a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	8.37
Net investment income(b)(c)		0.10
Net realized and unrealized gain (loss)		(0.38	)
Total from investment operations		(0.28	)
Distributions to shareholders from net investment income		(0.06	)
Net asset value, end of period	$	8.03
Total return(d)		(3.33	)%
Net assets, end of period (000s)	$	3,437
Ratio of net expenses to average net assets(e)		0.16	%(f)
Ratio of total expenses to average net assets(e)		0.16	%(f)
Ratio of net investment income to average net assets(b)		6.25	%(f)
Portfolio turnover rate(g)		10	%

(a) Commenced operations April 17, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

	Goldman Sachs Satellite Strategies Portfolio
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.41		$	7.61		$	7.42		$	7.86		$	8.13		$	8.19
Net investment income(a)(b)		0.07			0.19			0.19			0.18			0.18			0.24
Net realized and unrealized gain (loss)		(0.39	)		0.86			0.23			(0.45	)		(0.22	)		(0.04	)
Total from investment operations		(0.32	)		1.05			0.42			(0.27	)		(0.04	)		0.20
Distributions to shareholders from net investment income		(0.08	)		(0.25	)		(0.23	)		(0.17	)		(0.19	)		(0.26	)
Distributions to shareholder from net realized gains		—			—			—			—			(0.04	)		—
Distributions to shareholder from return of capital		—			—			0.00	(c)		—			—			—
Total distributions		(0.08	)		(0.25	)		(0.23	)		(0.17	)		(0.23	)		(0.26	)
Net asset value, end of period	$	8.01		$	8.41		$	7.61		$	7.42		$	7.86		$	8.13
Total return(d)		(3.83	)%		13.94	%		5.71	%		(3.49	)%		(0.54	)%		2.44	%
Net assets, end of period (000s)	$	2,361		$	2,645		$	2,788		$	3,119		$	3,495		$	3,765
Ratio of net expenses to average net assets(e)		0.81	%(f)		0.82	%		0.82	%		0.82			0.83			0.83
Ratio of total expenses to average net assets(e)		0.84	%(f)		0.86	%		0.86	%		0.85	%		0.85	%		0.85	%
Ratio of net investment income to average net assets(b)		1.78	%(f)		2.33	%		2.49	%		2.24	%		2.23	%		2.91	%
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%		20	%		36	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2015 (Unaudited)(a)
				2017			2016
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.63		$	7.44		$	7.91
Net investment income(b) (c)		0.10			0.25			0.63			0.11
Net realized and unrealized gain (loss)		(0.40	)		0.86			(0.15	)		(0.46	)
Total from investment operations		(0.30	)		1.11			0.48			(0.35	)
Distributions to shareholders from net investment income		(0.10	)		(0.31	)		(0.28	)		(0.12	)
Distributions to shareholder from return of capital		—			—			(0.01	)		—
Total distributions		(0.10	)		(0.31	)		(0.29	)		(0.12	)
Net asset value, end of period	$	8.03		$	8.43		$	7.63		$	7.44
Total return(d)		(3.51	)%		14.66	%		6.40	%		(4.43	)%
Net assets, end of period (000s)	$	42,150		$	40,326		$	33,805		$	10
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.16	%		0.15	%		0.15	%(f)
Ratio of total expenses to average net assets(e)		0.19	%(f)		0.20	%		0.17	%		0.18	%(f)
Ratio of net investment income to average net assets(c)		2.54	%(f)		3.09	%		8.15	%		3.58	%(f)
Portfolio turnover rate(g)		10	%		57	%		22	%		22	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements

June 30, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:

Portfolio	Share Classes Offered	Diversified/ Non-diversified
All Portfolios	A, C, Institutional, Service, Investor, P*, R, R6	Diversified

* Commenced operations on April 17, 2018.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the 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 or Goldman Sachs Asset Management International (“GSAMI”), also an affiliate of Goldman Sachs, act as investment advisers.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Portfolios may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date.

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

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds (“Underlying Funds”). Because the Underlying Funds have varied expense and fee

95

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Balanced Strategy, Growth and Income Strategy and Satellite  Strategies	Quarterly	Annually
Equity Growth Strategy and Growth Strategy	Annually	Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from 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 the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

96

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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:

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 Class R6 Shares on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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 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

97

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a 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 a Portfolio, if any, is noted in the Schedules of Investments.

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

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

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a 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 a 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, a 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.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A 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 a 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, a 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. A 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, a Portfolio generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Portfolio sells protection through a credit default swap, a 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, a 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. A 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, a 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 a 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

98

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Portfolio bought credit protection.

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 Portfolios’ 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 June 30, 2018:

BALANCED STRATEGY
Investment Type	Level 1			Level 2		Level 3
Assets
Underlying Funds
Dynamic	$	79,329,695		$	—	$	—
Equity		133,796,302			—		—
Exchange Traded Funds		85,578,558			—		—
Fixed Income		188,461,414			—		—
Investment Company		19,465,467			—		—
Total	$	506,631,436		$	—	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	475,913	$	—
Futures Contracts(a)		1,961,919			—		—
Options Purchased		2,008,094			—		—
Total	$	3,970,013		$	475,913	$	—
Liabilities
Futures Contracts(a)	$	(827,524	)	$	—	$	—
Written Options		(233,925	)		—		—
Total	$	(1,061,449	)	$	—	$	—

99

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

EQUITY GROWTH STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Equity	$	246,765,438		$	—		$	—
Exchange Traded Funds		74,790,196
Investment Company		9,748,819
Total	$	331,304,453		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	10,844		$	—		$	—
Liabilities
Futures Contracts(a)	$	(753,575	)	$	—		$	—
Written Options		—			(29,775	)		—
Total	$	(753,575	)	$	(29,775	)	$	—
GROWTH AND INCOME STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	148,013,105		$	—		$	—
Equity		420,290,918			—			—
Fixed Income		160,233,577			—			—
Exchange Traded Funds		175,405,084			—			—
Investment Company		40,112,977			—			—
Total	$	944,055,661		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	945,634		$	—
Futures Contracts(a)		4,584,796			—			—
Options Purchased		5,248,588			—			—
Total	$	9,833,384		$	945,634		$	—
Liabilities
Futures Contracts(a)	$	(1,640,659	)	$	—		$	—
Written Options		(593,561	)		—			—
Total	$	(2,234,220	)	$	—		$	—

100

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2		Level 3
Assets
Underlying Funds
Dynamic	$	109,627,817		$	—	$	—
Equity		526,751,991			—		—
Exchange Traded Funds		168,065,057
Fixed Income		33,930,251			—		—
Investment Company		22,390,064
Total	$	860,765,180		$	—	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	904,229	$	—
Futures Contracts(a)		6,084,420			—		—
Options Purchased		6,267,138			—		—
Total	$	12,351,558		$	904,229	$	—
Liabilities
Futures Contracts(a)	$	(1,706,590	)	$	—	$	—
Written Options		(128,263	)		—		—
Total	$	(1,834,853	)	$	—	$	—
SATELLITE STRATEGIES PORTFOLIO
Investment Type	Level 1			Level 2		Level 3
Assets
Underlying Funds
Equity	$	325,317,691		$	—	$	—
Exchange-Traded Funds		23,661,189
Fixed Income		227,384,961			—		—
Investment Company		194,613
Total	$	576,558,454		$	—	$	—

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

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

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 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.

Balanced Strategy Portfolio
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts; Purchased options, at value	$	3,970,013	(a)	Variation margin on certain derivative contracts	$	(258,269)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		475,913		—		—
Equity	—		—		Variation margin on certain derivative contracts; Written options, at value		(802,880)	(a)
Total		$	4,445,926			$	(1,061,449)
Equity Growth Strategy Portfolio
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on future Contracts; Purchased Options, at value	$	10,844	(a)	Variation margin on future Contracts; Written Options, at value	$	(783,350)	(a)
Growth and Income Strategy Portfolio
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on future contracts; Purchased options, at value	$	9,833,384	(a)	Variation margin on future contracts; Written options, at value	$	(586,098)	(a)
Currency	Receivable for unrealized gain on forward foreign currency contracts		945,634		—
Equity	—		—		Variation margin on future contracts; Written options, at value		(1,648,122)	(a)
Total		$	10,779,018			$	(2,234,220)
Growth Strategy Portfolio
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest	Variation margin on future contracts; Purchased Options, at value	$	12,351,558	(a)	Variation margin on future contracts	$	(741,030)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		904,229		—		—
Equity	—		—		Variation margin on future contracts; Written options, at value		(1,093,823)	(a)
Total		$	13,255,787			$	(1,834,853)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2018 is reported within the Statements of Assets and Liabilities.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

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 June 30, 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:

Balanced Strategy
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options and futures contracts/Net change in unrealized gain (loss) on purchased options and futures contracts	$	(1,765,849	)	$	(177,759	)		1,232
Credit	Net realized gain (loss) from swaps contracts		132			—			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		194,970			(1,142,678	)		4
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		2,084,548			475,913			329
Total		$	513,801		$	(844,524	)		1,566
Equity Growth Strategy Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts, Purchased options and written options/Net change in unrealized gain (loss) on futures contracts, Purchased options and written options	$	898,122		$	(1,022,452	)		600
Growth and Income Strategy Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchase options	$	(3,626,886	)	$	(128,990	)		2,781
Credit	Net realized gain (loss) from swaps contracts		291			—			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		370,804			945,634			4
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		4,252,399			(2,089,327	)		601
Total		$	996,608		$	(1,272,683	)		3,387

103

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net realized gain (loss) from purchased options, swap contracts and futures contracts/Net change in unrealized gain (loss) on purchased options and futures contracts		$(5,106,203)		$	20,045			3,668
Credit	Net realized gain (loss) from swaps contracts		268			—			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		407,941			904,229			4
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		3,332,986			(2,031,548	)		550
Total		$	(1,365,008	)	$	(1,107,274	)		4,223

(a) Average number of contracts is based on the average of month end balances for the period ended June 30, 2018.

In order to better define its contractual rights and to secure rights that will help a Portfolio mitigate its counterparty risk, a 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 a 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 a Portfolio and the counterparty. Additionally, a 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 a Portfolio and cash collateral received from the counterparty, 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 a 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 a Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. A 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.

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.

104

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.124% for the Satellite Strategies Portfolio and 0.15% for each of the other Portfolios.

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

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

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended June 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Portfolio	Class A		Class C
Balanced Strategy	$	7,003	$	480
Equity Growth Strategy		5,723		438
Growth and Income Strategy		8,878		471
Growth Strategy		10,174		557
Satellite Strategies		1,562		6

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

105

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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% the average daily net assets attributable to Class C or Service Shares of the Portfolios, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% 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 P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 30, 2019 for Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above

For the six months ended June 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Balanced Strategy	$	212	$	48,190	$	48,402
Equity Growth Strategy		274		49,659		49,933
Growth and Income Strategy		445		71,565		72,010
Growth Strategy		649		86,030		86,679
Satellite Strategies		139		79,410		79,549

G.  Line of Credit Facility — As of June 30, 2018, the Portfolios participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2018, the Portfolios did not have any borrowings under the facility. Prior to May 1, 2018, the facility was $1,100,000,000. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — As of June 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R6 Shares of the Equity Growth Strategy Portfolio.

106

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Portfolios invest primarily in the Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. During the six months ended June 30, 2018, the Portfolios converted Institutional Shares of the Underlying Funds (except ETFs) to Class R6 Shares. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2018 (in thousands):

Balanced Strategy Portfolio
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	—	$	13,564	$	—		$	—		$	(88	)	$	13,476		279	$	43
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		11,521		1,002		(6,005	)		858			(1,408	)		5,968		180		45
Goldman Sachs ActiveBeta International Equity ETF		—		16,736		—			—			(664	)		16,072		547		180
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		8,303		14,099		(1,797	)		284			38			20,927		382		120
Goldman Sachs Alternative Premia Fund		20,797		1,500		(12,760	)		(2,234	)		1,492			8,795		985		—
Goldman Sachs Core Fixed Income Fund		6,669		1,071		(7,468	)		(267	)		(5	)		—		—		71
Goldman Sachs Emerging Markets Equity Insights Fund		40,727		12,850		(2,401	)		545			(3,824	)		47,897		4,795		—
Goldman Sachs Emerging Markets Debt Fund		23,027		23,467		(1,751	)		(3	)		(2,613	)		42,127		3,567		617
Goldman Sachs Global Income Fund		159,446		16,495		(60,402	)		(1,030	)		(1,553	)		112,956		9,366		1,044
Goldman Sachs Global Infrastructure Fund		12,719		1,644		(1,900	)		(34	)		(408	)		12,021		1,143		144
Goldman Sachs Global Real Estate Securities Fund		13,179		2,201		(500	)		4			(106	)		14,778		1,398		201
Goldman Sachs High Yield Fund		39,538		3,907		(28,701	)		(146	)		(1,036	)		13,562		2,143		907
Goldman Sachs International Equity Insights Fund		15,771		12,900		(1,100	)		213			(997	)		26,787		2,008		—
Goldman Sachs International Small Cap Insights Fund		14,583		1,000		(9,601	)		1,386			(1,303	)		6,065		483		—
Goldman Sachs Access Investment Grade Corporate Bond ETF		—		29,084		—			—			51			29,135		608		59
Goldman Sachs Large Cap Growth Insights Fund		20,959		2,500		(16,750	)		2,567			(1,197	)		8,079		246		—
Goldman Sachs Large Cap Value Insights Fund		21,646		3,358		(16,000	)		2,708			(2,585	)		9,127		417		108
Goldman Sachs Local Emerging Markets Debt Fund		5,380		16,063		—			—			(1,627	)		19,816		3,416		262
Goldman Sachs Managed Futures Strategy Fund		24,675		2,001		(6,700	)		85			(811	)		19,250		1,887		—
Goldman Sachs Small Cap Equity Insights Fund		4,015		5,401		(1,000	)		234			393			9,043		314		—
Goldman Sachs Tactical Exposure Fund		50,691		5,852		(3,800	)		(23	)		(1,435	)		51,285		5,348		—
Total	$	493,646	$	186,695	$	(178,636	)	$	5,147		$	(19,686	)	$	487,166			$	3,801

107

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Equity Growth Strategy Portfolio
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (Loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	26,347	$	1,270	$	(3,010	)	$	526		$	(2,234	)	$	22,899		690	$	—
Goldman Sachs ActiveBeta International Equity ETF		21,758		—		(2,004	)		184			(628	)		19,310		657		151
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		35,516		—		(3,780	)		443			403			32,582		595		277
Goldman Sachs Emerging Markets Equity Insights Fund		68,692		5,775		(8,900	)		1,986			(6,107	)		61,446		6,151		274
Goldman Sachs Global Real Estate Securities Fund		24,129		1,526		(3,249	)		27			(280	)		22,153		2,096		—
Goldman Sachs International Equity Insights Fund		54,163		500		(5,401	)		1,532			(2,382	)		48,412		3,629		326
Goldman Sachs International Small Cap Insights Fund		14,171		—		(1,700	)		947			(1,111	)		12,307		980		—
Goldman Sachs Large Cap Growth Insights Fund		45,432		—		(6,601	)		2,070			582			41,483		1,262		—
Goldman Sachs Large Cap Value Insights Fund		44,846		296		(4,298	)		989			(1,091	)		40,742		1,861		—
Goldman Sachs Small Cap Equity Insights Fund		22,716		—		(4,651	)		1,289			868			20,222		701		296
Total	$	357,770	$	9,367	$	(43,594	)	$	9,993		$	(11,980	)	$	321,556			$	1,324
Growth and Income Strategy Portfolio
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	—	$	10,063	$	—		$	—		$	(65	)	$	9,998		207	$	32
Goldman Sachs Access Investment Grade Corporate Bond ETF		—		19,980		—			—			35			20,015		418		40
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		30,815		—		(4,024	)		669			(2,552	)		24,908		751		166
Goldman Sachs ActiveBeta International Equity ETF		18,789		33,849		—			—			(1,731	)		50,907		1,733		623
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		50,824		21,263		(4,081	)		652			919			69,577		1,271		484
Goldman Sachs Alternative Premia Fund		40,395		1,100		(14,800	)		(1,804	)		767			25,658		2,873		—
Goldman Sachs Emerging Markets Debt Fund		52,164		2,040		(1,700	)		1,899			(6,436	)		47,967		4,062		1,040

108

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund	$	103,917	$	34,800	$	(7,500	)	$	(80	)	$	(7,975	)	$	123,162		12,329	$	—
Goldman Sachs Global Income Fund		90,866		6,620		(13,700	)		(358	)		(1,010	)		82,418		6,834		621
Goldman Sachs Global Infrastructure Fund		27,305		5,971		—			—			(832	)		32,444		3,084		370
Goldman Sachs Global Real Estate Securities Fund		27,293		12,991		—			—			55			40,339		3,816		491
Goldman Sachs High Yield Fund		84,871		5,790		(77,300	)		(1,402	)		(896	)		11,063		1,748		1,790
Goldman Sachs International Equity Insights Fund		63,789		33,500		(2,000	)		471			(2,861	)		92,899		6,964		—
Goldman Sachs International Small Cap Insights Fund		33,350		—		(19,450	)		3,652			(3,373	)		14,179		1,129		—
Goldman Sachs Large Cap Growth Insights Fund		72,892		4,000		(34,550	)		6,701			(1,951	)		47,092		1,433		—
Goldman Sachs Large Cap Value Insights Fund		73,282		4,425		(29,200	)		6,839			(6,571	)		48,775		2,228		425
Goldman Sachs Local Emerging Markets Debt Fund		9,458		11,142		—			—			(1,815	)		18,785		3,239		342
Goldman Sachs Managed Futures Strategy Fund		48,026		1,000		(22,000	)		172			(1,350	)		25,848		2,534		—
Goldman Sachs Small Cap Equity Insights Fund		13,440		7,700		(1,500	)		492			1,270			21,402		742		—
Goldman Sachs Tactical Exposure Fund		96,473		5,500		(2,800	)		28			(2,694	)		96,507		10,063		—
Total	$	937,949	$	221,734	$	(234,605	)	$	17,931		$	(39,066	)	$	903,943			$	6,424
Growth Strategy Portfolio
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	—	$	8,019	$	—		$	—		$	(52	)	$	7,967		165	$	25
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		50,121		1,010		(8,854	)		1,240			(4,445	)		39,072		1,178		265
Goldman Sachs ActiveBeta International Equity ETF		12,983		38,852		—			—			(1,809	)		50,026		1,703		597
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		65,800		6,954		(3,476	)		453			1,270			71,001		1,297		562
Goldman Sachs Alternative Premia Fund		36,630		2,000		(26,000	)		(4,513	)		3,161			11,278		1,263		—
Goldman Sachs Emerging Markets Debt Fund		8,956		11,259		—			—			(1,112	)		19,103		1,618		260

109

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Strategy Portfolio (continued)
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund	$	153,719	$	34,100	$	(5,000	)	$	1,289		$	(12,758	)	$	171,350		17,152	$	—
Goldman Sachs Global Infrastructure Fund		13,261		11,761		—			—			(273	)		24,749		2,353		262
Goldman Sachs Global Real Estate Securities Fund		62,976		5,097		(3,000	)		63			(580	)		64,556		6,107		897
Goldman Sachs High Yield Fund		36,442		3,305		(30,500	)		(1,100	)		62			8,209		1,297		805
Goldman Sachs International Equity Insights Fund		70,980		24,500		(1,501	)		323			(2,643	)		91,659		6,871		—
Goldman Sachs International Small Cap Insights Fund		44,592		—		(15,500	)		3,121			(3,196	)		29,017		2,310		—
Goldman Sachs Large Cap Growth Insights Fund		80,396		1,000		(35,300	)		8,924			(3,896	)		51,124		1,556		—
Goldman Sachs Large Cap Value Insights Fund		82,458		444		(32,500	)		7,912			(7,651	)		50,663		2,314		444
Goldman Sachs Local Emerging Markets Debt Fund		—		7,048		—			—			(430	)		6,618		1,141		47
Goldman Sachs Managed Futures Strategy Fund		21,634		1,399		(12,000	)		169			(699	)		10,503		1,030		—
Goldman Sachs Small Cap Equity Insights Fund		31,801		13,000		(4,999	)		1,386			2,446			43,634		1,514		—
Goldman Sachs Tactical Exposure Fund		87,577		9,200		(6,499	)		(5	)		(2,427	)		87,846		9,160		—
Total	$	860,326	$	178,948	$	(185,129	)	$	19,262		$	(35,032	)	$	838,375			$	4,164
Satellite Strategies Portfolio
Underlying Fund(a)	Market Value 12/31/17		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)			Market Value 6/30/18		Shares		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	28,863	$	—	$	(3,459	)	$	623		$	(2,366	)	$	23,661		713	$	156
Goldman Sachs Emerging Markets Debt Fund		107,833		7,083		(11,300	)		(47	)		(8,952	)		94,617		8,012		2,083
Goldman Sachs Emerging Markets Equity Fund		31,768		1,000		(3,300	)		1,241			(3,956	)		26,753		1,254		—
Goldman Sachs Emerging Markets Equity Insights Fund		64,247		8,400		(10,051	)		2,596			(6,684	)		58,508		5,857		—
Goldman Sachs Global Infrastructure Fund		92,073		9,364		(23,000	)		(724	)		(2,355	)		75,358		7,163		914
Goldman Sachs Global Real Estate Securities Fund		113,373		6,362		(22,350	)		247			(1,607	)		96,025		9,085		1,362
Goldman Sachs High Yield Floating Rate Fund		40,173		2,337		(6,750	)		(124	)		(229	)		35,407		3,688		837
Goldman Sachs High Yield Fund		77,645		1,828		(30,050	)		(854	)		(1,558	)		47,011		7,427		1,829
Goldman Sachs International Small Cap Insights Fund		81,805		1,000		(13,300	)		3,256			(4,087	)		68,674		5,468		—
Goldman Sachs Local Emerging Markets Debt Fund		35,457		25,570		(5,599	)		(951	)		(4,127	)		50,350		8,681		1,070
Total	$	673,237	$	62,944	$	(129,159	)	$	5,263		$	(35,921	)	$	576,364			$	8,251

(a) The columns for the Underlying Funds (except ETFs) reflect the combined amounts of the initial Institutional Shares and subsequent Class R6 Shares.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended June 30, 2018 (in thousands):

Portfolio	Beginning Value as of 12/31/2017		Purchases at Cost		Proceeds from Sales			Ending Value as of 06/30/2018		Shares as of 06/30/2018		Dividend Income from Affiliated Investment Companies
Balanced Strategy	$	15,510	$	110,104	$	(106,149	)	$	19,465		19,465	$	99
Equity Growth		8,291		42,348		(40,890	)		9,749		9,749		71
Growth and Income		22,969		150,127		(132,983	)		40,113		40,113		218
Growth Strategy		24,841		117,580		(120,031	)		22,390		22,390		167
Satellite Strategies		1		28,112		(27,918	)		195		195		6

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2018, were:

Portfolio	Purchases		Sales
Balanced Strategy	$	187,722,536	$	178,629,447
Equity Growth Strategy		9,367,099		44,311,057
Growth and Income Strategy		224,290,039		234,605,143
Growth Strategy		181,958,901		185,130,011
Satellite Strategy		62,944,825		129,161,074

7. TAX INFORMATION

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

	Balanced Strategy		Equity Growth Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Capital loss carryforwards:(1)
Expiring 2018	$	—	$	(76,608,179	)	$	(187,607,636	)	$	(181,275,105	)	$	(853,855	)
Perpetual Short-term		—		—			—			—			(291,242	)
Perpetual Long-term		—		—			—			—			(26,816,339	)
Total capital loss carryforwards	$	—	$	(76,608,179	)	$	(187,607,636	)	$	(181,275,105	)	$	(27,961,436	)
Timing differences (Qualified Late Year Loss Deferral)		—		(485	)		(21,275	)		—			—

(1) With the exception of perpetual capital loss carryforwards, expiration occurs on December 31 of the year indicated.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2018, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Balanced Strategy			Equity Growth Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Tax Cost	$	525,010,812		$	291,288,637		$	936,724,894		$	821,566,320		$	564,538,758
Gross unrealized gain		6,883,868			46,941,094			38,760,049			55,106,061			46,994,039
Gross unrealized loss		(25,263,244	)		(6,925,278	)		(31,429,281	)		(15,907,201	)		(34,974,343	)
Net unrealized security gain (loss)	$	(18,379,376	)	$	40,015,816		$	7,330,768		$	39,198,860		$	12,019,696

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 differences in the tax treatment of underlying fund investments.

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.

8. OTHER RISKS

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

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

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 Portfolios invest. 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 Portfolios have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Portfolios also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds — The investments of a 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. A 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. A 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.

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8. OTHER RISKS (continued)

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 the Portfolio’s or the 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 expense ratio of the Portfolio or the Underlying Fund. 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 — A 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 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 trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Balanced Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		528,088		$	6,080,683			2,019,648		$	22,987,868
Reinvestment of distributions		38,814			437,355			387,346			4,473,364
Shares redeemed		(1,157,508	)		(13,343,869	)		(4,004,670	)		(45,419,600	)
		(590,606	)		(6,825,831	)		(1,597,676	)		(17,958,368	)
Class C Shares
Shares sold		126,602			1,452,510			244,978			2,807,847
Reinvestment of distributions		1,890			21,172			91,383			1,057,404
Shares redeemed		(570,924	)		(6,576,429	)		(1,710,527	)		(19,411,900	)
		(442,432	)		(5,102,747	)		(1,374,166	)		(15,546,649	)
Institutional Shares
Shares sold		6,092,512			70,658,738			10,521,153			119,139,540
Reinvestment of distributions		186,239			2,099,834			1,301,377			15,022,502
Shares redeemed		(8,806,245	)		(101,212,477	)		(7,592,077	)		(87,026,490	)
		(2,527,494	)		(28,453,905	)		4,230,453			47,135,552
Service Shares
Shares sold		954			11,092			2,002			23,200
Reinvestment of distributions		58			657			630			7,359
Shares redeemed		(2,061	)		(24,102	)		(7,245	)		(83,744	)
		(1,049	)		(12,353	)		(4,613	)		(53,185	)
Investor Shares
Shares sold		39,190			451,712			170,556			1,911,458
Reinvestment of distributions		1,811			20,325			15,463			177,760
Shares redeemed		(74,054	)		(846,516	)		(286,535	)		(3,231,464	)
		(33,053	)		(374,479	)		(100,516	)		(1,142,246	)
Class P Shares(a)
Shares sold		4,850,769			55,687,451			—			—
Reinvestment of distributions		18,149			203,449			—			—
Shares redeemed		(135,197	)		(1,540,630	)		—			—
		4,733,721			54,350,270			—			—
Class R Shares
Shares sold		36,760			418,836			295,196			3,368,299
Reinvestment of distributions		2,382			26,707			27,698			319,071
Shares redeemed		(22,901	)		(261,025	)		(139,109	)		(1,573,546	)
		16,241			184,518			183,785			2,113,824
Class R6 Shares
Shares sold		1,170			13,487			45,522			534,077
Reinvestment of distributions		306			3,455			1,616			18,735
Shares redeemed		(121	)		(1,390	)		(371	)		(4,380	)
		1,355			15,552			46,767			548,432
NET INCREASE		1,156,683		$	13,781,025			1,384,034		$	15,097,360

(a) Commenced operations April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Equity Growth Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		267,347		$	5,150,371			1,118,905		$	19,141,615
Reinvestment of distributions		—			—			123,539			2,331,215
Shares redeemed		(594,985	)		(11,454,490	)		(2,122,608	)		(36,290,165	)
		(327,638	)		(6,304,119	)		(880,164	)		(14,817,335	)
Class C Shares
Shares sold		84,138			1,533,490			176,918			2,887,998
Reinvestment of distributions		—			—			45,101			813,606
Shares redeemed		(423,650	)		(7,772,881	)		(1,573,526	)		(25,446,948	)
		(339,512	)		(6,239,391	)		(1,351,507	)		(21,745,344	)
Institutional Shares
Shares sold		481,828			9,241,199			1,102,162			19,223,832
Reinvestment of distributions		—			—			185,239			3,526,943
Shares redeemed		(7,866,091	)		(153,351,595	)		(835,023	)		(14,657,843	)
		(7,384,263	)		(144,110,396	)		452,378			8,092,932
Service Shares
Shares sold		2,778			53,560			5,968			97,457
Reinvestment of distributions		—			—			488			9,166
Shares redeemed		(4,560	)		(85,913	)		(895	)		(14,789	)
		(1,782	)		(32,353	)		5,561			91,834
Investor Shares
Shares sold		82,093			1,550,265			122,048			2,032,302
Reinvestment of distributions		—			—			6,390			118,913
Shares redeemed		(33,110	)		(629,266	)		(210,046	)		(3,592,828	)
		48,983			920,999			(81,608	)		(1,441,613	)
Class P Shares(a)
Shares sold		6,317,423			124,109,879			—			—
Shares redeemed		(46,812	)		(905,637	)		—			—
		6,270,611			123,204,242			—			—
Class R Shares
Shares sold		35,425			667,080			208,689			3,514,359
Reinvestment of distributions		—			—			5,791			108,473
Shares redeemed		(79,836	)		(1,506,163	)		(32,309	)		(573,068	)
		(44,411	)		(839,083	)		182,171			3,049,764
Class R6 Shares
Shares sold		—			—			20,863			358,431
Reinvestment of distributions		—			—			14			275
Shares redeemed		—			—			(20,863	)		(377,643	)
		—			—			14			(18,937	)
NET DECREASE		(1,778,012	)	$	(33,400,101	)		(1,673,155	)	$	(26,788,699	)

(a) Commenced operations April 17, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,432,734		$	19,922,062			3,033,723		$	40,000,936
Reinvestment of distributions		86,400			1,168,142			474,770			6,484,686
Shares redeemed		(2,004,644	)		(27,817,400	)		(6,510,225	)		(85,053,822	)
		(485,510	)		(6,727,196	)		(3,001,732	)		(38,568,200	)
Class C Shares
Shares sold		148,838			2,011,565			285,576			3,638,217
Reinvestment of distributions		4,209			55,682			113,017			1,524,419
Shares redeemed		(902,713	)		(12,243,281	)		(3,652,480	)		(46,455,360	)
		(749,666	)		(10,176,034	)		(3,253,887	)		(41,292,724	)
Institutional Shares
Shares sold		3,748,876			52,284,058			8,734,557			115,287,013
Reinvestment of distributions		220,582			2,992,160			1,097,182			14,987,996
Shares redeemed		(17,563,929	)		(240,812,137	)		(5,668,283	)		(74,750,245	)
		(13,594,471	)		(185,535,919	)		4,163,456			55,524,764
Service Shares
Shares sold		3,530			48,537			23,593			309,270
Reinvestment of distributions		229			3,079			1,437			19,619
Shares redeemed		(14,478	)		(199,750	)		(45,019	)		(595,848	)
		(10,719	)		(148,134	)		(19,989	)		(266,959	)
Investor Shares
Shares sold		362,435			5,021,948			276,059			3,583,015
Reinvestment of distributions		4,264			57,327			13,512			183,527
Shares redeemed		(98,491	)		(1,366,778	)		(156,235	)		(2,038,389	)
		268,208			3,712,497			133,336			1,728,153
Class P Shares(a)
Shares sold		15,101,111			206,294,571			—			—
Reinvestment of distributions		49,144			662,459			—			—
Shares redeemed		(137,635	)		(1,880,464	)		—			—
		15,012,620			205,076,566			—			—
Class R Shares
Shares sold		31,952			438,269			234,088			3,032,994
Reinvestment of distributions		1,087			14,599			7,922			107,793
Shares redeemed		(72,145	)		(998,348	)		(64,914	)		(848,794	)
		(39,106	)		(545,480	)		177,096			2,291,993
Class R6 Shares
Shares sold		258,454			3,603,761			6,689			88,008
Reinvestment of distributions		1,149			15,532			145			1,994
Shares redeemed		(5,692	)		(78,679	)		(1,577	)		(21,343	)
		253,911			3,540,614			5,257			68,659
NET INCREASE (DECREASE)		655,267		$	9,196,914			(1,796,463	)	$	(20,514,314	)

(a) Commenced operations April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Growth Strategy Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		765,419		$	12,234,995			2,280,715		$	33,629,656
Reinvestment of distributions		—			—			417,272			6,613,697
Shares redeemed		(1,513,070	)		(24,181,739	)		(5,233,193	)		(77,133,470	)
		(747,651	)		(11,946,744	)		(2,535,206	)		(36,890,117	)
Class C Shares
Shares sold		214,870			3,416,094			367,579			5,401,620
Reinvestment of distributions		—			—			117,361			1,858,992
Shares redeemed		(954,488	)		(15,202,372	)		(3,252,549	)		(47,320,303	)
		(739,618	)		(11,786,278	)		(2,767,609	)		(40,059,691	)
Institutional Shares
Shares sold		2,072,249			33,228,755			6,308,205			93,509,718
Reinvestment of distributions		—			—			749,696			11,867,682
Shares redeemed		(12,866,384	)		(202,630,168	)		(3,286,743	)		(50,000,690	)
		(10,794,135	)		(169,401,413	)		3,771,158			55,376,710
Service Shares
Shares sold		2,610			41,582			27,366			414,468
Reinvestment of distributions		—			—			1,311			20,705
Shares redeemed		(14,892	)		(240,742	)		(13,150	)		(196,049	)
		(12,282	)		(199,160	)		15,527			239,124
Investor Shares
Shares sold		406,837			6,438,220			319,572			4,693,341
Reinvestment of distributions		—			—			13,548			211,478
Shares redeemed		(116,595	)		(1,845,073	)		(149,180	)		(2,151,512	)
		290,242			4,593,147			183,940			2,753,307
Class P Shares(a)
Shares sold		10,915,002			171,288,019			—			—
Shares redeemed		(84,794	)		(1,336,998	)		—			—
		10,830,208			169,951,021			—			—
Class R Shares
Shares sold		28,838			446,403			287,071			4,105,889
Reinvestment of distributions		—			—			8,829			136,314
Shares redeemed		(36,485	)		(571,612	)		(80,049	)		(1,161,545	)
		(7,647	)		(125,209	)		215,851			3,080,658
Class R6 Shares
Shares sold		196,621			3,253,532			310,238			4,664,858
Reinvestment of distributions		—			—			1,633			25,853
Shares redeemed		(72,980	)		(1,143,125	)		(251,704	)		(4,019,379	)
		123,641			2,110,407			60,167			671,332
NET DECREASE		(1,057,242	)	$	(16,804,229	)		(1,056,172	)	$	(14,828,677	)

(a) Commenced operations April 17, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		212,770		$	1,780,452			766,000		$	6,199,861
Reinvestment of distributions		59,572			482,777			210,957			1,744,744
Shares redeemed		(700,757	)		(5,855,289	)		(5,757,049	)		(46,584,779	)
		(428,415	)		(3,592,060	)		(4,780,092	)		(38,640,174	)
Class C Shares
Shares sold		48,244			402,566			121,270			984,291
Reinvestment of distributions		30,009			241,552			120,141			992,656
Shares redeemed		(663,517	)		(5,507,438	)		(1,970,407	)		(15,816,742	)
		(585,264	)		(4,863,320	)		(1,728,996	)		(13,839,795	)
Institutional Shares
Shares sold		5,361,264			44,605,959			9,419,413			76,486,555
Reinvestment of distributions		565,975			4,579,831			1,877,127			15,497,049
Shares redeemed		(12,226,003	)		(101,583,823	)		(20,236,426	)		(165,137,184	)
		(6,298,764	)		(52,398,033	)		(8,939,886	)		(73,153,580	)
Service Shares
Shares sold		877			7,289			2,576			20,720
Reinvestment of distributions		255			2,065			831			6,877
Shares redeemed		(3,560	)		(29,988	)		(15,368	)		(125,171	)
		(2,428	)		(20,634	)		(11,961	)		(97,574	)
Investor Shares
Shares sold		435,909			3,623,203			2,034,467			16,298,168
Reinvestment of distributions		58,832			476,132			215,716			1,779,150
Shares redeemed		(1,288,955	)		(10,671,424	)		(4,496,323	)		(36,492,611	)
		(794,214	)		(6,572,089	)		(2,246,140	)		(18,415,293	)
Class P Shares(a)
Shares sold		425,652			3,516,016			—			—
Reinvestment of distributions		3,246			25,902			—			—
Shares redeemed		(1,090	)		(8,972	)		—			—
		427,808			3,532,946			—			—
Class R Shares
Shares sold		12,939			107,215			62,617			508,314
Reinvestment of distributions		2,577			20,800			8,739			72,175
Shares redeemed		(35,040	)		(290,352	)		(123,294	)		(993,789	)
		(19,524	)		(162,337	)		(51,938	)		(413,300	)
Class R6 Shares
Shares sold		2,669,892			22,472,644			906,204			7,537,771
Reinvestment of distributions		55,544			450,907			174,320			1,442,350
Shares redeemed		(2,254,943	)		(18,644,878	)		(730,664	)		(6,016,291	)
		470,493			4,278,673			349,860			2,963,830
NET DECREASE		(7,230,308	)	$	(59,796,854	)		(17,409,153	)	$	(141,595,886	)

(a) Commenced operations April 17, 2018.

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Portfolio Expenses — Six Month Period Ended June 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R 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), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Portfolio expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R or 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 January 1, 2018 through June 30, 2018, which represents a period of 181 days of a 365 day year (74 out of 365 days for Class P Shares, which commenced operations on April 17, 2018). The Class P example for hypothetical expenses reflects projected activity for the period from April 17,2018 through June 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Balanced Strategy Portfolio							Equity Growth Strategy Portfolio							Growth and Income Strategy Portfolio							Growth Strategy Portfolio							Satellite Strategies Portfolio
Share Class	Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18**		Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18**		Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18**		Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18**		Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18**
Class A
Actual	$	1,000.00	$	977.40		$	2.84	$	1,000.00	$	994.20		$	2.87	$	1,000.00	$	981.90		$	2.85	$	1,000.00	$	981.00		$	2.85	$	1,000.00	$	961.90		$	2.72
Hypothetical 5% return		1,000.00		1,021.92	+		2.91		1,000.00		1,021.92	+		2.91		1,000.00		1,021.92	+		2.91		1,000.00		1,021.92	+		2.91		1,000.00		1,022.02	+		2.81
Class C
Actual		1,000.00		973.00			6.51		1,000.00		990.60			6.56		1,000.00		978.40			6.52		1,000.00		977.90			6.52		1,000.00		959.20			6.36
Hypothetical 5% return		1,000.00		1,018.20	+		6.66		1,000.00		1,018.20	+		6.66		1,000.00		1,018.20	+		6.66		1,000.00		1,018.20	+		6.66		1,000.00		1,018.30	+		6.56
Institutional
Actual		1,000.00		979.20			0.93		1,000.00		996.30			0.94		1,000.00		983.80			0.93		1,000.00		982.90			0.93		1,000.00		963.60			0.83
Hypothetical 5% return		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.95	+		0.85
Service
Actual		1,000.00		976.20			3.38		1,000.00		993.60			3.41		1,000.00		982.00			3.39		1,000.00		981.00			3.39		1,000.00		962.50			3.26
Hypothetical 5% return		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.47	+		3.36
Investor
Actual		1,000.00		978.50			1.62		1,000.00		995.20			1.63		1,000.00		983.80			1.62		1,000.00		982.70			1.62		1,000.00		962.90			1.51
Hypothetical 5% return		1,000.00		1,023.16	+		1.66		1,000.00		1,023.16	+		1.66		1,000.00		1,023.16	+		1.66		1,000.00		1,023.16	+		1.66		1,000.00		1,023.26	+		1.56
Class P(a)
Actual		1,000.00		977.70			0.37		1,000.00		976.80			0.37		1,000.00		975.90			0.39		1,000.00		975.00			0.36		1,000.00		966.70			0.32
Hypothethical 5% return		1,000.00		1,024.43	+		0.37		1,000.00		1,024.43	+		0.37		1,000.00		1,024.40	+		0.40		1,000.00		1,024.43	+		0.37		1,000.00		1,024.47	+		0.33
Class R
Actual		1,000.00		977.00			4.07		1,000.00		993.00			4.10		1,000.00		981.20			4.08		1,000.00		980.50			4.08		1,000.00		961.70			3.94
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16		1,000.00		1,020.78	+		4.06
Class R6
Actual		1,000.00		979.30			0.88		1,000.00		996.30			0.89		1,000.00		983.90			0.89		1,000.00		983.60			0.89		1,000.00		964.90			0.78
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80

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

Fund	Class A			Class C			Institutional			Service			Investor			Class P(a)			Class R			Class R6
Balanced Strategy		0.58	%		1.33	%		0.19	%		0.69	%		0.33	%		0.18	%		0.83	%		0.18	%
Equity Growth Strategy		0.58			1.33			0.19			0.69			0.33			0.18			0.83			0.18
Growth and Income Strategy		0.58			1.33			0.19			0.69			0.33			0.18			0.83			0.18
Growth Strategy		0.58			1.33			0.19			0.69			0.33			0.18			0.83			0.18
Satellite Strategies		0.56			1.31			0.17			0.67			0.31			0.16			0.81			0.16

(a) Commenced operations April 17, 2018.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2018 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2017, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2018. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Balanced Strategy Portfolio’s Institutional Shares had placed in the second quartile of the Portfolio’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had outperformed the Portfolio’s benchmark index for the three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2018. The Trustees further observed that the Equity Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had outperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2018. They noted that the Growth and Income Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2018. They observed that the Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2018. They noted that the Satellite Strategies Portfolio’s Institutional Shares had placed in the second quartile of the Portfolio’s peer group for the one- and three-year periods and in the fourth quartile for the five- and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2018. The Trustees noted that the Satellite Strategies Portfolio had certain significant differences from both the Portfolio’s peer group and benchmark index that caused the peer group and benchmark index to be imperfect bases for comparison.

Costs of Services Provided and Competitive Information

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

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

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

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

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

Profitability

The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Portfolio was provided for 2017 and 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2019.

124

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁵

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund⁶

∎ International Equity ESG Fund⁷

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁸

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁶  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

⁷  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

⁸ Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

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

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

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

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

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

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. When available, the Portfolios’ 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. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 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.

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).

© 2018 Goldman Sachs. All rights reserved. 138788-OTU-813633 FFSAR-18/45.2K

Goldman Sachs Funds

Semi-Annual Report	June 30, 2018
	Global Infrastructure Fund

Goldman Sachs Global Infrastructure Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Schedule of Investments	9
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	21
Other Information	29

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Global Infrastructure Fund

Investment Objective

The Fund seeks total return comprised of long-term growth of capital and income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Infrastructure Team discusses the Goldman Sachs Global Infrastructure Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor, R and R6 Shares generated cumulative total returns, without sales charges, of -2.03%, -2.42%, -1.81%, -1.94%, -2.19% and -1.89%, respectively. These returns compare to the -1.30% cumulative total return of the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the “Index”). The Index is intended to measure all sectors of the infrastructure market.¹ The Fund’s former benchmark, the Dow Jones Brookfield Global Infrastructure Index (Gross, USD, Unhedged), returned -0.82% during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of 1.33% compared to the 1.74% cumulative total return of the Index. The Dow Jones Brookfield Global Infrastructure Index (Gross, USD, Unhedged) returned 2.03% during the same period.

Q What economic and market factors most influenced global infrastructure companies during the Reporting Period?

A During January 2018, when the Reporting Period began, the global infrastructure market edged down slightly. The utilities sector declined as investors began to reassess utility companies’ growth prospects amid higher interest rates. The transportation sector performed best, supported by companies that reported strong fourth quarter and calendar year 2017 earnings. The global infrastructure market retreated further in February 2018. Every sector recorded a negative return, with energy posting the worst performance.

In March 2018, the global infrastructure market achieved a modest gain. Among sectors, utilities produced positive returns, while energy generated the weakest results. Energy infrastructure companies struggled following a surprise ruling from the Federal Energy Regulatory Commission (“FERC”) that energy master limited partnerships (“MLPs”) could no longer include an income tax allowance in their cost-of-service rate calculations (a method used to set rates for pipeline customers). FERC also made a market-expected announcement regarding regulated pipelines owned by “C” corporations, ruling that the federal income tax allowance should be reduced from 35% to 21%, in keeping with corporate tax reform.

In April 2018, the global infrastructure market recorded another modest gain. The best performing sector was transportation, while the communications sector declined. Communications companies weakened following the announcement of the T-Mobile and Sprint merger, as investors worried about potential revenue losses from overlapping cell towers that supported the two companies’ networks. The global infrastructure market fell back slightly in May 2018. The transportation sector declined, while the energy sector generated solidly positive returns. During June 2018, the global infrastructure market produced a gain. The energy sector performed best, while the transportation sector declined.

For the Reporting Period overall, the global infrastructure market, as measured by the Index, generated a cumulative total return of -1.30%. Japan was the top performing market during the Reporting Period, followed at a distance by Hong Kong and the U.S. Decliners were led by Italy and Canada. Within market sectors, communications companies generated gains, while transportation companies posted losses. Energy infrastructure and utilities companies ended the Reporting Period about where they started.

¹  Source: Dow Jones. The Index includes companies domiciled globally that qualify as “pure-play” infrastructure companies —companies whose primary business is the ownership and operation of infrastructure assets, activities that generally generate long-term stable cash flows. It includes master limited partnerships (“MLPs”) in addition to other equity securities.

1

PORTFOLIO RESULTS

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, security selection in the utilities sector, particularly among gas utilities, detracted most from the Fund’s relative performance. The Fund was also hampered by its overweight position compared the Index in the transportation sector. On the positive side, the Fund benefited from security selection in the energy sector, especially among energy MLPs. Among countries, security selection in Spain, Australia and France hurt relative returns most. The Fund was helped by security selection and an overweight position relative to the Index in the U.S.

Q What individual holdings detracted most from the Fund’s relative performance during the Reporting Period?

A The top detractors from the Fund’s relative performance during the Reporting Period were ONEOK, Aena SME and Beijing Enterprises Water Group.

The Fund’s underweight compared to the Index in ONEOK (OKE), one of the largest energy midstream² service providers in the U.S., detracted from relative returns. OKE’s shares performed strongly in April 2018 alongside a general recovery in the North American energy sector that was driven by increasing exports and global demand. At the end of the Reporting Period, we maintained the Fund’s underweight position in OKE, as we thought the stock was trading at a significant premium compared to others in the sector.

An investment in Aena SME (AENA), a Spanish state-owned manager and operator of airport terminals, also hurt the Fund’s relative performance during the Reporting Period. While AENA’s fundamentals remained strong, its shares declined after Transcontinental Realty Investors and Talos Capital took a 2.6% stake in the company. At the end of the Reporting Period, we believed AENA was well positioned to benefit from increasing travel driven by a better economy, and it should, in our view, continue to grow revenues in 2018 and beyond. We also thought the regulatory framework remained favorable for the company at the end of the Reporting Period.

Another notable detractor from the Fund’s relative returns during the Reporting Period was Beijing Enterprises Water Group (BEW), a Hong Kong-based provider of various water and environmental protection services in China, Singapore, Malaysia and Portugal. The company’s stock price declined in January 2018 following the announcement of a new issue placement, which would increase the total number of outstanding shares and therefore dilute BEW’s earnings per share. Investor sentiment remained weak ahead of China’s National People’s Congress because of concerns surrounding the off-balance sheet structure of BEW’s public-private partnership (“PPP”) investment funds and the Chinese government’s regulatory tightening on PPP projects. (An off-balance sheet structure means the financing activity is not on a company’s balance sheet.) Additionally, BEW reported lower than market expected fiscal year 2017 earnings in March 2018, driven by slower progress on water renovation PPP project development and lower construction margins. Despite these disappointing results, at the end of the Reporting Period, we believed BEW had high quality projects that are well structured, which should potentially allow the company to gain access to low-cost capital and to generate stable cash flows. In our opinion, BEW was on track at the end of the Reporting Period to meet its fiscal 2017 goals, with strong potential for both its water capacity and water renovation contracts. We thought BEW could continue to benefit from what we see as its solid management team and lower leverage levels as well as from broader efforts to clean up China’s water supply.

Q What individual holdings added most to the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, Cheniere Energy, Sempra Energy and Williams Partners L.P. were leading positive contributors to the Fund’s relative returns.

Cheniere Energy (LNG), a company primarily engaged in liquefied natural gas businesses, added to the Fund’s relative performance. LNG’s shares appreciated along with the price of natural gas, which rose amid increased global demand growth. In addition, its company management raised guidance after deciding to invest in the Corpus Christi Train 3 expansion, as it is likely to increase LNG’s capacity for

²  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e. energy producers, and the demand side, i.e. energy end-users, for any type of energy commodity. Such midstream business can include, but are not limited to, those that process, store, market and transport various energy commodities.

³  Take-or-pay is a provision, written into a contract, whereby one party has the obligation of either taking delivery of goods or paying a specified amount.

2

PORTFOLIO RESULTS

liquefied natural gas. At the end of the Reporting Period, we remained positive about LNG, as the majority of the company’s capacity is concentrated in long-term take-or-pay³ agreements with investment grade rate counterparties, making its cash flow highly visible.

Sempra Energy (SRE), the largest natural gas distribution utility in California, was another top contributor to the Fund’s relative returns during the Reporting Period. SRE has a balanced portfolio of growth businesses composed of regulated utilities and long-term contracted energy infrastructure, and it is well-diversified geographically, in our view. Its shares gained during February 2018 on the back of a positive fourth quarter 2017 earnings announcement, which highlighted better than market expected earnings and an increased 2018 annual dividend. At the end of the Reporting Period, we were encouraged by the approval of SRE’s acquisition of Oncor Electric Delivery Company, LLC, and we believed SRE was poised for growth for 2018 overall.

Williams Partners L.P. (WPZ), a natural gas-focused midstream energy company with operations in numerous U.S. basins, also enhanced the Fund’s relative results during the Reporting Period. Its shares appreciated after the company announced in May 2018 an improved outlook and better than market expected financial metrics. During the Reporting Period, its parent company Williams Companies announced it would acquire WPZ in an all stock-for-unit transaction. In our view, WPZ had strong dividend coverage and was trading at the end of the Reporting Period at an attractive valuation relative to its peers.

Q Were there any notable purchases or sales during the Reporting Period?

A Among the purchases made during the Reporting Period were the Fund’s investments in SRE and AENA, both mentioned previously.

Notable sales included Atlas Arteria Group (ALX), an Australia-based operator of toll roads in the U.S. and Europe. ALX’s stock price had rallied during 2017 due to strong earnings results, driven by stable traffic trends across the U.S. and Europe as well as by the company’s expansion of its French toll road network, which benefited from an improving regional economy. Encouraged by its shareholders, ALX separated from parent Macquarie Group in order to have its own management team and to reduce liabilities. The announcement drove ALX’s shares higher in November 2017. In our view, ALX could see a traffic decline for its Virginia-based toll road going forward because of growing congestion and the completion of competing roads in the area. As a result, we sold the Fund’s position in ALX during the Reporting Period as we sought to capture profits.

We exited the Fund’s investment in Equinix. We had initially purchased shares of the data center provider because we thought it was well positioned to benefit from continued demand for data storage. During the Reporting Period, Equinix reached our price target, and we decided to reallocate the capital to investment ideas with what we considered greater potential risk/reward.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund did not use derivatives or similar instruments within its investment process during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking securities rather than on making sector, subsector or country bets. We seek to outpace the Index by overweighting securities we expect to outperform and underweighting those that we think may lag. Consequently, changes in the Fund’s sector or country weights are generally the direct result of individual security selection and/or the appreciation or depreciation of particular Fund holdings. That said, during the Reporting Period, the Fund moved from an underweight in the transportation sector to an overweight position. This shift was largely the result of our decision to add more exposure to airport companies. At the same time, we reduced the Fund’s exposure to toll road companies. In addition, the Fund shifted from an overweight in the energy sector to a slightly underweight position. Its underweight in the utilities sector also decreased. From a country perspective, compared to the Index, the Fund’s overweight in the U.S. increased, while the Fund moved from underweights in the U.K. and Spain to rather neutral positions in each. Also, the Fund’s overweight in Italy decreased during the Reporting Period.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was neutral relative to the Index in the energy and communications sectors. It was overweight versus the Index in the transportation sector and underweight the utilities sector. In geographic terms, the Fund was overweight the U.S. and Italy and underweight Hong Kong at the end of the Reporting Period.

3

PORTFOLIO RESULTS

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed modest economic growth provided an excellent backdrop for global infrastructure securities. We thought the financing environment was accommodative; fundamentals with respect to supply and demand were healthy; and the investment attributes of global infrastructure securities continued to be viewed favorably, especially relative to fixed income. Therefore, investor demand is likely, in our view, to increase, which could be supportive of valuations. Despite the more uncertain and volatile global macro environment, we believe infrastructure companies hold unique positions in the global economy and can benefit from their strong business models, which typically feature stable demand, high barriers to entry and regulated or contract-based businesses. We further believe the financing environment for global infrastructure companies is likely to continue to be accommodative, which is particularly important given the capital-intensive nature of these businesses. In the near term, we believe divergent global central bank monetary policies and varying fundamentals at the sub-sector level may present compelling investment opportunities. We think global infrastructure securities may provide investors with attractive yields and lower volatility relative to the broader equity market. Compared to bonds, we believe they offer long-term growth potential, inflation hedging benefits and resiliency to interest rate fluctuations.

4

FUND BASICS

Global Infrastructure Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)2			Dow Jones Brookfield Global Infrastructure Index (Gross, USD, Unhedged)3
Class A		-2.03	%		-1.30	%		-0.82	%
Class C		-2.42			-1.30			-0.82
Institutional		-1.81			-1.30			-0.82
Investor		-1.94			-1.30			-0.82
Class R		-2.19			-1.30			-0.82
Class R6		-1.89			-1.30			-0.82
April 17, 2018–June 30, 2018
Class P		1.33	%		1.74	%		2.03	%

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

²  The Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business. It is not possible to invest directly in an index. Effective February 23, 2018, the Fund changed its benchmark index from gross total return to net total return to more accurately reflect the impact of international withholding taxes in the benchmark index’s return.

³  The Dow Jones Brookfield Global Infrastructure Index (Gross, USD, Unhedged) intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 06/30/18	One Year			Since Inception			Inception Date
Class A		-3.72	%		2.31	%	6/27/16
Class C		0.03			4.42		6/27/16
Institutional		2.28			5.64		6/27/16
Investor		2.07			5.46		6/27/16
Class P		N/A			1.33		4/17/18
Class R		1.54			4.93		6/27/16
Class R6		2.21			5.62		6/27/16

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

5

FUND BASICS

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.38	%		1.56	%
Class C		2.13			2.31
Institutional		0.99			1.17
Investor		1.13			1.31
Class P		0.98			1.16
Class R		1.63			1.81
Class R6		0.98			1.16

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

6

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/186
Holding	% of Net Assets			Line of Business	Country
American Tower Corp.		7.3	%	Equity Real Estate Investment Trusts (REITs)	United States
Vinci SA		6.2		Construction & Engineering	France
Enbridge, Inc.		5.8		Oil, Gas & Consumable Fuels	Canada
TransCanada Corp.		4.9		Oil, Gas & Consumable Fuels	Canada
National Grid PLC		4.8		Multi-Utilities	United Kingdom
Sempra Energy		3.8		Multi-Utilities	United States
Crown Castle International Corp.		3.3		Equity Real Estate Investment Trusts (REITs)	United States
American Water Works Co., Inc.		3.2		Water Utilities	United States
Pembina Pipeline Corp.		2.9		Oil, Gas & Consumable Fuels	Canada
Transurban Group		2.7		Transportation Infrastructure	Australia

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of June 30, 2018

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

8

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Australia – 4.2%
	339,985	Spark Infrastructure Group (Electric Utilities)	$	573,558
	576,502	Sydney Airport (Transportation Infrastructure)		3,051,968
	702,958	Transurban Group (Transportation Infrastructure)		6,224,909
				9,850,435
Canada – 16.1%
	375,968	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		13,441,217
	183,621	Fortis, Inc. (Electric Utilities)		5,869,056
	192,839	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		6,678,553
	264,738	TransCanada Corp. (Oil, Gas & Consumable Fuels)		11,454,225
				37,443,051
China – 1.1%
	256,000	ENN Energy Holdings Ltd. (Gas Utilities)		2,507,110
France – 7.5%
	13,737	Aeroports de Paris (Transportation Infrastructure)		3,103,054
	149,870	Vinci SA (Construction & Engineering)		14,386,188
				17,489,242
Hong Kong – 3.3%
	3,172,000	Beijing Enterprises Water Group Ltd.* (Water Utilities)		1,724,819
	749,800	China Gas Holdings Ltd. (Gas Utilities)		3,006,093
	1,506,010	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		2,878,788
				7,609,700
Italy – 5.5%
	202,883	Atlantia SpA (Transportation Infrastructure)		5,981,439
	331,951	Enav SpA(a) (Transportation Infrastructure)		1,660,683
	206,079	Enel SpA (Electric Utilities)		1,141,921
	736,215	Terna Rete Elettrica Nazionale SpA (Electric Utilities)		3,976,054
				12,760,097
Japan – 1.3%
	114,700	Tokyo Gas Co. Ltd. (Gas Utilities)		3,045,543
Spain – 4.5%
	29,363	Aena SME SA(a) (Transportation Infrastructure)		5,316,079
	255,895	Ferrovial SA (Construction & Engineering)		5,236,275
				10,552,354
Common Stocks – (continued)
United Kingdom – 6.8%
	1,008,756	National Grid PLC (Multi-Utilities)		11,147,830
	184,530	Severn Trent PLC (Water Utilities)		4,811,394
				15,959,224
United States – 48.1%
	118,981	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		17,153,491
	87,411	American Water Works Co., Inc. (Water Utilities)		7,463,151
	12,390	Antero Midstream GP LP (Oil, Gas & Consumable Fuels)		233,675
	16,615	Antero Midstream Partners LP (Oil, Gas & Consumable Fuels)		490,475
	63,440	Atmos Energy Corp. (Gas Utilities)		5,718,482
	92,088	Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels)		6,003,217
	49,029	CMS Energy Corp. (Multi-Utilities)		2,318,091
	41,443	Consolidated Edison, Inc. (Multi-Utilities)		3,231,725
	70,790	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		7,632,578
	29,793	CyrusOne, Inc. (Equity Real Estate Investment Trusts (REITs))		1,738,719
	61,613	Edison International (Electric Utilities)		3,898,254
	77,955	Enbridge Energy Management LLC* (Oil, Gas & Consumable Fuels)		799,818
	94,453	Eversource Energy (Electric Utilities)		5,535,890
	302,245	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		5,340,669
	11,789	NextEra Energy, Inc. (Electric Utilities)		1,969,117
	64,714	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		4,518,979
	89,478	PG&E Corp. (Electric Utilities)		3,808,184
	39,931	Pinnacle West Capital Corp. (Electric Utilities)		3,216,841
	33,990	SBA Communications Corp.* (Equity Real Estate Investment Trusts (REITs))		5,612,429
	77,307	Sempra Energy (Multi-Utilities)		8,976,116
	95,186	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		4,710,755
	65,116	The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,765,295
	12,343	Vulcan Materials Co. (Construction Materials)		1,592,987
	131,313	Williams Partners LP (Oil, Gas & Consumable Fuels)		5,329,995
	40,009	Xcel Energy, Inc. (Electric Utilities)		1,827,611
	40,781	Zayo Group Holdings, Inc.* (Diversified Telecommunication Services)		1,487,691
				112,374,235
	TOTAL COMMON STOCKS
	(Cost $223,801,735)		$	229,590,991

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,161	1.869%	$	2,161
	(Cost $2,161)
	TOTAL INVESTMENTS — 98.4%
	(Cost $223,803,896)		$	229,593,152
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			3,847,498
	NET ASSETS – 100.0%		$	233,440,650

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $6,976,762, which represents approximately 3.0% of the Fund’s net assets as of June 30, 2018. The liquidity determination is unaudited.
(b)	Represents an affiliated fund.

Investment Abbreviations:
GP	—General Partnership
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REITs	—Real Estate Investment Trusts

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $223,801,735)	$	229,590,991
Investments of affiliated issuers, at value (cost $2,161)		2,161
Cash		1,870,076
Foreign currencies, at value (cost $47,807)		48,018
Receivables:
Investments sold		4,217,399
Dividends		990,540
Fund shares sold		119,238
Foreign tax reclaims		1,022
Other assets		46,132
Total assets		236,885,577
Liabilities:
Payables:
Investments purchased		3,122,338
Management fees		173,092
Fund shares redeemed		81,315
Distribution and Service fees and Transfer Agency fees		7,537
Payable to investment adviser		5,832
Accrued expenses		54,813
Total liabilities		3,444,927
Net Assets:
Paid-in capital		236,624,047
Distributions in excess of net investment income		(246,976	)
Accumulated net realized loss		(8,724,494	)
Net unrealized gain		5,788,073
NET ASSETS	$	233,440,650
Net Assets:
Class A	$	1,327,410
Class C		1,367,850
Institutional		1,786,287
Investor		303,809
Class P		3,449,650
Class R		27,551
Class R6		225,178,093
Total Net Assets	$	233,440,650
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		126,199
Class C		130,353
Institutional		169,331
Investor		28,874
Class P		328,039
Class R		2,618
Class R6		21,395,147
Net asset value, offering and redemption price per share:(a)
Class A		$10.52
Class C		10.49
Institutional		10.55
Investor		10.52
Class P		10.52
Class R		10.52
Class R6		10.52

(a) Maximum public offering price per share for Class A Shares is $11.13. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $320,286)	$	3,729,928
Dividends — affiliated issuers		12,868
Total investment income		3,742,796
Expenses:
Management fees		1,015,142
Professional fees		55,871
Transfer Agency fees(a)		37,683
Custody, accounting and administrative services		24,235
Printing and mailing costs		17,852
Trustee fees		8,860
Distribution and Service fees(a)		4,147
Other		13,487
Total expenses		1,177,277
Less — expense reductions		(60,854	)
Net expenses		1,116,423
NET INVESTMENT INCOME		2,626,373
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(5,134,588	)
Foreign currency transactions		12,177
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,851,247	)
Foreign currency translation		(4,246	)
Net realized and unrealized loss		(6,977,904	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,351,531	)

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

Distribution and/or Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P(b)		Class R		Class R6
$	879	$	3,201	$	67	$	633	$	576	$	10,765	$	152	$	26	$	24	$	25,507

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	2,626,373		$	3,136,455
Net realized loss		(5,122,411	)		(2,742,866	)
Net change in unrealized gain (loss)		(1,855,493	)		7,642,547
Net increase (decrease) in net assets resulting from operations		(4,351,531	)		8,036,136
Distributions to shareholders:
From net investment income
Class A Shares		(12,020	)		(694	)
Class C Shares		(10,547	)		(679	)
Institutional Shares		(18,637	)		(3,330,647	)
Investor Shares		(3,112	)		(552	)
Class P Shares(a)		(31,787	)		—
Class R Shares		(236	)		(442	)
Class R6 Shares		(2,609,114	)		(587	)
From net realized gains
Class A Shares		—			(177	)
Class C Shares		—			(173	)
Institutional Shares		—			(847,898	)
Investor Shares		—			(140	)
Class R Shares		—			(113	)
Class R6 Shares		—			(150	)
Return of capital
Class A Shares		—			(17	)
Class C Shares		—			(16	)
Institutional Shares		—			(79,805	)
Investor Shares		—			(13	)
Class R Shares		—			(11	)
Class R6 Shares		—			(14	)
Total distributions to shareholders		(2,685,453	)		(4,262,128	)
From share transactions:
Proceeds from sales of shares		257,923,339			225,391,930
Reinvestment of distributions		2,685,324			4,262,128
Cost of shares redeemed		(242,858,536	)		(13,758,037	)
Net increase in net assets resulting from share transactions		17,750,127			215,896,021
TOTAL INCREASE		10,713,143			219,670,029
Net assets:
Beginning of period		222,727,507			3,057,478
End of period	$	233,440,650		$	222,727,507
Distribution in excess of net investment income	$	(246,976	)	$	(187,896	)

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class A Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.85		$	9.89		$	10.00
Net investment income(b)	$	0.14		$	0.22	(c)	$	0.06
Net realized and unrealized gain (loss)		(0.36	)		0.99			0.01
Total from investment operations		(0.22	)		1.21			0.07
Distributions to shareholder from net investment income	$	(0.11	)	$	(0.20	)	$	(0.05	)
Distributions to shareholder from net realized gains		—			(0.05	)		(0.12	)
Distributions to shareholder from return of capital		—			—	(d)		(0.01	)
Total distributions		(0.11	)		(0.25	)		(0.18	)
Net asset value, end of period	$	10.52		$	10.85		$	9.89
Total return(e)		(2.03	)%		12.29	%		0.69	%
Net assets, end of period (in 000s)	$	1,327		$	40		$	25
Ratio of net expenses to average net assets		1.38	%(f)		1.38	%		1.40	%(f)
Ratio of total expenses to average net assets		1.42	%(f)		6.20	%		15.63	%(f)
Ratio of net investment income to average net assets		2.77	%(f)		2.04	%(c)		1.19	%(f)
Portfolio turnover rate(g)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

	Goldman Sachs Global Infrastructure Fund
	Class C Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.84		$	9.88		$	10.00
Net investment income(b)	$	0.09		$	0.13	(c)	$	0.02
Net realized and unrealized gain (loss)		(0.35	)		1.00			0.01
Total from investment operations		(0.26	)		1.13			0.03
Distributions to shareholder from net investment income	$	(0.09	)	$	(0.14	)	$	(0.02	)
Distributions to shareholder from net realized gains		—			(0.03	)		(0.12	)
Distributions to shareholder from return of capital		—			—	(d)		(0.01	)
Total distributions		(0.09	)		(0.17	)		(0.15	)
Net asset value, end of period	$	10.49		$	10.84		$	9.88
Total return(e)		(2.42	)%		11.46	%		0.30	%
Net assets, end of period ( in 000s)	$	1,368		$	57		$
Ratio of net expenses to average net assets		2.13	%(f)		2.14	%		2.14	%(f)
Ratio of total expenses to average net assets		2.17	%(f)		7.06	%		16.73	%(f)
Ratio of net investment income to average net assets		1.81	%(f)		1.24	%(c)		0.46	%(f)
Portfolio turnover rate(g)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Institutional Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.85		$	9.89		$	10.00
Net investment income(b)	$	0.04		$	0.29	(c)	$	0.08
Net realized and unrealized gain (loss)		(0.24	)		0.96			0.01
Total from investment operations		(0.20	)		1.25			0.09
Distributions to shareholder from net investment income	$	(0.10	)	$	(0.20	)	$	(0.07	)
Distributions to shareholder from net realized gains		—			(0.08	)		(0.12	)
Distributions to shareholder from return of capital		—			(0.01	)		(0.01	)
Total distributions		(0.10	)		(0.29	)		(0.20	)
Net asset value, end of period	$	10.55		$	10.85		$	9.89
Total return(d)		(1.81	)%		12.72	%		0.89	%
Net assets, end of period (in 000s)	$	1,786		$	222,546		$	2,906
Ratio of net expenses to average net assets		0.99	%(e)		0.99	%		0.99	%(e)
Ratio of total expenses to average net assets		1.06	%(e)		1.29	%		15.23	%(e)
Ratio of net investment income to average net assets		0.79	%(e)		2.65	%(c)		1.59	%(e)
Portfolio turnover rate(f)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

	Goldman Sachs Global Infrastructure Fund
	Investor Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.85		$	9.89		$	10.00
Net investment income(b)	$	0.13		$	0.24	(c)	$	0.08
Net realized and unrealized gain (loss)		(0.34	)		0.99			—	(d)
Total from investment operations		(0.21	)		1.23			0.08
Distributions to shareholder from net investment income	$	(0.12	)	$	(0.21	)	$	(0.06	)
Distributions to shareholder from net realized gains		—			(0.05	)		(0.12	)
Distributions to shareholder from return of capital		—			(0.01	)		(0.01	)
Total distributions		(0.12	)		(0.27	)		(0.19	)
Net asset value, end of period	$	10.52		$	10.85		$	9.89
Total return(e)		(1.94	)%		12.56	%		0.91	%
Net assets, end of period (in 000s)	$	304		$	28		$	25
Ratio of net expenses to average net assets		1.13	%(f)		1.14	%		0.95	%(f)
Ratio of total expenses to average net assets		1.17	%(f)		6.05	%		15.19	%(f)
Ratio of net investment income to average net assets		2.59	%(f)		2.23	%(c)		1.63	%(f)
Portfolio turnover rate(g)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class P Shares(a)
	Period Ended June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.47
Net investment income (loss)(b)	$	(0.02	)
Net realized and unrealized gain		0.17
Total from investment operations		0.15
Distributions to shareholder from net investment income	$	(0.10	)
Total distributions		(0.10	)
Net asset value, end of period	$	10.52
Total return(c)		1.33	%
Net assets, end of period (in 000s)	$	3,450
Ratio of net expenses to average net assets		0.98	%(d)
Ratio of total expenses to average net assets		0.98	%(d)
Ratio of net investment income (loss) to average net assets		(0.88	)%(d)
Portfolio turnover rate(e)		35	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

	Goldman Sachs Global Infrastructure Fund
	Class R Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.85		$	9.89		$	10.00
Net investment income(b)	$	0.08		$	0.18	(c)	$	0.05
Net realized and unrealized gain (loss)		(0.32	)		1.00			0.01
Total from investment operations		(0.24	)		1.18			0.06
Distributions to shareholder from net investment income	$	(0.09	)	$	(0.18	)	$	(0.04	)
Distributions to shareholder from net realized gains		—			(0.04	)		(0.12	)
Distributions to shareholder from return of capital		—			—	(d)		(0.01	)
Total distributions		(0.09	)		(0.22	)		(0.17	)
Net asset value, end of period	$	10.52		$	10.85		$	9.89
Total return(e)		(2.19	)%		12.00	%		0.82	%
Net assets, end of period ( in 000s)	$	28		$	28		$	25
Ratio of net expenses to average net assets		1.63	%(f)		1.64	%		1.15	%(f)
Ratio of total expenses to average net assets		1.69	%(f)		6.55	%		15.38	%(f)
Ratio of net investment income to average net assets		1.64	%(f)		1.74	%(c)		1.44	%(f)
Portfolio turnover rate(g)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R6 Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016
Per Share Data
Net asset value, beginning of period	$	10.85		$	9.89		$	10.00
Net investment income(b)	$	0.14		$	0.26	(c)	$	0.09
Net realized and unrealized gain (loss)		(0.35	)		0.99			—	(d)
Total from investment operations		(0.21	)		1.25			0.09
Distributions to shareholder from net investment income	$	(0.12	)	$	(0.22	)	$	(0.07	)
Distributions to shareholder from net realized gains		—			(0.06	)		(0.12	)
Distributions to shareholder from return of capital		—			(0.01	)		(0.01	)
Total distributions		(0.12	)		(0.29	)		(0.20	)
Net asset value, end of period	$	10.52		$	10.85		$	9.89
Total return(e)		(1.89	)%		12.74	%		0.56	%
Net assets, end of period (in 000s)	$	225,178		$	28		$	25
Ratio of net expenses to average net assets		0.98	%(f)		0.97	%		1.65	%(f)
Ratio of total expenses to average net assets		1.03	%(f)		5.88	%		15.88	%(f)
Ratio of net investment income to average net assets		2.82	%(f)		2.40	%(c)		0.93	%(f)
Portfolio turnover rate(g)		35	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements

June 30, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Infrastructure Fund (the “Fund”) is a non-diversified portfolio and currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class P (commenced operations on April 17, 2018), Class R, and Class R6 Shares. The Fund commenced operations on June 27, 2016.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

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

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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. Distributions from net investment income are declared and paid quarterly, and distributions from net capital gains, 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.

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

21

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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:

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

22

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. 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 classified in the fair value hierarchy as of June 30, 2018:

GLOBAL INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	13,162,353	$	—
Australia and Oceania		—		9,850,435		—
Europe		—		56,760,917		—
North America		149,817,286		—		—
Investment Company		2,161		—		—
Total	$	149,819,447	$	79,773,705	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

23

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets. For the six months ended June 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

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

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

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests. For the six months ended June 30, 2018, GSAM waived $1,457 of the Fund’s management fee.

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

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended June 30, 2018, Goldman Sachs advised that it retained $3,410 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for this Fund.

D.  Service Plan — The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Fund.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of average daily net assets of Class P and Class R6 Shares and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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

24

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 are 0.054%. These Other Expense limitations will remain in place through at least April 30, 2019 for Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	1,457	$	59,397	$	60,854

G.  Line of Credit Facility — As of June 30, 2018, the Fund participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2018, the Fund did not have any borrowings under the facility. Prior to May 1, 2018, the facility was $1,100,000,000. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2018, Goldman Sachs earned $53 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.

The following table provides information about the Fund’s investments in the Underlying Fund as of and for the six months ended June 30, 2018:

Underlying Fund	Beginning Value as of December 31, 2017	Purchases at Cost	Proceeds from Sales			Ending Value as of June 30, 2018		Shares as of June 30, 2018		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$5,465,174	$46,875,868	$	(52,338,881	)	$	2,161		2,161	$	12,868

As of June 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 96% of Institutional Shares, 9% of Investor Shares and 100% of Class R Shares of the Fund.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2018, were $102,104,981 and $78,803,216.

25

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

6. TAX INFORMATION

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

Timing differences (Qualified Post-October Loss Deferral, PTP Passive Activity Loss Deferral) $ (2,565,839 ) 

As of June 30, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	224,933,123
Gross unrealized gain		13,930,380
Gross unrealized loss		(9,270,351	)
Net unrealized gains	$	4,660,029

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

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

7. OTHER RISKS

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

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 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

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

26

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

7. OTHER RISKS (continued)

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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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.

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

Non-Diversification Risk— The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

27

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

9. SUBSEQUENT EVENTS

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

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		126,199		$	1,320,465			1,013		$	10,250
Reinvestment of distributions		1,157			12,009			83			888
Shares redeemed		(4,799	)		(49,894	)		—			—
		122,557			1,282,580			1,096			11,138
Class C Shares
Shares sold		126,668			1,328,582			—			—
Reinvestment of distributions		1,017			10,547			82			868
Shares redeemed		(2,551	)		(26,643	)		—			—
		125,134			1,312,486			82			868
Institutional Shares
Shares sold		1,128,720			12,261,226			21,083,253			225,381,680
Reinvestment of distributions		1,780			18,519			398,887			4,258,350
Shares redeemed		(21,469,558	)		(217,373,698	)		(1,267,527	)		(13,758,037	)
		(20,339,058	)		(205,093,953	)		20,214,613			215,881,993
Investor Shares
Shares sold		25,959			274,026			—			—
Reinvestment of distributions		300			3,112			67			705
		26,259			277,138			67			705
Class P Shares(a)
Shares sold		325,351			3,373,964			—			—
Reinvestment of distributions		3,057			31,787			—			—
Shares redeemed		(369	)		(3,838	)		—			—
		328,039			3,401,913			—			—
Class R Shares
Reinvestment of distributions		23			236			53			566
		23			236			53			566
Class R6 Shares
Shares sold		23,604,331			239,365,076			—			—
Reinvestment of distributions		252,172			2,609,114			70			751
Shares redeemed		(2,463,977	)		(25,404,463	)		—			—
		21,392,526			216,569,727			70			751
NET INCREASE		1,655,480		$	17,750,127			20,215,981		$	215,896,021

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

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Fund Expenses — Period Ended June 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R or Class R6 Shares of the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R and 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 January 1, 2018 through June 30, 2018, which represents a period of 181 days in a 365 day year. The Class P Shares example is based on the period from April 17, 2018, which represents a period of 75 out of 365 days. The Class P Shares example for hypothetical expenses reflects projected activity for the period from January 1, 2018 through June 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Global Infrastructure Fund
Share Class	Beginning Account Value 1/1/18		Ending Account Value 6/30/18			Expenses Paid for the 6 months ended 6/30/18*
Class A
Actual	$	1,000.00	$	979.70		$	6.77
Hypothetical 5% return		1,000.00		1,017.95	(+)		6.90
Class C
Actual		1,000.00		975.80			10.43
Hypothetical 5% return		1,000.00		1,014.23	(+)		10.64
Institutional
Actual		1,000.00		981.90			4.86
Hypothetical 5% return		1,000.00		1,019.89	(+)		4.96
Investor
Actual		1,000.00		980.60			5.55
Hypothetical 5% return		1,000.00		1,019.19	(+)		5.66
Class P(a)
Actual		1,000.00		1,013.30			2.03
Hypothetical 5% return		1,000.00		1,019.93	(+)		4.87
Class R
Actual		1,000.00		978.10			7.99
Hypothetical 5% return		1,000.00		1,016.71	(+)		8.15
Class R6
Actual		1,000.00		981.10			4.81
Hypothetical 5% return		1,000.00		1,019.94	(+)		4.91

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

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

Fund	Class A	Class C	Institutional	Investor	Class P(a)	Class R	Class R6
Global Infrastructure Fund+	1.38%	2.13%	0.99%	1.13%	0.98%	1.63%	0.98%

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

29

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2018 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2017, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2018. The information on the Fund’s investment performance was provided for the one-year period ending on the applicable date. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of

31

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2018.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2017 and 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

32

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Economies of Scale

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

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

33

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2019.

34

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁵

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund⁶

∎ International Equity ESG Fund⁷

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁸

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁶  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

⁷  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

⁸ Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

The report concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q 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 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. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 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.

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

© 2018 Goldman Sachs. All rights reserved. 138597-OTU-813648/GBLINFRASAR-18/241

Goldman Sachs Funds

Semi-Annual Report	June 30, 2018
	Real Estate Securities Funds
	Global Real Estate Securities
	International Real Estate Securities
	Real Estate Securities

Goldman Sachs Real Estate Securities Funds

∎ GLOBAL REAL ESTATE SECURITIES

∎ INTERNATIONAL REAL ESTATE SECURITIES

∎ REAL ESTATE SECURITIES

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summaries	2
Index Definitions	23
Schedules of Investments	24
Financial Statements	29
Financial Highlights	34
Notes to Financial Statements	40
Other Information	54

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

What Differentiates the Goldman Sachs

Real Estate Securities Investment Process?

The Goldman Sachs Global Real Estate Securities, International Real Estate Securities and Real Estate Securities Funds seek to generate long-term growth of capital and dividend income by investing primarily in real estate industry companies on an international or domestic basis, including real estate investment trusts (“REITs”) that offer daily liquidity and have historically strong returns, low volatility and low correlation to traditional asset classes.

Goldman Sachs’ Real Estate Securities Investment Process

Buy high quality companies.

We seek to purchase those companies that combine strong market exposures, management teams, capital structures and growth prospects.

Buy at a reasonable price.

We seek to consistently select securities that are trading at discounts to their intrinsic value.

Diversification reduces risk.

We seek to diversify the portfolio holdings based on property type and geographic markets to manage risk without compromising returns.

Team Based:

Portfolio decisions are made by the entire team.

Continuous Scrutiny:

Market, industry and company developments are reviewed daily.

Fundamental Analysis:

Portfolio holdings are determined by the risk/reward characteristics of an issuer and the team’s conviction in the overall business and management’s ability to create value.

Real estate securities portfolio that:

∎ is a high quality portfolio that is strategically positioned for long-term growth potential

∎ is a result of bottom-up stock selection with a focus on long-term investing

1

PORTFOLIO RESULTS

Goldman Sachs Global Real Estate Securities Fund

Investment Objective

The Fund seeks total return comprised of long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Real Estate Securities Investment Team discusses the Goldman Sachs Global Real Estate Securities Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor, R and R6 Shares generated cumulative total returns, without sales charges, of 0.34%, 0.01%, 0.58%, 0.57%, 0.24% and 0.55%, respectively. These returns compare to the 0.46% cumulative total return of the Fund’s benchmark, the FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) (the “FTSE Index”), during the same period. The Fund’s former benchmark, the FTSE EPRA/NAREIT Developed Index (Gross, USD, Unhedged) returned 0.91% during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of 3.38%. This compares to the 4.01% cumulative total return of the FTSE Index during the same time period. The FTSE EPRA/NAREIT Developed Index (gross, USD, unhedged) returned 4.25% during the same period.

Q What economic and market factors most influenced the global real estate securities market as a whole during the Reporting Period?

A For the Reporting Period overall, the global real estate securities market, as measured by the FTSE Index, gained 0.46%.

The FTSE Index declined 4.38% during the first quarter of 2018. Israel and Australia were the weakest markets, while Japan was the only market to outperform the FTSE Index. In Australia, signs of capitalization rate compression ending, in conjunction with weaker outlooks for rental growth, weighed on the market broadly. (Capitalization rate, or “cap rate,” is the ratio of net operating income of a property to its market value, i.e. the percentage return an investor would get if they purchased the property for cash. When cap rates are down, or compressing, it means real estate values are increasing.) In Japan, demand benefited from continued quantitative easing by the Bank of Japan as well as from better than consensus expected Gross Domestic Product (“GDP”) growth.

The FTSE Index gained 5.45% during the second quarter of 2018. The U.S. and Israel were the top performing markets, while Singapore was the weakest. In the U.S., self-storage and lodging subsectors drove strong performance. In Singapore, despite improving macroeconomic conditions and a pick-up in broad-based demand domestically, locally-listed real estate investment trusts (“REITs”) struggled due to market concerns about the sustainability of the current residential cycle, driven by the broader rising interest rate environment and elevated 10-year Singapore government securities yields.

For the Reporting Period overall, Japan was the top performing market by some distance, followed by the U.S. real estate securities market. Singapore and Hong Kong were the weakest performing markets during the Reporting Period. In Japan, demand for property markets benefited from continued quantitative easing by the Bank of Japan as well as from better than consensus expected GDP growth. The Singapore REIT market underperformed due primarily to new equity issuance that led to profit-taking amongst residential developers. Overall, within the global real estate securities market, fundamentals generally remained strong. New supply of apartment, industrial, mall, office and strip centers was limited and peaking, in our view, given 1) rising construction costs and 2) stable and improving demand against a backdrop of a healthy global economy. At the end of the Reporting Period, leverage levels were at record lows, and payout ratios were below historical averages, according to Green Street Advisors.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A Most share classes of the Fund either closely tracked or outperformed the FTSE Index during the Reporting Period.

2

PORTFOLIO RESULTS

Stock selection in the U.K. and Japan contributed most positively. Stock selection in continental Europe detracted most. Sector allocation overall had a rather neutral, albeit slightly positive, effect on relative results during the Reporting Period.

Q What were some of the Fund’s best-performing individual holdings?

A Orix JREIT, a Japanese REIT (“JREIT”) investing in real estate properties that include offices, rental houses and hotels, was the top positive contributor to the Fund’s relative results during the Reporting Period. The JREIT sector broadly traded at inexpensive valuations after underperforming both global peers and domestic real estate developers in 2017. Orix JREIT, along with the broader sector, saw a recovery in share prices during the Reporting Period, as the Bank of Japan maintained its dovish tone and reiterated its quantitative easing agenda despite increasingly hawkish comments from the U.S. Federal Reserve in light of inflation. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) With growing concerns about global inflation, the Japanese equity market saw a return to a search for yield, providing additional support for higher income generating securities, including JREITs. As Orix JREIT outperformed the FTSE Index during the Reporting Period on the back of robust leasing operations from its quality portfolio of assets, we decided to take profits in the stock during the Reporting Period and reinvest the capital into other opportunities in Japan’s real estate market.

Chesapeake Lodging Trust, an owner of upscale hotels in key gateway markets in the U.S., was also a top positive contributor to the Fund’s returns during the Reporting Period. Following disappointing performance in 2017, a stronger economic backdrop, coupled with positive 2018 guidance, led shares of Chesapeake Lodging Trust to appreciate. At the end of the Reporting Period, we had high conviction in the company’s strategy and its assets for the remainder of the hotel cycle given its roughly 20% exposure to the San Francisco hotel market. In our view, this may well continue to be one of the top markets in the U.S. during the next several years, especially with the reopening of the Moscone Convention Center, which should help further fuel demand in the area. Lastly, we believed Chesapeake Lodging Trust’s high quality assets and relatively small size continued to make the company a compelling candidate for acquisition.

Q Which positions detracted significantly from the Fund’s performance during the Reporting Period?

A CK Asset Holdings is a large cap, blue chip, diversified real estate developer from Hong Kong managing what we see as a robust balance sheet supported by its management team’s active asset monetization strategy during the past two years. The company has diversified its income stream to include recurrent non-property income to support high, predictable dividend payments for its shareholders. However, CK Asset Holdings underperformed the FTSE Index during the Reporting Period largely due to persistent concerns about U.S.-China trade relations and the potentially resulting impact on the property market in Hong Kong. At the end of the Reporting Period, we continued to view the company positively given what we saw as its attractive valuation, strong balance sheet, experienced management team and high quality asset portfolio.

City Developments, a Singapore-based diversified real estate developer with exposure to the condominium, hotel and office subsectors, was also a top detractor from the Fund’s results during the Reporting Period. Market fundamentals largely remained intact, with completion rates estimated to remain below the historical average for the next few years and continued residential destocking driven by “en bloc” sales. (In real estate, an en bloc sale, or collective sale, occurs when the there is a sale of two or more property units to a common developer.) However, recent cooling measures by the Singaporean government may have the potential to reduce land banking and en bloc participation by developers. Lowered loan-to-value ratios for mortgages could also reduce the pace of demand for residential property going forward, in our view, at the same time introducing new pricing pressures. We believe City Developments remains well positioned to weather market volatility due to what we consider to be its complementary and diversified asset base, strong project launch pipeline and further initiatives to unlock asset value.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund did not use derivatives during the Reporting Period.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we re-initiated a position in Mitsubishi Estate, having sold the Fund’s position in this Japanese diversified real estate landlord and developer

3

PORTFOLIO RESULTS

focused on prime Tokyo office space, during the Fund’s prior fiscal year. Shares of the company had not performed well during the last three years due to weaker than peer rental performance from its Marunouchi-focused prime office portfolio and residential development business. However, looking ahead, we believe its office portfolio of superior asset quality is likely to perform strongly, as the Tokyo vacancy rate dipped below 4% during the Reporting Period, providing, in our view, tailwinds for landlords’ pricing power. As such, we re-established a Fund position in Mitsubishi Estate, as we viewed the stock to be trading at an attractive valuation.

We established a Fund position in Duke Realty, an owner of industrial properties across the U.S. In our view, its shares were trading at compelling valuations following price weakness relative to other industrial names. Additionally, in our view, secular drivers of e-commerce have led to strong demand, which is still ahead of supply, especially in the core markets. Furthermore, we believe Duke Realty offers an attractive dividend yield, and we are positive on the company’s management team.

Conversely, we exited the Fund’s position in Brixmor Property Group, a U.S. REIT that owns and operates grocery-anchored community and neighborhood shopping centers in the U.S. Brixmor Property Group was among the top detractors from the Fund’s relative results during the Reporting Period. There was no company-specific catalyst for its underperformance of the FTSE Index, but rather it was mainly due to the pullback in the retail sector in January 2018. Given its high exposure to highly productive grocers, along with its mix of convenience store and value retail tenants, we believe Brixmor Property Group’s portfolio of properties may be more insulated from e-commerce pressures than some of its subsector peers. Also, the company announced during the Reporting Period an increase in its planned disposition program, which we believe could result in lower leverage and a stronger portfolio quality. Nevertheless, we opted to sell the Fund’s position in Brixmor Property Group and reallocate the proceeds to higher conviction names.

We eliminated the Fund’s position in Mitsui Fudosan, Japan’s second largest property developer. During the Reporting Period, shares of the company rose due largely to active office redevelopment and improved residential development margins. However, we believe maintaining high earnings growth could become challenging for Mitsui Fudosan going forward. Additionally, the developer’s new office project completions may incur higher than consensus expected opening costs, as indicated by its management team’s modest guidance during full-year 2017 results announced in May 2018. After the company’s shares performed strongly following a small-scale buyback in May 2018, we decided to sell the position, taking profits and redeploying the capital to other investments within Japan.

Q Were there any changes made in the Fund’s investment strategy during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking securities rather than on making regional, country or subsector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its regional or subsector weights are generally the direct result of individual stock selection or of real estate securities’ appreciation or depreciation. That said, the Fund’s exposure to Hong Kong increased and its exposure to the U.K. and U.S. decreased relative to the FTSE Index during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A From a region/country perspective, the Fund was underweighted relative to the FTSE Index in the U.K., was generally overweighted relative to the FTSE Index in continental Europe and was rather neutrally weighted compared to the FTSE Index in the U.S. and other constituent countries of the FTSE Index at the end of June 2018, with the exceptions of Israel and New Zealand to which the Fund had no exposure at all.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed global REITs could continue to generate positive returns given robust demand and improving sentiment across most subsectors and geographies. In the U.S., while new supply is growing due to high margins driven by the attractive spread, or differential, between development yields and cap rates, supply levels were still below demand. We believe this imbalance could lead to further increases in occupancy levels and rental rates, including higher rent per square foot, as new leases replace expiring ones.

Outside of the U.S., we believed market fundamentals continued to provide support for international REITs.

4

PORTFOLIO RESULTS

Reported GDP in countries like Japan and Germany surpassed consensus estimates during the Reporting Period, while trade and consumption in continental Europe, the U.K. and China stayed strong and improved. Furthermore, business spending and sentiment appeared to, we believe, be picking up across industries, including financials, hospitality and information technology, in the absence of wage pressures. We view these trends as indications of ongoing growth potential in demand for real estate space. Anticipating an eventual interest rate hike by several developed market central banks, many international REITs have also locked in low-cost debt funding whenever available and have generally maintained what we consider to be strong balance sheets in the wake of the 2008 recession. Despite some rise of both the short-term and long-term ends of the rate curves for a few major countries, we observed the funding environment for REITs remained quite open and inexpensive relative to the consensus outlook of the long-term cash yield from REITs’ underlying assets. In our view, the favorable environment at the end of the Reporting Period may allow REITs to deploy capital toward high quality projects to potentially drive future growth.

Overall, we believe global REITs can continue to offer attractive liquidity and risk-adjusted total returns given the yield, growth, diversification and inflation-hedging benefits the asset class has historically exhibited. On a stock level, we believe opportunities abound, as various property subsectors and geographies could offer wide dispersions in returns. As fundamental, bottom-up investors, we see opportunities beyond the headline risks associated with certain regions and intend to continue to focus our approach on those companies that have well-capitalized balance sheets and that possess quality attributes, such as a robust business model, a high quality asset exposure and a strong management team with a sound reinvestment strategy.

5

FUND BASICS

Global Real Estate Securities Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged)2			FTSE EPRA/NAREIT Developed Index (Gross, USD, Unhedged)3
Class A		0.34	%		0.46	%		0.91	%
Class C		0.01			0.46			0.91
Institutional		0.58			0.46			0.91
Investor		0.57			0.46			0.91
Class R		0.24			0.46			0.91
Class R6		0.55			0.46			0.91
April 17, 2018–June 30, 2018
Class P		3.38	%		4.01	%		4.25	%

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

²  The FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an index. Effective February 23, 2018, the Fund changed its benchmark index from gross total return to net total return to more accurately reflect the impact of international withholding taxes in the benchmark index’s return.

³  The FTSE EPRA/NAREIT Developed Index (Gross, USD, Unhedged) is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Class A		-0.19	%		3.31	%	8/31/15
Class C		3.88			4.63		8/31/15
Institutional		6.13			5.84		8/31/15
Investor		5.95			5.68		8/31/15
Class P		N/A			3.38		4/17/18
Class R		5.43			5.15		8/31/15
Class R6		6.11			5.84		8/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

6

FUND BASICS

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.36	%		1.51	%
Class C		2.11			2.26
Institutional		0.97			1.12
Investor		1.11			1.26
Class P		0.96			1.11
Class R		1.61			1.76
Class R6		0.96			1.11

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/186
Holding	% of Total Net Assets			Subsectors	Country
Simon Property Group, Inc. (REIT)		4.9	%	Retail	United States
CK Asset Holdings Ltd.		3.2		Real Estate Development	Hong Kong
Prologis, Inc. (REIT)		3.2		Industrial	United States
AvalonBay Communities, Inc. (REIT)		3.0		Residential	United States
Vonovia SE		3.0		Real Estate Operating Companies	Germany
Equity Residential (REIT)		2.7		Residential	United States
Sun Hung Kai Properties Ltd.		2.6		Diversified	Hong Kong
Boston Properties, Inc. (REIT)		2.6		Office	United States
Mitsubishi Estate Co. Ltd.		2.5		Diversified	Japan
Ventas, Inc. (REIT)		2.4		Health Care	United States

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

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FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁷

As of June 30, 2018

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that country as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at June 30, 2018.

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PORTFOLIO RESULTS

Goldman Sachs International Real Estate Securities Fund

Investment Objective

The Fund seeks total return comprised of long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Real Estate Securities Investment Team discusses the Goldman Sachs International Real Estate Securities Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor and R6 Shares generated cumulative total returns, without sales charges, of -0.11%, -0.45%, 0.23%, 0.01% and 0.25%, respectively. These returns compare to the -0.41% cumulative total return of the Fund’s benchmark, the FTSE EPRA/NAREIT Developed ex-US Real Estate Index (Net, USD, Unhedged) (the “Real Estate Index”) during the same period. The Fund’s former benchmark, the FTSE EPRA/NAREIT Developed ex-US Real Estate Index (Gross, USD, Unhedged) returned 0.03% for the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of -1.63%. This compares to the -1.22% cumulative total return of the Real Estate Index during the same time period. The FTSE EPRA/NAREIT Developed ex-US Real Estate Index (Gross, USD, Unhedged) returned -0.94% during the same period.

Q What economic and market factors most influenced the international real estate securities market as a whole during the Reporting Period?

A For the Reporting Period overall, the international real estate securities market, as measured by the Real Estate Index, underperformed the U.S. real estate securities market, as measured by the Wilshire Real Estate Securities Index (with dividends reinvested), by approximately two percentage points, but outperformed the broad international equity market, as measured by the MSCI EAFE^® Index (net), by more than two percentage points.

The Real Estate Index returned -0.66% during the first quarter of 2018. Japan and the U.K. were the best performing markets, while Australia and Hong Kong were weakest, generating negative absolute returns. In Japan, demand for property markets benefited from continued quantitative easing by the Bank of Japan as well as from better than consensus expected Gross Domestic Product (“GDP”) growth. In Australia, signs of capitalization rate compression ending, in conjunction with weaker outlooks for rental growth, weighed on its real estate market broadly. (Capitalization rate, or “cap rate,” is the ratio of net operating income of a property to its market value, i.e. the percentage return an investor would get if they purchased the property for cash. When cap rates are down, or compressing, it means real estate values are increasing.)

The Real Estate Index returned 0.25% during the second quarter of 2018. Australia and Germany were the best performing markets, while Singapore and Spain were weakest, generating negative absolute returns. Merger and acquisition activity led the Australian real estate market higher during the quarter, while the Singapore real estate investment trust (“REIT”) market underperformed due primarily to new equity issuance that led to profit-taking amongst residential developers.

For the Reporting Period overall, primary drivers were rising interest rates. Overall, rising interest rates hurt the international real estate market, as the increased cost of capital negatively affected real estate company operators’ margins and free cash flow/funds from operations. E-commerce disruption was a negative for the retail sector, with a couple of high profile store closures weighing on market sentiment. This was particularly pronounced in the U.K., where the number of store closures during the Reporting Period already matched that of calendar year 2017. Still, data showed that such disruption has not been as universal as many had thought, with high quality retail posting improving sales and revenue figures during the second quarter of 2018. The industrial subsector has

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PORTFOLIO RESULTS

benefited from this disruption conversely, as there is growing demand for quicker shipments of goods, requiring locations near city centers, which tend to be more expensive and higher quality real estate. This has generally led to rental growth and low vacancies within the subsector, both positive drivers for earnings. (Disruption, in this context, displaces an existing market, industry or technology and produces something new and more efficient and worthwhile, at once destructive and creative.) The hotel sub-sector was an especially strong performer during the Reporting Period, as an improving global economy fueled increases in corporate travel demand. Hotels are able to reprice rooms daily, which helps shield companies from the effects of inflation and rising interest rates.

For the Reporting Period overall, Spain, Japan and Austria were the best performing markets during the Reporting Period. Finland, Israel and the Netherlands were the weakest performing markets during the Reporting Period. All that said, fundamentals within the international real estate market generally remained strong. New supply of apartment, industrial, mall, office and strip centers was limited and peaking, in our view, given 1) rising construction costs and 2) stable and improving demand off the back of a healthy global economy. At the end of the Reporting Period, leverage levels were at record lows, and payout ratios were below historical averages, according to Green Street Advisors.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A Most share classes of the Fund outperformed the Real Estate Index on a relative basis during the Reporting Period. Stock selection in the U.K. and Japan contributed most positively to the Fund’s relative results. In the U.K., the Fund was prudently underweight U.K. retail and overweight U.K. self-storage. In Japan, security selection was strongest within the diversified and retail sub-sectors. Offsetting these positive contributors was stock selection in Germany, which detracted. Having an overweight to France, which underperformed the Real Estate Index during the Reporting Period, also hurt. In Germany, security selection within the residential subsector hurt most. In France, the Fund’s overweights in the diversified and retail subsectors detracted most.

Q What were some of the Fund’s best-performing individual holdings?

A Orix JREIT, a Japanese REIT (“JREIT”) investing in real estate properties that include offices, rental houses and hotels, was the top positive contributor to the Fund’s relative results during the Reporting Period. The JREIT sector broadly traded at inexpensive valuations after underperforming both international peers and domestic real estate developers in 2017. Orix JREIT, along with the broader sector, saw a recovery in share prices during the Reporting Period, as the Bank of Japan maintained its dovish tone and reiterated its quantitative easing agenda despite increasingly hawkish comments from the U.S. Federal Reserve in light of inflation. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) With growing concerns about global inflation, the Japanese equity market saw a return to a search for yield, providing additional support for higher income generating securities, including JREITs. As Orix JREIT outperformed the Real Estate Index during the Reporting Period on the back of robust leasing operations from its quality portfolio of assets, we decided to take profits in the stock during the Reporting Period and reinvest the capital into other opportunities in Japan’s real estate market.

Similarly, Nomura Real Estate Master Fund (“Nomura”), a diversified JREIT owning Tokyo prime office, residential and logistics properties, was one of the top detractors from the Fund’s results in 2017 and was one of its top positive contributors to its results during the Reporting Period. Its stock performed well on the back of strong leasing activity across its residential and logistics warehouse properties. However, we believe its growth ahead may be largely dependent on asset purchases from third parties and from parent Nomura Group, hence increasing equity issuance and, potentially, dilution risk. As such, we sold the Fund’s position, taking profits in Nomura during the Reporting Period.

Mitsui Fudosan, Japan’s second largest property developer, was another top positive contributor to the Fund’s results during the Reporting Period. Shares of the company rose due largely to active office redevelopment and improved residential development margins. However, we believe maintaining high earnings growth could become challenging for Mitsui Fudosan going forward. Additionally, the developer’s new office project completions may incur higher than consensus expected opening costs, as indicated by its management team’s modest guidance during full-year 2017 results announced in May 2018. After the company’s shares performed strongly following a small-scale buyback in May 2018, we decided to trim the position, taking profits and redeploying the capital to other investments within Japan.

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PORTFOLIO RESULTS

Q Which positions detracted significantly from the Fund’s performance during the Reporting Period?

A A position in Klepierre, a French REIT owning shopping centers across Europe and office properties in Paris, was the largest detractor from the Fund’s relative results during the Reporting Period. The company announced an offer to purchase Hammerson during the Reporting Period for 50% cash and 50% shares. Hammerson is a U.K.-based REIT that owns, manages and develops retail destinations in the U.K., France and Ireland. Shares of Klepierre struggled following Hammerson’s swift rejection of the proposal, as it found Klepierre’s bid to be highly opportunistic. The market reacted negatively to this development, as the tone of Hammerson’s response suggested the parties were not close to a deal, creating uncertainty for Klepierre’s next move. In our view, this reaction by the market was largely overblown, as the company’s fundamentals remained unchanged from the rejected bid. At the end of the Reporting Period, we believed increasing net rental incomes combined with decreasing cost of debt may well allow Klepierre to continue net current cash flow growth as 2018 progresses. We maintained the holding in the Fund but trimmed the Fund’s position during the Reporting Period to reduce its exposure to the stock.

CK Asset Holdings is a large cap, blue chip, diversified real estate developer from Hong Kong managing what we see as a robust balance sheet supported by its management team’s active asset monetization strategy during the past two years. The company has diversified its income stream to include recurrent non-property income to support high, predictable dividend payments for its shareholders. However, CK Asset Holdings underperformed the Real Estate Index during the Reporting Period largely due to persistent concerns about U.S.-China trade relations and the potentially resulting impact on the property market in Hong Kong. At the end of the Reporting Period, we continued to view the company positively given what we saw as its attractive valuation, strong balance sheet, experienced management team and high quality asset portfolio.

City Developments, a Singapore-based diversified real estate developer with exposure to the condominium, hotel and office subsectors, was also a top detractor from the Fund’s results during the Reporting Period. Market fundamentals largely remained intact, with completion rates estimated to remain below the historical average for the next few years and continued residential destocking driven by “en bloc” sales. (In real estate, an en bloc sale, or collective sale, occurs when the there is a sale of two or more property units to a common developer.) However, recent cooling measures by the Singaporean government may have the potential to reduce land banking an en-bloc participation by developers. Lowered loan-to-value ratios for mortgages could also reduce the pace of demand for residential property going forward, in our view, at the same time introducing new pricing pressures. We believe City Developments remains well positioned to weather market volatility due to what we consider to be its complementary and diversified asset base, strong project launch pipeline and further initiatives to unlock asset value.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund did not use derivatives during the Reporting Period.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A We established a Fund position in GLP J-REIT, a large-scale logistics warehouse manager, during the Reporting Period. In line with other logistics peers, GLP J-REIT had underperformed the broader JREIT sector and began to trade at what we viewed as a relatively inexpensive valuation due to concerns about new supply over the past two years. In our view, demand for modern logistics facilities remains strong, as e-commerce continues to penetrate the retail landscape, albeit at a slower rate than in other developed countries. We believe supply concerns have already been priced in, and physical supply risk is likely to recede going forward should demand remain robust. We believe GLP J-REIT remains well positioned to benefit from this environment, as it has, in our view, one of the best management teams and high asset quality.

We initiated a Fund position in Gecina, an owner and operator of offices in France. We decided to purchase the stock due to the company’s high exposure to the greater Paris region, as the French office market has benefited from low vacancies and from an improving French economy, led by the reforms its country’s President is proposing. Gecina has acquired EuroSIIC, another Parisian office company. We feel the acquisition is accretive and enables Gecina to scale efficiently in its core market, which appears to be at the beginning of a rental upcycle.

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PORTFOLIO RESULTS

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in RioCan Real Estate Investment Trust, a Canadian company which focuses on owning, developing and operating shopping centers. The company announced a strategic plan to sell several billion Canadian dollars’ worth of lower quality assets to redeploy capital into stock buybacks and residential development projects. We viewed this announcement negatively due to concerns around its execution and pricing of its plan, as cap rates have increased for lower quality retail assets. Additionally, we believe the company’s ability to grow earnings over the next two to three years may be limited as RioCan Real Estate Investment Trust is placing proceeds into low yielding development.

We sold the Fund’s position in Nippon Building Fund, a large cap JREIT focused on office properties. Its share price performed strongly during the Reporting Period on the back of diminishing impact from the Financial Services Agency’s warning on monthly dividend-paying investment products, which caused sector outflows in 2017. (The Financial Services Agency is a Japanese government entity responsible for overseeing banking, insurance and securities and exchange.) Furthermore, the Tokyo office market remained rather stable, in our view, throughout the first calendar quarter of 2018, notably recovering from three years ago. The 2017 underperformance of Nippon Building Fund shares, along with that of the broader sector, gave rise to what we saw as an inexpensive valuation at the start of 2018, leading to a share price recovery through the first quarter. As such, we exited the Fund’s position in the stock to take profits.

Q Were there any changes made in the Fund’s investment strategy during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking securities rather than on making regional, country or subsector bets. We seek to outpace the benchmark index by

overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its regional or subsector weights are generally the direct result of individual stock selection or of real estate securities’ appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to Asia ex-Japan and to the Pacific increased relative to the Real Estate Index, and its exposure to Europe ex-U.K. decreased relative to the Real Estate Index.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A From a regional perspective, the Fund was underweighted relative to the Real Estate Index in the U.K. and Pacific and was rather neutrally weighted to the remaining regions of the Real Estate Index at the end of June 2018.

More specifically, from a country perspective, the Fund was overweighted relative to the Real Estate Index in France, Spain, Ireland and Hong Kong and was underweighted relative to the Real Estate Index in Germany, Sweden and the U.K. The Fund was rather neutrally weighted compared to the Real Estate Index in the other constituent countries of the Real Estate Index at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed international REITs could continue to generate positive returns given robust demand and improving sentiment across most subsectors and geographies. Reported GDP in countries like Japan and Germany surpassed consensus estimates during the Reporting Period, while trade and consumption in continental Europe, the U.K. and China stayed strong and improved. Furthermore, business spending and sentiment appeared to be picking up across industries, including financials, hospitality and information technology, in the absence of wage pressures. We view these trends as indications of ongoing growth potential in demand for real estate space. Anticipating an eventual interest rate hike by several developed market central banks, many international REITs have also locked in low-cost debt funding whenever available and have generally maintained what we consider to be strong balance sheets in the wake of the 2008 recession. Despite some rise in yields at both the short-term and long-term ends of the rate curves for a few major countries, we observed the funding environment for REITs remained quite open and inexpensive relative to the consensus outlook of the long-term cash yield from REITs’ underlying assets. In our view, the favorable environment at the end of the Reporting Period may allow REITs to deploy capital toward high quality projects to potentially drive future growth.

Overall, we believe international REITs can continue to offer attractive liquidity and risk-adjusted total returns given the yield, growth, diversification and inflation-hedging benefits the asset class has historically exhibited. On a stock level, we believe opportunities abound, as various property subsectors and geographies could offer wide dispersions in returns. As

12

PORTFOLIO RESULTS

fundamental, bottom-up investors, we see opportunities beyond the headline risks associated with certain regions and intend to continue to focus our approach on those companies that have well-capitalized balance sheets and that possess quality attributes, such as a robust business model, a high quality asset exposure and a strong management team with a sound reinvestment strategy.

13

FUND BASICS

International Real Estate Securities Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			FTSE EPRA/NAREIT Developed ex US Real Estate Index (Net, USD, Unhedged)2			FTSE EPRA/NAREIT Developed ex US Real Estate Index (Gross, USD, Unhedged)3
Class A		-0.11	%		-0.41	%		0.03	%
Class C		-0.45			-0.41			0.03
Institutional		0.23			-0.41			0.03
Investor		0.01			-0.41			0.03
Class R6		0.25			-0.41			0.03
April 17, 2018–June 30, 2018
Class P		-1.63	%		-1.22	%		-0.94	%

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

²  The FTSE EPRA/NAREIT Developed ex US Real Estate Index (Net, USD, Unhedged) is a subset of the FTSE EPRA/NAREIT Developed Index and is designed to track the performance of listed real estate companies and REITS. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an index. Effective February 23, 2018, the Fund changed its benchmark index from gross total return to net total return to more accurately reflect the impact of international withholding taxes in the benchmark index’s return.

³  The FTSE EPRA/NAREIT Developed ex US Real Estate Index (Gross, USD, Unhedged) is a subset of the FTSE EPRA/NAREIT Developed Index and is designed to track the performance of listed real estate companies and REITS. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.13	%		2.71	%		1.46	%		0.91	%	7/31/06
Class C		6.41			3.14			1.32			0.66		7/31/06
Institutional		8.68			4.31			2.32			1.68		7/31/06
Investor		8.40			4.16			2.34			-0.33		11/30/07
Class P		N/A			N/A			N/A			-1.63		4/17/18
Class R6		8.71			N/A			N/A			3.63		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and

14

FUND BASICS

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.38	%		1.57	%
Class C		2.13			2.32
Institutional		0.99			1.18
Investor		1.13			1.32
Class P		0.98			1.17
Class R6		0.98			1.17

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/186
Holding	% of Total Net Assets			Line of Business	Country
Vonovia SE		7.4	%	Real Estate Operating Companies	Germany
CK Asset Holdings Ltd.		5.9		Real Estate Development	Hong Kong
Sun Hung Kai Properties Ltd.		5.2		Diversified	Hong Kong
Sumitomo Realty & Development Co. Ltd.		4.3		Diversified	Japan
Mitsubishi Estate Co. Ltd.		4.1		Diversified	Japan
Link REIT (REIT)		3.5		Retail	Hong Kong
Klepierre SA (REIT)		3.2		Retail	France
Unibail-Rodamco-Westfield (REIT)		3.0		Retail	France
Mitsui Fudosan Co. Ltd.		3.0		Diversified	Japan
GPT Group (The) (REIT)		2.9		Diversified	Australia

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

15

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁷

As of June 30, 2018

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that category as a percentage of market value.

16

PORTFOLIO RESULTS

Goldman Sachs Real Estate Securities Fund

Investment Objective

The Fund seeks total return comprised of long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Real Estate Securities Investment Team discusses the Goldman Sachs Real Estate Securities Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, Investor. R and R6 Shares generated cumulative total returns, without sales charges, of 1.28%, 0.93%, 1.42%, 1.22%, 1.32%, 1.11% and 1.49%, respectively. These returns compare to the 1.60% cumulative total return of the Fund’s benchmark, the Wilshire U.S. Real Estate Securities Index (the “Wilshire Index”) during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of 8.33%. This compares to the 9.01% cumulative total return of the Wilshire Index during the same time period.

Q What economic and market factors most influenced the U.S. real estate securities market as a whole during the Reporting Period?

A The U.S. real estate securities market, as represented by the Wilshire Index, posted positive absolute returns during the Reporting Period but lagged the broad U.S. equity market, as represented by the S&P 500^® Index, which was up 2.65% for the same period.

For the first quarter of 2018, the Wilshire Index decreased 7.42%. Primary drivers were rising interest rates and tax reform concerns. Overall, rising interest rates hurt the U.S. real estate market, as the increased cost of capital negatively affected real estate company operators’ margins and free cash flow/funds from operations. Sentiment around tax reform legislation also hurt, as real estate investment trusts (“REITS”) were largely viewed as non-beneficiaries of the new law, as REITs do not pay a corporate tax. Sub-sectors underpinned by secular growth trends and e-commerce disruption beneficiaries, such as industrials, towers and digital storage, outperformed the Wilshire Index, while those viewed as most interest rate sensitive, such as health care, or as negatively impacted by e-commerce disruption, such as retail, underperformed the Wilshire Index during the quarter. A couple of high profile store closures, such as Toys R Us, particularly weighed on market sentiment. Conversely, the industrial sub-sector benefited from such disruption, as there is growing demand for quicker shipments of goods, requiring locations near city centers, which tend to be more expensive and higher quality real estate. (Disruption, in this context, displaces an existing market, industry or technology and produces something new and more efficient and worthwhile, at once destructive and creative.)

The Wilshire Index increased 9.74% during the second quarter of 2018. Following a tough first calendar quarter, U.S. REITs enjoyed a strong rebound, outperforming most major equity indices for the first time since the second quarter of 2016. Each subsector within the Wilshire Index posted positive absolute returns during the quarter, compared with mixed results in the quarter prior and in 2017. A primary driver for the strong performance was increased activity in the mergers and acquisitions space, which provided upward pressure on valuations. A solid U.S. economy off the back of the recently enacted U.S. tax reform legislation and some stability in the Federal Reserve’s (the “Fed”) outlook for interest rate increases further buoyed the U.S. real estate market in these months. The hotel sub-sector was an especially strong performer during the quarter, given a combination of some newsworthy mergers and acquisitions, such as that of Lasalle Hotel Properties and Pebblebrook Hotel Trust, and the improving global economy fueling increases in corporate travel demand.

For the Reporting Period overall, the strongest subsectors in the Wilshire Index were self-storage, triple net and hotel. Conversely, the technology, retail and office subsectors were the weakest performers within the Wilshire Index during the Reporting Period. (Triple net properties are typically

17

PORTFOLIO RESULTS

single-tenant retail properties leased to tenants with high credit ratings on “net, net, net” terms, meaning the tenant is responsible for real estate taxes, insurance, and all maintenance.) All that said, fundamentals within the U.S. real estate market generally remained strong. Price/funds from operations ratios decreased, thus presenting more attractive valuations for the market as a whole, in our view. At the same time, funds from operations growth is expected to accelerate through 2018, according to Barclays Research.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund underperformed the return of the Wilshire Index. Weak stock selection in the residential and health care subsectors detracted most. Contributing most positively to the Fund’s relative results was effective individual stock selection in the retail and hotel subsectors.

Q What were some of the Fund’s weakest-performing individual holdings?

A Essex Property Trust, a REIT that invests in apartment communities primarily on the west coast of the U.S., was the top detractor from the Fund’s returns during the Reporting Period given the Fund’s underweight in the strongly performing name. Shares of the REIT increased following a solid fourth quarter 2017 earnings release that was in line with market expectations. The Fund was underweight Essex Property Trust because we believed other names in the apartment industry offered more attractive valuations. While demand remained robust on the U.S.’ west coast, we ultimately increased the Fund’s position in the name, bringing the position to an overweight relative to the Wilshire Index by the end of the Reporting Period.

Similarly, Welltower, a U.S. health care REIT operating a mix of senior housing, medical office buildings and skilled nursing facilities, was also a top detractor from the Fund’s results during the Reporting Period. Its stock appreciated following a solid quarterly earnings report at the end of April 2018, as the company exceeded market expectations on projected revenues. The Fund’s relative performance was negatively affected by being underweight the name.

Federal Realty Investment Trust, a REIT that engages in the ownership, management, acquisition and redevelopment of high quality retail focused properties, also detracted from the Fund’s returns during the Reporting Period. Shares in the company struggled at the start of 2018, as they were affected by the negative sentiment surrounding the retail subsector. Investors pointed toward muted same-store net operating income growth as a major concern and potential headwind for the company. Despite the concerns, at the end of the Reporting Period, we remained constructive on the company given what we see as its high quality portfolio of assets, which we believe should be insulated from online disruption moving forward. Also, at the end of the Reporting Period, the stock was trading at a valuation we felt was attractive relative to the high quality assets in its property portfolio.

Q What were some of the Fund’s best-performing individual holdings?

A Chesapeake Lodging Trust, an owner of upscale hotels in key gateway markets in the U.S., was a top positive contributor to the Fund’s returns during the Reporting Period. Following disappointing performance in 2017, a stronger economic backdrop coupled with positive 2018 guidance led shares of Chesapeake Lodging Trust to appreciate. At the end of the Reporting Period, we had high conviction in the company’s strategy and its assets during the remainder of the hotel cycle, given its roughly 20% exposure to the San Francisco hotel market. In our view, this may well continue to be one of the top markets in the U.S. during the next several years, especially with the reopening of the Moscone Convention Center, which should help further fuel demand in the area. Lastly, we believed Chesapeake Lodging Trust’s high quality assets and relatively small size continued to make the company a compelling candidate for acquisition.

La Quinta Holdings, an owner and manager of hotel chains across the U.S., was also a top contributor to Fund returns during the Reporting Period. Shares of the company increased after the announcement that La Quinta Holdings would be selling its franchise and operations to Wyndham Hotels & Resorts. Following the news, we decided to exit the Fund’s position in La Quinta Holdings in favor of opportunities where we saw greater risk-adjusted return potential.

Macerich Company, an owner and operator of regional shopping malls in the U.S., was another top contributor to the Fund’s relative results during the Reporting Period. In our view, investors grew to appreciate the announcement that hedge fund Third Point Management initiated a 5% position in the company. Macerich Company’s shares also appreciated following the announcement regarding the sale of a non-core office building in Chicago. We ultimately decided to exit the Fund’s position to invest in opportunities where we saw greater risk-adjusted return potential.

18

PORTFOLIO RESULTS

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund did not use derivatives during the Reporting Period.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we established a Fund position in Duke Realty, an owner of industrial properties across the U.S. In our view, its shares were trading at compelling valuations following price weakness relative to other industrial names. Additionally, in our view, secular drivers of e-commerce have led to strong demand, which is still ahead of supply, especially in its core markets. Furthermore, we believe Duke Realty offers an attractive dividend yield, and we are positive on the company’s management team.

We initiated a Fund position in Digital Realty Trust, a digital center REIT. Rising interest rates led data centers to come under pressure given the subsector’s capital intensive businesses and development pipelines as well as floating rate debt that has been magnified by worsening fundamentals within the subsector. Despite the pullback in its performance, we believed such weakness created an attractive entry point into Digital Realty Trust. We believed the REIT offered favorable fundamentals, a strong balance sheet and potential to benefit from improving leasing following a soft fourth quarter of 2017. Overall, we also remain positive on data centers, as we believe demand is likely to continue to be driven from enterprise outsourcing and cloud growth. Conversely, the Fund’s most significant sales during the Reporting Period were those of La Quinta Holdings and Macerich Company, each already mentioned.

Q Were there any changes made in the Fund’s investment strategy during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking securities rather than on making real estate subsector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its real estate subsector weights are generally the direct result of individual stock selection or of real estate securities’ appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to the residential, diversified and health care subsectors increased relative to the Wilshire Index and its exposure to the retail, hotel and industrial subsectors decreased relative to the Wilshire Index.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A From a subsector perspective, the Fund had overweighted exposures compared to the Wilshire Index in the office, residential and industrial subsectors at the end of the Reporting Period. The Fund was underweighted compared to the Wilshire Index in the self-storage subsector and was rather neutrally weighted in the diversified, health care, technology, retail and hotel subsectors within the Wilshire Index. The Fund had no exposure to the triple net subsector at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed U.S. REITs could continue to generate positive returns given reasonable demand in most subsectors. In our view, the asset class has the potential to generate solid single-digit returns for calendar year 2018, driven by a combination of yield, modest funds from operations growth, and multiple expansion in certain subsectors. While REITs may lag other cyclical sectors, we believe they may well outperform more defensive equities. We believe the demand picture remains robust in light of healthy global economic growth. While there are pockets of increasing supply, the overall real estate supply response continues to be rational, in our view, which means occupancy rates should continue to remain strong. We believe this scenario will likely remain so due to rising construction costs and long construction development delivery timelines. While interest rates are widely anticipated to increase, the overall low interest rate environment, coupled with strong economic growth, should continue to benefit REITs, in our opinion. Additionally, we believe real estate may continue to be supported by large, raised but not yet funded capital in the private market, particularly in subsectors or geographies where the discount to private equity has reached historically high levels, such as what we have witnessed in the U.S. retail REIT space. As a consequence of monetary policy normalizing, correlations have dropped to levels we have not seen since prior to the global financial crisis. Dispersion of returns in the asset class were particularly wide in 2017, in our view.

We believe this backdrop should play into our strengths of stock picking as 2018 progresses. Overall, we believe REITs may continue to provide investors with attractive risk-adjusted returns, relative to fixed income in particular, given the asset class’ potential yield, growth, diversification and inflation hedge benefits.

19

FUND BASICS

Real Estate Securities Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			Wilshire U.S. Real Estate Securities Index2
Class A		1.28	%		1.60	%
Class C		0.93			1.60
Institutional		1.42			1.60
Service		1.22			1.60
Investor		1.32			1.60
Class R		1.11			1.60
Class R6		1.49			1.60
April 17, 2018–June 30, 2018
Class P		8.33	%		9.01	%

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

²  The Wilshire U.S. Real Estate Securities Index is an unmanaged market capitalization-weighted index comprised of publicly traded REITs and real estate operating companies. The figures do not reflect any fees or expenses. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.24	%		5.92	%		5.89	%		8.80	%	7/27/98
Class C		1.70			6.33			5.70			8.31		7/27/98
Institutional		3.82			7.55			6.93			9.56		7/27/98
Service		3.34			7.02			6.38			9.02		7/27/98
Investor		3.66			7.38			6.75			5.39		7/27/98
Class P		N/A			N/A			N/A			8.33		4/17/18
Class R		3.17			6.85			6.24			4.88		11/30/07
Class R6		3.95			N/A			N/A			4.64		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end or cumulative total returns for periods of 1 year or less. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

20

FUND BASICS

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.

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.40	%
Class C		2.05			2.15
Institutional		0.91			1.01
Service		1.41			1.51
Investor		1.05			1.15
Class P		0.90			1.00
Class R		1.55			1.65
Class R6		0.90			1.00

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/185
Holding	% of Total Net Assets			Subsectors
Simon Property Group, Inc. (REIT)		9.4	%	Retail
AvalonBay Communities, Inc. (REIT)		6.2		Residential
Prologis, Inc. (REIT)		5.6		Industrial
Equity Residential (REIT)		5.3		Residential
Boston Properties, Inc. (REIT)		5.1		Office
Equinix, Inc. (REIT)		4.7		Specialized
Federal Realty Investment Trust (REIT)		4.0		Retail
Alexandria Real Estate Equities, Inc. (REIT)		3.9		Office
Public Storage (REIT)		3.6		Specialized
Ventas, Inc. (REIT)		3.5		Health Care

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of June 30, 2018

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

22

FUND BASICS

Index Definitions:

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.

23

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.0%
Australia – 4.0%
	1,639,639	GPT Group (The) (REIT) (Diversified)	$	6,134,763
	4,560,114	Propertylink Group (REIT) (Industrial)		3,577,398
	526,779	Scentre Group (REIT) (Retail)		1,711,533
	1,121,298	Shopping Centres Australasia Property Group (REIT) (Retail)		2,033,791
				13,457,485
Canada – 2.7%
	90,055	Allied Properties REIT (REIT) (Office)		2,866,772
	87,291	Canadian Apartment Properties REIT (REIT) (Residential)		2,830,575
	304,158	Chartwell Retirement Residences (Health Care)		3,546,755
				9,244,102
France – 3.7%
	23,977	Covivio (REIT) (Diversified)		2,491,283
	30,153	Gecina SA (REIT) (Diversified)(a)		5,037,309
	129,762	Klepierre SA (REIT) (Retail)		4,875,568
				12,404,160
Germany – 3.4%
	54,489	Instone Real Estate Group BV (Real Estate Development)*(a)(b)		1,434,271
	213,765	Vonovia SE (Real Estate Operating Companies)		10,160,116
				11,594,387
Hong Kong – 8.5%
	1,388,000	CK Asset Holdings Ltd. (Real Estate Development)		10,987,842
	676,000	Link REIT (REIT) (Retail)		6,164,707
	584,000	Sun Hung Kai Properties Ltd. (Diversified)		8,798,508
	393,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Operating Companies)		2,790,598
				28,741,655
Ireland – 1.4%
	2,696,575	Green REIT plc (REIT) (Office)		4,660,609
Japan – 11.0%
	1,068	Activia Properties, Inc. (REIT) (Diversified)		4,893,968
	2,649	Daiwa House REIT Investment Corp. (REIT) (Diversified)		6,291,272
	4,740	GLP J-Reit (REIT) (Industrial)		5,034,403
	8,148	Invincible Investment Corp. (REIT) (Hotel)		3,666,417
	1,137	Japan Retail Fund Investment Corp. (REIT) (Retail)		2,050,976
	477,700	Mitsubishi Estate Co. Ltd. (Diversified)		8,339,165
Common Stocks – (continued)
Japan – (continued)
	192,000	Sumitomo Realty & Development Co. Ltd. (Diversified)		7,070,394
				37,346,595
Norway(b) – 1.0%
	251,911	Entra ASA (Real Estate Operating Companies)		3,433,335
Singapore – 2.7%
	3,564,400	Ascendas India Trust (Real Estate Operating Companies)		2,642,234
	551,500	City Developments Ltd. (Diversified)		4,417,468
	1,677,500	Mapletree Commercial Trust (REIT) (Retail)		1,932,992
				8,992,694
Spain – 2.0%
	44,005	Aedas Homes SAU (Real Estate Development)*(b)		1,562,227
	367,086	Merlin Properties Socimi SA (REIT) (Diversified)		5,329,388
				6,891,615
Sweden – 1.3%
	269,873	Castellum AB (Real Estate Operating Companies)		4,364,692
United Kingdom – 4.0%
	306,885	Big Yellow Group plc (REIT) (Specialized)		3,846,993
	2,450,805	Tritax Big Box REIT plc (REIT) (Industrial)		5,034,518
	420,187	UNITE Group plc (The) (REIT) (Residential)		4,768,010
				13,649,521
United States – 50.3%
	136,269	Acadia Realty Trust (REIT) (Retail)		3,729,682
	60,176	Alexandria Real Estate Equities, Inc. (REIT) (Office)		7,592,406
	59,710	AvalonBay Communities, Inc. (REIT) (Residential)		10,263,552
	69,792	Boston Properties, Inc. (REIT) (Office)		8,753,313
	67,488	Camden Property Trust (REIT) (Residential)		6,150,181
	169,703	Chesapeake Lodging Trust (REIT) (Hotel)		5,369,403
	436,211	Cousins Properties, Inc. (REIT) (Office)		4,226,885
	121,804	CyrusOne, Inc. (REIT) (Specialized)		7,108,481
	355,926	DDR Corp. (REIT) (Retail)		6,371,075
	205,457	Duke Realty Corp. (REIT) (Industrial)		5,964,417
	38,797	Equity LifeStyle Properties, Inc. (REIT) (Residential)		3,565,444
	143,558	Equity Residential (REIT) (Residential)		9,143,209

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	21,611	Essex Property Trust, Inc. (REIT) (Residential)	$	5,166,542
	43,980	Extra Space Storage, Inc. (REIT) (Specialized)		4,389,644
	48,623	Federal Realty Investment Trust (REIT) (Retail)		6,153,241
	284,043	HCP, Inc. (REIT) (Health Care)		7,333,990
	133,047	Healthcare Realty Trust, Inc. (REIT) (Health Care)		3,869,007
	166,144	Hudson Pacific Properties, Inc. (REIT) (Office)		5,886,482
	48,240	JBG SMITH Properties (REIT) (Office)		1,759,313
	34,726	Life Storage, Inc. (REIT) (Specialized)		3,379,187
	80,689	Pebblebrook Hotel Trust (REIT) (Hotel)		3,130,733
	164,311	Prologis, Inc. (REIT) (Industrial)		10,793,590
	16,160	Public Storage (REIT) (Specialized)		3,666,058
	252,568	RLJ Lodging Trust (REIT) (Hotel)		5,569,124
	28,935	Ryman Hospitality Properties, Inc. (REIT) (Hotel)		2,405,945
	97,088	Simon Property Group, Inc. (REIT) (Retail)		16,523,407
	140,534	Ventas, Inc. (REIT) (Health Care)		8,003,411
	57,952	Vornado Realty Trust (REIT) (Office)		4,283,812
				170,551,534
	TOTAL COMMON STOCKS
	(Cost $311,459,932)		$	325,332,384
Shares		Distribution Rate	Value
Investment Company(c) – 2.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,231,214	1.869%	$	7,231,214
	(Cost $7,231,214)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $318,691,146)		$	332,563,598
Securities Lending Reinvestment Vehicle(c) – 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,377,712	1.869%	$	1,377,712
	(Cost $1,377,712)
	TOTAL INVESTMENTS – 98.5%
	(Cost $320,068,858)		$	333,941,310
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			5,243,791
	NET ASSETS – 100.0%		$	339,185,101

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $6,429,833, which represents approximately 1.9% of net assets as of June 30, 2018. The liquidity determination is unaudited.
(c)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Australia – 9.1%
	849,459	GPT Group (The) (REIT) (Diversified)	$	3,178,279
	915,509	Mirvac Group (REIT) (Diversified)		1,469,401
	1,786,748	Propertylink Group (REIT) (Industrial)		1,401,699
	574,055	Scentre Group (REIT) (Retail)		1,865,136
	1,057,913	Shopping Centres Australasia Property Group (REIT) (Retail)		1,918,824
				9,833,339
Canada – 5.9%
	62,436	Allied Properties REIT (REIT) (Office)		1,987,561
	60,547	Canadian Apartment Properties REIT (REIT) (Residential)		1,963,350
	209,372	Chartwell Retirement Residences (Health Care)		2,441,466
				6,392,377
France – 10.6%
	21,321	Covivio (REIT) (Diversified)		2,215,316
	15,658	Gecina SA (REIT) (Diversified)		2,615,799
	90,485	Klepierre SA (REIT) (Retail)		3,399,807
	14,684	Unibail-Rodamco-Westfield (REIT) (Retail)		3,233,251
				11,464,173
Germany – 7.9%
	19,487	Instone Real Estate Group BV (Real Estate Development)*(a)		512,941
	167,369	Vonovia SE (Real Estate Operating Companies)		7,954,944
				8,467,885
Hong Kong – 17.6%
	801,000	CK Asset Holdings Ltd. (Real Estate Development)		6,340,966
	152,200	Hongkong Land Holdings Ltd. (Real Estate Operating Companies)		1,088,067
	417,500	Link REIT (REIT) (Retail)		3,807,345
	374,475	Sun Hung Kai Properties Ltd. (Diversified)		5,641,817
	288,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Operating Companies)		2,045,019
				18,923,214
Ireland – 1.7%
	1,080,932	Green REIT plc (REIT) (Office)		1,868,222
Japan – 22.6%
	499	Activia Properties, Inc. (REIT) (Diversified)		2,286,601
	1,338	Daiwa House REIT Investment Corp. (REIT) (Diversified)		3,177,698
	2,145	GLP J-Reit (REIT) (Industrial)		2,278,226
	3,804	Invincible Investment Corp. (REIT) (Hotel)		1,711,715
Common Stocks – (continued)
Japan – (continued)
	896	Japan Retail Fund Investment Corp. (REIT) (Retail)	$	1,616,248
	494	Kenedix Retail REIT Corp. (REIT) (Retail)		1,091,472
	250,900	Mitsubishi Estate Co. Ltd. (Diversified)		4,379,938
	132,500	Mitsui Fudosan Co. Ltd. (Diversified)		3,191,697
	127,000	Sumitomo Realty & Development Co. Ltd. (Diversified)		4,676,771
				24,410,366
Norway(a) – 1.1%
	85,480	Entra ASA (Real Estate Operating Companies)		1,165,021
Singapore – 4.6%
	1,437,600	Ascendas India Trust (Real Estate Operating Companies)		1,065,671
	253,100	City Developments Ltd. (Diversified)		2,027,309
	1,580,200	Mapletree Commercial Trust (REIT) (Retail)		1,820,873
				4,913,853
Spain – 3.4%
	23,748	Aedas Homes SAU (Real Estate Development)*(a)		843,081
	191,750	Merlin Properties Socimi SA (REIT) (Diversified)		2,783,844
				3,626,925
Sweden – 1.9%
	124,551	Castellum AB (Real Estate Operating Companies)		2,014,380
Switzerland – 1.6%
	18,827	PSP Swiss Property AG (Registered) (Real Estate Operating Companies)		1,745,377
United Kingdom – 9.8%
	170,801	Big Yellow Group plc (REIT) (Specialized)		2,141,096
	181,691	British Land Co. plc (The) (REIT) (Retail)		1,607,417
	54,653	Derwent London plc (REIT) (Office)		2,235,980
	1,037,517	Tritax Big Box REIT plc (REIT) (Industrial)		2,131,299
	212,660	UNITE Group plc (The) (REIT) (Residential)		2,413,128
				10,528,920
	TOTAL COMMON STOCKS
	(Cost $102,643,369)		$	105,354,052

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Shares		Distribution Rate	Value
Investment Company(b) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	986,909	1.869%	$	986,909
	(Cost $986,909)
	TOTAL INVESTMENTS – 98.7%
	(Cost $103,630,278)		$	106,340,961
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			1,401,729
	NET ASSETS – 100.0%		$	107,742,690

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,521,043, which represents approximately 2.3% of net assets as of June 30, 2018. The liquidity determination is unaudited.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Health Care – 10.2%
	282,966	HCP, Inc. (REIT)	$	7,306,182
	149,496	Healthcare Realty Trust, Inc. (REIT)		4,347,344
	145,479	Ventas, Inc. (REIT)		8,285,029
	68,705	Welltower, Inc. (REIT)		4,307,117
				24,245,672
Hotel – 6.8%
	121,584	Chesapeake Lodging Trust (REIT)		3,846,918
	73,050	Pebblebrook Hotel Trust (REIT)		2,834,340
	241,528	RLJ Lodging Trust (REIT)		5,325,692
	49,986	Ryman Hospitality Properties, Inc. (REIT)		4,156,336
				16,163,286
Industrial – 10.5%
	242,202	Duke Realty Corp. (REIT)		7,031,124
	48,150	EastGroup Properties, Inc. (REIT)		4,601,214
	201,397	Prologis, Inc. (REIT)		13,229,769
				24,862,107
Office – 17.8%
	72,760	Alexandria Real Estate Equities, Inc. (REIT)		9,180,129
	95,832	Boston Properties, Inc. (REIT)		12,019,250
	455,829	Cousins Properties, Inc. (REIT)		4,416,983
	214,220	Hudson Pacific Properties, Inc. (REIT)		7,589,815
	48,441	JBG SMITH Properties (REIT)		1,766,643
	97,247	Vornado Realty Trust (REIT)		7,188,498
				42,161,318
Residential – 20.5%
	85,892	AvalonBay Communities, Inc. (REIT)		14,763,976
	89,179	Camden Property Trust (REIT)		8,126,882
	60,669	Equity LifeStyle Properties, Inc. (REIT)		5,575,481
	199,605	Equity Residential (REIT)		12,712,843
	31,877	Essex Property Trust, Inc. (REIT)		7,620,834
				48,800,016
Retail – 17.7%
	132,809	Acadia Realty Trust (REIT)		3,634,982
	308,526	DDR Corp. (REIT)		5,522,615
	75,159	Federal Realty Investment Trust (REIT)		9,511,372
	55,804	GGP, Inc. (REIT)		1,140,076
	130,806	Simon Property Group, Inc. (REIT)		22,261,873
				42,070,918
Specialized – 16.4%
	111,126	CyrusOne, Inc. (REIT)		6,485,313
	32,982	Digital Realty Trust, Inc. (REIT)		3,680,132
	26,116	Equinix, Inc. (REIT)		11,227,007
	54,903	Extra Space Storage, Inc. (REIT)		5,479,868
	25,312	Life Storage, Inc. (REIT)		2,463,111
Common Stocks – (continued)
Specialized – (continued)
	38,102	Public Storage (REIT)		8,643,820
	31,466	Weyerhaeuser Co. (REIT)		1,147,250
				39,126,501
	TOTAL INVESTMENTS – 99.9%
	(Cost $166,921,505)		$	237,429,818
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			294,864
	NET ASSETS – 100.0%		$	237,724,682

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $311,459,932, $102,643,369 and $166,921,505)(a)	$	325,332,384		$	105,354,052		$	237,429,818
Investments in affiliated issuers, at value (cost $7,231,214, $986,909 and $0)		7,231,214			986,909			—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,377,712, $0 and $0)		1,377,712			—			—
Cash		5,224,550			1,215,996			85,361
Foreign currencies, at value (cost $97,427, $122,412 and $0)		97,425			122,038			—
Receivables:
Dividends		1,686,200			441,974			1,155,997
Foreign tax reclaims		161,576			285,355			—
Fund shares sold		119,238			88			26,358
Reimbursement from investment adviser		25,654			29,811			31,406
Securities lending income		6,296			—			—
Other assets		52,026			65,537			77,359
Total assets		341,314,275			108,501,760			238,806,299
Liabilities:
Payables:
Payable upon return of securities loaned		1,377,712			—			—
Fund shares redeemed		431,315			586,084			773,246
Management fees		259,209			86,350			170,016
Distribution and Service fees and Transfer Agency fees		8,877			5,056			29,149
Accrued expenses		52,061			81,580			109,206
Total liabilities		2,129,174			759,070			1,081,617
Net Assets:
Paid-in capital		329,275,816			134,558,199			156,307,489
Undistributed (distributions in excess of) net investment income		(1,752,067	)		(617,026	)		1,193,313
Accumulated net realized gain (loss)		(2,209,815	)		(28,913,931	)		9,715,567
Net unrealized gain		13,871,167			2,715,448			70,508,313
NET ASSETS	$	339,185,101		$	107,742,690		$	237,724,682
Net Assets:
Class A	$	1,191,816		$	4,157,465		$	31,705,897
Class C		28,420			623,578			8,503,347
Institutional		1,881,339			10,318,571			63,279,923
Service		—			—			2,279,047
Investor		29,237			122,127			8,808,761
Class P		18,536,754			91,861,326			119,373,757
Class R		28,826			—			2,557,793
Class R6		317,488,709			659,623			1,216,157
Total Net Assets	$	339,185,101		$	107,742,690		$	237,724,682
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		112,928			650,115			2,035,092
Class C		2,694			97,162			569,698
Institutional		177,705			1,667,146			3,947,060
Service		—			—			145,196
Investor		2,766			19,262			561,271
Class P		1,755,079			14,874,852			7,448,841
Class R		2,730			—			165,742
Class R6		30,044,229			106,717			75,840
Net asset value, offering and redemption price per share:(b)
Class A		$10.55			$6.39			$15.58
Class C		10.55			6.42			14.93
Institutional		10.59			6.19			16.03
Service		—			—			15.70
Investor		10.57			6.34			15.69
Class P		10.56			6.18			16.03
Class R		10.56			—			15.43
Class R6		10.57			6.18			16.04

(a) Includes loaned securities having a market value of $1,374,194 for the Global Real Estate Securities Fund.

(b) Maximum public offering price per share for Class A Shares of the Global Real Estate Securities, International Real Estate Securities and Real Estate Securities Funds is $11.16, $6.76 and $16.49, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $313,461, $237,821 and $0)	$	6,076,679		$	2,482,868		$	3,758,643
Dividends — affiliated issuers		34,312			2,990			1,747
Securities lending income — affiliated issuer		18,709			—			—
Total investment income		6,129,700			2,485,858			3,760,390
Expenses:
Management fees		1,670,948			587,271			1,147,165
Transfer Agency fees(a)		55,288			26,050			84,043
Custody, accounting and administrative services		53,654			65,705			47,403
Professional fees		47,864			48,968			48,688
Printing and mailing costs		12,216			19,592			32,338
Trustee fees		8,963			8,821			8,991
Registration fees		4,909			6,147			7,936
Distribution and Service fees(a)		1,992			9,164			93,559
Service share fees — Service and Shareholder Administration Plan		—			—			5,490
Other		8,552			15,476			12,932
Total expenses		1,864,386			787,194			1,488,545
Less — expense reductions		(230,896	)		(201,773	)		(258,330	)
Net expenses		1,633,490			585,421			1,230,215
NET INVESTMENT INCOME		4,496,210			1,900,437			2,530,175
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commissions recaptured of $0, $0 and $4,678)		(1,064,956	)		376,205			6,939,233
Foreign currency transactions		5,848			14,082			—
Net change in unrealized loss on:
Investments — unaffiliated issuers		(1,788,009	)		(2,050,842	)		(7,928,646	)
Foreign currency translation		(4,868	)		(2,735	)		—
Net realized and unrealized loss		(2,851,985	)		(1,663,290	)		(989,413	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,644,225		$	237,147		$	1,540,762

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

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Global Real Estate Securities	$	1,785	$	137	$	70	$	1,285	$	25	$	17,834	$	N/A	$	25	$	358	$	25	$	35,736
International Real Estate Securities		5,276		3,888		N/A		3,799		700		19,582		N/A		97		1,784		N/A		88
Real Estate Securities		38,376		48,951		6,232		27,630		8,811		35,756		439		8,137		885		2,244		141

(b) Commenced operation on April 17, 2018.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets

	Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	4,496,210		$	4,688,643
Net realized loss		(1,059,108	)		(146,579	)
Net change in unrealized gain (loss)		(1,792,877	)		15,524,132
Net increase in net assets resulting from operations		1,644,225			20,066,196
Distributions to shareholders:
From net investment income
Class A Shares		(15,726	)		(28,974	)
Class C Shares		(240	)		(520	)
Institutional Shares		(122,861	)		(6,827,229	)
Investor Shares(a)		(378	)		(734	)
Class P Shares(b)		(152,711	)		—
Class R Shares		(308	)		(590	)
Class R6 Shares		(4,361,644	)		(781	)
From net realized gains
Class A Shares		—			(176	)
Class C Shares		—			(3	)
Institutional Shares		—			(34,564	)
Investor Shares(a)		—			(3	)
Class R Shares		—			(3	)
Class R6 Shares		—			(3	)
Total distributions to shareholders		(4,653,868	)		(6,893,580	)
From share transactions:
Proceeds from sales of shares		354,155,689			325,969,686
Reinvestment of distributions		4,653,581			6,892,789
Cost of shares redeemed		(357,025,085	)		(33,435,340	)
Net increase in net assets resulting from share transactions		1,784,185			299,427,135
TOTAL INCREASE (DECREASE)		(1,225,458	)		312,599,751
Net assets:
Beginning of period		340,410,559			27,810,808
End of period	$	339,185,101		$	340,410,559
Distributions in excess of net investment income	$	(1,752,067	)	$	(1,594,409	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 17, 2018.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets (continued)

	International Real Estate Securities Fund						Real Estate Securities Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	1,900,437		$	4,581,500		$	2,530,175		$	6,848,059
Net realized gain		390,287			103,643			6,939,233			47,112,824
Net change in unrealized gain (loss)		(2,053,577	)		29,191,628			(7,928,646	)		(47,855,543	)
Net increase in net assets resulting from operations		237,147			33,876,771			1,540,762			6,105,340
Distributions to shareholders:
From net investment income
Class A Shares		(53,227	)		(191,324	)		(293,740	)		(740,445	)
Class C Shares		(4,862	)		(28,242	)		(51,773	)		(148,930	)
Institutional Shares		(138,356	)		(5,930,145	)		(1,230,513	)		(5,372,052	)
Service Shares		—			—			(20,095	)		(38,675	)
Investor Shares(a)		(1,716	)		(7,218	)		(94,563	)		(209,034	)
Class P Shares(b)		(1,418,076	)		—			(824,815	)		—
Class R Shares		—			—			(21,535	)		(47,143	)
Class R6 Shares		(9,994	)		(498	)		(12,912	)		(768	)
From net realized gains
Class A Shares		—			—			—			(6,396,123	)
Class C Shares		—			—			—			(2,074,863	)
Institutional Shares		—			—			—			(34,156,406	)
Service Shares		—			—			—			(382,308	)
Investor Shares(a)		—			—			—			(1,753,632	)
Class R Shares		—			—			—			(501,533	)
Class R6 Shares		—			—			—			(34,987	)
Total distributions to shareholders		(1,626,231	)		(6,157,427	)		(2,549,946	)		(51,856,899	)
From share transactions:
Proceeds from sales of shares		99,438,137			19,554,247			149,097,029			61,694,002
Reinvestment of distributions		1,623,626			6,137,751			2,482,048			50,355,569
Cost of shares redeemed		(115,004,961	)		(234,473,484	)		(186,022,348	)		(276,394,225	)
Net decrease in net assets resulting from share transactions		(13,943,198	)		(208,781,486	)		(34,443,271	)		(164,344,654	)
TOTAL DECREASE		(15,332,282	)		(181,062,142	)		(35,452,455	)		(210,096,213	)
Net assets:
Beginning of period		123,074,972			304,137,114			273,177,137			483,273,350
End of period	$	107,742,690		$	123,074,972		$	237,724,682		$	273,177,137
Undistributed (distributions in excess of) of net investment income	$	(617,026	)	$	(891,232	)	$	1,193,313		$	1,213,084

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 17, 2018.

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

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GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from investment operations									Distributions to shareholders
	Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
	FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
	2018 - A	$	10.64	$	0.11		$	(0.08	)	$	0.03		$	(0.12	)	$	—		$	—		$	(0.12	)
	2018 - C		10.64		0.08			(0.08	)		—	(e)		(0.09	)		—			—			(0.09	)
	2018 - Institutional		10.66		—	(e)		0.06			0.06			(0.13	)		—			—			(0.13	)
	2018 - Investor(f)		10.65		0.13			(0.07	)		0.06			(0.14	)		—			—			(0.14	)
	2018 - P (Commenced April 17, 2018)		10.30		0.15			0.20			0.35			(0.09	)		—			—			(0.09	)
	2018 - R		10.65		0.11			(0.09	)		0.02			(0.11	)		—			—			(0.11	)
	2018 - R6		10.66		0.19			(0.13	)		0.06			(0.15	)		—			—			(0.15	)
	FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2017 - A		10.05		0.21			0.63			0.84			(0.25	)		—	(e)		—			(0.25	)
	2017 - C		10.04		0.12			0.65			0.77			(0.17	)		—	(e)		—			(0.17	)
	2017 - Institutional		10.06		0.24			0.65			0.89			(0.29	)		—	(e)		—			(0.29	)
	2017 - Investor(f)		10.05		0.22			0.65			0.87			(0.27	)		—	(e)		—			(0.27
	2017 - R		10.05		0.17			0.65			0.82			(0.22	)		—	(e)		—			(0.22	)
	2017 - R6		10.06		0.24			0.65			0.89			(0.29	)		—	(e)		—			(0.29	)
	2016 - A		10.44		0.17			(0.08	)		0.09			(0.29	)		(0.17	)		(0.02	)		(0.48	)
	2016 - C		10.43		0.10			(0.09	)		0.01			(0.21	)		(0.17	)		(0.02	)		(0.40	)
	2016 - Institutional		10.44		0.24			(0.10	)		0.14			(0.32	)		(0.17	)		(0.03	)		(0.52	)
	2016 - Investor(f)		10.44		0.20			(0.09	)		0.11			(0.31	)		(0.17	)		(0.02	)		(0.50	)
	2016 - R		10.44		0.14			(0.08	)		0.06			(0.26	)		(0.17	)		(0.02	)		(0.45	)
	2016 - R6		10.44		0.21			(0.07	)		0.14			(0.33	)		(0.17	)		(0.02	)		(0.52	)
FOR THE PERIOD ENDED DECEMBER 31,
	2015 - A (Commenced August 31, 2015)		10.00		0.05			0.52			0.57			(0.12	)		(0.01	)		—			(0.13	)
	2015 - C (Commenced August 31, 2015)		10.00		0.02			0.52			0.54			(0.10	)		(0.01	)		—			(0.11	)
	2015 - Institutional (Commenced August 31, 2015)		10.00		0.06			0.52			0.58			(0.13	)		(0.01	)		—			(0.14	)
	2015 - Investor (Commenced August 31, 2015)(f)		10.00		0.06			0.51			0.57			(0.12	)		(0.01	)		—			(0.13	)
	2015 - R (Commenced August 31, 2015)		10.00		0.04			0.52			0.56			(0.11	)		(0.01	)		—			(0.12	)
	2015 - R6 (Commenced August 31, 2015)		10.00		0.06			0.52			0.58			(0.13	)		(0.01	)		—			(0.14	)

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

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

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

(d) Annualized.

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

(f) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Net asset value, end of period		Total return(b)			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			Portfolio turnover rate(c)
$	10.55		0.34	%	$	1,192		1.38	%(d)		1.53	%(d)		2.13	%(d)		44	%
	10.55		0.01			28		2.13	(d)		2.27	(d)		1.57	(d)		44
	10.59		0.58			1,881		1.00	(d)		1.18	(d)		(0.08	)(d)		44
	10.57		0.57			29		1.13	(d)		1.27	(d)		2.58	(d)		44
	10.56		3.38			18,537		0.96	(d)		1.06	(d)		7.20	(d)		44
	10.56		0.24			29		1.63	(d)		1.77	(d)		2.07	(d)		44
	10.57		0.55			317,489		0.98	(d)		1.10	(d)		3.72	(d)		44
	10.64		8.50			1,768		1.39			1.59			2.03			58
	10.64		7.72			28		2.15			2.79			1.15			58
	10.66		8.96			338,527		1.00			1.24			2.31			58
	10.65		8.80			29		1.15			1.75			2.13			58
	10.65		8.26			29		1.65			2.25			1.63			58
	10.66		8.97			29		0.99			1.59			2.29			58
	10.05		0.82			32		1.44			4.34			1.57			60
	10.04		0.11			36		2.15			5.31			0.93			60
	10.06		1.30			27,663		1.00			2.82			2.23			60
	10.05		1.05			27		1.15			4.22			1.85			60
	10.05		0.57			27		1.65			4.73			1.35			60
	10.06		1.31			27		0.98			4.05			2.02			60
	10.44		5.71			26		1.40	(d)		15.24	(d)		1.43	(d)		14
	10.43		5.41			26		2.15	(d)		16.01	(d)		0.68	(d)		14
	10.44		5.81			3,043		1.00	(d)		14.86	(d)		1.83	(d)		14
	10.44		5.78			26		1.15	(d)		15.02	(d)		1.68	(d)		14
	10.44		5.65			26		1.65	(d)		15.51	(d)		1.18	(d)		14
	10.44		5.82			26		0.97	(d)		14.85	(d)		1.85	(d)		14

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	6.48	$	0.10		$	(0.11	)	$	(0.01	)	$	(0.08	)
2018 - C		6.50		0.07			(0.10	)		(0.03	)		(0.05	)
2018 - Institutional		6.26		0.10			(0.09	)		0.01			(0.08	)
2018 - Investor(e)		6.43		0.11			(0.11	)		—	(f)		(0.09	)
2018 - P (Commenced April 17, 2018)		6.38		0.07			(0.17	)		(0.10	)		(0.10	)
2018 - R6		6.26		0.17			(0.15	)		0.02			(0.10	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		5.73		0.12			0.89			1.01			(0.26	)
2017 - C		5.73		0.08			0.90			0.98			(0.21	)
2017 - Institutional		5.54		0.14			0.87			1.01			(0.29	)
2017 - Investor(e)		5.68		0.16			0.87			1.03			(0.28	)
2017 - R6		5.54		0.14			0.87			1.01			(0.29	)
2016 - A		6.09		0.12			(0.23	)		(0.11	)		(0.25	)
2016 - C		6.09		0.07			(0.23	)		(0.16	)		(0.20	)
2016 - Institutional		5.91		0.14			(0.24	)		(0.10	)		(0.27	)
2016 - Investor(e)		6.04		0.12			(0.22	)		(0.10	)		(0.26	)
2016 - R6		5.91		0.13			(0.23	)		(0.10	)		(0.27	)
2015 - A		6.38		0.10			(0.24	)		(0.14	)		(0.15	)
2015 - C		6.38		0.05			(0.24	)		(0.19	)		(0.10	)
2015 - Institutional		6.19		0.12			(0.22	)		(0.10	)		(0.18	)
2015 - Investor(e)		6.33		0.11			(0.24	)		(0.13	)		(0.16	)
2015 - R6 (Commenced July 31, 2015)		6.33		0.05			(0.37	)		(0.32	)		(0.10	)
2014 - A		6.54		0.21	(g)		(0.14	)		0.07			(0.23	)
2014 - C		6.53		0.16	(g)		(0.13	)		0.03			(0.18	)
2014 - Institutional		6.35		0.22	(g)		(0.12	)		0.10			(0.26	)
2014 - Investor(e)		6.48		0.20	(g)		(0.11	)		0.09			(0.24	)
2013 - A		6.46		0.15	(h)		0.22			0.37			(0.29	)
2013 - C		6.46		0.11	(h)		0.20			0.31			(0.24	)
2013 - Institutional		6.29		0.18	(h)		0.20			0.38			(0.32	)
2013 - Investor(e)		6.40		0.18	(h)		0.20			0.38			(0.30	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(g) Reflects income recognized from a corporate action which amounted to $0.10 per share and 1.50% of average net assets.

(h) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.65% of average net assets.

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Net asset value, end of period		Total return(b)			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 to average net assets			Portfolio turnover rate(c)
$	6.39		(0.11	)%	$	4,157		1.38	%(d)		1.73	%(d)		2.96	%(d)		27	%
	6.42		(0.45	)		624		2.13	(d)		2.48	(d)		2.14	(d)		27
	6.19		0.23			10,319		0.99	(d)		1.34	(d)		3.06	(d)		27
	6.34		0.01			122		1.13	(d)		1.48	(d)		3.27	(d)		27
	6.18		(1.63	)		91,861		0.98	(d)		1.31	(d)		5.30	(d)		27
	6.18		0.25			660		0.98	(d)		1.25	(d)		5.32	(d)		27
	6.48		17.89			4,377		1.39			1.70			2.02			38
	6.50		17.23			810		2.14			2.44			1.26			38
	6.26		18.45			117,768		0.99			1.28			2.44			38
	6.43		18.29			109		1.14			1.45			2.54			38
	6.26		18.48			11		0.99			1.29			2.41			38
	5.73		(1.84	)		5,400		1.39			1.62			1.90			41
	5.73		(2.65	)		1,148		2.14			2.37			1.12			41
	5.54		(1.63	)		297,473		0.99			1.22			2.28			41
	5.68		(1.57	)		107		1.14			1.37			2.05			41
	5.54		(1.61	)		9		1.02			1.18			2.26			41
	6.09		(2.25	)		7,702		1.41			1.62			1.50			45
	6.09		(3.03	)		1,622		2.16			2.37			0.76			45
	5.91		(1.73	)		333,601		1.01			1.22			1.92			45
	6.04		(2.04	)		88		1.17			1.37			1.64			45
	5.91		(5.03	)		9		0.99	(d)		1.15	(d)		1.91	(d)		45
	6.38		1.05			10,017		1.46			1.61			3.13	(g)		50
	6.38		0.44			1,962		2.21			2.36			2.42	(g)		50
	6.19		1.53			379,651		1.05			1.21			3.42	(g)		50
	6.33		1.38			193		1.21			1.35			2.98	(g)		50
	6.54		5.81			14,542		1.48			1.60			2.24	(h)		45
	6.53		4.90			2,514		2.23			2.35			1.65	(h)		45
	6.35		6.15			387,178		1.08			1.20			2.79	(h)		45
	6.48		6.11			944		1.23			1.35			2.70	(h)		45

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations							Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	15.53	$	0.13		$	0.06	$	0.19	$	(0.14	)	$	—		$	(0.14	)
2018 - C		14.88		0.06			0.08		0.14		(0.09	)		—			(0.09	)
2018 - Institutional		15.98		0.14			0.08		0.22		(0.17	)		—			(0.17	)
2018 - Service		15.65		0.13			0.06		0.19		(0.14	)		—			(0.14	)
2018 - Investor(e)		15.65		0.15			0.05		0.20		(0.16	)		—			(0.16	)
2018 - P (Commenced April 17, 2018)		14.90		0.46			0.78		1.24		(0.11	)		—			(0.11	)
2018 - R		15.39		0.11			0.06		0.17		(0.13	)		—			(0.13	)
2018 - R6		15.98		0.22			0.01		0.23		(0.17	)		—			(0.17	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		18.40		0.30			0.06		0.36		(0.29	)		(2.94	)		(3.23	)
2017 - C		17.79		0.16			0.06		0.22		(0.19	)		(2.94	)		(3.13	)
2017 - Institutional		18.81		0.37			0.08		0.45		(0.34	)		(2.94	)		(3.28	)
2017 - Service		18.52		0.29			0.06		0.35		(0.28	)		(2.94	)		(3.22	)
2017 - Investor(e)		18.50		0.36			0.06		0.42		(0.33	)		(2.94	)		(3.27	)
2017 - R		18.27		0.26			0.05		0.31		(0.25	)		(2.94	)		(3.19	)
2017 - R6		18.81		0.41			0.05		0.46		(0.35	)		(2.94	)		(3.29	)
2016 - A		19.59		0.33			0.71		1.04		(0.32	)		(1.91	)		(2.23	)
2016 - C		19.03		0.18			0.68		0.86		(0.19	)		(1.91	)		(2.10	)
2016 - Institutional		19.97		0.41			0.74		1.15		(0.40	)		(1.91	)		(2.31	)
2016 - Service		19.71		0.31			0.72		1.03		(0.31	)		(1.91	)		(2.22	)
2016 - Investor(e)		19.68		0.39			0.71		1.10		(0.37	)		(1.91	)		(2.28	)
2016 - R		19.47		0.29			0.70		0.99		(0.28	)		(1.91	)		(2.19	)
2016 - R6		19.98		0.46			0.68		1.14		(0.40	)		(1.91	)		(2.31	)
2015 - A		19.83		0.29			0.30		0.59		(0.31	)		(0.52	)		(0.83	)
2015 - C		19.32		0.14			0.30		0.44		(0.21	)		(0.52	)		(0.73	)
2015 - Institutional		20.18		0.38			0.30		0.68		(0.37	)		(0.52	)		(0.89	)
2015 - Service		19.94		0.27			0.32		0.59		(0.30	)		(0.52	)		(0.82	)
2015 - Investor(e)		19.90		0.35			0.30		0.65		(0.35	)		(0.52	)		(0.87	)
2015 - R		19.73		0.27			0.27		0.54		(0.28	)		(0.52	)		(0.80	)
2015 - R6 (Commenced July 31, 2015)		19.93		0.22			0.48		0.70		(0.13	)		(0.52	)		(0.65	)
2014 - A		15.54		0.21	(f)		4.36		4.57		(0.28	)		—			(0.28	)
2014 - C		15.18		0.07	(f)		4.25		4.32		(0.18	)		—			(0.18	)
2014 - Institutional		15.80		0.27	(f)		4.44		4.71		(0.33	)		—			(0.33	)
2014 - Service		15.63		0.18	(f)		4.39		4.57		(0.26	)		—			(0.26	)
2014 - Investor(e)		15.59		0.31	(f)		4.31		4.62		(0.31	)		—			(0.31	)
2014 - R		15.48		0.19	(f)		4.31		4.50		(0.25	)		—			(0.25	)
2013 - A		15.44		0.16			0.18		0.34		(0.24	)		—			(0.24	)
2013 - C		15.12		0.05			0.16		0.21		(0.15	)		—			(0.15	)
2013 - Institutional		15.68		0.24			0.17		0.41		(0.29	)		—			(0.29	)
2013 - Service		15.53		0.14			0.18		0.32		(0.22	)		—			(0.22	)
2013 - Investor(e)		15.49		0.22			0.15		0.37		(0.27	)		—			(0.27	)
2013 - R		15.39		0.14			0.16		0.30		(0.21	)		—			(0.21	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Net asset value, end of period		Total return(b)			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 to average net assets			Portfolio turnover rate(c)
$	15.58		1.28	%	$	31,706		1.30	%(d)		1.52	%(d)		1.80	%(d)		24	%
	14.93		0.93			8,503		2.05	(d)		2.27	(d)		0.91	(d)		24
	16.03		1.42			63,280		0.91	(d)		1.13	(d)		1.84	(d)		24
	15.70		1.22			2,279		1.41	(d)		1.63	(d)		1.73	(d)		24
	15.69		1.32			8,809		1.05	(d)		1.27	(d)		2.05	(d)		24
	16.03		8.33			119,374		0.90	(d)		1.06	(d)		14.29	(d)		24
	15.43		1.11			2,558		1.55	(d)		1.77	(d)		1.57	(d)		24
	16.04		1.49			1,216		0.90	(d)		1.08	(d)		2.92	(d)		24
	15.53		2.11			38,120		1.31			1.54			1.65			35
	14.88		1.38			12,421		2.06			2.29			0.92			35
	15.98		2.58			206,095		0.91			1.14			1.98			35
	15.65		2.07			2,446		1.41			1.64			1.60			35
	15.65		2.42			10,776		1.06			1.29			1.99			35
	15.39		1.92			3,092		1.56			1.79			1.45			35
	15.98		2.60			227		0.90			1.14			2.23			35
	18.40		5.38			54,869		1.31			1.52			1.62			31
	17.79		4.56			15,578		2.06			2.27			0.91			31
	18.81		5.81			397,211		0.91			1.12			2.03			31
	18.52		5.20			2,951		1.41			1.62			1.55			31
	18.50		5.65			8,467		1.06			1.27			1.92			31
	18.27		5.08			4,156		1.56			1.77			1.44			31
	18.81		5.77			42		0.90			1.09			2.25			31
	19.59		3.14			57,936		1.26			1.51			1.44			41
	19.03		2.39			15,056		2.01			2.26			0.73			41
	19.97		3.56			463,105		0.86			1.11			1.88			41
	19.71		3.09			2,744		1.36			1.61			1.35			41
	19.68		3.44			7,283		1.01			1.26			1.77			41
	19.47		2.89			3,149		1.50			1.77			1.38			41
	19.98		3.64			10		0.91	(d)		1.07	(d)		2.65	(d)		41
	19.83		29.63			73,103		1.39			1.52			1.15	(f)		52
	19.32		28.64			16,497		2.14			2.26			0.39	(f)		52
	20.18		30.10			502,407		0.99			1.11			1.49	(f)		52
	19.94		29.49			3,527		1.49			1.61			0.98	(f)		52
	19.90		29.94			6,900		1.14			1.27			1.70	(f)		52
	19.73		29.29			1,877		1.64			1.77			1.05	(f)		52
	15.54		2.13			51,599		1.41			1.51			0.99			61
	15.18		1.35			12,375		2.16			2.26			0.29			61
	15.80		2.54			419,564		1.01			1.11			1.46			61
	15.63		2.03			3,342		1.51			1.61			0.88			61
	15.59		2.33			808		1.16			1.26			1.33			61
	15.48		1.90			802		1.66			1.76			0.90			61

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements

June 30, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Global Real Estate Securities	A, C, Institutional, Investor, P(a), R and R6	Non-diversified
International Real Estate Securities	A, C, Institutional, Investor, P(a) and R6	Non-diversified
Real Estate Securities	A, C, Institutional, Service, Investor,  P(a), R and R6	Non-diversified

(a) Commenced operations on April 17, 2018.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

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

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

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to

40

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Global Real Estate Securities and Real Estate Securities	Quarterly	Annually
International Real Estate Securities	Semi-Annually	Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

41

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding 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.

42

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of June 30, 2018:

GLOBAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	75,080,944	$	—
Australia and Oceania		—		13,457,485		—
Europe		—		56,998,319		—
North America		179,795,636		—		—
Investment Company		7,231,214		—		—
Securities Lending Reinvestment Vehicle		1,377,712		—		—
Total	$	188,404,562	$	145,536,748	$	—
INTERNATIONAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	48,247,433	$	—
Australia and Oceania		—		9,833,339		—
Europe		—		40,880,903		—
North America		6,392,377		—		—
Investment Company		986,909		—		—
Total	$	7,379,286	$	98,961,675	$	—
REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	237,429,818	$	—	$	—

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

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

43

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

As of June 30, 2018, contractual management fees with GSAM were at the following rates. The Effective Rate and Effective Net Management Rate represent the rates for the six month period ended June 30, 2018.

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Global Real Estate Securities		0.93	%		0.84	%		0.80	%		0.78	%		0.76	%		1.01	%		0.93	%
International Real Estate Securities		0.95			0.95			0.86			0.81			0.80			1.02			0.95
Real Estate Securities		0.87			0.78			0.74			0.73			0.71			0.96			0.87

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

Prior to April 30, 2018, the contractual management fee rates for the Global Real Estate Securities Fund, International Real Estate Securities Fund and Real Estate Securities Fund were as stated below.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Global Real Estate Securities		1.05	%		0.95	%		0.90	%		0.88	%		0.86	%
International Real Estate Securities		1.05			1.05			0.95			0.90			0.88
Real Estate Securities		1.00			0.90			0.86			0.84			0.82

The Global Real Estate Securities, International Real Estate Securities and Real Estate Securities Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2018, GSAM waived $3,603, $329 and $221 of the Global Real Estate Securities Fund, International Real Estate Securities Fund and Real Estate Securities Fund management fees, respectively.

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

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

44

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Global Real Estate Securities	$	303	$	—
International Real Estate Securities		4		3
Real Estate Securities		561		3

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 P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds are 0.004%. These Other Expense limitations will remain in place through at least April 30, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to April 30, 2018, the Other Expense limitation was 0.034% for the Global Real Estate Securities Fund. 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.

45

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Global Real Estate Securities	$	133,939	$	96,957	$	—	$	230,896
International Real Estate Securities		38,988		162,398		387		201,773
Real Estate Securities		104,103		153,491		736		258,330

G.  Line of Credit Facility — As of June 30, 2018, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2018, the Funds did not have any borrowings under the facility. Prior to May 1, 2018 the facility was $1,100,000,000. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018		Shares as of June 30, 2018		Dividend Income from Affiliated Investment Company
Global Real Estate Securities	$	5,247,385	$	76,927,904	$	(74,944,075	)	$	7,231,214		7,231,214	$	34,312
International Real Estate Securities		—		14,203,734		(13,216,825	)		986,909		986,909		2,990
Real Estate Securities		—		17,631,347		(17,631,347	)		—		—		1,747

As of June 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

	Percent of Share Class owned by Goldman Sachs Group, Inc.
Fund	Class C			Investor			Class R			Institutional
Global Real Estate Securities		100	%		100	%		100	%		95	%
International Real Estate Securities		—			8			—			—

As of June 30, 2018, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds.

Fund	Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio			Goldman Sachs Equity Growth Strategy Portfolio
Global Real Estate Securities		12	%		19	%		28	%		19	%		7	%

46

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2018, were as follows:

Fund	Purchases		Sales
Global Real Estate Securities	$	142,311,419	$	141,765,327
International Real Estate Securities		30,875,787		45,668,207
Real Estate Securities		58,879,642		92,208,913

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities Fund may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of 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 Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Global Real Estate Securities Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s 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 June 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Global Real Estate Securities Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2018, are reported under Investment Income on the Statements of Operations.

47

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

6. SECURITIES LENDING (continued)

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

	For the six months ended June 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Fund from Lending to Goldman Sachs
Global Real Estate Securities	$	2,085	$	5,782

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018
Global Real Estate Securities	$	—	$	24,531,424	$	(23,153,712	)	$	1,377,712

7. TAX INFORMATION

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

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Capital loss carryforwards:(1)
Expiring 2018	$	—		$	(18,621,372	)	$	—
Perpetual Short-term		—			(882,488	)		—
Perpetual Long-term		(63,163	)		(9,383,767	)		—
Total capital loss carryforwards	$	(63,163	)	$	(28,887,627	)	$	—
Timing differences (Qualified Late Year Loss Deferral/Qualified Deferred Dividend/Post October Loss Deferral)	$	79,297		$	—		$	748,212

(1) Expiration occurs on December 31 of the year indicated.

As of June 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Tax cost	$	323,434,662		$	105,507,696		$	169,506,902
Gross unrealized gain		18,832,960			7,003,451			70,852,999
Gross unrealized loss		(8,326,312	)		(6,170,186	)		(2,930,083	)
Net unrealized gain	$	10,506,648		$	833,265		$	67,922,916

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences related to the tax treatment of passive foreign investment companies and real estate investment trust investments.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

7. TAX INFORMATION (continued)

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

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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 Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions 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.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

8. OTHER RISKS (continued)

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

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.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,426		$	94,180			171,268		$	1,799,548
Reinvestment of distributions		1,517			15,713			2,793			29,146
Shares redeemed		(64,208	)		(657,465	)		(11,013	)		(115,935	)
		(53,265	)		(547,572	)		163,048			1,712,759
Class C Shares
Reinvestment of distributions		23			240			50			523
Shares redeemed		—			5			(992	)		(10,278	)
		23			245			(942	)		(9,755	)
Institutional Shares
Shares sold		1,210,269			12,746,692			31,553,271			324,170,138
Reinvestment of distributions		11,994			122,587			657,437			6,861,006
Shares redeemed		(32,813,450	)		(326,872,517	)		(3,192,300	)		(33,309,127	)
		(31,591,187	)		(314,003,238	)		29,018,408			297,722,017
Investor Shares(a)
Reinvestment of distributions		36			378			71			737
Shares redeemed		—			5			—			—
		36			383			71			737
Class P Shares(b)
Shares sold		1,752,957			18,660,306			—			—
Reinvestment of distributions		14,503			152,711			—			—
Shares redeemed		(12,381	)		(130,698	)		—			—
		1,755,079			18,682,319			—			—
Class R Shares
Reinvestment of distributions		30			308			57			593
Shares redeemed		—			5			—			—
		30			313			57			593
Class R6 Shares
Shares sold		32,468,696			322,654,511			—			—
Reinvestment of distributions		419,895			4,361,644			76			784
Shares redeemed		(2,847,102	)		(29,364,420	)		—			—
		30,041,489			297,651,735			76			784
NET INCREASE		152,205		$	1,784,185			29,180,718		$	299,427,135

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Real Estate Securities Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		32,094		$	210,465			72,233		$	440,986
Reinvestment of distributions		8,287			52,788			30,269			190,118
Shares redeemed		(65,506	)		(426,770	)		(370,268	)		(2,283,708	)
		(25,125	)		(163,517	)		(267,766	)		(1,652,604	)
Class C Shares
Shares sold		1,079			7,307			2,101			12,762
Reinvestment of distributions		761			4,862			4,442			27,993
Shares redeemed		(29,368	)		(191,980	)		(82,201	)		(506,181	)
		(27,528	)		(179,811	)		(75,658	)		(465,426	)
Institutional Shares
Shares sold		283,988			1,819,683			3,204,976			18,811,155
Reinvestment of distributions		22,073			136,190			973,468			5,911,924
Shares redeemed		(17,437,087	)		(111,572,961	)		(39,049,037	)		(231,364,110	)
		(17,131,026	)		(109,617,088	)		(34,870,593	)		(206,641,031	)
Investor Shares(a)
Shares sold		4,418			28,739			49,028			289,344
Reinvestment of distributions		271			1,716			1,167			7,218
Shares redeemed		(2,425	)		(15,677	)		(51,973	)		(319,485	)
		2,264			14,778			(1,778	)		(22,923	)
Class P Shares(b)
Shares sold		14,985,968			96,056,730			—			—
Reinvestment of distributions		230,581			1,418,076			—			—
Shares redeemed		(341,697	)		(2,117,746	)		—			—
		14,874,852			95,357,060			—			—
Class R6 Shares
Shares sold		210,581			1,315,213			—			—
Reinvestment of distributions		1,623			9,994			82			498
Shares redeemed		(107,256	)		(679,827	)		—			—
		104,948			645,380			82			498
NET DECREASE		(2,201,615	)	$	(13,943,198	)		(35,215,713	)	$	(208,781,486	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		163,098		$	2,430,121			639,033		$	11,521,192
Reinvestment of distributions		16,958			256,720			405,796			6,351,489
Shares redeemed		(598,884	)		(8,739,321	)		(1,573,157	)		(28,410,380	)
		(418,828	)		(6,052,480	)		(528,328	)		(10,537,699	)
Class C Shares
Shares sold		16,805			237,492			45,840			787,209
Reinvestment of distributions		3,293			47,883			141,534			2,112,895
Shares redeemed		(284,889	)		(3,989,611	)		(228,395	)		(3,999,777	)
		(264,791	)		(3,704,236	)		(41,021	)		(1,099,673	)
Institutional Shares
Shares sold		1,734,755			25,337,851			2,184,495			40,801,687
Reinvestment of distributions		80,328			1,222,389			2,431,191			39,332,107
Shares redeemed		(10,766,167	)		(167,727,430	)		(12,834,900	)		(236,400,068	)
		(8,951,084	)		(141,167,190	)		(8,219,214	)		(156,266,274	)
Service Shares
Shares sold		18,733			270,886			34,219			593,259
Reinvestment of distributions		655			9,970			14,034			220,999
Shares redeemed		(30,510	)		(442,666	)		(51,326	)		(946,589	)
		(11,122	)		(161,810	)		(3,073	)		(132,331	)
Investor Shares(a)
Shares sold		67,582			990,227			361,477			6,719,342
Reinvestment of distributions		6,221			94,563			124,404			1,962,666
Shares redeemed		(201,258	)		(2,956,491	)		(254,851	)		(4,632,822	)
		(127,455	)		(1,871,701	)		231,030			4,049,186
Class P Shares(b)
Shares sold		7,454,092			118,216,186			—			—
Reinvestment of distributions		51,616			824,815			—			—
Shares redeemed		(56,867	)		(891,765	)		—			—
		7,448,841			118,149,236			—			—
Class R Shares
Shares sold		24,200			351,221			61,079			1,062,320
Reinvestment of distributions		853			12,796			21,933			339,658
Shares redeemed		(60,214	)		(874,998	)		(109,624	)		(1,980,661	)
		(35,161	)		(510,981	)		(26,612	)		(578,683	)
Class R6 Shares
Shares sold		87,153			1,263,045			10,998			208,993
Reinvestment of distributions		830			12,912			2,249			35,755
Shares redeemed		(26,332	)		(400,066	)		(1,268	)		(23,928	)
		61,651			875,891			11,979			220,820
NET DECREASE		(2,297,949	)	$	(34,443,271	)		(8,575,239	)	$	(164,344,654	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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Fund Expenses — Six Month Period Ended June 30, 2018 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 through June 30, 2018, which represents a period of 181 days of a 365 day year. The Class P example is based on the period from April 17, 2018 through June 30, 2018, which represents a period of 74 out of 365 days. The Class P example for hypothetical expenses reflects projected activity for the period from January 1, 2018 through June 30, 2018 for the purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Global Real Estate Securities Fund							International Real Estate Securities Fund							Real Estate Securities Fund
Share Class	Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*
Class A
Actual	$	1,000	$	1,003.40		$	6.85	$	1,000	$	998.90		$	6.84	$	1,000	$	1,012.80		$	6.49
Hypothetical 5% return		1,000		1,017.95	+		6.90		1,000		1,017.95	+		6.90		1,000		1,018.35	+		6.51
Class C
Actual		1,000		1,000.10			10.56		1,000		995.50			10.54		1,000		1,009.30			10.21
Hypothetical 5% return		1,000		1,014.23	+		10.64		1,000		1,014.23	+		10.64		1,000		1,014.63	+		10.24
Institutional
Actual		1,000		1,005.80			4.97		1,000		1,002.30			4.91		1,000		1,014.20			4.54
Hypothetical 5% return		1,000		1,019.84	+		5.01		1,000		1,019.89	+		4.96		1,000		1,020.28	+		4.56
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,012.20			7.03
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,017.80	+		7.05
Investor
Actual		1,000		1,005.70			5.62		1,000		1,000.10			5.60		1,000		1,013.20			5.24
Hypothetical 5% return		1,000		1,019.19	+		5.66		1,000		1,019.19	+		5.66		1,000		1,019.59	+		5.26
Class P(a)
Actual		1,000		1,033.80			1.98		1,000		983.70			1.97		1,000		1,083.30			1.90
Hypothetical 5% return		1,000		1,020.03	+		4.81		1,000		1,019.93	+		4.91		1,000		1,020.33	+		4.51
Class R
Actual		1,000		1,002.40			8.09		N/A		N/A			N/A		1,000		1,011.10			7.73
Hypothetical 5% return		1,000		1,016.71	+		8.15		N/A		N/A			N/A		1,000		1,017.11	+		7.75
Class R6
Actual		1,000		1,005.50			4.87		1,000		1,002.50			4.87		1,000		1,014.90			4.50
Hypothetical 5% return		1,000		1,019.93	+		4.91		1,000		1,019.93	+		4.91		1,000		1,020.33	+		4.51

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

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

Fund	Class A			Class C			Institutional			Service			Investor			Class P(a)			Class R			Class R6
Global Real Estate Securities		1.38	%		2.13	%		1.00	%		N/A			1.13	%		0.96	%		1.63	%		0.98	%
International Real Estate Securities		1.38			2.13			0.99			N/A			1.13			0.98			N/A			0.98
Real Estate Securities		1.30			2.05			0.91			1.41	%		1.05			0.90			1.55			0.90

(a) Commenced operations on April 17, 2018.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2018 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the International Real Estate Securities Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and (except the Global Real Estate Securities Fund) ratings compiled by the Outside Data Provider as of December 31, 2017, and updated performance information prepared by the Investment Adviser using

56

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

the peer group identified by the Outside Data Provider as of March 31, 2018. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the International Real Estate Securities Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees noted that the Global Real Estate Securities Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2018. They observed that the International Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the fourth quartile for the five- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2018. The Trustees considered that the International Real Estate Securities Fund has a “global” peer group and benchmark that contemplates investments in U.S. and non-U.S. securities, whereas the Fund invests only in non-U.S. securities. They also noted that the International Real Estate Securities Fund had experienced certain portfolio management changes in the first half of 2018. The Trustees considered that the Real Estate Securities Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five- and ten-year periods and in the fourth quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2018.

Costs of Services Provided and Competitive Information

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

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

The Trustees noted that each Fund’s management fee breakpoint schedule had been reduced at all asset levels since the Management Agreement was last approved. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

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

57

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2017 and 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

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

58

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (g) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2019.

59

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁵

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund⁶

∎ International Equity ESG Fund⁷

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁸

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁶  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

⁷  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

⁸  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

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

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

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 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.

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).

© 2018 Goldman Sachs. All rights reserved. 138622-OTU-813649 RESSAR-18/3.2k

Goldman Sachs Funds

Semi-Annual Report	June 30, 2018
	Select Satellite Funds
	Absolute Return Tracker
	Alternative Premia*
	Commodity Strategy
	Managed Futures Strategy

*Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

Goldman Sachs Select Satellite Funds

∎ ABSOLUTE RETURN TRACKER

∎ ALTERNATIVE PREMIA

∎ COMMODITY STRATEGY

∎ MANAGED FUTURES STRATEGY

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summaries	1
Consolidated Schedules of Investments	23
Consolidated Financial Statements	66
Consolidated Financial Highlights	70
Notes to Financial Statements	98
Other Information	124

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Absolute Return Tracker Fund

Investment Objective

The Fund’s investment objective is to seek to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Goldman Sachs Absolute Return Tracker Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (“the Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor, R and R6 Shares generated cumulative total returns, without sales charges, of 0.54%, 0.23%, 0.73%, 0.63%, 0.33% and 0.73%, respectively. These returns compare to the -0.85% cumulative total return of the Fund’s benchmark, the HFRX Global Hedge Fund Index (net of management, administrative and performance/incentive fees) (the “HFRX Global Hedge Fund Index”)¹, during the same time period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of 0.10%. This compares to the -0.76% cumulative total return of the HFRX Global Hedge Fund Index during the same time period.

Q What economic and market factors most influenced the hedge fund asset class as a whole during the Reporting Period?

A Hedge funds, as measured by the HFRX Global Hedge Fund Index, overall posted losses, albeit modest, during the Reporting Period, following their strongest calendar year performance in four years in 2017. Event driven hedge funds were weakest, with the HFRX Event Driven Index returning -4.49%. Global macro hedge funds also posted negative returns, with the HFRX Macro/CTA Index returning -1.81% for the Reporting Period. Relative value hedge funds performed best during the Reporting Period, with the HFRX Relative Value Arbitrage Index returning 2.20%. Equity long/short hedge funds, as measured by the HFRX Equity Hedge Index generated a modestly positive return of 0.24%.

As the Reporting Period began, hedge funds were up overall, with the HFRX Global Hedge Fund Index gaining 2.45% for the first month of 2018. Global equities rallied in January, particularly in the U.S., as the S&P 500 Index posted a gain of 5.73% amidst a backdrop of strong earnings growth. Global government bond yields edged higher toward late January. The U.S. dollar depreciated against many global currencies during the month, including the British pound sterling, euro and Japanese yen. Commodities gained broadly across energy, precious metals and agriculture sectors. Hedge funds gained across styles in January, led by global macro hedge funds. Hedge funds were then down overall in February 2018, with the HFRX Global Hedge Fund Index returning -2.42% for the month. Global equities declined sharply on the back of market speculation of a faster pace of interest rate hikes, which stoked a sharp rise in volatility. U.S. government bond yields rose during the month, while European government bond yields declined modestly. The U.S. dollar was mixed against global currencies, and agricultural commodities posted gains, while energy and metals declined. Global macro hedge funds, event driven hedge funds and equity long/short hedge funds overall lost ground; relative value hedge funds eked out a modest gain in February. Hedge funds overall posted losses in March 2018, with the HFRX Global Hedge Fund Index returning -0.98%. Equities were down across geographies on the back of escalating trade tensions and tariffs. Government bond yields declined overall for the month, and the U.S. dollar was mixed against global currencies. Hedge funds were down

¹The HFRX Global Hedge Fund Index is a trademark of Hedge Fund Research, Inc. (“HFR”). HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund.

1

PORTFOLIO RESULTS

across all four major styles in March 2018, with event driven hedge funds posting the largest declines.

Hedge funds were slightly up overall in April 2018. The HFRX Global Hedge Fund Index returned 0.09% for the month. Equities were generally up in April across geographies, albeit mixed across sectors in the U.S. Government bond yields increased overall; oil prices rose; and the U.S. dollar strengthened against global currencies. Hedge funds were mixed across styles in April 2018, with macro, relative value and event driven managers posting modest gains for the month, and equity long/short managers posting modest declines. Hedge funds were slightly up overall in May 2018, with the HFRX Global Hedge Fund Index returning 0.26% for the month. Equities were mixed across geographies, with U.S. equities posting gains on the back of strong economic data, while European and emerging market equities declined against a backdrop of geopolitical and trade uncertainty. Government bond yields declined in May 2018; commodities generally posted gains; and the U.S. dollar strengthened against global currencies. For the month, relative value, equity long/short and event driven hedge fund indices posted modest gains, while the macro index was slightly down. Hedge funds were slightly down overall in June 2018, with the HFRX Global Hedge Fund Index returning -0.19% for the month. Equities were mixed in June across geographies, with U.S. equities posting modest gains, while emerging market equities declined sharply against a backdrop of escalating trade tensions between the U.S. and China. The U.S. Federal Reserve (the “Fed”) increased its targeted federal funds rate in June, its second increase of the calendar year; the U.S. dollar gained against most global currencies; and commodities delivered mixed performance across sectors. For the month of June 2018, hedge funds were mixed across styles, with equity long/short and event driven hedge funds losing ground overall, and macro and relative value hedge funds as a whole posting modest gains.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A We believe hedge funds derive a large portion of their returns from exposure to sources of market risk. The Fund uses a quantitative methodology in combination with a qualitative overlay to seek to identify the Market Exposures, or sources of market risk, that approximate the return and risk patterns of specific hedge fund indices. The Fund’s quantitative methodology seeks to allocate the Fund’s exposure to each Hedge Fund Sub-Strategy such that the Fund’s investment results approximate the return and risk patterns of a diversified universe of hedge funds. During the Reporting Period, the Fund’s Equity Long/Short and Event Driven Hedge Fund Sub-Strategies contributed positively to performance on an absolute basis, while its Macro Hedge Fund Sub-Strategy detracted from absolute performance. The Fund’s Relative Value Hedge Fund Sub-Strategy had a rather neutral effect on performance during the Reporting Period.

Among the four Sub-Strategies, the Fund’s Equity Long/Short Hedge Fund Sub-Strategy contributed most positively to the Fund’s absolute return during the Reporting Period. Long exposure to single-name stocks to which hedge funds had large investments (based on 13F filings with the Securities & Exchange Commission (“SEC”)) and technology stocks contributed the most. Conversely, long exposure to emerging market equities and short exposure to U.S. growth equities detracted from results.

The Fund’s Event Driven Hedge Fund Sub-Strategy also contributed to the Fund’s results during the Reporting Period, with the strongest performance from long exposure to U.S. small cap equities and senior bank loans. The Fund’s Event Driven S&P 500 put writing strategy and long exposure to U.S. high yield credit detracted most from results during the Reporting Period. (Put options are most commonly used in the stock market to protect against the decline of the price of a stock below a specified price. If the price of the stock declines below the specified price of the put option, the owner/buyer of the put has the right, but not the obligation, to sell the asset at the specified price, while the seller of the put has the obligation to purchase the asset at the strike price if the owner uses the right to do so (the owner/buyer is said to exercise the put or put option).)

The Fund’s Macro Hedge Fund Sub-Strategy detracted from the Fund’s return on an absolute basis during the Reporting Period. Weak performance from the trend-following strategy outweighed gains from long exposure to a broad commodity index.

The Fund’s Relative Value Hedge Fund Sub-Strategy had a rather neutral effect on the Fund’s performance during the Reporting Period. The Relative Value S&P 500 put writing strategy as well as long exposure to European high yield credit detracted from the Sub-Strategy’s results, while its convertible arbitrage strategy and long exposure to senior bank loans contributed positively.

In addition to the asset classes mentioned above, the Fund was invested in a variety of developed and emerging market equities, short-term interest rates, government bonds,

2

PORTFOLIO RESULTS

currencies, credit, real estate and commodities during the Reporting Period.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund used exchange-traded index futures contracts to gain exposure to U.S. large-cap and small-cap equities, non-U.S. developed market equities including those in Europe, the U.K. and Japan, emerging markets equities, commodities, government bonds and short-term interest rates. The Fund used currency forward contracts to gain exposure to select developed and emerging market currencies of non-U.S. developed markets. The Fund used total return swaps to gain exposure to U.S. large cap growth and value equities, a broad commodity index, Master Limited Partnerships, and developed market and developed market growth equity indices. The Fund also used listed put options on the S&P 500 Index within the put writing sub-strategies to gain exposure to U.S. large cap equities. Lastly, the Fund used exchange-traded credit default swaps to gain exposure to high yield and investment grade credit markets across the U.S. and Europe. Overall, the use of derivatives had a negative impact on the Fund’s performance during the Reporting Period.

Q Were there any changes made in the Fund’s investment strategy during the Reporting Period?

A The Fund’s Equity Long/Short Hedge Fund Sub-Strategy was enhanced in May 2018, with the addition of four new market-neutral factors—global long/short growth, global long/short momentum, global long/short quality, and global long/short value. These factors are implemented with long positions in single-name stocks across developed regions in the case of the global long/short momentum, global long/short quality, and global long/short value factors and long exposure to a developed market growth equity index in the case of the long/short growth factor as well as short exposure to broad market indices across all four factors. We believe this enhancement may improve our ability to deliver the risk and return profile of equity long/short hedge fund managers.

Q How was the Fund positioned at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had a 47% allocation to the Equity Long/Short Hedge Fund Sub-Strategy, 27% to the Macro Hedge Fund Sub-Strategy, 19% to the Relative Value Hedge Fund Sub-Strategy and 7% to the Event Driven Hedge Fund Sub-Strategy.

Q What is the Fund’s tactical view and strategy going forward?

A In the coming months, we intend to remain focused on the Fund’s investment objective of seeking to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds. We understand that the hedge fund industry is dynamic, and to keep pace, we seek to understand trends in the hedge fund industry by digesting information from a number of sources, including hedge fund return databases, prime brokerage reports, hedge fund consultants, regulatory filings and other public sources. Additionally, we emphasize ongoing research and continued process and model enhancement, which we can implement through our scalable, robust technological platform.

3

FUND BASICS

Absolute Return Tracker Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			HFRX Global Hedge Fund Index2
Class A		0.54	%		-0.85	%
Class C		0.23			-0.85
Institutional		0.73			-0.85
Investor		0.63			-0.85
Class R		0.33			-0.85
Class R6		0.73			-0.85
April 17, 2018–June 30, 2018
Class P		0.10	%		-0.76	%

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

²  The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The index is investable through products managed by HFR Asset Management, LLC that track HFRX Indices. The HFRX Global Hedge Fund Index is a trademark of HFR. HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Year			Since Inception			Inception Date
Class A		-1.36	%		2.49	%		0.77	%		0.50	%	5/30/08
Class C		2.61			2.89			0.59			0.32		5/30/08
Institutional		4.73			4.05			1.75			1.47		5/30/08
Investor		4.62			3.90			1.60			1.32		5/30/08
Class P		N/A			N/A			N/A			0.10		4/17/18
Class R		4.14			3.38			1.08			0.81		5/30/08
Class R6		4.75			N/A			N/A			3.33		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

4

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.17	%		1.33	%
Class C		1.92			2.08
Institutional		0.78			0.94
Investor		0.92			1.08
Class P		0.77			0.93
Class R		1.42			1.58
Class R6		0.77			0.93

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁵

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

5

PORTFOLIO RESULTS

Goldman Sachs Alternative Premia Fund

Investment Objective

The Fund seeks long-term absolute return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Goldman Sachs Alternative Premia Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor, R and R6 Shares generated cumulative total returns, without sales charges, of -1.57%, -1.91%, -1.32%, -1.44%, -1.60% and -1.33%, respectively. These returns compare to the 0.92% cumulative total return of the Fund’s benchmark, the ICE^® Bank of America Merrill Lynch^® USD LIBOR 3-Month Constant Maturity Index (the “LIBOR Three-Month Index”). The Fund’s former benchmark, the ICE^® BofAML^® USD LIBOR One-Month Constant Maturity Index had a cumulative return of 0.86% for the Reporting Period. The Fund’s former secondary benchmark, the Dynamic Allocation Fund Composite Index, composed 60% of the MSCI All Country World Index Investable Market Index (net, unhedged) (“MSCI ACWI IMI”) and 40% of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, hedged) (“Barclays Bond Index”), returned -0.01% during the same period. The MSCI ACWI IMI and Barclays Bond Index posted cumulative total returns of -0.18% and 0.07%, respectively, during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of 1.02%. This compares to the -0.49% cumulative total return of the LIBOR Three-Month Index during the same time period. The ICE^® BofAML^® USD LIBOR One-Month Constant Maturity Index, the Dynamic Allocation Fund Composite Index, the MSCI ACWI IMI and the Barclays Bond Index posted cumulative total returns of 0.39%, -0.76%, -1.42% and 0.23%, respectively, during the same period.

We note that the Fund’s benchmark being the LIBOR Three-Month Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

The Fund’s overall annualized volatility was 6.01% during the Reporting Period. To compare, the overall annualized volatility of the S&P^® 500 Index during the same time period was 16.32%.

Q What were the primary contributors to and detractors from the Fund’s performance based on your team’s asset allocation decisions during the Reporting Period?

A Overall, the Fund realized negative absolute returns during the Reporting Period. From an asset class perspective, alternative risk premia in equities and commodities detracted the most from performance. (Alternative risk premia are multi-asset, quantitatively driven investment strategies that seek to capture diversified sources of returns.) On the upside, allocations to currency and fixed income premia contributed positively.

Many asset classes experienced significant trend reversals during the first quarter of 2018 and the early part of the second quarter of 2018, especially commodities and equities. Therefore, from a style perspective, momentum-typed premia detracted the most from performance. Value-typed premia also detracted from performance, especially within equities. On the other hand, structural-typed premia contributed positively to performance. Carry-typed premia also contributed positively, albeit to a lesser extent. Momentum styles seek to exploit the tendency for recent relative price movements to continue in the near future. Value styles seek to take advantage of the tendency for assets with low or high market prices to revert to their fundamental valuation. Structural styles seek to profit from anomalies or mispricing present in the market. Carry styles seek to capitalize on the tendency for higher yielding assets to outperform lower yielding assets.

6

PORTFOLIO RESULTS

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund allocated to alternative risk premia across a range of asset classes, which may include equities, fixed income, credit, currencies and commodities. The Fund used derivative instruments to gain exposure to these asset classes. Instruments traded included foreign exchange forward contracts, options, futures contracts and options and swaps on futures contracts, credit, currency, index, interest rate, and total return swaps. The use of these instruments is integral to the Fund’s current investment strategy, which realized negative absolute returns during the Reporting Period.

Q What is the Fund’s asset allocation view and strategy for the months ahead?

A The Fund is a multi-alternative solution that seeks to deliver long-term absolute return differentiated from those returns of core equities and fixed income markets. The Fund maintains a diversified set of exposures across equities, fixed income, currencies, commodities and credit. At the end of the Reporting Period, we maintained conviction in our diversified approach and intend to continue to manage the Fund consistent with stated objectives. There is no guarantee that the Fund’s diversified alternative investment strategies will cause it to achieve its investment objective.

7

FUND BASICS

Alternative Premia Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018– June 30, 2018	Fund Total Return (based on NAV)1			ICE BofA Merrill Lynch USD LIBOR Three-Month Constant Maturity Index2			ICE BofA Merrill Lynch USD LIBOR One-Month Constant Maturity Index3			Dynamic Allocation Fund Composite Index4			MSCI All Country World Index Investable Market Index5			Bloomberg Barclays Global Aggregate Bond Index6
Class A		-1.57	%		0.92	%		0.86	%		-0.01	%		-0.18	%		0.07	%
Class C		-1.91			0.92			0.86			-0.01			-0.18			0.07
Institutional		-1.32			0.92			0.86			-0.01			-0.18			0.07
Investor		-1.44			0.92			0.86			-0.01			-0.18			0.07
Class R		-1.60			0.92			0.86			-0.01			-0.18			0.07
Class R6		-1.33			0.92			0.86			-0.01			-0.18			0.07
April 17, 2018–June 30, 2018
Class P		1.02	%		0.49	%		0.39	%		-0.76	%		-1.42	%		0.23	%

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

²  The ICE Bank of America Merrill Lynch USD LIBOR Three-Month Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The ICE Bank of America Merrill Lynch USD LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Dynamic Allocation Fund Composite Index is comprised 60% of the MSCI ACWI IMI Index and 40% of the Bloomberg Barclays Global Aggregate Bond Index.

⁵  The MSCI All Country World Index Investable Market Index (“MSCI ACWI IMI Index”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of June 30, 2018, the MSCI ACWI IMI Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁶  The Bloomberg Barclays Global Aggregate Bond Index (the “Barclays Bond Index”) provides a broad-based measure of the global investment-grade fixed income markets. The three major components of the Barclays Bond Index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Barclays Bond Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. The Barclays Bond Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

8

FUND BASICS

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

STANDARDIZED TOTAL RETURNS7
For the period ended 6/30/2018	One Year			Five Years			Since Inception			Inception Date
Class A		1.62	%		2.44	%		2.90	%	1/5/10
Class C		5.77			2.84			2.84		1/5/10
Institutional		8.07			4.01			4.01		1/5/10
Investor		7.91			3.85			3.85		1/5/10
Class P		N/A			N/A			1.02		4/17/18
Class R		7.40			3.35			3.35		1/5/10
Class R6		7.97			N/A			4.46		7/31/15

⁷  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS8
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		1.48	%
Class C		2.09			2.23
Institutional		0.95			1.09
Investor		1.09			1.23
Class P		0.94			1.08
Class R		1.59			1.73
Class R6		0.94			1.08

⁸  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

9

FUND BASICS

FUND COMPOSITION⁹

⁹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above graph may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

10

GOLDMAN SACHS COMMODITY STRATEGY FUND

What Differentiates the Goldman Sachs Commodity Investment Process?

At Goldman Sachs Asset Management, L.P. (“GSAM”), the goal of our commodity investment process is to provide consistent, strong performance by actively managing our portfolios within a research-intensive, risk-managed framework.

Goldman Sachs’ Commodity Investment Process

Our commodity investment process emphasizes the importance of both short-term, tactical opportunities and long-term investment views. Our team-based approach to managing the Goldman Sachs Commodity Strategy Fund ensures continuity and idea sharing among some of the industry’s most experienced fixed income specialists. We pursue strong, consistent performance across commodity markets through:

The Goldman Sachs Commodity Strategy Fund primarily gains exposure to the performance of the commodity markets through investment in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary invests primarily in commodity-linked swaps (which may include total return swaps), as well as other commodity-linked securities and derivative instruments that provide exposure to the performance of the commodities markets, and in fixed income and debt instruments. The Fund’s portfolio is designed to provide exposure that corresponds to the investment return of assets that trade in the commodity markets without direct investment in physical commodities.

The Fund implements enhanced cash strategies that capitalize on GSAM’s global fixed income expertise. The Fixed Income Team will employ the full spectrum of capabilities offered, including bottom-up strategies (credit, mortgages, governments /municipals, high yield, and emerging markets debt) and top-down strategies (duration, cross-sector, currency and country) in an attempt to enhance the return of the Fund.

A Commodity Fund that:

∎ Provides exposure to the commodity markets without direct investment in physical commodities

∎ Utilizes commodity-linked swaps that provide economic exposure to movements in commodity prices

11

PORTFOLIO RESULTS

Goldman Sachs Commodity Strategy Fund

Investment Objective

The Fund seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Commodities Team discusses the Goldman Sachs Commodity Strategy Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor, R and R6 Shares generated cumulative total returns, without sales charges, of 8.85%, 8.44%, 9.01%, 8.97%, 8.69% and 9.01%, respectively. These returns compare to the 10.36% cumulative total return of the Fund’s benchmark, the S&P GSCI^® Total Return Index (Gross, USD, Unhedged, formerly the Goldman Sachs Commodity Index) (the “S&P GSCI^®”), during the same period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of 4.61%. This compares to the 5.30% cumulative total return of the S&P GSCI^® during the same time period.

Q What economic and market factors most influenced the commodities markets as a whole during the Reporting Period?

A Commodities markets overall, as measured by the S&P GSCI^®, posted solid positive returns during the Reporting Period, though there was great dispersion in returns amongst various individual commodities during the Reporting Period. By comparison to the S&P GSCI^® return of 10.36% for the Reporting Period, the S&P 500^® Index and the ICE^® U.S. Dollar Index (“DXY”) returned 2.65% and 2.74%, respectively.¹

During the Reporting Period, commodities markets overall rose on fundamental strength but with geopolitical hindrance and uncertainty surrounding actual and potential tariffs imposed by the U.S. Administration and escalating trade tensions dominating the direction of various commodity prices. Several commodities, such as oil and gold, were also affected as increased concerns of slower European Union and Chinese economic growth, exacerbated by potentially increasing trade frictions, contributed to a stronger U.S. dollar. Against this backdrop, commodity price volatility heightened during the Reporting Period compared to calendar year 2017.

Q Which commodity subsectors were strongest during the Reporting Period?

A The energy component of the S&P GSCI^® was strongest and indeed was the only commodity subsector to post a positive absolute return during the Reporting Period, with a gain of 19.7%. Still, there was great dispersion within the subsector. West Texas Intermediate (“WTI”) crude oil returned 24.9%, and Brent crude oil returned 23.1%. Natural gas returned 0.5%.

Oil prices rallied to start the year 2018, driven by a tighter market due to ongoing compliance with production cuts by Organization of the Petroleum Exporting Countries (“OPEC”) and unexpected disruptions in key pipelines globally. Prices were supported by a firm U.S. stance on Iran sanctions and uncertainty surrounding the June 2018 OPEC summit. Although the summit ended with the appearance of a near-term ramping up of production, conflicting statements helped oil prices sustain at higher levels as did lower production expectations from Venezuela and Libya. WTI further benefited toward the end of the Reporting Period from reduced crude flows to Cushing, Oklahoma, caused by an outage in the largest producer of crude oil in Canada and from the U.S. Administration warning companies from buying Iranian oil. Brent crude performed even better than WTI crude in the last months of the Reporting Period due to high production and inventory levels for WTI crude oil compared with Brent crude oil, which had been moderated

¹  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The DXY is a measure of the general international value of the U.S. dollar as calculated by averaging the exchange rates between the U.S. dollar and six major world currencies.

12

PORTFOLIO RESULTS

by OPEC and Russia’s collaboration to control production, a deal announced in March 2018.

Q Which commodity subsectors were weakest during the Reporting Period?

A The industrial metals subsector was the weakest performer during the Reporting Period. The industrial metals subsector, as measured by the S&P GSCI^® Industrial Metals Index, returned -5.7% for the Reporting Period overall. Industrial metals moved lower as the threat of tariffs and trade wars raised concerns about demand out of China for copper and other metals. Of the industrial metals, all posted negative returns, with aluminum, nickel and lead in particular hurt by a rising U.S. dollar. Nickel was the single exception, posting double-digit positive returns.

Precious metals similarly posted negative returns, with the precious metals subsector of the S&P GSCI^® returning -4.7% during the Reporting Period. Precious metals were particularly affected by rising U.S. Treasury yields, which reduced the relative appeal of gold and silver, each a non-yielding asset. The increase in the DYX during the Reporting Period also dulled demand for gold, a U.S.-dollar denominated metal.

The agriculture component of the S&P GSCI^® was also weak, returning -3.3% during the Reporting Period. Still, grains prices were mixed. Soybean prices fell sharply on the back of record supply expectations in the U.S., with a healthy harvest in 2017 and a healthy planting season year to date through June 30, 2018. Also, tensions in the trade relationship between China and the U.S. led to uncertainty about whether China, one of the largest buyers and consumers of U.S. soybeans, would purchase the grain in the fall. Wheat prices, however, rallied on reduced planting acreage and poor growing conditions globally. Outside of the grains, sugar, coffee and corn each posted negative returns during the Reporting Period, while cotton and cocoa generated solid positive returns. Cocoa was the best performing commodity in the entirety of the S&P GSCI^®, benefiting from Cote d’Ivoire and Ghana announcing plans to work together to strengthen the cocoa market and set price floors to better manage global prices, which had been weighed down over the past two years by higher than expected levels of production.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund generated solid positive absolute returns but underperformed the S&P GSCI^® during the Reporting Period. The Fund generally matched the exposures of the S&P GSCI^® with no material deviations via commodity index-linked swaps. However, we did maintain a deferred WTI crude oil position that detracted from relative performance as oil markets rallied. This was the main driver of deviations in the Fund’s performance from the S&P GSCI^® during the Reporting Period. Our enhanced cash management strategy added value, albeit modest, during the Reporting Period.

Q How did the Fund’s enhanced roll-timing strategies impact performance during the Reporting Period?

A Our enhanced roll-timing strategies, implemented via exposure to commodity index-linked swaps, detracted from returns for the Reporting Period overall. We employ an approach whereby we do not take active views on individual commodities but rather gain Fund exposure to commodities through investments whose performance is linked to commodity indices.

We often implement commodity roll-timing strategies by deviating from the S&P GSCI^® roll convention, which typically calls for rolling forward exposure at the front, or near-month, end of the futures curve on a monthly basis. The roll occurs during business days 5 through 9. To the extent our team believes fundamental or technical developments will impact the futures roll-timing decision, we will incorporate those views into the portfolio by electing to roll positions earlier, later, forward or in different weights versus the S&P GSCI^® roll. However, through most of the Reporting Period, we maintained the Fund’s position along with the S&P GSCI^® in the front month across the stack of commodities curves, a position implemented toward the end of 2016. Since the front month contracts are more sensitive to market dynamics, the Fund’s positions reflected our bullish view on commodity markets. During the fourth quarter of 2017, we had implemented a deferred WTI crude oil position reflecting our views that the U.S. market would see greater pressure relative to global markets, a position we maintained through the Reporting Period. This position detracted from relative returns.

Q How did you implement the Fund’s enhanced cash management strategy?

A In addition to seeking value through management of the commodities portion of the Fund’s portfolio, we also attempt to add a modest amount of excess return through thoughtful management of collateral held in the Fund. The cash portion

13

PORTFOLIO RESULTS

of the Fund’s portfolio is typically allocated to high-grade collateral that includes U.S. Treasury securities, agency debentures, mortgage-backed securities and short-term fixed income instruments. During the Reporting Period, we favored high quality government and agency securities for the Fund’s collateral allocation.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A As mentioned earlier in some detail, the Fund used commodity index-linked total return swaps in implementing our enhanced roll-timing strategies in order to gain exposure to the commodities markets. In implementing our enhanced cash management strategy, the Fund used futures, options, interest rate swaps and forward sales contracts, which are agency mortgage-backed derivatives used in purchasing a future issuance of agency mortgage-backed securities. The use of these instruments is integral to the Fund’s investment strategy, which, overall, realized positive absolute returns during the Reporting Period.

Q Did you make any changes in the Fund’s strategy or allocations during the Reporting Period?

A We did not make any significant changes in the Fund’s strategy or allocations during the Reporting Period.

Q How was the Fund positioned at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was, for the most part, positioned along with S&P GSCI^® in the front month across the stack of commodities curves, except for the deferred exposure to WTI crude oil. The Fund held exposure to the commodities underlying the S&P GSCI^® through customized swaps in the Subsidiary. (The Subsidiary has the same objective as the Fund but unlike the Fund may invest without limitation in commodity index-linked securities, such as swaps and futures that provide exposure to the performance of the commodity markets.)

The cash portion of the Fund’s portfolio was allocated across various fixed income sectors, with an emphasis on the higher quality, lower volatility segments of the market, such as U.S. government and government-sponsored bonds.

Q What is the Fund’s view and strategy going forward?

A At the end of the Reporting Period, we were bullish on crude oil heading into the second half of 2018. OPEC had decided during the Reporting Period to lift crude production starting on July 1, 2018, after reducing output since the start of 2017. However, in our view, such production increases are likely to be offset by potential supply disruptions and minimal spare capacity in global oil inventories. The pace of U.S. shale oil production increases has exceeded market expectations and are likely to move higher with prices above $60 per barrel, in our opinion. Yet, this production increase has been paired with constrained pipeline capacity.

We held a bearish view of grains at the end of the Reporting Period, as key markets remained well supplied with healthy global inventories. The strong harvest of 2017 in the U.S. left inventories elevated. However, the market was pricing in, at the end of the Reporting Period, material weather premiums, as we head into the South American harvest.

We were slightly bearish on industrials metals broadly, and on copper in particular, heading into the second half of 2018, after a disappointing first half due to concerns around the near-term growth prospects of China and amid rising trade tensions with the U.S. As for the precious metals, we believe gold prices are likely to remain suppressed unless or until the U.S. dollar weakens versus other major currencies.

Irrespective of directionality, we believe the market will continue to hold opportunities for the active, relative value investor.

14

FUND BASICS

Commodity Strategy Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			S&P GSCI®2
Class A		8.85	%		10.36	%
Class C		8.44			10.36
Institutional		9.01			10.36
Investor		8.97			10.36
Class R		8.69			10.36
Class R6		9.01			10.36
April 17, 2018–June 30, 2018
Class P		4.61	%		5.30	%

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

²  The S&P GSCI^® is an unmanaged composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Individual components qualify for inclusion in the S&P GSCI^® on the basis of liquidity and are weighted by their respective world production quantities. The figures for the S&P GSCI^® do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		21.09	%		-9.87	%		-12.97	%		-7.16	%	3/30/07
Class C		24.80			-9.69			-13.23			-7.48		3/30/07
Institutional		27.25			-8.75			-12.35			-6.50		3/30/07
Investor		26.99			-8.79			-12.34			-8.36		11/30/07
Class P		N/A			N/A			N/A			4.61		4/17/18
Class R		26.37			-9.32			-12.81			-8.85		11/30/07
Class R6		27.14			N/A			N/A			0.19		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

15

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.16	%
Class C		1.71			1.91
Institutional		0.62			0.82
Investor		0.71			0.91
Class P		0.61			0.81
Class R		1.21			1.41
Class R6		0.61			0.81

⁴The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁵

⁵The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁶Mortgage-backed securities are guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

16

PORTFOLIO RESULTS

Goldman Sachs Managed Futures Strategy Fund

Investment Objective

The Fund seeks to generate long-term absolute return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Managed Futures Strategy Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor and R Shares generated cumulative total returns, without sales charges, of -3.20%, -3.54%, -3.14%, -3.16% and -3.35%, respectively. These returns compare to the 0.86% cumulative total return of the Fund’s benchmark, the ICE^® Bank of America Merrill Lynch^® USD LIBOR One-Month Constant Maturity Index (the “LIBOR One-Month Index”), during the same time period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P shares generated a cumulative total return of -3.50%. This compares to the 0.39% cumulative total return of the LIBOR One-Month Index during the same time period.

For the period since their inception on April 30, 2018 through June 30, 2018, the Fund’s Class R6 shares generated a cumulative total return of -1.54%. This compares to the 0.32% cumulative total return of the LIBOR One-Month Index during the same time period.

We note that the Fund’s benchmark being the LIBOR One-Month Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

The Fund’s overall annualized volatility was 7.50% during the Reporting Period, while the overall annualized volatility of the S&P^® 500 Index during the same time period was 16.32%.

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A The Fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes, including equities, fixed income and currencies, among others, to seek long-term absolute return. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange-traded funds (“ETFs”) and structured securities. As a result of the Fund’s use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments. The Fund’s investments are made without restriction as to issuer capitalization, country, currency, maturity or credit rating.

Negative Fund performance for the Reporting Period overall was most concentrated in February and May 2018, as the Fund was down by more than 2% in each of those two months. On the upside, the Fund posted strong positive performance in January 2018, with the Fund gaining 4.18% in that month.

During the Reporting Period, long exposures to developed market currencies and to emerging market equities were the largest asset class-level detractors from the Fund’s returns. Geopolitical uncertainty in the emerging markets and U.S. interest rate strength edged the U.S. dollar higher against global currencies, causing the Fund’s long positions in developed market currencies to detract, especially long positions in the Norwegian krone and New Zealand dollar during the first quarter of 2018. Emerging market equities experienced strong trend reversals due to geopolitical uncertainty around the U.S.-North Korea summit, escalation of trade tensions between the U.S. and China, worker strikes in Brazil, and unfavorable policy implications in the Mexican political elections. As emerging market equities had experienced strong positive trends in 2017, the Fund was long most emerging market equity markets going into 2018. While the Fund’s long positions in emerging market equities contributed positively in January 2018 amid the equity

17

PORTFOLIO RESULTS

market rally that had begun in the prior year, these positions detracted in February and March 2018, especially long positions in South African and South Korean equities. By the end of the Reporting Period, the Fund had switched to an overall net short exposure to emerging market equities.

Conversely, allocations to short-term interest rates and opportunistic strategies were the largest asset class-level positive contributors to the Fund’s performance during the Reporting Period. While the Fund held net long exposures in global short-term interest rates, it maintained short exposure to U.S. short-term interest rates in particular. This position contributed positively to the Fund’s performance, as the Federal Reserve (the “Fed”) raised the targeted federal funds rate twice during the Reporting Period—in March and June 2018. The Fund’s opportunistic strategies also contributed positively to the Fund’s performance. Indeed, in early February 2018, global equities reversed course and declined sharply on the back of market speculation of a faster pace of interest rate hikes by the Fed and sudden shifts in the volatility markets. While this sudden trend reversal caused the Fund’s long equity positions to detract from performance, the Fund’s short-term opportunistic strategies led to a reduction in the Fund’s overall long equity position, especially during days that experienced large equity sell offs, contributing positively.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund used derivatives, including futures, swaps and forwards, to implement long and short positions. The Fund invested in equity index futures and currency forwards to achieve exposure to equities (both in U.S. and non-U.S. companies) and currencies (U.S. and non-U.S. currencies), respectively. The Fund used interest rate swaps and currency forwards to achieve exposure to fixed income. We used sector-based commodity-linked structured notes and commodity futures as a means of expressing momentum/trend views on various commodity assets. The use of these instruments is integral to the Fund’s investment strategy and contributed negatively to the Fund’s absolute returns as a whole during the Reporting Period.

Q What positioning changes did you make within the Fund during the Reporting Period?

A In 2017, equities had rallied, with the S&P 500^® Index (Total Return) achieving positive returns for every month of the calendar year. Consequently, the Fund was long developed market equities and emerging market equities throughout the first quarter of 2018. We subsequently reduced the level of long exposures in these two market segments following the global equity sell-off in February 2018. The Fund had short exposure to longer-dated fixed income and long exposure to shorter-dated fixed income. Due to weakness in the U.S. dollar during the latter half of 2017, the Fund was long global currencies throughout the first quarter of 2018. Additionally, the Fund was long commodities overall and specifically long energy (West Texas Intermediate crude oil and Brent crude oil), as oil prices experienced a strong rebound in the latter half of 2017.

Throughout the second quarter of 2018, the Fund maintained its long positions in developed market equities, while first reducing its long positions and then switching to short positions in emerging market equities, as trends in those markets reversed. The Fund maintained its short exposure to long-term fixed income and its long exposure to short-term fixed income, with the exception of April 2018 when the Fund had net short exposure to short-term fixed income. Additionally, as the U.S. dollar appreciated against global currencies following the Fed’s interest rate hikes, the Fund switched from long to short positions in global currencies in May 2018. The Fund also reduced its long exposure to commodities throughout the second quarter of 2018 and shifted to short exposure to commodities overall toward the end of June 2018.

Q What is the Fund’s tactical asset allocation view and strategy for the months ahead?

A Going into the second half of 2018, we intend to continue to seek to identify price trends in various asset classes over short-, medium- and long-term horizons via a proprietary investment model. Upon identifying a trend in a given instrument or asset, the Fund may take a long or short position in the instrument or asset. Long positions benefit from an increase in price of the underlying instrument or asset, while short positions benefit from a decrease in price of the underlying instrument or asset. The size of the Fund’s position in an instrument or asset is primarily related to the strength of the overall trend identified by the investment model.

Going forward, the Fund seeks to maintain economic exposure to commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”) and in commodity index-linked notes. The Subsidiary primarily obtains its commodity exposure investing in futures and swaps instruments. The Subsidiary may also hold bonds or

18

PORTFOLIO RESULTS

other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions.

We continue to believe that the Fund’s trend-following strategy is important because it attempts to adapt to changing markets, seeking what we believe are opportunities with the highest potential for investment and attempting to manage risk when the markets become unstable. There is no guarantee that the Fund’s trend-following strategy will cause it to achieve its investment objective.

19

FUND BASICS

Managed Futures Strategy Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			ICE BofA Merrill Lynch USD LIBOR One-Month Constant Maturity Index2
Class A		-3.20	%		0.86	%
Class C		-3.54			0.86
Institutional		-3.14			0.86
Investor		-3.16			0.86
Class R		-3.35			0.86
April 17, 2018–June 30, 2018
Class P		-3.50	%		0.39	%
April 30, 2018–June 30, 2018
Class R6		-1.54	%		0.32	%

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

²  The ICE Bank of America Merrill Lynch US Dollar LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Since Inception			Inception Date
Class A		-6.01	%		0.78	%		-0.10	%		2/29/12
Class C		-2.23			1.16			0.02			2/29/12
Institutional		-0.20			2.33			1.16			2/29/12
Investor		-0.30			2.17			1.02			2/29/12
Class P		N/A			N/A			-3.50			4/17/18
Class R		-0.71			1.69			0.53			2/29/12
Class R6		N/A			N/A			-1.54			4/30/18

³  The Standardized Total Returns or cumulative total returns (only if the performance period is one year or less) are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

20

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.64	%		1.86	%
Class C		2.39			2.61
Institutional		1.25			1.47
Investor		1.39			1.61
Class P		1.24			1.46
Class R		1.89			2.11
Class R6		1.24			1.46

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁵

⁵  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

21

PORTFOLIO RESULTS

Index Definitions

HFRX Event Driven Index: Event Driven Managers maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure.*

HFRX Relative Value Arbitrage Index: Relative Value investment managers maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. Relative Value position may be involved in corporate transactions also, but as opposed to Event Driven exposures, the investment thesis is predicated on realization of a pricing discrepancy between related securities, as opposed to the outcome of the corporate transaction.*

HFRX Equity Hedge Index: Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short.*

HFRX Macro/CTA Index: Active Trading strategies utilize active trading methods, typically with high frequency position turnover or leverage; these may employ components of both Discretionary and Systematic Macro strategies. Strategies may contain distinct, identifiable sub-strategies, such as equity hedge or equity market neutral, or in some cases a number of sub-strategies are blended together without the capacity for portfolio level disaggregation. Strategies employ an investment process based on systematic, quantitative evaluation of macroeconomic variables in which the portfolio positioning is predicated on convergence of differentials between markets, not necessarily highly correlated with each other, but currently diverging from their historical levels of correlation. Strategies focus on fundamental relationships across geographic areas both inter and intra-asset classes, and typical holding periods are shorter than trend following or discretionary strategies. Active Trading strategies are distinct from other macro in that they characteristically emphasize rapid market response to new information and high volume of turnover in liquid but frequently volatile and unstable market positions.*

S&P GSCI^® Industrial Metals Index: The S&P GSCI^® Industrial Metals Index provides investors with a reliable and publicly available benchmark for investment performance in the industrial metals market.

* Indicates index definition was sourced from Hedge Fund Research (HFR). The indexes are trademarks of HFR. HFR has not participated in the formation of the Funds. HFR does not endorse or approve the Funds or make any recommendation with respect to investing in the Funds.

22

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 24.5%
Automobiles & Components – 0.5%
	8,100	BorgWarner, Inc.	$	349,596
	1,800	Bridgestone Corp.		70,313
	2,100	Cie Generale des Etablissements Michelin SCA		254,054
	1,000	Continental AG		227,578
	200	Denso Corp.		9,759
	4,100	Faurecia SA		291,454
	400	Ferrari NV		54,068
	21,500	Fiat Chrysler Automobiles NV*		405,581
	71,100	Ford Motor Co.		787,077
	94,300	General Motors Co.		3,715,420
	8,900	Goodyear Tire & Rubber Co. (The)		207,281
	10,400	Harley-Davidson, Inc.		437,632
	1,700	Hella GmbH & Co. KGaA		94,924
	10,900	Honda Motor Co. Ltd.		319,599
	6,700	Isuzu Motors Ltd.		88,823
	100	Koito Manufacturing Co. Ltd.		6,605
	5,530	Lear Corp.		1,027,529
	16,700	Mazda Motor Corp.		204,852
	100	Mitsubishi Motors Corp.		797
	15,400	Peugeot SA		350,893
	29,300	Pirelli & C SpA*		243,988
	700	Porsche Automobil Holding SE (Preference)(a)		44,447
	1,200	Renault SA		101,666
	3,300	Subaru Corp.		95,981
	7,500	Sumitomo Electric Industries Ltd.		111,545
	3,000	Suzuki Motor Corp.		165,324
	4,200	Valeo SA		228,999
	1,300	Volkswagen AG (Preference)(a)		214,773
	200	Yamaha Motor Co. Ltd.		5,021
				10,115,579
Banks – 1.3%
	700	Aareal Bank AG		30,710
	900	ABN AMRO Group NV CVA		23,276
	90,400	Banco Comercial Portugues SA Class R*		27,032
	186,800	Bank of America Corp.		5,265,892
	200	Bank of Kyoto Ltd. (The)		9,234
	100	Bankinter SA		970
	2,300	BB&T Corp.		116,012
	10,600	BNP Paribas SA		655,683
	83,300	BPER Banca		454,513
	34,398	CIT Group, Inc.		1,734,003
	54,662	Citizens Financial Group, Inc.		2,126,352
	1,200	Comerica, Inc.		109,104
	26,500	Credit Agricole SA		351,722
	9,400	Cullen/Frost Bankers, Inc.		1,017,456
	600	Erste Group Bank AG*		25,014
	26,300	Fifth Third Bancorp		754,810
	5,700	Hachijuni Bank Ltd. (The)		24,286
	98,600	HSBC Holdings plc		921,353
	10,600	Huntington Bancshares, Inc.		156,456
	24,500	ING Groep NV		351,686
	45,700	JPMorgan Chase & Co.		4,761,940
	400	KBC Group NV		30,720
Common Stocks – (continued)
Banks – (continued)
	55,600	KeyCorp		1,086,424
	580,800	Lloyds Banking Group plc		481,900
	3,200	Mediobanca Banca di Credito Finanziario SpA		29,600
	31,900	Mitsubishi UFJ Financial Group, Inc.		180,710
	92,200	Mizuho Financial Group, Inc.		155,310
	23,200	NatWest Markets plc*		78,104
	300	Nishi-Nippon Financial Holdings, Inc.		3,498
	300	Ogaki Kyoritsu Bank Ltd. (The)		7,610
	600	PNC Financial Services Group, Inc. (The)		81,060
	5,900	Regions Financial Corp.		104,902
	11,100	Resona Holdings, Inc.		59,160
	200	San-In Godo Bank Ltd. (The)		1,785
	200	Seven Bank Ltd.		611
	5,300	Shinsei Bank Ltd.		81,320
	6,400	Societe Generale SA		268,991
	18,700	Standard Chartered plc		169,860
	5,600	Sumitomo Mitsui Financial Group, Inc.		218,434
	300	Sumitomo Mitsui Trust Holdings, Inc.		11,836
	26,336	SunTrust Banks, Inc.		1,738,703
	21,900	UniCredit SpA		362,980
	98,700	Unione di Banche Italiane SpA		378,051
	600	US Bancorp		30,012
	57,630	Wells Fargo & Co.		3,195,007
	1,500	Zions Bancorp		79,035
				27,753,127
Capital Goods – 1.5%
	8,089	3M Co.		1,591,268
	5,000	Acuity Brands, Inc.		579,350
	39,700	AECOM*		1,311,291
	700	Airbus SE		81,686
	1,100	Allegion plc		85,096
	900	Alstom SA		41,291
	5,100	AMETEK, Inc.		368,016
	8,000	Arconic, Inc.		136,080
	1,600	Ashtead Group plc		47,647
	15,200	BAE Systems plc		129,311
	1,500	Bodycote plc		19,307
	13,200	Boeing Co. (The)		4,428,732
	5,300	Bouygues SA		227,731
	1,700	Bunzl plc		51,342
	10,000	Caterpillar, Inc.		1,356,700
	1,100	Chiyoda Corp.		9,538
	5,500	Cie de Saint-Gobain		244,997
	21,400	CNH Industrial NV		226,059
	49,800	Cobham plc*		84,208
	1,000	COMSYS Holdings Corp.		26,467
	2,700	Cummins, Inc.		359,100
	200	Daifuku Co. Ltd.		8,738
	3,700	Dover Corp.		270,840
	8,100	Eaton Corp. plc		605,394

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	200	Ebara Corp.	$	6,205
	2,900	Eiffage SA		315,066
	400	Emerson Electric Co.		27,656
	100	Fastenal Co.		4,813
	189	Ferguson plc		15,292
	11,500	Ferrovial SA		235,320
	400	Flowserve Corp.		16,160
	2,600	Fluor Corp.		126,828
	2,900	Fortive Corp.		223,619
	8,300	Fortune Brands Home & Security, Inc.		445,627
	8,500	Fuji Electric Co. Ltd.		64,567
	100	Furukawa Electric Co. Ltd.		3,489
	8,500	Galliford Try plc		97,582
	67,300	General Electric Co.		915,953
	30,500	HD Supply Holdings, Inc.*		1,308,145
	1,500	Hitachi Construction Machinery Co. Ltd.		48,630
	11,900	Honeywell International, Inc.		1,714,195
	2,400	Huntington Ingalls Industries, Inc.		520,296
	2,100	IHI Corp.		73,046
	6,700	Ingersoll-Rand plc		601,191
	9,000	ITOCHU Corp.		162,773
	600	JGC Corp.		12,069
	10,500	Johnson Controls International plc		351,225
	2,500	JTEKT Corp.		33,934
	14,700	Kajima Corp.		113,582
	400	Kingspan Group plc		20,030
	400	KION Group AG		28,712
	500	Komatsu Ltd.		14,234
	2,900	Kubota Corp.		45,515
	3,400	L3 Technologies, Inc.		653,888
	400	Legrand SA		29,299
	19,900	Marubeni Corp.		151,506
	11,200	Masco Corp.		419,104
	14,800	Meggitt plc		96,040
	100	MINEBEA MITSUMI, Inc.		1,685
	200	MISUMI Group, Inc.		5,819
	7,900	Mitsubishi Corp.		219,060
	4,300	Mitsubishi Heavy Industries Ltd.		156,311
	11,300	Mitsui & Co. Ltd.		188,171
	100	MTU Aero Engines AG		19,154
	100	Nidec Corp.		14,959
	3,600	Obayashi Corp.		37,380
	2,600	Parker-Hannifin Corp.		405,210
	11,000	Pentair plc		462,880
	1,400	Penta-Ocean Construction Co. Ltd.		9,359
	4,700	Prysmian SpA		116,620
	124,600	Quanta Services, Inc.*		4,161,640
	18,400	Rexel SA		264,134
	1,100	Rheinmetall AG		121,025
	100	Rockwell Automation, Inc.		16,623
	14,400	Rolls-Royce Holdings plc*		187,561
	1,100	Roper Technologies, Inc.		303,501
	9,700	Rotork plc		42,720
	500	Safran SA		60,553
	4,400	Schneider Electric SE		365,934
Common Stocks – (continued)
Capital Goods – (continued)
	6,200	Shimizu Corp.		64,170
	8,800	Signify NV		227,670
	3,500	Snap-on, Inc.		562,520
	38,300	Sojitz Corp.		138,708
	100	Stanley Black & Decker, Inc.		13,281
	9,100	Sumitomo Corp.		149,238
	2,000	Taisei Corp.		110,139
	900	Thales SA		115,789
	100	THK Co. Ltd.		2,855
	1,500	Toda Corp.		13,026
	300	TOTO Ltd.		13,886
	3,600	Toyota Tsusho Corp.		120,300
	500	TransDigm Group, Inc.		172,570
	6,960	United Rentals, Inc.*		1,027,435
	5,400	Vesuvius plc		42,449
	3,800	Vinci SA		364,766
	200	Weir Group plc (The)		5,253
	1,100	WW Grainger, Inc.		339,240
	5,400	Xylem, Inc.		363,852
				32,193,226
Commercial & Professional Services – 0.1%
	1,800	Babcock International Group plc		19,340
	800	Cintas Corp.		148,056
	800	Edenred		25,269
	100	Equifax, Inc.		12,511
	5,500	IHS Markit Ltd.*		283,745
	3,700	IWG plc		15,548
	19,500	Nielsen Holdings plc		603,135
	400	Nihon M&A Center, Inc.		11,589
	1,100	Pagegroup plc		8,156
	400	Persol Holdings Co. Ltd.		8,908
	900	Randstad NV		52,826
	700	Recruit Holdings Co. Ltd.		19,333
	100	RELX NV		2,126
	5,900	Rentokil Initial plc		27,203
	4,900	Republic Services, Inc.		334,964
	8,000	Robert Half International, Inc.		520,800
	9,900	Stericycle, Inc.*		646,371
	200	TechnoPro Holdings, Inc.		12,281
	100	Teleperformance		17,650
	1,900	Verisk Analytics, Inc.*		204,516
	1,500	Waste Management, Inc.		122,010
	300	Wolters Kluwer NV		16,853
				3,113,190
Consumer Durables & Apparel – 0.4%
	500	Bellway plc		19,753
	4,000	Berkeley Group Holdings plc		199,252
	600	Burberry Group plc		17,052
	10,100	Hanesbrands, Inc.		222,402
	200	Hasbro, Inc.		18,462
	2,200	Haseko Corp.		30,323
	100	Hermes International		61,085
	200	HUGO BOSS AG		18,138
	500	Iida Group Holdings Co. Ltd.		9,626
	100	Kering SA		56,330

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Consumer Durables & Apparel – (continued)
	46,100	Lennar Corp. Class A	$	2,420,250
	11,500	Lululemon Athletica, Inc.*		1,435,775
	300	LVMH Moet Hennessy Louis Vuitton SE		99,606
	1,400	Mattel, Inc.(b)		22,988
	8,300	Michael Kors Holdings Ltd.*		552,780
	8,100	Mohawk Industries, Inc.*		1,735,587
	1,400	Moncler SpA		63,525
	5,800	Newell Brands, Inc.		149,582
	3,700	Persimmon plc		123,246
	18,100	PulteGroup, Inc.		520,375
	3,100	PVH Corp.		464,132
	4,800	Ralph Lauren Corp.		603,456
	2,900	Redrow plc		20,373
	500	SEB SA		87,233
	600	Sega Sammy Holdings, Inc.		10,269
	10,000	Sekisui House Ltd.		176,744
	7,600	Sony Corp.		389,229
	2,700	Tapestry, Inc.		126,117
	3,100	VF Corp.		252,712
	200	Yamaha Corp.		10,380
				9,916,782
Consumer Services – 0.3%
	1,900	Accor SA		93,054
	4,000	Carnival Corp.		229,240
	800	Carnival plc		45,724
	100	Chipotle Mexican Grill, Inc.*		43,137
	300	Darden Restaurants, Inc.		32,118
	5,000	H&R Block, Inc.		113,900
	600	Hilton Worldwide Holdings, Inc.		47,496
	700	Marriott International, Inc. Class A		88,620
	100	Merlin Entertainments plc		510
	115,900	MGM Resorts International		3,364,577
	4,400	Norwegian Cruise Line Holdings Ltd.*		207,900
	200	Oriental Land Co. Ltd.		20,969
	600	Paddy Power Betfair plc		65,570
	36,900	Service Corp. International		1,320,651
	1,800	Sodexo SA		179,684
	700	Starbucks Corp.		34,195
	2,400	TUI AG		52,493
	1,300	Wyndham Destinations, Inc.		57,551
	1,300	Wyndham Hotels & Resorts, Inc.		76,479
	1,100	Wynn Resorts Ltd.		184,074
	800	Yum! Brands, Inc.		62,576
				6,320,518
Diversified Financials – 1.4%
	14,100	3i Group plc		166,932
	100	Acom Co. Ltd.		384
	100	AEON Financial Service Co. Ltd.		2,131
	99,263	Ally Financial, Inc.		2,607,639
	22,400	American Express Co.		2,195,200
	2,000	Ameriprise Financial, Inc.		279,760
	100	Azimut Holding SpA		1,541
	7,900	Bank of New York Mellon Corp. (The)		426,047
Common Stocks – (continued)
Diversified Financials – (continued)
	34,539	Berkshire Hathaway, Inc. Class B*		6,446,704
	200	BlackRock, Inc.		99,808
	19,300	Capital One Financial Corp.		1,773,670
	1,800	Cboe Global Markets, Inc.		187,326
	3,200	Charles Schwab Corp. (The)		163,520
	10,600	CME Group, Inc.		1,737,552
	3,600	Credit Acceptance Corp.*(b)		1,272,240
	6,200	Credit Saison Co. Ltd.		97,408
	2,500	Discover Financial Services		176,025
	3,400	E*TRADE Financial Corp.*		207,944
	600	Eurazeo SA		45,415
	2,500	EXOR NV		167,293
	300	Groupe Bruxelles Lambert SA		31,560
	1,700	Hargreaves Lansdown plc		44,067
	35,972	Interactive Brokers Group, Inc. Class A		2,316,957
	19,900	Intercontinental Exchange, Inc.		1,463,645
	400	Japan Exchange Group, Inc.		7,419
	37,300	Jefferies Financial Services, Inc.		848,202
	100	Jupiter Fund Management plc		586
	11,400	Man Group plc		26,427
	500	Matsui Securities Co. Ltd.		4,773
	10,800	Moody’s Corp.		1,842,048
	38,500	Morgan Stanley		1,824,900
	1,400	MSCI, Inc.		231,602
	1,800	Nasdaq, Inc.		164,286
	69,900	Navient Corp.		910,797
	16,100	Nomura Holdings, Inc.		77,909
	9,600	ORIX Corp.		151,316
	21,300	Quilter plc*		40,738
	1,300	S&P Global, Inc.		265,057
	500	SBI Holdings, Inc.		12,820
	400	Schroders plc		16,599
	44,000	Standard Life Aberdeen plc		188,415
	500	State Street Corp.		46,545
	19,600	Synchrony Financial		654,248
	2,100	T. Rowe Price Group, Inc.		243,789
	200	Tokyo Century Corp.		11,322
	23,000	Voya Financial, Inc.		1,081,000
				30,561,566
Energy – 1.6%
	25,900	Anadarko Petroleum Corp.		1,897,175
	400	Apache Corp.		18,700
	13,100	BP plc		99,672
	1,000	Cabot Oil & Gas Corp.		23,800
	70,400	Centennial Resource Development, Inc. Class A*		1,271,424
	2,400	Chevron Corp.		303,432
	200	Concho Resources, Inc.*		27,670
	3,000	ConocoPhillips		208,860
	19,400	Continental Resources, Inc.*		1,256,344
	38,300	Devon Energy Corp.		1,683,668
	13,191	Diamondback Energy, Inc.		1,735,540
	3,400	Enagas SA		99,165
	21,200	Eni SpA		393,077
	9,800	EOG Resources, Inc.		1,219,414

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	300	EQT Corp.	$	16,554
	27,500	Exxon Mobil Corp.		2,275,075
	1,400	Galp Energia SGPS SA		26,633
	21,700	Hess Corp.		1,451,513
	200	Idemitsu Kosan Co. Ltd.		7,112
	1,000	Inpex Corp.		10,386
	18,100	JXTG Holdings, Inc.		125,574
	74,800	Kinder Morgan, Inc.		1,321,716
	400	Marathon Oil Corp.		8,344
	36,700	Marathon Petroleum Corp.		2,574,872
	16,300	National Oilwell Varco, Inc.		707,420
	2,000	Neste OYJ		156,478
	900	Newfield Exploration Co.*		27,225
	600	Noble Energy, Inc.		21,168
	2,300	Occidental Petroleum Corp.		192,464
	2,400	OMV AG		135,739
	17,900	ONEOK, Inc.		1,249,957
	71,700	Parsley Energy, Inc. Class A*		2,171,076
	14,900	Phillips 66		1,673,419
	112,600	Range Resources Corp.		1,883,798
	68,800	Royal Dutch Shell plc Class A		2,381,094
	3,300	Royal Dutch Shell plc Class B		118,183
	26,000	Saipem SpA*		119,240
	5,300	SBM Offshore NV		82,178
	21,100	TOTAL SA		1,281,314
	20,000	Valero Energy Corp.		2,216,600
	27,300	Whiting Petroleum Corp.*		1,439,256
	124,400	WPX Energy, Inc.*		2,242,932
				36,155,261
Food & Staples Retailing – 0.4%
	21,500	Carrefour SA(b)		346,815
	4,700	Casino Guichard Perrachon SA		181,894
	200	Costco Wholesale Corp.		41,796
	113,200	J Sainsbury plc		479,036
	100	Jeronimo Martins SGPS SA		1,440
	1,600	Kesko OYJ Class B		97,726
	28,100	Koninklijke Ahold Delhaize NV		670,960
	13,900	Kroger Co. (The)		395,455
	29,900	METRO AG(b)		368,483
	7,100	Sysco Corp.		484,859
	173,400	Tesco plc		586,716
	71,300	US Foods Holding Corp.*		2,696,566
	13,600	Walgreens Boots Alliance, Inc.		816,204
	28,400	Walmart, Inc.		2,432,460
	93,000	Wm Morrison Supermarkets plc		308,481
				9,908,891
Food, Beverage & Tobacco – 0.4%
	6,900	Archer-Daniels-Midland Co.		316,227
	1,800	Associated British Foods plc		64,905
	1,900	Brown-Forman Corp. Class B		93,119
	13,600	Campbell Soup Co.(b)		551,344
	11,800	Conagra Brands, Inc.		421,614
	500	Constellation Brands, Inc. Class A		109,435
	7,700	Danone SA		562,196
	100	Diageo plc		3,592
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	12,700	General Mills, Inc.		562,102
	2,800	Heineken NV		280,528
	1,500	Hershey Co. (The)		139,590
	9,000	Hormel Foods Corp.		334,890
	9,700	Imperial Brands plc		360,240
	32,400	Japan Tobacco, Inc.		905,464
	4,600	JM Smucker Co. (The)		494,408
	2,000	Kellogg Co.		139,740
	1,600	McCormick & Co., Inc. (Non-Voting)		185,744
	10,200	Molson Coors Brewing Co. Class B		694,008
	16,100	Mondelez International, Inc. Class A		660,100
	2,900	Monster Beverage Corp.*		166,170
	300	PepsiCo, Inc.		32,661
	1,700	Pernod Ricard SA		277,448
	8,900	Tyson Foods, Inc. Class A		612,765
				7,968,290
Health Care Equipment & Services – 1.5%
	43,100	Abbott Laboratories		2,628,669
	500	Align Technology, Inc.*		171,070
	5,400	Anthem, Inc.		1,285,362
	800	Baxter International, Inc.		59,072
	500	Becton Dickinson and Co.		119,780
	1,600	Boston Scientific Corp.*		52,320
	22,100	Cardinal Health, Inc.		1,079,143
	20,900	Centene Corp.*		2,575,089
	4,400	Cerner Corp.*		263,076
	75,900	ConvaTec Group plc		211,894
	20,700	CVS Health Corp.		1,332,045
	17,600	Danaher Corp.		1,736,768
	36,800	DaVita, Inc.*		2,555,392
	7,500	DENTSPLY SIRONA, Inc.		328,275
	800	Edwards Lifesciences Corp.*		116,456
	56,200	Envision Healthcare Corp.*		2,473,362
	1,600	Fresenius Medical Care AG & Co. KGaA		161,106
	16,100	HCA Healthcare, Inc.		1,651,860
	8,200	Henry Schein, Inc.*		595,648
	4,100	Humana, Inc.		1,220,283
	400	Intuitive Surgical, Inc.*		191,392
	21,100	Koninklijke Philips NV		893,964
	14,000	Laboratory Corp. of America Holdings*		2,513,420
	300	M3, Inc.		11,931
	7,800	McKesson Corp.		1,040,520
	35,500	Mediclinic International plc		245,939
	20,900	Medtronic plc		1,789,249
	1,000	NMC Health plc		47,068
	800	Olympus Corp.		29,926
	5,500	Quest Diagnostics, Inc.		604,670
	400	ResMed, Inc.		41,432
	300	Sartorius AG (Preference)(a)		44,661
	10,900	Smith & Nephew plc		200,781
	200	Sysmex Corp.		18,635
	300	Terumo Corp.		17,175
	14,700	UnitedHealth Group, Inc.		3,606,498

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	6,600	Universal Health Services, Inc. Class B	$	735,504
	400	Varian Medical Systems, Inc.*		45,488
	6,500	Zimmer Biomet Holdings, Inc.		724,360
				33,419,283
Household & Personal Products – 0.1%
	8,100	Church & Dwight Co., Inc.		430,596
	12,000	Coty, Inc. Class A		169,200
	1,500	Estee Lauder Cos., Inc. (The) Class A		214,035
	200	Kao Corp.		15,244
	100	Kimberly-Clark Corp.		10,534
	100	Kose Corp.		21,510
	15,800	Procter & Gamble Co. (The)		1,233,348
	4,200	Reckitt Benckiser Group plc		345,092
	100	Unilever NV CVA		5,572
	100	Unilever plc		5,524
				2,450,655
Insurance – 0.9%
	102,392	Aegon NV		611,343
	27,300	Aflac, Inc.		1,174,446
	1,100	Ageas		55,377
	500	Allianz SE (Registered)		103,027
	13,000	Allstate Corp. (The)		1,186,510
	100	Aon plc		13,717
	1,000	Arthur J Gallagher & Co.		65,280
	31,400	Assicurazioni Generali SpA		524,944
	10,400	Assurant, Inc.		1,076,296
	44,300	Aviva plc		293,935
	25,700	AXA SA		627,948
	4,800	Beazley plc		36,989
	37,700	Brighthouse Financial, Inc.*		1,510,639
	4,600	Chubb Ltd.		584,292
	5,400	Cincinnati Financial Corp.		361,044
	6,500	Dai-ichi Life Holdings, Inc.		115,685
	100	Hannover Rueck SE		12,432
	13,500	Japan Post Holdings Co. Ltd.		147,741
	103,900	Legal & General Group plc		363,425
	16,400	Lincoln National Corp.		1,020,900
	16,200	Loews Corp.		782,136
	24,600	Mapfre SA		73,941
	1,000	Markel Corp.*		1,084,350
	400	Marsh & McLennan Cos., Inc.		32,788
	29,800	MetLife, Inc.		1,299,280
	300	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		63,073
	14,399	NN Group NV		583,972
	63,900	Old Mutual Ltd.*		126,328
	30,800	Poste Italiane SpA		257,076
	16,800	Principal Financial Group, Inc.		889,560
	4,100	Progressive Corp. (The)		242,515
	15,000	Prudential Financial, Inc.		1,402,650
	1,500	Prudential plc		34,195
	1,200	RSA Insurance Group plc		10,732
Common Stocks – (continued)
Insurance – (continued)
	100	Sampo OYJ Class A		4,870
	100	Sony Financial Holdings, Inc.		1,905
	300	T&D Holdings, Inc.		4,500
	8,800	Torchmark Corp.		716,408
	4,800	Travelers Cos., Inc. (The)		587,232
	30,800	Unum Group		1,139,292
				19,222,773
Materials – 1.0%
	100	Air Products & Chemicals, Inc.		15,573
	24,200	Alcoa Corp.*		1,134,496
	19,300	Anglo American plc		428,478
	9,800	Antofagasta plc		127,324
	9,900	ArcelorMittal		288,840
	1,700	Arkema SA		200,600
	5,100	Asahi Kasei Corp.		64,675
	2,100	Avery Dennison Corp.		214,410
	13,900	Ball Corp.		494,145
	3,700	BASF SE		353,234
	2,700	BHP Billiton plc		60,595
	10,800	Celanese Corp. Series A		1,199,448
	10,400	CF Industries Holdings, Inc.		461,760
	2,900	Covestro AG		257,762
	10,000	CRH plc		351,180
	600	Croda International plc		37,906
	2,700	Daicel Corp.		29,827
	500	Denka Co. Ltd.		16,643
	600	DIC Corp.		18,712
	23,200	DowDuPont, Inc.		1,529,344
	2,600	DS Smith plc		17,814
	26,000	Eastman Chemical Co.		2,598,960
	600	Ecolab, Inc.		84,198
	37,300	Evraz plc		248,956
	40,400	Freeport-McMoRan, Inc.		697,304
	66,200	Glencore plc*		314,304
	1,800	HeidelbergCement AG		151,140
	71,600	Huntsman Corp.		2,090,720
	300	JFE Holdings, Inc.		5,666
	100	JSR Corp.		1,699
	700	Kaneka Corp.		6,269
	6,700	Kobe Steel Ltd.		61,228
	607	Koninklijke DSM NV		60,724
	1,400	LANXESS AG		108,844
	5,300	LyondellBasell Industries NV Class A		582,205
	5,900	Martin Marietta Materials, Inc.		1,317,647
	9,700	Mitsubishi Chemical Holdings Corp.		81,003
	1,100	Mitsubishi Gas Chemical Co., Inc.		24,858
	100	Mitsubishi Materials Corp.		2,744
	200	Mitsui Chemicals, Inc.		5,316
	4,100	Mosaic Co. (The)		115,005
	11,700	Newmont Mining Corp.		441,207
	200	Nissan Chemical Corp.		9,316
	100	NOF Corp.		3,227
	8,900	Oji Holdings Corp.		55,153
	33,600	Outokumpu OYJ		208,105
	3,300	PPG Industries, Inc.		342,309

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	9,700	Praxair, Inc.	$	1,534,055
	1,200	Rio Tinto plc		66,142
	300	Sealed Air Corp.		12,735
	3,600	Sherwin-Williams Co. (The)		1,467,252
	700	Showa Denko KK		30,987
	1,600	Smurfit Kappa Group plc		64,515
	3,200	Stora Enso OYJ Class R		62,342
	600	Sumitomo Bakelite Co. Ltd.		5,775
	11,600	Sumitomo Chemical Co. Ltd.		65,605
	400	Sumitomo Metal Mining Co. Ltd.		15,267
	1,400	Taiheiyo Cement Corp.		46,055
	2,100	Teijin Ltd.		38,467
	800	Tokuyama Corp.		25,623
	400	Toray Industries, Inc.		3,157
	2,400	Tosoh Corp.		37,109
	700	Toyo Seikan Group Holdings Ltd.		12,285
	1,900	Ube Industries Ltd.		49,334
	900	Umicore SA		51,379
	1,700	UPM-Kymmene OYJ		60,529
	23,500	Vedanta Resources plc		199,418
	500	voestalpine AG		22,992
	300	Wacker Chemie AG		39,210
	8,700	WestRock Co.		496,074
	2,600	Wienerberger AG		64,854
	100	Yamato Kogyo Co. Ltd.		3,017
	2,700	Zeon Corp.		31,851
				21,426,902
Media – 0.9%
	2,700	Ascential plc		16,073
	2,300	Charter Communications, Inc. Class A*		674,383
	162,222	Comcast Corp. Class A		5,322,504
	200	CyberAgent, Inc.		11,994
	1,400	Dentsu, Inc.		66,273
	20,400	Discovery, Inc. Class A*(b)		561,000
	22,700	Discovery, Inc. Class C*		578,850
	400	Fuji Media Holdings, Inc.		6,826
	29,500	GCI Liberty, Inc. Class A*		1,329,860
	2,400	Informa plc		26,381
	24,556	Liberty Broadband Corp. Class C*		1,859,380
	68,100	Live Nation Entertainment, Inc.*		3,307,617
	33,800	News Corp. Class A		523,900
	5,500	Omnicom Group, Inc.		419,485
	16,100	Pearson plc		187,496
	6,800	ProSiebenSat.1 Media SE		172,074
	4,200	Publicis Groupe SA		288,214
	7,400	Twenty-First Century Fox, Inc. Class A		367,706
	3,500	Twenty-First Century Fox, Inc. Class B		172,445
	22,100	Viacom, Inc. Class B		666,536
	24,500	Walt Disney Co. (The)		2,567,845
	10,600	WPP plc		166,543
				19,293,385
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 1.5%
	17,100	AbbVie, Inc.		1,584,315
	8,600	Alexion Pharmaceuticals, Inc.*		1,067,690
	11,300	Amgen, Inc.		2,085,867
	16,200	Astellas Pharma, Inc.		246,541
	8,400	AstraZeneca plc		581,004
	100	Bayer AG (Registered)		10,982
	7,100	Biogen, Inc.*		2,060,704
	29,700	Bristol-Myers Squibb Co.		1,643,598
	21,632	Celgene Corp.*		1,718,014
	200	Chugai Pharmaceutical Co. Ltd.		10,472
	500	Daiichi Sankyo Co. Ltd.		19,102
	1,300	Eisai Co. Ltd.		91,507
	92,332	Gilead Sciences, Inc.		6,540,799
	300	GlaxoSmithKline plc		6,048
	100	Hisamitsu Pharmaceutical Co., Inc.		8,426
	3,200	IQVIA Holdings, Inc.*		319,424
	12,849	Johnson & Johnson		1,559,098
	19,800	Merck & Co., Inc.		1,201,860
	5,500	Mitsubishi Tanabe Pharma Corp.		94,958
	81,300	Mylan NV*		2,938,182
	24,900	Neurocrine Biosciences, Inc.*		2,446,176
	100	Nippon Shinyaku Co. Ltd.		6,206
	300	Ono Pharmaceutical Co. Ltd.		7,023
	300	PeptiDream, Inc.*		12,464
	11,300	Perrigo Co. plc		823,883
	60,559	Pfizer, Inc.		2,197,081
	23,700	Sanofi		1,902,151
	4,700	Santen Pharmaceutical Co. Ltd.		81,763
	3,100	Shionogi & Co. Ltd.		159,073
	8,049	Thermo Fisher Scientific, Inc.		1,667,270
	2,700	Zoetis, Inc.		230,013
				33,321,694
Real Estate – 0.6%
	32,571	American Tower Corp. (REIT)		4,695,761
	7,100	Aroundtown SA		58,364
	4,000	CBRE Group, Inc. Class A*		190,960
	14,100	Crown Castle International Corp. (REIT)		1,520,262
	100	Daito Trust Construction Co. Ltd.		16,267
	4,300	Equinix, Inc. (REIT)		1,848,527
	200	Equity Residential (REIT)		12,738
	100	Federal Realty Investment Trust (REIT)		12,655
	100	Gecina SA (REIT)		16,706
	600	GGP, Inc. (REIT)		12,258
	100	Hammerson plc (REIT)		687
	12,500	Howard Hughes Corp. (The)*		1,656,250
	100	Intu Properties plc (REIT)		238
	200	Iron Mountain, Inc. (REIT)		7,002
	200	Kimco Realty Corp. (REIT)		3,398
	25,300	Macerich Co. (The) (REIT)		1,437,799
	200	Nomura Real Estate Holdings, Inc.		4,428
	400	NTT Urban Development Corp.		4,297
	200	Relo Group, Inc.		5,269
	8,800	SBA Communications Corp. (REIT)*		1,453,056

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	5,700	Segro plc (REIT)	$	50,199
	200	Simon Property Group, Inc. (REIT)		34,038
	300	Sumitomo Realty & Development Co. Ltd.		11,047
	900	Tokyu Fudosan Holdings Corp.		6,349
	200	Tritax Big Box REIT plc (REIT)		411
	700	Vonovia SE		33,271
	100	Vornado Realty Trust (REIT)		7,392
	400	Weyerhaeuser Co. (REIT)		14,584
				13,114,213
Retailing – 1.9%
	3,400	Advance Auto Parts, Inc.		461,380
	7,376	Amazon.com, Inc.*		12,537,725
	500	AutoZone, Inc.*		335,465
	7,200	Best Buy Co., Inc.		536,976
	900	Booking Holdings, Inc.*		1,824,381
	17,500	CarMax, Inc.*		1,275,225
	38,900	Dixons Carphone plc		95,461
	4,600	Dollar General Corp.		453,560
	26,200	Dollar Tree, Inc.*		2,227,000
	200	Don Quijote Holdings Co. Ltd.		9,600
	39,300	Expedia Group, Inc.		4,723,467
	11,700	Foot Locker, Inc.		616,005
	5,100	Gap, Inc. (The)		165,189
	1,400	Genuine Parts Co.		128,506
	11,100	Home Depot, Inc. (The)		2,165,610
	10,400	Kohl’s Corp.		758,160
	12,000	LKQ Corp.*		382,800
	26,800	Lowe’s Cos., Inc.		2,561,276
	19,000	Macy’s, Inc.		711,170
	52,600	Marks & Spencer Group plc		204,323
	400	Marui Group Co. Ltd.		8,414
	9,100	Netflix, Inc.*		3,562,013
	100	Nitori Holdings Co. Ltd.		15,558
	5,900	Nordstrom, Inc.		305,502
	100	Ocado Group plc*		1,351
	5,000	O’Reilly Automotive, Inc.*		1,367,850
	21,000	Rakuten, Inc.		141,743
	100	Ross Stores, Inc.		8,475
	11,400	Target Corp.		867,768
	16,900	Tiffany & Co.		2,224,040
	3,500	Tractor Supply Co.		267,715
				40,943,708
Semiconductors & Semiconductor Equipment – 0.8%
	900	Advantest Corp.		18,669
	48,500	Applied Materials, Inc.		2,240,215
	500	ASML Holding NV		98,943
	5,900	BE Semiconductor Industries NV		158,768
	3,800	Broadcom, Inc.		922,032
	100	Infineon Technologies AG		2,540
	21,357	Lam Research Corp.		3,691,558
	64,800	Marvell Technology Group Ltd.		1,389,312
	6,100	Microchip Technology, Inc.		554,795
	78,518	Micron Technology, Inc.*		4,117,484
	10,190	NVIDIA Corp.		2,414,011
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	20,200	QUALCOMM, Inc.		1,133,624
	500	SCREEN Holdings Co. Ltd.		35,017
	1,400	Siltronic AG		198,941
	8,800	Skyworks Solutions, Inc.		850,520
	5,800	STMicroelectronics NV		128,663
	300	SUMCO Corp.		6,025
	200	Texas Instruments, Inc.		22,050
	1,300	Ulvac, Inc.		49,591
				18,032,758
Software & Services – 4.5%
	5,800	Accenture plc Class A		948,822
	1,200	Adobe Systems, Inc.*		292,572
	19,895	Akamai Technologies, Inc.*		1,456,911
	14,100	Alliance Data Systems Corp.		3,288,120
	6,094	Alphabet, Inc. Class A*		6,881,284
	5,535	Alphabet, Inc. Class C*		6,175,123
	6,200	Altran Technologies SA		89,608
	700	Amadeus IT Group SA		55,043
	100	ANSYS, Inc.*		17,418
	3,000	Atos SE		407,931
	9,400	Autodesk, Inc.*		1,232,246
	25,800	Booz Allen Hamilton Holding Corp.		1,128,234
	35,900	CA, Inc.		1,279,835
	3,300	Capgemini SE		442,233
	3,800	Citrix Systems, Inc.*		398,392
	38,000	Cognizant Technology Solutions Corp. Class A		3,001,620
	400	Dassault Systemes SE		55,977
	17,100	Dell Technologies, Inc. Class V*		1,446,318
	3,800	DeNA Co. Ltd.		71,158
	30,800	DXC Technology Co.		2,482,788
	75,600	eBay, Inc.*		2,741,256
	9,800	Electronic Arts, Inc.*		1,381,996
	17,000	Euronet Worldwide, Inc.*		1,424,090
	45,981	Facebook, Inc. Class A*		8,935,028
	4,600	Fidelity National Information Services, Inc.		487,738
	81,500	FireEye, Inc.*		1,254,285
	700	Fiserv, Inc.*		51,863
	17,400	Fujitsu Ltd.		105,296
	50,800	Genpact Ltd.		1,469,644
	14,500	International Business Machines Corp.		2,025,650
	1,400	Intuit, Inc.		286,027
	4,700	Just Eat plc*		48,196
	500	Kakaku.com, Inc.		11,259
	27,502	Mastercard, Inc. Class A		5,404,693
	3,700	Micro Focus International plc		64,200
	116,157	Microsoft Corp.		11,454,242
	4,200	Nexon Co. Ltd.*		60,939
	100	Nintendo Co. Ltd.		32,643
	100	Nomura Research Institute Ltd.		4,838
	7,400	NTT Data Corp.		85,122
	128,400	Nuance Communications, Inc.*		1,782,834
	100	Obic Co. Ltd.		8,262
	68,200	Oracle Corp.		3,004,892

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	300	Otsuka Corp.	$	11,744
	51,051	PayPal Holdings, Inc.*		4,251,017
	14,250	Perspecta, Inc.		292,838
	1,700	Red Hat, Inc.*		228,429
	27,600	salesforce.com, Inc.*		3,764,640
	700	Scout24 AG		37,050
	4,400	Sophos Group plc		36,998
	11,400	Splunk, Inc.*		1,129,854
	200	Square Enix Holdings Co. Ltd.		9,806
	19,200	Square, Inc. Class A*		1,183,488
	57,000	Symantec Corp.		1,177,050
	2,900	Synopsys, Inc.*		248,153
	20,200	Tableau Software, Inc. Class A*		1,974,550
	14,098	Take-Two Interactive Software, Inc.*		1,668,639
	9,400	Total System Services, Inc.		794,488
	1,900	Ubisoft Entertainment SA*		207,686
	1,900	United Internet AG (Registered)		108,474
	1,400	VeriSign, Inc.*		192,388
	35,694	Visa, Inc. Class A		4,727,670
	33,400	Western Union Co. (The)		679,022
	500	Wirecard AG		80,010
	48,300	Worldpay, Inc.*		3,949,974
	100	Yahoo Japan Corp.		331
	6,100	ZPG plc		39,224
				100,070,149
Technology Hardware & Equipment – 1.6%
	1,200	Alps Electric Co. Ltd.		30,819
	64,219	Apple, Inc.		11,887,579
	2,900	Canon, Inc.		95,096
	76,300	Cisco Systems, Inc.		3,283,189
	84,806	CommScope Holding Co., Inc.*		2,476,759
	600	Electrocomponents plc		5,982
	4,200	F5 Networks, Inc.*		724,290
	2,700	FLIR Systems, Inc.		140,319
	3,200	FUJIFILM Holdings Corp.		124,809
	700	Halma plc		12,604
	100	Hamamatsu Photonics KK		4,293
	25,600	Hitachi Ltd.		180,352
	400	Horiba Ltd.		27,960
	72,100	HP, Inc.		1,635,949
	3,400	Ibiden Co. Ltd.		54,327
	3,800	Ingenico Group SA		340,724
	700	IPG Photonics Corp.*		154,441
	57,200	Juniper Networks, Inc.		1,568,424
	1,000	Kyocera Corp.		56,238
	1,700	Motorola Solutions, Inc.		197,829
	15,400	NetApp, Inc.		1,209,362
	3,200	Nippon Electric Glass Co. Ltd.		88,704
	77,000	Nokia OYJ		441,663
	200	Omron Corp.		9,317
	26,509	Palo Alto Networks, Inc.*		5,446,804
	22,400	Seagate Technology plc		1,264,928
	400	Shimadzu Corp.		12,068
	1,200	Spectris plc		41,230
	100	Taiyo Yuden Co. Ltd.		2,787
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	100	TDK Corp.		10,182
	1,600	TE Connectivity Ltd.		144,096
	35,800	Western Digital Corp.		2,771,278
	400	Yaskawa Electric Corp.		14,086
	3,200	Yokogawa Electric Corp.		56,823
	12,000	Zebra Technologies Corp. Class A*		1,719,000
				36,234,311
Telecommunication Services – 0.2%
	78,600	AT&T, Inc.		2,523,846
	200	BT Group plc		574
	1,400	Cellnex Telecom SA		35,198
	2,200	CenturyLink, Inc.		41,008
	3,600	KDDI Corp.		98,442
	7,400	Nippon Telegraph & Telephone Corp.		336,167
	100	NTT DOCOMO, Inc.		2,548
	100	Orange SA		1,669
	966,300	Telecom Italia SpA*		715,914
	400	Telefonica Deutschland Holding AG		1,574
	46,600	Telefonica SA		395,514
	800	Verizon Communications, Inc.		40,248
	173,300	Vodafone Group plc		419,783
				4,612,485
Transportation – 0.6%
	2,100	Abertis Infraestructuras SA		45,011
	33,600	Air France-KLM*		274,585
	9,200	Alaska Air Group, Inc.		555,588
	500	American Airlines Group, Inc.		18,980
	7,500	Atlantia SpA		221,117
	600	Central Japan Railway Co.		124,218
	2,000	CH Robinson Worldwide, Inc.		167,320
	93,539	Delta Air Lines, Inc.		4,633,922
	13,500	Deutsche Lufthansa AG (Registered)		323,428
	1,700	Deutsche Post AG (Registered)		55,234
	4,500	easyJet plc		99,000
	500	FedEx Corp.		113,530
	1,500	Fraport AG Frankfurt Airport Services Worldwide		144,307
	17,000	Genesee & Wyoming, Inc. Class A*		1,382,440
	19,200	International Consolidated Airlines Group SA		167,509
	400	Japan Airlines Co. Ltd.		14,172
	1,200	JB Hunt Transport Services, Inc.		145,860
	1,500	Kansas City Southern		158,940
	100	Keisei Electric Railway Co. Ltd.		3,430
	100	Nippon Express Co. Ltd.		7,246
	27,700	Royal Mail plc		184,286
	5,100	Seino Holdings Co. Ltd.		90,245
	2,900	SG Holdings Co. Ltd.		63,443
	9,300	Southwest Airlines Co.		473,184
	9,400	Union Pacific Corp.		1,331,792
	5,600	United Continental Holdings, Inc.*		390,488
	10,600	United Parcel Service, Inc. Class B		1,126,038
	12,500	XPO Logistics, Inc.*		1,252,250
	300	Yamato Holdings Co. Ltd.		8,830
				13,576,393

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Utilities – 0.5%
	268,400	A2A SpA	$	464,582
	30,200	AES Corp.		404,982
	300	Alliant Energy Corp.		12,696
	100	American Electric Power Co., Inc.		6,925
	17,052	American Water Works Co., Inc.		1,455,900
	12,900	CenterPoint Energy, Inc.		357,459
	71,000	Centrica plc		147,423
	200	Chubu Electric Power Co., Inc.		2,999
	4,000	Consolidated Edison, Inc.		311,920
	25,700	Drax Group plc		110,857
	3,200	DTE Energy Co.		331,616
	4,100	Duke Energy Corp.		324,228
	1,800	E.ON SE		19,178
	3,000	Edison International		189,810
	400	Electric Power Development Co. Ltd.		10,324
	2,100	Electricite de France SA		28,816
	100	Endesa SA		2,199
	54,200	Enel SpA		300,332
	29,500	Engie SA		451,247
	2,300	Entergy Corp.		185,817
	100	Eversource Energy		5,861
	16,400	Exelon Corp.		698,640
	2,700	FirstEnergy Corp.		96,957
	2,400	Fortum OYJ		57,166
	3,100	Kansai Electric Power Co., Inc. (The)		45,211
	1,200	NextEra Energy, Inc.		200,436
	300	NiSource, Inc.		7,884
	21,500	NRG Energy, Inc.		660,050
	12,000	PG&E Corp.		510,720
	400	PPL Corp.		11,420
	1,700	Public Service Enterprise Group, Inc.		92,038
	300	Rubis SCA		18,700
	1,100	RWE AG		24,997
	100	Sempra Energy		11,611
	3,100	Shikoku Electric Power Co., Inc.		41,463
	8,300	SSE plc		148,159
	100	Suez		1,294
	35,600	Terna Rete Elettrica Nazionale SpA		192,264
	14,500	Tokyo Electric Power Co. Holdings, Inc.*		67,505
	160,100	Vistra Energy Corp.*		3,787,966
	200	Xcel Energy, Inc.		9,136
				11,808,788
	TOTAL COMMON STOCKS
	(Cost $500,787,628)		$	541,533,927
Exchange Traded Funds – 7.6%
	75,256	Energy Select Sector SPDR Fund	$	5,714,941
	269,783	Health Care Select Sector SPDR Fund		22,516,089
	96,086	Invesco Emerging Markets Sovereign Debt ETF		2,548,201
Exchange Traded Funds – (continued)
	1,843,142	Invesco Senior Loan ETF		42,207,952
	32,404	SPDR Bloomberg Barclays Convertible Securities ETF		1,718,060
	49,989	SPDR Dow Jones International Real Estate ETF		1,956,569
	31,158	SPDR Dow Jones REIT ETF		2,927,606
	2,112,721	Vanguard FTSE Emerging Markets ETF		89,156,826
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $159,098,841)		$	168,746,244

Shares	Distribution Rate	Value
Investment Company(c) – 62.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,371,868,767	1.869%	$	1,371,868,767
(Cost $1,371,868,767)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,031,755,236)		$	2,082,148,938
Securities Lending Reinvestment Vehicle(c) – 0.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,648,850	1.869%	$	2,648,850
(Cost $2,648,850)
TOTAL INVESTMENTS – 94.3%
(Cost $2,034,404,086)		$	2,084,797,788
OTHER ASSETS IN EXCESS OF LIABILITIES – 5.7%			125,966,007
NET ASSETS – 100.0%		$	2,210,763,795

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	All or a portion of security is on loan.
(c)	Represents an Affiliated Issuer.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust
SPDR	—Standard and Poor’s Depositary Receipts
Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippines peso
PLN	—Polish Zloty
SEK	—Swedish Krona
TWD	—Taiwan Dollar
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
UBS AG	USD	3,794,740	BRL	14,370,000	$	3,695,453		07/30/2018	$	99,287
	USD	4,168,350	CHF	4,120,000		4,167,845		07/24/2018		505
	USD	3,408,541	CLP	2,182,850,000		3,341,083		07/30/2018		67,458
	USD	27,211,167	GBP	20,500,000		27,081,190		07/24/2018		129,977
	USD	6,818,161	HUF	1,911,160,000		6,786,281		07/24/2018		31,880
	USD	4,197,457	IDR	59,987,030,000		4,181,875		07/30/2018		15,582
	USD	9,463,629	ILS	34,170,000		9,354,709		07/24/2018		108,920
	USD	8,108,883	INR	555,860,000		8,088,776		07/30/2018		20,107
	USD	19,325,198	JPY	2,126,240,000		19,232,106		07/24/2018		93,092
	USD	3,397,265	NOK	27,620,000		3,394,224		07/24/2018		3,041
	USD	12,595,992	NZD	18,340,000		12,421,813		07/24/2018		174,179
	USD	4,641,988	PLN	17,300,000		4,620,005		07/24/2018		21,983
	USD	5,970,038	SEK	53,060,000		5,933,466		07/24/2018		36,572
	USD	10,052,373	TWD	304,480,000		10,012,662		07/30/2018		39,711
TOTAL									$	842,294

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
UBS AG	USD	13,843,794	AUD	18,740,000	$	13,869,375		07/24/2018	$	(25,581	)
	USD	12,277,947	CAD	16,330,000		12,426,316		07/24/2018		(148,369	)
	USD	16,746,462	CHF	16,590,000		16,782,656		07/24/2018		(36,194	)
	USD	5,206,145	CZK	115,810,000		5,214,426		07/24/2018		(8,281	)
	USD	54,520,579	EUR	46,860,000		54,808,291		07/24/2018		(287,712	)
	USD	4,060,570	MXN	82,950,000		4,162,577		07/24/2018		(102,007	)
	USD	12,500,718	PHP	669,690,000		12,523,275		07/30/2018		(22,557	)
TOTAL									$	(630,701	)

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Canadian Bankers Acceptance		84		09/17/2018	$	15,660,746	$	(4,510	)
3 Month Canadian Bankers Acceptance		56		12/17/2018		10,423,459		(7,850	)
3 Month Canadian Bankers Acceptance		20		03/18/2019		3,717,149		(3,122	)
3 Month Sterling		92		09/19/2018		15,053,431		(6,180	)
3 Month Sterling		76		12/19/2018		12,428,547		(1,467	)
3 Month Sterling		54		03/20/2019		8,824,574		995
3 Month Sterling		58		06/19/2019		9,472,505		1,590
3 Month Sterling		45		09/18/2019		7,344,903		(561	)
3 Month Sterling		29		12/18/2019		4,730,033		(1,199	)
3 Month Sterling		22		03/18/2020		3,586,486		(497	)
3 Month Sterling		18		06/17/2020		2,933,210		550
Amsterdam Exchange Index		40		07/20/2018		5,153,268		(112,162	)
ASX 90 Day Bank Accepted Bill		15		12/13/2018		11,046,275		(577	)
ASX 90 Day Bank Accepted Bill		77		03/07/2019		56,701,428		4,640
Australia 10 Year Bond		118		09/17/2018		11,296,624		20,401
Brent Crude Oil		81		07/31/2018		6,417,630		182,087
CAC 40 10 Euro Index		103		07/20/2018		6,399,678		(153,955	)
Canada 10 Year Bond		70		09/19/2018		7,279,276		(21,431	)
DAX Index		12		09/21/2018		4,312,160		(194,877	)
EURO STOXX 50 Index		970		09/21/2018		38,412,095		(910,886	)
Euro-Bobl		329		09/06/2018		50,780,534		200,266
Euro-Bund		338		09/06/2018		64,161,151		523,679
Euro-Buxl		32		09/06/2018		6,640,578		114,772
Euro-OAT		109		09/06/2018		19,671,428		174,407
Euro-Schatz		419		09/06/2018		54,844,110		38,617
FTSE 100 Index		222		09/21/2018		22,271,216		(150,162	)
Japan 10 Year Bond		5		09/12/2018		6,812,085		9,057
LME Aluminum Base Metal		40		07/16/2018		2,164,000		(216,581	)
LME Aluminum Base Metal		39		08/13/2018		2,073,825		(178,468	)
LME Nickel Base Metal		29		07/16/2018		2,581,377		(107,687	)
LME Nickel Base Metal		31		08/13/2018		2,764,983		(114,367	)
Long Gilt		132		09/26/2018		21,437,913		(24,556	)
Low Sulphur Gasoil		60		08/10/2018		4,060,500		59,879
MSCI Taiwan Index		57		07/30/2018		2,209,320		5,686
NASDAQ 100 Emini Index		102		09/21/2018		14,416,170		(268,500	)
NY Harbor ULSD		43		07/31/2018		3,990,718		46,476

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
OMXS30 Index		135			07/20/2018	$	2,352,807		$	(14,005	)
RBOB Gasoline		39			07/31/2018		3,523,666			76,878
Russell 2000 E-Mini Index		524			09/21/2018		43,164,500			(757,544	)
S&P Midcap 400 E-Mini Index		35			09/21/2018		6,846,350			(177,428	)
S&P/TSX 60 Index		41			09/20/2018		6,008,489			20,561
TOPIX Index		96			09/13/2018		15,005,013			(345,604	)
U.S. Treasury Long Bond		16			09/19/2018		2,320,000			239
WTI Crude Oil		76			07/20/2018		5,635,400			627,550
Total									$	(1,665,846	)
Short position contracts:
100 oz Gold		(148	)		08/29/2018	$	(18,566,600	)	$	374,402
3 Month Eurodollar		(162	)		09/17/2018		(39,505,725	)		192,913
3 Month Eurodollar		(219	)		12/17/2018		(53,304,600	)		264,690
3 Month Eurodollar		(253	)		03/18/2019		(61,504,300	)		323,047
3 Month Eurodollar		(273	)		06/17/2019		(66,301,462	)		370,928
3 Month Eurodollar		(260	)		09/16/2019		(63,102,000	)		367,141
3 Month Eurodollar		(235	)		12/16/2019		(57,008,063	)		306,475
3 Month Eurodollar		(224	)		03/16/2020		(54,331,200	)		114,805
3 Month Eurodollar		(207	)		06/15/2020		(50,207,850	)		(24,559	)
ASX 90 Day Bank Accepted Bill		(145	)		09/13/2018		(106,780,656	)		2,692
Coffee ’C’		(62	)		09/18/2018		(2,676,075	)		42,817
Corn		(189	)		09/14/2018		(3,397,275	)		65,555
Euro-BTP		(31	)		09/06/2018		(4,606,317	)		(42,034	)
KOSPI 200 Index		(35	)		09/13/2018		(2,355,316	)		(6,102	)
LME Aluminum Base Metal		(40	)		07/16/2018		(2,164,000	)		163,651
LME Nickel Base Metal		(29	)		07/16/2018		(2,581,377	)		106,855
S&P 500 E-Mini Index		(1,281	)		09/21/2018		(174,318,480	)		3,312,766
Silver		(38	)		09/26/2018		(3,077,620	)		131,957
Soybean		(110	)		11/14/2018		(4,840,000	)		199,028
U.S. Treasury 10 Year Note		(77	)		09/19/2018		(9,254,438	)		(49,355	)
U.S. Treasury 2 Year Note		(151	)		09/28/2018		(31,986,047	)		(15,526	)
U.S. Treasury 5 Year Note		(140	)		09/28/2018		(15,906,406	)		(50,166	)
Total									$	6,151,980
Total Futures Contracts									$	4,486,134

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2018(a)		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased (b):
Markit CDX North America High Yield Index		(5.000)%		3.584%		06/20/2023		USD  42,150	$	(2,536,612	)	$	(2,718,036	)	$	181,424
Protection Sold (c):
Markit CDX North America Investment Grade Index		1.000		0.672		06/20/2023		8,000		122,123			137,053			(14,930	)
iTraxx Europe Crossover Index		5.000		3.200		06/20/2023		EUR  46,900		4,436,037			5,545,497			(1,109,460	)
iTraxx Europe Index		1.000		0.735		06/20/2023		2,800		43,283			70,486			(27,203	)
TOTAL									$	2,064,831		$	3,035,000		$	(970,169	)

(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b) Payments made quarterly

(c) Payments received quarterly.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund		Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
MSCI The World Growth Net Return Index(b)		(2.047)%	Bank of America NA		05/13/2019		USD  119,560	$	71,440
MSCI The World Growth Net Return Index(b)		(2.046)			05/13/2019		24,966		(588,592)
MSCI The World Net Return Index(c)		2.047			05/13/2019		125,748		3,287,734
MSCI The World Net Return Index(c)		2.046			05/13/2019		26,642		605,134
Alerian MLP Index Total Return(d)		(2.362)	Deutsche Bank AG		10/26/2018		13,456		543,015
Bloomberg Roll Select Commodity Index Total Return(e)		0.000	JPMorgan Chase Bank NA		11/23/2018		11,000		19,095
TOTAL								$	3,937,826

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made monthly.

(c) Payments received monthly.

(d) Payments made quarterly.

(e) Payments made weekly.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		2,425.00  USD		07/20/2018		35	$	(9,514,295	)	$	(7,350	)	$	(72,324	)	$	64,974
			2,450.00  USD		07/20/2018		35		(9,514,295	)		(8,225	)		(77,874	)		69,649
			2,475.00  USD		07/20/2018		34		(9,242,458	)		(8,500	)		(88,346	)		79,846
			2,500.00  USD		07/20/2018		33		(8,970,621	)		(11,550	)		(96,807	)		85,257
			2,525.00  USD		07/20/2018		34		(9,242,458	)		(14,450	)		(107,305	)		92,855
			2,550.00  USD		07/20/2018		33		(8,970,621	)		(18,315	)		(120,633	)		102,318
			2,575.00  USD		07/20/2018		32		(8,698,784	)		(18,240	)		(132,848	)		114,608
			2,600.00  USD		07/20/2018		32		(8,698,784	)		(25,920	)		(148,013	)		122,093
			2,625.00  USD		07/20/2018		31		(8,426,947	)		(34,100	)		(166,858	)		132,758
			2,650.00  USD		07/20/2018		31		(8,426,947	)		(44,950	)		(185,569	)		140,619
			2,675.00  USD		07/20/2018		30		(8,155,110	)		(55,500	)		(210,214	)		154,714
			2,700.00  USD		07/20/2018		29		(7,883,273	)		(71,514	)		(231,537	)		160,023
			2,450.00  USD		08/17/2018		47		(12,776,339	)		(41,736	)		(73,289	)		31,553
			2,475.00  USD		08/17/2018		46		(12,504,502	)		(39,100	)		(79,659	)		40,559
			2,500.00  USD		08/17/2018		45		(12,232,665	)		(51,750	)		(87,266	)		35,516
			2,525.00  USD		08/17/2018		44		(11,960,828	)		(57,200	)		(96,867	)		39,667
			2,550.00  USD		08/17/2018		43		(11,688,991	)		(65,919	)		(107,598	)		41,679
			2,575.00  USD		08/17/2018		42		(11,417,154	)		(73,080	)		(121,100	)		48,020
			2,600.00  USD		08/17/2018		41		(11,145,317	)		(85,075	)		(134,202	)		49,127
			2,625.00  USD		08/17/2018		41		(11,145,317	)		(100,450	)		(150,237	)		49,787
			2,650.00  USD		08/17/2018		40		(10,873,480	)		(118,000	)		(168,561	)		50,561
			2,675.00  USD		08/17/2018		39		(10,601,643	)		(130,845	)		(189,809	)		58,964
			2,700.00  USD		08/17/2018		38		(10,329,806	)		(157,776	)		(212,823	)		55,047
			2,725.00  USD		08/17/2018		38		(10,329,806	)		(190,000	)		(246,067	)		56,067
			2,500.00  USD		09/21/2018		50		(13,591,850	)		(100,500	)		(75,523	)		(24,977	)
			2,525.00  USD		09/21/2018		47		(12,776,339	)		(113,740	)		(79,147	)		(34,593	)
			2,550.00  USD		09/21/2018		48		(13,048,176	)		(139,200	)		(90,764	)		(48,436	)
			2,575.00  USD		09/21/2018		49		(13,320,013	)		(144,795	)		(103,870	)		(40,925	)
			2,600.00  USD		09/21/2018		46		(12,504,502	)		(149,638	)		(108,975	)		(40,663	)
			2,625.00  USD		09/21/2018		45		(12,232,665	)		(169,200	)		(120,880	)		(48,320	)
			2,650.00  USD		09/21/2018		44		(11,960,828	)		(206,800	)		(133,596	)		(73,204	)
			2,675.00  USD		09/21/2018		43		(11,688,991	)		(216,591	)		(148,533	)		(68,058	)
			2,700.00  USD		09/21/2018		43		(11,688,991	)		(258,000	)		(170,530	)		(87,470	)
			2,725.00  USD		09/21/2018		42		(11,417,154	)		(286,440	)		(189,424	)		(97,016	)
			2,750.00  USD		09/21/2018		41		(11,145,317	)		(318,980	)		(212,496	)		(106,484	)
			2,775.00  USD		09/21/2018		40		(10,873,480	)		(361,320	)		(240,089	)		(121,231	)
Total written options contracts							1,431				$	(3,894,749	)	$	(4,979,633	)	$	1,084,884

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Distribution Rate	Value
Investment Company (a) – 89.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	93,937,936	1.869%	$	93,937,936
	TOTAL INVESTMENTS – 89.2%
	(Cost $93,937,936)		$	93,937,936
	OTHER ASSETS IN EXCESS OF LIABILITIES – 10.8%			11,339,587
	NET ASSETS – 100.0%		$	105,277,523

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

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
COP	—Colombian Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peru Nuevo Sol
PHP	—Philippines Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
THB	—Thailand Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	CHF	390,000	USD	393,352	$	394,529		07/24/2018	$	1,177
	COP	7,718,180,000	USD	2,620,410		2,630,024		07/30/2018		9,614
	EUR	190,000	USD	221,845		222,228		07/24/2018		383
	MXN	57,130,000	USD	2,796,460		2,866,884		07/24/2018		70,424
	PEN	8,950,000	USD	2,720,117		2,725,335		07/02/2018		5,218
	PLN	830,000	USD	221,541		221,653		07/24/2018		112
	RUB	314,710,000	USD	4,913,407		4,996,223		07/30/2018		82,816
	SEK	3,810,000	USD	425,953		426,056		07/24/2018		103
	TRY	36,270,000	USD	7,552,067		7,824,147		07/24/2018		272,080
	USD	687,980	CHF	680,000		687,897		07/24/2018		83
	USD	2,035,673	CLP	1,305,170,000		1,997,701		07/30/2018		37,972
	USD	4,681,570	GBP	3,530,000		4,663,249		07/24/2018		18,321
	USD	1,511,097	HUF	423,610,000		1,504,184		07/24/2018		6,913
	USD	8,624,364	ILS	31,140,000		8,525,186		07/24/2018		99,178
	USD	2,691,210	JPY	295,440,000		2,672,291		07/24/2018		18,919
	USD	8,813,231	KRW	9,743,200,000		8,753,777		07/30/2018		59,454
	USD	3,298,072	NZD	4,800,000		3,251,074		07/24/2018		46,998
	USD	3,187,567	PEN	10,460,000		3,185,141		07/02/2018		2,426
	USD	2,321,191	PLN	8,650,000		2,310,002		07/24/2018		11,189
	USD	3,714,677	SEK	33,010,000		3,691,363		07/24/2018		23,314
	USD	5,208,179	THB	171,740,000		5,186,458		07/24/2018		21,721
	USD	9,114,426	TWD	276,050,000		9,077,757		07/30/2018		36,669
	ZAR	2,210,000	USD	159,880		160,668		07/24/2018		788
TOTAL									$	825,872

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	15,470,000	USD	4,071,757	$	3,978,335		07/30/2018	$	(93,422	)
	INR	162,040,000	USD	2,362,058		2,357,978		07/30/2018		(4,080	)
	MXN	10,990,000	USD	557,448		551,497		07/24/2018		(5,951	)
	NOK	52,060,000	USD	6,404,059		6,397,658		07/24/2018		(6,401	)
	PEN	1,510,000	USD	460,772		459,805		07/02/2018		(967	)
	PEN	4,730,000	USD	1,439,440		1,438,913		07/27/2018		(527	)
	TRY	1,370,000	USD	297,033		295,536		07/24/2018		(1,497	)
	TWD	3,710,000	USD	122,076		122,002		07/30/2018		(74	)
	USD	2,024,344	AUD	2,740,000		2,027,860		07/24/2018		(3,516	)
	USD	1,976,873	CAD	2,630,000		2,001,299		07/24/2018		(24,426	)
	USD	12,436,580	CHF	12,320,000		12,463,069		07/24/2018		(26,489	)
	USD	3,839,736	CZK	85,420,000		3,846,095		07/24/2018		(6,359	)
	USD	7,583,151	EUR	6,530,000		7,637,604		07/24/2018		(54,453	)
	USD	381,659	KRW	427,340,000		383,943		07/30/2018		(2,284	)
	USD	257,419	NOK	2,100,000		258,070		07/24/2018		(651	)
	USD	128,652	NZD	190,000		128,689		07/24/2018		(37	)
	USD	1,333,148	PHP	71,460,000		1,336,310		07/30/2018		(3,162	)
	USD	329,436	TWD	10,030,000		329,832		07/30/2018		(396	)
	ZAR	78,410,000	USD	5,744,974		5,700,446		07/24/2018		(44,528	)
TOTAL									$	(279,220	)

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		33		08/29/2018	$	4,139,850	$	(142,348	)
3 Month Canadian Bankers Acceptance		4		09/17/2018		745,750		(255	)
3 Month Canadian Bankers Acceptance		3		12/17/2018		558,400		(396	)
3 Month Canadian Bankers Acceptance		1		03/18/2019		185,857		(220	)
3 Month Sterling		5		09/19/2018		818,121		(282	)
3 Month Sterling		3		12/19/2018		490,601		(24	)
3 Month Sterling		3		03/20/2019		490,254		76
3 Month Sterling		2		06/19/2019		326,638		110
3 Month Sterling		2		09/18/2019		326,440		111
3 Month Sterling		1		12/18/2019		163,105		64
3 Month Sterling		1		03/18/2020		163,022		22
3 Month Sterling		1		06/17/2020		162,956		14
Amsterdam Exchange Index		2		07/20/2018		257,663		(5,406	)
ASX 90 Day Bank Accepted Bill		1		12/13/2018		736,418		(2	)
ASX 90 Day Bank Accepted Bill		4		03/07/2019		2,945,529		232
Australia 10 Year Bond		564		09/17/2018		53,994,033		538,732
Brent Crude Oil		48		07/31/2018		3,803,040		100,104
CAC 40 10 Euro Index		5		07/20/2018		310,664		(7,475	)
Coffee ’C’		70		09/18/2018		3,021,375		(49,458	)
EURO STOXX 50 Index		7		09/21/2018		277,201		(6,188	)
Euro-Bobl		20		09/06/2018		3,086,963		11,313
Euro-Bund		105		09/06/2018		19,931,719		154,646
Euro-Buxl		2		09/06/2018		415,036		7,398
Euro-OAT		7		09/06/2018		1,263,303		8,307
Euro-Schatz		25		09/06/2018		3,272,322		2,194
Feeder Cattle		11		08/30/2018		832,287		8,218

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
FTSE 100 Index		6			09/21/2018	$	601,925		$	(4,058	)
Japan 10 Year Bond		26			09/12/2018		35,422,842			(269	)
Lean Hogs		73			08/14/2018		2,232,340			(21,370	)
Live Cattle		9			08/31/2018		384,210			4,642
LME Aluminum Base Metal		42			07/16/2018		2,272,200			(212,039	)
LME Aluminum Base Metal		60			08/13/2018		3,190,500			(217,038	)
LME Lead Base Metal		48			07/16/2018		2,894,100			45,751
LME Lead Base Metal		44			08/13/2018		2,651,825			(101,707	)
LME Nickel Base Metal		30			07/16/2018		2,670,390			73,826
LME Nickel Base Metal		24			08/13/2018		2,140,632			(77,247	)
LME Zinc Base Metal		29			07/16/2018		2,096,337			(148,686	)
LME Zinc Base Metal		39			08/13/2018		2,790,937			(235,393	)
Low Sulphur Gasoil		5			08/10/2018		338,375			4,990
MSCI Taiwan Index		4			07/30/2018		155,040			385
NASDAQ 100 E-mini Index		3			09/21/2018		424,005			(7,778	)
OMXS30 Index		9			07/20/2018		156,854			(934	)
Russell 2000 E-Mini Index		6			09/21/2018		494,250			(8,667	)
S&P 500 E-Mini Index		41			09/21/2018		5,579,280			(32,158	)
S&P Midcap 400 E-Mini Index		2			09/21/2018		391,220			(10,139	)
S&P/TSX 60 Index		4			09/20/2018		586,194			1,934
Silver		13			09/26/2018		1,052,870			(31,052	)
TOPIX Index		1			09/13/2018		156,302			(3,843	)
U.S. Treasury 10 Year Note		94			09/19/2018		11,297,625			64,801
WTI Crude Oil		36			07/20/2018		2,669,400			188,371
Total									$	(108,191	)
Short position contracts:
3 Month Eurodollar		(8	)		09/17/2018		(1,950,900	)		7,469
3 Month Eurodollar		(11	)		12/17/2018		(2,677,400	)		10,587
3 Month Eurodollar		(12	)		03/18/2019		(2,917,200	)		13,485
3 Month Eurodollar		(13	)		06/17/2019		(3,157,212	)		16,320
3 Month Eurodollar		(13	)		09/16/2019		(3,155,100	)		16,662
3 Month Eurodollar		(11	)		12/16/2019		(2,668,462	)		16,375
3 Month Eurodollar		(11	)		03/16/2020		(2,668,050	)		5,775
3 Month Eurodollar		(10	)		06/15/2020		(2,425,500	)		(1,019	)
ASX 90 Day Bank Accepted Bill		(7	)		09/13/2018		(5,154,928	)		218
Canada 10 Year Bond		(169	)		09/19/2018		(17,574,252	)		(25,637	)
Cocoa		(62	)		09/13/2018		(1,557,440	)		(59,965	)
Copper		(57	)		09/26/2018		(4,226,550	)		166,593
Corn		(194	)		09/14/2018		(3,487,150	)		204,864
Cotton No. 2		(90	)		12/06/2018		(3,776,400	)		311,091
Euro-BTP		(3	)		09/06/2018		(445,773	)		(1,481	)
FTSE/JSE Top 40 Index		(4	)		09/20/2018		(150,716	)		(5,117	)
FTSE/MIB Index		(1	)		09/21/2018		(125,936	)		31
IBEX 35 Index		(1	)		07/20/2018		(112,130	)		(44	)
KC HRW Wheat		(57	)		09/14/2018		(1,392,225	)		156,717
KOSPI 200 Index		(6	)		09/13/2018		(403,768	)		4,160
LME Aluminum Base Metal		(42	)		07/16/2018		(2,272,200	)		172,811
LME Aluminum Base Metal		(2	)		08/13/2018		(106,350	)		2,219
LME Lead Base Metal		(48	)		07/16/2018		(2,894,100	)		64,038
LME Lead Base Metal		(9	)		08/13/2018		(542,419	)		4,141
LME Nickel Base Metal		(30	)		07/16/2018		(2,670,390	)		53,893
LME Nickel Base Metal		(8	)		08/13/2018		(713,544	)		(3,602	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
LME Zinc Base Metal		(29	)		07/16/2018	$	(2,096,337	)	$	190,744
LME Zinc Base Metal		(2	)		08/13/2018		(143,125	)		2,995
Long Gilt		(261	)		09/26/2018		(42,388,600	)		(97,179	)
Natural Gas		(91	)		07/27/2018		(2,660,840	)		1,759
NY Harbor ULSD		(5	)		07/31/2018		(464,037	)		(22,169	)
RBOB Gasoline		(53	)		07/31/2018		(4,788,571	)		(137,991	)
Soybean		(80	)		11/14/2018		(3,520,000	)		401,835
Sugar No. 11		(76	)		09/28/2018		(1,042,720	)		14,903
U.S. Treasury 2 Year Note		(17	)		09/28/2018		(3,601,078	)		(1,795	)
U.S. Treasury 5 Year Note		(17	)		09/28/2018		(1,931,492	)		(7,277	)
U.S. Treasury Long Bond		(2	)		09/19/2018		(290,000	)		(5,294	)
Wheat		(7	)		09/14/2018		(175,438	)		4,303
Total									$	1,475,418
Total Futures Contracts									$	1,367,227

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2018(a)	Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased (b):
iTraxx Europe Index		(1.000)%	0.735%		06/20/2023		EUR	350	$	(5,411	)	$	(5,293	)	$	(118	)
Protection Sold (c):
iTraxx Europe Crossover Index		5.000	3.200		06/20/2023			500		47,293			59,341			(12,048	)
Markit CDX North America High Yield Index		5.000	3.584		06/20/2023		USD	800		48,145			46,721			1,424
Markit CDX North America Investment Grade Index		1.000	0.672		06/20/2023			1,100		16,792			18,795			(2,003	)
TOTAL									$	106,819		$	119,564		$	(12,745	)

(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b) Payments made quarterly

(c) Payments received quarterly.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index*	Financing Rate Received (Paid) by the Fund	Counterparty	Termination Date	Notional Amount (000’s)			Unrealized Appreciation/ (Depreciation)(a)
A basket (DBGSLBJP) of common stocks(b)	(0.041)%	Deutsche Bank AG	09/19/2018		JPY	1,540,876	$	(87,432	)
A basket (DBGSLBJP) of common stocks(b)	(0.043)		09/19/2018			135,367		—
A basket (DBGSLBUK) of common stocks(b)	(0.659)		08/02/2018		GBP	720		—
A basket (DBGSLBUK) of common stocks(b)	(0.664)		08/02/2018			9,717		158,472
A basket (DBGSLBUK) of common stocks(b)	(0.668)		08/02/2018			861		13,450

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Referenced Obligation/Index*	Financing Rate Received (Paid) by the Fund		Counterparty		Termination Date		Notional Amount (000’s)				Unrealized Appreciation/ (Depreciation)(a)
A basket (DBGSMOJP) of common stocks(b)		(0.041)%				09/19/2018		JPY	2,408,523		$	(39,761	)
A basket (DBGSMOJP) of common stocks(b)		(0.043)				09/19/2018			202,990			—
A basket (DBGSMOUK) of common stocks(b)		(0.659)				08/02/2018		GBP	622			—
A basket (DBGSMOUK) of common stocks(b)		(0.664)				08/02/2018			7,761			108,928
A basket (DBGSMOUK) of common stocks(b)		(0.668)				08/02/2018			603			7,883
A basket (DBGSQUJP) of common stocks(b)		(0.041)				09/19/2018		JPY	2,497,455			(55,692	)
A basket (DBGSQUJP) of common stocks(b)		(0.043)				09/19/2018			216,497			—
A basket (DBGSQUUK) of common stocks(b)		(0.659)				08/02/2018		GBP	827			—
A basket (DBGSQUUK) of common stocks(b)		(0.664)				08/02/2018			11,858			204,697
A basket (DBGSVAJP) of common stocks(b)		(0.041)				09/19/2018		JPY	3,441,470			203,747
A basket (DBGSVAJP) of common stocks(b)		(0.043)				09/19/2018			306,804			—
A basket (DBGSVAUK) of common stocks(b)		(0.659)				08/02/2018		GBP	719			—
A basket (DBGSVAUK) of common stocks(b)		(0.664)				08/02/2018			8,740			114,205
A basket (DBGSVAUK) of common stocks(b)		(0.668)				08/02/2018			1,435			17,232
FSTE 100 Total Return Index(c)		0.664				08/02/2018			32,366			(556,566	)
FSTE 100 Total Return Index(c)		0.668				08/02/2018			9,614			(169,846	)
Topix Total Return Index(c)		0.041				09/19/2018		JPY	9,884,192			30,550
Topix Total Return Index(c)		0.043				09/19/2018			846,154			—
A basket (JPBILBEU) of common stocks(b)		(0.370)		JPMorgan Chase Bank NA		03/04/2019		EUR	12,593			18,719
A basket (JPBILBEU) of common stocks(b)		(0.370)				03/04/2019			1,034	(d)		—
A basket (JPBIMOEU) of common stocks(b)		(0.370)				03/04/2019			9,378			(23,132	)
A basket (JPBIMOEU) of common stocks(b)		(0.370)				03/04/2019			746	(d)		—
A basket (JPBIQUEU) of common stocks(b)		(0.370)				03/04/2019			14,196			(102,980	)
A basket (JPBIQUEU) of common stocks(b)		(0.370)				03/04/2019			1,119	(d)		—
A basket (JPBIVAEU) of common stocks(b)		(0.370)				03/04/2019			12,851			(69,442	)
A basket (JPBIVAEU) of common stocks(b)		(0.370)				03/04/2019			1,008	(d)		—
A basket (JPGSLBUS) of common stocks(b)		(2.090)				08/31/2018		USD	1,688	(d)		—
A basket (JPGSLBUS) of common stocks(b)		(2.102)				08/31/2018			13,903			156,645
A basket (JPGSMOUS) of common stocks(b)		(2.090)				08/31/2018			3,165	(d)		—
A basket (JPGSMOUS) of common stocks(b)		(2.102)				08/31/2018			27,306			(856,450	)
A basket (JPGSQUUS) of common stocks(b)		(2.090)				08/31/2018			2,789	(d)		—
A basket (JPGSQUUS) of common stocks(b)		(2.102)				08/31/2018			23,473			(365,040	)
A basket (JPGSVAUS) of common stocks(b)		(2.090)				08/31/2018			2,156	(d)		—
A basket (JPGSVAUS) of common stocks(b)		(2.102)				08/31/2018			18,441			(431,099	)
Euro Stoxx 50 Net Return Index(c)		0.370				03/04/2019		EUR	48,760			617,714
S&P 500 Total Return Index(c)		2.098				08/31/2018		USD	9,016			—
S&P 500 Total Return Index(c)		2.102				08/31/2018			76,655			121,398
TOTAL											$	(983,800	)

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made weekly.

(c) Payments received weekly.

(d) Represents forward starting total return swaps whose effective date of commencement of accruals and cash flows occur subsequent to June 30, 2018.

* The top 50 components are shown below

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

A basket (DBGSLBJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Nippon Telegraph & Telephone Corp	Telecommunication Services		8,166	$	371,201		2.45	%
Kao Corp	Consumer Staples		3,671		280,024		1.85
KDDI Corp	Telecommunication Services		10,041		274,735		1.82
NTT DOCOMO Inc	Telecommunication Services		10,216		260,293		1.72
Keyence Corp	Information Technology		456		257,673		1.70
Japan Tobacco Inc	Consumer Staples		8,564		239,263		1.58
Oriental Land Co Ltd/Japan	Consumer Discretionary		2,182		228,986		1.51
Canon Inc	Information Technology		6,909		226,443		1.50
Astellas Pharma Inc	Health Care		14,500		221,070		1.46
East Japan Railway Co	Industrials		2,120		203,139		1.34
FANUC Corp	Industrials		925		183,687		1.21
Nitori Holdings Co Ltd	Consumer Discretionary		1,177		183,583		1.21
Ryohin Keikaku Co Ltd	Consumer Discretionary		519		182,556		1.21
Daito Trust Construction Co Ltd	Real Estate		1,122		182,452		1.21
Japan Airlines Co Ltd	Industrials		5,017		177,880		1.18
Terumo Corp	Health Care		3,099		177,630		1.17
Daiichi Sankyo Co Ltd	Health Care		4,622		176,783		1.17
West Japan Railway Co	Industrials		2,394		176,408		1.17
Nagoya Railroad Co Ltd	Industrials		6,350		163,949		1.08
CyberAgent Inc	Consumer Discretionary		2,694		161,950		1.07
Otsuka Corp	Information Technology		4,115		161,402		1.07
Park24 Co Ltd	Industrials		5,874		159,868		1.06
Otsuka Holdings Co Ltd	Health Care		3,293		159,448		1.05
Square Enix Holdings Co Ltd	Information Technology		3,206		157,415		1.04
Kintetsu Group Holdings Co Ltd	Industrials		3,842		156,755		1.04
Nidec Corp	Industrials		1,026		154,041		1.02
Toray Industries Inc	Materials		19,448		153,433		1.01
Mitsubishi Tanabe Pharma Corp	Health Care		8,792		151,910		1.00
Sumitomo Osaka Cement Co Ltd	Materials		31,873		149,323		0.99
Tobu Railway Co Ltd	Industrials		4,860		148,726		0.98
Sankyo Co Ltd	Consumer Discretionary		3,749		146,698		0.97
M3 Inc	Health Care		3,662		145,926		0.96
Benesse Holdings Inc	Consumer Discretionary		4,090		145,110		0.96
JXTG Holdings Inc	Energy		20,866		145,073		0.96
Hankyu Hanshin Holdings Inc	Industrials		3,574		143,733		0.95
Relo Group Inc	Real Estate		5,367		141,665		0.94
Yamato Holdings Co Ltd	Industrials		4,806		141,603		0.94
Tokyo Gas Co Ltd	Utilities		5,330		141,479		0.93
Central Japan Railway Co	Industrials		679		140,660		0.93
Maruichi Steel Tube Ltd	Materials		4,136		140,182		0.93
Secom Co Ltd	Industrials		1,816		139,419		0.92
NTT Data Corp	Information Technology		12,053		138,832		0.92
Itochu Techno-Solutions Corp	Information Technology		8,035		138,827		0.92
Mitsui & Co Ltd	Industrials		8,276		138,029		0.91
Obayashi Corp	Industrials		13,181		137,183		0.91
Ono Pharmaceutical Co Ltd	Health Care		5,844		137,000		0.91
Osaka Gas Co Ltd	Utilities		6,599		136,556		0.90
Eisai Co Ltd	Health Care		1,933		136,167		0.90
Chugoku Electric Power Co Inc/The	Utilities		10,459		135,204		0.89
ABC-Mart Inc	Consumer Discretionary		2,443		133,647		0.88

A basket (DBGSLBUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
HSBC Holdings PLC	Financials		92,739	$	869,611		5.83	%
British American Tobacco PLC	Consumer Staples		15,407		778,542		5.22
GlaxoSmithKline PLC	Health Care		33,687		679,938		4.56
Diageo PLC	Consumer Staples		18,161		652,219		4.37
Reckitt Benckiser Group PLC	Consumer Staples		7,082		582,954		3.91

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Unilever PLC	Consumer Staples		10,191	$	563,643		3.78	%
AstraZeneca PLC	Health Care		7,771		538,571		3.61
Imperial Brands PLC	Consumer Staples		12,184		453,662		3.04
Compass Group PLC	Consumer Discretionary		20,693		441,896		2.96
Vodafone Group PLC	Telecommunication Services		161,964		392,812		2.63
Next PLC	Consumer Discretionary		4,811		384,008		2.57
Randgold Resources Ltd	Materials		4,872		374,103		2.51
RELX PLC	Industrials		16,909		361,967		2.43
Severn Trent PLC	Utilities		13,215		345,146		2.31
United Utilities Group PLC	Utilities		32,925		331,550		2.22
Pennon Group PLC	Utilities		30,379		318,414		2.13
Carnival PLC	Consumer Discretionary		5,479		314,240		2.11
Rentokil Initial PLC	Industrials		66,530		307,933		2.06
NMC Health PLC	Health Care		6,336		299,459		2.01
Fresnillo PLC	Materials		19,431		293,160		1.97
BT Group PLC	Telecommunication Services		101,425		291,465		1.95
BAE Systems PLC	Industrials		33,476		285,682		1.92
Smith & Nephew PLC	Health Care		15,036		277,348		1.86
Kingfisher PLC	Consumer Discretionary		69,916		273,972		1.84
Paddy Power Betfair PLC	Consumer Discretionary		2,475		271,088		1.82
Inmarsat PLC	Telecommunication Services		37,332		270,907		1.82
Bunzl PLC	Industrials		8,694		263,266		1.76
Informa PLC	Consumer Discretionary		23,779		261,977		1.76
Croda International PLC	Materials		3,970		251,507		1.69
SSE PLC	Utilities		13,974		249,817		1.67
Cobham PLC	Industrials		136,895		232,366		1.56
Phoenix Group Holdings	Financials		21,712		193,938		1.30
Halma PLC	Information Technology		10,258		185,420		1.24
DCC PLC	Industrials		1,982		180,283		1.21
Sage Group PLC/The	Information Technology		19,710		163,467		1.10
Centrica PLC	Utilities		74,146		154,224		1.03
Intertek Group PLC	Industrials		2,011		151,653		1.02
RPC Group PLC	Materials		15,243		150,479		1.01
Electrocomponents PLC	Information Technology		14,046		140,475		0.94
Micro Focus International PLC	Information Technology		7,955		138,920		0.93
easyJet PLC	Industrials		6,227		137,452		0.92
Cineworld Group PLC	Consumer Discretionary		36,919		129,375		0.87
RSA Insurance Group PLC	Financials		13,163		117,990		0.79
Dixons Carphone PLC	Consumer Discretionary		45,011		110,817		0.74
Whitbread PLC	Consumer Discretionary		2,087		109,035		0.73
Segro PLC	Real Estate		11,191		98,840		0.66
Spirax-Sarco Engineering PLC	Industrials		1,106		95,101		0.64
Associated British Foods PLC	Consumer Staples		2,301		83,123		0.56
Pearson PLC	Consumer Discretionary		6,177		72,127		0.48
Marks & Spencer Group PLC	Consumer Discretionary		17,643		68,693		0.46

A basket (DBGSMOJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Sony Corp	Consumer Discretionary		10,439	$	533,734		2.26	%
Keyence Corp	Information Technology		821		463,628		1.97
Nidec Corp	Industrials		3,013		452,172		1.92
Mitsubishi Corp	Industrials		15,169		421,480		1.79
Honda Motor Co Ltd	Consumer Discretionary		14,291		419,657		1.78
Nintendo Co Ltd	Information Technology		1,248		407,774		1.73
Oriental Land Co Ltd/Japan	Consumer Discretionary		3,847		403,646		1.71
Daiichi Sankyo Co Ltd	Health Care		10,246		391,862		1.66
ITOCHU Corp	Industrials		21,092		382,216		1.62
Recruit Holdings Co Ltd	Industrials		13,375		370,165		1.57
Mitsui & Co Ltd	Industrials		21,708		362,035		1.54
JXTG Holdings Inc	Energy		51,063		355,017		1.51

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Terumo Corp	Health Care		5,672	$	325,151		1.38	%
Sysmex Corp	Health Care		3,463		323,196		1.37
Sumitomo Corp	Industrials		19,055		313,049		1.33
Komatsu Ltd	Industrials		10,682		305,482		1.30
Kose Corp	Consumer Staples		1,404		302,522		1.28
Sumitomo Metal Mining Co Ltd	Materials		7,471		285,822		1.21
Showa Denko KK	Materials		6,391		283,847		1.20
Kao Corp	Consumer Staples		3,713		283,220		1.20
Japan Airlines Co Ltd	Industrials		7,930		281,196		1.19
CyberAgent Inc	Consumer Discretionary		4,624		277,992		1.18
Yaskawa Electric Corp	Information Technology		7,827		276,617		1.17
Asahi Kasei Corp	Materials		21,407		272,086		1.15
TechnoPro Holdings Inc	Industrials		4,205		258,475		1.10
Otsuka Corp	Information Technology		6,434		252,339		1.07
Shimadzu Corp	Information Technology		8,314		251,429		1.07
SBI Holdings Inc/Japan	Financials		9,572		246,592		1.05
JGC Corp	Industrials		11,918		240,236		1.02
Eisai Co Ltd	Health Care		3,389		238,735		1.01
Tokyo Century Corp	Financials		4,185		237,227		1.01
M3 Inc	Health Care		5,951		237,152		1.01
Ryohin Keikaku Co Ltd	Consumer Discretionary		672		236,748		1.00
Yamaha Corp	Consumer Discretionary		4,550		236,593		1.00
Sumitomo Mitsui Trust Holdings Inc	Financials		5,907		234,230		0.99
Don Quijote Holdings Co Ltd	Consumer Discretionary		4,814		231,178		0.98
Nihon M&A Center Inc	Industrials		7,951		230,745		0.98
Sumitomo Realty & Development Co Ltd	Real Estate		6,215		229,385		0.97
Denso Corp	Consumer Discretionary		4,694		229,308		0.97
Daifuku Co Ltd	Industrials		5,156		225,949		0.96
TOTO Ltd	Industrials		4,867		225,835		0.96
Kakaku.com Inc	Information Technology		9,904		223,681		0.95
TDK Corp	Information Technology		2,184		223,123		0.95
Seino Holdings Co Ltd	Industrials		12,403		219,896		0.93
PeptiDream Inc	Health Care		5,230		217,624		0.92
Nitori Holdings Co Ltd	Consumer Discretionary		1,395		217,555		0.92
Obic Co Ltd	Information Technology		2,597		214,965		0.91
Astellas Pharma Inc	Health Care		14,044		214,125		0.91
Chugai Pharmaceutical Co Ltd	Health Care		4,079		213,945		0.91
Hitachi Construction Machinery Co Ltd	Industrials		6,562		213,230		0.90

A basket (DBGSMOUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Royal Dutch Shell PLC	Energy		25,753	$	893,302		7.53	%
Royal Dutch Shell PLC	Energy		22,840		817,720		6.89
BP PLC	Energy		90,714		692,159		5.83
Rio Tinto PLC	Materials		8,338		462,173		3.90
BHP Billiton PLC	Materials		18,578		418,162		3.53
AstraZeneca PLC	Health Care		5,940		411,692		3.47
Evraz PLC	Materials		57,484		385,595		3.25
Anglo American PLC	Materials		16,986		379,833		3.20
Tesco PLC	Consumer Staples		109,375		370,443		3.12
Segro PLC	Real Estate		40,183		354,899		2.99
TUI AG	Consumer Discretionary		15,920		349,216		2.94
NMC Health PLC	Health Care		6,931		327,556		2.76
Ashtead Group PLC	Industrials		10,886		326,468		2.75
Glencore PLC	Materials		67,383		321,833		2.71
Hargreaves Lansdown PLC	Financials		11,502		299,186		2.52
Rotork PLC	Industrials		67,467		297,936		2.51
Legal & General Group PLC	Financials		84,332		295,970		2.49

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Royal Mail PLC	Industrials		42,543	$	283,684		2.39	%
Beazley PLC	Financials		33,895		262,069		2.21
Croda International PLC	Materials		3,949		250,220		2.11
Prudential PLC	Financials		9,915		226,911		1.91
Old Mutual PLC	Financials		97,918		219,973		1.85
Smurfit Kappa Group PLC	Materials		5,405		218,658		1.84
Just Eat PLC	Information Technology		20,905		214,862		1.81
easyJet PLC	Industrials		9,262		204,452		1.72
Berkeley Group Holdings PLC	Consumer Discretionary		4,066		203,031		1.71
Persimmon PLC	Consumer Discretionary		5,942		198,598		1.67
Rentokil Initial PLC	Industrials		42,233		195,475		1.65
Man Group PLC	Financials		78,956		183,974		1.55
Informa PLC	Consumer Discretionary		16,696		183,939		1.55
Bellway PLC	Consumer Discretionary		3,736		148,082		1.25
Redrow PLC	Consumer Discretionary		20,466		143,922		1.21
Bodycote PLC	Industrials		10,648		137,616		1.16
DS Smith PLC	Materials		18,552		127,574		1.08
Pearson PLC	Consumer Discretionary		9,984		116,582		0.98
Ascential PLC	Consumer Discretionary		19,470		116,266		0.98
Ferguson PLC	Industrials		1,350		109,533		0.92
Burberry Group PLC	Consumer Discretionary		3,695		105,314		0.89
Schroders PLC	Financials		2,453		102,222		0.86
Halma PLC	Information Technology		4,976		89,948		0.76
Sophos Group PLC	Information Technology		10,413		87,791		0.74
RSA Insurance Group PLC	Financials		8,285		74,264		0.63
Quilter PLC	Financials		32,639		62,410		0.53
Pagegroup PLC	Industrials		7,687		57,151		0.48
3i Group PLC	Financials		4,319		51,325		0.43
Electrocomponents PLC	Information Technology		4,504		45,040		0.38
Weir Group PLC/The	Industrials		1,428		37,692		0.32

A basket (DBGSQUJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Kose Corp	Consumer Staples		5,839	$	1,258,203		5.14	%
Kao Corp	Consumer Staples		14,615		1,114,788		4.55
NTT DOCOMO Inc	Telecommunication Services		31,598		805,059		3.29
Hoya Corp	Health Care		10,389		590,750		2.41
Canon Inc	Information Technology		13,863		454,372		1.85
Recruit Holdings Co Ltd	Industrials		16,164		447,349		1.83
Shionogi & Co Ltd	Health Care		8,221		422,327		1.72
Hitachi Ltd	Information Technology		54,372		383,616		1.57
East Japan Railway Co	Industrials		3,958		379,220		1.55
FUJIFILM Holdings Corp	Information Technology		9,633		376,181		1.54
Nippon Telegraph & Telephone Corp	Telecommunication Services		7,754		352,501		1.44
Daikin Industries Ltd	Industrials		2,886		345,674		1.41
Tokio Marine Holdings Inc	Financials		7,337		343,944		1.40
Eisai Co Ltd	Health Care		4,675		329,369		1.34
Japan Airlines Co Ltd	Industrials		8,956		317,548		1.30
Bridgestone Corp	Consumer Discretionary		7,795		304,894		1.24
Shimadzu Corp	Information Technology		9,996		302,295		1.23
Kubota Corp	Industrials		19,133		301,031		1.23
Disco Corp	Information Technology		1,748		298,384		1.22
Dai-ichi Life Holdings Inc	Financials		16,497		294,268		1.20
Advantest Corp	Information Technology		13,908		289,762		1.18
Resona Holdings Inc	Financials		53,798		287,782		1.17
Suzuki Motor Corp	Consumer Discretionary		5,132		283,395		1.16
Mitsubishi Heavy Industries Ltd	Industrials		7,710		280,561		1.15
Mazda Motor Corp	Consumer Discretionary		22,390		274,871		1.12

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
CyberAgent Inc	Consumer Discretionary		4,549	$	273,461		1.12	%
TOTO Ltd	Industrials		5,868		272,261		1.11
Taisei Corp	Industrials		4,936		272,243		1.11
Kyushu Railway Co	Industrials		8,641		264,415		1.08
Mitsubishi Motors Corp	Consumer Discretionary		32,343		257,803		1.05
Ryohin Keikaku Co Ltd	Consumer Discretionary		725		255,199		1.04
Central Japan Railway Co	Industrials		1,227		254,304		1.04
IHI Corp	Industrials		7,295		254,202		1.04
Seven Bank Ltd	Financials		82,852		253,537		1.03
Daiwa House Industry Co Ltd	Real Estate		7,423		253,017		1.03
Casio Computer Co Ltd	Consumer Discretionary		15,232		247,772		1.01
Aozora Bank Ltd	Financials		6,400		243,494		0.99
Shimano Inc	Consumer Discretionary		1,645		241,450		0.99
Nitori Holdings Co Ltd	Consumer Discretionary		1,532		238,926		0.98
Japan Exchange Group Inc	Financials		12,537		233,022		0.95
SG Holdings Co Ltd	Industrials		10,620		232,962		0.95
Astellas Pharma Inc	Health Care		15,016		228,942		0.93
LINE Corp	Information Technology		5,420		225,804		0.92
Fuji Electric Co Ltd	Industrials		28,995		220,907		0.90
Panasonic Corp	Consumer Discretionary		16,036		216,199		0.88
Fujitsu Ltd	Information Technology		35,131		213,046		0.87
Mitsubishi Estate Co Ltd	Real Estate		12,020		210,169		0.86
Skylark Holdings Co Ltd	Consumer Discretionary		14,112		208,783		0.85
Sompo Holdings Inc	Financials		5,145		208,059		0.85
Tokyo Gas Co Ltd	Utilities		7,686		204,022		0.83

A basket (DBGSQUUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Royal Dutch Shell PLC	Energy		81,236	$	2,817,838		16.83	%
GlaxoSmithKline PLC	Health Care		84,078		1,697,040		10.13
Imperial Brands PLC	Consumer Staples		32,352		1,204,587		7.19
HSBC Holdings PLC	Financials		127,881		1,199,136		7.16
CRH PLC	Materials		27,382		966,426		5.77
Unilever PLC	Consumer Staples		16,270		899,880		5.37
Diageo PLC	Consumer Staples		15,853		569,358		3.40
SSE PLC	Utilities		28,417		508,041		3.03
Anglo American PLC	Materials		22,492		502,952		3.00
Prudential PLC	Financials		21,322		487,961		2.91
Vodafone Group PLC	Telecommunication Services		175,045		424,537		2.53
Burberry Group PLC	Consumer Discretionary		10,623		302,742		1.81
BHP Billiton PLC	Materials		12,980		292,156		1.74
Legal & General Group PLC	Financials		75,975		266,642		1.59
Pearson PLC	Consumer Discretionary		20,100		234,698		1.40
Ocado Group PLC	Consumer Discretionary		17,229		233,564		1.39
RELX PLC	Industrials		10,072		215,619		1.29
International Consolidated Airlines Group	Industrials		24,106		211,191		1.26
Hargreaves Lansdown PLC	Financials		8,004		208,207		1.24
Intertek Group PLC	Industrials		2,730		205,898		1.23
3i Group PLC	Financials		16,367		194,476		1.16
Whitbread PLC	Consumer Discretionary		3,542		185,039		1.10
Jupiter Fund Management PLC	Financials		26,958		158,636		0.95
BT Group PLC	Telecommunication Services		52,505		150,885		0.90
St James’s Place PLC	Financials		9,302		140,839		0.84
Royal Mail PLC	Industrials		20,884		139,256		0.83
Merlin Entertainments PLC	Consumer Discretionary		25,605		130,642		0.78
Man Group PLC	Financials		55,395		129,076		0.77
Schroders PLC	Financials		3,017		125,705		0.75
Smiths Group PLC	Industrials		5,486		122,912		0.73

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Cobham PLC	Industrials		70,795	$	120,168		0.72	%
Segro PLC	Real Estate		13,127		115,941		0.69
Berkeley Group Holdings PLC	Consumer Discretionary		2,199		109,835		0.66
Land Securities Group PLC	Real Estate		8,438		106,529		0.64
Paddy Power Betfair PLC	Consumer Discretionary		971		106,351		0.64
Rolls-Royce Holdings PLC	Industrials		8,051		104,968		0.63
Hammerson PLC	Real Estate		14,192		97,854		0.58
Tritax Big Box REIT PLC	Real Estate		47,270		97,229		0.58
Intu Properties PLC	Real Estate		39,087		92,934		0.55
DCC PLC	Industrials		975		88,698		0.53
Old Mutual PLC	Financials		39,016		87,649		0.52
TUI AG	Consumer Discretionary		3,815		83,672		0.50
IMI PLC	Industrials		5,594		83,546		0.50
Just Eat PLC	Information Technology		7,265		74,665		0.45
InterContinental Hotels Group PLC	Consumer Discretionary		1,181		73,517		0.44
easyJet PLC	Industrials		2,935		64,781		0.39
Auto Trader Group PLC	Information Technology		11,063		62,168		0.37
Great Portland Estates PLC	Real Estate		6,121		57,696		0.34
Pagegroup PLC	Industrials		5,259		39,102		0.23
Spectris PLC	Information Technology		963		33,172		0.20

A basket (DBGSVAJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Japan Tobacco Inc	Consumer Staples		203,521	$	5,686,026		9.87	%
Sony Corp	Consumer Discretionary		43,242		2,210,871		3.84
Nippon Telegraph & Telephone Corp	Telecommunication Services		46,900		2,132,059		3.70
Honda Motor Co Ltd	Consumer Discretionary		66,143		1,942,258		3.37
Astellas Pharma Inc	Health Care		93,519		1,425,821		2.48
Sumitomo Mitsui Financial Group Inc	Financials		34,617		1,345,574		2.34
Mazda Motor Corp	Consumer Discretionary		109,239		1,341,078		2.33
Mitsubishi Corp	Industrials		44,175		1,227,383		2.13
Mitsubishi UFJ Financial Group Inc	Financials		201,352		1,147,084		1.99
Hitachi Ltd	Information Technology		157,495		1,111,191		1.93
Sekisui House Ltd	Consumer Discretionary		62,256		1,101,472		1.91
Mitsui & Co Ltd	Industrials		63,809		1,064,161		1.85
Suzuki Motor Corp	Consumer Discretionary		18,608		1,027,648		1.78
Mizuho Financial Group Inc	Financials		583,317		982,013		1.70
Mitsubishi Heavy Industries Ltd	Industrials		26,554		966,223		1.68
Shionogi & Co Ltd	Health Care		18,625		956,783		1.66
ORIX Corp	Financials		60,039		949,529		1.65
Marubeni Corp	Industrials		121,225		924,776		1.61
Japan Post Holdings Co Ltd	Financials		83,538		914,710		1.59
ITOCHU Corp	Industrials		50,299		911,499		1.58
Rakuten Inc	Consumer Discretionary		131,164		887,298		1.54
Sumitomo Corp	Industrials		51,210		841,327		1.46
Sojitz Corp	Industrials		223,201		809,950		1.41
FUJIFILM Holdings Corp	Information Technology		19,988		780,529		1.36
Central Japan Railway Co	Industrials		3,695		765,915		1.33
Toyota Tsusho Corp	Industrials		22,638		758,143		1.32
Sumitomo Electric Industries Ltd	Consumer Discretionary		47,411		706,162		1.23
Kajima Corp	Industrials		87,614		678,580		1.18
JXTG Holdings Inc	Energy		97,575		678,388		1.18
Dai-ichi Life Holdings Inc	Financials		37,596		670,606		1.16
Fujitsu Ltd	Information Technology		108,703		659,205		1.14
Taisei Corp	Industrials		11,310		623,775		1.08
KDDI Corp	Telecommunication Services		22,692		620,867		1.08
Credit Saison Co Ltd	Financials		39,389		620,098		1.08
Subaru Corp	Consumer Discretionary		21,260		618,926		1.07

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Mitsubishi Tanabe Pharma Corp	Health Care		34,743	$	600,272		1.04	%
Canon Inc	Information Technology		18,274		598,947		1.04
Nippon Electric Glass Co Ltd	Information Technology		20,964		582,856		1.01
Isuzu Motors Ltd	Consumer Discretionary		40,909		543,399		0.94
Shinsei Bank Ltd	Financials		33,318		513,091		0.89
NTT Data Corp	Information Technology		44,375		511,125		0.89
Nomura Holdings Inc	Financials		100,827		489,847		0.85
Santen Pharmaceutical Co Ltd	Health Care		27,115		472,642		0.82
Eisai Co Ltd	Health Care		6,669		469,783		0.82
Mitsubishi Chemical Holdings Corp	Materials		55,241		462,447		0.80
Seino Holdings Co Ltd	Industrials		25,996		460,880		0.80
IHI Corp	Industrials		13,161		458,589		0.80
DeNA Co Ltd	Information Technology		23,685		444,076		0.77
Bridgestone Corp	Consumer Discretionary		11,113		434,656		0.75
Sumitomo Chemical Co Ltd	Materials		72,446		410,690		0.71

A basket (DBGSVAUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Royal Dutch Shell PLC	Energy		71,035	$	2,463,995		17.13	%
HSBC Holdings PLC	Financials		111,822		1,048,557		7.29
Tesco PLC	Consumer Staples		176,732		598,572		4.16
AstraZeneca PLC	Health Care		8,628		597,970		4.16
J Sainsbury PLC	Consumer Staples		132,911		563,262		3.92
Lloyds Banking Group PLC	Financials		663,120		551,650		3.84
Vodafone Group PLC	Telecommunication Services		208,346		505,301		3.51
Anglo American PLC	Materials		18,219		407,400		2.83
Imperial Brands PLC	Consumer Staples		10,923		406,690		2.83
Reckitt Benckiser Group PLC	Consumer Staples		4,842		398,542		2.77
Legal & General Group PLC	Financials		103,632		363,707		2.53
Wm Morrison Supermarkets PLC	Consumer Staples		101,653		337,985		2.35
Aviva PLC	Financials		49,698		330,483		2.30
Glencore PLC	Materials		63,625		303,887		2.11
Mediclinic International PLC	Health Care		41,678		289,580		2.01
Marks & Spencer Group PLC	Consumer Discretionary		63,713		248,068		1.72
ConvaTec Group PLC	Health Care		85,326		239,119		1.66
Smith & Nephew PLC	Health Care		12,392		228,579		1.59
Evraz PLC	Materials		33,673		225,871		1.57
CRH PLC	Materials		6,305		222,530		1.55
Standard Life Aberdeen PLC	Financials		49,197		211,414		1.47
Rolls-Royce Holdings PLC	Industrials		16,119		210,162		1.46
Vedanta Resources PLC	Materials		23,878		203,775		1.42
Standard Chartered PLC	Financials		21,704		198,337		1.38
International Consolidated Airlines Grou	Industrials		21,964		192,418		1.34
Berkeley Group Holdings PLC	Consumer Discretionary		3,850		192,262		1.34
Pearson PLC	Consumer Discretionary		16,407		191,574		1.33
WPP PLC	Consumer Discretionary		11,970		188,414		1.31
3i Group PLC	Financials		15,476		183,892		1.28
Centrica PLC	Utilities		81,441		169,398		1.18
SSE PLC	Utilities		9,413		168,290		1.17
Royal Mail PLC	Industrials		24,037		160,281		1.11
BAE Systems PLC	Industrials		17,063		145,615		1.01
Antofagasta PLC	Materials		10,859		141,847		0.99
Old Mutual PLC	Financials		56,709		127,396		0.89
Drax Group PLC	Utilities		28,210		122,007		0.85
Persimmon PLC	Consumer Discretionary		3,380		112,951		0.79
Galliford Try PLC	Industrials		9,658		111,303		0.77
Meggitt PLC	Industrials		16,809		109,402		0.76
Dixons Carphone PLC	Consumer Discretionary		43,874		108,018		0.75

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Cobham PLC	Industrials		56,838	$	96,477		0.67	%
Royal Bank of Scotland Group PLC	Financials		26,583		89,824		0.62
easyJet PLC	Industrials		3,596		79,372		0.55
Paddy Power Betfair PLC	Consumer Discretionary		704		77,148		0.54
Micro Focus International PLC	Information Technology		4,271		74,577		0.52
Associated British Foods PLC	Consumer Staples		1,996		72,108		0.50
Bunzl PLC	Industrials		1,922		58,189		0.40
Carnival PLC	Consumer Discretionary		953		54,683		0.38
Vesuvius PLC	Industrials		6,068		47,876		0.33
Spectris PLC	Information Technology		1,304		44,915		0.31

A basket (JPBILBEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Sanofi	Health Care		4,953	$	397,074		2.50	%
Unilever NV	Consumer Staples		6,990		390,006		2.45
L’Oreal SA	Consumer Staples		1,274		314,548		1.98
Anheuser-Busch InBev SA/NV	Consumer Staples		3,079		311,030		1.95
Danone SA	Consumer Staples		3,715		272,750		1.71
Koninklijke Ahold Delhaize NV	Consumer Staples		10,898		260,942		1.64
Pernod Ricard SA	Consumer Staples		1,549		253,090		1.59
Iberdrola SA	Utilities		32,712		253,024		1.59
Dassault Systemes SE	Information Technology		1,691		236,917		1.49
SES SA	Consumer Discretionary		12,843		235,304		1.48
Kerry Group PLC	Consumer Staples		2,211		231,308		1.45
Deutsche Wohnen SE	Real Estate		4,750		229,648		1.44
UCB SA	Health Care		2,703		212,521		1.34
Glanbia PLC	Consumer Staples		11,428		212,168		1.33
Henkel AG & Co KGaA	Consumer Staples		1,652		211,213		1.33
Orpea	Health Care		1,577		210,452		1.32
Air Liquide SA	Materials		1,664		209,231		1.32
Heineken NV	Consumer Staples		2,056		206,519		1.30
BioMerieux	Health Care		2,281		205,394		1.29
MAN SE	Industrials		1,813		205,235		1.29
Essilor International	Health Care		1,449		204,594		1.29
Hermes International	Consumer Discretionary		331		202,168		1.27
Thales SA	Industrials		1,553		200,106		1.26
LEG Immobilien AG	Real Estate		1,839		199,878		1.26
Enagas SA	Energy		6,835		199,857		1.26
Colruyt SA	Consumer Staples		3,491		199,207		1.25
Amadeus IT Group SA	Information Technology		2,517		198,685		1.25
Abertis Infraestructuras SA	Industrials		9,216		197,626		1.24
Elisa OYJ	Telecommunication Services		4,193		194,226		1.22
adidas AG	Consumer Discretionary		879		191,869		1.21
Symrise AG	Materials		2,166		189,917		1.19
Davide Campari-Milano SpA	Consumer Staples		23,020		189,374		1.19
Fresenius Medical Care AG & Co KGaA	Health Care		1,873		188,962		1.19
Terna Rete Elettrica Nazionale SpA	Utilities		34,562		186,937		1.17
Beiersdorf AG	Consumer Staples		1,642		186,402		1.17
RELX NV	Industrials		8,557		182,495		1.15
Kesko OYJ	Consumer Staples		2,941		179,934		1.13
Fresenius SE & Co KGaA	Health Care		2,230		179,129		1.13
Bureau Veritas SA	Industrials		6,685		178,445		1.12
Munich Re	Financials		843		178,132		1.12
Kering SA	Consumer Discretionary		315		177,975		1.12
Industria de Diseno Textil SA	Consumer Discretionary		5,185		177,171		1.11
Snam SpA	Energy		42,315		176,695		1.11
Vinci SA	Industrials		1,807		173,826		1.09
Ipsen SA	Health Care		1,098		172,186		1.08

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Gecina SA	Real Estate		999	$	167,185		1.05	%
Sodexo SA	Consumer Discretionary		1,666		166,607		1.05
Teleperformance	Industrials		919		162,435		1.02
Endesa SA	Utilities		7,173		158,266		0.99
Wolters Kluwer NV	Industrials		2,768		156,013		0.98

A basket (JPBIMOEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
TOTAL SA	Energy		7,259	$	442,578		3.74	%
Allianz SE	Financials		1,656		342,341		2.90
ASML Holding NV	Information Technology		1,721		340,949		2.88
LVMH Moet Hennessy Louis Vuitton SE	Consumer Discretionary		976		324,896		2.75
Kering SA	Consumer Discretionary		488		275,848		2.33
Airbus SE	Industrials		2,309		270,314		2.29
Wirecard AG	Information Technology		1,548		249,333		2.11
Safran SA	Industrials		1,796		218,183		1.85
Dassault Systemes SE	Information Technology		1,529		214,283		1.81
Fiat Chrysler Automobiles NV	Consumer Discretionary		11,194		213,509		1.81
Stora Enso OYJ	Materials		10,738		210,149		1.78
Moncler SpA	Consumer Discretionary		4,499		204,904		1.73
Koninklijke DSM NV	Materials		2,015		202,615		1.71
UPM-Kymmene OYJ	Materials		5,591		199,893		1.69
Fortum OYJ	Utilities		8,074		192,704		1.63
Aroundtown SA	Real Estate		23,060		189,435		1.60
Ageas	Financials		3,703		186,840		1.58
Deutsche Post AG	Industrials		5,554		181,407		1.53
Eiffage SA	Industrials		1,650		179,513		1.52
Munich Re	Financials		836		176,686		1.49
Amadeus IT Group SA	Information Technology		2,220		175,255		1.48
NN Group NV	Financials		4,275		173,898		1.47
Ubisoft Entertainment SA	Information Technology		1,572		172,528		1.46
Ferrari NV	Consumer Discretionary		1,236		168,128		1.42
Umicore SA	Materials		2,890		165,881		1.40
Deutsche Lufthansa AG	Industrials		6,856		164,913		1.40
Eurazeo SA	Financials		2,165		164,210		1.39
Neste Oyj	Energy		2,092		164,159		1.39
Faurecia SA	Consumer Discretionary		2,291		163,532		1.38
Pernod Ricard SA	Consumer Staples		994		162,328		1.37
Vinci SA	Industrials		1,678		161,346		1.36
Abertis Infraestructuras SA	Industrials		7,253		155,537		1.32
Poste Italiane SpA	Financials		18,031		150,962		1.28
Hermes International	Consumer Discretionary		243		148,460		1.26
Aegon NV	Financials		24,588		147,462		1.25
Porsche Automobil Holding SE	Consumer Discretionary		2,280		145,279		1.23
Sartorius AG	Health Care		960		143,544		1.21
Alstom SA	Industrials		3,107		142,803		1.21
ArcelorMittal	Materials		4,813		141,117		1.19
Wacker Chemie AG	Materials		1,054		138,068		1.17
BE Semiconductor Industries NV	Information Technology		5,092		137,838		1.17
Rheinmetall AG	Industrials		1,225		135,263		1.14
Eni SpA	Energy		7,206		133,834		1.13
Enel SpA	Utilities		23,838		132,415		1.12
Siltronic AG	Information Technology		872		124,848		1.06
Cellnex Telecom SA	Telecommunication Services		4,843		122,151		1.03
Scout24 AG	Information Technology		2,290		121,505		1.03
Capgemini SE	Information Technology		871		117,207		0.99
Assicurazioni Generali SpA	Financials		6,904		115,848		0.98
Schneider Electric SE	Industrials		1,371		114,342		0.97

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

A basket (JPBIQUEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Bayer AG	Health Care		15,899	$	1,751,609		9.80	%
TOTAL SA	Energy		12,162		741,452		4.15
L’Oreal SA	Consumer Staples		2,066		510,215		2.85
Sampo Oyj	Financials		8,579		418,759		2.34
Atos SE	Information Technology		2,934		400,641		2.24
Infineon Technologies AG	Information Technology		15,283		389,576		2.18
Unilever NV	Consumer Staples		6,955		388,065		2.17
Allianz SE	Financials		1,875		387,475		2.17
Amadeus IT Group SA	Information Technology		4,789		378,030		2.11
KBC Group NV	Financials		4,538		350,389		1.96
Orange SA	Telecommunication Services		20,017		335,297		1.88
Beiersdorf AG	Consumer Staples		2,907		330,071		1.85
ING Groep NV	Financials		21,062		303,192		1.70
ABN AMRO Group NV	Financials		11,257		292,068		1.63
Azimut Holding SpA	Financials		18,590		287,727		1.61
Telefonica SA	Telecommunication Services		31,233		265,469		1.48
Aegon NV	Financials		43,033		258,083		1.44
adidas AG	Consumer Discretionary		1,161		253,475		1.42
Schneider Electric SE	Industrials		2,944		245,493		1.37
Suez	Utilities		18,682		242,255		1.35
Linde AG	Materials		1,007		240,362		1.34
AXA SA	Financials		9,721		238,544		1.33
Deutsche Post AG	Industrials		7,277		237,670		1.33
Heineken NV	Consumer Staples		2,366		237,640		1.33
Aroundtown SA	Real Estate		28,622		235,127		1.31
Peugeot SA	Consumer Discretionary		10,284		234,899		1.31
UniCredit SpA	Financials		13,938		232,665		1.30
Saipem SpA	Energy		49,573		228,304		1.28
Koninklijke Ahold Delhaize NV	Consumer Staples		9,356		224,018		1.25
Hannover Rueck SE	Financials		1,674		208,787		1.17
Telefonica Deutschland Holding AG	Telecommunication Services		50,940		200,817		1.12
Enagas SA	Energy		6,784		198,367		1.11
Endesa SA	Utilities		8,985		198,247		1.11
Erste Group Bank AG	Financials		4,489		187,406		1.05
Jeronimo Martins SGPS SA	Consumer Staples		12,713		183,637		1.03
Bankinter SA	Financials		18,827		183,396		1.03
MTU Aero Engines AG	Industrials		932		179,174		1.00
Sodexo SA	Consumer Discretionary		1,776		177,606		0.99
Enel SpA	Utilities		31,472		174,818		0.98
CRH PLC	Materials		4,874		172,746		0.97
Pirelli & C SpA	Consumer Discretionary		20,577		171,845		0.96
Michelin	Consumer Discretionary		1,406		171,219		0.96
Faurecia SA	Consumer Discretionary		2,374		169,462		0.95
Prysmian SpA	Industrials		6,444		160,496		0.90
Wolters Kluwer NV	Industrials		2,837		159,896		0.89
Moncler SpA	Consumer Discretionary		3,479		158,426		0.89
RELX NV	Industrials		7,304		155,784		0.87
E.ON SE	Utilities		14,404		153,965		0.86
Essilor International	Health Care		1,086		153,382		0.86
Arkema SA	Materials		1,286		152,297		0.85

A basket (JPBIVAEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Sanofi	Health Care		23,081	$	1,850,253		7.24	%
TOTAL SA	Energy		17,595		1,072,681		4.20
Koninklijke Philips NV	Health Care		20,148		856,980		3.36
Telecom Italia SpA/Milano	Telecommunication Services		940,452		699,978		2.74

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Koninklijke Ahold Delhaize NV	Consumer Staples		27,312	$	653,939		2.56	%
BNP Paribas SA	Financials		10,360		643,478		2.52
AXA SA	Financials		24,544		602,297		2.36
Danone SA	Consumer Staples		7,460		547,698		2.14
Aegon NV	Financials		87,693		525,920		2.06
NN Group NV	Financials		12,420		505,282		1.98
Assicurazioni Generali SpA	Financials		28,173		472,736		1.85
BPER Banca	Financials		83,374		458,255		1.79
A2A SpA	Utilities		262,482		455,143		1.78
Engie SA	Utilities		28,786		441,342		1.73
Nokia OYJ	Information Technology		73,355		422,287		1.65
Capgemini SE	Information Technology		2,950		396,864		1.55
Atos SE	Information Technology		2,880		393,299		1.54
Telefonica SA	Telecommunication Services		45,185		384,063		1.50
METRO AG	Consumer Staples		30,096		371,992		1.46
Unione di Banche Italiane SpA	Financials		95,183		365,893		1.43
UniCredit SpA	Financials		21,263		354,959		1.39
Credit Agricole SA	Financials		26,248		350,485		1.37
ING Groep NV	Financials		23,863		343,520		1.34
Eni SpA	Energy		18,470		343,044		1.34
Fiat Chrysler Automobiles NV	Consumer Discretionary		17,833		340,136		1.33
Peugeot SA	Consumer Discretionary		14,871		339,646		1.33
Carrefour SA	Consumer Staples		20,941		339,165		1.33
BASF SE	Materials		3,542		338,759		1.33
Ingenico Group SA	Information Technology		3,754		337,552		1.32
Schneider Electric SE	Industrials		3,729		310,953		1.22
Vinci SA	Industrials		3,134		301,404		1.18
Publicis Groupe SA	Consumer Discretionary		3,962		272,659		1.07
Heineken NV	Consumer Staples		2,679		269,052		1.05
Air France-KLM	Industrials		32,837		267,796		1.05
Deutsche Lufthansa AG	Industrials		10,933		262,985		1.03
Societe Generale SA	Financials		6,184		260,777		1.02
Eiffage SA	Industrials		2,360		256,762		1.01
Rexel SA	Industrials		17,682		254,270		1.00
Enel SpA	Utilities		45,532		252,915		0.99
Michelin	Consumer Discretionary		2,033		247,607		0.97
Cie de Saint-Gobain	Industrials		5,268		235,399		0.92
ArcelorMittal	Materials		8,021		235,196		0.92
Ferrovial SA	Industrials		11,298		231,865		0.91
Pirelli & C SpA	Consumer Discretionary		27,431		229,083		0.90
Faurecia SA	Consumer Discretionary		3,198		228,276		0.89
Continental AG	Consumer Discretionary		959		218,937		0.86
Pernod Ricard SA	Consumer Staples		1,338		218,609		0.86
Covestro AG	Materials		2,442		217,955		0.85
CNH Industrial NV	Industrials		20,444		217,147		0.85
Valeo SA	Consumer Discretionary		3,961		216,531		0.85

A basket (JPGSLBUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Johnson & Johnson	Health Care		2,233	$	270,921		1.74	%
Exxon Mobil Corp	Energy		2,877		237,999		1.53
Berkshire Hathaway Inc	Financials		1,248		232,908		1.49
Procter & Gamble Co/The	Consumer Staples		2,835		221,276		1.42
Verizon Communications Inc	Telecommunication Services		4,267		214,683		1.38
AT&T Inc	Telecommunication Services		6,618		212,491		1.36
Coca-Cola Co/The	Consumer Staples		4,501		197,433		1.27
PepsiCo Inc	Consumer Staples		1,720		187,262		1.20
Pfizer Inc	Health Care		4,803		174,259		1.12

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Walmart Inc	Consumer Staples		2,021	$	173,101		1.11	%
NextEra Energy Inc	Utilities		960		160,298		1.03
Altria Group Inc	Consumer Staples		2,819		160,099		1.03
UnitedHealth Group Inc	Health Care		639		156,832		1.01
Merck & Co Inc	Health Care		2,517		152,779		0.98
Duke Energy Corp	Utilities		1,902		150,388		0.96
McDonald’s Corp	Consumer Discretionary		942		147,677		0.95
Southern Co/The	Utilities		3,150		145,884		0.94
Philip Morris International Inc	Consumer Staples		1,798		145,181		0.93
Dominion Energy Inc	Utilities		2,041		139,132		0.89
American Electric Power Co Inc	Utilities		1,921		133,054		0.85
Exelon Corp	Utilities		3,107		132,376		0.85
Consolidated Edison Inc	Utilities		1,662		129,596		0.83
Xcel Energy Inc	Utilities		2,792		127,557		0.82
WEC Energy Group Inc	Utilities		1,967		127,145		0.82
Public Storage	Real Estate		551		125,046		0.80
Sempra Energy	Utilities		1,066		123,792		0.79
Public Service Enterprise Group Inc	Utilities		2,269		122,827		0.79
Welltower Inc	Real Estate		1,948		122,106		0.78
CMS Energy Corp	Utilities		2,582		122,086		0.78
Comcast Corp	Consumer Discretionary		3,665		120,243		0.77
DTE Energy Co	Utilities		1,154		119,547		0.77
Simon Property Group Inc	Real Estate		700		119,099		0.76
Ameren Corp	Utilities		1,956		119,019		0.76
Ventas Inc	Real Estate		2,082		118,580		0.76
Edison International	Utilities		1,867		118,105		0.76
AvalonBay Communities Inc	Real Estate		687		118,030		0.76
Walt Disney Co/The	Consumer Discretionary		1,106		115,907		0.74
Entergy Corp	Utilities		1,431		115,587		0.74
Crown Castle International Corp	Real Estate		1,070		115,344		0.74
American Water Works Co Inc	Utilities		1,345		114,805		0.74
Clorox Co/The	Consumer Staples		846		114,378		0.73
Alliant Energy Corp	Utilities		2,695		114,065		0.73
Campbell Soup Co	Consumer Staples		2,807		113,804		0.73
Eversource Energy	Utilities		1,938		113,575		0.73
FirstEnergy Corp	Utilities		3,163		113,567		0.73
TJX Cos Inc/The	Consumer Discretionary		1,187		112,933		0.72
Pinnacle West Capital Corp	Utilities		1,394		112,302		0.72
Costco Wholesale Corp	Consumer Staples		537		112,224		0.72
PPL Corp	Utilities		3,928		112,154		0.72
Colgate-Palmolive Co	Consumer Staples		1,729		112,054		0.72

A basket (JPGSMOUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Amazon.com Inc	Consumer Discretionary		646	$	1,097,481		3.60	%
Microsoft Corp	Information Technology		10,975		1,082,200		3.55
JPMorgan Chase & Co	Financials		6,245		650,754		2.14
Mastercard Inc	Information Technology		2,774		545,155		1.79
Visa Inc	Information Technology		4,048		536,195		1.76
Boeing Co/The	Industrials		1,596		535,572		1.76
UnitedHealth Group Inc	Health Care		2,107		516,851		1.70
Cisco Systems Inc	Information Technology		11,451		492,741		1.62
Netflix Inc	Consumer Discretionary		1,257		491,854		1.61
Bank of America Corp	Financials		15,857		447,004		1.47
PayPal Holdings Inc	Information Technology		4,891		407,270		1.34
Abbott Laboratories	Health Care		6,308		384,701		1.26
Adobe Systems Inc	Information Technology		1,569		382,535		1.26
AbbVie Inc	Health Care		3,961		366,967		1.20

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
CME Group Inc	Financials		2,237	$	366,635		1.20	%
Chevron Corp	Energy		2,893		365,707		1.20
VF Corp	Consumer Discretionary		4,366		355,941		1.17
Valero Energy Corp	Energy		3,201		354,797		1.16
S&P Global Inc	Financials		1,673		341,093		1.12
Caterpillar Inc	Industrials		2,497		338,723		1.11
Intuit Inc	Information Technology		1,643		335,575		1.10
Estee Lauder Cos Inc/The	Consumer Staples		2,348		335,044		1.10
Phillips 66	Energy		2,970		333,610		1.09
Progressive Corp/The	Financials		5,605		331,564		1.09
NetApp Inc	Information Technology		4,159		326,634		1.07
T Rowe Price Group Inc	Financials		2,789		323,731		1.06
salesforce.com Inc	Information Technology		2,368		322,941		1.06
Total System Services Inc	Information Technology		3,759		317,747		1.04
Accenture PLC	Information Technology		1,922		314,380		1.03
Moody’s Corp	Financials		1,836		313,222		1.03
E*TRADE Financial Corp	Financials		5,069		310,004		1.02
ConocoPhillips	Energy		4,398		306,185		1.00
MSCI Inc	Financials		1,846		305,444		1.00
Xylem Inc/NY	Industrials		4,489		302,459		0.99
Michael Kors Holdings Ltd	Consumer Discretionary		4,530		301,726		0.99
Verisk Analytics Inc	Industrials		2,799		301,270		0.99
Marathon Petroleum Corp	Energy		4,187		293,736		0.96
PVH Corp	Consumer Discretionary		1,948		291,720		0.96
Red Hat Inc	Information Technology		2,170		291,620		0.96
NextEra Energy Inc	Utilities		1,736		289,897		0.95
Zoetis Inc	Health Care		3,346		285,033		0.94
CBRE Group Inc	Real Estate		5,908		282,047		0.93
Occidental Petroleum Corp	Energy		3,324		278,138		0.91
TransDigm Group Inc	Industrials		787		271,456		0.89
Booking Holdings Inc	Consumer Discretionary		134		271,067		0.89
NVIDIA Corp	Information Technology		1,123		266,146		0.87
Cboe Global Markets Inc	Financials		2,547		265,091		0.87
Aflac Inc	Financials		6,161		265,027		0.87
Ralph Lauren Corp	Consumer Discretionary		2,083		261,886		0.86
Eastman Chemical Co	Materials		2,562		256,111		0.84

A basket (JPGSQUUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Microsoft Corp	Information Technology		8,687	$	856,660		3.26	%
Amazon.com Inc	Consumer Discretionary		464		787,975		3.00
Johnson & Johnson	Health Care		4,905		595,186		2.27
Mastercard Inc	Information Technology		2,199		432,086		1.65
Intuit Inc	Information Technology		1,934		395,068		1.50
Edwards Lifesciences Corp	Health Care		2,663		387,697		1.48
Cisco Systems Inc	Information Technology		8,912		383,498		1.46
Baxter International Inc	Health Care		4,835		357,022		1.36
NetApp Inc	Information Technology		4,545		356,900		1.36
Visa Inc	Information Technology		2,669		353,481		1.35
Bristol-Myers Squibb Co	Health Care		6,364		352,199		1.34
F5 Networks Inc	Information Technology		1,973		340,184		1.30
Boston Scientific Corp	Health Care		9,966		325,878		1.24
International Business Machines Corp	Information Technology		2,297		320,919		1.22
Seagate Technology PLC	Information Technology		5,635		318,221		1.21
Motorola Solutions Inc	Information Technology		2,734		318,200		1.21
Walmart Inc	Consumer Staples		3,681		315,265		1.20
Merck & Co Inc	Health Care		5,014		304,338		1.16
Walt Disney Co/The	Consumer Discretionary		2,873		301,106		1.15

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Wells Fargo & Co	Financials		5,106	$	283,065		1.08	%
Varian Medical Systems Inc	Health Care		2,465		280,316		1.07
Chevron Corp	Energy		2,207		279,004		1.06
Citrix Systems Inc	Information Technology		2,635		276,234		1.05
QUALCOMM Inc	Information Technology		4,785		268,543		1.02
Skyworks Solutions Inc	Information Technology		2,724		263,268		1.00
HP Inc	Information Technology		11,238		254,979		0.97
CenturyLink Inc	Telecommunication Services		12,735		237,387		0.90
Verizon Communications Inc	Telecommunication Services		4,631		232,985		0.89
Accenture PLC	Information Technology		1,401		229,130		0.87
Zoetis Inc	Health Care		2,677		228,022		0.87
Honeywell International Inc	Industrials		1,561		224,874		0.86
Red Hat Inc	Information Technology		1,642		220,613		0.84
Costco Wholesale Corp	Consumer Staples		1,001		209,099		0.80
Adobe Systems Inc	Information Technology		845		205,977		0.78
Anthem Inc	Health Care		855		203,457		0.77
Starbucks Corp	Consumer Discretionary		4,099		200,247		0.76
S&P Global Inc	Financials		966		197,026		0.75
Electronic Arts Inc	Information Technology		1,386		195,491		0.74
Medtronic PLC	Health Care		2,243		192,055		0.73
Centene Corp	Health Care		1,555		191,536		0.73
Autodesk Inc	Information Technology		1,454		190,563		0.73
US Bancorp	Financials		3,808		190,482		0.73
Darden Restaurants Inc	Consumer Discretionary		1,699		181,845		0.69
Campbell Soup Co	Consumer Staples		4,475		181,416		0.69
3M Co	Industrials		912		179,354		0.68
Marsh & McLennan Cos Inc	Financials		2,178		178,513		0.68
Ralph Lauren Corp	Consumer Discretionary		1,412		177,501		0.68
Chipotle Mexican Grill Inc	Consumer Discretionary		410		176,974		0.67
PepsiCo Inc	Consumer Staples		1,618		176,129		0.67
Sysco Corp	Consumer Staples		2,567		175,328		0.67

A basket (JPGSVAUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		4,905	$	908,050		4.41	%
Berkshire Hathaway Inc	Financials		2,276		424,890		2.06
AT&T Inc	Telecommunication Services		11,567		371,421		1.80
Marathon Petroleum Corp	Energy		4,901		343,829		1.67
Exxon Mobil Corp	Energy		3,928		324,927		1.58
UnitedHealth Group Inc	Health Care		1,196		293,418		1.42
International Business Machines Corp	Information Technology		2,040		285,031		1.38
Valero Energy Corp	Energy		2,563		284,036		1.38
Wells Fargo & Co	Financials		5,093		282,362		1.37
Micron Technology Inc	Information Technology		4,816		252,558		1.23
HP Inc	Information Technology		10,192		231,259		1.12
Western Digital Corp	Information Technology		2,976		230,378		1.12
Alliance Data Systems Corp	Information Technology		988		230,297		1.12
Oracle Corp	Information Technology		5,216		229,835		1.12
Juniper Networks Inc	Information Technology		8,376		229,657		1.11
Boeing Co/The	Industrials		646		216,879		1.05
Phillips 66	Energy		1,837		206,352		1.00
Comcast Corp	Consumer Discretionary		6,171		202,472		0.98
DXC Technology Co	Information Technology		2,495		201,129		0.98
Prudential Financial Inc	Financials		2,132		199,318		0.97
CVS Health Corp	Health Care		3,005		193,345		0.94
MetLife Inc	Financials		4,357		189,955		0.92
Cisco Systems Inc	Information Technology		4,361		187,661		0.91
CA Inc	Information Technology		5,232		186,503		0.91

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Walmart Inc	Consumer Staples		2,149	$	184,037		0.89	%
Cognizant Technology Solutions Corp	Information Technology		2,299		181,601		0.88
Walt Disney Co/The	Consumer Discretionary		1,731		181,475		0.88
Procter & Gamble Co/The	Consumer Staples		2,301		179,643		0.87
Symantec Corp	Information Technology		8,310		171,608		0.83
Unum Group	Financials		4,584		169,548		0.82
Envision Healthcare Corp	Health Care		3,809		167,629		0.81
eBay Inc	Information Technology		4,566		165,563		0.80
Seagate Technology PLC	Information Technology		2,888		163,074		0.79
Lam Research Corp	Information Technology		943		162,942		0.79
Allstate Corp/The	Financials		1,751		159,849		0.78
Applied Materials Inc	Information Technology		3,461		159,846		0.78
Anthem Inc	Health Care		665		158,408		0.77
Centene Corp	Health Care		1,270		156,500		0.76
Assurant Inc	Financials		1,505		155,754		0.76
Cardinal Health Inc	Health Care		3,183		155,447		0.75
McKesson Corp	Health Care		1,150		153,360		0.74
Lincoln National Corp	Financials		2,441		151,926		0.74
Mylan NV	Health Care		4,191		151,452		0.74
Gilead Sciences Inc	Health Care		1,997		141,446		0.69
Broadcom Inc	Information Technology		581		141,075		0.68
Aflac Inc	Financials		3,270		140,659		0.68
Navient Corp	Financials		10,716		139,630		0.68
NetApp Inc	Information Technology		1,709		134,210		0.65
Laboratory Corp of America Holdings	Health Care		725		130,129		0.63
Principal Financial Group Inc	Financials		2,432		128,762		0.63

PURCHASED & WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following purchased & written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Purchased options contracts:
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		1,950.00  USD		07/20/2018		2	$	543,674	$	90	$	2,009	$	(1,919	)
			2,000.00  USD		07/20/2018		3		815,511		105		1,307		(1,202	)
			2,100.00  USD		07/20/2018		5		1,359,185		300		3,601		(3,301	)
			2,150.00  USD		07/20/2018		7		1,902,859		525		4,157		(3,632	)
			2,200.00  USD		07/20/2018		10		2,718,370		750		4,797		(4,047	)
			2,250.00  USD		07/20/2018		3		815,511		315		1,312		(997	)
			2,300.00  USD		07/20/2018		1		271,837		110		461		(351	)
			2,050.00  USD		08/17/2018		1		271,837		179		833		(654	)
			2,150.00  USD		08/17/2018		8		2,174,696		1,960		4,396		(2,436	)
			2,200.00  USD		08/17/2018		5		1,359,185		1,425		2,660		(1,235	)
			2,250.00  USD		08/17/2018		7		1,902,859		2,520		4,665		(2,145	)
			2,300.00  USD		08/17/2018		6		1,631,022		2,640		3,904		(1,264	)
			2,350.00  USD		08/17/2018		3		815,511		1,650		1,532		118
			2,425.00  USD		08/17/2018		1		271,837		676		592		84
			2,100.00  USD		09/21/2018		3		815,511		1,410		2,002		(592	)
			2,200.00  USD		09/21/2018		6		1,631,022		3,480		5,140		(1,660	)
			2,250.00  USD		09/21/2018		5		1,359,185		3,600		3,294		306
			2,300.00  USD		09/21/2018		13		3,533,881		13,000		8,837		4,163
			2,150.00  USD		10/19/2018		2		543,674		1,620		2,138		(518	)
			2,200.00  USD		10/19/2018		1		271,837		960		721		239
Total purchased options contracts							92			$	37,315	$	58,358	$	(21,043	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Calls
S&P 500 Index	Morgan Stanley Co., Inc.		2,675.00  USD		07/20/2018		12	$	(3,262,044	)	$	(92,400	)	$	(83,036	)	$	(9,364	)
			2,700.00  USD		07/20/2018		5		(1,359,185	)		(23,200	)		(23,368	)		168
			2,725.00  USD		07/20/2018		7		(1,902,859	)		(21,770	)		(36,282	)		14,512
			2,750.00  USD		07/20/2018		6		(1,631,022	)		(10,200	)		(26,996	)		16,796
			2,775.00  USD		07/20/2018		1		(271,837	)		(753	)		(6,453	)		5,700
			2,700.00  USD		08/17/2018		4		(1,087,348	)		(25,200	)		(21,430	)		(3,770	)
			2,725.00  USD		08/17/2018		10		(2,718,370	)		(46,500	)		(60,180	)		13,680
			2,750.00  USD		08/17/2018		7		(1,902,859	)		(22,260	)		(34,522	)		12,262
			2,775.00  USD		08/17/2018		9		(2,446,533	)		(18,180	)		(34,548	)		16,368
			2,825.00  USD		08/17/2018		1		(271,837	)		(630	)		(2,695	)		2,065
			2,750.00  USD		09/21/2018		3		(815,511	)		(17,070	)		(17,768	)		698
			2,775.00  USD		09/21/2018		6		(1,631,022	)		(22,800	)		(22,934	)		134
			2,800.00  USD		09/21/2018		11		(2,990,207	)		(29,238	)		(53,080	)		23,842
			2,825.00  USD		09/21/2018		7		(1,902,859	)		(15,400	)		(31,741	)		16,341
			2,775.00  USD		10/19/2018		2		(543,674	)		(10,560	)		(9,870	)		(690	)
			2,825.00  USD		10/19/2018		1		(271,837	)		(2,970	)		(4,849	)		1,879
Total calls							92				$	(359,131	)	$	(469,752	)	$	110,621
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		2,550.00  USD		07/20/2018		2		(543,674	)		(1,110	)		(17,127	)		16,017
			2,575.00  USD		07/20/2018		3		(815,511	)		(1,710	)		(17,068	)		15,358
			2,600.00  USD		07/20/2018		11		(2,990,207	)		(8,910	)		(64,801	)		55,891
			2,625.00  USD		07/20/2018		5		(1,359,185	)		(5,500	)		(24,216	)		18,716
			2,650.00  USD		07/20/2018		3		(815,511	)		(4,350	)		(11,528	)		7,178
			2,675.00  USD		07/20/2018		7		(1,902,859	)		(12,950	)		(39,286	)		26,336
			2,600.00  USD		08/17/2018		1		(271,837	)		(2,075	)		(7,640	)		5,565
			2,625.00  USD		08/17/2018		8		(2,174,696	)		(19,600	)		(48,371	)		28,771
			2,650.00  USD		08/17/2018		5		(1,359,185	)		(14,750	)		(19,160	)		4,410
			2,675.00  USD		08/17/2018		7		(1,902,859	)		(23,485	)		(31,917	)		8,432
			2,700.00  USD		08/17/2018		6		(1,631,022	)		(24,912	)		(30,246	)		5,334
			2,725.00  USD		08/17/2018		3		(815,511	)		(15,000	)		(10,993	)		(4,007	)
			2,750.00  USD		08/17/2018		1		(271,837	)		(5,669	)		(3,589	)		(2,080	)
			2,650.00  USD		09/21/2018		3		(815,511	)		(14,100	)		(16,438	)		2,338
			2,675.00  USD		09/21/2018		6		(1,631,022	)		(30,222	)		(37,594	)		7,372
			2,725.00  USD		09/21/2018		11		(2,990,207	)		(75,020	)		(53,906	)		(21,114	)
			2,750.00  USD		09/21/2018		7		(1,902,859	)		(54,460	)		(35,728	)		(18,732	)
			2,675.00  USD		10/19/2018		2		(543,674	)		(12,200	)		(15,432	)		3,232
			2,725.00  USD		10/19/2018		1		(271,837	)		(7,835	)		(5,969	)		(1,866	)
Total puts							92				$	(333,858	)	$	(491,009	)	$	157,151
Total written options contracts							184				$	(692,989	)	$	(960,761	)	$	267,772

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 2.9%
FHLMC – 1.5%
$	41		5.000	%		07/01/2018	$	41
	43		5.000			08/01/2018		43
	121		5.000			10/01/2018		121
	199		5.000			11/01/2018		200
	109		5.000			02/01/2019		110
	17,753		5.500			01/01/2020		17,964
	46,297		5.000			11/01/2025		48,880
	76,297		5.000			08/01/2028		80,552
	14,932		5.000			01/01/2033		15,826
	1,240		5.000			03/01/2033		1,322
	6,881		5.000			04/01/2033		7,337
	1,073		5.000			05/01/2033		1,144
	4,003		5.000			06/01/2033		4,268
	24,965		5.000			07/01/2033		26,620
	34,341		5.000			08/01/2033		36,616
	3,015		5.000			09/01/2033		3,215
	7,623		5.000			10/01/2033		8,129
	15,323		5.000			11/01/2033		16,340
	8,806		5.000			12/01/2033		9,390
	8,299		5.000			01/01/2034		8,850
	24,872		5.000			02/01/2034		26,521
	10,245		5.000			03/01/2034		10,925
	16,489		5.000			04/01/2034		17,583
	27,687		5.000			05/01/2034		29,524
	384,089		5.000			06/01/2034		409,567
	4,732		5.000			11/01/2034		5,046
	102,122		5.000			04/01/2035		108,896
	1,747,487		5.000			07/01/2035		1,863,502
	11,465		5.000			11/01/2035		12,226
	84,477		5.000			03/01/2036		90,193
	26,670		5.000			03/01/2037		28,447
	83,714		5.000			12/01/2037		89,304
	142,187		5.000			02/01/2038		151,630
	378,923		5.000			03/01/2038		404,665
	187,625		5.000			07/01/2038		200,371
	165,704		5.000			11/01/2038		176,962
	414,398		5.000			12/01/2038		442,042
	230,130		5.000			01/01/2039		245,764
	54,203		5.000			02/01/2039		57,885
	1,308,425		7.000			02/01/2039		1,495,480
	382,648		5.000			06/01/2041		408,367
								6,561,868
FNMA – 1.4%
	18		5.500			01/01/2019		18
	2,048		5.500			02/01/2019		2,055
	2,395		5.500			03/01/2019		2,406
	1,546		5.500			04/01/2019		1,555
	1,514		5.500			05/01/2019		1,525
	6,729		5.500			06/01/2019		6,770
	23,769		5.500			07/01/2019		23,927
	24,983		5.500			08/01/2019		25,141
	22,049		5.500			09/01/2019		22,285
	5,809		5.500			10/01/2019		5,870
	8,511		5.500			11/01/2019		8,599
	12,674		5.500			12/01/2019		12,816
Mortgage-Backed Securities – (continued)
FNMA – (continued)
	1,101		5.500			01/01/2020		1,112
	233		5.500			06/01/2020		234
	136,227		5.500			07/01/2020		137,882
	5,758		6.000			03/01/2034		6,369
	21,242		6.000			08/01/2034		23,544
	114,905		6.000			08/01/2035		127,553
	111,208		6.000			09/01/2035		123,688
	26,518		6.000			10/01/2035		29,485
	197,730		6.000			11/01/2035		219,863
	594,721		6.000			03/01/2036		658,956
	5,488		6.000			06/01/2036		6,076
	1,016,662		6.000			09/01/2036		1,114,437
	219,623		6.000			12/01/2036		243,796
	16,673		6.000			02/01/2037		18,470
	2,140		6.000			04/01/2037		2,362
	4,046		6.000			05/01/2037		4,486
	94,298		6.000			06/01/2037		104,741
	75,533		6.000			07/01/2037		83,897
	236,236		6.000			08/01/2037		260,625
	68,376		6.000			09/01/2037		75,641
	14,034		6.000			10/01/2037		15,520
	84,142		5.000			11/01/2037		90,063
	32,899		6.000			11/01/2037		36,633
	2,696		6.000			12/01/2037		3,001
	311,670		6.000			01/01/2038		344,622
	50,221		6.000			03/01/2038		55,887
	6,203		6.000			04/01/2038		6,880
	17,726		6.000			05/01/2038		19,628
	1,369		6.000			09/01/2038		1,518
	79,805		6.000			10/01/2038		88,576
	3,177		6.000			12/01/2038		3,492
	2,761		6.000			01/01/2039		3,055
	744,059		7.000			03/01/2039		842,780
	10,982		4.000			08/01/2039		11,257
	27,527		4.500			02/01/2040		28,683
	3,336		6.000			04/01/2040		3,690
	141,621		6.000			06/01/2040		156,675
	322,221		6.000			05/01/2041		357,284
	256,156		5.000			07/01/2041		274,267
	133,456		4.500			08/01/2041		140,306
								5,840,001
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $12,474,569)						$	12,401,869
Collateralized Mortgage Obligations – 6.7%
Agency Multi-Family(a) – 5.2%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K011, Class A2
$	5,500,000		4.084	%		11/25/2020	$	5,629,201
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K714, Class A2
	16,400,000		3.034			10/25/2020		16,399,185
								22,028,386

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Collateralized Mortgage Obligations – (continued)
Regular Floater(a) – 0.5%
	FHLMC REMIC Series 3371, Class FA(b)
$	202,023		2.673	%		09/15/2037	$	204,283
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(b)
	296,093		2.475			10/07/2020		296,821
	NCUA Guaranteed Notes Trust Series 2011-R2, Class 1A
	998,013		2.413			02/06/2020		998,949
	NCUA Guaranteed Notes Trust Series 2011-R3, Class 1A
	572,719		2.413			03/11/2020		573,233
								2,073,286
Sequential Fixed Rate – 1.0%
	FHLMC REMIC Series 2755, Class ZA(b)
$	478,047		5.000	%		02/15/2034	$	508,946
	FHLMC REMIC Series 4273, Class PD(b)
	1,299,913		6.500			11/15/2043		1,467,469
	FNMA REMIC Series 2012-111, Class B
	393,736		7.000			10/25/2042		444,006
	FNMA REMIC Series 2012-153, Class B
	1,375,157		7.000			07/25/2042		1,556,758
								3,977,179
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $29,060,312)						$	28,078,851
Asset-Backed Securities(a)(b) – 0.1%
Home Equity – 0.1%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
$	17,746		6.951	%		09/25/2037	$	17,906
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	75,180		6.804			09/25/2037		76,804
	NCUA Guaranteed Notes Trust Series 2010-A1, Class A
	231,436		2.380			12/07/2020		231,726
								326,436
	TOTAL ASSET-BACKED SECURITIES
	(Cost $324,536)						$	326,436
U.S. Treasury Obligations – 8.3%
	U.S. Treasury Bonds
$	1,100,000		2.750	%		11/15/2042	$	1,057,221
	2,000,000		3.625			02/15/2044		2,230,020
	7,700,000		3.000	(c)		11/15/2044		7,727,565
	4,780,000		3.000			05/15/2047		4,794,436
	U.S. Treasury Notes
	6,620,000		1.125			07/31/2021		6,326,470
	4,610,000		1.875			01/31/2022		4,485,161
	7,070,000		2.125			07/31/2024		6,806,572
	920,000		2.875			04/30/2025		923,735
	410,000		2.250			02/15/2027		391,374
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $35,344,770)						$	34,742,554
Shares				Distribution Rate	Value
Exchange Traded Fund(d) – 17.8%
	750,000	Goldman Sachs Treasury Access 0-1 Year ETF			$	75,104,625
	(Cost $75,030,000)			0.141%

Investment Company(d) – 44.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	187,852,079	1.869	%	$	187,852,079
	(Cost $187,852,079)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 6.9%
Certificate of Deposit – 1.5%
	Australia & New Zealand Banking Group Ltd.
$	1,300,000		2.200	%		07/09/2018	$	1,300,101
	Mizuho Bank Ltd.(a) (1 Mo. LIBOR + 0.44%),
	3,000,000		2.479			10/05/2018		3,001,809
	Sumitomo Mitsui Trust Bank Ltd.(a) (3 Mo. LIBOR + 0.11%),
	2,053,000		2.486			10/12/2018		2,053,397
								6,355,307
Commercial Paper – 5.4%
	BPCE SA
	3,000,000		2.440			08/06/2018		2,993,565
	Ciesco LLC
	1,901,000		2.335			07/12/2018		1,899,622
	CRC Funding LLC
	1,901,000		2.335			07/11/2018		1,899,747
	Fairway Finance Co. LLC
	3,800,000		2.315			07/18/2018		3,795,923
	Hewlett Packard Enterprise Co.
	1,004,000		2.352			07/10/2018		1,003,405
	HP, Inc.
	803,000		2.404			07/23/2018		801,943
	Kellogg Co.(e)
	2,000,000		0.000			07/16/2018		1,997,829
	Old Line Funding LLC
	3,803,000		2.314			07/16/2018		3,799,349
	Thunder Bay Funding LLC
	2,100,000		2.326			07/27/2018		2,096,630
	VW Credit, Inc.
	2,400,000		2.637			09/20/2018		2,386,017
								22,674,030
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $29,026,265)						$	29,029,337
	TOTAL INVESTMENTS – 87.3%
	(Cost $369,112,531)						$	367,535,751
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 12.7%							53,590,766
	NET ASSETS – 100.0%						$	421,126,517

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2018.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Represents an Affiliated Issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
LIBOR	— London Interbank Offered Rate
Mo.	— Month
REMIC	— Real Estate Mortgage Investment Conduit
Currency Abbreviation:
USD	— United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury Long Bond		48		09/19/2018	$	6,960,000		$	133,458
Short position contracts:
3 Month Eurodollar		(3	)	12/17/2018		(730,200	)		5,169
3 Month Eurodollar		(13	)	06/17/2019		(3,157,212	)		27,766
3 Month Eurodollar		(83	)	12/14/2020		(20,131,650	)		5,165
U.S. Treasury 2 Year Note		(72	)	09/28/2018		(15,251,625	)		2,773
U.S. Treasury 5 Year Note		(285	)	09/28/2018		(32,380,898	)		(121,485	)
U.S. Treasury 10 Year Note		(45	)	09/19/2018		(5,408,438	)		(34,383	)
U.S. Treasury Ultra Bond		(131	)	09/19/2018		(20,902,688	)		(372,758	)
Total								$	(487,753	)
Total Futures Contracts								$	(354,295	)

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month LIBOR (a)		2.139%	11/20/2020	USD		32,580	(b)	$	(479,591	)	$	(55,245	)	$	(424,346	)
2.275% (c)		3 Month LIBOR	11/20/2023			13,830	(b)		416,898			28,273			388,625
2.882(c)		3 Month LIBOR	02/28/2025			7,340			4,027			55,778			(51,751	)
TOTAL								$	(58,666	)	$	28,806		$	(87,472	)

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2018.

(c) Payments made semi-annually.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index*(a)	Financing Rate Received (Paid) by the Fund (%)		Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(b)
Macquarie Commodity Product 264E Index		0.000%	Macquarie Bank Ltd.		08/15/2018		USD 135,649	$	—
BAML Commodity Excess Return Strategy Index		0.000	Merrill Lynch International		11/26/2018		157,444		—
S&P GSCI Energy 1 Month Forward Index		0.000	Societe Generale SA		12/14/2018		95,748		—
S&P GSCI Energy 1 Month Forward Index		0.000	UBS AG		02/22/2019		24,939		—
TOTAL								$	—

 * The components of the basket are shown below.

(a) Payments received monthly.

(b) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

A basket (Macquarie Commodity Product 264E Index) of commodities

Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		544,353	$	37,827,099		27.89	%
Brent	Energy		344,370		27,157,050		20.02
Gas oil	Energy		10,817		7,341,843		5.41
Gasoline RBOB	Energy		31,850		6,790,792		5.01
Heating Oil	Energy		26,719		5,921,507		4.37
Corn	Grains		15,725		5,653,310		4.17
Copper	Metals		807		5,349,304		3.94
Gold	Precious		3,657		4,631,136		3.41
Aluminum	Metals		2,141		4,564,114		3.36
Live Cattle	Meats		40,158		4,418,386		3.26
Wheat	Grains		8,491		4,256,220		3.14
Natural Gas	Energy		1,351,347		3,920,257		2.89
Soybeans	Grains		4,219		3,712,704		2.74
Cotton	Textiles		26,043		2,185,532		1.61
Lean Hogs	Meats		32,158		1,922,225		1.42
Sugar	Softs		137,391		1,683,041		1.24
Feeder Cattle	Meats		10,433		1,574,842		1.16
Kansas Wheat	Grains		3,193		1,559,617		1.15
Zinc	Metals		484		1,382,481		1.02
Nickel	Metals		69		1,033,320		0.76
Lead	Metals		386		931,137		0.69
Coffee	Softs		7,762		893,431		0.66
Silver	Precious		31,934		517,265		0.38
Cocoa	Softs		168		422,387		0.31

A basket (BAML Commodity Excess Return Strategy Index) of commodities

Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		1,000	$	68,790		27.67	%
Brent	Energy		1,000		77,610		20.43
Gasoil	Energy		100		66,625		5.36
Gasoline RBOB	Energy		42,000		88,431		4.96
Heating Oil	Energy		42,000		91,518		4.31
Copper	Metals		25		165,738		4.08
Corn	Grains		5,000		17,713		3.97
Gold	Precious		100		125,100		3.38
Aluminum	Metals		25		53,744		3.33
Live Cattle	Meats		40,000		41,490		3.08
Natural Gas	Energy		10,000		29,400		2.94
Wheat	Grains		5,000		24,175		2.80
Soybeans	Grains		5,000		44,175		2.63
Lean Hogs	Meats		40,000		30,290		2.06
Cotton	Textiles		50,000		41,775		1.47
Sugar	Softs		112,000		13,720		1.37
Feeder Cattle	Meats		50,000		73,413		1.13
Zinc	Metals		25		72,625		1.11
Kansas Wheat	Grains		5,000		23,600		1.00
Nickel	Metals		6		88,512		0.80
Lead	Metals		25		59,956		0.75
Coffee	Softs		37,500		43,406		0.66
Silver	Precious		5,000		80,205		0.39
Cocoa	Softs		10		24,510		0.34

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Distribution Rate			Value
Investment Companies(a) – 74.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	202,210,129		1.869	%	$	202,210,129
	TOTAL INVESTMENTS – 74.7%
	(Cost $202,210,129)				$	202,210,129
	OTHER ASSETS IN EXCESS     OF LIABILITIES – 25.3%					68,648,306
	NET ASSETS – 100.0%				$	270,858,435

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

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
BUBOR	— Budapest Interbank Offered Rate
EURIBOR	— Euro Interbank Offered Rate
JIBAR	— Johannesburg Interbank Agreed Rate
LIBOR	— London Interbank Offered Rate
PRIBOR	— Prague Interbank Offered Rate
STIBOR	— Stockholm Interbank Offered Rate
TIIE	— Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
TRY	— Turkish Lira
USD	— United States Dollar
ZAR	— South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	3,580,000	USD	2,639,064	$	2,650,016		09/19/2018	$	10,952
	CAD	1,740,000	USD	1,308,032		1,325,339		09/19/2018		17,307
	EUR	1,257,000	USD	1,475,364		1,476,768		09/19/2018		1,404
	GBP	354,283	USD	465,721		467,564		07/02/2018		1,843
	GBP	814,000	USD	1,076,902		1,078,091		09/19/2018		1,189
	MXN	2,000,000	USD	98,018		99,452		09/19/2018		1,434
	USD	17,740,655	AUD	23,181,000		17,159,225		09/19/2018		581,430
	USD	8,429,692	BRL	30,820,000		7,952,009		07/03/2018		477,683
	USD	7,159,702	BRL	27,020,000		6,946,015		08/02/2018		213,687
	USD	13,125,224	CAD	16,921,000		12,888,538		09/19/2018		236,686
	USD	2,374,870	CHF	2,319,000		2,357,898		09/19/2018		16,972
	USD	5,229,388	CLP	3,310,000,000		5,065,630		09/20/2018		163,758
	USD	2,487,738	COP	7,304,000,000		2,482,797		09/19/2018		4,941
	USD	5,747,958	CZK	124,000,000		5,598,184		09/19/2018		149,774
	USD	23,955,239	EUR	20,199,000		23,730,492		09/19/2018		224,747
	USD	16,113,849	GBP	11,977,000		15,862,780		09/19/2018		251,069
	USD	10,435,311	HUF	2,804,035,000		9,990,335		09/19/2018		444,976

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc. (continued)	USD	12,461,335	INR	846,000,000	$	12,221,948		09/19/2018	$	239,387
	USD	11,383,451	JPY	1,246,949,000		11,325,530		09/19/2018		57,921
	USD	12,445,201	KRW	13,740,000,000		12,368,569		09/19/2018		76,632
	USD	6,709,461	NOK	54,000,000		6,651,435		09/19/2018		58,026
	USD	15,481,474	NZD	22,040,000		14,928,814		09/19/2018		552,660
	USD	6,880,224	PLN	24,871,000		6,648,444		09/19/2018		231,780
	USD	4,479,113	RUB	282,000,000		4,453,493		09/19/2018		25,620
	USD	14,677,246	SEK	127,108,600		14,278,152		09/19/2018		399,094
	USD	5,171,961	TRY	24,120,000		5,075,620		09/19/2018		96,341
	USD	5,438,158	ZAR	73,457,000		5,299,873		09/19/2018		138,285
TOTAL									$	4,675,598

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	99,000	USD	75,953	$	73,282		09/19/2018	$	(2,671	)
	BRL	30,820,000	USD	8,204,464		7,952,009		07/03/2018		(252,455	)
	CAD	634,000	USD	490,630		482,911		09/19/2018		(7,719	)
	CHF	284,000	USD	290,887		288,764		09/19/2018		(2,123	)
	COP	14,938,000,000	USD	5,156,369		5,077,770		09/19/2018		(78,599	)
	CZK	6,744,000	USD	312,615		304,469		09/19/2018		(8,146	)
	EUR	4,705,000	USD	5,580,123		5,527,599		09/19/2018		(52,524	)
	GBP	5,254,750	USD	7,045,866		6,959,584		09/19/2018		(86,282	)
	HUF	350,000	USD	1,303		1,247		09/19/2018		(56	)
	JPY	56,276,000	USD	514,834		511,132		09/19/2018		(3,702	)
	KRW	14,400,000,000	USD	13,459,425		12,962,692		09/19/2018		(496,733	)
	MYR	27,360,000	USD	6,858,862		6,762,435		09/19/2018		(96,427	)
	NZD	1,900,000	USD	1,294,925		1,286,967		09/19/2018		(7,958	)
	PLN	14,000	USD	3,871		3,742		09/19/2018		(129	)
	SEK	5,300,000	USD	617,710		595,351		09/19/2018		(22,359	)
	USD	5,305,730	CAD	7,055,000		5,373,716		09/19/2018		(67,986	)
	USD	71,091	CHF	70,000		71,173		09/19/2018		(82	)
	USD	2,178,366	COP	6,424,000,000		2,183,666		09/19/2018		(5,300	)
	USD	1,365,976	CZK	30,425,000		1,373,587		09/19/2018		(7,611	)
	USD	1,332,760	EUR	1,142,020		1,333,651		07/02/2018		(891	)
	USD	1,560,161	EUR	1,336,000		1,569,579		09/19/2018		(9,418	)
	USD	1,073,291	GBP	814,068		1,074,366		07/02/2018		(1,075	)
	USD	5,413,142	GBP	4,107,000		5,439,462		09/19/2018		(26,320	)
	USD	980,194	INR	68,000,000		982,378		09/19/2018		(2,184	)
	USD	2,761,064	KRW	3,080,000,000		2,772,576		09/19/2018		(11,512	)
	USD	7,029,002	MXN	145,886,000		7,254,371		09/19/2018		(225,369	)
	USD	5,620,174	MYR	22,860,000		5,650,193		09/19/2018		(30,019	)
	USD	3,669,524	NOK	29,900,000		3,682,925		09/19/2018		(13,401	)
	USD	1,168,757	PLN	4,380,000		1,170,849		09/19/2018		(2,092	)
	USD	1,001,265	RUB	64,500,000		1,018,618		09/19/2018		(17,353	)
	ZAR	24,640,000	USD	1,883,504		1,777,759		09/19/2018		(105,745	)
TOTAL									$	(1,644,241	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Amsterdam Exchange Index		82			07/20/2018	$	10,564,199		$	38,557
Brent Crude Oil		32			07/31/2018		2,535,360			114,126
CAC 40 10 Euro Index		159			07/20/2018		9,879,115			31,170
CBOE Volatility Index		137			07/18/2018		2,195,425			304,953
Cotton No. 2		48			12/06/2018		2,014,080			(148,936	)
DAX Index		18			09/21/2018		6,468,240			14,067
DJIA CBOT E-Mini Index		21			09/21/2018		2,547,825			(107,137	)
FTSE 100 Index		105			09/21/2018		10,533,683			80,792
FTSE/MIB Index		44			09/21/2018		5,541,164			(3,837	)
Hang Seng Index		28			07/30/2018		5,125,981			24,572
HSCEI		5			07/30/2018		346,341			(1,856	)
IBEX 35 Index		42			07/20/2018		4,709,452			(1,504	)
KC HRW Wheat		9			09/14/2018		219,825			(38,279	)
LME Aluminum Base Metal		46			07/16/2018		2,488,600			(246,459	)
LME Aluminum Base Metal		52			08/13/2018		2,765,100			(215,360	)
LME Copper Base Metal		22			07/16/2018		3,650,900			(174,377	)
LME Copper Base Metal		21			08/13/2018		3,480,750			(326,362	)
LME Lead Base Metal		55			07/16/2018		3,316,156			(77,086	)
LME Lead Base Metal		52			08/13/2018		3,133,975			(122,135	)
LME Nickel Base Metal		26			07/16/2018		2,314,338			141,041
LME Nickel Base Metal		27			08/13/2018		2,408,211			(129,007	)
LME Zinc Base Metal		17			07/16/2018		1,228,888			(123,565	)
Low Sulphur Gasoil		39			08/10/2018		2,639,325			71,397
MSCI Taiwan Index		157			07/30/2018		6,085,320			56,935
NASDAQ 100 Emini Index		24			09/21/2018		3,392,040			(56,611	)
Nikkei 225 Index		18			09/13/2018		3,623,899			11,353
NY Harbor ULSD		29			07/31/2018		2,691,415			78,041
OMXS30 Index		463			07/20/2018		8,069,255			42,962
RBOB Gasoline		19			07/31/2018		1,716,658			60,763
Russell 2000 E-Mini Index		45			09/21/2018		3,706,875			(55,294	)
S&P 500 E-Mini Index		126			09/21/2018		17,146,080			(153,257	)
S&P/TSX 60 Index		33			09/20/2018		4,836,101			53,370
SPI 200 Index		91			09/20/2018		10,350,857			87,026
TOPIX Index		51			09/13/2018		7,971,413			(59,250	)
Wheat		20			09/14/2018		501,250			(37,988	)
WTI Crude Oil		31			07/20/2018		2,298,650			190,424
Total									$	(676,751	)
Short position contracts:
100 oz Gold		(69	)		08/29/2018	$	(8,656,050	)	$	197,472
BIST 30 Index		(2,669	)		08/31/2018		(7,040,197	)		(107,374	)
Coffee ‘C’		(45	)		09/18/2018		(1,942,312	)		78,383
Corn		(139	)		09/14/2018		(2,498,525	)		39,666
EURO STOXX 50 Index		(186	)		09/21/2018		(7,365,618	)		(12,505	)
Feeder Cattle		(18	)		08/30/2018		(1,361,925	)		(63,147	)
FTSE/JSE Top 40 Index		(231	)		09/20/2018		(8,703,821	)		(116,448	)
KOSPI 200 Index		(58	)		09/13/2018		(3,903,096	)		24,031
Lean Hogs		(32	)		08/14/2018		(978,560	)		(19,447	)
Live Cattle		(28	)		08/31/2018		(1,195,320	)		(22,889	)
LME Aluminum Base Metal		(46	)		07/16/2018		(2,488,600	)		191,666
LME Aluminum Base Metal		(20	)		08/13/2018		(1,063,500	)		6,953
LME Copper Base Metal		(22	)		07/16/2018		(3,650,900	)		296,123
LME Copper Base Metal		(14	)		08/13/2018		(2,320,500	)		23,967
LME Lead Base Metal		(55	)		07/16/2018		(3,316,156	)		1,739
LME Nickel Base Metal		(26	)		07/16/2018		(2,314,338	)		121,961

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
LME Nickel Base Metal		(2	)		08/13/2018	$	(178,386	)	$	(3,491	)
LME Zinc Base Metal		(17	)		07/16/2018		(1,228,887	)		70,510
LME Zinc Base Metal		(21	)		08/13/2018		(1,502,812	)		129,569
Natural Gas		(19	)		07/27/2018		(555,560	)		8,688
SET50 Index		(318	)		09/27/2018		(2,007,633	)		6,949
Silver		(66	)		09/26/2018		(5,345,340	)		113,883
Soybean		(55	)		11/14/2018		(2,420,000	)		188,269
Sugar No. 11		(145	)		09/28/2018		(1,989,400	)		2,836
VSTOXX		(1,843	)		07/18/2018		(3,518,938	)		(236,009	)
Total									$	921,355
Total Futures Contracts									$	244,604

SWAP CONTRACTS — At June 30, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.000%(b)	3 Month BBR	09/19/2019	AUD	517,210	$	90,423		$	62,839		$	27,584
3 Month BA(c)	2.250%	09/19/2019	CAD	150,230		79,088			179,416			(100,328	)
6 Month LIBOR(c)	0.000	09/19/2019	CHF	381,450		2,416,135			(136,664	)		2,552,799
6 Month EURIBOR(c)	0.000	09/19/2019	EUR	953,640		2,669,975			2,270,830			399,145
6 Month LIBOR(c)	1.000	09/19/2019	GBP	843,340		434,056			752,359			(318,303	)
3 Month STIBOR(b)	0.000	09/19/2019	SEK	6,724,330		2,107,836			(9,273	)		2,117,109
2.750(c)	3 Month LIBOR	09/19/2019	USD	1,730,590		(505,853	)		(118,462	)		(387,391	)
0.000(d)	6 Month EURIBOR	09/19/2020	EUR	33,900		(107,358	)		(105,528	)		(1,830	)
6 Month LIBOR(c)	1.250	09/19/2020	GBP	167,930		714,085			706,569			7,516
3.000(c)	3 Month LIBOR	09/19/2020	USD	45,540		(123,783	)		(88,643	)		(35,140	)
1.750(d)	6 Month PRIBOR	09/19/2023	CZK	667,900		299,389			(159,411	)		458,800
1.500(d)	6 Month BUBOR	09/19/2023	HUF	3,921,180		477,426			158,412			319,014
7.500(e)	1 Month TIIE	09/19/2023	MXN	327,860		247,894			187,754			60,140
6 Month WIBOR(c)	2.500	09/19/2023	PLN	108,060		(19,162	)		(25,899	)		6,737
7.250(b)	3 Month JIBAR	09/19/2023	ZAR	187,270		347,306			358,125			(10,819	)
2.750(c)	3 Month BA	09/19/2028	CAD	8,380		(91,992	)		(125,742	)		33,750
6 Month LIBOR(c)	0.500	09/19/2028	CHF	10,850		71,250			57,018			14,232
6 Month EURIBOR(c)	1.250	09/19/2028	EUR	87,820		3,365,357			2,083,915			1,281,442
6 Month LIBOR(c)	1.750	09/19/2028	GBP	8,370		212,026			210,088			1,938
3 Month STIBOR(b)	1.500	09/19/2028	SEK	182,570		634,642			(138,307	)		772,949
3.000(c)	3 Month LIBOR	09/19/2028	USD	48,700		(264,979	)		(255,842	)		(9,137	)
1.500(d)	6 Month EURIBOR	09/19/2048	EUR	25,830		(267,957	)		407,628			(675,585	)
1.750(c)	6 Month LIBOR	09/19/2048	GBP	17,110		(705,630	)		(518,236	)		(187,394	)
3 Month LIBOR(b)	3.000	09/19/2048	USD	17,770		224,280			(197,770	)		422,050
TOTAL					$	12,304,454		$	5,555,176		$	6,749,278

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2018.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

(e) Payments made monthly.

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

GOLDMAN SACHS SELECT SATELLITE FUNDS

Consolidated Statements of Assets and Liabilities^(a)

June 30, 2018 (Unaudited)

	Absolute Return Tracker Fund		Alternative Premia Fund		Commodity Strategy Fund			Managed Futures Strategy Fund
Assets:
Investments in unaffiliated issuers, at value (cost $659,886,469, $0, $106,230,452 and $0)(b)	$	710,280,171	$	—	$	104,579,047		$	—
Investments in affiliated issuers, at value (cost $1,371,868,767, $93,937,936, $262,882,079 and $202,210,129)		1,371,868,767		93,937,936		262,956,704			202,210,129
Investments in affiliated securities lending reinvestment vehicle, at value (cost $2,648,850, $0, $0 and $0)		2,648,850		—		—			—
Purchased Options, at value (premiums paid $0, $58,358, $0 and $0)		—		37,315		—			—
Cash		38,239,455		4,266,876		22,834,235			15,467,036
Foreign currencies, at value (cost $924,054, $0, $0 and $27,435,122)		921,887		—		—			27,688,878
Receivables:
Collateral on certain derivative contracts(c)		71,728,926		10,442,411		25,617,798			25,368,924
Fund shares sold		20,161,902		—		470,991			85,957
Dividends and interest		317,704		—		376,446			195
Investments sold		94,472		—		5,568,589			—
Reimbursement from investment adviser		46,947		3,755		25,184			3,438
Foreign tax reclaims		12,189		278,925		—			—
Securities lending income		4,878		—		—			—
Due from broker		—		12,268		7,762,256			—
Unrealized gain on swap contracts		4,526,418		1,773,640		—			—
Variation margin on futures		1,021,959		—		20,007			—
Unrealized gain on forward foreign currency exchange contracts		842,294		825,872		—			4,675,598
Variation margin on swaps		32,939		15,252		23,046			—
Other assets		188,528		66,092		72,092			86,311
Total assets		2,222,938,286		111,660,342		430,306,395			275,586,466
Liabilities:
Written options, at value (premiums received $4,979,633, $960,761, $0 and $0)		3,894,749		692,989		—			—
Unrealized loss on forward foreign currency exchange contracts		630,701		279,220		—			1,644,241
Unrealized loss on swap contracts		588,592		2,757,440		—			—
Due to custodian — foreign currencies, at value (cost $0, $114,781, $0 and $0)		—		116,696		—			—
Variation margin on swaps		—		—		—			425,792
Variation margin on futures		—		781,983		—			1,497,797
Payables:
Payable upon return of securities loaned		2,648,850		—		—			—
Fund shares redeemed		2,326,903		25,689		1,137,601			384,909
Management fees		996,284		56,593		101,762			198,461
Collateral on certain derivative contracts(c)		640,000		1,260,000		—			—
Distribution and Service fees and Transfer Agency fees		126,260		18,522		31,838			28,851
Due to broker		—		119,939		—			—
Investments purchased		—		—		7,565,733			370,755
Accrued expenses and other liabilities		322,152		273,748		342,944			177,225
Total liabilities		12,174,491		6,382,819		9,179,878			4,728,031
Net Assets:
Paid-in capital		2,135,461,212		103,102,948		407,742,246			269,036,744
Undistributed (distributions in excess of) net investment income		9,981,083		75,945		2,169,069			(449,502	)
Accumulated net realized gain (loss)		5,688,546		854,663		13,233,749			(9,045,526	)
Net unrealized gain (loss)		59,632,954		1,243,967		(2,018,547	)		11,316,719
NET ASSETS	$	2,210,763,795	$	105,277,523	$	421,126,517		$	270,858,435
Net Assets:
Class A	$	68,612,351	$	10,166,022	$	49,068,463		$	7,931,281
Class C		18,315,998		12,262,389		3,466,047			3,523,886
Institutional		1,795,018,085		14,673,733		346,333,321			82,024,818
Investor		164,625,909		6,565,451		8,310,487			118,442,852
Class P		158,505,844		191,060		7,961,704			399,862
Class R		1,914,755		13,217		2,874,727			575,343
Class R6		3,770,853		61,405,651		3,111,768			57,960,393
Total Net Assets	$	2,210,763,795	$	105,277,523	$	421,126,517		$	270,858,435
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		7,328,187		1,158,865		3,936,102			795,459
Class C		2,122,977		1,494,502		292,790			369,672
Institutional		185,999,633		1,639,046		27,490,858			8,074,204
Investor		17,215,511		738,664		659,290			11,710,278
Class P		16,431,139		21,366		631,344			39,228
Class R		210,134		1,536		234,196			58,584
Class R6		391,066		6,874,886		246,798			5,680,704
Net asset value, offering and redemption price per share:(d)
Class A		$9.36		$8.77		$12.47			$9.96
Class C		8.63		8.20		11.84			9.52
Institutional		9.65		8.95		12.60			10.16
Investor		9.56		8.89		12.60			10.10
Class P		9.65		8.94		12.61			10.18
Class R		9.11		8.61		12.27			9.81
Class R6		9.64		8.93		12.61			10.19

(a) Statements of Assets and Liabilities for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd., Cayman Commodity-AP, Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $2,557,396 for the Absolute Return Tracker Fund.

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

Fund	Forwards			Futures		Options		Swaps
Absolute Return Tracker	$	—		$	17,434,959	$	48,661,569	$	4,992,398
Alternative Premia		(1,260,000	)		5,613,330		4,355,532		473,549
Commodity Strategy		—			—		—		25,617,798
Managed Futures Strategy		2,970,000			12,607,458		—		9,791,466

(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds is $9.90, $9.28, $13.06 and $10.54, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS SELECT SATELLITE FUNDS

Consolidated Statements of Operations^(a)

For the six months Ended June 30, 2018 (Unaudited)

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
Investment income:
Dividends — affiliated issuers (net of foreign taxes withheld of $0, $0, $0 and $5,586)	$	10,376,910		$	863,352		$	1,625,761		$	1,674,196
Dividends — unaffiliated issuers (net of foreign taxes withheld of $91,608, $0, $0 and $0)		4,766,138			8,623			—			—
Securities lending income — affiliated issuer		23,771			—			—			—
Interest		—			—			1,441,117			—
Total investment income		15,166,819			871,975			3,066,878			1,674,196
Expenses:
Management fees		9,546,525			589,527			979,982			1,440,205
Transfer Agency fees(b)		546,505			46,357			105,473			147,059
Distribution and Service fees(b)		153,571			81,032			81,166			29,836
Custody, accounting and administrative services		130,336			47,273			36,817			43,023
Printing and mailing costs		103,992			48,229			127,925			19,362
Professional fees		89,146			88,856			72,647			83,984
Registration fees		27,087			—			21,056			21,040
Trustee fees		10,271			8,888			9,046			8,910
Other		16,843			—			6,964			56,678
Total expenses		10,624,276			910,162			1,441,076			1,850,097
Less — expense reductions		(3,933,264	)		(359,194	)		(333,057	)		(220,132	)
Net expenses		6,691,012			550,968			1,108,019			1,629,965
NET INVESTMENT INCOME		8,475,807			321,007			1,958,859			44,231
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		19,584,061			5,720			(915,976	)		—
Futures contracts		(14,585,119	)		(3,230,040	)		2,935,484			(4,004,966	)
Purchased options		—			(146,733	)		(3,583	)		—
Swap contracts		(4,173,093	)		(990,308	)		31,856,236			1,448,948
Forward foreign currency exchange contracts		(562,820	)		706,326			—			(5,658,210	)
Foreign currency transactions		13,179			(643,426	)		—			(892,466	)
Written options		6,050,622			(235,226	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(7,899,111	)		—			(1,409,754	)		—
Investments — affiliated issuers		—			—			119,625			—
Futures contracts		3,667,084			345,710			(560,590	)		(854,317	)
Purchased options		—			20,370			(6,390	)		—
Swap contracts		194,365			(977,588	)		(30,095	)		(2,865,568	)
Forward foreign currency exchange contracts		113,376			622,758			—			2,463,268
Foreign currency translation		111,333			47,258			—			919,793
Written options		(1,985,841	)		418,772			—			—
Net realized and unrealized gain (loss)		528,036			(4,056,407	)		31,984,957			(9,443,518	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,003,843		$	(3,735,400	)	$	33,943,816		$	(9,399,287	)

(a) Statement of Operations for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd., Cayman Commodity-AP, Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P(c)		Class R		Class R6
Absolute Return Tracker	$	74,067	$	74,029	$	5,475	$	53,328	$	13,325	$	362,636	$	111,607	$	3,105	$	1,971	$	533
Alternative Premia		14,499		66,500		33		10,439		11,970		7,355		6,585		2		11		9,995
Commodity Strategy		58,639		15,645		6,882		30,492		2,034		65,525		5,143		58		1,789		432
Managed Futures Strategy		9,961		18,424		1,451		7,172		3,316		31,402		104,214		4		522		429	(b)

(c) Commenced operations on April 17, 2018.

(d) Commenced operations on April 30, 2018.

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

GOLDMAN SACHS SELECT SATELLITE FUNDS

Consolidated Statements of Changes in Net Assets^(a)

	Absolute Return Tracker Fund						Alternative Premia Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	8,475,807		$	4,534,610		$	321,007		$	907,973
Net realized gain (loss)		6,326,830			48,742,737			(4,533,687	)		46,381,732
Net change in unrealized gain (loss)		(5,798,794	)		43,660,271			477,280			(6,227,126	)
Net increase (decrease) in net assets resulting from operations		9,003,843			96,937,618			(3,735,400	)		41,062,579
Distributions to shareholders:
From net investment income
Class A Shares		—			—			—			(259,480	)
Class C Shares		—			—			—			(190,491	)
Institutional Shares		—			(566,418	)		—			(2,618,250	)
Investor Shares(b)		—			—			—			(197,123	)
Class R Shares		—			—			—			(248	)
Class R6 Shares		—			(1,115	)		—			(74,851	)
From net realized gains
Class A Shares		—			(1,737,531	)		—			(2,958,131	)
Class C Shares		—			(498,842	)		—			(3,403,691	)
Institutional Shares		—			(50,034,494	)		—			(23,283,412	)
Investor Shares(b)		—			(3,059,831	)		—			(1,927,003	)
Class R Shares		—			(81,002	)		—			(2,774	)
Class R6 Shares		—			(73,884	)		—			(2,303	)
Total distributions to shareholders		—			(56,053,117	)		—			(34,917,757	)
From share transactions:
Proceeds from sales of shares		1,171,353,893			1,044,898,268			121,602,271			41,007,234
Reinvestment of distributions		—			41,929,420			—			34,267,837
Cost of shares redeemed		(644,222,919	)		(491,766,832	)		(168,665,010	)		(447,712,464	)
Net increase (decrease) in net assets resulting from share transactions		527,130,974			595,060,856			(47,062,739	)		(372,437,393	)
TOTAL INCREASE (DECREASE)		536,134,817			635,945,357			(50,798,139	)		(366,292,571	)
Net assets:
Beginning of period		1,674,628,978			1,038,683,621			156,075,662			522,368,233
End of period	$	2,210,763,795		$	1,674,628,978		$	105,277,523		$	156,075,662
Undistributed (distributions in excess of) net investment income	$	9,981,083		$	1,505,276		$	75,945		$	(245,062	)

(a) Statement of Changes in Net Assets for Absolute Return Tracker and Alternative Premia are consolidated and include the balances of Cayman Commodity-ART, Ltd. and Cayman Commodity-AP, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS SELECT SATELLITE FUNDS

Consolidated Statements of Changes in Net Assets^(a) (continued)

	Commodity Strategy Fund						Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income (loss)	$	1,958,859		$	2,308,049		$	44,231		$	(1,093,057	)
Net realized gain (loss)		33,872,161			29,034,251			(9,106,694	)		4,194,860
Net change in unrealized gain (loss)		(1,887,204	)		(18,073,299	)		(336,824	)		1,241,057
Net increase (decrease) in net assets resulting from operations		33,943,816			13,269,001			(9,399,287	)		4,342,860
Distributions to shareholders:
From net investment income
Class A Shares		(143,241	)		(2,030,384	)		—			—
Class C Shares		(410	)		(119,392	)		—			—
Institutional Shares		(1,532,914	)		(14,785,402	)		—			—
Investor Shares(b)		(33,297	)		(389,143	)		—			—
Class P Shares(c)		(36,039	)		—			—			—
Class R Shares		(5,385	)		(115,598	)		—			—
Class R6 Shares(d)		(13,794	)		(1,969	)		—			—
From net realized gains
Class A Shares		—			—			—			(38,110	)
Class C Shares		—			—			—			(17,904	)
Institutional Shares		—			—			—			(732,982	)
Investor Shares(b)		—			—			—			(499,819	)
Class R Shares		—			—			—			(2,943	)
Return of capital
Class A Shares		—			(493,143	)		—			—
Class C Shares		—			(32,588	)		—			—
Institutional Shares		—			(3,110,881	)		—			—
Investor Shares(b)		—			(103,317	)		—			—
Class R Shares		—			(32,492	)		—			—
Class R6 Shares(d)		—			(8,058	)		—			—
Total distributions to shareholders		(1,765,080	)		(21,222,367	)		—			(1,291,758	)
From share transactions:
Proceeds from sales of shares		95,998,371			196,756,016			130,293,603			221,978,188
Reinvestment of distributions		1,269,293			16,010,720			—			1,237,724
Cost of shares redeemed		(84,535,085	)		(231,261,163	)		(132,222,865	)		(102,561,020	)
Net increase (decrease) in net assets resulting from share transactions		12,732,579			(18,494,427	)		(1,929,262	)		120,654,892
TOTAL INCREASE (DECREASE)		44,911,315			(26,447,793	)		(11,328,549	)		123,705,994
Net assets:
Beginning of period		376,215,202			402,662,995			282,186,984			158,480,990
End of period	$	421,126,517		$	376,215,202		$	270,858,435		$	282,186,984
Undistributed (distributions in excess of) net investment income (loss)	$	2,169,069		$	1,975,290		$	(449,502	)	$	(493,733	)

(a) Statement of Changes in Net Assets for Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(c) Commenced operation on April 17, 2018.

(d) Commenced operations on April 30, 2018 for Managed Futures Strategy Fund.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.31		$	9.02		$	8.67		$	9.01		$	9.12		$	8.95
Net investment income (loss)(a)		0.02			—	(b)		(0.04	)		(0.07	)		(0.09	)		(0.12	)
Net realized and unrealized gain (loss)		0.03			0.62			0.43			(0.15	)		0.33			.0.82
Total from investment operations		0.05			0.62			0.39			(0.22	)		0.24			0.70
Distributions to shareholders from net investment income		—			—			—			(0.02	)		—			—
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)		(0.35	)		(0.53	)
Total distributions		—			(0.03	)		(0.04	)		(0.12	)		(0.35	)		(0.53	)
Net asset value, end of period	$	9.36		$	9.31		$	9.02		$	8.67		$	9.01		$	9.12
Total return(c)		0.54	%		6.93	%		4.45	%		(2.45	)%		2.61	%		7.90	%
Net assets, end of period (in 000s)	$	68,612		$	52,427		$	38,886		$	45,207		$	64,120		$	105,432
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.02	%(d)		1.03	%		1.03	%		1.04	%		1.05	%		1.55	%
Ratio of total expenses to average net assets		1.40	%(d)		1.61	%		1.66	%		1.60	%		1.59	%		1.59	%
Ratio of net investment income (loss) to average net assets		0.47	%(d)		(0.04	)%		(0.43	)%		(0.74	)%		(0.96	)%		(1.33	)%
Portfolio turnover rate(e)		84	%		76	%		130	%		213	%		134	%		163	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

	Goldman Sachs Absolute Return Tracker Fund
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.61		$	8.43		$	8.17		$	8.54		$	8.72		$	8.65
Net investment loss(a)		(0.01	)		(0.07	)		(0.10	)		(0.13	)		(0.15	)		(0.18	)
Net realized and unrealized gain (loss)		0.03			0.58			0.40			(0.14	)		0.32			0.78
Total from investment operations		0.02			0.51			0.30			(0.27	)		0.17			0.60
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)		(0.35	)		(0.53	)
Net asset value, end of period	$	8.63		$	8.61		$	8.43		$	8.17		$	8.54		$	8.72
Total return(b)		0.23	%		6.10	%		3.62	%		(3.20	)%		1.92	%		7.02	%
Net assets, end of period (in 000s)	$	18,316		$	13,718		$	13,490		$	18,329		$	28,736		$	29,942
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.77	%(c)		1.78	%		1.78	%		1.79	%		1.80	%		2.30	%
Ratio of total expenses to average net assets		2.15	%(c)		2.36	%		2.41	%		2.35	%		2.34	%		2.34	%
Ratio of net investment loss to average net assets		(0.27	)%(c)		(0.81	)%		(1.18	)%		(1.51	)%		(1.69	)%		(2.08	)%
Portfolio turnover rate(d)		84	%		76	%		130	%		213	%		134	%		163	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.58		$	9.23		$	8.86		$	9.22		$	9.32		$	9.10
Net investment income (loss)(a)		0.04			0.03			—	(b)		(0.03	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		0.03			0.65			0.43			(0.17	)		0.34			0.84
Total from investment operations		0.07			0.68			0.43			(0.20	)		0.29			0.75
Distributions to shareholders from net investment income		—			—	(b)		(0.02	)		(0.06	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)		(0.35	)		(0.53	)
Total distributions		—			(0.33	)		(0.06	)		(0.16	)		(0.39	)		(0.53	)
Net asset value, end of period	$	9.65		$	9.58		$	9.23		$	8.86		$	9.22		$	9.32
Total return(c)		0.73	%		7.46	%		4.82	%		(2.18	)%		3.09	%		8.33	%
Net assets, end of period (in 000s)	$	1,795,018		$	1,510,457		$	970,838		$	1,111,353		$	1,874,703		$	1,589,475
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.63	%(d)		0.64	%		0.62	%		0.64	%		0.65	%		1.15	%
Ratio of total expenses to average net assets		1.02	%(d)		1.21	%		1.24	%		1.20	%		1.19	%		1.19	%
Ratio of net investment income (loss) to average net assets		0.85	%(d)		0.36	%		(0.02	)%		(0.36	)%		(0.54	)%		(0.92	)%
Portfolio turnover rate(e)		84	%		76	%		130	%		213	%		134	%		163	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

	Goldman Sachs Absolute Return Tracker Fund
	Investor Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.50		$	9.17		$	8.80		$	9.15		$	9.24		$	9.04
Net investment income (loss)(b)		0.04			0.03			(0.01	)		(0.04	)		(0.07	)		(0.10	)
Net realized and unrealized gain (loss)		0.02			0.63			0.43			(0.16	)		0.34			0.83
Total from investment operations		0.06			0.66			0.42			(0.20	)		0.27			0.73
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.05	)		(0.01	)		—
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)		(0.35	)		(0.53	)
Total distributions		—			(0.33	)		(0.05	)		(0.15	)		(0.36	)		(0.53	)
Net asset value, end of period	$	9.56		$	9.50		$	9.17		$	8.80		$	9.15		$	9.24
Total return(c)		0.63	%		7.25	%		4.75	%		(2.23	)%		2.85	%		8.15	%
Net assets, end of period (in 000s)	$	164,626		$	93,650		$	13,245		$	6,755		$	8,046		$	21,565
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.77	%(d)		0.78	%		0.78	%		0.79	%		0.81	%		1.30	%
Ratio of total expenses to average net assets		1.14	%(d)		1.35	%		1.42	%		1.35	%		1.34	%		1.34	%
Ratio of net investment income (loss) to average net assets		0.75	%(d)		0.28	%		(0.13	)%		(0.49	)%		(0.73	)%		(1.08	)%
Portfolio turnover rate(e)		84	%		76	%		130	%		213	%		134	%		163	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class P Shares
	April 17, 2018* to June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	9.64
Net investment income(a)		0.07
Net realized and unrealized gain		(0.06	)
Total from investment operations		0.01
Net asset value, end of period	$	9.65
Total return(b)		0.10	%
Net assets, end of period (in 000s)	$	158,506
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.61	%(c)
Ratio of total expenses to average net assets		0.73	%(c)
Ratio of net investment income to average net assets		1.56	%(c)
Portfolio turnover rate(d)		84	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

	Goldman Sachs Absolute Return Tracker Fund
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.08		$	8.82		$	8.50		$	8.85		$	8.98		$	8.85
Net investment income (loss)(a)		0.01			(0.03	)		(0.06	)		(0.09	)		(0.11	)		(0.14	)
Net realized and unrealized gain (loss)		0.02			0.62			0.42			(0.15	)		0.33			0.80
Total from investment operations		0.03			0.59			0.36			(0.24	)		0.22			0.66
Distributions to shareholders from net investment income		—			—			—			(0.01	)		—			—
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)		(0.35	)		(0.53	)
Total distributions		—			(0.33	)		(0.04	)		(0.11	)		(0.35	)		(0.53	)
Net asset value, end of period	$	9.11		$	9.08		$	8.82		$	8.50		$	8.85		$	8.98
Total return(b)		0.33	%		6.74	%		4.19	%		(2.71	)%		2.42	%		7.54	%
Net assets, end of period (in 000s)	$	1,915		$	2,150		$	2,197		$	2,019		$	2,299		$	1,729
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.27	%(c)		1.28	%		1.28	%		1.29	%		1.30	%		1.80	%
Ratio of total expenses to average net assets		1.65	%(c)		1.86	%		1.91	%		1.85	%		1.84	%		1.84	%
Ratio of net investment Income (loss) to average net assets		0.20	%(c)		(0.31	)%		(0.66	)%		(0.97	)%		(1.19	)%		(1.57	)%
Portfolio turnover rate(d)		84	%		76	%		130	%		213	%		134	%		163	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,						For the Period July 31, 2015* to December 31, 2015
				2017			2016
Per Share Data
Net asset value, beginning of period	$	9.57		$	9.23		$	8.86		$	9.30
Net investment income (loss)(a)		0.04			0.04			—	(b)		(0.01	)
Net realized and unrealized gain (loss)		0.03			0.63			0.43			(0.26	)
Total from investment operations		0.07			0.67			0.43			(0.27	)
Distributions to shareholders from net investment income		—			—	(b)		(0.02	)		(0.07	)
Distributions to shareholders from net realized gains		—			(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.33	)		(0.06	)		(0.17	)
Net asset value, end of period	$	9.64		$	9.57		$	9.23		$	8.86
Total return(c)		0.73	%		7.36	%		4.85	%		(2.98	)%
Net assets, end of period (in 000s)	$	3,771		$	2,226		$	27		$	10
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.62	%(d)		0.62	%		0.64	%		0.64	%(d)
Ratio of total expenses to average net assets		1.01	%(d)		1.19	%		1.24	%		1.21	%(d)
Ratio of net investment income (loss) to average net assets		0.88	%(d)		0.39	%		0.01	%		(0.22	)%(d)
Portfolio turnover rate(e)		84	%		76	%		130	%		213	%

 * Commencement of operation.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

	Goldman Sachs Alternative Premia Fund
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.91		$	10.01		$	9.45		$	10.49		$	10.89		$	10.70
Net investment income (loss)(a)		0.01			(0.01	)		(0.01	)		(0.04	)		(0.08	)		(0.13	)
Net realized and unrealized gain (loss)		(0.15	)		1.40			0.57			(0.71	)		0.32			0.68
Total from investment operations		(0.14	)		1.39			0.56			(0.75	)		0.24			0.55
Distributions to shareholders from net investment income		—			(0.17	)		—			(0.01	)		(0.05	)		—
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)		(0.59	)		(0.36	)
Total distributions		—			(2.49	)		—			(0.29	)		(0.64	)		(0.36	)
Net asset value, end of period	$	8.77		$	8.91		$	10.01		$	9.45		$	10.49		$	10.89
Total return(c)		(1.57	)%		14.17	%		5.91	%		(7.17	)%		2.19	%		5.21	%
Net assets, end of period (in 000s)	$	10,166		$	13,886		$	27,566		$	43,167		$	78,100		$	169,197
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.05	%(d)		1.12	%		1.15	%		1.13	%		1.23	%		1.30	%
Ratio of total expenses to average net assets		1.56	%(d)		1.51	%		1.45	%		1.43	%		1.42	%		1.37	%
Ratio of net investment income (loss) to average net assets		0.23	%(d)		(0.10	)%		(0.13	)%		(0.39	)%		(0.70	)%		(1.18	)%
Portfolio turnover rate(e)		—	%		349	%		272	%		241	%		211	%		311	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.36		$	9.55		$	9.08		$	10.15		$	10.60		$	10.50
Net investment loss(a)		(0.02	)		(0.08	)		(0.08	)		(0.11	)		(0.15	)		(0.20	)
Net realized and unrealized gain (loss)		(0.14	)		1.32			0.55			(0.68	)		0.29			0.66
Total from investment operations		(0.16	)		1.24			0.47			(0.79	)		0.14			0.46
Distributions to shareholders from net investment income		—			(0.11	)		—			—			—			—
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)		(0.59	)		(0.36	)
Total distributions		—			(2.43	)		—			(0.28	)		(0.59	)		(0.36	)
Net asset value, end of period	$	8.20		$	8.36		$	9.55		$	9.08		$	10.15		$	10.60
Total return(b)		(1.91	)%		13.37	%		5.16	%		(7.82	)%		1.29	%		4.45	%
Net assets, end of period (in 000s)	$	12,262		$	15,239		$	20,123		$	27,914		$	41,299		$	66,543
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.80	%(c)		1.87	%		1.90	%		1.88	%		1.97	%		2.05	%
Ratio of total expenses to average net assets		2.31	%(c)		2.27	%		2.20	%		2.18	%		2.17	%		2.12	%
Ratio of net investment loss to average net assets		(0.51	)%(c)		(0.84	)%		(0.88	)%		(1.14	)%		(1.42	)%		(1.89	)%
Portfolio turnover rate(d)		—	%		349	%		272	%		241	%		211	%		311	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

	Goldman Sachs Alternative Premia Fund
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.07		$	10.15		$	9.54		$	10.61		$	11.02		$	10.78
Net investment income (loss)(a)		0.02			0.04			0.03			—	(b)		(0.03	)		(0.08	)
Net realized and unrealized gain (loss)		(0.14	)		1.41			0.58			(0.72	)		0.32			0.68
Total from investment operations		(0.12	)		1.45			0.61			(0.72	)		0.29			0.60
Distributions to shareholders from net investment income		—			(0.21	)		—			(0.07	)		(0.11	)		—	(b)
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)		(0.59	)		(0.36	)
Total distributions		—			(2.53	)		—			(0.35	)		(0.70	)		(0.36	)
Net asset value, end of period	$	8.95		$	9.07		$	10.15		$	9.54		$	10.61		$	11.02
Total return(c)		(1.32	)%		14.59	%		6.38	%		(6.84	)%		2.61	%		5.65	%
Net assets, end of period (in 000s)	$	14,674		$	114,953		$	468,924		$	510,789		$	645,286		$	756,409
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.69	%(d)		0.73	%		0.75	%		0.73	%		0.81	%		0.90	%
Ratio of total expenses to average net assets		1.26	%(d)		1.09	%		1.05	%		1.03	%		1.02	%		0.97	%
Ratio of net investment income (loss) to average net assets		0.38	%(d)		0.36	%		0.27	%		—	%(f)		(0.25	)%		(0.74	)%
Portfolio turnover rate(e)		—	%		349	%		272	%		241	%		211	%		311	%

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

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

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

(d) Annualized.

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

(f) Amount is less than 0.005%.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Investor Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.02		$	10.11		$	9.52		$	10.57		$	10.99		$	10.76
Net investment income (loss)(b)		0.02			0.02			0.01			(0.01	)		(0.05	)		(0.10	)
Net realized and unrealized gain (loss)		(0.15	)		1.41			0.58			(0.72	)		0.31			0.69
Total from investment operations		(0.13	)		1.43			0.59			(0.73	)		0.26			0.59
Distributions to shareholders from net investment income		—			(0.20	)		—			(0.04	)		(0.09	)		—
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)		(0.59	)		(0.36	)
Total distributions		—			(2.52	)		—			(0.32	)		(0.68	)		(0.36	)
Net asset value, end of period	$	8.89		$	9.02		$	10.11		$	9.52		$	10.57		$	10.99
Total return(c)		(1.44	)%		14.47	%		6.18	%		(6.90	)%		2.33	%		5.55	%
Net assets, end of period (in 000s)	$	6,565		$	8,910		$	5,733		$	9,933		$	26,862		$	46,709
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.80	%(d)		0.86	%		0.90	%		0.88	%		0.97	%		1.05	%
Ratio of total expenses to average net assets		1.31	%(d)		1.28	%		1.20	%		1.18	%		1.17	%		1.12	%
Ratio of net investment income (loss) to average net assets		0.48	%(d)		0.20	%		0.10	%		(0.14	)%		(0.43	)%		(0.88	)%
Portfolio turnover rate(e)		—	%		349	%		272	%		241	%		211	%		311	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

	Class P Shares
	April 17, 2018* to June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	8.85
Net investment income(a)		0.03
Net realized and unrealized gain		0.06
Total from investment operations		0.09
Net asset value, end of period	$	8.94
Total return(b)		1.02	%
Net assets, end of period (in 000s)	$	191
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.79	%(c)
Ratio of total expenses to average net assets		1.14	%(c)
Ratio of net investment income to average net assets		0.72	%(c)
Portfolio turnover rate(d)		—	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	8.75		$	9.89		$	9.36		$	10.40		$	10.83		$	10.67
Net investment income (loss)(a)		—	(b)		(0.03	)		(0.04	)		(0.05	)		(0.10	)		(0.15	)
Net realized and unrealized gain (loss)		(0.14	)		1.37			0.57			(0.71	)		0.30			0.67
Total from investment operations		(0.14	)		1.34			0.53			(0.76	)		0.20			0.52
Distributions to shareholders from net investment income		—			(0.16	)		—			—			(0.04	)		—
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)		(0.59	)		(0.36	)
Total distributions		—			(2.48	)		—			(0.28	)		(0.63	)		(0.36	)
Net asset value, end of period	$	8.61		$	8.75		$	9.89		$	9.36		$	10.40		$	10.83
Total return(c)		(1.60	)%		13.89	%		5.65	%		(7.35	)%		1.85	%		4.94	%
Net assets, end of period (in 000s)	$	13		$	13		$	12		$	11		$	12		$	12
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.29	%(d)		1.36	%		1.40	%		1.33	%		1.49	%		1.55	%
Ratio of total expenses to average net assets		1.78	%(d)		1.77	%		1.71	%		1.65	%		1.62	%		1.59	%
Ratio of net investment income (loss) to average net assets		0.01	%(d)		(0.33	)%		(0.39	)%		(0.49	)%		(0.92	)%		(1.40	)%
Portfolio turnover rate(e)		—	%		349	%		272	%		241	%		211	%		311	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

	Goldman Sachs Alternative Premia Fund
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,						For the Period July 31, 2015* to December 31, 2015
				2017			2016
Per Share Data
Net asset value, beginning of period	$	9.05		$	10.15		$	9.54		$	10.46
Net investment income (loss)(a)		0.03			0.02			0.02			(0.01	)
Net realized and unrealized gain (loss)		(0.15	)		1.42			0.59			(0.56	)
Total from investment operations		(0.12	)		1.44			0.61			(0.57	)
Distributions to shareholders from net investment income		—			(0.22	)		—			(0.07	)
Distributions to shareholders from net realized gains		—			(2.32	)		—			(0.28	)
Total distributions		—			(2.54	)		—			(0.35	)
Net asset value, end of period	$	8.93		$	9.05		$	10.15		$	9.54
Total return(b)		(1.33	)%		14.48	%		6.38	%		(5.48	)%
Net assets, end of period (in 000s)	$	61,406		$	3,074		$	10		$	9
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.64	%(c)		0.72	%		0.77	%		0.77	%(c)
Ratio of total expenses to average net assets		1.16	%(c)		1.27	%		1.02	%		0.97	%(c)
Ratio of net investment income (loss) to average net assets		0.76	%(c)		0.22	%		0.24	%		(0.21	)%(c)
Portfolio turnover rate(d)		—	%		349	%		272	%		241	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.49		$	11.68		$	10.49		$	15.58		$	22.54		$	22.94
Net investment income (loss)(a)		0.04			.02			0.02			(0.03	)		(0.13	)		(0.21	)
Net realized and unrealized gain (loss)		0.98			0.43			1.23			(5.04	)		(6.83	)		(0.19	)
Total from investment operations		1.02			0.45			1.25			(5.07	)		(6.96	)		(0.40	)
Distributions to shareholders from net investment income		(0.04	)		(0.52	)		(0.06	)		(0.02	)		—			—
Distributions to shareholders from return of capital		—			(0.12	)		—			—			—			—
Total distributions		(0.04	)		(0.64	)		(0.06	)		(0.02	)		—			—
Net asset value, end of period	$	12.47		$	11.49		$	11.68		$	10.49		$	15.58		$	22.54
Total return(b)		8.85	%		3.95	%		11.91	%		(32.43	)%		(31.03	)%		(1.57	)%
Net assets, end of period (in 000s)	$	49,068		$	46,809		$	60,944		$	58,901		$	85,200		$	401,248
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.85	%(c)		0.86	%		0.90	%		0.85	%		0.88	%		0.92	%
Ratio of total expenses to average net assets		1.02	%(c)		1.01	%		1.07	%		0.97	%		0.95	%		0.95	%
Ratio of net investment income (loss) to average net assets		0.71	%(c)		0.16	%		0.19	%		(0.21	)%		(0.59	)%		(0.91	)%
Portfolio turnover rate(d)		19	%		89	%		145	%		506	%		234	%		266	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

	Goldman Sachs Commodity Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	10.92		$	11.15		$	10.04		$	14.99		$	21.85		$	22.40
Net investment loss(a)		—	(b)		(0.07	)		(0.06	)		(0.13	)		(0.26	)		(0.36	)
Net realized and unrealized gain (loss)		0.92			0.42			1.17			(4.82	)		(6.60	)		(0.19	)
Total from investment operations		0.92			0.35			1.11			(4.95	)		(6.86	)		(0.55	)
Distributions to shareholders from net investment income		—	(b)		(0.46	)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.12	)		—			—			—			—
Total distributions		—	(b)		(0.58	)		—			—			—			—
Net asset value, end of period	$	11.84		$	10.92		$	11.15		$	10.04		$	14.99		$	21.85
Total return(c)		8.44	%		3.16	%		11.02	%		(32.95	)%		(31.32	)%		(2.50	)%
Net assets, end of period (in 000s)	$	3,466		$	2,949		$	3,858		$	4,578		$	8,149		$	11,444
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.60	%(d)		1.61	%		1.65	%		1.60	%		1.62	%		1.67	%
Ratio of total expenses to average net assets		1.77	%(d)		1.76	%		1.82	%		1.72	%		1.71	%		1.70	%
Ratio of net investment loss to average net assets		(0.03	)%(d)		(0.68	)%		(0.56	)%		(0.97	)%		(1.27	)%		(1.64	)%
Portfolio turnover rate(e)		19	%		89	%		145	%		506	%		234	%		266	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.61		$	11.80		$	10.59		$	15.72		$	22.69		$	23.01
Net investment income (loss)(a)		0.06			0.09			.06			0.02			(0.04	)		(0.13	)
Net realized and unrealized gain (loss)		0.99			0.40			1.25			(5.10	)		(6.91	)		(0.19	)
Total from investment operations		1.05			0.49			1.31			(5.08	)		(6.95	)		(0.32	)
Distributions to shareholders from net investment income		(0.06	)		(0.56	)		(0.10	)		(0.05	)		(0.02	)		—
Distributions to shareholders from return of capital		—			(0.12	)		—			—			—			—
Total distributions		(0.06	)		(0.68	)		(0.10	)		(0.05	)		(0.02	)		—
Net asset value, end of period	$	12.60		$	11.61		$	11.80		$	10.59		$	15.72		$	22.69
Total return(b)		9.01	%		4.28	%		12.32	%		(32.38	)%		(30.62	)%		(1.39	)%
Net assets, end of period (in 000s)	$	346,333		$	314,888		$	326,270		$	544,699		$	764,809		$	1,039,008
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.51	%(c)		0.52	%		0.56	%		0.51	%		0.53	%		0.58	%
Ratio of total expenses to average net assets		0.68	%(c)		0.66	%		0.72	%		0.63	%		0.62	%		0.61	%
Ratio of net investment income (loss) to average net assets		1.06	%(c)		0.78	%		0.53	%		0.12	%		(0.17	)%		(0.56	)%
Portfolio turnover rate(d)		19	%		89	%		145	%		506	%		234	%		266	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

	Goldman Sachs Commodity Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.61		$	11.81		$	10.60		$	15.74		$	22.72		$	23.06
Net investment income (loss)(b)		0.06			(0.02	)		0.05			—	(c)		(0.05	)		(0.15	)
Net realized and unrealized gain (loss)		0.98			0.49			1.25			(5.08	)		(6.93	)		(0.19	)
Total from investment operations		1.04			0.47			1.30			(5.08	)		(6.98	)		(0.34	)
Distributions to shareholders from net investment income		(0.05	)		(0.55	)		(0.09	)		(0.06	)		—	(c)		—
Distributions to shareholders from return of capital		—			(0.12	)		—			—			—			—
Total distributions		(0.05	)		(0.67	)		(0.09	)		(0.06	)		—	(c)		—
Net asset value, end of period	$	12.60		$	11.61		$	11.81		$	10.60		$	15.74		$	22.72
Total return(d)		8.97	%		4.08	%		12.21	%		(32.15	)%		(30.80	)%		(1.39	)%
Net assets, end of period (in 000s)	$	8,310		$	8,586		$	5,265		$	6,699		$	7,740		$	7,991
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.60	%(e)		0.61	%		0.65	%		0.60	%		0.61	%		0.67	%
Ratio of total expenses to average net assets		0.77	%(e)		0.75	%		0.82	%		0.72	%		0.71	%		0.70	%
Ratio of net investment income (loss) to average net assets		0.96	%(e)		(0.18	)%		0.44	%		0.03	%		(0.24	)%		(0.64	)%
Portfolio turnover rate(f)		19	%		89	%		145	%		506	%		234	%		266	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class P Shares
	April 17, 2018* to June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	12.11
Net investment income(a)		0.06
Net realized and unrealized gain		0.50
Total from investment operations		0.56
Distributions to shareholders from net investment income		(0.06	)
Net asset value, end of period	$	12.61
Total return(b)		4.61	%
Net assets, end of period (in 000s)	$	7,962
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.51	%(c)
Ratio of total expenses to average net assets		0.68	%(c)
Ratio of net investment income to average net assets		0.97	%(c)
Portfolio turnover rate(d)		19	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

	Goldman Sachs Commodity Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	11.31		$	11.51		$	10.35		$	15.38		$	22.31		$	22.76
Net investment income (loss)(a)		0.03			(0.04	)		(0.01	)		(0.06	)		(0.16	)		(0.25	)
Net realized and unrealized gain (loss)		0.95			0.45			1.21			(4.97	)		(6.77	)		(0.20	)
Total from investment operations		0.98			0.41			1.20			(5.03	)		(6.93	)		(0.45	)
Distributions to shareholders from net investment income		(0.02	)		(0.49	)		(0.04	)		—	(b)		—			—
Distributions to shareholders from return of capital		—			(0.12	)		—			—			—			—
Total distributions		(0.02	)		(0.61	)		(0.04	)		—	(b)		—			—
Net asset value, end of period	$	12.27		$	11.31		$	11.51		$	10.35		$	15.38		$	22.31
Total return(c)		8.69	%		3.60	%		11.60	%		(32.88	)%		(31.00	)%		(1.93	)%
Net assets, end of period (in 000s)	$	2,875		$	2,892		$	4,419		$	1,963		$	1,542		$	1,528
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.10	%(d)		1.11	%		1.14	%		1.10	%		1.12	%		1.17	%
Ratio of total expenses to average net assets		1.27	%(d)		1.26	%		1.34	%		1.23	%		1.21	%		1.20	%
Ratio of net investment income (loss) to average net assets		0.46	%(d)		(0.40	)%		(0.07	)%		(0.44	)%		(0.77	)%		(1.13	)%
Portfolio turnover rate(e)		19	%		89	%		145	%		506	%		234	%		266	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2018 (Unaudited)			Years Ended December 31,						For the Period July 31, 2015* to December 31, 2015
				2017			2016
Per Share Data
Net asset value, beginning of period	$	11.62		$	11.80		$	10.60		$	13.48
Net investment income (loss)(a)		0.06			(0.45	)		.06			0.02
Net realized and unrealized gain (loss)		0.99			0.95			1.24			(2.86	)
Total from investment operations		1.05			0.50			1.30			(2.84	)
Distributions to shareholders from net investment income		(0.06	)		(0.56	)		(0.10	)		(0.04	)
Distributions to shareholders from return of capital		—			(0.12	)		—			—
Total distributions		(0.06	)		(0.68	)		(0.10	)		(0.04	)
Net asset value, end of period	$	12.61		$	11.62		$	11.80		$	10.60
Total return(b)		9.01	%		4.29	%		12.25	%		(21.23	)%
Net assets, end of period (in 000s)	$	3,112		$	90		$	1,907		$	1,336
Ratios/Supplemental Data
Ratio of net expenses to average net assets		0.50	%(c)		0.50	%		0.54	%		0.51	%(c)
Ratio of total expenses to average net assets		0.67	%(c)		0.66	%		0.72	%		0.64	%(c)
Ratio of net investment income (loss) to average net assets		1.07	%(c)		(4.04	)%		0.54	%		0.35	%(c)
Portfolio turnover rate(d)		19	%		89	%		145	%		506	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

	Goldman Sachs Managed Futures Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	10.30		$	10.12		$	10.21		$	9.67		$	10.04		$	10.56
Net investment loss(a)		(0.01	)		(0.10	)		(0.14	)		(0.16	)		(0.14	)		(0.15	)
Net realized and unrealized gain (loss)		(0.33	)		0.33			0.05			1.10			(0.14	)		(0.37	)
Total from investment operations		(0.34	)		0.23			(0.09	)		0.94			(0.28	)		(0.52	)
Distributions to shareholders from net investment income		—			—			—			(0.40	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		—			—			(0.09	)		—
Total distributions		—			(0.05	)		—			(0.40	)		(0.09	)		—
Net asset value, end of period	$	9.96		$	10.30		$	10.12		$	10.21		$	9.67		$	10.04
Total return(b)		(3.20	)%		2.29	%		(0.88	)%		9.69	%		(2.75	)%		(4.83	)%
Net assets, end of period (in 000s)	$	7,931		$	7,711		$	23,174		$	24,000		$	2,698		$	1,344
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.44	%(c)		1.55	%		1.55	%		1.56	%		1.51	%		1.46	%
Ratio of total expenses to average net assets		1.59	%(c)		1.75	%		1.74	%		1.84	%		1.96	%		2.64	%
Ratio of net investment loss to average net assets		(0.27	)%(c)		(1.02	)%		(1.33	)%		(1.53	)%		(1.50	)%		(1.54	)%
Portfolio turnover rate(d)		—	%		—	%		529	%		196	%		343	%		—	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	9.88		$	9.79		$	9.95		$	9.45		$	9.89		$	10.48
Net investment loss(a)		(0.05	)		(0.17	)		(0.21	)		(0.23	)		(0.21	)		(0.22	)
Net realized and unrealized gain (loss)		(0.31	)		0.31			0.05			1.07			(0.14	)		(0.37	)
Total from investment operations		(0.36	)		0.14			(0.16	)		0.84			(0.35	)		(0.59	)
Distributions to shareholders from net investment income		—			—			—			(0.34	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		—			—			(0.09	)		—
Total distributions		—			(0.05	)		—			(0.34	)		(0.09	)		—
Net asset value, end of period	$	9.52		$	9.88		$	9.79		$	9.95		$	9.45		$	9.89
Total return(b)		(3.54	)%		1.44	%		(1.60	)%		8.93	%		(3.50	)%		(5.63	)%
Net assets, end of period (in 000s)	$	3,524		$	3,480		$	4,054		$	3,056		$	897		$	1,536
Ratios/Supplemental Data
Ratio of net expenses to average net assets		2.19	%(c)		2.29	%		2.31	%		2.30	%		2.26	%		2.21	%
Ratio of total expenses to average net assets		2.34	%(c)		2.48	%		2.49	%		2.60	%		2.69	%		3.34	%
Ratio of net investment loss to average net assets		(1.03	)%(c)		(1.72	)%		(2.09	)%		(2.28	)%		(2.26	)%		(2.28	)%
Portfolio turnover rate(d)		—	%		—	%		529	%		196	%		343	%		—	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

	Goldman Sachs Managed Futures Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	10.52		$	10.29		$	10.36		$	9.77		$	10.11		$	10.59
Net investment income (loss)(a)		0.01			(0.06	)		(0.10	)		(0.12	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss)		(0.37	)		0.34			0.04			1.12			(0.14	)		(0.37	)
Total from investment operations		(0.36	)		0.28			(0.06	)		1.00			(0.25	)		(0.48	)
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.41	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		—			—			(0.09	)		—
Total distributions		—			(0.05	)		(0.01	)		(0.41	)		(0.09	)		—
Net asset value, end of period	$	10.16		$	10.52		$	10.29		$	10.36		$	9.77		$	10.11
Total return(b)		(3.14	)%		2.73	%		(0.57	)%		10.24	%		(2.43	)%		(4.44	)%
Net assets, end of period (in 000s)	$	82,029		$	163,971		$	110,763		$	87,820		$	88,381		$	106,635
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.05	%(c)		1.14	%		1.16	%		1.14	%		1.11	%		1.07	%
Ratio of total expenses to average net assets		1.20	%(c)		1.33	%		1.34	%		1.46	%		1.54	%		2.18	%
Ratio of net investment income (loss) to average net assets		0.11	%(c)		(0.54	)%		(0.94	)%		(1.12	)%		(1.10	)%		(1.12	)%
Portfolio turnover rate(d)		—	%		—	%		529	%		196	%		343	%		—	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	10.44		$	10.23		$	10.30		$	9.73		$	10.08		$	10.58
Net investment loss(b)		—	(c)		(0.06	)		(0.11	)		(0.13	)		(0.12	)		(0.13	)
Net realized and unrealized gain (loss)		(0.34	)		0.32			0.04			1.11			(0.14	)		(0.37	)
Total from investment operations		(0.34	)		0.26			(0.07	)		0.98			(0.26	)		(0.50	)
Distributions to shareholders from net investment income		—			—			—			(0.41	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		—			—			(0.09	)		—
Total distributions		—			(0.05	)		—			(0.41	)		(0.09	)		—
Net asset value, end of period	$	10.10		$	10.44		$	10.23		$	10.30		$	9.73		$	10.08
Total return(d)		(3.16	)%		2.55	%		(0.68	)%		10.08	%		(2.54	)%		(4.64	)%
Net assets, end of period (in 000s)	$	443,302		$	106,431		$	20,181		$	6,489		$	391		$	384
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.19	%(e)		1.26	%		1.31	%		1.31	%		1.26	%		1.21	%
Ratio of total expenses to average net assets		1.34	%(e)		1.45	%		1.49	%		1.60	%		1.69	%		2.32	%
Ratio of net investment loss to average net assets		(0.30	)%(e)		(0.60	)%		(1.09	)%		(1.26	)%		(1.25	)%		(1.27	)%
Portfolio turnover rate(f)		—	%		—	%		529	%		196	%		343	%		—	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Amount is less than $0.005 per share

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption

charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

	Goldman Sachs Managed Futures Strategy Fund
	Class P Shares
	For the Period April 17, 2018* to June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.56
Net investment income(a)		0.01
Net realized and unrealized loss		(0.39	)
Total from investment operations		(0.38	)
Net asset value, end of period	$	10.18
Total return(b)		(3.50	)%
Net assets, end of period (in 000s)	$	400
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.11	%(c)
Ratio of total expenses to average net assets		1.24	%(c)
Ratio of net investment income to average net assets		0.25	%(c)
Portfolio turnover rate(d)		—	%

 * Commencement of operation.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Per Share Data
Net asset value, beginning of period	$	10.16		$	10.00		$	10.12		$	9.59		$	9.99		$	10.53
Net investment loss(a)		(0.03	)		(0.12	)		(0.16	)		(0.18	)		(0.17	)		(0.17	)
Net realized and unrealized gain (loss)		(0.32	)		0.33			0.04			1.09			(0.14	)		(0.37	)
Total from investment operations		(0.35	)		0.21			(0.12	)		0.91			(0.31	)		(0.54	)
Distributions to shareholders from net investment income		—			—			—			(0.38	)		—			—
Distributions to shareholders from net realized gains		—			(0.05	)		—			—			(0.09	)		—
Total distributions		—			(0.05	)		—			(0.38	)		(0.09	)		—
Net asset value, end of period	$	9.81		$	10.16		$	10.00		$	10.12		$	9.59		$	9.99
Total return(b)		(3.35	)%		2.11	%		(1.18	)%		9.47	%		(3.06	)%		(5.13	)%
Net assets, end of period (in 000s)	$	575		$	595		$	309		$	197		$	85		$	89
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.69	%(c)		1.79	%		1.81	%		1.79	%		1.76	%		1.69	%
Ratio of total expenses to average net assets		1.84	%(c)		1.98	%		1.99	%		2.11	%		2.20	%		2.82	%
Ratio of net investment loss to average net assets		(0.53	)%(c)		(1.19	)%		(1.59	)%		(1.77	)%		(1.75	)%		(1.79	)%
Portfolio turnover rate(d)		—	%		—	%		529	%		196	%		343	%		—	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

	Goldman Sachs Managed Futures Strategy Fund
	Class R6 Shares
	For the Period April 30, 2018* to June 30, 2018 (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.36
Net investment income(a)		0.01
Net realized and unrealized loss		(0.18	)
Total from investment operations		(0.17	)
Net asset value, end of period	$	10.19
Total return(b)		(1.54	)%
Net assets, end of period (in 000s)	$	57,960
Ratios/Supplemental Data
Ratio of net expenses to average net assets		1.12	%(c)
Ratio of total expenses to average net assets		1.25	%(c)
Ratio of net investment income to average net assets		0.24	%(c)
Portfolio turnover rate(d)		—	%

 * Commencement of operation.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS SELECT SATELLITE FUNDS

Notes to Financial Statements

June 30, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy	A, C, Institutional, Investor,  P(a), R and R6(b)	Diversified

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018 for the Managed Futures Strategy Fund.

Class A Shares of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Basis of Consolidation for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds — Cayman Commodity-ART, Ltd., Cayman Commodity-AP, Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, were incorporated on September 11, 2013, September 11, 2014, April 2, 2009 and June 16, 2016, respectively and are currently wholly-owned subsidiaries of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds, respectively. The Subsidiaries act as an investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries pursuant to subscription agreements dated as of June 20, 2014, November 17, 2014, June 17, 2009 and July 18, 2016 respectively, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. Under the Memorandum and Articles of Association of each 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 June 30, 2018, the Fund and Subsidiary net assets were as follows:

Fund	Fund Net Assets	Subsidiary Net Assets	% Represented by Subsidiary’s Net Assets
Absolute Return Tracker	$2,210,763,795	$16,423,619	1%
Alternative Premia	105,277,523	12,418,771	12
Commodity Strategy	421,081,873	87,037,019	21
Managed Futures Strategy	270,858,435	54,727,057	20

98

GOLDMAN SACHS SELECT SATELLITE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting 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), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

E.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Absolute Return Tracker, Alternative Premia and Managed Futures Strategy	Annually	Annually
Commodity Strategy	Semi-Annually	Annually

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

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiary’s income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods.

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

99

GOLDMAN SACHS SELECT SATELLITE FUNDS

Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on the Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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 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.

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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.

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.

i.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

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June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iv.  Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

v.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. 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 when-issued or 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 when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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 a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security 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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received, if any, is reported separately on the Consolidated Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Consolidated Schedules of Investments.

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iii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A total return swap is an agreement that gives a 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, a Fund may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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 and derivatives classified in the fair value hierarchy as of June 30, 2018:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	674,417	$	—
Asia		—		10,836,407		—
Australia and Oceania		—		126,737		—
Europe		462,880		42,974,876		—
North America		486,285,562		45,724		—
South America		—		127,324		—
Exchange Traded Funds		168,746,244		—		—
Investment Company		1,371,868,767		—		—
Securities Lending Reinvestment Vehicle		2,648,850		—		—
Total	$	2,030,012,303	$	54,785,485	$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—	$	842,294	$	—
Futures Contracts		8,448,052		—		—
Credit Default Swap Contracts		—		181,424		—
Total Return Swap Contracts		—		4,526,418		—
Total	$	8,448,052	$	5,550,136	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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ABSOLUTE RETURN TRACKER (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(630,701	)	$	—
Futures Contracts(a)		(3,961,918	)		—			—
Credit Default Swap Contracts(a)		—			(1,151,593	)		—
Total Return Swap Contracts(a)		—			(588,592	)		—
Written Options Contracts		(3,894,749	)		—			—
Total	$	(7,856,667	)	$	(2,370,886	)	$	—
ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	93,937,936		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	825,872		$	—
Futures Contracts(a)		3,060,229			—			—
Credit Default Swap Contracts(a)		—			1,424			—
Total Return Swap Contracts(a)		—			1,773,640			—
Purchased Options Contracts		37,315			—			—
Total	$	3,097,544		$	2,600,936		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(279,220	)	$	—
Futures Contracts(a)		(1,693,002	)		—			—
Credit Default Swap Contracts(a)		—			(14,169	)		—
Total Return Swap Contracts(a)		—			(2,757,440	)		—
Written Options Contracts		(692,989	)		—			—
Total	$	(2,385,991	)	$	(3,050,829	)	$	—
COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	12,401,869		$	—
Collateralized Mortgage Obligations		—			28,078,851			—
Asset-Backed Securities		—			326,436			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		34,742,554			—			—
Exchange Traded Fund		75,104,625			—			—
Investment Company		187,852,079			—			—
Short-Term Investments		—			29,029,337			—
Total	$	297,699,258		$	69,836,493		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

COMMODITY STRATEGY (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	174,331		$	—		$	—
Interest Rate Swap Contracts		—			388,625			—
Total	$	174,331		$	388,625		$	—
Liabilities(a)
Futures Contracts	$	(528,626	)	$	—		$	—
Interest Rate Swap Contracts		—			(476,097	)		—
Total	$	(528,626	)	$	(476,097	)	$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	202,210,129		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	4,675,598		$	—
Futures Contracts		2,904,214			—			—
Interest Rate Swap Contracts		—			8,475,205			—
Total	$	2,904,214		$	13,150,803		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,644,241	)	$	—
Futures Contracts		(2,659,610	)		—			—
Interest Rate Swap Contracts		—			(1,725,927	)		—
Total	$	(2,659,610	)	$	(3,370,168	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated Schedules of Investments.

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2018. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Receivable for unrealized gain on swap contracts and variation margin on futures contracts	$	2,096,230	(a)	Variation margin on futures contracts	$	(617,103)	(a)
Credit	Variation margin on swap contracts		181,424	(a)	Variation margin on swap contracts		(1,151,593)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		842,294		Payable for unrealized loss on forward foreign currency exchange contracts		(630,701)
Equity	Variation margin on futures contracts		7,846,336	(a)	Payable for unrealized loss on swap contracts, Written options, at value and Variation margin on futures contracts		(7,574,566)	(a)(b)
Interest Rate	Variation margin on futures contracts		3,031,904	(a)	Variation margin on futures contracts		(253,590)	(a)
Total		$	13,998,188			$	(10,227,553)
ALTERNATIVE PREMIA
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	2,178,808	(a)	Variation margin on futures contracts	$	(1,460,065)	(a)
Credit	Variation margin on swap contracts		1,424	(a)	Variation margin on swap contracts		(14,169)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		825,872		Payable for unrealized loss on forward foreign currency exchange contracts		(279,220)
Equity	Receivable for unrealized gain on swap contracts, variation margin on futures contracts; Investments at value		1,817,465	(a)	Payable for unrealized loss on swap contracts, Written options, at value and Variation margin on futures contracts		(3,542,236)	(a)(b)
Interest Rate	Variation margin on futures contracts		874,911	(a)	Variation margin on futures contracts		(141,130)	(a)
Total		$	5,698,480			$	(5,436,820)
COMMODITY STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures contracts and swap contracts		562,956	(a)	Variation margin on futures and swap contracts		(1,004,723)	(a)

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2018 is reported within the Consolidated Statements of Assets and Liabilities.

(b) Aggregate of amounts include $588,592 and $2,757,439 for the Absolute Return Tracker and Alternative Premia Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

MANAGED FUTURES STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	2,127,477	(a)	Variation margin on futures contracts	$	(1,748,528)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		4,675,598		Payable for unrealized loss on forward foreign currency exchange contracts		(1,644,241)
Equity	Variation margin on futures contracts		776,737	(a)	Variation margin on futures contracts		(911,082)	(a)
Interest Rate	Variation margin on swap contracts		8,475,205	(a)	Variation margin on swap contracts		(1,725,927)	(a)
Total		$	16,055,017			$	(6,029,778)

^(a)  Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2018 is reported within the Consolidated Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 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 Consolidated Statements of Operations:

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	833,382		$	417,724			1,100
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,289,605			(2,639,052	)		4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(562,820	)		113,376			39
Equity	Net realized gain (loss) from futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts and written options		(16,458,513	)		1,944,646			5,729
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		627,936			2,152,290			5,190
Total		$	(13,270,410	)	$	1,988,984			12,062

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2018.

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4. INVESTMENTS IN DERIVATIVES (continued)

ALTERNATIVE PREMIA
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(767,909	)	$	(966,268	)		1,740
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(11,007	)		(36,874	)		4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		706,326			622,758			60
Equity	Net realized gain (loss) from futures contracts, investments, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, investments, swap contracts and written options		(2,544,038	)		(634,210	)		588
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,279,353	)		1,444,616			1,902
Total		$	(3,895,981	)	$	430,022			4,294
COMMODITY STRATEGY
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from swap contracts	$	31,816,316		$	—			6
Interest rate	Net realized gain (loss) from futures contracts, investments and swap contracts/Net change in unrealized gain (loss) on futures contracts, investments and swap contracts		2,971,821			(597,075	)		910
Total		$	34,788,137		$	(597,075	)		916
MANAGED FUTURES STRATEGY
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(827,913	)	$	(56,806	)		1,753
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(5,658,210	)		2,463,268			226
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(3,950,240	)		(797,511	)		5,493
Interest rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,222,135			(2,865,568	)		396
Total		$	(8,214,228	)	$	(1,256,617	)		7,868

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a 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 a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2018:

ALTERNATIVE PREMIA
	Derivative Assets(1)				Derivative Liabilities(1)						Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Forwards		Swaps		Forwards			Swaps
Deutsche Bank AG	$	—	$	859,164	$	—		$	(909,297	)	$	(50,133	)	$	50,133	$	—
JPMorgan Chase Bank NA		—		914,476		—			(1,848,143	)		(933,667	)		300,000		(633,667	)
Morgan Stanley Co., Inc.		825,872		—		(279,220	)		—			546,652			—		546,652
Total	$	825,872	$	1,773,640	$	(279,220	)	$	(2,757,440	)	$	(437,148	)	$	350,133	$	(87,015	)

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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4. INVESTMENTS IN DERIVATIVES (continued)

MANAGED FUTURES STRATEGY
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)		Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Forwards		Forwards
Morgan Stanley Co., Inc.	$	4,675,598	$	(1,644,241	)	$	3,031,357	$	1,644,241	$	4,675,598

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

As of June 30, 2018, contractual management fees with GSAM were at the following rates. The Effective Rate and Effective Net Management Rate represent the rates for the six month period ended June 30, 2018.

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Absolute Return Tracker		0.70	%		0.63	%		0.60	%		0.59	%		0.53	%		0.94	%		0.58	%(1)
Alternative Premia		0.79			0.71			0.68			0.66			0.65			0.87			0.65	(1)
Commodity Strategy		0.50			0.50			0.45			0.43			0.42			0.50			0.41	(1)
Managed Futures Strategy		1.00			0.90			0.86			0.84			0.82			1.00			0.87	(1)

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

(1) Reflects combined management fees paid to GSAM under the Agreement and the Funds’ Subsidiary Agreements (as defined below) after the waivers.

Prior to April 30, 2018, the contractual management fee rates for the Absolute Return Tracker Fund and Alternative Premia Fund were as stated below.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Absolute Return Tracker		1.15	%		1.04	%		0.99	%		0.97	%		0.95	%
Alternative Premia		0.90			0.81			0.77			0.75			0.74

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2018, GSAM waived $30,776, $24,312, $157,316 and $19,368 of each Fund’s management fee for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds, respectively. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2018, GSAM waived $1,111,922, $93,413, $168,920 and $182,515 of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds’ management fees, respectively.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Tracker	$	8,920	$	—
Alternative Premia		408		10
Commodity Strategy		4,020		1
Managed Futures Strategy		2,582		—

D.  Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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% (except for the Commodity Strategy Fund, which charges an annual rate of 0.13%) of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

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 the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are 0.014%, 0.114%, 0.074% and 0.254%, respectively. Prior to April 30, 2018, the Other Expense limitation was 0.004% for the Alternative Premia Fund. These Other Expense limitations will remain in place through at least April 30, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Absolute Return Tracker	$	3,673,283	$	234,740	$	25,241	$	3,933,264
Alternative Premia		146,973		188,010		24,211		359,194
Commodity Strategy		168,920		127,988		36,149		333,057
Managed Futures Strategy		182,515		21,451		16,166		220,132

G.  Line of Credit Facility — As of June 30, 2018, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2018, the Funds did not have any borrowings under the facility. Prior to May 1, 2018, the facility was $1,100,000,000. The facility was decreased to $770,000,000 effective May 1, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018		Shares as of June 30, 2018		Dividend Income from Affiliated Investment Company
Absolute Return Tracker	$	1,156,058,500	$	944,707,937	$	(728,897,670	)	$	1,371,868,767		1,371,868,767	$	10,376,910
Alternative Premia		125,655,455		91,742,494		(123,460,013	)		93,937,936		93,937,936		863,352
Commodity Strategy		127,131,680		365,577,150		(304,856,751	)		187,852,079		187,852,079		1,190,131
Managed Futures Strategy		223,421,111		149,277,612		(170,488,594	)		202,210,129		202,210,129		1,674,196

The Commodity Strategy Fund invests in the shares of the Goldman Sachs Treasury Access 0-1 Year ETF. The Goldman Sachs Treasury Access 0-1 Year ETF is considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in the Goldman Sachs Treasury Access 0-1 Year ETF for the six months ended June 30, 2018:

Fund	Affiliated Investment Company		Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss) on sale of Affiliated Investment Company		Change in Unrealized Appreciation (Depreciation)		Ending Value as of June 30, 2018		Shares as of June 30, 2018		Dividend Income from Affiliated Investment Company
GS Commodity Strategy		Goldman Sachs Treasury Access 0-1 Year ETF	$	74,985,000	$	—	$	—	$	—	$	119,625	$	75,104,625		750,000	$	435,630

As of June 30, 2018, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio
Alternative Premia		8	%		24	%		11	%
Managed Futures Strategy		7			9			—

As of June 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of the following Fund:

Fund	Class P			Class R
Alternative Premia		5	%		100	%

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2018, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations)		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations)		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Absolute Return Tracker	$	—	$	738,396,940	$	—	$	435,440,099
Commodity Strategy		35,342,156		—		87,998,422		343,727

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2018, are reported under Investment Income on the Consolidated Statements of Operations.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

7. SECURITIES LENDING (continued)

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six months ended June 30, 2018				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Fund from Lending to Goldman Sachs
Absolute Return Tracker	$	2,623	$	1,514	$	864,000

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018
Absolute Return Tracker	$	4,526,600	$	108,576,825	$	(110,454,575	)	$	2,648,850

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2017, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Absolute Return Tracker			Alternative Premia			Commodity Strategy			Managed Futures Strategy
Capital loss carryforwards:
Perpetual Short-term	$	—		$	—		$	(6,455,060	)	$	—
Perpetual Long-term		—			—			(12,848,871	)		—
Total capital loss carryforwards	$	—		$	—		$	(19,303,931	)	$	—
Timing differences (Straddle loss deferral)	$	(251,690	)	$	(47,067	)	$	(1,112,056	)	$	(46,184	)

As of June 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Absolute Return Tracker			Alternative Premia			Commodity Strategy			Managed Futures Strategy
Tax cost	$	2,042,860,858		$	94,551,253		$	367,897,808		$	203,097,934
Gross unrealized gain		72,829,440			6,747,010			2,138,791			5,141,973
Gross unrealized loss		(30,892,510	)		(7,360,327	)		(2,500,848	)		(6,029,778	)
Net unrealized gain (loss)	$	41,936,930		$	(613,317	)	$	(362,057	)	$	(887,805	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, options and foreign currency contracts, and differences related to the tax treatment of swap transactions and underlying fund investments.

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8. TAX INFORMATION (continued)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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 Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

9. OTHER RISKS (continued)

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions 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. 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 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.

Tax Risk — Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker, Alternative Premia and Commodity Strategy Funds. Based on such rulings, these Funds may seek to gain exposure to the commodity markets through investments in commodity-linked notes and/or subsidiaries. The Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. 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 Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If a Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

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10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended December 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

12. SUBSEQUENT EVENTS

Subsequent events after the Consolidated Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Absolute Return Tracker Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,911,051		$	27,302,797			4,155,392		$	39,146,926
Reinvestment of distributions		—			—			181,440			1,683,766
Shares redeemed		(1,211,841	)		(11,354,923	)		(3,020,798	)		(27,870,696	)
		1,699,210			15,947,874			1,316,034			12,959,996
Class C Shares
Shares sold		738,870			6,404,482			495,237			4,306,884
Reinvestment of distributions		—			—			44,836			385,144
Shares redeemed		(208,460	)		(1,808,119	)		(548,390	)		(4,746,483	)
		530,410			4,596,363			(8,317	)		(54,455	)
Institutional Shares
Shares sold		91,215,153			884,677,891			95,572,065			913,321,573
Reinvestment of distributions		—			—			3,837,560			36,650,393
Shares redeemed		(62,864,518	)		(609,453,487	)		(46,891,600	)		(449,758,187	)
		28,350,635			275,224,404			52,518,025			500,213,779
Investor Shares(a)
Shares sold		9,198,624			88,251,098			8,957,614			85,109,117
Reinvestment of distributions		—			—			323,108			3,059,831
Shares redeemed		(1,840,579	)		(17,644,719	)		(867,881	)		(8,272,568	)
		7,358,045			70,606,379			8,412,841			79,896,380
Class P Shares(b)
Shares sold		16,532,551			160,454,518			—			—
Shares redeemed		(101,412	)		(983,027	)		—			—
		16,431,139			159,471,491			—			—
Class R Shares
Shares sold		110,923			1,017,108			69,609			634,239
Reinvestment of distributions		—			—			8,319			75,287
Shares redeemed		(137,731	)		(1,259,531	)		(90,197	)		(823,564	)
		(26,808	)		(242,423	)		(12,269	)		(114,038	)
Class R6 Shares
Shares sold		338,698			3,245,999			252,533			2,379,529
Reinvestment of distributions		—			—			7,861			74,999
Shares redeemed		(180,184	)		(1,719,113	)		(30,766	)		(295,334	)
		158,514			1,526,886			229,628			2,159,194
NET INCREASE		54,501,145		$	527,130,974			62,455,942		$	595,060,856

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Alternative Premia Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		28,604		$	251,099			129,371		$	1,341,861
Reinvestment of distributions		—			—			353,015			3,168,356
Shares redeemed		(428,264	)		(3,715,296	)		(1,677,162	)		(17,293,028	)
		(399,660	)		(3,464,197	)		(1,194,776	)		(12,782,811	)
Class C Shares
Shares sold		7,032			57,338			34,068			320,928
Reinvestment of distributions		—			—			416,821			3,492,742
Shares redeemed		(334,503	)		(2,719,545	)		(736,247	)		(7,254,152	)
		(327,471	)		(2,662,207	)		(285,358	)		(3,440,482	)
Institutional Shares
Shares sold		550,459			4,938,286			2,864,401			29,600,900
Reinvestment of distributions		—			—			2,778,371			25,477,015
Shares redeemed		(11,584,661	)		(101,724,218	)		(39,166,623	)		(418,436,126	)
		(11,034,202	)		(96,785,932	)		(33,523,851	)		(363,358,211	)
Investor Shares(a)
Shares sold		48,452			427,040			644,641			6,643,975
Reinvestment of distributions		—			—			233,124			2,124,125
Shares redeemed		(297,986	)		(2,625,108	)		(456,476	)		(4,729,158	)
		(249,534	)		(2,198,068	)		421,289			4,038,942
Class P Shares(b)
Shares sold		21,367			190,310			—			—
Shares redeemed		(1	)		(5	)		—			—
		21,366			190,305			—			—
Class R Shares
Shares sold		—			2			—			—
Reinvestment of distributions		—			—			343			3,022
		—			2			343			3,022
Class R6 Shares
Shares sold		13,207,317			115,738,196			338,371			3,099,570
Reinvestment of distributions		—			—			281			2,577
Shares redeemed		(6,672,074	)		(57,880,838	)		—			—
		6,535,243			57,857,358			338,652			3,102,147
NET DECREASE		(5,454,258	)	$	(47,062,739	)		(34,243,701	)	$	(372,437,393	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Commodity Strategy Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		599,076		$	7,171,218			1,639,879		$	18,151,681
Reinvestment of distributions		10,050			123,715			188,072			2,138,293
Shares redeemed		(747,737	)		(8,868,483	)		(2,969,031	)		(33,355,502	)
		(138,611	)		(1,573,550	)		(1,141,080	)		(13,065,528	)
Class C Shares
Shares sold		52,555			599,678			50,029			535,857
Reinvestment of distributions		31			365			12,116			131,581
Shares redeemed		(29,917	)		(337,250	)		(137,946	)		(1,460,352	)
		22,669			262,793			(75,801	)		(792,914	)
Institutional Shares
Shares sold		6,190,069			74,436,745			14,844,905			164,465,052
Reinvestment of distributions		86,119			1,071,317			1,146,384			13,133,768
Shares redeemed		(5,913,935	)		(70,708,379	)		(16,512,332	)		(182,955,374	)
		362,253			4,799,683			(521,043	)		(5,356,554	)
Investor Shares(a)
Shares sold		197,809			2,389,989			981,575			11,494,428
Reinvestment of distributions		2,675			33,297			43,024			492,408
Shares redeemed		(280,462	)		(3,327,277	)		(731,256	)		(8,160,245	)
		(79,978	)		(903,991	)		293,343			3,826,591
Class P Shares(b)
Shares sold		628,958			7,585,275			—			—
Reinvestment of distributions		2,892			36,039			—			—
Shares redeemed		(506	)		(6,307	)		—			—
		631,344			7,615,007			—			—
Class R Shares
Shares sold		42,853			500,308			124,106			1,352,903
Reinvestment of distributions		333			4,034			9,316			104,643
Shares redeemed		(64,640	)		(749,975	)		(261,776	)		(2,883,989	)
		(21,454	)		(245,633	)		(128,354	)		(1,426,443	)
Class R6 Shares
Shares sold		283,949			3,315,158			67,936			756,095
Reinvestment of distributions		42			526			924			10,027
Shares redeemed		(44,974	)		(537,414	)		(222,614	)		(2,445,701	)
		239,017			2,778,270			(153,754	)		(1,679,579	)
NET INCREASE (DECREASE)		1,015,240		$	12,732,579			(1,726,689	)	$	(18,494,427	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		162,732		$	1,682,197			244,254		$	2,500,639
Reinvestment of distributions		—			—			3,689			37,704
Shares redeemed		(115,875	)		(1,181,288	)		(1,789,506	)		(18,264,273	)
		46,857			500,909			(1,541,563	)		(15,725,930	)
Class C Shares
Shares sold		55,497			556,041			130,458			1,288,108
Reinvestment of distributions		—			—			1,825			17,904
Shares redeemed		(37,881	)		(372,018	)		(194,502	)		(1,918,650	)
		17,616			184,023			(62,219	)		(612,638	)
Institutional Shares
Shares sold		3,526,278			36,729,720			9,214,220			96,621,835
Reinvestment of distributions		—			—			65,135			679,354
Shares redeemed		(11,040,411	)		(113,729,649	)		(4,452,320	)		(46,177,782	)
		(7,514,133	)		(76,999,929	)		4,827,035			51,123,407
Investor Shares(a)
Shares sold		3,142,913			32,901,567			11,657,195			121,207,977
Reinvestment of distributions		—			—			48,292			499,819
Shares redeemed		(1,630,838	)		(16,916,143	)		(3,480,972	)		(36,117,055	)
		1,512,075			15,985,424			8,224,515			85,590,741
Class P Shares(b)
Shares sold		39,228			400,476			—			—
Shares redeemed		—			(5	)		—			—
		39,228			400,471			—			—
Class R Shares
Shares sold		2,314			23,413			35,598			359,629
Reinvestment of distributions		—			—			292			2,943
Shares redeemed		(2,268	)		(23,762	)		(8,267	)		(83,260	)
		46			(349	)		27,623			279,312
Class R6 Shares(c)
Shares sold		5,680,704			58,000,189			—			—
		5,680,704			58,000,189			—			—
NET INCREASE (DECREASE)		(217,607	)	$	(1,929,262	)		11,475,391		$	120,654,892

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018.

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Fund Expenses — Six Month Period Ended June 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 through June 30, 2018, which represents a period of 181 days of a 365 day year. The Class R6 example is based on the period from April 30, 2018 through June 30, 2018, which represents a period of 61 out of 365 days for Managed Futures Strategy Fund. The Class P example is based on the period from April 17, 2018 through June 30, 2018, which represents a period of 74 out of 365 days. The Class P for all funds and Class R6 for Managed Futures Strategy Fund example for hypothetical expenses reflects projected activity for the period from January 1, 2018 through June 30, 2018 for the purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Absolute Return Tracker Fund							Alternative Premia Fund							Commodity Strategy Fund							Managed Futures Strategy Fund
Share Class	Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*
Class A
Actual	$	1,000	$	1,005.40		$	5.07	$	1,000	$	984.30		$	5.17	$	1,000	$	1,088.50		$	4.51	$	1,000	$	968.00		$	7.03
Hypothetical 5% return		1,000		1,019.74	+		5.11		1,000		1,019.59	+		5.26		1,000		1,020.48	+		4.36		1,000		1,017.65	+		7.20
Class C
Actual		1,000		1,002.30			8.79		1,000		980.90			8.84		1,000		1,084.40			8.37		1,000		964.60			10.67
Hypothetical 5% return		1,000		1,016.02	+		8.85		1,000		1,015.87	+		9.00		1,000		1,016.76	+		8.10		1,000		1,013.93	+		10.94
Institutional
Actual		1,000		1,007.30			3.14		1,000		986.80			3.40		1,000		1,090.10			2.75		1,000		968.60			5.13
Hypothetical 5% return		1,000		1,021.67	+		3.16		1,000		1,021.37	+		3.46		1,000		1,022.17	+		2.66		1,000		1,019.59	+		5.26
Investor
Actual		1,000		1,006.30			3.83		1,000		985.60			3.94		1,000		1,089.70			3.21		1,000		968.40			5.81
Hypothetical 5% return		1,000		1,020.98	+		3.86		1,000		1,020.83	+		4.01		1,000		1,021.72	+		3.11		1,000		1,018.89	+		5.96
Class P(a)
Actual		1,000		1,001.00			1.24		1,000		1,010.20			1.61		1,000		1,046.10			1.10		1,000		965.00			2.21
Hypothetical 5% return		1,000		1,021.77	+		3.06		1,000		1,020.88	+		3.96		1,000		1,022.17	+		2.66		1,000		1,019.29	+		5.56
Class R
Actual		1,000		1,003.30			6.31		1,000		984.00			6.35		1,000		1,086.90			5.80		1,000		966.50			8.24
Hypothetical 5% return		1,000		1,018.50	+		6.36		1,000		1,018.40	+		6.46		1,000		1,019.24	+		5.61		1,000		1,016.41	+		8.45
Class R6(b)
Actual		1,000		1,007.30			3.09		1,000		986.70			3.15		1,000		1,090.10			2.69		1,000		984.60			1.86
Hypothetical 5% return		1,000		1,021.72	+		3.11		1,000		1,021.62	+		3.21		1,000		1,022.22	+		2.61		1,000		1,019.24	+		5.61

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 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:

Fund	Class A			Class C			Institutional			Investor			Class P(a)			Class R			Class R6
Absolute Return Tracker		1.02	%		1.77	%		0.63	%		0.77	%		0.61	%		1.27	%		0.62	%
Alternative Premia		1.05			1.80			0.69			0.80			0.79			1.29			0.64
Commodity Strategy		0.87			1.62			0.53			0.62			0.53			1.12			0.52
Managed Futures Strategy		1.44			2.19			1.05			1.19			1.11			1.69			1.12	(b)

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Alternative Premia Fund (formerly Goldman Sachs Dynamic Allocation Fund), Goldman Sachs Commodity Strategy Fund, and Goldman Sachs Managed Futures Strategy Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2018 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Absolute Return Tracker Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

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GOLDMAN SACHS SELECT SATELLITE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2017, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2018. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Absolute Return Tracker Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Absolute Return Tracker, Alternative Premia, and Managed Futures Strategy Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Absolute Return Tracker Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the one-, three-, and five-year periods; had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser (the “Competitor Fund Average”), for the one-, three-, and five-year periods ended March 31, 2018. The Trustees also noted that the Absolute Return Tracker Fund had experienced certain portfolio management changes in 2017. The Trustees observed that the Alternative Premia Fund’s Institutional Shares had outperformed the Fund’s LIBOR-based benchmark index by 7.21%, 1.99%, and 2.40%, respectively, for the one-, three-, and five-year periods and had underperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2018. The Trustees considered that the Alternative Premia Fund had certain significant differences from the Fund’s benchmark index that caused it to be an imperfect basis for comparison. The Trustees noted that in October 2017 the Alternative Premia Fund had been repositioned from the Dynamic Allocation Fund, which involved changes to the Fund’s investment objective, investment strategy, benchmark, and portfolio management. The Trustees also noted that, following the Alternative Premia Fund’s repositioning, the Fund was placed into a new Morningstar category and, therefore, did not have meaningful peer group comparison information. The Trustees observed that the Commodity Strategy Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the one-year period, in the third quartile for the ten-year period, and in the fourth quartile for the three- and five-year periods, and had outperformed the Fund’s benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2018. The Trustees noted that the Managed Futures Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 1.28%, 0.23%, and 0.76%, respectively, for the one-, three-, and five-year periods; and had outperformed the Fund’s Competitor Fund Average for the one- and three-year periods and underperformed for the five-year period ended March 31, 2018.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

With respect to the Absolute Return Tracker and Alternative Premia Funds, the Trustees noted that the management fee breakpoint schedules had been reduced at all asset levels since the Management Agreement was last approved. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to each Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2017 and 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
First $1 billion		0.70	%		0.79	%		0.50	%		1.00	%
Next $1 billion		0.63			0.71			0.50			0.90
Next $3 billion		0.60			0.68			0.45			0.86
Next $3 billion		0.59			0.66			0.43			0.84
Over $8 billion		0.53			0.65			0.42			0.82

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Absolute Return Tracker Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker and Alternative Premia Funds, fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker and Alternative Premia Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (i) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Absolute Return Tracker and Alternative Premia Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2019.

129

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁵

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund⁶

∎ International Equity ESG Fund⁷

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁸

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁶  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

⁷  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

⁸ Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds 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).

Holdings and allocations shown are as of June 30, 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.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2018 Goldman Sachs. All rights reserved. 138615-OTU-813682 SELSATSAR-18/56K

Goldman Sachs Funds

Semi-Annual Report	June 30, 2018
	Tax-Advantaged Equity Funds
	U.S. Equity Dividend and Premium
	International Equity Dividend and Premium
	U.S. Tax-Managed Equity
	International Tax-Managed Equity

Goldman Sachs Tax-Advantaged Equity Funds

∎ U.S. EQUITY DIVIDEND AND PREMIUM

∎ INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

∎ U.S. TAX-MANAGED EQUITY

∎ INTERNATIONAL TAX-MANAGED EQUITY

TABLE OF CONTENTS
Market Review	1
Investment Process — Equity Dividend and Premium Funds	3
Portfolio Management Discussions and Performance Summaries — Equity Dividend and Premium Funds	4
Investment Process — Global Tax-Managed Funds	14
Portfolio Management Discussions and Performance Summaries — Global Tax-Managed Funds	15
Index Definitions	25
Schedules of Investments	26
Financial Statements	48
Financial Highlights	52
Notes to the Financial Statements	60
Other Information	79

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Tax-Advantaged Equity Funds

Market Review

During the six months ended June 30, 2018 (the “Reporting Period”), the performance of the U.S. and international equity markets was influenced most by economic data, central bank monetary policy and geopolitical events.

U.S. and international equities saw a strong start to the Reporting Period in January 2018, driven by positive economic data, a $1.5 trillion tax reform law signed in December 2017, and a favorable corporate earnings season. In February 2018, however, U.S. and international equities sold off on market speculation of a faster pace of Federal Reserve (“Fed”) short-term interest rate hikes, which stoked a sharp rise in bond yields and an increase in equity market volatility. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. While the hawkish Fed minutes were largely expected, new Fed Chair Jerome Powell’s Congressional testimony, positing a more optimistic economic outlook since the December 2017 Fed meeting, surprised equity markets with its hawkish tilt, sparking another sell-off in U.S. and international stocks. (Jerome Powell assumed the chairmanship of the Fed in February 2018. Hawkish language tends to suggest higher interest rates; opposite of dovish.) In March 2018, escalating trade tensions and potential tariffs weighed on investor sentiment. Meanwhile, the Fed delivered on a widely expected interest rate increase, with its “dot plot” pointing to a total of three interest rate hikes this calendar year and potentially two in 2019. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) In Europe, an agreement on a 21-month transition after Brexit between the U.K. and the European Union reduced political uncertainty. (Brexit is the popular term for the U.K.’s approved vote on a referendum to exit the European Union.)

The U.S. and China continued to generate trade headlines and geopolitical uncertainty about sanctions on Russia surfaced, but the impact of such on the U.S. and international equity markets remained relatively muted during April 2018, as investors stayed rather resistant to the risk of a trade war. A number of macroeconomic drivers, including U.S. labor market strength, higher inflation and fiscal stimulus, pushed up U.S. Treasury yields, with the 10-year U.S. Treasury yield breaching 3% toward month end. With more than half of S&P 500^® Index companies having reported their first quarter 2018 results, the earnings season began strongly during April 2018. Outside the U.S., the European Central Bank and Bank of Japan kept their respective monetary policies unchanged, indicating ongoing monetary accommodation. In May 2018, U.S. equities rallied, driven not only by strong corporate earnings but also by upside surprises in economic activity and sentiment data as well as on a new U.S. unemployment low of 3.8%. However, the U.S. equity rally was hampered by escalating geopolitical uncertainty stemming from the unexpected political outcome in Italy, the ongoing unpredictability around the U.S.-North Korea summit, and escalating trade tensions with many U.S. allies. For the same reasons, international equity markets were volatile during May 2018. In June, the Fed raised interest rates, as widely expected, but the outcome of the Fed meeting was more hawkish than the consensus had anticipated. The Fed retained language indicating an “accommodative” monetary policy stance, but its economic growth and inflation forecasts were upgraded, and its median projection was lifted to four interest rate hikes in 2018 from the three it had indicated in March 2018. Still-escalating trade tensions between the U.S. and China hurt investor sentiment in the U.S. and international equity markets, as the U.S. threatened tariffs on $200 billion worth of Chinese goods and China vowed to retaliate.

For the Reporting Period overall, the U.S. equity market, as represented by the S&P 500^® Index, generated a return of 2.65%. Six of the 11 sectors in the S&P 500^® Index posted positive absolute returns and five generated negative returns. Consumer discretionary,

1

MARKET REVIEW

information technology and energy were the best performing sectors in the S&P 500^® Index, as measured by total return, and the weakest performing sectors in the S&P 500^® Index during the Reporting Period were telecommunication services, consumer staples and industrials.

Within the U.S. equity market, there was significant disparity in performance not only among sectors but also among the various capitalization and style segments. While all capitalization segments posted positive returns, small-cap stocks, as measured by the Russell 2000^® Index, performed best, followed at some distance by large-cap stocks, as measured by the Russell 1000^® Index, and mid-cap stocks, as measured by the Russell Midcap^® Index, which performed similarly to each other. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum, with value-oriented stocks overall in the large-cap and mid-cap capitalization segments posting modestly negative absolute returns. (All as measured by the FTSE Russell indices.)

As for international equities, they produced a negative return of -2.75%,¹ as measured by the MSCI EAFE Index, during the Reporting Period as a whole. Energy was the best performing sector in the MSCI EAFE Index on the basis of total return by some distance, followed by utilities and health care. The weakest performing sectors in the MSCI EAFE Index during the Reporting Period were telecommunication services, financials and industrials.

From a country perspective, Finland, Portugal and Norway were the best performing equity markets in the MSCI EAFE Index during the Reporting Period. Austria, Denmark and Switzerland were the weakest individual country constituents in the MSCI EAFE Index during the Reporting Period.

Looking Ahead

In the months ahead, we expect less expensive stocks to outpace more expensive stocks. We also believe that stocks with good momentum are likely to outperform those with poor momentum. Our plan is to seek profitable companies with positive fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. To that end, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide potentially strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

¹  All MSCI EAFE returns are net of fees and in U.S. dollar terms.

2

INVESTMENT PROCESS

What Differentiates the Goldman Sachs U.S. Equity Dividend and Premium and Goldman Sachs International Equity Dividend and Premium Funds’ Investment Process?

The Goldman Sachs U.S. Equity Dividend and Premium Fund seeks to maximize income and total return. The Goldman Sachs International Equity Dividend and Premium Fund seeks to maximize total return with an emphasis on income. Their portfolios consist primarily of large-cap, dividend-paying stocks.¹ By investing in these securities, and through the use of option call writing, the Funds seek to generate an attractive after-tax cash flow.

A diversified portfolio:

∎ Create a diversified large-cap equity portfolio that participates in all industries and sectors.

∎ Emphasize higher dividend-paying stocks within each industry and sector.

Written call options:

∎ The Funds utilize index call writing to seek to enhance their cash flow.

∎ We use proprietary quantitative techniques, including optimization tools, a risk model and a transactions cost model, in identifying a portfolio of stocks that we believe may enhance expected dividend yield while limiting deviations when compared to the S&P 500^® Index or MSCI EAFE Index, as applicable.

∎ A fully invested, style-consistent portfolio.

∎ The Funds seek attractive after-tax cash flow from qualified dividends, long-term capital gains and option call writing.

∎ The Funds seek to enhance after-tax returns by generating distributions primarily from qualified dividends and long-term capital gains.

¹  Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

There is no guarantee that these objectives will be met.

3

PORTFOLIO RESULTS

U.S. Equity Dividend and Premium Fund

Investment Objective

The Fund seeks to maximize income and total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and Investor Shares generated cumulative total returns, without sales charges, of 1.00%, 0.64%, 1.19% and 1.13%, respectively. These returns compare to the 2.65% cumulative total return of the Fund’s primary benchmark, the Standard & Poor’s 500^® Index (with dividends reinvested) (the “S&P 500^® Index”), during the same period. The Bloomberg Barclays U.S. Aggregate Bond Index, the secondary benchmark, returned -1.62%.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of 0.69% compared to the 0.85% cumulative total return of the S&P 500^® Index. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.59% during the same period.

For the period since their inception on April 30, 2018 through June 30, 2018, the Fund’s Class R6 Shares generated a cumulative total return of 2.89% compared to the 3.04% cumulative total return of the S&P 500^® Index. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.59% during the same period.

Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund’s investment objective, and therefore we believe that a comparison of the Fund’s performance to that of the Bloomberg Barclays U.S. Aggregate Bond Index is useful to investors.

Q What key factors were most responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, security selection detracted from relative performance. Specifically, the Fund’s bias toward stocks with higher dividend yields hurt returns. Overall, the Fund was hampered by its holdings in the financials, consumer staples and information technology sectors. It benefited from its investments in the energy and health care sectors.

The sale of call options on the S&P 500^® Index contributed positively to the Fund’s total return during the Reporting Period. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

Q How did the Fund’s call writing affect its performance?

A Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. Although the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. This is what happened during the Reporting Period for certain of the Fund’s options positions, however, our call writing overall added to performance.

Call option writing has the potential to reduce Fund volatility. Since its inception, the realized daily volatility of the Fund has been 17.44% compared to the realized volatility of the S&P 500^® Index of 18.96%. During the Reporting Period, the realized daily volatility of the Fund was 14.47% compared to the realized volatility of the S&P 500^® Index of 16.38%.¹

¹  The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

4

PORTFOLIO RESULTS

Q What was the Fund’s dividend yield during the Reporting Period?

A While maintaining industry and sector weights consistent with the S&P 500^® Index, we favor stocks with higher dividend yields. The dividend yield of the Fund’s Institutional Share class during the Reporting Period was 2.75% compared to 1.96% for the S&P 500^® Index. (Dividend yield is a ratio that shows how much a company pays out in dividends in a year divided by its share price.) The Fund’s dividend yield served to enhance its quarterly net income distributions. As of June 30, 2018, the Standardized 30-Day Subsidized Yield was 1.95% and the Standardized 30-Day Unsubsidized Yield was 1.94%.²

Q Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

A Relative to the S&P 500^® Index, the Fund was hurt by its overweight positions in investment management company Invesco, fashion retailer L Brands and infrastructure businesses owner and operator Macquarie Infrastructure. The Fund was overweight all three stocks primarily due to their attractive dividend yields and/or risk metrics.

Q Which individual stock holdings contributed most positively to the Fund’s relative results?

A The Fund benefited from underweight positions relative to the S&P 500^® Index in industrial conglomerate General Electric and biotechnology company Celgene. An overweight in department store chain Macy’s also contributed positively. The Fund was underweight General Electric and Celgene primarily because of their unattractive yields and/or risk metrics. The overweight in Macy’s was largely due to its attractive dividend yield and/or risk metrics.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio’s market value in an effort to generate premiums. Equity index options had a modestly positive impact on performance during the Reporting Period.

Q What changes or enhancements did you make to your quantitative model during the Reporting Period?

A We made no changes to our quantitative model during the Reporting Period.

Effective after the close of business on June 29, 2018, the final day of the Reporting Period, the Fund’s non-fundamental policy to invest at least 80% of its net assets in particular assets changed. After that date, the Fund will invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in dividend-paying equity investments in large-cap U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of the investment.

²  The Standardized 30-Day Subsidized Yield and Standardized 30-Day Unsubsidized Yield of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

5

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			S&P 500® Index2			Bloomberg Barclays U.S. Aggregate Bond Index3
Class A		1.00	%		2.65	%		-1.62	%
Class C		0.64			2.65			-1.62
Institutional		1.19			2.65			-1.62
Investor		1.13			2.65			-1.62
April 17, 2018–June 30, 2018
Class P		0.69	%		0.85	%		0.59	%
April 30, 2018–June 30, 2018
Class R6		2.89	%		3.04	%		0.59	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index is an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.58	%		9.35	%		7.94	%		6.81	%		8/31/05
Class C		7.78			9.77			7.74			6.48			8/31/05
Institutional		10.04			11.02			8.97			7.70			8/31/05
Investor		9.90			10.87			N/A			12.66			8/31/10
Class P		N/A			N/A			N/A			0.69			4/17/18
Class R6		N/A			N/A			N/A			2.89			4/30/18

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

6

FUND BASICS

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.12	%		1.15	%
Class C		1.87			1.90
Institutional		0.74			0.76
Investor		0.87			0.90
Class P		0.73			0.75
Class R6		0.73			0.75

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/186
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		3.58	%		9.35	%		7.94	%
Returns after taxes on distributions**		2.01			7.86			6.88
Returns after taxes on distributions***     and sale of Fund shares		2.97			7.13			6.27

⁶ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/187
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.9	%	Technology Hardware & Equipment
Microsoft Corp.		3.6		Software & Services
Amazon.com, Inc.		3.0		Retailing
Facebook, Inc. Class A		2.0		Software & Services
Exxon Mobil Corp.		1.9		Energy
Chevron Corp.		1.8		Energy
Pfizer, Inc.		1.7		Pharmaceuticals, Biotechnology & Life Sciences
AT&T, Inc.		1.5		Telecommunication Services
JPMorgan Chase & Co.		1.5		Banks
Johnson & Johnson		1.4		Pharmaceuticals, Biotechnology & Life Sciences

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2018

⁸  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets at June 30, 2018. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

8

PORTFOLIO RESULTS

International Equity Dividend and Premium Fund

Investment Objective

The Fund seeks to maximize total return with an emphasis on income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and Investor Shares generated cumulative total returns, without sales charges, of -4.20%, -4.51%, -3.97% and -4.05%, respectively. These returns compare to the -2.75% cumulative total return of the Fund’s primary benchmark, the MSCI EAFE Index (net, USD, unhedged). The Bloomberg Barclays Global Aggregate Bond Index (USD, Unhedged), the secondary benchmark, returned -1.46%.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of -5.52% compared to the -3.57% cumulative total return of the MSCI EAFE Index. The Bloomberg Barclays Global Aggregate Bond Index returned -2.83% during the same period.

For the period since their inception on April 30, 2018 through June 30, 2018, the Fund’s Class R6 Shares generated a cumulative total return of -4.29% compared to the -3.44% cumulative total return of the MSCI EAFE Index. The Bloomberg Barclays Global Aggregate Bond Index returned -1.20% during the same period.

Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund’s investment objective, and therefore we believe that a comparison of the Fund’s performance to that of the Bloomberg Barclays Global Aggregate Bond Index is useful to investors.

Q What key factors were most responsible for the Fund’s performance during the Reporting Period?

A Security selection hurt relative returns during the Reporting Period, as the Fund’s bias toward stocks with higher dividend yields detracted from performance. Overall, the Fund was hindered by investments in the telecommunication services, consumer discretionary and health care sectors. It was helped by holdings in the materials, financials and utilities sectors.

The sale of call options on the MSCI EAFE Index had a rather neutral impact on the Fund’s total return during the Reporting Period. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

Q How did the Fund’s call writing affect its performance?

A Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. While the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. During the Reporting Period, the total amount of premiums the Fund retained was offset by the difference in the value of the index when call options were exercised. Therefore, our call writing had a neutral impact on Fund performance during the Reporting Period.

Call option writing has the potential to reduce Fund volatility. However, since its inception, the realized daily volatility of the Fund has been 20.57% compared to the realized volatility of the MSCI EAFE Index of 19.02%. During the Reporting Period, the realized daily volatility of the Fund was 9.04% compared to the realized volatility of the MSCI EAFE Index of 8.81%.¹

¹The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

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PORTFOLIO RESULTS

Q What was the Fund’s dividend yield during the Reporting Period?

A While maintaining industry and sector weights consistent with the MSCI EAFE Index, we favor stocks with higher dividend yields. The dividend yield of the Fund’s Institutional Share class during the Reporting Period was 4.20% compared to 3.17% for the MSCI EAFE Index. (Dividend yield is a ratio that shows how much a company pays out in dividends in a year divided by its share price.) The Fund’s dividend yield served to enhance its quarterly net income distributions. As of June 30, 2018, the Standardized 30-Day Subsidized Yield was 3.27% and the Standardized 30-Day Unsubsidized Yield was 3.27%.²

Q Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by overweight positions relative to the MSCI EAFE Index in German automobile maker Daimler, French retailer Casino Guichard-Perrachon and British telecommunications conglomerate Vodafone. It was overweight all three stocks largely because of their attractive dividend yield and/or risk metrics.

Q Which individual stock holdings contributed most positively to the Fund’s relative results?

A Compared to the MSCI EAFE Index, the Fund benefited from overweight positions in U.K. pharmaceutical manufacturer GlaxoSmithKline and Norwegian seafood company Marine Harvest. An underweight in German financial services company Deutsche Bank also added to relative performance. The Fund was overweight GlaxoSmithKline and Marine Harvest mainly because of their attractive dividend yields and/or risk metrics. The underweight in Deutsche Bank was largely due to its unattractive yield and/or risk metrics.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio’s market value in an effort to generate premiums. Equity index options had a rather neutral impact on performance during the Reporting Period.

Q What changes or enhancements did you make to your quantitative model during the Reporting Period?

A We made no changes to our quantitative model during the Reporting Period.

Effective after the close of business on June 29, 2018, the final day of the Reporting Period, the Fund’s non-fundamental policy to invest at least 80% of its net assets in particular assets changed. After that date, the Fund will invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of the market capitalization of the MSCI EAFE Index (Net, USD, Unhedged) at the time of investment.

²  The Standardized 30-Day Subsidized Yield and Standardized 30-Day Unsubsidized Yield of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

10

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2			Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged)3
Class A		-4.20	%		-2.75	%		-1.46	%
Class C		-4.51			-2.75			-1.46
Institutional		-3.97			-2.75			-1.46
Investor		-4.05			-2.75			-1.46
April 17, 2018–June 30, 2018
Class P		-5.52	%		-3.57	%		-2.83	%
April 30, 2018–June 30, 2018
Class R6		-4.29	%		-3.44	%		-1.20	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

³  The Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged) represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 6/30/18	One Years			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.35	%		3.11	%		1.05	%		0.40	%	1/31/08
Class C		1.46			3.49			0.72			0.07		1/31/08
Institutional		3.64			4.68			1.87			1.22		1/31/08
Investor		3.51			4.52			N/A			5.04		8/31/10
Class P		N/A			N/A			N/A			-5.52		4/17/18
Class R6		N/A			N/A			N/A			-4.29		4/30/18

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

11

FUND BASICS

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		1.34	%
Class C		2.08			2.09
Institutional		0.94			0.95
Investor		1.08			1.09
Class P		0.93			0.94
Class R6		0.93			0.94

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF  6/30/186
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		-2.35	%		3.11	%		1.05	%
Returns after taxes on distributions**		-3.11			2.29			0.45
Returns after taxes on distributions*** and sale of Fund shares		-1.00			2.49			0.99

⁶ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

12

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/187
Company	% of Net Assets			Line of Business
HSBC Holdings plc		2.4	%	Banks
GlaxoSmithKline plc ADR		1.7		Pharmaceuticals, Biotechnology & Life Sciences
Novartis AG (Registered)		1.4		Pharmaceuticals, Biotechnology & Life Sciences
Nestle SA (Registered)		1.4		Food, Beverage & Tobacco
Toyota Motor Corp.		1.3		Automobiles & Components
BP plc ADR		1.3		Energy
Daimler AG (Registered)		1.2		Automobiles & Components
Roche Holding AG		1.2		Pharmaceuticals, Biotechnology & Life Sciences
National Australia Bank Ltd.		1.2		Banks
Vodafone Group plc ADR		1.1		Telecommunication Services

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2018

⁸  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.6% of the Fund’s net assets at June 30, 2018. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

13

INVESTMENT PROCESS

What Differentiates the Goldman Sachs Global Tax-Management Investment Process?

In managing money for many of the world’s wealthiest taxable investors, Goldman Sachs often constructs a diversified investment portfolio around a tax-managed core. With the Goldman Sachs U.S. Tax-Managed Equity Fund and Goldman Sachs International Tax-Managed Equity Fund, investors can access Goldman Sachs’ tax-smart investment expertise while capitalizing on this same strategic approach to portfolio construction.

Goldman Sachs Global Tax-Management Investment Process

The Goldman Sachs Global Tax-Management investment process is a disciplined quantitative approach that has been consistently applied since 1989. With the Goldman Sachs U.S. Tax-Managed Equity Fund and the Goldman Sachs International Tax-Managed Equity Fund, the investment process is enhanced with an additional layer that seeks to maximize after-tax returns.

∎ Comprehensive

∎ Extensive

∎ Rigorous

∎ Fundamental

∎ Objective

∎ Insightful

Advantage: Daily analysis of approximately 3,000 U.S. and international equity securities using a proprietary model.

∎ Benchmark driven

∎ Sector and size neutral

∎ Tax optimized

Tax optimization is an additional layer that is built into the existing investment process — a distinct advantage. While other managers may simply seek to minimize taxable distributions through a low turnover strategy, this extension of the investment process seeks to maximize after-tax returns — the true objective of every taxable investor.

Advantage: Value added through stock selection — not market timing, industry rotation or style bias.

∎ A fully invested, style-consistent portfolio

∎ Broad access to the total U.S. and international equity markets

∎ A consistent goal of seeking to maximize after-tax risk-adjusted returns

14

PORTFOLIO RESULTS

U.S. Tax-Managed Equity Fund

Investment Objective

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of U.S. equity securities.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and Investor Shares generated cumulative total returns, without sales charges, of 3.44%, 3.11%, 3.65%, 3.38% and 3.61%, respectively. This compares to the 3.22% cumulative total return of the Fund’s benchmark, the Russell 3000^® Index (the “Index”), over the same time period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of 0.47% compared to the 1.29% cumulative total return of the Index.

For the period since their inception on April 30, 2018 through June 30, 2018, the Fund’s Class R6 Shares generated a cumulative total return of 2.66% compared to the 3.50% cumulative total return of the Index.

Q What key factors were most responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund generally outperformed the Index, with four of our quantitative model’s six investment themes adding to relative returns.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and its six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, four of our quantitative model’s six investment themes — Quality, Momentum, Profitability and Sentiment — contributed positively to relative performance. The Quality theme seeks to assess both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Profitability theme assesses whether a company is earning more than its cost of capital. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

Our Valuation theme detracted from the Fund’s relative returns. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The impact of our Management theme was rather neutral during the Reporting Period. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

15

PORTFOLIO RESULTS

Q How successful was your stock selection during the Reporting Period?

A The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire U.S. equity market, ranging from large- to small-cap stocks. During the Reporting Period, individual stock positions in the industrials, energy and financials sectors bolstered relative returns. Selection in the consumer discretionary, consumer staples and materials sectors hurt relative performance.

Q Which individual stock holdings contributed most positively to the Fund’s relative results?

A Relative to the Index, the Fund benefited from overweight positions in independent petroleum refiner Valero Energy, software company Adobe Systems and semiconductor producer Micron Technology. We adopted the overweight in Valero Energy due to our positive views on Valuation and Quality. The overweight in Adobe Systems was based on our positive views on Sentiment and Profitability. Our positive views on Valuation and Sentiment led us to overweight Micron Technology.

Q Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by overweight positions compared to the Index in energy company Chevron and aerospace and defense company Lockheed Martin. Fund performance was also hampered by an underweight in financial services firm Mastercard. The overweights in Chevron and Lockheed Martin were based on our positive views on Sentiment and Quality. We chose to underweight Mastercard due to our negative views on Valuation and Profitability.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period.

Q What changes or enhancements did you make to your quantitative model during the Reporting Period?

A During the Reporting Period, we made some enhancements to our quantitative model within the U.S. region. Within our Sentiment theme, we introduced two new signals that use options data to gauge sentiment around companies. The first signal looks at high-conviction option purchases to assess how strongly market participants feel about the prospects of a particular stock. The second signal aims to infer the positive or negative sentiment around a stock by looking at put and call options purchased for the particular company. (A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. A call option is an option that gives the holder the right, but not the obligation, to buy an underlying asset at an agreed-upon price at any time up to an agreed-upon date.)

We also introduced a new signal within our Momentum theme that helps us create economic links between different companies, potentially giving us insight into price movements of related companies. The signal uses natural language processing techniques to read through various sections in the patent document to form linkages.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to the Index in terms of its sector allocation and style. That said, at the end of the Reporting Period, the Fund was overweight relative to the Index in the health care, consumer discretionary and real estate sectors. It was underweight compared to the Index in the information technology, telecommunication services, consumer staples, utilities and financials sectors. The Fund was relatively neutral in the energy, industrials and materials sectors at the end of the Reporting Period.

Effective after the close of business on June 29, 2018, the final day of the Reporting Period, the Fund’s non-fundamental policy to invest at least 80% of its net assets in particular assets changed. After that date, the Fund will invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in equity investments in U.S. issuers.

16

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2018

PERFORMANCE REVIEW
Jan	Fund Total Return (based on NAV)1			Russell 3000® Index2
Class A		3.44	%		3.22	%
Class C		3.11			3.22
Institutional		3.65			3.22
Service		3.38			3.22
Investor		3.61			3.22
April 17, 2018–June 30, 2018
Class P		0.47	%		1.29	%
April 30, 2018–June 30, 2018
Class R6		2.66	%		3.50	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		8.45	%		11.64	%		8.88	%		5.01	%	4/3/00
Class C		12.94			12.08			8.68			4.55		4/3/00
Institutional		15.19			13.36			9.94			5.76		4/3/00
Service		14.64			12.78			9.38			5.23		4/3/00
Investor		15.11			13.19			N/A			15.71		8/31/10
Class P		N/A			N/A			N/A			0.47		4/17/18
Class R6		N/A			N/A			N/A			2.66		4/30/18

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

17

FUND BASICS

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.

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.14	%
Class C		1.89			1.89
Institutional		0.75			0.75
Service		1.25			1.25
Investor		0.89			0.89
Class P		0.74			0.74
Class R6		0.74			0.74

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/185
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		8.45	%		11.64	%		8.88	%
Returns after taxes on distributions**		8.32			11.44			8.70
Returns after taxes on distributions***     and sale of Fund shares		4.88			9.25			7.25

⁵ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

18

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/186
Holding	% of Net Assets			Line of Business
Amazon.com, Inc.		2.4	%	Retailing
Apple, Inc.		2.3		Technology Hardware & Equipment
Johnson & Johnson		2.1		Pharmaceuticals, Biotechnology & Life Sciences
Microsoft Corp.		2.1		Software & Services
Bank of America Corp.		2.0		Banks
Facebook, Inc. Class A		1.6		Software & Services
Valero Energy Corp.		1.5		Energy
Comcast Corp. Class A		1.4		Media
Adobe Systems, Inc.		1.4		Software & Services
Boeing Co. (The)		1.3		Capital Goods

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2018

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

19

PORTFOLIO RESULTS

International Tax-Managed Equity Fund

Investment Objective

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of international equity securities.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and Investor Shares generated cumulative total returns, without sales charges, of -2.10%, -2.36%, -1.84% and -1.92%, respectively. This compares to the -2.75% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (net, USD, unhedged) (the “Index”), during the same time period.

For the period since their inception on April 17, 2018 through June 30, 2018, the Fund’s Class P Shares generated a cumulative total return of -3.79% compared to the -3.57% cumulative total return of the Index.

For the period since their inception on April 30, 2018 through June 30, 2018, the Fund’s Class R6 Shares generated a cumulative total return of -2.47% compared to the -3.44% cumulative total return of the Index.

Q What key factors were most responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund outperformed the Index, with three of our quantitative model’s six investment themes contributing positively to relative returns.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and its six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, three of our quantitative model’s six investment themes added to the Fund’s relative performance. Momentum, Sentiment and Quality contributed positively. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality.

Our Valuation and Profitability themes detracted from the Fund’s relative results. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Profitability theme assesses whether a company is earning more than its cost of capital.

The impact of our Management theme was rather neutral during the Reporting Period. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Q How did the Fund sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its

20

PORTFOLIO RESULTS

sector or industry weights generally do not have a meaningful impact on relative performance.

Q How successful was your stock selection during the Reporting Period?

A The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire EAFE equity market. During the Reporting Period, stock selection in the consumer staples, financials and energy sectors added to relative results. Investments in the industrials, materials and real estate sectors detracted from relative performance.

Q Which individual stock holdings contributed most positively to the Fund’s relative results?

A During the Reporting Period, the Fund benefited most relative to the Index from its overweights in Shiseido, a Japan-based maker of personal care products; Aker BP, a Norwegian oil exploration and development company; and Taiyo Yuden, a Japanese materials and electronics manufacturer. The overweights in Shiseido and Aker BP were based on our positive views on Momentum and Sentiment. Our positive views on Profitability and Quality led us to overweight Taiyo Yuden.

Q Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

A The Fund was hampered by its overweight positions compared to the Index in Air France-KLM, Deutsche Lufthansa and Mitsubishi UFJ Financial Group. The Fund was overweight French-Dutch airline company Air France-KLM because of our positive views on Valuation and Profitability. We chose to overweight German airline company Deutsche Lufthansa due to our positive views on Sentiment and Valuation. The overweight in Japanese financial services company Mitsubishi UFJ Financial Group was the result of our positive views on Valuation and Sentiment.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period.

Q What changes or enhancements did you make to your quantitative model during the Reporting Period?

A During the Reporting Period, we made some enhancements to our quantitative model within international regions. Within our Momentum theme, we introduced two signals that help us create economic links between different companies, potentially giving us insight into price movements of related companies. The first signal, introduced in the Europe, Japan and emerging markets regions, uses natural language processing techniques to read through various sections in the patent document to form linkages. The second signal, introduced in the Japan region, uses natural language processing techniques to analyze various sections within companies’ annual financial statements.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on country weightings. Consequently, the Fund is similar to the Index in terms of its sector and country allocations. That said, at the end of the Reporting Period, the Fund was overweight the energy, consumer discretionary, health care and information technology sectors relative to the Index. It was underweight the telecommunication services, real estate, industrials and financials sectors. The Fund was relatively neutrally weighted in the consumer staples, materials and utilities sectors at the end of the Reporting Period.

At the end of the Reporting Period, the Fund was overweight compared to the Index in Japan, Norway, Spain, Netherlands, Denmark and Hong Kong. Relative to the Index, it was underweight the U.K., France and Switzerland. The Fund was rather neutrally weighted relative to the Index in Italy, Belgium, Australia, New Zealand, Singapore, Portugal, Austria, Israel, Ireland, Finland, Sweden and Germany at the end of the Reporting Period.

Effective after the close of business on June 29, 2018, the final day of the Reporting Period, the Fund’s non-fundamental policy to invest at least 80% of its net assets in particular assets changed. After that date, the Fund will invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in equity investments in non-U.S. issuers.

21

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2018

PERFORMANCE REVIEW
January 1, 2018–June 30, 2018	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2
Class A		-2.10	%		-2.75	%
Class C		-2.36			-2.75
Institutional		-1.84			-2.75
Investor		-1.92			-2.75
April 17, 2018–June 30, 2018
Class P		-3.79	%		-3.57	%
April 30, 2018–June 30, 2018
Class R6		-2.47	%		-3.44	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged MSCI EAFE Index (net, USD, unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.68	%		6.60	%		2.31	%		2.00	%		1/31/08
Class C		6.85			7.01			2.12			1.80			1/31/08
Institutional		9.15			8.25			3.31			2.97			1/31/08
Investor		8.90			8.07			N/A			8.26			8/31/10
Class P		N/A			N/A			N/A			-3.79			4/17/18
Class R6		N/A			N/A			N/A			-2.47			4/30/18

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

22

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.29	%		1.35	%
Class C		2.04			2.10
Institutional		0.90			0.96
Investor		1.04			1.10
Class P		0.89			0.95
Class R6		0.89			0.95

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER–TAX PERFORMANCE AS OF 6/30/185
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		2.68	%		6.60	%		2.31	%
Returns after taxes on distributions**		2.44			6.29			2.03
Returns after taxes on distributions***     and sale of Fund shares		2.00			5.21			1.86

⁵ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

23

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/186
Holding	% of Net Assets			Line of Business
BP plc ADR		1.6	%	Energy
AIA Group Ltd.		1.3		Insurance
Allianz SE (Registered)		1.2		Insurance
BASF SE		1.2		Materials
Diageo plc		1.1		Food, Beverage & Tobacco
Shiseido Co. Ltd.		1.1		Household & Personal Products
International Consolidated Airlines Group SA		1.0		Transportation
Eni SpA		0.9		Energy
Sumitomo Mitsui Financial Group, Inc.		0.9		Banks
Kering SA		0.9		Consumer Durables & Apparel

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2018

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at June 30, 2018. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

24

FUND BASICS

Index Definitions

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000^® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

It is not possible to invest directly in an unmanaged index.

25

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 100.7%
Automobiles & Components – 1.2%
	2,474,100	Ford Motor Co.	$	27,388,287
	355,800	General Motors Co.		14,018,520
				41,406,807
Banks – 7.0%
	1,279,565	Bank of America Corp.		36,070,937
	153,000	BB&T Corp.		7,717,320
	171,300	Citigroup, Inc.		11,463,396
	398,100	FNB Corp.		5,342,502
	922,900	Huntington Bancshares, Inc.		13,622,004
	490,729	JPMorgan Chase & Co.		51,133,962
	1,770,000	New York Community Bancorp, Inc.(a)		19,540,800
	371,500	PacWest Bancorp		18,359,530
	1,416,900	People’s United Financial, Inc.(a)		25,631,721
	36,000	PNC Financial Services Group, Inc. (The)		4,863,600
	52,600	TFS Financial Corp.		829,502
	695,599	Wells Fargo & Co.		38,564,009
				233,139,283
Capital Goods – 6.7%
	115,200	3M Co.		22,662,144
	104,799	Boeing Co. (The)		35,161,113
	153,100	Caterpillar, Inc.		20,771,077
	55,300	Cummins, Inc.		7,354,900
	264,799	Eaton Corp. plc		19,791,077
	330,900	Emerson Electric Co.		22,878,426
	131,300	Fastenal Co.		6,319,469
	467,903	General Electric Co.		6,368,160
	98,900	Honeywell International, Inc.		14,246,545
	270,400	Johnson Controls International plc		9,044,880
	99,336	Lockheed Martin Corp.		29,346,834
	8,100	MSC Industrial Direct Co., Inc. Class A		687,285
	23,900	Raytheon Co.		4,617,002
	115,200	United Technologies Corp.		14,403,456
	51,500	Watsco, Inc.		9,181,420
				222,833,788
Commercial & Professional Services – 0.5%
	95,401	KAR Auction Services, Inc.		5,227,936
	223,300	Nielsen Holdings plc		6,906,669
	596,303	Pitney Bowes, Inc.		5,110,308
				17,244,913
Consumer Durables & Apparel – 1.1%
	108,100	Garmin Ltd.		6,594,100
	177,900	Newell Brands, Inc.		4,588,041
	152,600	Tapestry, Inc.		7,127,946
	184,500	Tupperware Brands Corp.		7,608,780
	138,200	VF Corp.		11,266,064
				37,184,931
Consumer Services – 2.7%
	207,300	Carnival Corp.		11,880,363
	93,700	Darden Restaurants, Inc.		10,031,522
Common Stocks – (continued)
Consumer Services – (continued)
	309,801	Extended Stay America, Inc.		6,694,800
	15,147	International Game Technology plc		352,016
	202,300	Las Vegas Sands Corp.		15,447,628
	192,399	McDonald’s Corp.		30,146,999
	202,300	Six Flags Entertainment Corp.(b)		14,171,115
	10,800	Vail Resorts, Inc.		2,961,252
				91,685,695
Diversified Financials – 3.6%
	41,000	Ameriprise Financial, Inc.		5,735,080
	154,239	Berkshire Hathaway, Inc. Class B*		28,788,709
	743,800	BGC Partners, Inc. Class A		8,419,816
	14,700	BlackRock, Inc.		7,335,888
	23,700	CME Group, Inc.		3,884,904
	24,800	Eaton Vance Corp.		1,294,312
	170,800	Federated Investors, Inc. Class B		3,983,056
	775,400	Invesco Ltd.		20,594,624
	161,600	Janus Henderson Group plc		4,965,968
	53,400	Legg Mason, Inc.		1,854,582
	3,700	LPL Financial Holdings, Inc.		242,498
	203,900	Morgan Stanley		9,664,860
	674,400	Navient Corp.		8,787,432
	130,800	T. Rowe Price Group, Inc.		15,184,572
				120,736,301
Energy – 7.2%
	467,000	Chevron Corp.(c)		59,042,810
	130,000	ConocoPhillips		9,050,600
	780,200	Exxon Mobil Corp.(a)(c)		64,545,946
	62,700	Helmerich & Payne, Inc.		3,997,752
	11,100	HollyFrontier Corp.		759,573
	507,400	Kinder Morgan, Inc.		8,965,758
	78,000	Marathon Petroleum Corp.		5,472,480
	5,000	Murphy Oil Corp.		168,850
	64,900	Nabors Industries Ltd.		416,009
	385,200	Occidental Petroleum Corp.		32,233,536
	260,900	ONEOK, Inc.		18,218,647
	15,100	PBF Energy, Inc. Class A		633,143
	41,900	Phillips 66		4,705,789
	25,900	RPC, Inc.(b)		377,363
	251,700	Schlumberger Ltd.		16,871,451
	72,400	Valero Energy Corp.		8,024,092
	249,100	Williams Cos., Inc. (The)		6,753,101
				240,236,900
Food & Staples Retailing – 0.9%
	77,500	Sysco Corp.		5,292,475
	280,941	Walmart, Inc.		24,062,597
				29,355,072
Food, Beverage & Tobacco – 3.7%
	237,659	Altria Group, Inc.		13,496,654
	961,000	Coca-Cola Co. (The)(c)		42,149,460
	90,800	Flowers Foods, Inc.		1,891,364
	396,600	General Mills, Inc.		17,553,516
	232,300	Kraft Heinz Co. (The)		14,593,086
	117,702	PepsiCo, Inc.		12,814,217
	284,000	Philip Morris International, Inc.		22,930,160
				125,428,457

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – 5.6%
	558,542	Abbott Laboratories	$	34,065,477
	2,000	ABIOMED, Inc.*		818,100
	43,800	Aetna, Inc.		8,037,300
	14,600	Align Technology, Inc.*		4,995,244
	43,887	Anthem, Inc.		10,446,423
	74,700	Becton Dickinson and Co.		17,895,132
	148,200	Cardinal Health, Inc.		7,236,606
	217,878	CVS Health Corp.		14,020,449
	15,200	Intuitive Surgical, Inc.*		7,272,896
	371,954	Medtronic plc		31,842,982
	210,600	Patterson Cos., Inc.		4,774,302
	25,100	Stryker Corp.		4,238,386
	164,971	UnitedHealth Group, Inc.(c)		40,473,985
				186,117,282
Household & Personal Products – 1.6%
	109,099	Kimberly-Clark Corp.		11,492,489
	542,599	Procter & Gamble Co. (The)(c)		42,355,278
				53,847,767
Insurance – 2.5%
	162,705	Arthur J Gallagher & Co.		10,621,282
	4,700	Erie Indemnity Co. Class A		551,122
	88,000	First American Financial Corp.		4,551,360
	149,900	FNF Group		5,639,238
	228,900	Mercury General Corp.		10,428,684
	354,700	MetLife, Inc.		15,464,920
	688,301	Old Republic International Corp.		13,704,073
	204,300	Principal Financial Group, Inc.		10,817,685
	128,600	Prudential Financial, Inc.		12,025,386
				83,803,750
Materials – 2.8%
	66,800	Air Products & Chemicals, Inc.		10,402,764
	86,400	Domtar Corp.		4,124,736
	424,949	DowDuPont, Inc.		28,012,638
	29,000	Huntsman Corp.		846,800
	275,500	International Paper Co.		14,348,040
	169,400	LyondellBasell Industries NV Class A		18,608,590
	77,900	Newmont Mining Corp.		2,937,609
	66,000	Olin Corp.		1,895,520
	42,200	Praxair, Inc.		6,673,930
	26,500	Southern Copper Corp.		1,242,055
	77,900	WestRock Co.		4,441,858
				93,534,540
Media – 1.3%
	120,900	Cinemark Holdings, Inc.		4,241,172
	677,616	Comcast Corp. Class A		22,232,581
	494,800	Interpublic Group of Cos., Inc. (The)		11,598,112
	72,200	Omnicom Group, Inc.		5,506,694
				43,578,559
Pharmaceuticals, Biotechnology & Life Sciences – 8.1%
	406,885	AbbVie, Inc.(a)(c)		37,697,895
	11,600	ACADIA Pharmaceuticals, Inc.*		177,132
	1,300	Agios Pharmaceuticals, Inc.*		109,499
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	9,700	Alnylam Pharmaceuticals, Inc.*		955,353
	196,300	Amgen, Inc.		36,235,017
	305,700	Bristol-Myers Squibb Co.		16,917,438
	199,800	Eli Lilly & Co.		17,048,934
	16,800	Exelixis, Inc.*		361,536
	264,200	Gilead Sciences, Inc.		18,715,928
	23,000	Illumina, Inc.*		6,423,670
	5,539	Ionis Pharmaceuticals, Inc.*		230,810
	395,900	Johnson & Johnson(c)		48,038,506
	517,150	Merck & Co., Inc.		31,391,005
	900	Neurocrine Biosciences, Inc.*		88,416
	1,561,499	Pfizer, Inc.(c)		56,651,184
	4,824	TESARO, Inc.*		214,523
				271,256,846
Real Estate Investment Trusts – 2.6%
	126,300	American Tower Corp.		18,208,671
	13,800	CoreSite Realty Corp.		1,529,316
	147,400	Crown Castle International Corp.		15,892,668
	60,300	CyrusOne, Inc.		3,519,108
	3,000	DCT Industrial Trust, Inc.		200,190
	68,200	Digital Realty Trust, Inc.		7,609,756
	32,300	Equinix, Inc.		13,885,447
	32,100	Equity LifeStyle Properties, Inc.		2,949,990
	140,500	Prologis, Inc.		9,229,445
	66,000	SBA Communications Corp.*		10,897,920
	40,900	Sun Communities, Inc.		4,003,292
				87,925,803
Retailing – 6.4%
	59,221	Amazon.com, Inc.*(c)		100,663,856
	2,100	Booking Holdings, Inc.*		4,256,889
	246,900	GameStop Corp. Class A(b)		3,597,333
	119,500	Gap, Inc. (The)		3,870,605
	39,100	Genuine Parts Co.		3,588,989
	164,975	Home Depot, Inc. (The)		32,186,622
	409,500	L Brands, Inc.		15,102,360
	414,300	Macy’s, Inc.		15,507,249
	74,590	Netflix, Inc.*		29,196,764
	79,800	Target Corp.		6,074,376
	3,000	Williams-Sonoma, Inc.		184,140
				214,229,183
Semiconductors & Semiconductor Equipment – 5.0%
	118,500	Applied Materials, Inc.		5,473,515
	108,191	Broadcom, Inc.		26,251,464
	379,100	Cypress Semiconductor Corp.		5,906,378
	637,600	Intel Corp.		31,695,096
	209,800	Maxim Integrated Products, Inc.		12,306,868
	114,100	Micron Technology, Inc.*		5,983,404
	90,825	NVIDIA Corp.		21,516,442
	387,300	QUALCOMM, Inc.		21,735,276
	341,850	Texas Instruments, Inc.(c)		37,688,963
				168,557,406
Software & Services – 15.2%
	126,200	Accenture plc Class A		20,645,058

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	148,585	Activision Blizzard, Inc.	$	11,340,007
	56,900	Adobe Systems, Inc.*		13,872,789
	40,603	Alphabet, Inc. Class A*		45,848,502
	41,182	Alphabet, Inc. Class C*		45,944,698
	57,600	Autodesk, Inc.*		7,550,784
	130,400	Automatic Data Processing, Inc.		17,491,856
	332,001	CA, Inc.		11,835,836
	352,342	Facebook, Inc. Class A*(c)		68,467,097
	2,200	GoDaddy, Inc. Class A*		155,320
	169,900	International Business Machines Corp.		23,735,030
	4,001	Leidos Holdings, Inc.		236,059
	13,000	LogMeIn, Inc.		1,342,250
	43,800	Mastercard, Inc. Class A		8,607,576
	9,400	Match Group, Inc.*(b)		364,156
	2,778	MercadoLibre, Inc.		830,428
	1,230,350	Microsoft Corp.(a)(c)		121,324,813
	476,377	Oracle Corp.		20,989,171
	445,700	Paychex, Inc.		30,463,595
	97,800	PayPal Holdings, Inc.*		8,143,806
	32,100	Sabre Corp.		790,944
	78,512	salesforce.com, Inc.*		10,709,037
	5,762	ServiceNow, Inc.*		993,772
	2,800	Twitter, Inc.*		122,276
	169,767	Visa, Inc. Class A		22,485,639
	645,600	Western Union Co. (The)		13,125,048
	7,000	Workday, Inc. Class A*		847,840
	4,300	Yandex NV Class A*		154,370
				508,417,757
Technology Hardware & Equipment – 6.2%
	706,988	Apple, Inc. (c)		130,870,549
	1,059,548	Cisco Systems, Inc.(c)		45,592,350
	355,700	HP, Inc.		8,070,833
	16,500	National Instruments Corp.		692,670
	52,500	NetApp, Inc.		4,122,825
	151,200	Seagate Technology plc		8,538,264
	71,600	Western Digital Corp.		5,542,556
	147,400	Xerox Corp.		3,537,600
				206,967,647
Telecommunication Services – 2.8%
	1,608,028	AT&T, Inc.(c)		51,633,779
	831,400	Verizon Communications, Inc.(a)		41,827,734
				93,461,513
Transportation – 2.2%
	10,400	Copa Holdings SA Class A		984,048
	115,000	CSX Corp.		7,334,700
	112,400	Delta Air Lines, Inc.		5,568,296
	43,300	Norfolk Southern Corp.		6,532,671
	135,200	Union Pacific Corp.		19,155,136
	328,300	United Parcel Service, Inc. Class B		34,875,309
				74,450,160
Utilities – 3.8%
	473,700	Dominion Energy, Inc.		32,296,866
	328,200	Duke Energy Corp.		25,954,056
Common Stocks – (continued)
Utilities – (continued)
	58,700	Entergy Corp.		4,742,373
	997,800	PPL Corp.		28,487,190
	124,100	SCANA Corp.		4,780,332
	703,501	Southern Co. (The)		32,579,131
				128,839,948
	TOTAL COMMON STOCKS
	(Cost $2,886,924,022)		$	3,374,240,308

Shares		Distribution Rate	Value
Investment Company(d) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,385,176	1.869%	$	2,385,176
	(Cost $2,385,176)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,889,309,198)		$	3,376,625,484
Securities Lending Reinvestment Vehicle(d) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,224,875	1.869%	$	4,224,875
	(Cost $4,224,875)
	TOTAL INVESTMENTS – 100.9%
	(Cost $2,893,534,073)		$	3,380,850,359
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(30,054,306	)
	NET ASSETS – 100.0%		$	3,350,796,053

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	All or a portion of security is on loan.
(c)	All or a portion of security is segregated as collateral for call options written.
(d)	Represents an Affiliated Issuer.

Currency Abbreviation:
USD	—United States Dollar

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
S&P 500 E-Mini Index		(133	)		09/21/2018	$	(18,098,640	)	$	405,078

WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Calls
S&P 500 Index	Morgan Stanley Co., Inc.		2,690.00 USD		07/31/2018		1,670	$	(453,967,790	)	$	(11,823,600	)	$	(8,897,760	)	$	(2,925,840	)
			2,730.00 USD		08/31/2018		1,630		(443,094,310	)		(8,557,500	)		(8,961,740	)		404,240
			2,765.00 USD		09/28/2018		1,628		(442,550,636	)		(7,570,200	)		(7,566,944	)		(3,256	)
Total written options contracts							4,928				$	(27,951,300	)	$	(25,426,444	)	$	(2,524,856	)

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.5%
Australia – 8.6%
	815,843	Alumina Ltd. (Materials)	$	1,688,294
	84,591	AMP Ltd. (Diversified Financials)		222,491
	80,307	APA Group (Utilities)		585,071
	147,649	Aurizon Holdings Ltd. (Transportation)		472,173
	51,256	Australia & New Zealand Banking Group Ltd. (Banks)		1,072,767
	281,159	Bank of Queensland Ltd. (Banks)		2,116,948
	68,467	Bendigo & Adelaide Bank Ltd. (Banks)		548,500
	89,208	BHP Billiton Ltd. (Materials)		2,232,164
	55,970	BHP Billiton plc (Materials)		1,256,103
	132,882	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		903,817
	37,066	Commonwealth Bank of Australia (Banks)		1,999,065
	88,682	Fortescue Metals Group Ltd. (Materials)		287,948
	468,100	Harvey Norman Holdings Ltd. (Retailing)		1,149,993
	295,544	Insurance Australia Group Ltd. (Insurance)		1,864,499
	225,602	National Australia Bank Ltd. (Banks)		4,580,761
	11,241	Rio Tinto Ltd. (Materials)		694,529
	11,619	Rio Tinto plc (Materials)		640,422
	35,860	Rio Tinto plc ADR (Materials)(a)		1,989,513
	2,307	Sonic Healthcare Ltd. (Health Care Equipment & Services)		41,849
	101,296	South32 Ltd. (Materials)		270,493
	138,474	Suncorp Group Ltd. (Insurance)		1,493,373
	954	Sydney Airport (Transportation)		5,050
	350,980	Tabcorp Holdings Ltd. (Consumer Services)		1,157,041
	922,068	Telstra Corp. Ltd. (Telecommunication Services)		1,783,409
	146,536	Transurban Group (Transportation)		1,297,622
	99,411	Wesfarmers Ltd. (Food & Staples Retailing)		3,627,140
	14,560	Westpac Banking Corp. (Banks)		316,199
	263	Woodside Petroleum Ltd. (Energy)		6,892
				34,304,126
Austria – 0.1%
	2,273	OMV AG (Energy)		128,556
	2,800	voestalpine AG (Materials)(a)		128,752
				257,308
Belgium – 1.9%
	8,442	Ageas (Insurance)		424,997
	35,048	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)(a)		3,535,116
	32,190	KBC Group NV (Banks)		2,472,195
	46,481	Proximus SADP (Telecommunication Services)		1,045,456
	212	Solvay SA (Materials)(a)		26,699
				7,504,463
Denmark – 1.5%
	17,829	Coloplast A/S Class B (Health Care Equipment & Services)		1,780,089
Common Stocks – (continued)
Denmark – (continued)
	52,406	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,420,663
	67,814	Tryg A/S (Insurance)		1,588,095
				5,788,847
Finland – 2.0%
	62,269	Fortum OYJ (Utilities)		1,483,193
	23,393	Kone OYJ Class B (Capital Goods)(a)		1,189,429
	12,595	Metso OYJ (Capital Goods)		420,108
	165,527	Nokia OYJ (Technology Hardware & Equipment)		949,443
	13,400	Nokian Renkaat OYJ (Automobiles & Components)		527,665
	24,794	Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences)		666,835
	34,811	Sampo OYJ Class A (Insurance)(a)		1,695,320
	12,922	Stora Enso OYJ Class R (Materials)		251,746
	22,129	UPM-Kymmene OYJ (Materials)		787,905
				7,971,644
France – 8.9%
	15,140	Accor SA (Consumer Services)(a)		741,496
	156	Aeroports de Paris (Transportation)		35,239
	7,025	Air Liquide SA (Materials)		880,550
	12,766	Airbus SE (Capital Goods)		1,489,726
	31,802	AXA SA (Insurance)		777,043
	24,706	BNP Paribas SA (Banks)(a)		1,528,238
	36,142	Bouygues SA (Capital Goods)(a)		1,552,950
	8,909	Capgemini SE (Software & Services)(a)		1,193,894
	39,682	Casino Guichard Perrachon SA (Food & Staples Retailing)(a)(b)		1,535,723
	36,180	Credit Agricole SA (Banks)		480,200
	10,779	Danone SA (Food, Beverage & Tobacco)		787,002
	16,638	Edenred (Commercial & Professional Services)		525,540
	71,283	Electricite de France SA (Utilities)		978,135
	237,980	Engie SA (Utilities)(a)		3,640,262
	9,925	Eutelsat Communications SA (Media)		205,400
	1,685	Kering SA (Consumer Durables & Apparel)(a)		949,160
	2,358	Klepierre SA (REIT)(a)		88,598
	24,354	Lagardere SCA (Media)		641,686
	746	L’Oreal SA (Household & Personal Products)(a)		183,909
	9,353	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(a)		3,105,373
	167,707	Natixis SA (Diversified Financials)		1,186,620
	5,546	Orange SA (Telecommunication Services)		92,575
	8,050	Renault SA (Automobiles & Components)		682,008
	71,573	Rexel SA (Capital Goods)		1,027,439
	35,412	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(a)		2,842,150
	50,850	Schneider Electric SE (Capital Goods)(a)		4,229,030

30 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	22,267	Societe Generale SA (Banks)(a)	$	935,880
	12,100	Suez (Utilities)		156,526
	43,204	TOTAL SA (Energy)(a)		2,623,596
	1,055	Unibail-Rodamco-Westfield (REIT)(a)		232,103
				35,328,051
Germany – 7.6%
	17,594	Allianz SE (Registered) (Insurance)(a)		3,625,327
	5,186	Axel Springer SE (Media)		374,767
	33,020	BASF SE (Materials)(a)		3,152,372
	17,394	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,910,272
	13,810	Bayerische Motoren Werke AG (Automobiles & Components)		1,248,320
	15,417	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)(a)(c)		1,226,391
	76,468	Daimler AG (Registered) (Automobiles & Components)(a)		4,898,319
	3,471	Deutsche Boerse AG (Diversified Financials)		461,484
	44,018	Deutsche Post AG (Registered) (Transportation)(a)		1,430,161
	15,811	Evonik Industries AG (Materials)(a)		540,953
	12,634	FUCHS PETROLUB SE (Preference) (Materials)(c)		621,674
	10,954	HUGO BOSS AG (Consumer Durables & Apparel)(a)		993,408
	2,666	Linde AG (Materials)		633,385
	1,994	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)(a)		419,224
	41,092	ProSiebenSat.1 Media SE (Media)(a)		1,039,895
	139	Puma SE (Consumer Durables & Apparel)		81,205
	16,581	SAP SE (Software & Services)(a)		1,913,742
	18,669	Siemens AG (Registered) (Capital Goods)(a)		2,459,750
	3,862	Symrise AG (Materials)(a)		337,826
	408,994	Telefonica Deutschland Holding AG (Telecommunication Services)		1,608,966
	5,335	TUI AG (Consumer Services)		116,687
	6,303	United Internet AG (Registered) (Software & Services)(a)		359,850
	1,037	Volkswagen AG (Preference) (Automobiles & Components)(c)		171,323
	8,788	Vonovia SE (Real Estate)(a)		417,688
				30,042,989
Hong Kong – 3.1%
	138,600	AIA Group Ltd. (Insurance)		1,207,402
	24,600	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		310,047
	49,408	CK Asset Holdings Ltd. (Real Estate)		391,129
	9,000	CK Infrastructure Holdings Ltd. (Utilities)		66,625
Common Stocks – (continued)
Hong Kong – (continued)
	59,000	Galaxy Entertainment Group Ltd. (Consumer Services)		454,799
	111,000	Hang Lung Properties Ltd. (Real Estate)		228,002
	32,500	Hang Seng Bank Ltd. (Banks)		811,537
	12,100	Henderson Land Development Co. Ltd. (Real Estate)		63,807
	674,792	Hong Kong & China Gas Co. Ltd. (Utilities)		1,289,888
	46,300	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,385,645
	59,600	Hongkong Land Holdings Ltd. (Real Estate)		426,076
	27,000	Hysan Development Co. Ltd. (Real Estate)		150,700
	82,014	I-CABLE Communications Ltd. (Media)*		1,280
	8,100	Jardine Matheson Holdings Ltd. (Capital Goods)		510,407
	5,300	Jardine Strategic Holdings Ltd. (Capital Goods)		193,071
	316,000	Link REIT (REIT)		2,881,727
	67,500	MTR Corp. Ltd. (Transportation)		372,846
	135,262	Sino Land Co. Ltd. (Real Estate)		219,797
	34,000	Sun Hung Kai Properties Ltd. (Real Estate)		512,242
	58,200	Swire Properties Ltd. (Real Estate)		214,640
	24,000	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		133,293
	16,000	Wharf Holdings Ltd. (The) (Real Estate)		51,237
	83,000	Wharf Real Estate Investment Co. Ltd. (Real Estate)		589,363
				12,465,560
Ireland – 0.2%
	24,569	CRH plc (Materials)(a)		864,198
Israel – 0.3%
	562,979	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		634,477
	63,751	Israel Chemicals Ltd. (Materials)		292,082
	14,757	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)		358,890
				1,285,449
Italy – 1.8%
	41,324	Assicurazioni Generali SpA (Insurance)		690,854
	54,886	Atlantia SpA (Transportation)(a)		1,618,161
	121,624	Eni SpA (Energy)(a)		2,255,076
	351,387	Intesa Sanpaolo SpA RNC (Banks)		1,061,715
	322,192	Intesa Sanpaolo SpA (Banks)		932,189
	49,946	Snam SpA (Energy)		208,146
	158,777	UnipolSai Assicurazioni SpA (Insurance)(d)		350,157
				7,116,298

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – 22.7%
	2,400	ABC-Mart, Inc. (Retailing)	$	131,178
	13,000	AEON Financial Service Co. Ltd. (Diversified Financials)		277,082
	19,100	Alfresa Holdings Corp. (Health Care Equipment & Services)		448,512
	3,500	Alps Electric Co. Ltd. (Technology Hardware & Equipment)		89,888
	20,900	Aozora Bank Ltd. (Banks)		793,189
	26,200	Asahi Glass Co. Ltd. (Capital Goods)		1,019,076
	41,000	Asahi Kasei Corp. (Materials)		519,939
	7,700	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		117,183
	1,600	Benesse Holdings, Inc. (Consumer Services)		56,740
	53,100	Bridgestone Corp. (Automobiles & Components)		2,074,238
	119,600	Canon, Inc. (Technology Hardware & Equipment)		3,921,869
	18,200	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		295,587
	12,100	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		633,563
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)		401,753
	39,200	Daicel Corp. (Materials)		433,037
	9,700	Dai-ichi Life Holdings, Inc. (Insurance)		172,637
	2,800	Daikin Industries Ltd. (Capital Goods)		334,637
	6,600	Daito Trust Construction Co. Ltd. (Real Estate)		1,073,646
	22,200	Daiwa House Industry Co. Ltd. (Real Estate)		755,285
	236,000	Daiwa Securities Group, Inc. (Diversified Financials)		1,367,825
	2,900	Denso Corp. (Automobiles & Components)		141,503
	2,100	Dentsu, Inc. (Media)		99,410
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)		255,365
	14,700	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,034,734
	9,500	FANUC Corp. (Capital Goods)		1,883,012
	900	Fast Retailing Co. Ltd. (Retailing)		412,502
	13,000	Fuji Electric Co. Ltd. (Capital Goods)		98,750
	5,200	Hamamatsu Photonics KK (Technology Hardware & Equipment)		223,223
	1,300	Hikari Tsushin, Inc. (Retailing)		228,149
	48,300	Hino Motors Ltd. (Capital Goods)		515,036
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)		236,960
	6,000	Hitachi Chemical Co. Ltd. (Materials)		120,790
	93,000	Hitachi Ltd. (Technology Hardware & Equipment)		655,183
	2,900	Hitachi Metals Ltd. (Materials)		30,069
	34,500	Honda Motor Co. Ltd. (Automobiles & Components)		1,011,574
	12,900	Hulic Co. Ltd. (Real Estate)		137,683
Common Stocks – (continued)
Japan – (continued)
	8,300	Idemitsu Kosan Co. Ltd. (Energy)		295,161
	2,300	IHI Corp. (Capital Goods)		80,003
	11,800	Isuzu Motors Ltd. (Automobiles & Components)		156,435
	126,000	ITOCHU Corp. (Capital Goods)		2,278,815
	5,600	Japan Airlines Co. Ltd. (Transportation)		198,414
	34,300	Japan Exchange Group, Inc. (Diversified Financials)		636,201
	57,000	Japan Post Holdings Co. Ltd. (Insurance)		623,795
	41,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,159,776
	20,900	JFE Holdings, Inc. (Materials)		394,753
	6,400	JSR Corp. (Materials)		108,763
	128,600	JXTG Holdings, Inc. (Energy)		892,198
	9,300	Kakaku.com, Inc. (Software & Services)		209,417
	50,000	Kaneka Corp. (Materials)		447,784
	19,300	Kao Corp. (Household & Personal Products)		1,471,076
	9,100	Kawasaki Heavy Industries Ltd. (Capital Goods)		267,637
	29,600	KDDI Corp. (Telecommunication Services)		809,409
	200	Keyence Corp. (Technology Hardware & Equipment)		112,803
	8,000	Kikkoman Corp. (Food, Beverage & Tobacco)		403,909
	8,000	Kintetsu Group Holdings Co. Ltd. (Transportation)		326,203
	45,500	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		1,219,623
	43,600	Komatsu Ltd. (Capital Goods)		1,241,230
	23,600	Konica Minolta, Inc. (Technology Hardware & Equipment)		218,874
	5,800	Kose Corp. (Household & Personal Products)		1,247,548
	8,000	Kubota Corp. (Capital Goods)		125,559
	7,300	Kyushu Railway Co. (Transportation)		223,201
	7,700	Lawson, Inc. (Food & Staples Retailing)		480,881
	36,600	LIXIL Group Corp. (Capital Goods)		731,469
	3,900	M3, Inc. (Health Care Equipment & Services)		155,096
	6,000	Makita Corp. (Capital Goods)		268,398
	179,100	Marubeni Corp. (Capital Goods)		1,363,558
	16,100	Marui Group Co. Ltd. (Retailing)		338,665
	800	Maruichi Steel Tube Ltd. (Materials)		27,111
	2,800	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		236,472
	10,300	Mitsubishi Chemical Holdings Corp. (Materials)		86,013
	20,900	Mitsubishi Corp. (Capital Goods)		579,538
	23,400	Mitsubishi Electric Corp. (Capital Goods)		310,469
	400	Mitsubishi Heavy Industries Ltd. (Capital Goods)		14,541
	2,700	Mitsubishi Materials Corp. (Materials)		74,075
	21,200	Mitsubishi Motors Corp. (Automobiles & Components)		168,992

32 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	243,200	Mitsubishi UFJ Financial Group, Inc. (Banks)	$	1,377,700
	3,500	Mixi, Inc. (Software & Services)		88,483
	794,100	Mizuho Financial Group, Inc. (Banks)		1,337,650
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		425,503
	9,000	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		1,510,888
	4,500	Nabtesco Corp. (Capital Goods)		138,262
	3,900	NEC Corp. (Technology Hardware & Equipment)		106,875
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)		289,973
	6,900	Nidec Corp. (Capital Goods)		1,032,169
	1,900	Nintendo Co. Ltd. (Software & Services)		620,215
	8,300	Nippon Express Co. Ltd. (Transportation)		601,439
	2,400	Nippon Paint Holdings Co. Ltd. (Materials)		103,212
	655	Nippon Prologis REIT, Inc. (REIT)		1,359,394
	4,401	Nippon Steel & Sumitomo Metal Corp. (Materials)		86,291
	9,800	Nippon Yusen KK (Transportation)		194,155
	72,300	Nissan Motor Co. Ltd. (Automobiles & Components)		703,493
	11,600	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		245,794
	7,100	Nitto Denko Corp. (Materials)		536,032
	9,600	Nomura Holdings, Inc. (Diversified Financials)		46,455
	3,500	Nomura Real Estate Holdings, Inc. (Real Estate)		77,493
	9,900	Nomura Research Institute Ltd. (Software & Services)		478,975
	32,300	NSK Ltd. (Capital Goods)		332,459
	62,300	NTT DOCOMO, Inc. (Telecommunication Services)		1,587,552
	4,200	Obic Co. Ltd. (Software & Services)		346,990
	19,000	Odakyu Electric Railway Co. Ltd. (Transportation)		407,473
	2,300	Omron Corp. (Technology Hardware & Equipment)		107,143
	3,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		79,597
	5,400	Otsuka Corp. (Software & Services)		211,396
	3,400	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		164,467
	55,400	Panasonic Corp. (Consumer Durables & Apparel)		747,037
	10,500	Park24 Co. Ltd. (Commercial & Professional Services)		285,553
	15,900	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		439,137
	49,100	Resona Holdings, Inc. (Banks)		261,692
Common Stocks – (continued)
Japan – (continued)
	14,900	Ricoh Co. Ltd. (Technology Hardware & Equipment)		136,450
	1,000	Ryohin Keikaku Co. Ltd. (Retailing)		351,323
	24,500	Sankyo Co. Ltd. (Consumer Durables & Apparel)		958,068
	22,600	SBI Holdings, Inc. (Diversified Financials)		579,471
	13,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		225,924
	33,700	Seiko Epson Corp. (Technology Hardware & Equipment)		585,080
	87,700	Sekisui House Ltd. (Consumer Durables & Apparel)		1,550,044
	101,100	Seven Bank Ltd. (Banks)		308,718
	3,300	Sharp Corp. (Consumer Durables & Apparel)(d)		80,265
	7,000	Shimadzu Corp. (Technology Hardware & Equipment)		211,197
	9,400	Shin-Etsu Chemical Co. Ltd. (Materials)		835,363
	45,700	Showa Shell Sekiyu KK (Energy)		680,880
	8,900	SoftBank Group Corp. (Telecommunication Services)		635,533
	3,800	Sompo Holdings, Inc. (Insurance)		153,330
	14,900	Sony Corp. (Consumer Durables & Apparel)		763,094
	3,900	Start Today Co. Ltd. (Retailing)		141,104
	45,100	Subaru Corp. (Automobiles & Components)		1,311,734
	59,000	Sumitomo Chemical Co. Ltd. (Materials)		333,682
	129,600	Sumitomo Corp. (Capital Goods)		2,125,418
	5,500	Sumitomo Metal Mining Co. Ltd. (Materials)		209,917
	60,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		2,367,664
	28,100	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,108,647
	9,700	Sysmex Corp. (Health Care Equipment & Services)		903,794
	50,900	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,141,266
	1,000	TDK Corp. (Technology Hardware & Equipment)		101,823
	52,900	Tohoku Electric Power Co., Inc. (Utilities)		646,339
	22,300	Tokio Marine Holdings, Inc. (Insurance)		1,043,266
	10,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,853,856
	14,600	Tokyo Gas Co. Ltd. (Utilities)		387,663
	17,700	Tokyu Fudosan Holdings Corp. (Real Estate)		124,855
	4,600	TOTO Ltd. (Capital Goods)		212,914
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)		96,177
	81,220	Toyota Motor Corp. (Automobiles & Components)		5,252,415

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	18,400	Trend Micro, Inc. (Software & Services)	$	1,047,459
	61,200	USS Co. Ltd. (Retailing)		1,163,569
	3,300	Yamaha Corp. (Consumer Durables & Apparel)		171,262
	22,600	Yamaha Motor Co. Ltd. (Automobiles & Components)		567,344
	8,200	Yamato Holdings Co. Ltd. (Transportation)		241,348
	2,800	Yaskawa Electric Corp. (Technology Hardware & Equipment)		98,602
				90,022,477
Luxembourg – 0.9%
	19,039	RTL Group SA (Media)(a)		1,290,217
	97,539	SES SA FDR (Media)		1,782,985
	21,970	Tenaris SA (Energy)		400,953
				3,474,155
Macau – 0.4%
	88,000	MGM China Holdings Ltd. (Consumer Services)		203,477
	155,600	Sands China Ltd. (Consumer Services)		829,564
	141,200	Wynn Macau Ltd. (Consumer Services)		452,496
				1,485,537
Mexico – 0.0%
	5,858	Fresnillo plc (Materials)		88,278
Netherlands – 3.7%
	138,188	Aegon NV (Insurance)		825,067
	1,262	Akzo Nobel NV (Materials)		107,639
	3,575	ASML Holding NV (Semiconductors & Semiconductor Equipment)		707,438
	13,217	Boskalis Westminster (Capital Goods)(a)		384,079
	126,193	ING Groep NV (Banks)		1,811,440
	7,242	Koninklijke DSM NV (Materials)		724,483
	27,544	Koninklijke Philips NV (Health Care Equipment & Services)		1,166,983
	15,851	NN Group NV (Insurance)		642,860
	3,902	Randstad NV (Commercial & Professional Services)		229,029
	140,875	Royal Dutch Shell plc Class A (Energy)(a)		4,885,129
	91,973	Royal Dutch Shell plc Class B (Energy)(a)		3,293,829
				14,777,976
New Zealand – 0.5%
	36,121	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		363,993
	249,625	Mercury NZ Ltd. (Utilities)		569,239
	317,017	Meridian Energy Ltd. (Utilities)		669,623
	205,437	Spark New Zealand Ltd. (Telecommunication Services)		518,473
				2,121,328
Common Stocks – (continued)
Norway – 0.9%
	1,789	Equinor ASA (Energy)		47,306
	29,116	Gjensidige Forsikring ASA (Insurance)		476,673
	151,646	Marine Harvest ASA (Food, Beverage & Tobacco)		3,015,160
				3,539,139
Portugal – 0.5%
	231,782	EDP - Energias de Portugal SA (Utilities)		918,671
	43,737	Galp Energia SGPS SA (Energy)		832,037
	27,474	Jeronimo Martins SGPS SA (Food & Staples Retailing)		395,749
				2,146,457
Singapore – 1.1%
	39,300	City Developments Ltd. (Real Estate)		314,790
	48,200	ComfortDelGro Corp. Ltd. (Transportation)		82,951
	69,700	DBS Group Holdings Ltd. (Banks)		1,355,458
	67,300	Keppel Corp. Ltd. (Capital Goods)		352,059
	142,700	SATS Ltd. (Transportation)		522,702
	61,800	Singapore Exchange Ltd. (Diversified Financials)		324,753
	265,000	Singapore Technologies Engineering Ltd. (Capital Goods)		638,765
	130,900	Singapore Telecommunications Ltd. (Telecommunication Services)		295,546
	19,600	United Overseas Bank Ltd. (Banks)		384,135
				4,271,159
South Africa – 0.1%
	27,116	Anglo American plc (Materials)		602,000
Spain – 2.7%
	3,306	ACS Actividades de Construccion y Servicios SA (Capital Goods)(a)		133,384
	12,460	Amadeus IT Group SA (Software & Services)		979,760
	164,786	Banco Santander SA (Banks)		880,694
	45,086	Enagas SA (Energy)		1,314,990
	74,270	Endesa SA (Utilities)		1,633,316
	171,348	Ferrovial SA (Capital Goods)(a)		3,506,227
	7,157	Iberdrola SA (Utilities)		55,193
	20,474	Mapfre SA (Insurance)		61,540
	250,866	Telefonica SA (Telecommunication Services)(a)		2,129,209
				10,694,313
Sweden – 3.5%
	7,078	Atlas Copco AB Class B (Capital Goods)		184,395
	7,078	Epiroc AB Class B (Capital Goods)*		64,800
	122,116	Hennes & Mauritz AB Class B (Retailing)(d)		1,817,703
	14,423	Lundin Petroleum AB (Energy)		457,787
	326,929	Nordea Bank AB (Banks)		3,136,096
	219,763	Skandinaviska Enskilda Banken AB Class A (Banks)		2,079,920

34 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	42,556	Skanska AB Class B (Capital Goods)	$	770,294
	156,736	Swedbank AB Class A (Banks)		3,339,455
	69,362	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		534,379
	334,966	Telia Co. AB (Telecommunication Services)		1,526,738
				13,911,567
Switzerland – 8.6%
	50,153	ABB Ltd. (Registered) (Capital Goods)		1,094,034
	70,918	Credit Suisse Group AG (Registered) (Diversified Financials)*		1,060,442
	2,590	EMS-Chemie Holding AG (Registered) (Materials)		1,657,103
	1,736	Geberit AG (Registered) (Capital Goods)		743,293
	920	Givaudan SA (Registered) (Materials)		2,083,632
	259,708	Glencore plc (Materials)*		1,233,039
	8,736	Kuehne + Nagel International AG (Registered) (Transportation)		1,311,461
	32,192	LafargeHolcim Ltd. (Registered) (Materials)*		1,565,249
	72,389	Nestle SA (Registered) (Food, Beverage & Tobacco)		5,610,209
	75,574	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		5,724,802
	22,045	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		4,890,863
	397	SGS SA (Registered) (Commercial & Professional Services)		1,054,906
	134,312	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)(a)		2,982,170
	42,727	UBS Group AG (Registered) (Diversified Financials)*		655,020
	8,140	Zurich Insurance Group AG (Insurance)*		2,407,243
				34,073,466
United Kingdom – 14.9%
	71,202	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)		2,499,902
	250,164	BAE Systems plc (Capital Goods)		2,128,217
	23,173	Berkeley Group Holdings plc (Consumer Durables & Apparel)(a)		1,154,317
	113,620	BP plc ADR (Energy)(a)		5,187,889
	52,689	British American Tobacco plc (Food, Beverage & Tobacco)(a)		2,654,123
	24,262	British Land Co. plc (The) (REIT)		214,646
	326,670	Centrica plc (Utilities)		678,291
	15,616	Compass Group plc (Consumer Services)		332,865
	13,945	Diageo plc (Food, Beverage & Tobacco)		500,987
	50,835	easyJet plc (Transportation)		1,118,364
	130,365	G4S plc (Commercial & Professional Services)		459,201
Common Stocks – (continued)
United Kingdom – (continued)
	166,227	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)(b)		6,700,610
	1,024,775	HSBC Holdings plc (Banks)(a)		9,575,857
	53,139	Imperial Brands plc (Food, Beverage & Tobacco)(a)		1,973,482
	118,879	J Sainsbury plc (Food & Staples Retailing)		503,069
	23,385	Land Securities Group plc (REIT)		294,612
	851,733	Legal & General Group plc (Insurance)(a)		2,979,224
	170,571	Marks & Spencer Group plc (Retailing)		662,578
	1,017	Next plc (Retailing)(a)		80,952
	64,533	Persimmon plc (Consumer Durables & Apparel)		2,149,574
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)(a)		157,428
	27,421	Royal Mail plc (Transportation)		182,430
	97,066	Segro plc (REIT)		854,846
	148,324	SSE plc (Utilities)(a)		2,647,665
	255,640	Standard Life Aberdeen plc (Diversified Financials)		1,094,698
	67,101	Unilever NV CVA (Household & Personal Products)(a)		3,738,665
	68,644	Unilever plc ADR (Household & Personal Products)(a)		3,794,640
	182,507	Vodafone Group plc ADR (Telecommunication Services)(a)(b)		4,436,745
	61,537	Wm Morrison Supermarkets plc (Food & Staples Retailing)		204,118
				58,959,995
	TOTAL COMMON STOCKS
	(Cost $385,030,369)		$	383,096,780

Units	Description	Expiration Month		Value
Rights* – 0.0%
Italy – 0.0%
673,579	Intesa Sanpaolo SpA (Banks)		07/2018	$	—
Spain – 0.0%
3,306	ACS Actividades de Construccion y Servicios SA (Capital Goods)(a)		08/2018		3,405
TOTAL RIGHTS
(Cost $3,446)				$	3,405

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Distribution Rate	Value
Investment Company(e) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,271	1.869%	$	2,271
	(Cost $2,271)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $385,036,086)		$	383,102,456
Securities Lending Reinvestment Vehicle(e) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,293,350	1.869%	$	2,293,350
	(Cost $2,293,350)
	TOTAL INVESTMENTS – 97.1%
	(Cost $387,329,436)		$	385,395,806
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.9%			11,524,266
	NET ASSETS – 100.0%		$	396,920,072

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(d)	All or a portion of security is on loan.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
FDR	—Fiduciary Depositary Receipt
REIT	—Real Estate Investment Trust
Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		75		09/21/2018	$	2,970,007	$	(73,410	)
FTSE 100 Index		14		09/21/2018		1,404,491		(11,903	)
Hang Seng Index		1		07/30/2018		183,071		(970	)
MSCI Singapore Index		3		07/30/2018		80,587		261
SPI 200 Index		5		09/20/2018		568,728		9,522
TOPIX Index		8		09/13/2018		1,250,418		(30,030	)
Total Futures Contracts							$	(106,530	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2018, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)
Written options contracts:
Calls
EURO STOXX 50 Index	Morgan Stanley Co., Inc.		3,550.00 EUR		09/21/2018		2,006	$	(68,115,736	)	$	(625,476	)	$	(1,618,141	)	$	992,665
FTSE 100 Index			7,750.00 GBP		09/21/2018		315		(70,259,207	)		(440,664	)		(489,362	)		48,698
Nikkei 225 Index			23,000.00 JPY		09/14/2018		214		(1,634,303,020	)		(589,532	)		(988,244	)		398,712
Total written options contracts							2,535				$	(1,655,672	)	$	(3,095,747	)	$	1,440,075

36 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.7%
Automobiles & Components – 1.9%
	54,279	BorgWarner, Inc.	$	2,342,682
	2,037	Cooper-Standard Holdings, Inc.*		266,175
	49,403	Dana, Inc.		997,446
	473,260	General Motors Co.		18,646,444
	21,887	Gentex Corp.		503,839
	43,558	Lear Corp.		8,093,512
				30,850,098
Banks – 6.5%
	1,111,287	Bank of America Corp.		31,327,181
	38,634	CenterState Bank Corp.		1,152,066
	19,853	Central Pacific Financial Corp.		568,788
	468,112	Citizens Financial Group, Inc.		18,209,557
	4,032	Comerica, Inc.		366,589
	11,376	FCB Financial Holdings, Inc. Class A*		668,909
	160,029	Fifth Third Bancorp		4,592,832
	4,234	First Citizens BancShares, Inc. Class A		1,707,572
	5,560	Hilltop Holdings, Inc.		122,709
	3,914	International Bancshares Corp.		167,519
	133,010	JPMorgan Chase & Co.		13,859,642
	208,520	KeyCorp		4,074,481
	40,818	PacWest Bancorp		2,017,226
	64,124	PNC Financial Services Group, Inc. (The)		8,663,152
	66,097	Radian Group, Inc.		1,072,093
	12,308	SVB Financial Group*		3,554,058
	18,859	Synovus Financial Corp.		996,321
	69,288	TCF Financial Corp.		1,705,871
	34,664	United Community Banks, Inc.		1,063,145
	5,562	US Bancorp		278,211
	8,492	Walker & Dunlop, Inc.		472,580
	93,817	Wells Fargo & Co.		5,201,215
	27,054	Western Alliance Bancorp*		1,531,527
				103,373,244
Capital Goods – 5.4%
	60,348	Acuity Brands, Inc.		6,992,523
	11,665	AECOM*		385,295
	14,958	Allison Transmission Holdings, Inc.		605,649
	9,879	Applied Industrial Technologies, Inc.		693,012
	62,260	Boeing Co. (The)		20,888,853
	14,204	Caterpillar, Inc.		1,927,057
	11,432	Eaton Corp. plc		854,428
	5,310	EMCOR Group, Inc.		404,516
	50,265	Esterline Technologies Corp.*		3,709,557
	15,347	Fortive Corp.		1,183,407
	6,702	Granite Construction, Inc.		373,033
	41,574	HD Supply Holdings, Inc.*		1,783,109
	9,481	Honeywell International, Inc.		1,365,738
	114,094	Illinois Tool Works, Inc.		15,806,583
	26,915	Lockheed Martin Corp.		7,951,498
	5,480	Owens Corning		347,268
	64,168	Raytheon Co.		12,395,974
	8,619	United Rentals, Inc.*		1,272,337
	1,774	Valmont Industries, Inc.		267,430
Common Stocks – (continued)
Capital Goods – (continued)
	21,794	WABCO Holdings, Inc.*		2,550,334
	23,184	Watsco, Inc.		4,133,243
				85,890,844
Commercial & Professional Services – 1.2%
	48,254	Brady Corp. Class A		1,860,192
	29,156	Cintas Corp.		5,395,901
	57,940	Insperity, Inc.		5,518,785
	28,142	KAR Auction Services, Inc.		1,542,182
	10,894	Korn/Ferry International		674,665
	38,156	ManpowerGroup, Inc.		3,283,705
	2,640	McGrath RentCorp		167,033
	35,790	Steelcase, Inc. Class A		483,165
	11,122	TriNet Group, Inc.*		622,165
				19,547,793
Consumer Durables & Apparel – 1.8%
	92,487	Callaway Golf Co.		1,754,478
	6,326	Carter’s, Inc.		685,675
	19,685	Columbia Sportswear Co.		1,800,587
	33,386	Hasbro, Inc.		3,081,862
	4,408	Malibu Boats, Inc. Class A*		184,871
	163,278	NIKE, Inc. Class B		13,009,991
	1,156	NVR, Inc.*		3,433,725
	11,045	PulteGroup, Inc.		317,544
	24,693	PVH Corp.		3,697,036
	11,220	Ralph Lauren Corp.		1,410,578
				29,376,347
Consumer Services – 3.5%
	3,493	Bright Horizons Family Solutions, Inc.*		358,102
	51,446	Carnival Corp.		2,948,370
	9,791	Cheesecake Factory, Inc. (The)		539,093
	5,493	Darden Restaurants, Inc.		588,081
	46,924	Domino’s Pizza, Inc.		13,240,545
	21,601	Grand Canyon Education, Inc.*		2,410,888
	8,232	International Game Technology plc		191,312
	144,362	Las Vegas Sands Corp.		11,023,482
	11,999	Marriott International, Inc. Class A		1,519,073
	24,592	Papa John’s International, Inc.		1,247,306
	34,874	Starbucks Corp.		1,703,595
	21,234	Vail Resorts, Inc.		5,822,151
	29,363	Weight Watchers International, Inc.*		2,968,599
	5,310	Wyndham Destinations, Inc.		235,074
	5,310	Wyndham Hotels & Resorts, Inc.		312,387
	87,531	Yum China Holdings, Inc.		3,366,442
	87,531	Yum! Brands, Inc.		6,846,675
				55,321,175
Diversified Financials – 3.6%
	98,035	Ally Financial, Inc.		2,575,379
	32,395	Ameriprise Financial, Inc.		4,531,413
	45,165	Bank of New York Mellon Corp. (The)		2,435,748
	38,603	Berkshire Hathaway, Inc. Class B*		7,205,250

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Diversified Financials – (continued)
	4,505	Capital One Financial Corp.	$	414,010
	137,041	E*TRADE Financial Corp.*		8,381,428
	16,614	Enova International, Inc.*		607,242
	15,283	LPL Financial Holdings, Inc.		1,001,648
	13,256	Morgan Stanley		628,334
	38,270	MSCI, Inc.		6,331,006
	88,445	Nasdaq, Inc.		8,072,375
	171,359	Synchrony Financial		5,719,963
	143,290	TD Ameritrade Holding Corp.		7,847,993
	41,461	Voya Financial, Inc.		1,948,667
				57,700,456
Energy – 6.8%
	33,838	Anadarko Petroleum Corp.		2,478,634
	152,331	Chesapeake Energy Corp.*		798,214
	248,520	CNX Resources Corp.*		4,418,686
	145,202	ConocoPhillips		10,108,963
	5,954	Delek US Holdings, Inc.		298,712
	39,820	Devon Energy Corp.		1,750,487
	61,715	Energen Corp.*		4,494,086
	12,027	EOG Resources, Inc.		1,496,520
	42,470	Exxon Mobil Corp.		3,513,543
	159,292	Halliburton Co.		7,177,698
	107,007	HollyFrontier Corp.		7,322,489
	158,635	Marathon Oil Corp.		3,309,126
	256,353	Marathon Petroleum Corp.		17,985,726
	44,314	Peabody Energy Corp.		2,015,401
	86,298	Phillips 66		9,692,128
	4,825	Pioneer Natural Resources Co.		913,083
	209,544	Valero Energy Corp.		23,223,762
	247,662	Williams Cos., Inc. (The)		6,714,117
				107,711,375
Food & Staples Retailing – 0.4%
	162,631	US Foods Holding Corp.*		6,150,704
Food, Beverage & Tobacco – 2.4%
	67,825	Archer-Daniels-Midland Co.		3,108,420
	348,908	Conagra Brands, Inc.		12,466,483
	85,051	Darling Ingredients, Inc.*		1,690,814
	35,366	Lamb Weston Holdings, Inc.		2,422,924
	13,685	Lancaster Colony Corp.		1,894,278
	28,740	Sanderson Farms, Inc.		3,022,011
	204,944	Tyson Foods, Inc. Class A		14,110,394
				38,715,324
Health Care Equipment & Services – 7.0%
	32,290	Anthem, Inc.		7,685,989
	41,190	Baxter International, Inc.		3,041,470
	1,970	Becton Dickinson and Co.		471,933
	446,123	Boston Scientific Corp.*		14,588,222
	51,825	Centene Corp.*		6,385,358
	66,201	Cigna Corp.		11,250,860
	12,968	Cooper Cos., Inc. (The)		3,053,316
	43,806	CVS Health Corp.		2,818,916
	30,694	Danaher Corp.		3,028,884
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	5,460	Ensign Group, Inc. (The)		195,577
	3,657	Hill-Rom Holdings, Inc.		319,402
	35,490	Humana, Inc.		10,562,889
	45,801	IDEXX Laboratories, Inc.*		9,981,870
	15,438	LifePoint Health, Inc.*		753,374
	2,539	Magellan Health, Inc.*		243,617
	81,279	UnitedHealth Group, Inc.		19,940,990
	70,929	WellCare Health Plans, Inc.*		17,465,557
				111,788,224
Household & Personal Products – 0.4%
	47,825	Herbalife Nutrition Ltd.*		2,569,159
	20,503	Kimberly-Clark Corp.		2,159,786
	2,359	Medifast, Inc.		377,818
	8,185	Procter & Gamble Co. (The)		638,921
	9,724	USANA Health Sciences, Inc.*		1,121,177
				6,866,861
Insurance – 4.1%
	45,976	American Equity Investment Life Holding Co.		1,655,136
	34,233	Arch Capital Group Ltd.*		905,805
	53,733	Argo Group International Holdings Ltd.		3,124,574
	15,735	Assured Guaranty Ltd.		562,212
	98,971	Lincoln National Corp.		6,160,945
	17,026	Marsh & McLennan Cos., Inc.		1,395,621
	47,125	Principal Financial Group, Inc.		2,495,269
	110,034	Progressive Corp. (The)		6,508,511
	64,085	Prudential Financial, Inc.		5,992,588
	107,660	Reinsurance Group of America, Inc.		14,370,457
	82,165	Travelers Cos., Inc. (The)		10,052,066
	18,889	Unum Group		698,704
	12,763	White Mountains Insurance Group Ltd.		11,571,063
				65,492,951
Materials – 3.5%
	5,254	Air Products & Chemicals, Inc.		818,206
	1,823	Balchem Corp.		178,909
	85,295	Carpenter Technology Corp.		4,483,958
	12,663	Celanese Corp. Series A		1,406,353
	1,220	Chase Corp.		143,045
	18,697	Chemours Co. (The)		829,399
	22,879	Huntsman Corp.		668,067
	284,836	Louisiana-Pacific Corp.		7,753,236
	75,121	LyondellBasell Industries NV Class A		8,252,042
	11,172	Minerals Technologies, Inc.		841,810
	97,498	Nucor Corp.		6,093,625
	16,462	PPG Industries, Inc.		1,707,603
	8,350	Reliance Steel & Aluminum Co.		730,959
	15,506	Sherwin-Williams Co. (The)		6,319,780
	315,262	Steel Dynamics, Inc.		14,486,289
	16,215	WestRock Co.		924,579
				55,637,860

38 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Media – 2.6%
	698,554	Comcast Corp. Class A	$	22,919,557
	16,222	John Wiley & Sons, Inc. Class A		1,012,253
	44,852	New Media Investment Group, Inc.		828,865
	2,297	Nexstar Media Group, Inc. Class A		168,600
	416,626	Viacom, Inc. Class B		12,565,440
	29,402	Walt Disney Co. (The)		3,081,623
				40,576,338
Pharmaceuticals, Biotechnology & Life Sciences – 9.2%
	204,892	AbbVie, Inc.		18,983,244
	28,864	Alexion Pharmaceuticals, Inc.*		3,583,466
	15,723	Allergan plc		2,621,339
	103,093	Amgen, Inc.		19,029,937
	66,510	Biogen, Inc.*		19,303,862
	4,261	Bio-Rad Laboratories, Inc. Class A*		1,229,469
	85,859	Bristol-Myers Squibb Co.		4,751,437
	1,460	Celgene Corp.*		115,953
	27,012	Genomic Health, Inc.*		1,361,405
	33,538	Ironwood Pharmaceuticals, Inc.*		641,247
	278,452	Johnson & Johnson		33,787,366
	26,154	Merck & Co., Inc.		1,587,548
	1,326	Mettler-Toledo International, Inc.*		767,263
	279,257	Pfizer, Inc.		10,131,444
	65,676	PTC Therapeutics, Inc.*		2,215,251
	6,359	REGENXBIO, Inc.*		456,258
	20,694	Repligen Corp.*		973,446
	33,347	Sangamo Therapeutics, Inc.*		473,527
	3,494	Thermo Fisher Scientific, Inc.		723,747
	85,927	Vertex Pharmaceuticals, Inc.*		14,604,153
	108,342	Zoetis, Inc.		9,229,655
				146,571,017
Real Estate – 5.1%
	88,925	American Tower Corp. (REIT)		12,820,317
	24,645	Apartment Investment & Management Co. Class A (REIT)		1,042,483
	151,918	Apple Hospitality REIT, Inc. (REIT)		2,716,294
	104,999	CBRE Group, Inc. Class A*		5,012,652
	23,471	CoreSite Realty Corp. (REIT)		2,601,056
	19,282	CyrusOne, Inc. (REIT)		1,125,298
	42,346	DCT Industrial Trust, Inc. (REIT)		2,825,749
	165,649	DiamondRock Hospitality Co. (REIT)		2,034,170
	4,262	Digital Realty Trust, Inc. (REIT)		475,554
	39,468	Equity LifeStyle Properties, Inc. (REIT)		3,627,109
	11,456	First Industrial Realty Trust, Inc. (REIT)		381,943
	149,280	Forest City Realty Trust, Inc. Class A (REIT)		3,405,077
	18,786	Gaming and Leisure Properties, Inc. (REIT)		672,539
	848,683	Host Hotels & Resorts, Inc. (REIT)		17,882,102
	19,859	Hudson Pacific Properties, Inc. (REIT)		703,604
	1,268	Jones Lang LaSalle, Inc.		210,475
	175,488	Kimco Realty Corp. (REIT)		2,981,541
Common Stocks – (continued)
Real Estate – (continued)
	7,138	Lamar Advertising Co. Class A (REIT)		487,597
	33,012	Mid-America Apartment Communities, Inc. (REIT)		3,323,318
	98,670	Pebblebrook Hotel Trust (REIT)		3,828,396
	171,732	Piedmont Office Realty Trust, Inc. Class A (REIT)		3,422,619
	33,614	Prologis, Inc. (REIT)		2,208,104
	10,025	PS Business Parks, Inc. (REIT)		1,288,212
	4,952	Public Storage (REIT)		1,123,411
	19,061	SBA Communications Corp. (REIT)*		3,147,352
	12,065	Sun Communities, Inc. (REIT)		1,180,922
				80,527,894
Retailing – 5.8%
	71,569	Abercrombie & Fitch Co. Class A		1,752,009
	22,608	Amazon.com, Inc.*		38,429,078
	324,124	American Eagle Outfitters, Inc.		7,535,883
	6,539	AutoZone, Inc.*		4,387,211
	23,138	Best Buy Co., Inc.		1,725,632
	2,554	Booking Holdings, Inc.*		5,177,188
	3,786	Expedia Group, Inc.		455,039
	14,732	Foot Locker, Inc.		775,640
	141,850	Lowe’s Cos., Inc.		13,556,605
	28,202	Macy’s, Inc.		1,055,601
	4,333	Murphy USA, Inc.*		321,899
	20,176	Netflix, Inc.*		7,897,492
	31,865	O’Reilly Automotive, Inc.*		8,717,308
	9,237	Tailored Brands, Inc.		235,728
	11,476	Williams-Sonoma, Inc.		704,397
				92,726,710
Semiconductors & Semiconductor Equipment – 4.1%
	11,910	Advanced Energy Industries, Inc.*		691,852
	418,887	Applied Materials, Inc.		19,348,390
	31,784	Intel Corp.		1,579,983
	136,437	KLA-Tencor Corp.		13,988,886
	71,468	Lam Research Corp.		12,353,244
	86,810	Maxim Integrated Products, Inc.		5,092,275
	96,874	ON Semiconductor Corp.*		2,153,993
	100,492	Teradyne, Inc.		3,825,730
	63,128	Texas Instruments, Inc.		6,959,862
				65,994,215
Software & Services – 11.5%
	90,930	Adobe Systems, Inc.*		22,169,643
	15,855	Alphabet, Inc. Class A*		17,903,308
	17,850	Alphabet, Inc. Class C*		19,914,353
	31,238	Amdocs Ltd.		2,067,643
	5,129	Appfolio, Inc. Class A*		313,638
	45,136	Apptio, Inc. Class A*		1,633,923
	38,091	Cadence Design Systems, Inc.*		1,649,721
	15,958	CDK Global, Inc.		1,038,068
	127,472	Citrix Systems, Inc.*		13,364,165
	10,304	CoreLogic, Inc.*		534,778

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	7,526	CoStar Group, Inc.*	$	3,105,453
	49,384	eBay, Inc.*		1,790,664
	9,320	EVERTEC, Inc.		203,642
	130,289	Facebook, Inc. Class A*		25,317,759
	79,080	Fortinet, Inc.*		4,936,964
	6,626	Intuit, Inc.		1,353,725
	16,541	LogMeIn, Inc.		1,707,858
	339,794	Microsoft Corp.(a)		33,507,086
	7,185	New Relic, Inc.*		722,739
	212,943	Oracle Corp.		9,382,269
	3,584	Perspecta, Inc.		73,651
	42,551	ServiceNow, Inc.*		7,338,771
	22,899	Synopsys, Inc.*		1,959,467
	36,907	Teradata Corp.*		1,481,816
	4,419	Twitter, Inc.*		192,978
	16,186	VeriSign, Inc.*		2,224,280
	91,433	Worldpay, Inc.*		7,477,391
				183,365,753
Technology Hardware & Equipment – 6.2%
	196,118	Apple, Inc.		36,303,403
	9,482	EchoStar Corp. Class A*		421,001
	53,915	F5 Networks, Inc.*		9,297,642
	247,530	HP, Inc.		5,616,456
	4,505	Insight Enterprises, Inc.*		220,430
	18,593	Methode Electronics, Inc.		749,298
	45,067	NCR Corp.*		1,351,109
	157,731	NetApp, Inc.		12,386,615
	40,289	NETGEAR, Inc.*		2,518,062
	83,875	Palo Alto Networks, Inc.*		17,233,796
	46,379	Pure Storage, Inc. Class A*		1,107,530
	150,233	Viavi Solutions, Inc.*		1,538,386
	139,144	Western Digital Corp.		10,771,137
				99,514,865
Telecommunication Services – 0.5%
	48,653	AT&T, Inc.		1,562,248
	508,963	Vonage Holdings Corp.*		6,560,533
				8,122,781
Transportation – 2.1%
	24,642	Alaska Air Group, Inc.		1,488,131
	3,314	Allegiant Travel Co.		460,480
	10,206	ArcBest Corp.		466,414
	31,353	CSX Corp.		1,999,694
	156,759	Delta Air Lines, Inc.		7,765,841
	56,539	Norfolk Southern Corp.		8,530,039
	63,265	Southwest Airlines Co.		3,218,923
	66,537	Union Pacific Corp.		9,426,962
				33,356,484
Utilities – 1.1%
	9,873	American Water Works Co., Inc.		842,957
	133,249	CenterPoint Energy, Inc.		3,692,330
	35,369	Edison International		2,237,797
	283,475	NRG Energy, Inc.		8,702,682
	57,988	OGE Energy Corp.		2,041,757
				17,517,523
	TOTAL COMMON STOCKS
	(Cost $1,016,117,746)		$	1,542,696,836
Shares		Distribution Rate	Value
Investment Company (b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	18,228,085	1.869%	$	18,228,085
	(Cost $18,228,085)
	TOTAL INVESTMENTS – 97.8%
	(Cost $1,034,345,831)		$	1,560,924,921
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%			35,616,828
	NET ASSETS – 100.0%		$	1,596,541,749

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

40 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		15		09/21/2018	$	1,235,625	$	(21,590	)
S&P 500 E-Mini Index		89		09/21/2018		12,111,120		(271,165	)
Total Futures Contracts							$	(292,755	)

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 94.7%
Australia – 8.0%
	17,886	Altium Ltd. (Software & Services)	$	297,271
	233,580	Aristocrat Leisure Ltd. (Consumer Services)		5,334,355
	102,532	ASX Ltd. (Diversified Financials)		4,887,470
	1,255,005	Beach Energy Ltd. (Energy)		1,624,448
	214,842	BHP Billiton Ltd. (Materials)		5,375,781
	106,387	BHP Billiton plc (Materials)		2,387,583
	22,130	BlueScope Steel Ltd. (Materials)		282,436
	15,267	Cochlear Ltd. (Health Care Equipment & Services)		2,260,305
	12,131	Computershare Ltd. (Software & Services)		165,254
	21,034	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,994,046
	383,116	GDI Property Group (REIT)		365,907
	73,528	Iluka Resources Ltd. (Materials)		607,327
	20,997	Insurance Australia Group Ltd. (Insurance)		132,464
	2,189	Macquarie Group Ltd. (Diversified Financials)		199,497
	239,787	Metcash Ltd. (Food & Staples Retailing)		462,485
	954,522	Qantas Airways Ltd. (Transportation)		4,346,511
	14,751	REA Group Ltd. (Media)		989,954
	55,584	Rio Tinto Ltd. (Materials)		3,434,274
	75,808	Rio Tinto plc ADR (Materials)(a)		4,205,828
	159,108	Santos Ltd. (Energy)*		736,932
	276,601	SpeedCast International Ltd. (Telecommunication Services)		1,261,696
	64,115	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		823,752
	109,583	Wesfarmers Ltd. (Food & Staples Retailing)		3,998,279
	935,295	Whitehaven Coal Ltd. (Energy)		3,992,521
	255,174	Woolworths Group Ltd. (Food & Staples Retailing)		5,762,778
				56,929,154
Belgium – 1.6%
	67,545	KBC Group NV (Banks)		5,187,462
	6,720	Melexis NV (Semiconductors & Semiconductor Equipment)		622,115
	60,091	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		4,710,552
	5,694	Warehouses De Pauw CVA (REIT)		719,573
				11,239,702
Canada – 0.0%
	18,724	International Petroleum Corp. (Energy)*		124,988
China – 1.0%
	410,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		1,382,838
	188,000	ENN Energy Holdings Ltd. (Utilities)		1,841,159
	1,549,000	Fosun International Ltd. (Capital Goods)		2,901,262
Common Stocks – (continued)
China – (continued)
	100,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		231,977
	374,000	Towngas China Co. Ltd. (Utilities)*		361,895
	402,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		515,767
				7,234,898
Denmark – 2.5%
	10,400	Carlsberg A/S Class B (Food, Beverage & Tobacco)		1,223,649
	48,670	Danske Bank A/S (Banks)		1,516,260
	97,096	GN Store Nord A/S (Health Care Equipment & Services)		4,411,674
	1,369	H Lundbeck A/S (Pharmaceuticals, Biotechnology & Life Sciences)		95,948
	131,256	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		6,062,789
	34,860	Pandora A/S (Consumer Durables & Apparel)		2,429,652
	30,363	Royal Unibrew A/S (Food, Beverage & Tobacco)		2,412,885
				18,152,857
Finland – 0.3%
	5,991	Kesko OYJ Class B (Food & Staples Retailing)		365,924
	27,761	Metsa Board OYJ (Materials)		312,951
	42,460	UPM-Kymmene OYJ (Materials)		1,511,792
				2,190,667
France – 7.5%
	38,784	Arkema SA (Materials)		4,576,523
	89,595	BNP Paribas SA (Banks)		5,542,072
	12,965	Capgemini SE (Software & Services)		1,737,438
	628	Christian Dior SE (Consumer Durables & Apparel)		262,289
	38,392	Cie de Saint-Gobain (Capital Goods)		1,710,170
	31,954	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		3,865,734
	1,459	Dassault Systemes SE (Software & Services)		204,178
	23,238	Faurecia SA (Automobiles & Components)		1,651,906
	22,950	Gecina SA (REIT)		3,833,989
	11,703	Kering SA (Consumer Durables & Apparel)		6,592,299
	5,892	Klepierre SA (REIT)		221,381
	13,197	Orange SA (Telecommunication Services)		220,286
	3,237	Pernod Ricard SA (Food, Beverage & Tobacco)		528,294
	12,502	Publicis Groupe SA (Media)		857,918
	9,727	Rubis SCA (Utilities)		606,308
	51,421	Safran SA (Capital Goods)		6,227,335

42 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	76,584	Schneider Electric SE (Capital Goods)	$	6,369,243
	2,418	Societe Generale SA (Banks)		101,628
	3,561	Sopra Steria Group (Software & Services)		724,553
	26,251	Teleperformance (Commercial & Professional Services)		4,633,187
	1,107	Thales SA (Capital Goods)		142,420
	29,274	Ubisoft Entertainment SA (Software & Services)*		3,199,889
				53,809,040
Germany – 8.2%
	23,874	Aareal Bank AG (Banks)		1,047,380
	41,577	Allianz SE (Registered) (Insurance)		8,567,137
	3,103	Aurubis AG (Materials)		236,865
	87,815	BASF SE (Materials)		8,383,571
	29,383	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,226,947
	23,257	Continental AG (Automobiles & Components)		5,292,778
	57,684	Covestro AG (Materials)(b)		5,127,162
	152,602	Deutsche Lufthansa AG (Registered) (Transportation)		3,655,983
	91,686	Deutsche Post AG (Registered) (Transportation)		2,978,912
	10,537	Freenet AG (Telecommunication Services)		278,616
	1,745	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		175,707
	42,498	HUGO BOSS AG (Consumer Durables & Apparel)		3,854,102
	3,158	Jenoptik AG (Technology Hardware & Equipment)		123,530
	6,946	Linde AG (Materials)		1,650,223
	40,760	ProSiebenSat.1 Media SE (Media)		1,031,432
	975	Puma SE (Consumer Durables & Apparel)		569,603
	26,693	Rheinmetall AG (Capital Goods)		2,936,826
	88,089	RWE AG (Utilities)		2,001,781
	1,964	Siemens AG (Registered) (Capital Goods)		258,769
	5,993	Siltronic AG (Semiconductors & Semiconductor Equipment)		851,611
	40,901	Wirecard AG (Software & Services)		6,544,995
				58,793,930
Hong Kong – 3.1%
	1,062,200	AIA Group Ltd. (Insurance)		9,253,261
	307,464	CK Asset Holdings Ltd. (Real Estate)		2,433,981
	324,000	CLP Holdings Ltd. (Utilities)		3,489,930
	237,000	Galaxy Entertainment Group Ltd. (Consumer Services)		1,826,903
	446,000	Giordano International Ltd. (Retailing)		280,499
	705,200	Hong Kong & China Gas Co. Ltd. (Utilities)		1,348,014
Common Stocks – (continued)
Hong Kong – (continued)
	56,700	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,696,892
	56,000	Luk Fook Holdings International Ltd. (Retailing)		231,324
	140,000	Melco International Development Ltd. (Consumer Services)		429,464
	204,000	PCCW Ltd. (Telecommunication Services)		114,788
	166,000	Wheelock & Co. Ltd. (Real Estate)		1,153,622
				22,258,678
Italy – 1.7%
	364,035	Eni SpA (Energy)		6,749,709
	114,348	Moncler SpA (Consumer Durables & Apparel)		5,188,546
				11,938,255
Japan – 25.6%
	8,000	ABC-Mart, Inc. (Retailing)		437,260
	121,000	AEON Financial Service Co. Ltd. (Diversified Financials)		2,578,997
	26,800	Aeon Mall Co. Ltd. (Real Estate)		480,766
	9,500	Alpen Co. Ltd. (Retailing)		204,184
	19,800	Aruhi Corp. (Banks)		413,409
	16,600	Asahi Glass Co. Ltd. (Capital Goods)		645,674
	47,100	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		2,415,651
	358,600	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		5,457,384
	10,800	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)		444,868
	12,700	Benesse Holdings, Inc. (Consumer Services)		450,371
	58,200	Chugoku Electric Power Co., Inc. (The) (Utilities)		751,833
	9,900	CKD Corp. (Capital Goods)		162,349
	381,300	Concordia Financial Group Ltd. (Banks)		1,937,701
	9,000	Cosmo Energy Holdings Co. Ltd. (Energy)		315,170
	263,100	Credit Saison Co. Ltd. (Diversified Financials)		4,133,553
	44,600	Dentsu, Inc. (Media)		2,111,271
	7,000	Don Quijote Holdings Co. Ltd. (Retailing)		335,991
	70,400	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,955,460
	221,800	Financial Products Group Co. Ltd. (Diversified Financials)		2,853,565
	15,200	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		546,407
	264,000	Fujitsu Ltd. (Software & Services)		1,597,600
	135,000	Fukuoka Financial Group, Inc. (Banks)		677,471
	61,100	Hachijuni Bank Ltd. (The) (Banks)		260,334
	136,200	Hitachi Construction Machinery Co. Ltd. (Capital Goods)		4,415,605
	788,000	Hitachi Ltd. (Technology Hardware & Equipment)		5,551,447

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	7,500	Hoya Corp. (Health Care Equipment & Services)	$	425,467
	144,400	Idemitsu Kosan Co. Ltd. (Energy)		5,135,096
	31,200	Isetan Mitsukoshi Holdings Ltd. (Retailing)		389,248
	123,400	Japan Exchange Group, Inc. (Diversified Financials)		2,288,841
	922,800	JXTG Holdings, Inc. (Energy)		6,402,181
	322,000	Kajima Corp. (Capital Goods)		2,487,984
	16,300	Kansai Electric Power Co., Inc. (The) (Utilities)		237,720
	51,900	Kao Corp. (Household & Personal Products)		3,955,900
	150,500	KDDI Corp. (Telecommunication Services)		4,115,409
	20,700	Kewpie Corp. (Food, Beverage & Tobacco)		522,737
	193,900	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		5,197,468
	4,400	Ki-Star Real Estate Co. Ltd. (Consumer Durables & Apparel)		104,274
	15,200	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		1,311,996
	29,200	Konami Holdings Corp. (Software & Services)		1,483,701
	7,700	Kose Corp. (Household & Personal Products)		1,656,227
	104,100	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,095,346
	50,200	Link And Motivation, Inc. (Commercial & Professional Services)		603,380
	9,700	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		162,642
	14,000	Mandom Corp. (Household & Personal Products)		435,416
	4,100	Medipal Holdings Corp. (Health Care Equipment & Services)		82,358
	15,700	Mitsubishi Corp. (Capital Goods)		435,346
	3,598,200	Mizuho Financial Group, Inc. (Banks)		6,061,116
	2,800	Mizuno Corp. (Consumer Durables & Apparel)		104,539
	23,500	Monex Group, Inc. (Diversified Financials)		135,482
	800	Monogatari Corp. (The) (Consumer Services)		81,411
	31,300	NET One Systems Co. Ltd. (Software & Services)		537,350
	19,800	NGK Spark Plug Co. Ltd. (Automobiles & Components)		562,890
	7,700	NichiiGakkan Co. Ltd. (Health Care Equipment & Services)		87,274
	15,400	Nippon Paper Industries Co. Ltd. (Materials)		245,505
	23,500	Nishi-Nippon Financial Holdings, Inc. (Banks)		273,990
Common Stocks – (continued)
Japan – (continued)
	4,200	Noevir Holdings Co. Ltd. (Household & Personal Products)		302,552
	86,200	North Pacific Bank Ltd. (Banks)		287,713
	20,500	Okinawa Electric Power Co., Inc. (The) (Utilities)		427,648
	58,300	Onward Holdings Co. Ltd. (Consumer Durables & Apparel)		447,014
	121,900	Osaka Gas Co. Ltd. (Utilities)		2,524,057
	26,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,267,365
	5,000	Outsourcing, Inc. (Commercial & Professional Services)		92,493
	195,300	Persol Holdings Co. Ltd. (Commercial & Professional Services)		4,349,408
	2,300	Pola Orbis Holdings, Inc. (Household & Personal Products)		101,075
	47,000	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)		271,673
	569,900	Rakuten, Inc. (Retailing)		3,846,635
	874,200	Resona Holdings, Inc. (Banks)		4,659,293
	12,800	Ryohin Keikaku Co. Ltd. (Retailing)		4,496,940
	36,200	SAMTY Co. Ltd. (Real Estate)		662,263
	6,800	Sankyo Co. Ltd. (Consumer Durables & Apparel)		265,913
	209,800	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,649,768
	28,300	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,286,999
	32,800	SCSK Corp. (Software & Services)		1,523,000
	242,900	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		4,157,348
	114,900	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		5,011,442
	541,700	Seven Bank Ltd. (Banks)		1,654,130
	30,000	Shiga Bank Ltd. (The) (Banks)		153,463
	9,200	Shikoku Electric Power Co., Inc. (Utilities)		123,051
	136,700	Shimizu Corp. (Capital Goods)		1,414,852
	4,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		210,387
	2,400	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		90,439
	95,300	Shiseido Co. Ltd. (Household & Personal Products)		7,562,626
	17,900	Shizuoka Bank Ltd. (The) (Banks)		160,945
	64,500	SoftBank Group Corp. (Telecommunication Services)		4,605,826
	12,300	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		711,615
	89,700	SUMCO Corp. (Semiconductors & Semiconductor Equipment)		1,801,574
	6,300	Sumitomo Corp. (Capital Goods)		103,319
	180,200	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,808,698

44 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	169,400	Sumitomo Mitsui Financial Group, Inc. (Banks)	$	6,607,616
	46,900	Suruga Bank Ltd. (Banks)		417,756
	142,100	Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)		3,960,590
	41,500	Takara Holdings, Inc. (Food, Beverage & Tobacco)		548,691
	6,600	TIS, Inc. (Software & Services)		303,306
	4,300	Toho Holdings Co. Ltd. (Health Care Equipment & Services)		104,824
	32,900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		5,647,394
	178,000	Tokyo Gas Co. Ltd. (Utilities)		4,726,305
	3,300	Toyota Motor Corp. (Automobiles & Components)		213,408
	2,700	WDB Holdings Co. Ltd. (Commercial & Professional Services)		81,081
	175,800	Yamaha Motor Co. Ltd. (Automobiles & Components)		4,413,235
	59,900	Zenkoku Hosho Co. Ltd. (Diversified Financials)		2,712,122
	6,500	ZERIA Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		140,469
				183,660,936
Luxembourg – 0.2%
	2,493	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		1,382,644
Netherlands – 5.2%
	266	Aegon NV (Insurance)		1,588
	64,748	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		1,742,359
	90,034	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		2,149,796
	52,196	Koninklijke DSM NV (Materials)		5,221,638
	145,676	Koninklijke Philips NV (Health Care Equipment & Services)		6,171,997
	113,331	NN Group NV (Insurance)		4,596,300
	15,870	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)*		1,734,115
	4,159	Randstad NV (Commercial & Professional Services)		244,113
	143,177	Royal Dutch Shell plc Class A (Energy)		4,968,877
	153,940	Royal Dutch Shell plc Class B (Energy)		5,513,053
	89,953	Wolters Kluwer NV (Commercial & Professional Services)		5,053,265
				37,397,101
New Zealand – 0.3%
	262,944	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		2,036,483
Common Stocks – (continued)
Norway – 2.2%
	156,092	Aker BP ASA (Energy)		5,741,559
	262,216	DNB ASA (Banks)		5,106,148
	226,703	Marine Harvest ASA (Food, Beverage & Tobacco)		4,507,510
	22,957	Telenor ASA (Telecommunication Services)		470,171
	4,984	Tomra Systems ASA (Commercial & Professional Services)		104,645
				15,930,033
Russia – 0.5%
	505,823	Evraz plc (Materials)		3,376,079
Singapore – 1.4%
	785,800	ComfortDelGro Corp. Ltd. (Transportation)		1,352,349
	627,500	Oversea-Chinese Banking Corp. Ltd. (Banks)		5,344,890
	578,100	Singapore Exchange Ltd. (Diversified Financials)		3,037,860
	5,600	United Overseas Bank Ltd. (Banks)		109,753
				9,844,852
Spain – 3.5%
	76,966	ACS Actividades de Construccion y Servicios SA (Capital Goods)		3,105,266
	29,534	Amadeus IT Group SA (Software & Services)		2,322,331
	924,168	Banco Bilbao Vizcaya Argentaria SA (Banks)		6,517,758
	754,232	Banco Santander SA (Banks)		4,030,969
	139,699	Endesa SA (Utilities)		3,072,205
	143,741	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		4,308,326
	97,161	Repsol SA (Energy)		1,896,494
				25,253,349
Sweden – 1.6%
	34,025	Alfa Laval AB (Capital Goods)		803,258
	15,164	Atlas Copco AB Class B (Capital Goods)		395,050
	60,071	Axfood AB (Food & Staples Retailing)		1,152,942
	27,186	Elekta AB Class B (Health Care Equipment & Services)		357,322
	15,164	Epiroc AB Class B (Capital Goods)*		138,828
	124,868	Getinge AB Class B (Health Care Equipment & Services)		1,133,556
	6,244	Lundin Petroleum AB (Energy)		198,185
	24,585	Sandvik AB (Capital Goods)		434,195
	465,413	Svenska Cellulosa AB SCA Class B (Household & Personal Products)		5,038,436
	36,064	Swedish Match AB (Food, Beverage & Tobacco)		1,782,344
	13,195	Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences)		192,738
				11,626,854

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – 7.0%
	986	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	129,973
	1,531	Bobst Group SA (Registered) (Capital Goods)		156,540
	75	Conzzeta AG (Registered) (Capital Goods)		86,337
	8,090	Flughafen Zurich AG (Registered) (Transportation)		1,646,033
	1,884	Georg Fischer AG (Registered) (Capital Goods)		2,405,839
	88,202	Logitech International SA (Registered) (Technology Hardware & Equipment)		3,864,211
	10,983	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		2,902,219
	58,948	Nestle SA (Registered) (Food, Beverage & Tobacco)		4,568,520
	24,842	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,881,805
	28,892	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,409,926
	262	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		104,735
	29,248	Sonova Holding AG (Registered) (Health Care Equipment & Services)		5,231,986
	222,191	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		4,928,935
	10,284	Swatch Group AG (The) (Consumer Durables & Apparel)		4,868,256
	1,311	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		318,159
	30,210	Temenos AG (Registered) (Software & Services)*		4,543,179
	21,292	Zurich Insurance Group AG (Insurance)*		6,296,685
				50,343,338
United Kingdom – 13.0%
	348,109	888 Holdings plc (Consumer Services)		1,238,325
	34,705	Ashtead Group plc (Capital Goods)		1,033,492
	195	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		13,487
	173,890	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)		6,105,278
	153,810	Barratt Developments plc (Consumer Durables & Apparel)		1,042,664
	252,598	BP plc ADR (Energy)		11,533,625
	166,541	Burberry Group plc (Consumer Durables & Apparel)		4,733,186
	8,562	Derwent London plc (REIT)		350,291
	224,767	Diageo plc (Food, Beverage & Tobacco)		8,074,956
Common Stocks – (continued)
United Kingdom – (continued)
	710,328	Direct Line Insurance Group plc (Insurance)		3,205,479
	35,845	Experian plc (Commercial & Professional Services)		884,247
	258,846	Fiat Chrysler Automobiles NV (Automobiles & Components)*		4,882,933
	91,640	Gulf Keystone Petroleum Ltd. (Energy)*		302,355
	355,241	HSBC Holdings plc (Banks)		3,319,497
	793,752	International Consolidated Airlines Group SA (Transportation)		6,933,033
	51,406	Intertek Group plc (Commercial & Professional Services)		3,865,246
	79,545	JD Sports Fashion plc (Retailing)		460,922
	555,285	Legal & General Group plc (Insurance)		1,942,297
	107,629	Lloyds Banking Group plc (Banks)		89,302
	210,823	Man Group plc (Diversified Financials)		488,712
	168,760	Mondi plc (Materials)		4,552,822
	99,610	National Grid plc (Utilities)		1,100,797
	58,397	Next plc (Retailing)		4,648,329
	97,550	OneSavings Bank plc (Banks)		526,412
	43,843	Paragon Banking Group plc (Banks)		276,433
	394,821	Pearson plc (Media)		4,597,965
	133,725	Persimmon plc (Consumer Durables & Apparel)		4,454,338
	56,863	Prudential plc (Insurance)		1,296,267
	247,999	RELX NV (Commercial & Professional Services)		5,272,173
	18,430	Safestore Holdings plc (REIT)		133,264
	19,709	Senior plc (Capital Goods)		78,798
	71,157	Smith & Nephew plc (Health Care Equipment & Services)		1,310,734
	10,118	Smiths Group plc (Capital Goods)		226,010
	157,233	SSP Group plc (Consumer Services)		1,311,900
	116,448	Standard Life Investment Property Income Trust Ltd. (REIT)		143,078
	36,085	Unilever plc (Household & Personal Products)		1,993,352
	4,408	Unilever plc ADR (Household & Personal Products)		243,674
	3,592	Victrex plc (Materials)		137,518
				92,803,191
United States – 0.3%
	37,193	Carnival plc ADR (Consumer Services)(c)		2,144,176
	TOTAL COMMON STOCKS
	(Cost $593,815,946)		$	678,471,205

46 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Units	Description	Expiration Month		Value
Rights* – 0.0%
Italy – 0.0%
1,005,071	Intesa Sanpaolo SpA (Banks)		07/2018	$	—
Spain – 0.0%
76,966	ACS Actividades de Construccion y Servicios SA (Capital Goods)		08/2018		79,275
TOTAL RIGHTS
(Cost $80,226)				$	79,275

Shares		Distribution Rate	Value
Investment Company(d) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	425	1.869%	$	425
	(Cost $425)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $593,896,597)		$	678,550,905
Securities Lending Reinvestment Vehicle(d) – 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,915,100	1.869%	$	2,915,100
	(Cost $2,915,100)
	TOTAL INVESTMENTS – 95.3%
	(Cost $596,811,697)		$	681,466,005
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.9%			34,761,735
	NET ASSETS – 100.0%		$	716,227,740

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $5,127,162, which represents approximately 0.7% of net assets as of June 30, 2018. The liquidity determination is unaudited.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		57		09/21/2018	$	2,257,205	$	(40,875	)
FTSE 100 Index		11		09/21/2018		1,103,529		(9,352	)
Hang Seng Index		1		07/30/2018		183,071		(1,179	)
MSCI Singapore Index		2		07/30/2018		53,725		131
SPI 200 Index		4		09/20/2018		454,983		7,591
TOPIX Index		7		09/13/2018		1,094,115		(26,276	)
Total Futures Contracts							$	(69,960	)

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	U.S. Equity Dividend and Premium Fund		International Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund		International Tax-Managed Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $2,886,924,022, $385,033,815, $1,016,117,746 and $593,896,172)(a)	$	3,374,240,308	$	383,100,185		$	1,542,696,836	$	678,550,480
Investments in affiliated issuers, at value (cost $2,385,176, $2,271, $18,228,085 and $425)		2,385,176		2,271			18,228,085		425
Investments in affiliated securities lending reinvestment vehicle, at value (cost $4,224,875, $2,293,350, $0 and $2,915,100)		4,224,875		2,293,350			—		2,915,100
Cash		2,958,504		—			24,196,966		422,531
Foreign currencies, at value (cost $0, $5,110,704, $0 and $10,841,352)		—		5,052,866			—		10,780,096
Receivables:
Investments sold		7,566,944		—			—		41,747,502
Dividends		3,457,713		1,167,466			1,036,495		1,024,944
Fund shares sold		3,205,390		8,902,036			11,690,851		23,533,439
Reimbursement from investment adviser		39,080		3,121			—		35,866
Securities lending income		9,137		1,546			594		1,277
Foreign tax reclaims		—		1,921,204			—		1,361,793
Due from custodian		—		—			—		2,286,057
Variation margin on futures		—		50,736			6,945		40,417
Other assets		86,649		51,976			77,109		53,529
Total assets		3,398,173,776		402,546,757			1,597,933,881		762,753,456
Liabilities:
Written options, at value (premiums received $25,426,444, $3,095,747, $0 and $0)		27,951,300		1,655,672			—		—
Variation margin on futures		13,957		—			—		—
Payables:
Fund shares redeemed		8,286,562		818,662			339,326		11,321
Investments purchased		4,476,786		—			—		41,614,687
Payable upon return of securities loaned		4,224,875		2,293,350			—		2,915,100
Management fees		1,921,272		264,711			907,066		493,416
Distribution and Service fees and Transfer Agency fees		399,202		17,487			91,496		31,049
Due to custodian		—		548,857			—		1,388,739
Accrued expenses		103,769		27,946			54,244		71,404
Total liabilities		47,377,723		5,626,685			1,392,132		46,525,716
Net Assets:
Paid-in capital		2,795,246,310		428,172,799			1,027,099,183		629,583,022
Undistributed net investment income		1,468,110		140,922			6,730,843		10,285,951
Accumulated net realized gain (loss)		68,885,125		(30,693,283	)		36,425,388		(8,171,058	)
Net unrealized gain (loss)		485,196,508		(700,366	)		526,286,335		84,529,825
NET ASSETS	$	3,350,796,053	$	396,920,072		$	1,596,541,749	$	716,227,740
Net Assets:
Class A	$	251,400,921	$	3,755,681		$	52,503,390	$	11,380,722
Class C		169,962,150		3,128,533			21,651,272		3,974,445
Institutional		1,304,695,356		26,365,788			117,111,672		101,391,482
Service		—		—			761,024		—
Investor		491,112,094		5,778,280			17,077,058		15,597,465
Class P		842,127,141		213,066,088			2,232,286		1,703,931
Class R6		291,498,391		144,825,702			1,385,205,047		582,179,695
Total Net Assets	$	3,350,796,053	$	396,920,072		$	1,596,541,749	$	716,227,740
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		19,072,788		515,195			2,268,477		1,063,363
Class C		12,947,622		445,082			988,802		384,479
Institutional		99,206,939		3,681,839			4,974,623		9,524,165
Service		—		—			32,697		—
Investor		37,321,819		809,443			726,217		1,456,907
Class P		64,039,801		29,741,117			94,818		159,994
Class R6		22,171,849		20,244,108			58,854,052		54,674,790
Net asset value, offering and redemption price per share:(b)
Class A	$	13.18	$	7.29		$	23.14	$	10.70
Class C		13.13		7.03			21.90		10.34
Institutional		13.15		7.16			23.54		10.65
Service		—		—			23.27		—
Investor		13.16		7.14			23.52		10.71
Class P		13.15		7.16			23.54		10.65
Class R6		13.15		7.15			23.54		10.65

(a) Includes loaned securities having a market value of $4,052,747, $2,138,324 and $2,836,380 for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium and International Tax-Managed Equity Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds is $13.95, $7.71, $24.49 and $11.32, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

48 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

		U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund			International Tax-Managed Equity Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign taxes withheld of $0, $1,124,370, $0 and $1,434,428)	$	46,696,322		$	10,471,586		$	12,031,889		$	12,595,760
	Dividends — affiliated issuers		87,972			10,057			79,010			18,249
	Income from non-cash dividends		—			—			—			772,017
	Securities lending income — affiliated issuer		22,782			3,534			3,951			37,027
	Total investment income		46,807,076			10,485,177			12,114,850			13,423,053
	Expenses:
	Management fees		11,674,356			1,658,681			5,274,868			2,926,734
	Transfer Agency fees(a)		1,311,642			90,757			373,130			156,615
	Distribution and Service fees(a)		1,201,021			25,697			177,519			31,925
	Custody, accounting and administrative services		186,415			80,635			84,381			118,262
	Printing and mailing costs		106,314			14,028			20,222			12,849
	Professional fees		48,590			54,288			49,708			56,080
	Trustee fees		12,162			9,086			10,110			9,301
	Registration fees		4,210			4,140			21,310			4,811
	Service share fees — Service and Shareholder Administration Plan		—			—			1,882			—
	Other		35,779			30,131			20,018			15,371
	Total expenses		14,580,489			1,967,443			6,033,148			3,331,948
	Less — expense reductions		(220,421	)		(4,728	)		(16,384	)		(173,734	)
	Net expenses		14,360,068			1,962,715			6,016,764			3,158,214
	NET INVESTMENT INCOME		32,447,008			8,522,462			6,098,086			10,264,839
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		97,363,268			(706,711	)		1,212,650			(7,589,272	)
In-kind transactions			—			—			56,459,721			—
	Futures contracts		2,875,258			89,953			1,719,517			(23,510	)
	Foreign currency transactions		—			(159,432	)		—			(325,206	)
	Written options		(6,165,946	)		(1,385,164	)		—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		(97,505,376	)		(23,649,894	)		(11,486,558	)		(15,887,467	)
	Futures contracts		501,369			(104,421	)		(432,904	)		(56,560	)
	Foreign currency translation		—			(148,902	)		—			(182,558	)
	Written options		8,883,482			1,431,119			—			—
	Net realized and unrealized gain (loss)		5,952,055			(24,633,452	)		47,472,426			(24,064,573	)
	NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,399,063		$	(16,110,990	)	$	53,570,512		$	(13,799,734	)

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R6(c)
U.S. Equity Dividend and Premium	$	330,783	$	870,238	$	—	$	238,164	$	156,642	$	471,515	$	—	$	426,830	$	16,281	$	2,210
International Equity Dividend and Premium		4,679		21,018		—		3,369		3,783		75,549		—		5,372		1,670		1,014
U.S. Tax-Managed Equity		64,060		113,459		1,882		46,123		20,422		280,595		151		15,399		53		10,387
International Tax-Managed Equity		13,923		18,002		—		10,024		3,240		126,343		—		12,814		44		4,150

(b) Commenced operation on April 17, 2018.

(c) Commenced operation on April 30, 2018.

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets

	U.S. Equity Dividend and Premium Fund						International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	32,447,008		$	56,830,517		$	8,522,462		$	9,838,391
Net realized gain (loss)		94,072,580			120,810,368			(2,161,354	)		(1,723,195	)
Net change in unrealized gain (loss)		(88,120,525	)		275,559,374			(22,472,098	)		71,868,026
Net increase (decrease) in net assets resulting from operations		38,399,063			453,200,259			(16,110,990	)		79,983,222
Distributions to shareholders:
From net investment income
Class A Shares		(2,165,151	)		(3,974,753	)		(73,384	)		(97,747	)
Class C Shares		(830,357	)		(1,305,021	)		(52,657	)		(56,946	)
Institutional Shares		(18,949,930	)		(45,497,275	)		(2,276,593	)		(10,184,968	)
Investor Shares(a)		(4,606,944	)		(7,319,152	)		(122,201	)		(120,278	)
Class P Shares(b)		(4,541,664	)		—			(3,628,779	)		—
Class R6 Shares(c)		(1,591,025	)		—			(2,316,015	)		—
From net realized gains
Class A Shares		—			(11,043,350	)		—			—
Class C Shares		—			(7,337,462	)		—			—
Institutional Shares		—			(106,039,247	)		—			—
Investor Shares(a)		—			(19,148,556	)		—			—
Total distributions to shareholders		(32,685,071	)		(201,664,816	)		(8,469,629	)		(10,459,939	)
From share transactions:
Proceeds from sales of shares		1,549,258,875			1,283,188,454			387,892,879			88,942,877
Reinvestment of distributions		29,272,067			181,754,076			8,308,439			10,353,429
Cost of shares redeemed		(1,725,138,738	)		(899,381,110	)		(388,941,384	)		(72,517,073	)
Net increase (decrease) in net assets resulting from share transactions		(146,607,796	)		565,561,420			7,259,934			26,779,233
TOTAL INCREASE (DECREASE)		(140,893,804	)		817,096,863			(17,320,685	)		96,302,516
Net assets:
Beginning of period		3,491,689,857			2,674,592,994			414,240,757			317,938,241
End of period	$	3,350,796,053		$	3,491,689,857		$	396,920,072		$	414,240,757
Undistributed net investment income	$	1,468,110		$	1,706,173		$	140,922		$	88,089

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 17, 2018.

(c) Commenced operation on April 30, 2018.

50 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

	U.S. Tax-Managed Equity Fund						International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Fiscal Year Ended December 31, 2017
From operations:
Net investment income	$	6,098,086		$	12,722,967		$	10,264,839		$	10,088,081
Net realized gain (loss)		59,391,888			18,031,352			(7,937,988	)		99,238,821
Net change in unrealized gain (loss)		(11,919,462	)		209,357,661			(16,126,585	)		38,813,188
Net increase (decrease) in net assets resulting from operations		53,570,512			240,111,980			(13,799,734	)		148,140,090
Distributions to shareholders:
From net investment income
Class A Shares		—			(240,546	)		—			(150,734	)
Class C Shares		—			—			—			(33,326	)
Institutional Shares		—			(11,897,314	)		—			(11,345,058	)
Service Shares		—			(2,973	)		—			—
Investor Shares(a)		—			(124,607	)		—			(272,879	)
Total distributions to shareholders		—			(12,265,440	)		—			(11,801,997	)
From share transactions:
Proceeds from sales of shares		1,590,796,739			183,988,254			670,101,626			126,605,605
Reinvestment of distributions		—			12,080,312			—			11,794,946
Cost of shares redeemed		(1,455,393,334	)		(84,481,305	)		(586,999,278	)		(87,883,762	)
Proceeds paid in connection with in-kind transactions		(78,310,000	)		—			—			(66,410,000	)
Net increase (decrease) in net assets resulting from share transactions		57,093,405			111,587,261			83,102,348			(15,893,211	)
TOTAL INCREASE		110,663,917			339,433,801			69,302,614			120,444,882
Net assets:
Beginning of period		1,485,877,832			1,146,444,031			646,925,126			526,480,244
End of period	$	1,596,541,749		$	1,485,877,832		$	716,227,740		$	646,925,126
Undistributed net investment income	$	6,730,843		$	632,757		$	10,285,951		$	21,112

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations							Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	13.16	$	0.11		$	0.02	$	0.13	$	(0.11	)	$	—		$	(0.11	)
2018 - C		13.11		0.06			0.02		0.08		(0.06	)		—			(0.06	)
2018 - Institutional		13.13		0.13			0.02		0.15		(0.13	)		—			(0.13	)
2018 - Investor(e)		13.14		0.12			0.03		0.15		(0.13	)		—			(0.13	)
2018 - P (Commenced April 17, 2018)		13.12		0.03			0.07		0.10		(0.07	)		—			(0.07	)
2018 - R6 (Commenced April 30, 2018)		12.84		—	(f)		0.38		0.38		(0.07	)		—			(0.07	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		12.11		0.19			1.61		1.80		(0.19	)		(0.56	)		(0.75	)
2017 - C		12.07		0.10			1.60		1.70		(0.10	)		(0.56	)		(0.66	)
2017 - Institutional		12.09		0.24			1.60		1.84		(0.24	)		(0.56	)		(0.80	)
2017 - Investor(e)		12.10		0.23			1.60		1.83		(0.23	)		(0.56	)		(0.79	)
2016 - A		11.34		0.20			1.21		1.41		(0.19	)		(0.45	)		(0.64	)
2016 - C		11.31		0.11			1.21		1.32		(0.11	)		(0.45	)		(0.56	)
2016 - Institutional		11.31		0.24			1.22		1.46		(0.23	)		(0.45	)		(0.68	)
2016 - Investor(e)		11.33		0.23			1.21		1.44		(0.22	)		(0.45	)		(0.67	)
2015 - A		11.76		0.21			0.04		0.25		(0.20	)		(0.47	)		(0.67	)
2015 - C		11.74		0.12			0.03		0.15		(0.11	)		(0.47	)		(0.58	)
2015 - Institutional		11.73		0.25			0.04		0.29		(0.24	)		(0.47	)		(0.71	)
2015 - Investor(e)		11.75		0.24			0.04		0.28		(0.23	)		(0.47	)		(0.70	)
2014 - A		11.26		0.23			0.95		1.18		(0.22	)		(0.46	)		(0.68	)
2014 - C		11.24		0.14			0.96		1.10		(0.14	)		(0.46	)		(0.60	)
2014 - Institutional		11.24		0.27			0.95		1.22		(0.27	)		(0.46	)		(0.73	)
2014 - Investor(e)		11.25		0.26			0.95		1.21		(0.25	)		(0.46	)		(0.71	)
2013 - A		9.60		0.20			2.12		2.32		(0.20	)		(0.46	)		(0.66	)
2013 - C		9.59		0.13			2.11		2.24		(0.13	)		(0.46	)		(0.59	)
2013 - Institutional		9.58		0.25			2.12		2.37		(0.25	)		(0.46	)		(0.71	)
2013 - Investor(e)		9.59		0.23			2.12		2.35		(0.23	)		(0.46	)		(0.69	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Amount is less than $0.005 per share.

52 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Net asset value, end of period		Total return(b)			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			Portfolio turnover rate(c)
$	13.18		1.00	%	$	251,401		1.12	%(d)		1.14	%(d)		1.63	%(d)		19	%
	13.13		0.64			169,962		1.87	(d)		1.89	(d)		0.89	(d)		19
	13.15		1.19			1,304,695		0.74	(d)		0.75	(d)		2.07	(d)		19
	13.16		1.13			491,112		0.87	(d)		0.89	(d)		1.89	(d)		19
	13.15		0.69			842,127		0.73	(d)		0.75	(d)		1.29	(d)		19
	13.15		2.89			291,498		0.73	(d)		0.75	(d)		(0.20	)(d)		19
	13.16		14.83			275,451		1.13			1.15			1.47			34
	13.11		13.99			177,178		1.88			1.90			0.76			34
	13.13		15.31			2,565,883		0.74			0.76			1.89			34
	13.14		15.18			473,178		0.88			0.90			1.76			34
	12.11		12.73			294,401		1.16			1.19			1.67			23
	12.07		11.92			142,909		1.91			1.94			0.92			23
	12.09		13.17			2,062,756		0.76			0.79			2.07			23
	12.10		12.92			174,527		0.91			0.94			1.90			23
	11.34		2.08			194,237		1.17			1.20			1.75			39
	11.31		1.26			90,091		1.92			1.95			1.01			39
	11.31		2.49			1,262,977		0.77			0.80			2.15			39
	11.33		2.34			54,106		0.92			0.95			2.03			39
	11.76		10.47			172,832		1.19			1.20			1.96			53
	11.74		9.68			74,125		1.94			1.95			1.21			53
	11.73		10.83			1,149,361		0.79			0.80			2.36			53
	11.75		10.75			39,960		0.94			0.95			2.21			53
	11.26		24.58			167,149		1.19			1.21			1.92			69
	11.24		23.61			66,872		1.94			1.96			1.17			69
	11.24		25.14			1,072,965		0.79			0.81			2.32			69
	11.25		24.93			35,480		0.94			0.96			2.18			69

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	7.76	$	0.15		$	(0.48	)	$	(0.33	)	$	(0.14	)	$	—		$	(0.14	)
2018 - C		7.48		0.11			(0.45	)		(0.34	)		(0.11	)		—			(0.11	)
2018 - Institutional		7.62		0.16			(0.46	)		(0.30	)		(0.16	)		—			(0.16	)
2018 - Investor(e)		7.60		0.15			(0.46	)		(0.31	)		(0.15	)		—			(0.15	)
2018 - P (Commenced April 17, 2018)		7.71		0.03			(0.46	)		(0.43	)		(0.12	)		—			(0.12	)
2018 - R6 (Commenced April 30, 2018)		7.60		0.03			(0.36	)		(0.33	)		(0.12	)		—			(0.12	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		6.43		0.15			1.34			1.49			(0.16	)		—			(0.16	)
2017 - C		6.21		0.09			1.30			1.39			(0.12	)		—			(0.12	)
2017 - Institutional		6.32		0.18			1.31			1.49			(0.19	)		—			(0.19	)
2017 - Investor(e)		6.31		0.17			1.30			1.47			(0.18	)		—			(0.18	)
2016 - A		6.56		0.18			(0.14	)		0.04			(0.17	)		—			(0.17	)
2016 - C		6.35		0.12			(0.14	)		(0.02	)		(0.12	)		—			(0.12	)
2016 - Institutional		6.46		0.19			(0.14	)		0.05			(0.19	)		—			(0.19	)
2016 - Investor(e)		6.44		0.17			(0.11	)		0.06			(0.19	)		—			(0.19	)
2015 - A		7.14		0.16	(f)		(0.49	)		(0.33	)		(0.14	)		(0.11	)		(0.25	)
2015 - C		6.94		0.09	(f)		(0.47	)		(0.38	)		(0.10	)		(0.11	)		(0.21	)
2015 - Institutional		7.03		0.18	(f)		(0.48	)		(0.30	)		(0.16	)		(0.11	)		(0.27	)
2015 - Investor(e)		7.02		0.16	(f)		(0.48	)		(0.32	)		(0.15	)		(0.11	)		(0.26	)
2014 - A		8.00		0.25	(g)		(0.64	)		(0.39	)		(0.23	)		(0.24	)		(0.47	)
2014 - C		7.80		0.18	(g)		(0.62	)		(0.44	)		(0.18	)		(0.24	)		(0.42	)
2014 - Institutional		7.89		0.27	(g)		(0.63	)		(0.36	)		(0.26	)		(0.24	)		(0.50	)
2014 - Investor(e)		7.88		0.28	(g)		(0.66	)		(0.38	)		(0.24	)		(0.24	)		(0.48	)
2013 - A		7.31		0.19			0.92			1.11			(0.18	)		(0.24	)		(0.42	)
2013 - C		7.15		0.12			0.90			1.02			(0.13	)		(0.24	)		(0.37	)
2013 - Institutional		7.21		0.20			0.93			1.13			(0.21	)		(0.24	)		(0.45	)
2013 - Investor(e)		7.20		0.21			0.91			1.12			(0.20	)		(0.24	)		(0.44	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(g) Reflects income recognized from a corporate action which amounted to $0.05 per share and 0.69% of average net assets.

54 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Net asset value, end of period		Total return(b)			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 to average net assets			Portfolio turnover rate(c)
$	7.29		(4.20	)%	$	3,756		1.33	%(d)		1.34	%(d)		3.83	%(d)		8	%
	7.03		(4.51	)		3,129		2.08	(d)		2.08	(d)		3.08	(d)		8
	7.16		(3.97	)		26,366		0.94	(d)		0.94	(d)		4.27	(d)		8
	7.14		(4.05	)		5,778		1.08	(d)		1.08	(d)		4.06	(d)		8
	7.16		(5.52	)		213,066		0.94	(d)		0.97	(d)		2.25	(d)		8
	7.15		(4.29	)		144,826		0.94	(d)		0.97	(d)		2.20	(d)		8
	7.76		23.36			3,962		1.34			1.34			2.16			17
	7.48		22.50			4,276		2.09			2.09			1.29			17
	7.62		23.85			399,955		0.95			0.95			2.58			17
	7.60		23.58			6,048		1.09			1.09			2.36			17
	6.43		0.66			5,968		1.37			1.38			2.87			18
	6.21		(0.21	)		2,549		2.12			2.13			2.00			18
	6.32		0.92			307,311		0.97			0.98			3.08			18
	6.31		0.96			2,111		1.12			1.13			2.64			18
	6.56		(4.80	)		9,532		1.37			1.37			2.26	(f)		100
	6.35		(5.59	)		3,329		2.12			2.12			1.38	(f)		100
	6.46		(4.42	)		281,204		0.97			0.97			2.65	(f)		100
	6.44		(4.69	)		749		1.12			1.12			2.33	(f)		100
	7.14		(5.30	)		10,565		1.35			1.35			3.13	(g)		44
	6.94		(6.04	)		2,634		2.10			2.10			2.32	(g)		44
	7.03		(4.99	)		415,503		0.95			0.95			3.45	(g)		44
	7.02		(5.16	)		862		1.09			1.09			3.52	(g)		44
	8.00		15.57			10,323		1.34			1.36			2.56			97
	7.80		14.68			2,582		2.10			2.11			1.54			97
	7.89		16.14			403,776		0.94			0.96			2.71			97
	7.88		15.98			1,547		1.09			1.11			2.74			97

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	22.37	$	0.05		$	0.72		$	0.77		$	—		$	—		$	—
2018 - C		21.24		(0.04	)		0.70			0.66			—			—			—
2018 - Institutional		22.71		0.09			0.74			0.83			—			—			—
2018 - Service		22.51		0.04			0.72			0.76			—			—			—
2018 - Investor(e)		22.70		0.08			0.74			0.82			—			—			—
2018 - P (Commenced April 17, 2018)		23.43		0.05			0.06			0.11			—			—			—
2018 - R6 (Commenced April 30, 2018)		22.93		0.04			0.57			0.61			—			—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		18.75		0.13			3.60			3.73			(0.11	)		—			(0.11	)
2017 - C		17.86		(0.03	)		3.41			3.38			—			—			—
2017 - Institutional		19.04		0.21			3.65			3.86			(0.19	)		—			(0.19	)
2017 - Service		18.88		0.11			3.61			3.72			(0.09	)		—			(0.09	)
2017 - Investor(e)		19.03		0.18			3.65			3.83			(0.16	)		—			(0.16	)
2016 - A		17.28		0.11			1.47			1.58			(0.11	)		—			(0.11	)
2016 - C		16.48		(0.02	)		1.40			1.38			—			—			—
2016 - Institutional		17.53		0.18			1.51			1.69			(0.18	)		—			(0.18	)
2016 - Service		17.33		0.09			1.49			1.58			(0.03	)		—			(0.03	)
2016 - Investor(e)		17.54		0.15			1.50			1.65			(0.16	)		—			(0.16	)
2015 - A		17.44		0.13			(0.18	)		(0.05	)		(0.11	)		—			(0.11	)
2015 - C		16.67		—	(f)		(0.18	)		(0.18	)		(0.01	)		—			(0.01	)
2015 - Institutional		17.69		0.20			(0.18	)		0.02			(0.18	)		—			(0.18	)
2015 - Service		17.53		0.12			(0.19	)		(0.07	)		(0.13	)		—			(0.13	)
2015 - Investor(e)		17.70		0.18			(0.18	)		—	(f)		(0.16	)		—			(0.16	)
2014 - A		15.45		0.09			1.97			2.06			(0.07	)		—			(0.07	)
2014 - C		14.82		(0.04	)		1.89			1.85			—			—			—
2014 - Institutional		15.66		0.15			2.01			2.16			(0.13	)		—			(0.13	)
2014 - Service		15.49		0.04			2.00			2.04			—			—			—
2014 - Investor(e)		15.68		0.13			2.00			2.13			(0.11	)		—			(0.11	)
2013 - A		11.38		0.11			4.22			4.33			(0.08	)		(0.18	)		(0.26	)
2013 - C		10.95		—	(f)		4.05			4.05			—			(0.18	)		(0.18	)
2013 - Institutional		11.54		0.16			4.28			4.44			(0.14	)		(0.18	)		(0.32	)
2013 - Service		11.46		0.12			4.22			4.34			(0.13	)		(0.18	)		(0.31	)
2013 - Investor(e)		11.55		0.14			4.29			4.43			(0.12	)		(0.18	)		(0.30	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Amount is less than $0.005 per share.

56 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Net asset value, end of period		Total return(b)			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			Portfolio turnover rate(c)
$	23.14		3.44	%	$	52,503		1.13	%(d)		1.13	%(d)		0.42	%(d)		82	%
	21.90		3.11			21,651		1.88	(d)		1.88	(d)		(0.33	)(d)		82
	23.54		3.65			117,112		0.74	(d)		0.74	(d)		0.80	(d)		82
	23.27		3.38			761		1.24	(d)		1.24	(d)		0.31	(d)		82
	23.52		3.61			17,077		0.88	(d)		0.88	(d)		0.66	(d)		82
	23.54		0.47			2,232		0.73	(d)		0.73	(d)		1.04	(d)		82
	23.54		2.66			1,385,205		0.74	(d)		0.74	(d)		1.04	(d)		82
	22.37		19.88			50,218		1.15			1.15			0.61			108
	21.24		18.93			22,337		1.90			1.90			(0.14	)		108
	22.71		20.29			1,395,335		0.75			0.75			1.02			108
	22.51		19.71			736		1.25			1.25			0.52			108
	22.70		20.14			17,251		0.90			0.90			0.88			108
	18.75		9.09			51,206		1.17			1.17			0.61			118
	17.86		8.35			22,512		1.92			1.92			(0.15	)		118
	19.04		9.61			1,057,850		0.77			0.77			1.01			118
	18.88		9.07			614		1.27			1.27			0.53			118
	19.03		9.40			14,262		0.92			0.93			0.84			118
	17.28		(0.28	)		57,913		1.17			1.17			0.73			96
	16.48		(1.05	)		22,194		1.92			1.92			(0.02	)		96
	17.53		0.10			957,273		0.77			0.77			1.12			96
	17.33		(0.41	)		1,236		1.27			1.27			0.67			96
	17.54		(0.03	)		6,799		0.92			0.92			0.99			96
	17.44		13.32			51,253		1.18			1.19			0.52			57
	16.67		12.48			15,750		1.93			1.94			(0.22	)		57
	17.69		13.78			735,421		0.78			0.79			0.93			57
	17.53		13.17			58		1.28			1.29			0.25			57
	17.70		13.57			4,175		0.93			0.94			0.78			57
	15.45		38.17			34,792		1.15			1.21			0.80			95
	14.82		37.07			10,648		1.90			1.96			0.04			95
	15.66		38.73			493,729		0.75			0.81			1.17			95
	15.49		38.08			411		1.27			1.29			0.81			95
	15.68		38.48			843		0.91			0.96			1.02			95

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2018 - A	$	10.93	$	0.14		$	(0.37	)	$	(0.23	)	$	—
2018 - C		10.59		0.11			(0.36	)		(0.25	)		—
2018 - Institutional		10.85		0.17			(0.37	)		(0.20	)		—
2018 - Investor(e)		10.91		0.15			(0.35	)		(0.20	)		—
2018 - P (Commenced April 17, 2018)		11.07		0.07			(0.49	)		(0.42	)		—
2018 - R6 (Commenced April 30, 2018)		10.92		0.04			(0.31	)		(0.27	)		—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2017 - A		8.62		0.11			2.38			2.49			(0.18	)
2017 - C		8.39		0.04			2.30			2.34			(0.14	)
2017 - Institutional		8.54		0.17			2.34			2.51			(0.20	)
2017 - Investor(e)		8.61		0.13			2.36			2.49			(0.19	)
2016 - A		8.67		0.12			(0.04	)		0.08			(0.13	)
2016 - C		8.45		0.06			(0.05	)		0.01			(0.07	)
2016 - Institutional		8.59		0.16			(0.05	)		0.11			(0.16	)
2016 - Investor(e)		8.65		0.15			(0.05	)		0.10			(0.14	)
2015 - A		8.45		0.11			0.21			0.32			(0.10	)
2015 - C		8.27		0.02			0.23			0.25			(0.07	)
2015 - Institutional		8.36		0.15			0.21			0.36			(0.13	)
2015 - Investor(e)		8.43		0.07			0.27			0.34			(0.12	)
2014 - A		9.18		0.27	(f)		(0.80	)		(0.53	)		(0.20	)
2014 - C		9.03		0.15	(f)		(0.74	)		(0.59	)		(0.17	)
2014 - Institutional		9.10		0.28	(f)		(0.77	)		(0.49	)		(0.25	)
2014 - Investor(e)		9.17		0.29	(f)		(0.80	)		(0.51	)		(0.23	)
2013 - A		7.62		0.15			1.54			1.69			(0.13	)(g)
2013 - C		7.55		0.10			1.51			1.61			(0.13	)(g)
2013 - Institutional		7.59		0.19			1.53			1.72			(0.21	)(g)
2013 - Investor(e)		7.66		0.20			1.51			1.71			(0.20	)(g)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.71% of average net assets.

(g) Includes a distribution from capital of less than $0.01 per share.

58 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Net asset value, end of period		Total return(b)			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 to average net assets			Portfolio turnover rate(c)
$	10.70		(2.10	)%	$	11,381		1.29	%(d)		1.34	%(d)		2.62	%(d)		75	%
	10.34		(2.36	)		3,974		2.04	(d)		2.09	(d)		2.04	(d)		75
	10.65		(1.84	)		101,391		0.90	(d)		0.95	(d)		3.03	(d)		75
	10.71		(1.92	)		15,597		1.04	(d)		1.09	(d)		2.77	(d)		75
	10.65		(3.79	)		1,704		0.89	(d)		0.94	(d)		3.10	(d)		75
	10.65		(2.47	)		582,180		0.89	(d)		0.96	(d)		2.22	(d)		75
	10.93		28.85			9,429		1.31			1.36			1.04			134
	10.59		27.85			2,661		2.06			2.11			0.40			134
	10.85		29.42			619,288		0.92			0.97			1.74			134
	10.91		29.09			15,547		1.05			1.11			1.30			134
	8.62		0.93			5,082		1.38			1.39			1.37			125
	8.39		0.11			1,012		2.13			2.14			0.67			125
	8.54		1.26			519,135		0.98			0.99			1.90			125
	8.61		1.21			1,251		1.13			1.14			1.76			125
	8.67		3.77			3,408		1.38			1.39			1.22			113
	8.45		3.07			812		2.13			2.13			0.20			113
	8.59		4.26			426,168		0.98			0.99			1.71			113
	8.65		4.04			1,444		1.13			1.13			0.84			113
	8.45		(5.79	)		2,151		1.38			1.42			2.98	(f)		106
	8.27		(6.55	)		181		2.13			2.17			1.71	(f)		106
	8.36		(5.48	)		316,062		0.98			1.02			3.12	(f)		106
	8.43		(5.59	)		205		1.13			1.17			3.12	(f)		106
	9.18		22.23			3,388		1.31			1.51			1.79			95
	9.03		21.38			70		2.10			2.23			1.15			95
	9.10		22.70			228,410		0.95			1.08			2.27			95
	9.17		22.36			217		1.12			1.21			2.34			95

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
U.S. Equity Dividend and Premium, International Equity Dividend and Premium, International Tax-Managed Equity	A, C, Institutional, Investor, P(a) and  R6(b)	Diversified
U. S. Tax-Managed Equity	A, C, Institutional, Service, Investor, P(a) and  R6(b)	Diversified

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

60

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
U.S. Equity Dividend and Premium International Equity Dividend and Premium	Quarterly	Annually
U.S. Tax-Managed Equity International Tax-Managed Equity	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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;

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June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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,

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security 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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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 and derivatives classified in the fair value hierarchy as of June 30, 2018:

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	154,370	$	—	$	—
Europe		4,965,968		—		—
North America		3,367,047,487		—		—
South America		2,072,483		—		—
Investment Company		2,385,176		—		—
Securities Lending Reinvestment Vehicle		4,224,875		—		—
Total	$	3,380,850,359	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY DIVIDEND AND PREMIUM (continued)
Derivative Type	Level 1			Level 2		Level 3
Assets(a)
Futures Contracts	$	405,078		$	—	$	—
Liabilities
Written Options Contracts	$	(27,951,300	)	$	—	$	—
INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	—		$	602,000	$	—
Asia		358,890			109,171,292		—
Australia and Oceania		1,989,513			34,435,941		—
Europe		22,619,787			213,834,484		—
North America		—			88,278		—
Investment Company		2,271			—		—
Securities Lending Reinvestment Vehicle		2,293,350			—		—
Total	$	27,263,811		$	358,131,995	$	—
Derivative Type
Assets(a)
Futures Contracts	$	9,783		$	—	$	—
Liabilities
Futures Contracts(a)	$	(116,313	)	$	—	$	—
Written Options Contracts		(1,655,672	)		—		—
Total	$	(1,771,985	)	$	—	$	—
U.S. TAX-MANAGED EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	3,366,442		$	—	$	—
North America		1,539,330,394			—		—
Investment Company		18,228,085			—		—
Total	$	1,560,924,921		$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. TAX-MANAGED EQUITY (continued)
Derivative Type	Level 1			Level 2		Level 3
Liabilities(a)
Futures Contracts	$	(292,755	)	$	—	$	—
INTERNATIONAL TAX-MANAGED EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	—		$	226,375,443	$	—
Australia and Oceania		4,205,828			54,759,809		—
Europe		19,616,692			371,323,544		—
North America		2,144,176			124,988		—
Investment Company		425			—		—
Securities Lending Reinvestment Vehicle		2,915,100			—		—
Total	$	28,882,221		$	652,583,784	$	—
Derivative Type
Assets(a)
Futures Contracts	$	7,722		$	—	$	—
Liability(a)
Futures Contracts	$	(77,682	)	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2018. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities
U.S. Equity Dividend and Premium	Equity	Variation margin on futures	$	405,078	Payable for written options at value	$	(27,951,300)
International Equity Dividend and Premium	Equity	Variation margin on futures		9,783	Variation margin on futures, Payable for written options at value		(1,771,985)	(a)
U.S. Tax-Managed Equity	Equity	—		—	Variation margin on futures		(292,755)	(a)
International Tax-Managed Equity	Equity	Variation margin on futures		7,722	Variation margin on futures		(77,682)	(a)
Total			$	422,583		$	(30,093,722)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of June 30, 2018 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 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:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
U.S. Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	(3,290,688	)	$	9,384,851			5,124
International Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		(1,295,211	)		1,326,698			2,571
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from investments, futures contracts/Net change in unrealized gain (loss) on futures contracts		1,719,517			(432,904	)		83
International Tax-Managed Equity	Equity	Net realized gain (loss) from investments, futures contracts/Net change in unrealized gain (loss) on futures contracts		(23,510	)		(56,560	)		137
Total			$	(2,889,892	)	$	10,222,085			7,915

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2018.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended June 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
U.S. Equity Dividend and Premium		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.69	%		0.69	%
International Equity Dividend and Premium		0.81			0.73			0.69			0.68			0.67			0.81			0.81
U.S. Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.67			0.67
International Tax-Managed Equity		0.85			0.77			0.73			0.72			0.71			0.85			0.85

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2018, GSAM waived $9,799, $1,124, $8,966 and $2,286 of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium Fund, U.S. Tax-Managed Equity Fund and International Tax-Managed Equity Funds’ management fees, respectively.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*	Class C	Service
Distribution and/or Service Plan	0.25%	0.75%		0.25%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
U.S. Equity Dividend and Premium	$	40,465	$	3
International Equity Dividend and Premium		223		—
U.S. Tax-Managed Equity		1,185		—
International Tax-Managed Equity		1,663		—

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 and Investor Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the U.S. Equity Dividend and Premium Fund. This arrangement will remain in effect through at least April 30, 2019, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds are 0.014%, 0.094%, 0.044% and 0.014%, respectively. Prior to April 30, 2018, the Other Expense limitation was 0.124% for the International Equity Dividend and Premium Fund. These Other Expense limitations will remain in place through at least April 30, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Transfer Agency Waivers/ Credits		Total Expense Reductions
U.S. Equity Dividend and Premium	$	9,799	$	155,904	$	9,067	$	45,651	$	220,421
International Equity Dividend and Premium		1,124		3,122		482		—		4,728
U.S. Tax-Managed Equity		8,966		—		7,418		—		16,384
International Tax-Managed Equity		2,286		168,474		2,974		—		173,734

G.  Line of Credit Facility — As of June 30, 2018, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2018, the Funds did not have any borrowings under the facility. Prior to May 1, 2018, the facility was $1,100,000,000. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2018, Goldman Sachs earned $427 and $159 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Dividend and Premium and International Tax-Managed Equity Funds, respectively.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018		Shares as of June 30, 2018		Dividend Income from Affiliated Investment Company
U.S. Equity Dividend and Premium	$	—	$	217,023,493	$	(214,638,317	)	$	2,385,176		2,385,176	$	87,972
International Equity Dividend and Premium		—		15,958,329		(15,956,058	)		2,271		2,271		10,057
U.S. Tax-Managed Equity		17,924,899		181,742,776		(181,439,590	)		18,228,085		18,228,085		79,010
International Tax-Managed Equity		4,441,437		68,167,665		(72,608,677	)		425		425		18,249

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2018, the following Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
U.S. Equity Dividend and Premium		9	%		—	%
International Equity Dividend and Premium		35			—
U.S. Tax-Managed Equity		—			87
International Tax-Managed Equity		—			81

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2018, were as follows:

Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	657,552,050	$	797,007,144
International Equity Dividend and Premium		32,846,505		36,572,879
U.S. Tax-Managed Equity		1,366,533,920		1,243,729,373
International Tax-Managed Equity		574,365,285		505,229,818

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (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.

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7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2018, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months ended June 30, 2018				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of June 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
U.S. Equity Dividend and Premium	$	2,591	$	8,082	$	2,074,350
International Equity Dividend and Premium		400		—		—
U.S. Tax-Managed Equity		435		677		—
International Tax-Managed Equity		3,738		98		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2018:

Fund	Beginning Value as of December 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2018
U.S. Equity Dividend and Premium	$	1,422,950	$	68,076,047	$	(65,274,122	)	$	4,224,875
International Equity Dividend and Premium		89,044		8,278,687		(6,074,381	)		2,293,350
U.S. Tax-Managed Equity		502,350		29,596,055		(30,098,405	)		—
International Tax-Managed Equity		3,671,191		34,777,077		(35,533,168	)		2,915,100

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2017, the Funds’ capital loss carryforwards and certain timing

differences, on a tax-basis were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Capital loss carryforwards:(1)
Perpetual Long-term	$	—		$	(26,812,510	)	$	—		$	—
Perpetual Short-term		—			—			(20,082,730	)		—
Total capital loss carryforwards	$	—		$	(26,812,510	)	$	(20,082,730	)	$	—
Timing differences (Post October Loss Deferral and Deferred Dividends from REIT Distributions)	$	(35,535,500	)	$	(1,653,080	)	$	(2,023,403	)	$	—
(1) Expirationoccurs on December 31 of the year indicated.

As of June 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Tax cost	$	2,881,479,855		$	387,494,065		$	1,035,026,353		$	597,218,033
Gross unrealized gain		626,840,232			43,064,226			530,185,400			91,365,492
Gross unrealized loss		(127,469,728	)		(45,162,485	)		(4,286,832	)		(7,117,520	)
Net unrealized gain (loss)	$	499,370,504		$	(2,098,259	)	$	525,898,568		$	84,247,972

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, options and foreign currency contracts and differences related to the tax treatment of underlying fund investments, real estate investment trust investments and passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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9. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a 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 Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,387,653		$	45,164,731			12,918,207		$	163,815,279
Reinvestment of distributions		160,859			2,081,608			1,105,825			14,472,750
Shares redeemed		(5,403,740	)		(70,906,793	)		(17,401,288	)		(219,289,485	)
		(1,855,228	)		(23,660,454	)		(3,377,256	)		(41,001,456	)
Class C Shares
Shares sold		1,055,900			13,927,938			4,052,530			51,294,321
Reinvestment of distributions		56,217			724,382			574,479			7,492,584
Shares redeemed		(1,679,511	)		(22,140,201	)		(2,948,335	)		(37,617,998	)
		(567,394	)		(7,487,881	)		1,678,674			21,168,907
Institutional Shares
Shares sold		17,169,252			226,321,733			57,919,587			735,316,716
Reinvestment of distributions		1,225,890			15,726,444			10,206,795			133,321,074
Shares redeemed		(114,593,098	)		(1,528,955,497	)		(43,387,937	)		(555,285,051	)
		(96,197,956	)		(1,286,907,320	)		24,738,445			313,352,739
Investor Shares(a)
Shares sold		7,296,909			95,871,360			26,327,723			332,762,138
Reinvestment of distributions		356,280			4,606,944			2,024,729			26,467,668
Shares redeemed		(6,342,323	)		(83,907,386	)		(6,766,206	)		(87,188,576	)
		1,310,866			16,570,918			21,586,246			272,041,230
Class P Shares(b)
Shares sold		64,676,958			867,829,318			—			—
Reinvestment of distributions		345,374			4,541,664			—			—
Shares redeemed		(982,531	)		(13,109,235	)		—			—
		64,039,801			859,261,747			—			—
Class R6 Shares(c)
Shares sold		22,516,529			300,143,795			—			—
Reinvestment of distributions		120,991			1,591,025			—			—
Shares redeemed		(465,671	)		(6,119,626	)		—			—
		22,171,849			295,615,194			—			—
NET INCREASE (DECREASE)		(11,098,062	)	$	(146,607,796	)		44,626,109		$	565,561,420

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		136,611		$	1,038,886			102,945		$	732,847
Reinvestment of distributions		10,015			73,384			13,426			97,747
Shares redeemed		(142,094	)		(1,102,279	)		(534,475	)		(3,749,238	)
		4,532			9,991			(418,104	)		(2,918,644	)
Class C Shares
Shares sold		26,291			199,481			247,825			1,759,661
Reinvestment of distributions		7,431			52,438			8,111			56,946
Shares redeemed		(160,080	)		(1,168,977	)		(94,640	)		(655,969	)
		(126,358	)		(917,058	)		161,296			1,160,638
Institutional Shares
Shares sold		3,080,509			23,662,701			11,561,703			81,010,689
Reinvestment of distributions		283,693			2,115,623			1,403,222			10,078,458
Shares redeemed		(52,137,475	)		(381,638,948	)		(9,122,052	)		(65,755,238	)
		(48,773,273	)		(355,860,624	)		3,842,873			25,333,909
Investor Shares(a)
Shares sold		180,746			1,372,565			777,673			5,439,680
Reinvestment of distributions		17,020			122,201			16,732			120,278
Shares redeemed		(183,949	)		(1,389,813	)		(333,516	)		(2,356,628	)
		13,817			104,953			460,889			3,203,330
Class P Shares(b)
Shares sold		29,595,062			215,891,762			—			—
Reinvestment of distributions		509,660			3,628,778			—			—
Shares redeemed		(363,605	)		(2,713,799	)		—			—
		29,741,117			216,806,741			—			—
Class R6 Shares(c)
Shares sold		20,039,681			145,727,484			—			—
Reinvestment of distributions		325,741			2,316,015			—			—
Shares redeemed		(121,314	)		(927,568	)		—			—
		20,244,108			147,115,931			—			—
NET INCREASE		1,103,943		$	7,259,934			4,046,954		$	26,779,233

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		110,057		$	2,562,858			235,553		$	4,819,759
Reinvestment of distributions		—			—			9,922			222,759
Shares redeemed		(86,620	)		(2,006,510	)		(730,782	)		(14,705,297	)
		23,437			556,348			(485,307	)		(9,662,779	)
Class C Shares
Shares sold		77,298			1,681,287			103,720			2,018,823
Shares redeemed		(140,107	)		(3,093,071	)		(312,769	)		(6,033,717	)
		(62,809	)		(1,411,784	)		(209,049	)		(4,014,894	)
Institutional Shares
Shares sold		6,004,027			140,401,735			7,938,889			166,788,196
Reinvestment of distributions		—			—			514,698			11,729,973
Shares redeemed		(60,357,683	)		(1,447,425,515	)		(2,581,620	)		(53,472,574	)
Shares redeemed in connection with in-kind transactions		(2,117,152	)		(48,160,000	)		—			—
		(56,470,808	)		(1,355,183,780	)		5,871,967			125,045,595
Service Shares
Shares sold		—			—			22			450
Reinvestment of distributions		—			—			132			2,973
Shares redeemed		—			(120	)		(1	)		(32	)
		—			(120	)		153			3,391
Investor Shares(a)
Shares sold		57,551			1,342,920			513,078			10,361,026
Reinvestment of distributions		—			—			5,470			124,607
Shares redeemed		(91,354	)		(2,165,194	)		(508,010	)		(10,269,685	)
		(33,803	)		(822,274	)		10,538			215,948
Class P Shares(b)
Shares sold		94,818			2,255,923			—			—
Shares redeemed		—			(274	)		—			—
		94,818			2,255,649			—			—
Class R6 Shares(c)
Shares sold		60,166,090			1,442,552,016			—			—
Shares redeemed		(20,264	)		(702,650	)		—			—
Shares redeemed in connection with in-kind transactions		(1,291,774	)		(30,150,000	)		—			—
		58,854,052			1,411,699,366			—			—
NET INCREASE		2,404,887		$	57,093,405			5,188,302		$	111,587,261

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018.

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Notes to Financial Statements (continued)

June 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2018 (Unaudited)						For the Fiscal Year Ended December 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		313,850		$	3,516,895			586,809		$	6,085,147
Reinvestment of distributions		—			—			13,828			150,589
Shares redeemed		(113,558	)		(1,256,273	)		(327,027	)		(3,123,517	)
		200,292			2,260,622			273,610			3,112,219
Class C Shares
Shares sold		163,784			1,768,460			149,372			1,539,863
Reinvestment of distributions		—			—			3,119			32,937
Shares redeemed		(30,532	)		(329,973	)		(21,877	)		(223,790	)
		133,252			1,438,487			130,614			1,349,010
Institutional Shares
Shares sold		6,548,792			72,193,467			10,302,979			103,200,782
Reinvestment of distributions		—			—			1,048,894			11,338,541
Shares redeemed		(54,121,382	)		(578,444,555	)		(8,711,180	)		(80,971,761	)
Shares redeemed in connection with in-kind transactions		—			—			(6,300,759	)		(66,410,000	)
		(47,572,590	)		(506,251,088	)		(3,660,066	)		(32,842,438	)
Investor Shares(a)
Shares sold		614,295			6,799,866			1,592,806			15,779,813
Reinvestment of distributions		—			—			25,081			272,879
Shares redeemed		(581,754	)		(6,671,444	)		(338,822	)		(3,564,694	)
		32,541			128,422			1,279,065			12,487,998
Class P Shares(b)
Shares sold		159,994			1,760,363			—			—
Shares redeemed		—			(294	)		—			—
		159,994			1,760,069			—			—
Class R6 Shares(c)
Shares sold		54,693,615			584,062,575			—			—
Shares redeemed		(18,825	)		(296,739	)		—			—
		54,674,790			583,765,836			—			—
NET INCREASE (DECREASE)		7,628,279		$	83,102,348			(1,976,777	)	$	(15,893,211	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018.

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Fund Expenses — Six Month Period Ended June 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 through June 30, 2018, which represents a period of 181 days of a 365 day year. The Class R6 example is based on the period from April 30, 2018 through June 30, 2018, which represents a period of 61 out of 365 days. The Class P example is based on the period from April 17, 2018 through June 30, 2018, which represents a period of 74 out of 365 days. The Class P and Class R6 example for hypothetical expenses reflects projected activity for the period from January 1, 2018 through June 30, 2018 for the purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							U.S. Tax-Managed Equity Fund							International Tax-Managed Equity Fund
Share Class	Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*		Beginning Account Value 01/01/18		Ending Account Value 06/30/18			Expenses Paid for the 6 Months Ended 06/30/18*
Class A
Actual	$	1,000	$	1,010.00		$	5.58	$	1,000	$	958.00		$	6.46	$	1,000	$	1,034.40		$	5.70	$	1,000	$	979.00		$	6.33
Hypothetical 5% return		1,000		1,019.24	+		5.61		1,000		1,018.20	+		6.66		1,000		1,019.19	+		5.66		1,000		1,018.40	+		6.46
Class C
Actual		1,000		1,006.40			9.30		1,000		954.90			10.08		1,000		1,031.10			9.47		1,000		976.40			10.00
Hypothetical 5% return		1,000		1,015.52	+		9.35		1,000		1,014.48	+		10.39		1,000		1,015.47	+		9.39		1,000		1,014.68	+		10.19
Institutional
Actual		1,000		1,011.90			3.69		1,000		960.30			4.57		1,000		1,036.50			3.74		1,000		981.60			4.42
Hypothetical 5% return		1,000		1,021.12	+		3.71		1,000		1,020.13	+		4.71		1,000		1,021.12	+		3.71		1,000		1,020.33	+		4.51
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,033.80			6.25		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.65	+		6.21		N/A		N/A			N/A
Investor
Actual		1,000		1,011.30			4.34		1,000		959.50			5.25		1,000		1,036.10			4.44		1,000		980.80			5.11
Hypothetical 5% return		1,000		1,020.48	+		4.36		1,000		1,019.44	+		5.41		1,000		1,020.43	+		4.41		1,000		1,019.64	+		5.21
Class P(a)
Actual		1,000		1,006.90			1.49		1,000		944.80			1.85		1,000		1,004.70			1.48		1,000		962.10			1.77
Hypothetical 5% return		1,000		1,021.17	+		3.66		1,000		1,020.13	+		4.71		1,000		1,021.17	+		3.66		1,000		1,020.38	+		4.46
Class R6(b)
Actual		1,000		1,028.90			1.24		1,000		957.10			1.54		1,000		1,026.60			1.25		1,000		975.30			1.47
Hypothetical 5% return		1,000		1,021.17	+		3.66		1,000		1,020.13	+		4.71		1,000		1,021.12	+		3.71		1,000		1,020.38	+		4.46

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 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:

Fund	Class A			Class C			Institutional			Service			Investor			Class P(a)			Class R6(b)
U.S. Equity Dividend and Premium		1.12	%		1.87	%		0.74	%		N/A			0.87	%		0.73	%		0.73	%
International Equity Dividend and Premium		1.33			2.08			0.94			N/A			1.08			0.94			0.94
U.S. Tax-Managed Equity		1.13			1.88			0.74			1.24	%		0.88			0.73			0.74
International Tax-Managed Equity		1.29			2.04			0.90			N/A			1.04			0.89			0.89

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

79

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs International Tax-Managed Equity Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, and Goldman Sachs U.S. Tax-Managed Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2018 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2017, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2018. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they

81

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees considered that the International Equity Dividend and Premium Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2018. They noted that the International Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2018. The Trustees observed that the U.S. Equity Dividend and Premium Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2018. They also noted that the U.S. Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2018.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense

82

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2017 and 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	International Equity Dividend and Premium Fund			International Tax-Managed Equity Fund			U.S. Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund
First $1 billion		0.81	%		0.85	%		0.75	%		0.70	%
Next $1 billion		0.73			0.77			0.68			0.63
Next $3 billion		0.69			0.73			0.65			0.60
Next $3 billion		0.68			0.72			0.64			0.59
Over $8 billion		0.67			0.71			0.63			0.58

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund and U.S. Tax-Managed Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (i) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to

83

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2019.

84

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁵

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund⁶

∎ International Equity ESG Fund⁷

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁸

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁶  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

⁷  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

⁸ Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of June 30, 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).

© 2018 Goldman Sachs. All rights reserved. 138785-OTU-813680 TAXADVSAR-18/34K

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 27, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 27, 2018
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 27, 2018

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 27, 2018

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Scott McHugh, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 27, 2018

/s/ Scott McHugh

Scott McHugh

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Scott McHugh, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2018 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Scott McHugh
James A. McNamara	Scott McHugh
Date: August 27, 2018	August 27, 2018

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.