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, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Fund of Funds Portfolios
	Balanced Strategy
	Growth and Income Strategy
	Growth Strategy
	Satellite Strategies

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

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

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

Goldman Sachs Fund of Funds Portfolios

∎ BALANCED STRATEGY

∎ GROWTH AND INCOME STRATEGY

∎ GROWTH STRATEGY

∎ SATELLITE STRATEGIES

TABLE OF CONTENTS
Market Review	1
Investment Process	3
Portfolio Management Discussions and Performance Summaries	4
Index Definitions	27
Schedules of Investments	28
Financial Statements	38
Financial Highlights
Balanced Strategy	44
Growth and Income Strategy	52
Growth Strategy	60
Satellite Strategies	68
Notes to Financial Statements	76
Other Information	97

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Fund of Funds Portfolios

Market Review

The capital markets were influenced most during the six months ended June 30, 2019 (the “Reporting Period”) by global economic data, central bank monetary policy and geopolitics.

During the first quarter of 2019, when the Reporting Period started, risk assets broadly rebounded from a sell-off in the fourth quarter of 2018, as investor sentiment turned positive on a combination of dovish global central bank policy, tentative stabilization in Chinese economic growth and seemingly promising developments in U.S.-China trade talks. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Although global economic growth continued to decelerate during the first calendar quarter, a few “green shoots” began to emerge. (Green shoots is a term used to describe signs of economic recovery or positive data during an economic downturn.) Indications of a bottoming in Chinese credit growth, a modest pick-up in fixed asset investment, and an uptick in March 2019 manufacturing data made investors hopeful for a recovery in Chinese and global economic growth. As inflationary pressures remained rather muted, the U.S. Federal Reserve (the “Fed”) and the European Central Bank (“ECB”) each made a dovish shift and then maintained monetary policy stances that were broadly supportive of economic growth. More specifically, the Fed signaled it would make no additional short-term interest rate hikes during 2019, and the ECB indicated it was reluctant to raise interest rates during the calendar year. Global equities, as measured by the MSCI ACWI Investable Market Index , were up 12.86% during the first calendar quarter, led by a rally in U.S. stocks. Emerging markets equities overall underperformed developed markets equities, but Chinese stocks, as represented by the MSCI China Index, rose more than 17%. In fixed income, the 10-year U.S. Treasury yield fell during the first quarter of 2019.

In the second quarter of 2019, continued weakness in global economic growth and low levels of inflation led the Fed and ECB to indicate they might ease monetary policy. In June, the Fed signaled its next policy move was more likely to be an interest rate cut than an interest rate hike. The Fed’s dot plot, which shows interest rate projections of the members of the Federal Open Market Committee, revealed that policymakers expected to keep interest rates stable during 2019, followed by a 25 basis point cut in 2020. (A basis point is 1/100th of a percentage point.) Meanwhile, the ECB hinted that interest rate cuts and quantitative easing were on the table should economic data disappoint in the near term. Global equities were volatile during the second calendar quarter overall, though they rose 3.88%, as measured by the MSCI ACWI Investable Market Index. In May 2019, global equities had suffered a significant decline amid headwinds from U.S.-China trade negotiations. They then recovered in June, driven by dovish central bank actions and market expectations of a pause in U.S.-China trade tensions ahead of the G20 meeting at month end. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.) In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield fell during the second quarter of 2019 in response to global economic growth weakness and dovish central bank policies.

Looking Ahead

At the end of the Reporting Period, we emphasized three macro themes. First, we believed the U.S. economy was in “rollover,” meaning we expected increased economic weakness. The economic “green shoots” we had expected to grow during the Reporting Period had instead started to wither. Trade risks also remained elevated, in our view. Our research shows that

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MARKET REVIEW

economic rollovers are characterized by high risks of recession and severe equity declines as well as by episodes of “false positives” and premature warning signals. Second, at the end of the Reporting Period, we believed global economic uncertainty had increased overall. Although we thought the risk of recession had risen, we did not think it was time to position the Portfolios for such a scenario. Third, we considered a dynamic investment approach particularly important, and we planned to address increased economic uncertainty through the Portfolios’ positioning and their levels of risk exposure.

At the asset class level at the end of the Reporting Period, we expected a continuation of the equity bull market, assuming the global economy continued to expand over the medium term. However, we thought the upside was likely to be limited by moderately elevated equity valuations and limitations to corporate earnings growth. In the near term, we considered equities less attractive than we did earlier in the economic cycle. As for fixed income, we believed yields reflected the market’s increased perception of recessionary risk. At the end of the Reporting Period, 10-year U.S. Treasury yields were lower than we expected, and we thought there was potential for them to rise in the near term. Overall, we did not consider the risk/reward of fixed income particularly attractive, because there tends to be upward pressure on credit spreads in the late stage of an economic cycle; spreads were rather tight at the end of the Reporting Period; and we perceived risks to the macro outlook. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.) Accordingly, we favored equities over fixed income at the end of the Reporting Period.

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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 140* 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 2019.

†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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PORTFOLIO RESULTS

Goldman Sachs Fund of Funds Portfolios – Asset Allocation

Investment Objectives

The Goldman Sachs Balanced Strategy Portfolio seeks current income and 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, 2019 (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, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns of 10.22%, 9.79%, 10.43%, 10.04%, 10.29%, 10.43%, 10.13% and 10.43%, respectively. This compares to the 10.08% 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 6.00% and 16.23%, respectively, during the Reporting Period.

Goldman Sachs Growth and Income Strategy Portfolio — During the Reporting Period, the Growth and Income Strategy Portfolio’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns of 11.74%, 11.37%, 12.08%, 11.71%, 11.94%, 12.01%, 11.62% and 12.01%, respectively. This compares to the 12.12% 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 6.00% and 16.23%, respectively, during the Reporting Period.

Goldman Sachs Growth Strategy Portfolio — During the Reporting Period, the Growth Strategy Portfolio’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns of 13.84%, 13.38%, 14.00%, 13.73%, 13.90%, 13.99%, 13.69% and 13.99%, respectively. This compares to the 14.17% 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 6.00% and 16.23%, respectively, during the Reporting 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 using various strategies including 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

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PORTFOLIO RESULTS

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 strongly positive results on an absolute basis, with those having greater equity exposure posting higher positive returns. In relative terms, the Portfolios had mixed results, with one of the Portfolios outperforming its benchmark index and two of the Portfolios underperforming their respective benchmark indices.¹

Long-term strategic asset allocation added most to the performance of all three Portfolios during the Reporting Period. In addition, the contribution from our short-term tactical decisions was generally positive. Conversely, the Portfolios were hurt overall by our medium-term cycle-aware views. Security selection within the Underlying Funds detracted from the performance of the Goldman Sachs Growth and Income Strategy Portfolio and Goldman Sachs Growth Strategy Portfolio but contributed positively to the performance of the Goldman Sachs Balanced Strategy Portfolio.

During the Reporting Period, we shifted the Portfolios to new long-term strategic allocations, as we sought to enhance their diversification and sources of potential excess returns. The new strategic allocations enhanced the Portfolios’ absolute returns.

Our medium-term cycle-aware views detracted from the performance of all three Portfolios. 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 the front, or short-term, end of the U.S. Treasury yield curve. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The short position in long-maturity German government bonds hurt the Portfolios’ performance, as German yields fell during the Reporting Period due to slower European economic growth and subdued inflation. The Portfolios’ short position in the two-year segment of the U.S. Treasury yield curve also hurt performance, as U.S. interest rates dropped during the Reporting Period. Elsewhere within fixed income, the Portfolios were hampered by their exposure to local emerging markets debt versus U.S. high yield corporate bonds. This positioning was 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, high yield corporate bonds outperformed local emerging markets debt during the Reporting Period, and this medium-term cycle-aware view detracted marginally from the Portfolios’ performance.

Our short-term tactical views, which seek to take advantage of what we consider short-term market mispricing, contributed positively to the performance of all three Portfolios during the Reporting Period.

As mentioned earlier, security selection within the Underlying Funds detracted from the returns of the Goldman Sachs Growth and Income Strategy Portfolio and the Goldman Sachs Growth Strategy Portfolio. On the positive side, the Goldman Sachs Balanced Strategy Portfolio benefited from security selection within the Underlying Funds.

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 Access Investment Grade Corporate Bond ETF, the Goldman Sachs High Yield Fund, the Goldman Sachs Global Income

¹  As measured by Institutional Shares.

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PORTFOLIO RESULTS

Fund, the Goldman Sachs Emerging Markets Debt Fund and the Goldman Sachs Local Emerging Markets Debt Fund outperformed their respective benchmark indices. The Goldman Sachs High Yield Floating Rate Fund and the Goldman Sachs Access High Yield Corporate Bond ETF underperformed their respective benchmark indices. Among Underlying Equity Funds, the Goldman Sachs ActiveBeta^® International Equity ETF and the Goldman Sachs International Small Cap Insights Funds outperformed their respective benchmark indices. The Goldman Sachs Dynamic Global Equity Fund outperformed its benchmark index between May 15, 2019, when it was added as an Underlying Equity Fund, and the end of the Reporting Period. The Underlying Equity Funds that underperformed their respective benchmark indices were the Goldman Sachs International Equity Insights Fund, the Goldman Sachs Large Cap Value Insights Fund, the Goldman Sachs Large Cap Growth Insights Fund, the Goldman Sachs Emerging Markets Equity Insights Fund, the Goldman Sachs Small Cap Equity Insights Fund, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF. Among Underlying Funds that invest in real assets, both the Goldman Sachs Real Estate Securities Fund and the Goldman Sachs Global Infrastructure Fund outperformed their respective benchmark indices during the Reporting Period.

The Goldman Sachs Tactical Exposure Fund (the “Underlying Tactical Fund”), which we used to express our short-term tactical views during the Reporting Period, contributed positively to the to the Portfolios’ absolute performance, but underperformed relative to our expectations. The Underlying Tactical Fund was liquidated on June 24, 2019.

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

A During the Reporting Period, all three Portfolios used derivatives for passive replication of asset classes. Specifically, each of the Portfolios held a strategic position in S&P 500^® Index futures (positive impact on performance). They also employed put options on U.S. large cap equities (negative impact). (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.)

Within fixed income, all three Portfolios used interest rate futures to express our medium-term cycle-aware views on the U.S. Treasury yield curve and on long-term German interest rates (both had a negative impact). In addition, the Portfolios invested in a strategy that utilized interest rates options to profit if interest rates fall, remain constant, or rise less than anticipated (positive impact).

The three Portfolios used forward foreign currency exchange contracts within a foreign currency hedging strategy (positive impact), which seeks to manage the risk associated with investing in non-U.S. currencies. Foreign currency exchange contracts were employed within our volatility selling strategy (negative impact). 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.

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 January 2019, we started to implement new long-term strategic allocations that we believed would provide regional exposure, particularly to the U.S., that was more in line with our long-term views as well as the Portfolios’ respective benchmark indices. As we shifted to the new strategic allocations, we increased the Portfolios’ exposure to U.S. large-cap stocks and other developed markets large-cap stocks, while reducing their exposure to emerging markets stocks. We also decreased the Portfolios’ exposure to small-cap stocks overall. Within fixed income, we increased the Portfolios’ exposure to global investment-grade corporate bonds. By the end of May 2019, we had completed the implementation of the new long-term strategic allocations.

In May 2019, we added a strategic allocation to the Goldman Sachs Dynamic Global Equity Fund (“Dynamic Underlying Equity Fund”), a diversified equity portfolio that gives us access to equities as well as some options-based strategies in equities and fixed income. We funded the allocation to the Dynamic Underlying Equity Fund by reducing allocations to the Underlying Equity Funds overall, as the Portfolios would gain similar exposure through the Dynamic Underlying Equity Fund.

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PORTFOLIO RESULTS

During the Reporting Period, we also made changes to our medium-term cycle aware views. In February 2019, we reduced the Portfolios’ short positions in long-maturity German government bonds and their short positions in the front end of the U.S. Treasury yield curve, as we sought to increase their exposure to global fixed income amid uncertainty about the global economic growth outlook. Between March and June 2019, we eliminated the Portfolios’ short positions in long-maturity German government bonds. Although we still believed the markets were underpricing the risk of future inflation, we did not see signs that inflation would break out of its range-bound levels in the near term. This, combined with dovish central bank policy, caused us to remove this view from all the Portfolios. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In May 2019, we removed our view that the Portfolios have exposure to local emerging markets debt versus U.S. high yield corporate bonds, as this positioning was incorporated into the Portfolios’ new long-term strategic allocations.

Toward the end of the Reporting Period, we sought to reduce equity risk in the Portfolios through the purchase of put options on U.S. large-cap equities. These positions detracted marginally from performance beginning on June 18, 2019, when they were added to the Portfolios, through the end of the Reporting Period.

On June 24, 2019, we changed the Portfolios’ single implementation vehicle for expressing our short-term tactical views from the Goldman Sachs Tactical Exposure Fund to the Goldman Sachs Tactical Tilt Overlay Fund.

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

A Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Portfolios. Additionally, Neill Nuttall began serving as a portfolio manager of the Portfolios on February 19, 2019. 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 Neill Nuttall and Christopher Lvoff.

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FUND BASICS

Balanced Strategy

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Portfolio Total Return (based on NAV)1			Balanced Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		10.22	%		10.08	%		6.00	%		16.23	%
Class C		9.79			10.08			6.00			16.23
Institutional		10.43			10.08			6.00			16.23
Service		10.04			10.08			6.00			16.23
Investor		10.29			10.08			6.00			16.23
Class P		10.43			10.08			6.00			16.23
Class R		10.13			10.08			6.00			16.23
Class R6		10.43			10.08			6.00			16.23

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 6/30/19	One Year	Five Years			Ten Years			Since Inception			Inception Date
Class A	-0.74%		1.96	%		5.23	%		4.15	%	1/2/98
Class C	3.24		2.34			5.03			3.65		1/2/98
Institutional	5.40		3.51			6.24			4.84		1/2/98
Service	4.90		3.14			5.80			4.35		1/2/98
Investor	5.27		3.37			6.08			3.60		11/30/07
Class P	5.41		N/A			N/A			2.54		4/17/18
Class R	4.75		2.89			5.59			3.12		11/30/07
Class R6	5.42		N/A			N/A			4.54		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	%		1.30	%
Class C		2.00			2.05
Institutional		0.86			0.91
Service		1.36			1.41
Investor		1.00			1.05
Class P		0.85			0.90
Class R		1.50			1.55
Class R6		0.85			0.90

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, 2020, 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, 2019. 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

Growth and Income Strategy

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Portfolio Total Return (based on NAV)1			Growth and Income Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		11.74	%		12.12	%		6.00	%		16.23	%
Class C		11.37			12.12			6.00			16.23
Institutional		12.08			12.12			6.00			16.23
Service		11.71			12.12			6.00			16.23
Investor		11.94			12.12			6.00			16.23
Class P		12.01			12.12			6.00			16.23
Class R		11.62			12.12			6.00			16.23
Class R6		12.01			12.12			6.00			16.23

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.

12

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.09	%		2.75	%		6.72	%		4.53	%	1/2/98
Class C		1.85			3.15			6.52			4.02		1/2/98
Institutional		4.10			4.33			7.76			5.23		1/2/98
Service		3.52			3.82			7.22			4.71		1/2/98
Investor		3.90			4.20			7.58			3.55		11/30/07
Class P		4.11			N/A			N/A			1.33		4/17/18
Class R		3.40			3.67			7.07			3.06		11/30/07
Class R6		4.04			N/A			N/A			5.44		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	%		1.26	%
Class C		1.98			2.01
Institutional		0.84			0.87
Service		1.34			1.37
Investor		0.98			1.01
Class P		0.83			0.86
Class R		1.48			1.51
Class R6		0.83			0.86

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, 2020, 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.

13

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, 2019. 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.

14

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.

15

FUND BASICS

Growth Strategy

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Portfolio Total Return (based on NAV)1			Growth Strategy Composite Index2			Bloomberg Barclays Global Index			MSCI ACWI Index
Class A		13.84	%		14.17	%		6.00	%		16.23	%
Class C		13.38			14.17			6.00			16.23
Institutional		14.00			14.17			6.00			16.23
Service		13.73			14.17			6.00			16.23
Investor		13.90			14.17			6.00			16.23
Class P		13.99			14.17			6.00			16.23
Class R		13.69			14.17			6.00			16.23
Class R6		13.99			14.17			6.00			16.23

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.

16

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.36	%		3.66	%		8.01	%		4.50	%	1/2/98
Class C		1.52			4.05			7.82			4.00		1/2/98
Institutional		3.63			5.24			9.05			5.19		1/2/98
Service		3.12			4.72			8.51			4.67		1/2/98
Investor		3.45			5.09			8.90			3.56		11/30/07
Class P		3.60			N/A			N/A			0.83		4/17/18
Class R		2.98			4.57			8.35			3.05		11/30/07
Class R6		3.67			N/A			N/A			6.38		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		1.27	%		1.30	%
Class C		2.02			2.05
Institutional		0.88			0.91
Service		1.38			1.41
Investor		1.02			1.05
Class P		0.87			0.90
Class R		1.52			1.55
Class R6		0.87			0.90

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, 2020, 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.

17

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, 2019. 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.

18

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.

19

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 Portfolio (the “Portfolio”) for the six-month period ended June 30, 2019 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns of 12.85%, 12.54%, 13.08%, 12.79%, 13.14%, 13.07%, 12.74% and 13.22%, respectively. This compares to the 12.28% 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 6.11%, 18.54% and 14.03%, respectively, during the same period.

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

A During the Reporting Period, satellite asset classes generated positive absolute returns. Relative to traditional equity and fixed income asset classes, performance across satellite asset classes was generally mixed.

Global infrastructure securities, as represented by the S&P Global Infrastructure Index (Net, Unhedged), performed best, generating a return of 19.45%, during the Reporting Period. It was one of only two equity satellite asset classes to outperform the equity component of the blended benchmark, which is an equal-weighted blend of U.S. and international stocks, as represented by the S&P 500^® Index and the MSCI EAFE Index. These two indices were up 18.54% and 14.03%, respectively. Meanwhile, U.S. energy master limited partnerships (“MLPs”), as measured by the Alerian MLP Index, returned 16.96% during the Reporting Period and was the other equity satellite asset class to outperform the equity component of the blended benchmark. By contrast, emerging markets equities were the weakest performing equity satellite asset class, but still returned 10.58% as measured by the MSCI Emerging Markets Index (Net, Unhedged), during the Reporting Period. International small-cap stocks also underperformed the equity component of the blended benchmark, returning 12.55%, as measured by the MSCI EAFE Small Cap Index (Net, Unhedged). Also underperforming the equity component of the blended benchmark was global real estate securities, as represented by the FTSE EPRA/Nareit Developed Index (Net, Unhedged), which returned 14.61% during the Reporting Period.

As for fixed income satellite asset classes, with the exception of leveraged loans, each outperformed the fixed income component of the blended benchmark, the Bloomberg Barclays U.S. Index. U.S. dollar-denominated emerging markets debt, as represented by the J.P. Morgan Emerging Market Bond Index Global Diversified Index, was the best-performing fixed income satellite asset class, up 10.60%. Next was U.S. high yield corporate bonds, which produced a gain of 9.94%, as measured by the Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index. Local emerging markets debt, as represented by the J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index, generated 8.72%. Meanwhile, leveraged loans, as measured by the Credit Suisse Leveraged Loan Index, returned 5.42% compared to the fixed income component of the benchmark, which rose 6.11%. 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. However, the Reporting Period was characterized by falling interest rates, as the Federal Reserve (the “Fed”) paused its short-term rate hikes, and the market anticipated a Fed rate cut some time in 2019.

20

PORTFOLIO RESULTS

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 positive impact on the Portfolio’s results as did security selection within the Underlying Funds. Our medium-term cycle-aware allocation and our short-term tactical allocation detracted marginally from performance during the Reporting Period.

Strategic allocation added to the Portfolio’s returns during the Reporting Period. Among equity satellite asset classes, an allocation to global infrastructure securities contributed most positively, outpacing the equity component of the blended benchmark. Global infrastructure securities, which are interest-rate sensitive investments, benefited from the decline in U.S. interest rates during the Reporting Period. On the other hand, the Portfolio was hampered by its strategic allocation to emerging markets equities, which struggled versus developed markets equities amid renewed tensions in U.S.-China trade negotiations. Within fixed income asset classes, the Portfolio was helped by its strategic allocation to U.S. dollar-denominated emerging markets debt, which outpaced the fixed income component of the blended benchmark, as higher yielding fixed income generally outperformed investment grade fixed income during the Reporting Period. For the same reason, the Portfolio’s strategic allocations to high yield corporate bonds and local emerging markets debt added to results. Conversely, a strategic allocation to high yield floating rate bonds detracted from the Portfolio’s returns. Floating rate securities offer protection against rising interest rates, and by the end of the Reporting Period, the market was not expecting rates to go higher and was, in fact, anticipating a Fed interest rate cut.

Our medium-term cycle-aware allocation and short-term tactical allocation detracted slightly from the Portfolio’s performance during the Reporting Period.

Overall, security selection within the Underlying Funds contributed positively to Portfolio returns, with outperformance concentrated in the Underlying Fixed Income Funds.

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

A During the Reporting Period, security selection within the Underlying Funds overall bolstered the Portfolio’s performance. All of the Underlying Fixed Income Funds outperformed their respective benchmark indices, including the Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund and the Goldman Sachs High Yield Floating Rate Fund. Performance among Underlying Equity Funds was mixed. The Goldman Sachs Emerging Markets Equity Fund, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Global Real Estate Securities outperformed their respective benchmark indices. The Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs MLP Energy Infrastructure Fund underperformed their respective benchmark indices during the Reporting Period.

21

PORTFOLIO RESULTS

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 some adjustments to the Portfolio’s allocations during the Reporting Period. In March 2019, we added a small allocation to energy MLP infrastructure securities through an investment in the Goldman Sachs MLP Energy Infrastructure Fund. We believed energy MLP infrastructure securities offered attractive dividend yields, given our expectations for generally steady interest rates, benign inflation and fairly stable economic growth in the near term. To fund this allocation, we reduced the Portfolio’s exposure to international small-cap equities, preferring U.S. exposure over international exposure at that particular time.

Additionally, toward the end of the Reporting Period, we sought to reduce the Portfolio’s equity risk by reducing its allocation to emerging markets equities, which we accomplished by slightly reducing its allocation to the Goldman Sachs Emerging Markets Equity Insights Fund and increasing its cash position.

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

A Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Portfolio. Additionally, Neill Nuttall began serving as a portfolio manager of the Portfolio on February 19, 2019. 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 Neill Nuttall and Christopher Lvoff.

22

FUND BASICS

Satellite Strategies Portfolio

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Fund Total Return (based on NAV)1			Satellite Strategies Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index			MSCI® EAFE® Net Total Return Index			S&P 500® Index
Class A		12.85	%		12.28	%		6.11	%		14.03	%		18.54	%
Class C		12.54			12.28			6.11			14.03			18.54
Institutional		13.08			12.28			6.11			14.03			18.54
Service		12.79			12.28			6.11			14.03			18.54
Investor		13.14			12.28			6.11			14.03			18.54
Class P		13.07			12.28			6.11			14.03			18.54
Class R		12.74			12.28			6.11			14.03			18.54
Class R6		13.22			12.28			6.11			14.03			18.54

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

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

23

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.67	%		0.91	%		5.83	%		1.75	%	3/30/07
Class C		3.32			1.31			5.64			1.46		3/30/07
Institutional		5.55			2.45			6.84			2.61		3/30/07
Service		4.99			1.97			6.33			2.66		8/29/08
Investor		5.52			2.35			6.70			2.09		11/30/07
Class P		5.55			N/A			N/A			1.69		4/17/18
Class R		4.85			1.83			6.18			1.58		11/30/07
Class R6		5.56			N/A			N/A			4.49		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		1.42	%		1.47	%
Class C		2.17			2.22
Institutional		1.03			1.08
Service		1.53			1.58
Investor		1.17			1.22
Class P		1.02			1.07
Class R		1.67			1.72
Class R6		1.02			1.07

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, 2020, 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.

24

FUND BASICS

TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO⁵ AS OF 6/30/19

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, 2019. 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.

25

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.

26

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Index Definitions

Alerian MLP Index is the leading gauge of energy infrastructure master limited partnerships. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

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 Developed Index is a free-float adjusted, market capitalization-weighted index designed to track the performance of listed real estate companies in developed countries worldwide. Constituents of the Index are screened on liquidity, size and revenue.

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 ACWI Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.

MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips, P chips and foreign listings.

MSCI EAFE Small Cap Index is an equity index that captures small-cap representation across 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. Emerging markets countries in the index include 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.

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

S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.

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

27

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 95.9%
Dynamic – 9.8%
	2,551,020	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	25,051,021
	1,442,230	Goldman Sachs Managed Futures Strategy Fund – Class R6		15,590,511
	1,222,483	Goldman Sachs Alternative Premia Fund – Class R6		9,951,014
				50,592,546
Equity – 29.6%
	4,474,555	Goldman Sachs Dynamic Global Equity Fund – Class R6		85,329,759
	1,884,686	Goldman Sachs International Equity Insights Fund – Class R6		23,671,654
	1,928,832	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		18,458,919
	852,755	Goldman Sachs Global Infrastructure Fund – Class R6		9,960,174
	823,291	Goldman Sachs Global Real Estate Securities Fund – Class R6		9,237,322
	580,971	Goldman Sachs International Small Cap Insights Fund – Class R6		6,675,354
				153,333,182
Exchange Traded Funds – 20.3%
	1,024,880	Goldman Sachs Access Investment Grade Corporate Bond ETF		52,678,832
	893,864	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		52,532,387
				105,211,219
Fixed Income – 36.2%
	12,499,151	Goldman Sachs Global Income Fund – Class R6		159,864,139
	888,054	Goldman Sachs Emerging Markets Debt Fund – Class R6		11,100,669
	691,115	Goldman Sachs High Yield Floating Rate Fund – Class R6		6,496,481
	873,278	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		5,265,867
	778,274	Goldman Sachs High Yield Fund – Class R6		4,988,738
				187,715,894
	TOTAL UNDERLYING FUNDS – 95.9%
	(Cost $488,793,571)		$	496,852,841
Shares		Dividend Rate	Value
Investment Company(a) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,408,283	2.308%	$	4,408,283
	(Cost $4,408,283)
	TOTAL INVESTMENTS – 96.8%
	(Cost $493,201,854)		$	501,261,124
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.2%			16,560,578
	NET ASSETS – 100.0%		$	517,821,702

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

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	3,161,672	GBP	2,470,000		09/18/19	$	13,718
	USD	4,620,378	JPY	495,000,000		09/18/19		2,325
TOTAL							$	16,043

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	714,157	HKD	5,590,000		09/18/19	$	(1,690	)
	USD	1,717,396	CHF	1,680,000		09/18/19		(15,971	)
	USD	46,728	NZD	70,000		09/18/19		(368	)
	USD	334,138	DKK	2,190,000		09/18/19		(1,754	)
	USD	55,925	ILS	200,000		09/18/19		(391	)
	USD	506,182	SEK	4,725,000		09/18/19		(5,528	)
	USD	6,034,066	EUR	5,300,000		09/18/19		(30,506	)
	USD	133,245	NOK	1,150,000		09/18/19		(1,862	)
	USD	257,243	SGD	350,000		09/18/19		(1,753	)
	USD	1,340,834	AUD	1,910,000		09/18/19		(3,294	)
TOTAL							$	(63,117	)

FUTURES CONTRACTS — At June 30, 2019, 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		177			09/20/19	$	26,056,170		$	437,756
Short position contracts:
Eurodollars		(766	)		09/14/20		(188,522,175	)		(1,890,666	)
TOTAL FUTURES CONTRACTS									$	(1,452,910	)

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2019, the Portfolio had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$	97.75		09/16/2019		89	$	222,500	$	58,962	$	40,081	$	18,881
Eurodollar Futures		98.50		03/16/2020		84		210,000		28,350		28,545		(195	)
Eurodollar Futures		98.50		06/15/2020		55		137,500		30,250		27,628		2,622
Eurodollar Futures		97.50		09/14/2020		63		157,500		151,200		48,904		102,296
Eurodollar Futures		97.50		12/14/2020		59		147,500		143,075		56,269		86,806
Eurodollar Futures		97.00		03/15/2021		60		150,000		219,750		107,389		112,361
Eurodollar Futures		98.25		03/15/2021		512		1,280,000		595,200		595,313		(113	)
Eurodollar Futures		97.00		06/14/2021		58		145,000		209,524		107,434		102,090
Eurodollar Futures		98.00		06/14/2021		223		557,500		348,438		181,659		166,779
Eurodollar Futures		98.25		06/14/2021		451		1,127,500		535,562		554,796		(19,234	)
Eurodollar Futures		97.00		09/13/2021		31		77,500		110,438		76,022		34,416
Eurodollar Futures		98.25		09/13/2021		441		1,102,500		534,713		527,911		6,802
Eurodollar Futures		98.50		12/13/2021		299		747,500		276,575		292,556		(15,981	)
TOTAL						2,425	$	6,062,500	$	3,242,037	$	2,644,507	$	597,530

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)
Purchased option contracts
Puts
SPX Index	Barclays Bank PLC	$	2,801.58		01/17/2020		3,649	$	3,649	$	291,518	$	323,739	$	(32,221	)

Abbreviations:

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 96.6%
Dynamic – 7.8%
	3,571,429	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	35,071,428
	2,007,875	Goldman Sachs Managed Futures Strategy Fund – Class R6		21,705,132
	1,677,199	Goldman Sachs Alternative Premia Fund – Class R6		13,652,404
				70,428,964
Equity – 41.4%
	10,626,703	Goldman Sachs Dynamic Global Equity Fund – Class R6		202,651,226
	5,999,780	Goldman Sachs International Equity Insights Fund – Class R6		75,357,235
	4,946,479	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		47,337,801
	1,569,998	Goldman Sachs Global Infrastructure Fund – Class R6		18,337,574
	1,492,445	Goldman Sachs Global Real Estate Securities Fund – Class R6		16,745,238
	1,019,255	Goldman Sachs International Small Cap Insights Fund – Class R6		11,711,239
				372,140,313
Exchange Traded Funds – 28.1%
	3,219,888	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		189,232,818
	1,219,295	Goldman Sachs Access Investment Grade Corporate Bond ETF		62,671,763
				251,904,581
Fixed Income – 19.3%
	9,383,981	Goldman Sachs Global Income Fund – Class R6		120,021,121
	2,094,517	Goldman Sachs Emerging Markets Debt Fund – Class R6		26,181,466
	1,589,227	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		9,583,039
	1,356,238	Goldman Sachs High Yield Fund – Class R6		8,693,483
	903,766	Goldman Sachs High Yield Floating Rate Fund – Class R6		8,495,398
				172,974,507
	TOTAL UNDERLYING FUNDS – 96.6%
	(Cost $838,089,142)		$	867,448,365
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.4%			30,740,147
	NET ASSETS – 100.0%		$	898,188,512

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

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	3,645,127	GBP	2,855,000		09/18/19	$	6,501

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	6,954,185	EUR	6,130,000		09/18/19	$	(60,122	)
	USD	826,526	HKD	6,470,000		09/18/19		(2,013	)
	USD	67,034	ILS	240,000		09/18/19		(544	)
	USD	293,671	SGD	400,000		09/18/19		(2,325	)
	USD	53,148	NZD	80,000		09/18/19		(676	)
	USD	384,269	DKK	2,530,000		09/18/19		(3,771	)
	USD	5,335,575	JPY	573,000,000		09/18/19		(10,171	)
	USD	1,546,182	AUD	2,210,000		09/18/19		(9,065	)
	USD	1,983,213	CHF	1,950,000		09/18/19		(28,731	)
	USD	584,218	SEK	5,475,000		09/18/19		(8,716	)
	USD	155,394	NOK	1,350,000		09/18/19		(3,210	)
TOTAL							$	(129,344	)

FUTURES CONTRACTS — At June 30, 2019, 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		311			09/20/19	$	45,782,310		$	769,165
Short position contracts:
Eurodollars		(1,679	)		09/14/20		(413,222,888	)		(4,144,162	)
TOTAL FUTURES CONTRACTS									$	(3,374,997	)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2019, 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	$	97.75		09/16/2019		105	$	262,500	$	69,563	$	65,868	$	3,695
Eurodollar Futures		98.50		03/16/2020		135		337,500		45,563		45,876		(313	)
Eurodollar Futures		98.50		06/15/2020		88		220,000		48,400		44,204		4,196
Eurodollar Futures		97.50		09/14/2020		143		357,500		343,200		111,005		232,195
Eurodollar Futures		97.50		12/14/2020		135		337,500		327,375		128,751		198,624
Eurodollar Futures		97.00		03/15/2021		99		247,500		362,587		177,192		185,395
Eurodollar Futures		98.25		03/15/2021		1,051		2,627,500		1,221,788		1,224,151		(2,363	)
Eurodollar Futures		97.00		06/14/2021		95		237,500		343,187		175,970		167,217
Eurodollar Futures		98.00		06/14/2021		413		1,032,500		645,312		336,435		308,877
Eurodollar Futures		98.25		06/14/2021		916		2,290,000		1,087,750		1,131,050		(43,300	)
Eurodollar Futures		97.00		09/13/2021		75		187,500		267,187		183,924		83,263
Eurodollar Futures		98.25		09/13/2021		894		2,235,000		1,083,975		1,071,174		12,801
Eurodollar Futures		98.50		12/13/2021		597		1,492,500		552,225		585,473		(33,248	)
TOTAL						4,746	$	11,865,000	$	6,398,112	$	5,281,073	$	1,117,039

32 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 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	$3,010.00		07/31/2019		(1	)	$	(100	)	$	(1,566	)	$	(2,394	)	$	828
Puts
S&P 500 Index	2,790.00		07/31/2019		(1	)		(100	)		(1,329	)		(5,629	)		4,300
TOTAL					(2	)	$	(200	)	$	(2,895	)	$	(8,023	)	$	5,128

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)
Purchased option contracts
Puts
SPX Index	Barclays Bank PLC	$	2,801.58		01/17/2020		7,350	$	7,350	$	587,190	$	652,092	$	(64,902	)

Abbreviations:

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 96.8%
Dynamic – 5.9%
	2,346,939	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	23,046,939
	1,295,906	Goldman Sachs Managed Futures Strategy Fund – Class R6		14,008,739
	1,157,935	Goldman Sachs Alternative Premia Fund – Class R6		9,425,593
				46,481,271
Equity – 51.6%
	11,206,111	Goldman Sachs Dynamic Global Equity Fund – Class R6		213,700,545
	7,386,018	Goldman Sachs International Equity Insights Fund – Class R6		92,768,389
	5,510,232	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		52,732,917
	1,424,823	Goldman Sachs Global Infrastructure Fund – Class R6		16,641,936
	1,374,622	Goldman Sachs Global Real Estate Securities Fund – Class R6		15,423,255
	1,231,317	Goldman Sachs International Small Cap Insights Fund – Class R6		14,147,827
				405,414,869
Exchange Traded Funds – 34.1%
	4,053,975	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		238,252,111
	579,516	Goldman Sachs Access Investment Grade Corporate Bond ETF		29,787,122
				268,039,233
Fixed Income – 5.2%
	1,921,806	Goldman Sachs Emerging Markets Debt Fund – Class R6		24,022,580
	1,376,690	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		8,301,442
	1,240,556	Goldman Sachs High Yield Fund – Class R6		7,951,965
				40,275,987
	TOTAL UNDERLYING FUNDS – 96.8%
	(Cost $724,355,382)		$	760,211,360

Shares		Dividend Rate	Value
Investment Company(a) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,102,513	2.308%	$	1,102,513
	(Cost $1,102,513)
	TOTAL INVESTMENTS – 96.9%
	(Cost $725,457,895)		$	761,313,873
	OTHER ASSETS IN EXCESS OF     LIABILITIES –3.1%			24,509,058
	NET ASSETS – 100.0%		$	785,822,931

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

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	2,584,850	GBP	2,025,000		09/18/19	$	4,038

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	1,402,381	CHF	1,380,000		09/18/19		(21,457	)
	USD	586,361	HKD	4,590,000		09/18/19		(1,428	)
	USD	44,690	ILS	160,000		09/18/19		(363	)
	USD	212,911	SGD	290,000		09/18/19		(1,686	)
	USD	416,239	SEK	3,900,000		09/18/19		(6,124	)
	USD	3,780,985	JPY	406,000,000		09/18/19		(6,751	)
	USD	109,197	NOK	950,000		09/18/19		(2,413	)
	USD	273,275	DKK	1,800,000		09/18/19		(2,800	)
	USD	39,804	NZD	60,000		09/18/19		(564	)
	USD	1,097,669	AUD	1,570,000		09/18/19		(7,190	)
	USD	4,927,328	EUR	4,350,000		09/18/19		(50,198	)
TOTAL							$	(100,974	)

FUTURES CONTRACTS — At June 30, 2019, 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		276			09/20/19	$	40,629,960		$	682,603
Short position contracts:
Eurodollars		(1,551	)		09/14/20		(381,720,488	)		(3,804,519	)
TOTAL FUTURES CONTRACTS									$	(3,121,916	)

PURCHASED OPTIONS CONTRACTS — At June 30, 2019, the Portfolio had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$97.75		09/16/2019		114	$	285,000	$	75,525	$	71,513	$	4,012
Eurodollar Futures	98.25		03/15/2021		1,044		2,610,000		1,213,650		1,217,422		(3,772	)
Eurodollar Futures	98.25		06/14/2021		901		2,252,500		1,069,937		1,115,390		(45,453	)
Eurodollar Futures	97.50		09/14/2020		153		382,500		367,200		118,767		248,433
Eurodollar Futures	98.50		03/16/2020		105		262,500		35,437		35,681		(244	)
Eurodollar Futures	98.50		06/15/2020		69		172,500		37,950		34,660		3,290
Eurodollar Futures	98.50		12/13/2021		578		1,445,000		534,650		567,816		(33,166	)
Eurodollar Futures	98.25		09/13/2021		880		2,200,000		1,067,000		1,055,079		11,921
Eurodollar Futures	97.50		12/14/2020		144		360,000		349,200		137,335		211,865
Eurodollar Futures	97.00		03/15/2021		75		187,500		274,688		134,237		140,451
Eurodollar Futures	97.00		06/14/2021		73		182,500		263,713		135,220		128,493
Eurodollar Futures	98.00		06/14/2021		368		920,000		575,000		299,778		275,222
Eurodollar Futures	97.00		09/13/2021		132		330,000		470,250		323,706		146,544
TOTAL					4,636	$	11,590,000	$	6,334,200	$	5,246,604	$	1,087,596

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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)
Purchased option contracts
Puts
SPX Index	Barclays Bank PLC		$2,801.580		01/17/2020		7,350	$	7,350	$	587,190	$	652,092	$	(64,902	)

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 99.1%
Equity – 54.5%
	5,638,685	Goldman Sachs Global Real Estate Securities Fund – Class R6	$	63,266,049
	4,270,027	Goldman Sachs Global Infrastructure Fund – Class R6		49,873,910
	3,556,208	Goldman Sachs International Small Cap Insights Fund – Class R6		40,860,831
	2,401,943	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		22,986,595
	805,994	Goldman Sachs Emerging Markets Equity Fund – Class R6		17,320,815
	596,177	Goldman Sachs MLP Energy Infrastructure Fund – Class R6		4,000,347
				198,308,547
Exchange Traded Funds – 4.4%
	487,221	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		16,014,954
Fixed Income – 40.2%
	4,994,684	Goldman Sachs Emerging Markets Debt Fund – Class R6		62,433,552
	6,593,115	Goldman Sachs High Yield Fund – Class R6		42,261,869
	2,351,385	Goldman Sachs High Yield Floating Rate Fund – Class R6		22,103,022
	3,250,133	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		19,598,303
				146,396,746
	TOTAL UNDERLYING FUNDS – 99.1%
	(Cost $313,688,297)		$	360,720,247
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			3,206,112
	NET ASSETS – 100.0%		$	363,926,359

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

Investment Abbreviations:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $493,201,854 and $838,089,142, respectively)	$	501,261,124		$	867,448,365
Purchased options, at value (cost $2,968,246 and $5,933,165, respectively)		3,533,555			6,985,302
Cash		8,024,613			13,991,180
Foreign currencies, at value (cost $21,629 and $57,722, respectively)		24,309			43,974
Unrealized gain on forward foreign currency exchange contracts		16,043			6,501
Variation margin on futures contracts		162,854			305,880
Receivables:
Investments sold		4,398,561			8,798,137
Collateral on certain derivative contracts(a)		474,669			782,019
Dividends		367,197			400,974
Portfolio shares sold		332,744			424,902
Reimbursement from investment adviser		30,467			33,127
Other assets		71,788			81,470
Total assets		518,697,924			899,301,831
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		63,117			129,344
Written option contracts, at value (premium received $0 and $8,023, respectively)		—			2,895
Payables:
Investments purchased		367,197			400,254
Portfolio shares redeemed		252,051			267,011
Distribution and Service fees and Transfer Agency fees		67,929			144,091
Management fees		63,213			109,307
Accrued expenses		62,715			60,417
Total liabilities		876,222			1,113,319
Net Assets:
Paid-in capital		519,146,010			876,308,679
Total distributable earnings (loss)		(1,324,308	)		21,879,833
NET ASSETS	$	517,821,702		$	898,188,512
Net Assets:
Class A	$	109,081,177		$	287,858,804
Class C		12,669,541			22,152,185
Institutional		339,595,999			367,696,748
Service		750,210			3,029,536
Investor		3,570,118			7,520,879
Class P		40,895,114			197,683,929
Class R		8,936,065			4,798,917
Class R6		2,323,478			7,447,514
Total Net Assets	$	517,821,702		$	898,188,512
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		9,644,657			21,081,830
Class C		1,118,548			1,661,263
Institutional		30,028,502			26,849,369
Service		65,553			222,416
Investor		317,009			553,429
Class P		3,615,140			14,442,015
Class R		793,237			354,138
Class R6		205,441			544,079
Net asset value, offering and redemption price per share:(b)
Class A		$11.31			$13.65
Class C		11.33			13.33
Institutional		11.31			13.69
Service		11.44			13.62
Investor		11.26			13.59
Class P		11.31			13.69
Class R		11.27			13.55
Class R6		11.31			13.69

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

Fund	Forwards		Options
Balanced Strategy	$	27	$	474,642
Growth and Income Strategy		—		782,019

(b) Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.97 and $14.44, 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.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities (continued)

	Growth Strategy Portfolio		Satellite Strategies Portfolio
Assets:
Investments in Affiliated Underlying Funds, at value (cost $725,457,895 and $313,688,297, respectively)	$	761,313,873	$	360,720,247
Purchased options, at value (cost $5,898,696 and $0, respectively)		6,921,390		—
Cash		13,021,838		4,080,862
Foreign currencies, at value (cost $68,346 and $0, respectively)		55,322		—
Unrealized gain on forward foreign currency exchange contracts		4,038		—
Variation margin on futures contracts		275,350		—
Receivables:
Investments sold		7,801,601		—
Collateral on certain derivative contracts(a)		435,603		—
Dividends		162,476		609,397
Portfolio shares sold		196,613		183,778
Reimbursement from investment adviser		34,539		27,777
Other assets		84,977		84,608
Total assets		790,307,620		365,706,669
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		100,974		—
Payables:
Investments purchased		162,476		609,244
Portfolio shares redeemed		3,853,300		1,000,143
Distribution and Service fees and Transfer Agency fees		164,858		51,445
Management fees		95,792		37,464
Collateral on certain derivative contracts(b)		59,799		—
Accrued expenses		47,490		82,014
Total liabilities		4,484,689		1,780,310
Net Assets:
Paid-in capital		740,862,563		368,612,509
Total distributable earnings (loss)		44,960,368		(4,686,150	)
NET ASSETS	$	785,822,931	$	363,926,359
Net Assets:
Class A	$	334,622,366	$	47,568,376
Class C		31,972,574		21,071,965
Institutional		229,165,634		222,078,371
Service		2,217,826		251,524
Investor		7,058,175		20,203,295
Class P		167,295,000		3,267,598
Class R		6,285,635		1,118,261
Class R6		7,205,721		48,366,969
Total Net Assets	$	785,822,931	$	363,926,359
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		21,414,883		5,777,614
Class C		2,017,695		2,570,273
Institutional		14,657,842		27,037,225
Service		142,454		30,596
Investor		457,945		2,459,070
Class P		10,693,947		397,302
Class R		413,623		136,359
Class R6		460,714		5,886,251
Net asset value, offering and redemption price per share:(c)
Class A		$15.63		$8.23
Class C		15.85		8.20
Institutional		15.63		8.21
Service		15.57		8.22
Investor		15.41		8.22
Class P		15.64		8.22
Class R		15.20		8.20
Class R6		15.64		8.22

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

Fund	Options
Growth Strategy	$	435,603

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

Fund	Forwards
Growth Strategy	$	59,799

(c) Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.54 and $8.71, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Investment income:
Dividends from Affiliated Funds	$	4,370,281		$	5,866,700
Interest		4,179			8,144
Total investment income		4,374,460			5,874,844
Expenses:
Management fees		372,317			666,888
Distribution and Service fees(a)		219,880			495,644
Transfer Agency fees(a)		189,555			391,958
Registration fees		58,688			66,919
Professional fees		41,727			41,727
Custody, accounting and administrative services		32,187			31,666
Printing and mailing costs		18,287			31,399
Trustee fees		8,350			8,722
Service Share fees — Service Plan		883			3,657
Service Share fees — Shareholder Administration Plan		883			3,657
Other		9,866			13,249
Total expenses		952,623			1,755,486
Less — expense reductions		(158,253	)		(174,067	)
Net expenses		794,370			1,581,419
NET INVESTMENT INCOME		3,580,090			4,293,425
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		(11,081,460	)		(7,093,213	)
Purchased options		2,262,141			5,685,562
Futures contracts		2,491,922			4,177,038
Written options		(650,239	)		(1,390,002	)
Forward foreign currency exchange contracts		415,970			967,369
Foreign currency transactions		(271	)		4,951
Net change in unrealized gain (loss) on:
Affiliated Funds		52,022,944			95,944,707
Purchased options		938,777			1,261,339
Futures contracts		(1,304,417	)		(3,166,850	)
Written options		45,318			108,279
Forward foreign currency exchange contracts		142,075			244,670
Foreign currency translation		(11,416	)		(25,756	)
Net realized and unrealized gain		45,271,344			96,718,094
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,851,434		$	101,011,519

(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		Class R		Class R6
Balanced Strategy	$	134,268	$	63,715	$	21,897	$	96,672	$	11,469	$	63,724	$	141	$	2,926	$	6,378	$	7,883	$	362
Growth and Income Strategy		352,009		132,064		11,571		253,445		23,772		73,705		585		6,626		28,635		4,166		1,024

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended June 30, 2019 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Investment income:
Dividends from Affiliated Funds	$	4,212,773		$	5,726,893
Interest		9,454			—
Total investment income		4,222,227			5,726,893
Expenses:
Distribution and Service fees(a)		601,538			192,489
Management fees		590,916			247,178
Transfer Agency fees(a)		410,286			144,418
Registration fees		64,200			47,701
Professional fees		41,727			39,199
Printing and mailing costs		33,097			23,240
Custody, accounting and administrative services		29,720			28,611
Trustee fees		8,657			8,353
Service Share fees — Service Plan		2,943			305
Service Share fees — Shareholder Administration Plan		2,943			305
Other		17,851			8,408
Total expenses		1,803,878			740,207
Less — expense reductions		(178,299	)		(135,899	)
Net expenses		1,625,579			604,308
NET INVESTMENT INCOME		2,596,648			5,122,585
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		2,225,315			1,517,974
Investments — unaffiliated issuers		621			—
Purchased options		7,160,865			—
Futures contracts		4,530,771			—
Written options		(350,351	)		—
Forward foreign currency exchange contracts		942,688			—
Foreign currency transactions		(1,948	)		—
Net change in unrealized gain (loss) on:
Affiliated Funds		87,845,615			43,673,621
Purchased options		771,460			—
Futures contracts		(3,726,572	)		—
Written options		27,329			—
Forward foreign currency exchange contracts		188,198			—
Foreign currency translation		(25,544	)		—
Net realized and unrealized gain		99,588,447			45,191,595
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	102,185,095		$	50,314,180

(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		Class R		Class R6
Growth Strategy	$	404,783	$	181,804	$	14,951	$	291,443	$	32,725	$	48,978	$	471	$	6,138	$	24,094	$	5,383	$	1,054
Satellite Strategies		52,849		136,525		3,115		38,051		24,574		50,392		49		22,661		470		1,121		7,100

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Balanced Strategy Portfolio						Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	3,580,090		$	8,572,589		$	4,293,425		$	13,762,946
Net realized gain (loss)		(6,561,937	)		5,109,389			2,351,705			25,802,714
Net change in unrealized gain (loss)		51,833,281			(47,420,895	)		94,366,389			(122,117,833	)
Net increase (decrease) in net assets resulting from operations		48,851,434			(33,738,917	)		101,011,519			(82,552,173	)
Distributions to shareholders:
From total distributable earnings:
Class A Shares		(626,668	)		(4,408,193	)		(1,045,922	)		(7,092,517	)
Class C Shares		(24,056	)		(429,922	)		(23,040	)		(514,723	)
Institutional Shares		(2,502,544	)		(12,877,904	)		(2,016,823	)		(11,080,977	)
Service Shares		(3,723	)		(27,283	)		(9,332	)		(70,425	)
Investor Shares		(22,887	)		(135,812	)		(36,354	)		(225,243	)
Class P Shares(a)		(318,542	)		(1,925,367	)		(1,080,922	)		(4,938,925	)
Class R Shares		(40,367	)		(329,743	)		(11,959	)		(102,253	)
Class R6 Shares		(18,137	)		(85,343	)		(39,099	)		(150,677	)
Total distributions to shareholders		(3,556,924	)		(20,219,567	)		(4,263,451	)		(24,175,740	)
From share transactions:
Proceeds from sales of shares		65,900,673			206,856,339			50,288,050			414,705,406
Reinvestment of distributions		3,500,079			19,823,264			4,153,234			23,447,788
Cost of shares redeemed		(65,552,340	)		(226,013,487	)		(118,519,248	)		(452,457,767	)
Net increase (decrease) in net assets resulting from share transactions		3,848,412			666,116			(64,077,964	)		(14,304,573	)
TOTAL INCREASE (DECREASE)		49,142,922			(53,292,368	)		32,670,104			(121,032,486	)
Net assets:
Beginning of period		468,678,780			521,971,148			865,518,408			986,550,894
End of period	$	517,821,702		$	468,678,780		$	898,188,512		$	865,518,408

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

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets (continued)

	Growth Strategy Portfolio						Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,596,648		$	10,473,867		$	5,122,585		$	14,598,728
Net realized gain (loss)		14,507,961			27,356,321			1,517,974			1,640,329
Net change in unrealized gain (loss)		85,080,486			(132,396,781	)		43,673,621			(72,454,604	)
Net increase (decrease) in net assets resulting from operations		102,185,095			(94,566,593	)		50,314,180			(56,215,547	)
Distributions to shareholders:
From total distributable earnings:
Class A Shares		—			(7,924,550	)		(545,892	)		(1,151,877	)
Class C Shares		—			—			(173,451	)		(592,136	)
Institutional Shares		—			(7,387,673	)		(3,314,980	)		(10,541,700	)
Service Shares		—			(54,633	)		(2,755	)		(7,103	)
Investor Shares		—			(177,616	)		(312,341	)		(982,010	)
Class P Shares(a)		—			(4,422,574	)		(43,954	)		(77,948	)
Class R Shares		—			(140,340	)		(12,466	)		(51,584	)
Class R6 Shares		—			(196,873	)		(659,914	)		(1,424,298	)
Total distributions to shareholders		—			(20,304,259	)		(5,065,753	)		(14,828,656	)
From share transactions:
Proceeds from sales of shares		52,763,175			348,678,362			29,849,056			123,860,465
Reinvestment of distributions		—			19,578,750			4,161,010			12,191,392
Cost of shares redeemed		(131,337,577	)		(408,240,746	)		(120,670,696	)		(334,919,232	)
Net increase (decrease) in net assets resulting from share transactions		(78,574,402	)		(39,983,634	)		(86,660,630	)		(198,867,375	)
TOTAL INCREASE (DECREASE)		23,610,693			(154,854,486	)		(41,412,203	)		(269,911,578	)
Net assets:
Beginning of period		762,212,238			917,066,724			405,338,562			675,250,140
End of period	$	785,822,931		$	762,212,238		$	363,926,359		$	405,338,562

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

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

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, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.32		$	11.55		$	10.82		$	10.41		$	11.06		$	11.13
Net investment income (loss)(a)(b)		0.06			0.16			0.16			0.11			0.33			0.21
Net realized and unrealized gain (loss)		0.99			(0.95	)		1.05			0.41			(0.43	)		0.06
Total from investment operations		1.05			(0.79	)		1.21			0.52			(0.10	)		0.27
Distributions to shareholders from net investment income		(0.06	)		(0.24	)		(0.27	)		(0.11	)		(0.38	)		(0.34	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.17	)		—
Total distributions		(0.06	)		(0.44	)		(0.48	)		(0.11	)		(0.55	)		(0.34	)
Net asset value, end of period	$	11.31		$	10.32		$	11.55		$	10.82		$	10.41		$	11.06
Total return(c)		10.22	%		(6.90	)%		11.19	%		5.04	%		(0.90	) %		2.40	%
Net assets, end of period (in 000s)	$	109,081		$	106,235		$	119,662		$	129,445		$	146,047		$	173,813
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.62	%		0.59	%		0.59	%		0.60	%
Ratio of total expenses to average net assets(d)		0.65	%(e)		0.63	%		0.68	%		0.67	%		0.65	%		0.66	%
Ratio of net investment income to average net assets(b)		1.18	%(e)		1.46	%		1.40	%		1.01	%		2.95	%		1.85	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.34		$	11.55		$	10.82		$	10.41		$	11.07		$	11.13
Net investment income(a)(b)		0.02			0.05			0.07			0.03			0.24			0.12
Net realized and unrealized gain (loss)		0.99			(0.92	)		1.05			0.42			(0.43	)		0.07
Total from investment operations		1.01			(0.87	)		1.12			0.45			(0.19	)		0.19
Distributions to shareholders from net investment income		(0.02	)		(0.14	)		(0.18	)		(0.04	)		(0.32	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.15	)		—
Total distributions		(0.02	)		(0.34	)		(0.39	)		(0.04	)		(0.47	)		(0.25	)
Net asset value, end of period	$	11.33		$	10.34		$	11.55		$	10.82		$	10.41		$	11.07
Total return(c)		9.79	%		(7.58	)%		10.30	%		4.24	%		(1.65	)%		1.71	%
Net assets, end of period (in 000s)	$	12,670		$	12,807		$	34,542		$	47,217		$	53,734		$	63,726
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.33	%		1.37	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets(d)		1.40	%(e)		1.38	%		1.42	%		1.42	%		1.40	%		1.41	%
Ratio of net investment income to average net assets(b)		0.42	%(e)		0.43	%		0.58	%		0.27	%		2.20	%		1.05	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.32		$	11.55		$	10.82		$	10.42		$	11.07		$	11.13
Net investment income(a)(b)		0.09			0.20			0.21			0.16			0.39			0.25
Net realized and unrealized gain (loss)		0.98			(0.95	)		1.04			0.40			(0.44	)		0.07
Total from investment operations		1.07			(0.75	)		1.25			0.56			(0.05	)		0.32
Distributions to shareholders from net investment income		(0.08	)		(0.28	)		(0.31	)		(0.16	)		(0.40	)		(0.38	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.20	)		—
Total distributions		(0.08	)		(0.48	)		(0.52	)		(0.16	)		(0.60	)		(0.38	)
Net asset value, end of period	$	11.31		$	10.32		$	11.55		$	10.82		$	10.42		$	11.07
Total return(c)		10.43	%		(6.53	)%		11.63	%		5.36	%		(0.49	)%		2.90	%
Net assets, end of period (in 000s)	$	339,596		$	292,183		$	353,778		$	285,795		$	234,110		$	254,620
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.22	%		0.19	%		0.19	%		0.20	%
Ratio of total expenses to average net assets(d)		0.26	%(e)		0.24	%		0.28	%		0.27	%		0.25	%		0.26	%
Ratio of net investment income to average net assets(b)		1.57	%(e)		1.76	%		1.85	%		1.46	%		3.48	%		2.22	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.45		$	11.68		$	10.94		$	10.45		$	11.10		$	11.16
Net investment income(a)(b)		0.06			0.15			0.15			0.10			0.39			0.19
Net realized and unrealized gain (loss)		0.99			(0.95	)		1.06			0.49			(0.50	)		0.08
Total from investment operations		1.05			(0.80	)		1.21			0.59			(0.11	)		0.27
Distributions to shareholders from net investment income		(0.06	)		(0.23	)		(0.26	)		(0.10	)		(0.36	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.18	)		—
Total distributions		(0.06	)		(0.43	)		(0.47	)		(0.10	)		(0.54	)		(0.33	)
Net asset value, end of period	$	11.44		$	10.45		$	11.68		$	10.94		$	10.45		$	11.10
Total return(c)		10.04	%		(6.93	)%		11.04	%		5.67	%		(0.99	)%		2.38	%
Net assets, end of period (in 000s)	$	750		$	667		$	833		$	831		$	967		$	1,391
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.72	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets(d)		0.76	%(e)		0.74	%		0.78	%		0.77	%		0.75	%		0.75	%
Ratio of net investment income to average net assets(b)		1.07	%(e)		1.31	%		1.31	%		0.93	%		3.47	%		1.65	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.28		$	11.50		$	10.78		$	10.37		$	11.03		$	11.09
Net investment income(a)(b)		0.08			0.18			0.18			0.14			0.36			0.25
Net realized and unrealized gain (loss)		0.98			(0.93	)		1.05			0.41			(0.44	)		0.06
Total from investment operations		1.06			(0.75	)		1.23			0.55			(0.08	)		0.31
Distributions to shareholders from net investment income		(0.08	)		(0.27	)		(0.30	)		(0.14	)		(0.39	)		(0.37	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.19	)		—
Total distributions		(0.08	)		(0.47	)		(0.51	)		(0.14	)		(0.58	)		(0.37	)
Net asset value, end of period	$	11.26		$	10.28		$	11.50		$	10.78		$	10.37		$	11.03
Total return(c)		10.29	%		(6.61	)%		11.41	%		5.33	%		(0.73	)%		2.76	%
Net assets, end of period (in 000s)	$	3,570		$	2,937		$	3,976		$	4,810		$	4,555		$	4,980
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.34	%		0.37	%		0.34	%		0.34	%		0.35	%
Ratio of total expenses to average net assets(d)		0.40	%(e)		0.38	%		0.42	%		0.42	%		0.40	%		0.41	%
Ratio of net investment income to average net assets(b)		1.43	%(e)		1.64	%		1.60	%		1.30	%		3.29	%		2.23	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	10.32		$	11.54
Net investment income(b)(c)		0.09			0.20
Net realized and unrealized gain (loss)		0.98			(0.96	)
Total from investment operations		1.07			(0.76	)
Distributions to shareholders from net investment income		(0.08	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.20	)
Total distributions		(0.08	)		(0.46	)
Net asset value, end of period	$	11.31		$	10.32
Total return(d)		10.43	%		(6.67	)%
Net assets, end of period (in 000s)	$	40,895		$	43,098
Ratio of net expenses to average net assets(e)(f)		0.18	%		0.19	%
Ratio of total expenses to average net assets(e)(f)		0.25	%		0.24	%
Ratio of net investment income to average net assets(c)(f)		1.57	%		2.48	%
Portfolio turnover rate(g)		44	%		45	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.28		$	11.50		$	10.79		$	10.36		$	11.02		$	11.08
Net investment income(a)(b)		0.05			0.14			0.15			0.09			0.36			0.18
Net realized and unrealized gain (loss)		0.99			(0.95	)		1.02			0.43			(0.49	)		0.07
Total from investment operations		1.04			(0.81	)		1.17			0.52			(0.13	)		0.25
Distributions to shareholders from net investment income		(0.05	)		(0.21	)		(0.25	)		(0.09	)		(0.34	)		(0.31	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.19	)		—
Total distributions		(0.05	)		(0.41	)		(0.46	)		(0.09	)		(0.53	)		(0.31	)
Net asset value, end of period	$	11.27		$	10.28		$	11.50		$	10.79		$	10.36		$	11.02
Total return(c)		10.13	%		(7.07	)%		10.81	%		5.02	%		(1.23	)%		2.25	%
Net assets, end of period (in 000s)	$	8,936		$	8,443		$	8,629		$	6,110		$	5,196		$	5,436
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.87	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets(d)		0.90	%(e)		0.88	%		0.93	%		0.92	%		0.90	%		0.90	%
Ratio of net investment income to average net assets(b)		0.93	%(e)		1.23	%		1.30	%		0.85	%		3.22	%		1.61	%
Portfolio turnover rate(f)		44	%		45	%		81	%		76	%		48	%		38	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.32		$	11.55		$	10.83		$	10.42		$	11.16
Net investment income(b)(c)		0.08			0.35			0.54			0.15			0.30
Net realized and unrealized gain (loss)		0.99			(1.09	)		0.71			0.42			(0.52	)
Total from investment operations		1.07			(0.74	)		1.25			0.57			(0.22	)
Distributions to shareholders from net investment income		(0.08	)		(0.29	)		(0.32	)		(0.16	)		(0.35	)
Distributions to shareholders from net realized gains		—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			(0.17	)
Total distributions		(0.08	)		(0.49	)		(0.53	)		(0.16	)		(0.52	)
Net asset value, end of period	$	11.31		$	10.32		$	11.55		$	10.83		$	10.42
Total return(d)		10.43	%		(6.52	)%		11.54	%		5.46	%		(2.01	)%
Net assets, end of period (in 000s)	$	2,323		$	2,308		$	551		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.31	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.25	%(f)		0.24	%		0.39	%		0.27	%		0.23	%(f)
Ratio of net investment income to average net assets(c)		1.56	%(f)		3.10	%		4.64	%		1.45	%		6.52	%(f)
Portfolio turnover rate(g)		44	%		45	%		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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.26		$	13.81		$	12.17		$	11.62		$	12.10		$	12.14
Net investment income (loss)(a)(b)		0.05			0.18			0.18			0.11			0.25			0.20
Net realized and unrealized gain (loss)		1.39			(1.41	)		1.79			0.56			(0.31	)		0.07
Total from investment operations		1.44			(1.23	)		1.97			0.67			(0.06	)		0.27
Distributions to shareholders from net investment income		(0.05	)		(0.32	)		(0.33	)		(0.12	)		(0.42	)		(0.31	)
Net asset value, end of period	$	13.65		$	12.26		$	13.81		$	12.17		$	11.62		$	12.10
Total return(c)		11.74	%		(8.94	)%		16.19	%		5.75	%		(0.54	)%		2.22	%
Net assets, end of period (in 000s)	$	287,859		$	272,658		$	302,116		$	302,858		$	341,468		$	408,488
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.60	%
Ratio of total expenses to average net assets(d)		0.62	%(e)		0.61	%		0.63	%		0.64	%		0.63	%		0.63	%
Ratio of net investment income to average net assets(b)		0.74	%(e)		1.29	%		1.35	%		0.95	%		2.08	%		1.64	%
Portfolio turnover rate(f)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.98		$	13.49		$	11.90		$	11.42		$	11.91		$	11.99
Net investment income(a)(b)		—	(c)		0.01			0.06			0.02			0.16			0.10
Net realized and unrealized gain (loss)		1.36			(1.31	)		1.76			0.54			(0.31	)		0.08
Total from investment operations		1.36			(1.30	)		1.82			0.56			(0.15	)		0.18
Distributions to shareholders from net investment income		(0.01	)		(0.21	)		(0.23	)		(0.08	)		(0.34	)		(0.26	)
Net asset value, end of period	$	13.33		$	11.98		$	13.49		$	11.90		$	11.42		$	11.91
Total return(d)		11.37	%		(9.62	)%		15.31	%		4.86	%		(1.24	)%		1.46	%
Net assets, end of period (in 000s)	$	22,152		$	27,099		$	94,118		$	121,778		$	143,257		$	169,745
Ratio of net expenses to average net assets(e)		1.33	%(f)		1.34	%		1.34	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets(e)		1.37	%(f)		1.36	%		1.38	%		1.39	%		1.38	%		1.38	%
Ratio of net investment income (loss) to average net assets(b)		(0.06	)%(f)		0.11	%		0.50	%		0.18	%		1.30	%		0.80	%
Portfolio turnover rate(g)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.29		$	13.85		$	12.21		$	11.66		$	12.14		$	12.18
Net investment income(a)(b)		0.07			0.20			0.24			0.17			0.32			0.26
Net realized and unrealized gain (loss)		1.40			(1.39	)		1.78			0.55			(0.33	)		0.06
Total from investment operations		1.47			(1.19	)		2.02			0.72			(0.01	)		0.32
Distributions to shareholders from net investment income		(0.07	)		(0.37	)		(0.38	)		(0.17	)		(0.47	)		(0.36	)
Net asset value, end of period	$	13.69		$	12.29		$	13.85		$	12.21		$	11.66		$	12.14
Total return(c)		12.08	%		(8.63	)%		16.60	%		6.15	%		(0.13	)%		2.62	%
Net assets, end of period (in 000s)	$	367,697		$	360,006		$	574,136		$	455,273		$	429,243		$	421,720
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.19	%		0.19	%		0.19	%		0.20	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.22	%		0.23	%		0.24	%		0.23	%		0.23	%
Ratio of net investment income to average net assets(b)		1.12	%(e)		1.48	%		1.80	%		1.42	%		2.59	%		2.11	%
Portfolio turnover rate(f)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.23		$	13.77		$	12.14		$	11.60		$	12.07		$	12.11
Net investment income(a)(b)		0.04			0.15			0.17			0.11			0.25			0.20
Net realized and unrealized gain (loss)		1.39			(1.38	)		1.77			0.54			(0.32	)		0.06
Total from investment operations		1.43			(1.23	)		1.94			0.65			(0.07	)		0.26
Distributions to shareholders from net investment income		(0.04	)		(0.31	)		(0.31	)		(0.11	)		(0.40	)		(0.30	)
Net asset value, end of period	$	13.62		$	12.23		$	13.77		$	12.14		$	11.60		$	12.07
Total return(c)		11.71	%		(9.00	)%		16.03	%		5.58	%		(0.56	)%		2.11	%
Net assets, end of period (in 000s)	$	3,030		$	2,780		$	3,414		$	3,253		$	3,246		$	3,725
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.69	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets(d)		0.73	%(e)		0.72	%		0.73	%		0.74	%		0.73	%		0.73	%
Ratio of net investment income to average net assets(b)		0.63	%(e)		1.13	%		1.27	%		0.90	%		2.03	%		1.58	%
Portfolio turnover rate(f)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.20		$	13.74		$	12.12		$	11.57		$	12.05		$	12.09
Net investment income(a)(b)		0.06			0.20			0.23			0.16			0.29			0.25
Net realized and unrealized gain (loss)		1.39			(1.38	)		1.75			0.54			(0.32	)		0.05
Total from investment operations		1.45			(1.18	)		1.98			0.70			(0.03	)		0.30
Distributions to shareholders from net investment income		(0.06	)		(0.36	)		(0.36	)		(0.15	)		(0.45	)		(0.34	)
Net asset value, end of period	$	13.59		$	12.20		$	13.74		$	12.12		$	11.57		$	12.05
Total return(c)		11.94	%		(8.68	)%		16.39	%		6.04	%		(0.29	)%		2.49	%
Net assets, end of period (in 000s)	$	7,521		$	7,366		$	7,241		$	4,769		$	3,085		$	3,478
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of total expenses to average net assets(d)		0.37	%(e)		0.36	%		0.38	%		0.39	%		0.38	%		0.38	%
Ratio of net investment income to average net assets(b)		0.99	%(e)		1.48	%		1.72	%		1.37	%		2.42	%		2.00	%
Portfolio turnover rate(f)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	12.29		$	13.91
Net investment income(b)(c)		0.07			0.23
Net realized and unrealized gain (loss)		1.40			(1.52	)
Total from investment operations		1.47			(1.29	)
Distributions to shareholders from net investment income		(0.07	)		(0.33	)
Net asset value, end of period	$	13.69		$	12.29
Total return(d)		12.01	%		(9.29	)%
Net assets, end of period (in 000s)	$	197,684		$	185,028
Ratio of net expenses to average net assets(e)(f)		0.18	%		0.19	%
Ratio of total expenses to average net assets(e)(f)		0.22	%		0.22	%
Ratio of net investment income to average net assets(c)(f)		1.14	%		2.48	%
Portfolio turnover rate(g)		58	%		32	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.17		$	13.70		$	12.09		$	11.56		$	12.03		$	12.08
Net investment income(a)(b)		0.03			0.13			0.18			0.09			0.23			0.16
Net realized and unrealized gain (loss)		1.38			(1.37	)		1.73			0.54			(0.31	)		0.07
Total from investment operations		1.41			(1.24	)		1.91			0.63			(0.08	)		0.23
Distributions to shareholders from net investment income		(0.03	)		(0.29	)		(0.30	)		(0.10	)		(0.39	)		(0.28	)
Net asset value, end of period	$	13.55		$	12.17		$	13.70		$	12.09		$	11.56		$	12.03
Total return(c)		11.62	%		(9.10	)%		15.83	%		5.40	%		(0.69	)%		1.97	%
Net assets, end of period (in 000s)	$	4,799		$	4,251		$	5,441		$	2,659		$	2,330		$	2,438
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets(d)		0.87	%(e)		0.86	%		0.88	%		0.89	%		0.88	%		0.88	%
Ratio of net investment income to average net assets(b)		0.49	%(e)		1.00	%		1.35	%		0.75	%		1.89	%		1.27	%
Portfolio turnover rate(f)		58	%		32	%		81	%		67	%		40	%		35	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.29		$	13.85		$	12.20		$	11.66		$	12.42
Net investment income(b)(c)		0.08			0.36			0.30			0.17			0.26
Net realized and unrealized gain (loss)		1.39			(1.54	)		1.73			0.54			(0.62	)
Total from investment operations		1.47			(1.18	)		2.03			0.71			(0.36	)
Distributions to shareholders from net investment income		(0.07	)		(0.38	)		(0.38	)		(0.17	)		(0.40	)
Net asset value, end of period	$	13.69		$	12.29		$	13.85		$	12.20		$	11.66
Total return(d)		12.01	%		(8.61	)%		16.71	%		6.07	%		(2.87	)%
Net assets, end of period (in 000s)	$	7,448		$	6,331		$	84		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.22	%(f)		0.22	%		0.22	%		0.23	%		0.21	%(f)
Ratio of net investment income to average net assets(c)		1.15	%(f)		2.67	%		2.21	%		1.43	%		5.04	%(f)
Portfolio turnover rate(g)		58	%		32	%		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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.73		$	15.83		$	13.39		$	12.70		$	12.91		$	12.89
Net investment income(a)(b)		0.04			0.19			0.15			0.11			0.15			0.19
Net realized and unrealized gain (loss)		1.86			(1.93	)		2.67			0.70			(0.16	)		0.12
Total from investment operations		1.90			(1.74	)		2.82			0.81			(0.01	)		0.31
Distributions to shareholders from net investment income		—			(0.36	)		(0.38	)		(0.12	)		(0.20	)		(0.29	)
Net asset value, end of period	$	15.63		$	13.73		$	15.83		$	13.39		$	12.70		$	12.91
Total return(c)		13.84	%		(10.98	)%		21.02	%		6.38	%		(0.08	)%		2.36	%
Net assets, end of period (in 000s)	$	334,622		$	308,475		$	316,078		$	301,331		$	336,880		$	385,409
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.60	%
Ratio of total expenses to average net assets(d)		0.63	%(e)		0.62	%		0.63	%		0.65	%		0.64	%		0.64	%
Ratio of net investment income to average net assets(b)		0.49	%(e)		1.19	%		1.00	%		0.83	%		1.15	%		1.46	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.98		$	15.81		$	13.37		$	12.68		$	12.88		$	12.85
Net investment income (loss)(a)(b)		(0.02	)		(0.03	)		0.03			0.01			0.05			0.07
Net realized and unrealized gain (loss)		1.89			(1.80	)		2.66			0.70			(0.15	)		0.13
Total from investment operations		1.87			(1.83	)		2.69			0.71			(0.10	)		0.20
Distributions to shareholders from net investment income		—			—			(0.25	)		(0.02	)		(0.10	)		(0.17	)
Net asset value, end of period	$	15.85		$	13.98		$	15.81		$	13.37		$	12.68		$	12.88
Total return(c)		13.38	%		(11.58	)%		20.08	%		5.57	%		(0.82	)%		1.59	%
Net assets, end of period (in 000s)	$	31,973		$	36,201		$	126,894		$	144,292		$	161,733		$	190,125
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.34	%		1.34	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets(d)		1.38	%(e)		1.37	%		1.38	%		1.40	%		1.39	%		1.39	%
Ratio of net investment income (loss) to average net assets(b)		(0.31	)%(e)		(0.20	)%		0.18	%		0.08	%		0.39	%		0.57	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.72		$	15.81		$	13.37		$	12.69		$	12.90		$	12.88
Net investment income(a)(b)		0.06			0.19			0.22			0.17			0.22			0.24
Net realized and unrealized gain (loss)		1.85			(1.87	)		2.66			0.69			(0.17	)		0.12
Total from investment operations		1.91			(1.68	)		2.88			0.86			0.05			0.36
Distributions to shareholders from net investment income		—			(0.41	)		(0.44	)		(0.18	)		(0.26	)		(0.34	)
Net asset value, end of period	$	15.63		$	13.72		$	15.81		$	13.37		$	12.69		$	12.90
Total return(c)		14.00	%		(10.65	)%		21.53	%		6.76	%		0.35	%		2.76	%
Net assets, end of period (in 000s)	$	229,166		$	247,863		$	455,902		$	335,237		$	303,237		$	267,677
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.20	%		0.19	%		0.19	%		0.20	%
Ratio of total expenses to average net assets(d)		0.24	%(e)		0.23	%		0.24	%		0.25	%		0.23	%		0.24	%
Ratio of net investment income to average net assets(b)		0.87	%(e)		1.22	%		1.46	%		1.33	%		1.68	%		1.84	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.69		$	15.77		$	13.35		$	12.67		$	12.88		$	12.84
Net investment income(a)(b)		0.03			0.15			0.15			0.10			0.14			0.15
Net realized and unrealized gain (loss)		1.85			(1.90	)		2.64			0.69			(0.16	)		0.15
Total from investment operations		1.88			(1.75	)		2.79			0.79			(0.02	)		0.30
Distributions to shareholders from net investment income		—			(0.33	)		(0.37	)		(0.11	)		(0.19	)		(0.26	)
Net asset value, end of period	$	15.57		$	13.69		$	15.77		$	13.35		$	12.67		$	12.88
Total return(c)		13.73	%		(11.06	)%		20.88	%		6.26	%		(0.17	)%		2.32	%
Net assets, end of period (in 000s)	$	2,218		$	2,252		$	2,888		$	2,237		$	2,135		$	2,509
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.70	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets(d)		0.74	%(e)		0.73	%		0.74	%		0.75	%		0.74	%		0.74	%
Ratio of net investment income to average net assets(b)		0.36	%(e)		0.96	%		1.00	%		0.81	%		1.09	%		1.11	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.53		$	15.59		$	13.20		$	12.52		$	12.73		$	12.72
Net investment income(a)(b)		0.05			0.18			0.23			0.15			0.19			0.25
Net realized and unrealized gain (loss)		1.83			(1.86	)		2.58			0.69			(0.16	)		0.08
Total from investment operations		1.88			(1.68	)		2.81			0.84			0.03			0.33
Distributions to shareholders from net investment income		—			(0.38	)		(0.42	)		(0.16	)		(0.24	)		(0.32	)
Net asset value, end of period	$	15.41		$	13.53		$	15.59		$	13.20		$	12.52		$	12.73
Total return(c)		13.90	%		(10.74	)%		21.30	%		6.70	%		0.20	%		2.58	%
Net assets, end of period (in 000s)	$	7,058		$	6,477		$	8,008		$	4,352		$	4,114		$	4,496
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.33	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of total expenses to average net assets(d)		0.38	%(e)		0.37	%		0.39	%		0.40	%		0.39	%		0.39	%
Ratio of net investment income to average net assets(b)		0.75	%(e)		1.14	%		1.54	%		1.18	%		1.50	%		1.92	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	13.72		$	15.96
Net investment income(b)(c)		0.07			0.28
Net realized and unrealized gain (loss)		1.85			(2.10	)
Total from investment operations		1.92			(1.82	)
Distributions to shareholders from net investment income		—			(0.42	)
Net asset value, end of period	$	15.64		$	13.72
Total return(d)		13.99	%		(11.39	)%
Net assets, end of period (in 000s)	$	167,295		$	148,866
Ratio of net expenses to average net assets(e)(f)		0.18	%		0.19	%
Ratio of total expenses to average net assets(e)(f)		0.23	%		0.22	%
Ratio of net investment income to average net assets(c)(f)		0.90	%		2.56	%
Portfolio turnover rate(g)		66	%		29	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.37		$	15.42		$	13.08		$	12.41		$	12.62		$	12.59
Net investment income(a)(b)		0.02			0.14			0.16			0.08			0.12			0.11
Net realized and unrealized gain (loss)		1.81			(1.87	)		2.54			0.69			(0.16	)		0.15
Total from investment operations		1.83			(1.73	)		2.70			0.77			(0.04	)		0.26
Distributions to shareholders from net investment income		—			(0.32	)		(0.36	)		(0.10	)		(0.17	)		(0.23	)
Net asset value, end of period	$	15.20		$	13.37		$	15.42		$	13.08		$	12.41		$	12.62
Total return(c)		13.69	%		(11.18	)%		20.67	%		6.16	%		(0.31	)%		2.06	%
Net assets, end of period (in 000s)	$	6,286		$	5,475		$	6,334		$	2,548		$	2,323		$	2,461
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.84	%		0.84	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets(d)		0.88	%(e)		0.87	%		0.89	%		0.90	%		0.89	%		0.89	%
Ratio of net investment income to average net assets(b)		0.25	%(e)		0.90	%		1.06	%		0.65	%		0.95	%		0.84	%
Portfolio turnover rate(f)		66	%		29	%		85	%		59	%		38	%		26	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.72		$	15.81		$	13.37		$	12.68		$	13.44
Net investment income(b)(c)		0.07			0.39			0.17			0.17			0.18
Net realized and unrealized gain (loss)		1.85			(2.06	)		2.71			0.70			(0.68	)
Total from investment operations		1.92			(1.67	)		2.88			0.87			(0.50	)
Distributions to shareholders from net investment income		—			(0.42	)		(0.44	)		(0.18	)		(0.26	)
Net asset value, end of period	$	15.64		$	13.72		$	15.81		$	13.37		$	12.68
Total return(d)		13.99	%		(10.55	)%		21.51	%		6.76	%		(3.66	)%
Net assets, end of period (in 000s)	$	7,206		$	6,603		$	964		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.18	%		0.19	%		0.21	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.22	%		0.23	%		0.25	%		0.25	%(f)
Ratio of net investment income to average net assets(c)		0.89	%(f)		2.54	%		1.12	%		1.33	%		3.22	%(f)
Portfolio turnover rate(g)		66	%		29	%		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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.38		$	8.45		$	7.64		$	7.45		$	7.89		$	8.16
Net investment income(a)(b)		0.10			0.19			0.20			0.20			0.19			0.21
Net realized and unrealized gain (loss)		0.85			(1.06	)		0.88			0.24			(0.44	)		(0.23	)
Total from investment operations		0.95			(0.87	)		1.08			0.44			(0.25	)		(0.02	)
Distributions to shareholders from net investment income		(0.10	)		(0.20	)		(0.27	)		(0.25	)		(0.19	)		(0.21	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.10	)		(0.20	)		(0.27	)		(0.25	)		(0.19	)		(0.25	)
Net asset value, end of period	$	8.23		$	7.38		$	8.45		$	7.64		$	7.45		$	7.89
Total return(d)		12.85	%		(10.39	)%		14.28	%		5.92	%		(3.24	)%		(0.28	)%
Net assets, end of period (in 000s)	$	47,568		$	39,384		$	53,090		$	84,529		$	118,345		$	177,204
Ratio of net expenses to average net assets(e)		0.56	%(f)		0.56	%		0.57	%		0.57	%		0.57	%		0.58	%
Ratio of total expenses to average net assets(e)		0.63	%(f)		0.61	%		0.61	%		0.61	%		0.60	%		0.60	%
Ratio of net investment income to average net assets(b)		2.42	%(f)		2.35	%		2.42	%		2.62	%		2.43	%		2.50	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.34		$	8.40		$	7.60		$	7.41		$	7.84		$	8.12
Net investment income(a)(b)		0.06			0.12			0.14			0.15			0.13			0.15
Net realized and unrealized gain (loss)		0.86			(1.04	)		0.87			0.23			(0.43	)		(0.24	)
Total from investment operations		0.92			(0.92	)		1.01			0.38			(0.30	)		(0.09	)
Distributions to shareholders from net investment income		(0.06	)		(0.14	)		(0.21	)		(0.19	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.06	)		(0.14	)		(0.21	)		(0.19	)		(0.13	)		(0.19	)
Net asset value, end of period	$	8.20		$	7.34		$	8.40		$	7.60		$	7.41		$	7.84
Total return(d)		12.54	%		(11.07	)%		13.37	%		5.17	%		(3.89	)%		(1.16	)%
Net assets, end of period (in 000s)	$	21,072		$	28,041		$	44,710		$	53,575		$	68,765		$	102,605
Ratio of net expenses to average net assets(e)		1.31	%(f)		1.31	%		1.32	%		1.32	%		1.32	%		1.33	%
Ratio of total expenses to average net assets(e)		1.38	%(f)		1.36	%		1.36	%		1.36	%		1.35	%		1.35	%
Ratio of net investment income to average net assets(b)		1.46	%(f)		1.53	%		1.78	%		1.94	%		1.66	%		1.79	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.36		$	8.43		$	7.62		$	7.43		$	7.87		$	8.15
Net investment income(a)(b)		0.11			0.21			0.24			0.23			0.23			0.25
Net realized and unrealized gain (loss)		0.85			(1.05	)		0.88			0.24			(0.45	)		(0.24	)
Total from investment operations		0.96			(0.84	)		1.12			0.47			(0.22	)		0.01
Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.31	)		(0.28	)		(0.22	)		(0.25	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.11	)		(0.23	)		(0.31	)		(0.28	)		(0.22	)		(0.29	)
Net asset value, end of period	$	8.21		$	7.36		$	8.43		$	7.62		$	7.43		$	7.87
Total return(d)		13.08	%		(10.06	)%		14.80	%		6.38	%		(2.84	)%		—	%(c)
Net assets, end of period (in 000s)	$	222,078		$	260,987		$	488,118		$	509,681		$	655,268		$	833,657
Ratio of net expenses to average net assets(e)		0.17	%(f)		0.17	%		0.17	%		0.17	%		0.17	%		0.18	%
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.22	%		0.22	%		0.21	%		0.20	%		0.20	%
Ratio of net investment income to average net assets(b)		2.68	%(f)		2.62	%		2.96	%		3.08	%		2.85	%		2.97	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.37		$	8.43		$	7.63		$	7.43		$	7.84		$	8.12
Net investment income(a)(b)		0.09			0.18			0.20			0.18			0.14			0.19
Net realized and unrealized gain (loss)		0.85			(1.05	)		0.86			0.26			(0.40	)		(0.22	)
Total from investment operations		0.94			(0.87	)		1.06			0.44			(0.26	)		(0.03	)
Distributions to shareholders from net investment income		(0.09	)		(0.19	)		(0.26	)		(0.24	)		(0.15	)		(0.21	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.09	)		(0.19	)		(0.26	)		(0.24	)		(0.15	)		(0.25	)
Net asset value, end of period	$	8.22		$	7.37		$	8.43		$	7.63		$	7.43		$	7.84
Total return(d)		12.79	%		(10.41	)%		14.06	%		5.92	%		(3.32	)%		(0.39	)%
Net assets, end of period (in 000s)	$	252		$	243		$	350		$	408		$	988		$	14,085
Ratio of net expenses to average net assets(e)		0.67	%(f)		0.67	%		0.67	%		0.67	%		0.67	%		0.68	%
Ratio of total expenses to average net assets(e)		0.74	%(f)		0.72	%		0.72	%		0.71	%		0.70	%		0.70	%
Ratio of net investment income to average net assets(b)		2.24	%(f)		2.20	%		2.41	%		2.40	%		1.81	%		2.30	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.36		$	8.43		$	7.62		$	7.43		$	7.87		$	8.15
Net investment income(a)(b)		0.10			0.20			0.22			0.23			0.21			0.23
Net realized and unrealized gain (loss)		0.87			(1.05	)		0.88			0.23			(0.44	)		(0.24	)
Total from investment operations		0.97			(0.85	)		1.10			0.46			(0.23	)		(0.01	)
Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.29	)		(0.27	)		(0.21	)		(0.23	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.11	)		(0.22	)		(0.29	)		(0.27	)		(0.21	)		(0.27	)
Net asset value, end of period	$	8.22		$	7.36		$	8.43		$	7.62		$	7.43		$	7.87
Total return(d)		13.14	%		(10.19	)%		14.62	%		6.22	%		(2.99	)%		(0.15	)%
Net assets, end of period (in 000s)	$	20,203		$	27,782		$	46,011		$	58,740		$	67,547		$	86,018
Ratio of net expenses to average net assets(e)		0.31	%(f)		0.31	%		0.32	%		0.32	%		0.32	%		0.33	%
Ratio of total expenses to average net assets(e)		0.38	%(f)		0.36	%		0.36	%		0.36	%		0.35	%		0.35	%
Ratio of net investment income to average net assets(b)		2.52	%(f)		2.53	%		2.74	%		3.02	%		2.69	%		2.78	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	7.37		$	8.37
Net investment income(b)(c)		0.11			0.20
Net realized and unrealized gain (loss)		0.85			(1.01	)
Total from investment operations		0.96			(0.81	)
Distributions to shareholders from net investment income		(0.11	)		(0.19	)
Total distributions		(0.11	)		—
Net asset value, end of period	$	8.22		$	7.37
Total return(d)		13.07	%		(9.76	)%
Net assets, end of period (in 000s)	$	3,268		$	2,902
Ratio of net expenses to average net assets(e)(f)		0.16	%		0.16	%
Ratio of total expenses to average net assets(e)(f)		0.23	%		0.22	%
Ratio of net investment income to average net assets(c)(f)		2.77	%		3.51	%
Portfolio turnover rate(g)		3	%		17	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.35		$	8.41		$	7.61		$	7.42		$	7.86		$	8.13
Net investment income(a)(b)		0.08			0.17			0.19			0.19			0.18			0.18
Net realized and unrealized gain (loss)		0.85			(1.05	)		0.86			0.23			(0.45	)		(0.22	)
Total from investment operations		0.93			(0.88	)		1.05			0.42			(0.27	)		(0.04	)
Distributions to shareholders from net investment income		(0.08	)		(0.18	)		(0.25	)		(0.23	)		(0.17	)		(0.19	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			—			0.00	(c)		—			—
Total distributions		(0.08	)		(0.18	)		(0.25	)		(0.23	)		(0.17	)		(0.23	)
Net asset value, end of period	$	8.20		$	7.35		$	8.41		$	7.61		$	7.42		$	7.86
Total return(d)		12.74	%		(10.56	)%		13.94	%		5.71	%		(3.49	)%		(0.54	)%
Net assets, end of period (in 000s)	$	1,118		$	1,955		$	2,645		$	2,788		$	3,119		$	3,495
Ratio of net expenses to average net assets(e)		0.81	%(f)		0.81	%		0.82	%		0.82	%		0.82	%		0.83	%
Ratio of total expenses to average net assets(e)		0.88	%(f)		0.86	%		0.86	%		0.86	%		0.85	%		0.85	%
Ratio of net investment income to average net assets(b)		2.05	%(f)		2.09	%		2.33	%		2.49	%		2.24	%		2.23	%
Portfolio turnover rate(g)		3	%		17	%		57	%		22	%		22	%		20	%

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

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.36		$	8.43		$	7.63		$	7.44		$	7.91
Net investment income(b)(c)		0.11			0.23			0.25			0.63			0.11
Net realized and unrealized gain (loss)		0.86			(1.07	)		0.86			(0.15	)		(0.46	)
Total from investment operations		0.97			(0.84	)		1.11			0.48			(0.35	)
Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.31	)		(0.28	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		—
Total distributions		(0.11	)		(0.23	)		(0.31	)		(0.29	)		(0.12	)
Net asset value, end of period	$	8.22		$	7.36		$	8.43		$	7.63		$	7.44
Total return(d)		13.22	%		(10.04	)%		14.66	%		6.40	%		(4.43	)%
Net assets, end of period (in 000s)	$	48,367		$	44,046		$	40,326		$	33,805		$	10
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.16	%		0.16	%		0.15	%		0.15	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.22	%		0.20	%		0.17	%		0.18	%(f)
Ratio of net investment income to average net assets(c)		2.76	%(f)		2.88	%		3.09	%		8.15	%		3.58	%(f)
Portfolio turnover rate(g)		3	%		17	%		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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements

June 30, 2019 (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

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.

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 levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

D.  Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

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

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 and/or credit default swap contracts.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

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, 2019:

BALANCED STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	50,592,546		$	—		$	—
Equity		153,333,182			—			—
Exchange Traded Funds		105,211,219			—			—
Fixed Income		187,715,894			—			—
Investment Companies		4,408,283			—			—
Total	$	501,261,124		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	16,043		$	—
Futures Contracts(a)		437,756			—			—
Options Purchased		3,242,037			291,518			—
Total	$	3,679,793		$	307,561		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(63,117	)	$	—
Futures Contracts		(1,890,666	)		—			—
Total	$	(1,890,666	)	$	(63,117	)	$	—

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH AND INCOME STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	70,428,964		$	—		$	—
Equity		372,140,313			—			—
Exchange Traded Funds		251,904,581			—			—
Fixed Income		172,974,507			—			—
Total	$	867,448,365		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	6,501		$	—
Futures Contracts(a)		769,165			—			—
Options Purchased		6,398,112			587,190			—
Total	$	7,167,277		$	593,691		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(129,344	)	$	—
Futures Contracts(a)		(4,144,162	)		—			—
Written Option Contracts		—			(2,895	)		—
Total	$	(4,144,162	)	$	(132,239	)	$	—

GROWTH STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	46,481,271		$	—		$	—
Equity		405,414,869			—			—
Exchange Traded Funds		268,039,233			—			—
Fixed Income		40,275,987			—			—
Investment Companies		1,102,513			—			—
Total	$	761,313,873		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,038		$	—
Futures Contracts(a)		682,603			—			—
Options Purchased		6,334,200			587,190			—
Total	$	7,016,803		$	591,228		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(100,974	)	$	—
Futures Contracts		(3,804,519	)		—			—
Total	$	(3,804,519	)	$	(100,974	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SATELLITE STRATEGIES PORTFOLIO
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	198,308,547	$	—	$	—
Exchange Traded Funds		16,014,954		—		—
Fixed Income		146,396,746		—		—
Total	$	360,720,247	$	—	$	—

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.

Balanced Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	3,242,037		Variation margin on future contracts	$	(1,890,666)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		16,043		Payable for unrealized loss on forward foreign currency contracts		(63,117)
Equity	Variation margin on future contracts; Purchased options, at value		729,274	(a)	—		—
Total		$	3,987,354			$	(1,953,783)
Growth and Income Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	6,398,112		Variation margin on future contracts	$	(4,144,162)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		6,501		Payable for unrealized loss on forward foreign currency contracts		(129,344)
Equity	Variation margin on future contracts; Purchased options, at value		1,356,355	(a)	Written options, at value		(2,895)
Total		$	7,760,968			$	(4,276,401)

(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, 2019 is reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	6,334,200		Variation margin on future contracts	$	(3,804,519)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		4,038		Payable for unrealized loss on forward foreign currency contracts		(100,974)
Equity	Variation margin on future contracts; Purchased options, at value		1,269,793	(a)	—		—
Total		$	7,608,031			$	(3,905,493)

(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, 2019 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Balanced Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net realized gain (loss) from purchased options and futures contracts/Net change in unrealized gain (loss) on purchased options and futures contracts	$	1,978,201		$	(1,507,368	)		820
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		2,125,623			1,187,046			216
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		415,970			142,075			14
Total		$	4,519,794		$	(178,247	)		1,050
Growth and Income Strategy Portfolio
Risk	Statement 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 and futures contracts/Net change in unrealized gain (loss) on purchased options and futures contracts	$	(1,704,082	)	$	(4,199,664	)		1,819
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		10,176,679			2,402,432			357
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		967,369			244,670			14
Total		$	9,439,966		$	(1,552,562	)		2,190

(a) Average number of contracts is based on the average of month end balances for the six months period ended June 30, 2019.

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4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options	$	5,954,977	$	(4,670,970	)		1,800
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		5,386,308		1,743,187			316
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		942,688		188,198			21
Total		$	12,283,973	$	(2,739,585	)		2,137

(a) Average number of contracts is based on the average of month end balances for the six months period ended June 30, 2019.

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 the Portfolio’s 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 Plans 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Portfolio	Class A		Class C
Balanced Strategy	$	2,362	$	164
Growth and Income Strategy		7,848		393
Growth Strategy		9,094		541
Satellite Strategies		413		4

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 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 and/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 reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 30, 2020, 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, 2019, 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	$	511	$	157,742	$	158,253
Growth and Income Strategy		1,119		172,948		174,067
Growth Strategy		1,541		176,758		178,299
Satellite Strategies		317		135,582		135,899

84

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Line of Credit Facility — As of June 30, 2019, the Portfolios participated in a $580,000,000 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, 2019, the Portfolios did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

G.  Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2019 (in thousands):

Balanced Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	11,596	$	—	$	(12,235	)	$	(11	)	$	650		$	—		—	$	266
Goldman Sachs Access Investment Grade Corporate Bond ETF		24,292		25,300		—			—			3,087			52,679		1,025		452
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		5,418		—		(5,645	)		(38	)		265			—		—		34
Goldman Sachs ActiveBeta International Equity ETF		13,872		—		(15,297	)		(1,438	)		2,863			—		—		65
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		19,751		28,914		(985	)		(23	)		4,875			52,532		894		358
Goldman Sachs Alternative Premia Fund		7,420		2,500		—			—			31			9,951		1,222		—
Goldman Sachs Dynamic Global Equity Fund		—		83,500		(1,500	)		57			3,273			85,330		4,475		—
Goldman Sachs Emerging Markets Debt Fund		36,430		2,138		(30,100	)		(1,675	)		4,308			11,101		888		637
Goldman Sachs Emerging Markets Equity Insights Fund		29,750		—		(13,500	)		(1,535	)		3,744			18,459		1,929		—
Goldman Sachs Global Income Fund		99,691		53,550		(1,000	)		(90	)		7,713			159,864		12,499		1,250
Goldman Sachs Global Infrastructure Fund		9,764		145		(1,900	)		58			1,893			9,960		853		146
Goldman Sachs Global Real Estate Securities Fund		12,472		94		(5,000	)		264			1,407			9,237		823		95
Goldman Sachs High Yield Floating Rate Fund		—		6,544		—			—			(48	)		6,496		691		45
Goldman Sachs High Yield Fund		11,425		301		(7,500	)		(327	)		1,090			4,989		778		301
Goldman Sachs International Equity Insights Fund		27,456		2,750		(9,750	)		(1,163	)		4,379			23,672		1,885		—

85

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Balanced Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs International Small Cap Insights Fund	$	5,012	$	1,000	$	—		$	—		$	663	$	6,675		581	$	—
Goldman Sachs Large Cap Growth Insights Fund		11,564		—		(13,333	)		712			1,057		—		—		—
Goldman Sachs Large Cap Value Insights		10,521		1,058		(12,724	)		271			874		—		—		58
Goldman Sachs Local Emerging Markets Debt Fund		17,850		1,393		(14,500	)		(3,633	)		4,156		5,266		873		393
Goldman Sachs Managed Futures Strategy Fund		16,123		1,501		(2,900	)		(106	)		973		15,591		1,442		—
Goldman Sachs Small Cap Equity Insights Fund		8,030		—		(9,228	)		(110	)		1,308		—		—		—
Goldman Sachs Tactical Exposure Fund		35,782		1,501		(38,399	)		(2,294	)		3,410		—		—		—
Goldman Sachs Tactical Tilt Overlay Fund		—		25,000		—			—			51		25,051		2,551		—
Total	$	414,219	$	237,189	$	(195,496	)	$	(11,081	)	$	52,022	$	496,853			$	4,100
Growth and Income Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Market Value as of 6/30/2019		Shares as of 06/30/2019		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	9,530	$	—	$	(10,055	)	$	(9	)	$	534	$	—		—	$	219
Goldman Sachs Access Investment Grade Corporate Bond ETF		17,107		42,528		—			—			3,037		62,672		1,219		364
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		22,611		—		(23,557	)		626			320		—		—		142
Goldman Sachs ActiveBeta International Equity ETF		43,942		—		(48,507	)		(2,378	)		6,943		—		—		206
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		63,566		118,132		(8,039	)		644			14,930		189,233		3,220		1,204
Goldman Sachs Alternative Premia Fund		21,471		—		(8,000	)		(3,010	)		3,191		13,652		1,677		—
Goldman Sachs Dynamic Global Equity Fund		—		195,000		—			—			7,651		202,651		10,627		—
Goldman Sachs Emerging Markets Debt Fund		41,867		893		(20,000	)		(1,481	)		4,903		26,182		2,095		893
Goldman Sachs Emerging Markets Equity Insights Fund		77,521		—		(36,300	)		(3,000	)		9,117		47,338		4,946		—

86

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 06/30/2019		Dividend Income
Goldman Sachs Global Income Fund	$	68,630	$	47,472	$	(1,500	)	$	17		$	5,402		$	120,021		9,384	$	872
Goldman Sachs Global Infrastructure Fund		27,798		306		(15,000	)		855			4,379			18,338		1,570		306
Goldman Sachs Global Real Estate Securities Fund		32,903		182		(20,500	)		1,111			3,049			16,745		1,492		182
Goldman Sachs High Yield Floating Rate Fund		—		8,558		—			—			(63	)		8,495		904		58
Goldman Sachs High Yield Fund		8,787		266		(1,000	)		(48	)		689			8,694		1,356		266
Goldman Sachs International Equity Insights Fund		90,373		14,500		(39,500	)		(4,285	)		14,269			75,357		6,000		—
Goldman Sachs International Small Cap Insights Fund		11,716		4,500		(6,100	)		(214	)		1,809			11,711		1,019		—
Goldman Sachs Large Cap Growth Insights Fund		52,189		—		(60,170	)		4,557			3,424			—		—		—
Goldman Sachs Large Cap Value Insights Fund		51,721		259		(57,045	)		4,013			1,052			—		—		259
Goldman Sachs Local Emerging Markets Debt Fund		17,429		389		(9,000	)		(1,245	)		2,010			9,583		1,589		389
Goldman Sachs Managed Futures Strategy Fund		22,411		2,100		(4,000	)		(150	)		1,344			21,705		2,008		—
Goldman Sachs Small Cap Equity Insights Fund		19,153		—		(21,876	)		1,241			1,481			—		—		—
Goldman Sachs Tactical Exposure Fund		67,205		—		(69,270	)		(4,337	)		6,402			—		—		—
Goldman Sachs Tactical Tilt Overlay Fund		—		35,000		—			—			71			35,071		3,571		—
Total	$	767,930	$	470,087	$	(459,419	)	$	(7,093	)	$	95,944		$	867,448			$	5,360
Growth Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	7,593	$	—	$	(8,012	)	$	(7	)	$	426		$	—		—	$	175
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		35,887		—		(37,520	)		911			722			—		—		212

87

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs ActiveBeta International Equity ETF	$	43,181	$	—	$	(47,671	)	$	(3,626	)	$	8,116		$	—		—	$	202
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		61,147		169,290		(10,805	)		(62	)		18,682			238,252		4,054		1,534
Goldman Sachs Alternative Premia Fund		9,368		—		—			—			58			9,426		1,158		—
Goldman Sachs Dynamic Global Equity Fund		—		209,001		(3,500	)		132			8,068			213,701		11,206		—
Goldman Sachs Emerging Markets Debt Fund		15,408		6,908		—			—			1,706			24,022		1,922		408
Goldman Sachs Emerging Markets Equity Insights Fund		101,548		—		(57,001	)		(2,838	)		11,024			52,733		5,510		—
Goldman Sachs Global Infrastructure Fund		20,427		260		(8,000	)		465			3,490			16,642		1,425		260
Goldman Sachs Global Real Estate Securities Fund		54,001		206		(45,500	)		2,691			4,025			15,423		1,375		206
Goldman Sachs High Yield Fund		5,997		1,496		—			—			459			7,952		1,240		196
Goldman Sachs International Equity Insights Fund		93,371		25,300		(36,200	)		(3,318	)		13,615			92,768		7,386		—
Goldman Sachs International Small Cap Insights Fund		23,977		3,000		(15,500	)		(1,104	)		3,775			14,148		1,231		—
Goldman Sachs Large Cap Growth Insights Fund		53,918		—		(62,041	)		5,204			2,919			—		—		—
Goldman Sachs Access Investment Grade Corporate Bond ETF		—		28,579		—			—			1,208			29,787		579		133
Goldman Sachs Large Cap Value Insights Fund		53,247		2,573		(60,924	)		5,650			(546	)		—		—		274
Goldman Sachs Local Emerging Markets Debt Fund		6,569		1,173		—			—			559			8,301		1,377		173
Goldman Sachs Managed Futures Strategy Fund		9,411		4,000		—			—			598			14,009		1,296		—
Goldman Sachs Small Cap Equity Insights Fund		39,242		—		(44,424	)		1,951			3,231			—		—		—
Goldman Sachs Tactical Exposure Fund		59,463		—		(61,303	)		(3,824	)		5,664			—		—		—
Goldman Sachs Tactical Tilt Overlay Fund		—		23,000		—			—			47			23,047		2,347		—
Total	$	693,755	$	474,786	$	(498,401	)	$	2,225		$	87,846		$	760,211			$	3,773

88

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Satellite Strategies Portfolio
Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	17,132	$	—	$	(2,716	)	$	150		$	1,448		$	16,015		487	$	210
Goldman Sachs Emerging Markets Debt Fund		69,814		1,544		(15,250	)		(950	)		7,275			62,433		4,995		1,544
Goldman Sachs Emerging Markets Equity Fund		18,894		—		(4,400	)		1,013			1,814			17,321		806		—
Goldman Sachs Emerging Markets Equity Insights Fund		29,821		1,000		(10,450	)		(1,197	)		3,812			22,987		2,402		—
Goldman Sachs Global Infrastructure Fund		54,718		733		(16,100	)		782			9,737			49,870		4,270		737
Goldman Sachs Global Real Estate Securities Fund		70,734		652		(18,050	)		1,145			8,784			63,266		5,639		652
Goldman Sachs High Yield Floating Rate Fund		24,447		655		(3,750	)		(110	)		861			22,103		2,351		655
Goldman Sachs High Yield Fund		46,861		1,350		(9,350	)		70			3,335			42,266		6,593		1,349
Goldman Sachs International Small Cap Insights Fund		48,916		—		(13,900	)		834			5,011			40,861		3,556		—
Goldman Sachs Local Emerging Markets Debt Fund		20,840		509		(3,200	)		(219	)		1,671			19,598		3,250		506
Goldman Sachs MLP Energy Infrastructure Fund		—		4,074		—			—			(74	)		4,000		596		74
Total	$	402,177	$	10,517	$	(97,166	)	$	1,518		$	43,674		$	360,720			$	5,727

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, 2019 (in thousands):

Fund	Beginning Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Ending Value as of 06/30/2019		Shares as of 06/30/2019		Dividend Income from Affiliated Investment Companies
Balanced Strategy Portfolio	$	35,521	$	66,342	$	(97,454	)	$	4,408		4,408	$	270
Growth and Income Portfolio		62,091		100,473		(162,564	)		—		—		507
Growth Strategy Portfolio		42,035		151,189		(192,121	)		1,103		1,103		440
Satellite Strategies Portfolio		—		3,412		(3,412	)		—		—		—

89

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were:

Portfolio	Purchases		Sales
Balanced Strategy	$	242,879,201	$	203,829,301
Growth and Income Strategy		482,482,483		479,526,088
Growth Strategy		489,026,129		524,046,826
Satellite Strategies		10,517,331		97,165,842

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, December 31, 2018, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Capital loss carryforwards:
Perpetual Long-Term	$	—		$	—		$	—		$	(31,506,778	)
Total capital loss carryforwards		—			—			—			(31,506,778	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral)	$	(1,748,950	)	$	(2,758,751	)	$	(1,059,221	)	$	(11,684,932	)

As of June 30, 2019, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Tax Cost	$	496,366,229		$	848,670,303		$	736,088,407		$	323,836,460
Gross unrealized gain		13,989,121			38,705,905			544,099,493			47,969,712
Gross unrealized loss		(9,094,226	)		(19,927,843	)		(518,874,027	)		(11,085,925	)
Net unrealized gains (losses) on securities	$	4,894,895		$	18,778,062		$	25,225,466		$	36,883,787

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

90

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

8. OTHER RISKS

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

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

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 Risk — 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.

Large Shareholder Transactions Risk — A Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect a Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains 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 or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect Portfolio’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the

91

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio’s liquidity.

Market and Credit Risks — In the normal course of business, a Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

Subsequent events after the 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.

92

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Balanced Strategy Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		404,838		$	4,453,531			2,197,646		$	24,589,063
Reinvestment of distributions		52,917			587,181			386,939			4,120,526
Shares redeemed		(1,103,262	)		(12,078,539	)		(2,658,006	)		(29,846,449	)
		(645,507	)		(7,037,827	)		(73,421	)		(1,136,860	)
Class C Shares
Shares sold		254,870			2,811,760			240,462			2,684,993
Reinvestment of distributions		2,059			22,756			38,251			403,536
Shares redeemed		(377,157	)		(4,145,389	)		(2,031,640	)		(22,933,030	)
		(120,228	)		(1,310,873	)		(1,752,927	)		(19,844,501	)
Institutional Shares
Shares sold		5,061,102			54,901,414			10,388,305			116,418,374
Reinvestment of distributions		225,231			2,502,139			1,203,725			12,872,471
Shares redeemed		(3,564,038	)		(38,960,612	)		(13,926,817	)		(157,589,348	)
		1,722,295			18,442,941			(2,334,787	)		(28,298,503	)
Service Shares
Shares sold		2,125			23,875			2,645			29,937
Reinvestment of distributions		58			656			457			4,927
Shares redeemed		(506	)		(5,569	)		(10,546	)		(121,653	)
		1,677			18,962			(7,444	)		(86,789	)
Investor Shares
Shares sold		97,886			1,069,867			65,196			741,730
Reinvestment of distributions		2,070			22,887			12,756			135,812
Shares redeemed		(68,617	)		(749,953	)		(138,062	)		(1,547,523	)
		31,339			342,801			(60,110	)		(669,981	)
Class P Shares(a)
Shares sold		195,402			2,111,345			5,193,575			59,522,441
Reinvestment of distributions		28,675			318,542			180,681			1,925,367
Shares redeemed		(783,184	)		(8,531,393	)		(1,200,009	)		(13,432,058	)
		(559,107	)		(6,101,506	)		4,174,247			48,015,750
Class R Shares
Shares sold		36,498			400,102			87,308			984,981
Reinvestment of distributions		3,613			39,905			30,836			326,107
Shares redeemed		(67,882	)		(743,712	)		(47,212	)		(528,555	)
		(27,771	)		(303,705	)		70,932			782,533
Class R6 Shares
Shares sold		11,657			128,779			174,015			1,884,820
Reinvestment of distributions		543			6,013			3,250			34,518
Shares redeemed		(30,344	)		(337,173	)		(1,401	)		(14,871	)
		(18,144	)		(202,381	)		175,864			1,904,467
NET INCREASE		384,554		$	3,848,412			192,354		$	666,116

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		789,818		$	10,491,373			5,497,598		$	74,809,186
Reinvestment of distributions		73,265			976,321			522,904			6,573,710
Shares redeemed		(2,021,326	)		(26,679,640	)		(5,661,411	)		(76,161,885	)
		(1,158,243	)		(15,211,946	)		359,091			5,221,011
Class C Shares
Shares sold		74,191			951,044			250,795			3,323,057
Reinvestment of distributions		1,656			21,415			39,846			480,829
Shares redeemed		(676,007	)		(8,775,096	)		(5,005,325	)		(66,486,344	)
		(600,160	)		(7,802,637	)		(4,714,684	)		(62,682,458	)
Institutional Shares
Shares sold		2,179,298			28,072,799			7,467,092			100,009,197
Reinvestment of distributions		150,340			2,013,941			868,511			11,056,181
Shares redeemed		(4,761,922	)		(62,906,239	)		(20,518,480	)		(279,936,927	)
		(2,432,284	)		(32,819,499	)		(12,182,877	)		(168,871,549	)
Service Shares
Shares sold		18,153			239,441			5,243			70,792
Reinvestment of distributions		158			2,088			1,372			17,189
Shares redeemed		(23,223	)		(302,273	)		(27,194	)		(363,601	)
		(4,912	)		(60,744	)		(20,579	)		(275,620	)
Investor Shares
Shares sold		37,256			491,787			446,230			6,143,506
Reinvestment of distributions		2,735			36,354			17,862			225,243
Shares redeemed		(90,293	)		(1,181,541	)		(387,301	)		(5,243,481	)
		(50,302	)		(653,400	)		76,791			1,125,268
Class P Shares(a)
Shares sold		694,981			9,226,048			16,192,301			220,431,246
Reinvestment of distributions		80,715			1,080,922			392,635			4,938,925
Shares redeemed		(1,390,146	)		(18,281,632	)		(1,528,471	)		(20,322,519	)
		(614,450	)		(7,974,662	)		15,056,465			205,047,652
Class R Shares
Shares sold		22,796			294,943			53,422			720,704
Reinvestment of distributions		842			11,103			7,663			95,113
Shares redeemed		(18,820	)		(249,477	)		(108,804	)		(1,466,415	)
		4,818			56,569			(47,719	)		(650,598	)
Class R6 Shares
Shares sold		39,003			520,615			693,914			9,197,718
Reinvestment of distributions		828			11,090			4,727			60,598
Shares redeemed		(10,915	)		(143,350	)		(189,580	)		(2,476,595	)
		28,916			388,355			509,061			6,781,721
NET DECREASE		(4,826,617	)	$	(64,077,964	)		(964,451	)	$	(14,304,573	)

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

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Strategy Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		804,283		$	12,168,144			5,457,108		$	85,119,791
Reinvestment of distributions		—			2			536,108			7,328,587
Shares redeemed		(1,850,122	)		(27,757,101	)		(3,501,964	)		(54,176,334	)
		(1,045,839	)		(15,588,955	)		2,491,252			38,272,044
Class C Shares
Shares sold		76,678			1,165,173			315,405			4,927,115
Shares redeemed		(648,604	)		(9,974,869	)		(5,749,609	)		(89,435,265	)
		(571,926	)		(8,809,696	)		(5,434,204	)		(84,508,150	)
Institutional Shares
Shares sold		1,954,355			28,412,702			4,218,160			65,347,505
Reinvestment of distributions		—			—			539,651			7,366,237
Shares redeemed		(5,368,646	)		(79,365,749	)		(15,525,679	)		(241,977,726	)
		(3,414,291	)		(50,953,047	)		(10,767,868	)		(169,263,984	)
Service Shares
Shares sold		2,751			40,962			4,603			71,617
Reinvestment of distributions		—			—			1,152			15,692
Shares redeemed		(24,791	)		(368,664	)		(24,387	)		(388,577	)
		(22,040	)		(327,702	)		(18,632	)		(301,268	)
Investor Shares
Shares sold		66,519			986,949			468,179			7,354,070
Reinvestment of distributions		—			—			13,196			177,616
Shares redeemed		(87,286	)		(1,292,372	)		(516,398	)		(7,976,243	)
		(20,767	)		(305,423	)		(35,023	)		(444,557	)
Class P Shares(a)
Shares sold		594,786			8,952,811			11,196,336			175,619,095
Reinvestment of distributions		—			—			323,998			4,422,574
Shares redeemed		(748,919	)		(11,281,195	)		(672,254	)		(10,229,875	)
		(154,133	)		(2,328,384	)		10,848,080			169,811,794
Class R Shares
Shares sold		30,448			445,583			79,803			1,202,162
Reinvestment of distributions		—			—			10,012			133,255
Shares redeemed		(26,239	)		(384,776	)		(91,115	)		(1,334,264	)
		4,209			60,807			(1,300	)		1,153
Class R6 Shares
Shares sold		39,465			590,849			585,222			9,037,007
Reinvestment of distributions		—			—			9,875			134,789
Shares redeemed		(59,996	)		(912,851	)		(174,788	)		(2,722,462	)
		(20,531	)		(322,002	)		420,309			6,449,334
NET DECREASE		(5,245,318	)	$	(78,574,402	)		(2,497,386	)	$	(39,983,634	)

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,046,718		$	8,495,703			775,316		$	6,211,520
Reinvestment of distributions		62,477			508,792			136,536			1,070,446
Shares redeemed		(668,594	)		(5,382,101	)		(1,858,316	)		(14,871,825	)
		440,601			3,622,394			(946,464	)		(7,589,859	)
Class C Shares
Shares sold		56,856			435,647			108,732			860,438
Reinvestment of distributions		18,209			147,258			66,306			516,448
Shares redeemed		(1,323,785	)		(10,656,027	)		(1,677,178	)		(13,397,814	)
		(1,248,720	)		(10,073,122	)		(1,502,140	)		(12,020,928	)
Institutional Shares
Shares sold		1,868,593			14,911,586			9,038,271			73,191,893
Reinvestment of distributions		325,930			2,645,748			1,072,443			8,450,493
Shares redeemed		(10,614,832	)		(85,364,437	)		(32,559,328	)		(260,529,664	)
		(8,420,309	)		(67,807,103	)		(22,448,614	)		(178,887,278	)
Service Shares
Shares sold		936			7,496			2,000			16,157
Reinvestment of distributions		235			1,912			589			4,601
Shares redeemed		(3,569	)		(28,340	)		(11,141	)		(88,919	)
		(2,398	)		(18,932	)		(8,552	)		(68,161	)
Investor Shares
Shares sold		216,015			1,725,242			693,460			5,638,032
Reinvestment of distributions		39,767			322,179			125,164			982,010
Shares redeemed		(1,570,248	)		(12,663,221	)		(2,502,665	)		(20,029,009	)
		(1,314,466	)		(10,615,800	)		(1,684,041	)		(13,408,967	)
Class P Shares(a)
Shares sold		1,973			16,000			425,652			3,516,016
Reinvestment of distributions		5,407			43,953			10,075			77,948
Shares redeemed		(3,824	)		(31,060	)		(41,981	)		(324,521	)
		3,556			28,893			393,746			3,269,443
Class R Shares
Shares sold		8,894			70,496			34,396			275,361
Reinvestment of distributions		1,224			9,917			5,838			45,567
Shares redeemed		(139,869	)		(1,078,035	)		(88,613	)		(709,187	)
		(129,751	)		(997,622	)		(48,379	)		(388,259	)
Class R6 Shares
Shares sold		533,733			4,186,886			4,140,483			34,151,048
Reinvestment of distributions		59,256			481,251			133,463			1,043,879
Shares redeemed		(688,621	)		(5,467,475	)		(3,073,250	)		(24,968,293	)
		(95,632	)		(799,338	)		1,200,696			10,226,634
NET DECREASE		(10,767,119	)	$	(86,660,630	)		(25,043,748	)	$	(198,867,375	)

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

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Portfolio Expenses — Six Month Period Ended June 30, 2019 (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, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

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

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

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

	Balanced Strategy Portfolio							Growth and Income Strategy Portfolio							Growth Strategy Portfolio							Satellite Strategies Portfolio
Share Class	Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*		Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*		Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*		Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*
Class A
Actual	$	1,000.00	$	1,102.20		$	3.02	$	1,000.00	$	1,117.40		$	3.04	$	1,000.00	$	1,138.40		$	3.08	$	1,000.00	$	1,128.50		$	2.96
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		1,022.02	+		2.81
Class C
Actual		1,000.00		1,097.90			6.92		1,000.00		1,113.70			6.97		1,000.00		1,133.80			7.04		1,000.00		1,125.40			6.90
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		1,018.30	+		6.56
Institutional
Actual		1,000.00		1,104.30			0.99		1,000.00		1,120.80			1.00		1,000.00		1,140.00			1.01		1,000.00		1,130.80			0.90
Hypothetical 5% return		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.95	+		0.85
Service
Actual		1,000.00		1,100.40			3.59		1,000.00		1,117.10			3.62		1,000.00		1,137.30			3.66		1,000.00		1,127.90			3.53
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		1,021.47	+		3.36
Investor
Actual		1,000.00		1,102.90			1.72		1,000.00		1,119.40			1.73		1,000.00		1,139.00			1.75		1,000.00		1,131.40			1.64
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		1,023.26	+		1.56
Class P
Actual		1,000.00		1,104.30			0.94		1,000.00		1,120.10			0.95		1,000.00		1,139.90			0.96		1,000.00		1,130.70			0.85
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80
Class R
Actual		1,000.00		1,101.30			4.32		1,000.00		1,116.20			4.36		1,000.00		1,136.90			4.40		1,000.00		1,127.40			4.27
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		1,020.78	+		4.06
Class R6
Actual		1,000.00		1,104.30			0.94		1,000.00		1,120.10			0.95		1,000.00		1,139.90			0.96		1,000.00		1,132.20			0.85
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80

+ 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, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Balanced 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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 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 11-12, 2019 (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 with respect to 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. 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, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. 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 top half of the Portfolio’s peer group for the one- and five-year periods, in the third quartile for the three-year period, and the fourth quartile for the ten-year period, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. 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 three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. The Trustees observed that the Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They noted that the Satellite Strategies Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the ten-year period and in the third quartile for the one-, three-, and five-year periods, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

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

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

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

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

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

schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2018 and 2017, 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 other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with

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

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, 2020.

102

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 $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2019 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. 174986-OTU-1031030 FFSAR-19

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Global Infrastructure Fund

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

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

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

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 22.16%, 21.65%, 22.30%, 22.18%, 22.38%, 21.90% and 22.25%, respectively. These returns compare to the 20.73% 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.

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

A Global equities, including global infrastructure securities, posted double-digit gains during the first quarter of 2019 when the Reporting Period began. The Federal Reserve (“Fed”) commentary provided a supportive background, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a plan to end quantitative tightening, or the shrinking of the Fed’s balance sheet as securities mature, by the end of the 2019 calendar year. The U.S. unemployment rate remained below trend at 3.8% in February 2019, with a steady increase in wages of 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. However, the economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, as fourth quarter 2018 U.S. Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. In Europe, uncertainty surrounding the U.K.’s plan to exit the European Union, also known as Brexit, and trade tensions with the U.S. were headwinds, as Brexit talks extended beyond the U.K.’s original departure date of March 29th and the U.S. Administration threatened import taxes on goods from the European Union. Signs of weakness in European data indicated the pace of economic expansion was slowing, and the 2019 European GDP growth forecast was reduced from 1.7% to 1.1%. The European Central Bank (“ECB”) announced it would hold its deposit rate steady at -0.4% and said it would delay interest rate hikes until 2020. Regarding Japan, slowing global demand and weakening domestic economic growth, coupled with declining inflation, pressured the Bank of Japan to maintain its accommodative monetary policy. As for China, seeming progress in trade discussions with the U.S. was positive for investor risk sentiment overall. In addition, the annual National People’s Congress and Chinese People’s Political Consultative Conference took centerstage, as China’s leaders announced key 2019 economic targets, such as GDP growth of between 6% and 6.5%, and introduced a series of tax cuts to support economic growth. In Australia, the central bank kept interest rates on hold in the face of slowing economic growth and increased downside risks to the global and domestic economic outlooks in spite of a tight labor market and gradually rising inflation.

In the second quarter of 2019, global equities posted a more modest gain. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, investors grew optimistic about a possible U.S.-China trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on

1

PORTFOLIO RESULTS

$300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. During the second calendar quarter, investors kept a close eye on the Fed, which said it might take a more accommodative approach to monetary policy. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019. U.S. economic indicators were mixed during the second calendar quarter, with consumer sentiment remaining elevated but nonfarm payroll data and manufacturing indices falling short of consensus expectations.

For the Reporting Period overall, the global infrastructure market, as measured by the Index, generated a cumulative total return of 20.73%. Australia and Canada were the best performing markets, while Japan was the only market that recorded negative returns. Among market sectors, all four recorded gains, but energy infrastructure, communications infrastructure and transportation infrastructure each outpaced the Index, while utilities lagged the Index during the Reporting Period.¹

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

A During the Reporting Period, the Fund benefited from its underweight position versus the Index in the utilities sector. In addition, a slight overweight in the energy infrastructure sector added to relative returns. The Fund was hampered by its small cash position.

As for security selection, the Fund’s investments in the communications infrastructure and transportation infrastructure sectors contributed positively. No sectors had a negative impact on the Fund’s returns as measured by security selection. Among countries, selection in the U.S. added significantly to the Fund’s relative performance. Its lack of exposure to Japan and its underweight in Hong Kong bolstered results. Conversely, the Fund’s positioning in Australia detracted slightly from relative performance during the Reporting Period.

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

A An underweight position in PG&E and positions in China Gas and SBA Communications were leading positive contributors to the Fund’s relative returns during the Reporting Period.

The Fund’s underweight compared to the Index in PG&E added to its relative performance. Because of the catastrophic California wildfires at the end of 2018, PG&E announced its intent to file for bankruptcy protection, as liabilities, which are widely expected to exceed $30 billion, continued to mount. The company’s chief executive officer stepped down from her position following the announcement, while investigators continued to search for the cause of the destructive fires. By the end of the Reporting Period, we had eliminated the Fund’s position in PG&E stock and redeployed the capital to companies in which we have a greater degree of confidence.

Another notable positive contributor during the Reporting Period was China Gas, which manages city gas pipeline infrastructure and distribution of natural gas and liquefied petroleum gas. After the Fund purchased the stock at the beginning of March 2019, the company reported solid results for its fiscal year 2019. Its rural gas business performed well, and its management shared a strong growth outlook. At the end of the Reporting Period, we believed China Gas may benefit from deliveries of Russia’s natural gas, scheduled to start in the fourth quarter of 2019, which could fuel demand in China’s northeastern region.

The Fund was also helped by an investment in SBA Communications, which operates wireless communication infrastructure in North America, Central America and South America. The company reported strong fourth quarter 2018 and first quarter 2019 results, while modestly raising guidance for 2019. At the end of the Reporting Period, we believed SBA Communications may continue to benefit from improving U.S. site leasing activity and its strong backlog of business, which is driven by stable demand, in our opinion. At the end of the Reporting Period, we maintained a favorable view of the operating environment as well as its management’s commitment to growing the company’s portfolio of assets.

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 Kinder Morgan, Aeroports de Paris and China Tower.

The Fund was hurt by its underweight in Kinder Morgan, the largest energy infrastructure company in North America. Its shares appreciated during the Reporting Period in line with

¹  Sector and subsector allocations are defined by GSAM and may differ from sector allocations used by the Index.

2

PORTFOLIO RESULTS

the broader crude oil market. The stock also benefited from the company’s 2019 Investor Day during which its management emphasized attractive growth opportunities and shared detailed plans about capital allocation. At the end of the Reporting Period, we maintained the Fund’s underweight position and continued to allocate capital to companies with what we viewed as stronger operating leverage to U.S. production growth.

Aeroports de Paris, an international airport operator headquartered in France, saw its stock price decline after the French government declared that a decision about the company’s potential privatization would be put on hold during a referendum process. At the end of the Reporting Period, we maintained a favorable view of the company given its increased 2019 traffic guidance, along with what we considered to be its solid dividend yield and its management’s continued focus on international growth.

Shares of China Tower, a provider of telecommunication tower infrastructure services, generated a positive return on an absolute basis for the Reporting Period as a whole, but the Fund missed some of the appreciation because it did not purchase shares until May 2019. That said, China Tower reported mixed first quarter 2019 earnings results, missing consensus expectations on revenue growth pressures and due to challenges with the growth of its 5G (fifth generation) network. However, the company’s non-telecommunication business grew. At the end of the Reporting Period, we had a positive view of the company because of its 5G initiatives and its faster than market expected rollout.

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

A In addition to China Tower, mentioned previously, we initiated a position in Infrastrutture Wireless Italiane (“Inwit”) during the Reporting Period. Inwit, a provider of electronic communication infrastructure services, made a deal with Vodafone to merge Italian telecommunications towers, which we expected to boost Inwit’s market position. We think the deal could lead to potential synergies in the 5G and 4G markets, possibly giving Inwit a cost advantage over its competitors. We also have a favorable view on the company’s near-term business plan and digitalization innovations, which could help improve its tenancy ratios, in our opinion.

Conversely, in addition to the sale of PG&E, already mentioned, we eliminated the Fund’s position in Tokyo Gas, a natural gas producer and supplier. The company’s shares were challenged during the Reporting Period, as investors grew concerned about the risk of higher costs in the company’s gas operations and also about the potential of accelerating retail gas switching. Consequently, we decided to exit the Fund’s position in the stock and reallocate the capital to investment ideas about which we had greater conviction and a more favorable outlook.

We sold the Fund’s position in Pinnacle West Capital, an electric utility company. Shares of the company appreciated during the Reporting Period as a result of strong fourth quarter 2018 earnings, positive 2019 guidance and favorable economic growth in the Phoenix, Arizona metropolitan area. When the stock reached our price target, we chose to sell the position and reallocate the proceeds to companies with what we considered higher risk/reward potential.

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’s exposure to the communications infrastructure sector increased from a relatively neutral position compared to the Index to a slight overweight, mainly because we added investments in telecommunications towers. In utilities, the Fund moved from a rather neutral position to an underweight position, largely due to a reduction in exposure to diversified utility companies and electric utility companies. From a country perspective, compared to the Index, the Fund’s overweight in the U.S. and its underweight in Hong Kong decreased. We increased the Fund’s Italian investments and, as a result, the Fund became overweight in Italy. In addition, during the Reporting Period, the Fund moved from an overweight in Australia to a relatively neutral position versus the Index. Finally, the Fund’s overweight in France increased during the Reporting Period.

3

PORTFOLIO RESULTS

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 overweight relative to the Index in the communications infrastructure and transportation infrastructure sectors. It was rather neutral compared to the Index in the energy infrastructure sector and underweight the utilities sector. In geographic terms, the Fund was overweight the U.S., France and Italy and underweight Hong Kong 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 relatively low interest rates and modest economic growth remained a supportive backdrop for global infrastructure securities. The financing environment remained accommodative in most regions, fundamentals with respect to supply and demand were healthy, and we believed the investment attributes of the asset class continued to be viewed favorably by investors, especially relative to fixed income. Consequently, investor demand for global infrastructure securities continued to increase, which, in our view, could be supportive of valuations going forward.

Despite the persistently uncertain and volatile global macro environment, we believe infrastructure companies hold key positions in the global economy and can potentially benefit from their strong business models, which typically feature stable demand, high barriers to entry and regulated or contract-based businesses. We believe the financing environment for global infrastructure companies will likely continue to be accommodative, which is particularly important given the capital-intensive nature of these businesses. As we look ahead, we believe diverging global central bank monetary policies and varying fundamentals at the subsector level may present compelling return opportunities for active managers. Overall, we believe global infrastructure securities may provide investors with possible diversification benefits given their attractive yields and lower volatility relative to the broader equity market and their potential long-term growth potential, inflation hedging opportunities and interest rate resiliency when compared to bonds.

4

FUND BASICS

Global Infrastructure Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Fund Total Return (based on NAV)1			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)2
Class A		22.16	%		20.73	%
Class C		21.65			20.73
Institutional		22.30			20.73
Investor		22.18			20.73
Class P		22.38			20.73
Class R		21.90			20.73
Class R6		22.25			20.73

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

²  The 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.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Since Inception			Inception Date
Class A		6.89	%		5.77	%	6/27/16
Class C		11.24			6.96		6/27/16
Institutional		13.49			8.19		6/27/16
Investor		13.38			8.03		6/27/16
Class P		13.64			12.41		4/17/18
Class R		12.81			7.48		6/27/16
Class R6		13.53			8.18		6/27/16

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 5.50% 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 higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.35	%		1.49	%
Class C		2.10			2.24
Institutional		0.99			1.10
Investor		1.10			1.24
Class P		0.98			1.09
Class R		1.60			1.74
Class R6		0.98			1.09

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, 2020, 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 6/30/195
Holding	% of Net Assets			Line of Business	Country
American Tower Corp.		9.0	%	Equity Real Estate Investment Trusts (REITs)	United States
Vinci SA		6.3		Construction & Engineering	France
Enbridge, Inc.		5.9		Oil, Gas & Consumable Fuels	Canada
Crown Castle International Corp.		5.4		Equity Real Estate Investment Trusts (REITs)	United States
TC Energy Corp.		4.9		Oil, Gas & Consumable Fuels	Canada
National Grid PLC		4.7		Multi-Utilities	United Kingdom
Sempra Energy		4.1		Multi-Utilities	United States
The Williams Cos., Inc.		3.7		Oil, Gas & Consumable Fuels	United States
Transurban Group		3.5		Transportation Infrastructure	Australia
Eversource Energy		3.2		Electric Utilities	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of June 30, 2019

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 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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Australia – 4.6%
	383,510	Sydney Airport (Transportation Infrastructure)	$	2,166,633
	667,190	Transurban Group (Transportation Infrastructure)		6,908,355
				9,074,988
Canada – 15.9%
	319,750	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		11,549,139
	110,474	Fortis, Inc. (Electric Utilities)		4,362,270
	154,924	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		5,767,283
	194,680	TC Energy Corp. (Oil, Gas & Consumable Fuels)		9,651,121
				31,329,813
China – 1.8%
	4,568,000	China Tower Corp. Ltd. Class H(a) (Diversified Telecommunication Services)		1,199,886
	242,000	ENN Energy Holdings Ltd. (Gas Utilities)		2,355,046
				3,554,932
France – 7.8%
	17,470	Aeroports de Paris (Transportation Infrastructure)		3,082,283
	120,337	Vinci SA (Construction & Engineering)		12,289,491
				15,371,774
Hong Kong – 3.7%
	2,718,000	Beijing Enterprises Water Group Ltd. (Water Utilities)		1,615,445
	285,000	China Gas Holdings Ltd. (Gas Utilities)		1,059,061
	2,027,011	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		4,493,692
				7,168,198
Italy – 4.8%
	44,928	Atlantia SpA (Transportation Infrastructure)		1,171,558
	400,274	Enav SpA(a) (Transportation Infrastructure)		2,271,935
	254,621	Infrastrutture Wireless Italiane SpA(a) (Diversified Telecommunication Services)		2,496,409
	555,349	Terna Rete Elettrica Nazionale SpA (Electric Utilities)		3,538,472
				9,478,374
Netherlands* – 0.8%
	20,549	InterXion Holding NV (IT Services)		1,563,573
Common Stocks – (continued)
Spain – 4.2%
	18,882	Aena SME SA(a) (Transportation Infrastructure)		3,742,467
	174,977	Ferrovial SA (Construction & Engineering)		4,479,168
				8,221,635
United Kingdom – 6.2%
	865,366	National Grid PLC (Multi-Utilities)		9,203,046
	112,885	Severn Trent PLC (Water Utilities)		2,936,678
				12,139,724
United States – 48.5%
	86,638	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		17,713,139
	53,752	American Water Works Co., Inc. (Water Utilities)		6,235,232
	35,622	Atmos Energy Corp. (Gas Utilities)		3,760,258
	80,336	Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels)		5,498,999
	25,018	CMS Energy Corp. (Multi-Utilities)		1,448,792
	44,120	Consolidated Edison, Inc. (Multi-Utilities)		3,868,442
	80,745	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		10,525,111
	28,772	CyrusOne, Inc. (Equity Real Estate Investment Trusts (REITs))		1,660,720
	46,165	Edison International (Electric Utilities)		3,111,983
	83,958	Eversource Energy (Electric Utilities)		6,360,658
	241,262	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		5,037,551
	11,849	NextEra Energy, Inc. (Electric Utilities)		2,427,386
	50,361	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		3,465,340
	16,211	SBA Communications Corp.* (Equity Real Estate Investment Trusts (REITs))		3,644,881
	8,198	SemGroup Corp. Class A (Oil, Gas & Consumable Fuels)		98,376
	58,174	Sempra Energy (Multi-Utilities)		7,995,435
	81,629	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		3,204,755
	260,198	The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		7,295,952
	34,233	Xcel Energy, Inc. (Electric Utilities)		2,036,521
				95,389,531
	TOTAL COMMON STOCKS
	(Cost $162,444,000)		$	193,292,542

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(b) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,375,678	2.308%	$	1,375,678
	(Cost $1,375,678)
	TOTAL INVESTMENTS – 99.0%
	(Cost $163,819,678)		$	194,668,220
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			1,935,856
	NET ASSETS – 100.0%		$	196,604,076

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated fund.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $162,444,000)	$	193,292,542
Investments of affiliated issuers, at value (cost $1,375,678)		1,375,678
Cash		610,506
Foreign currencies, at value (cost $154,512)		154,931
Receivables:
Investments sold		2,852,008
Dividends		799,122
Reimbursement from investment adviser		25,373
Fund shares sold		6,373
Other assets		47,187
Total assets		199,163,720
Liabilities:
Payables:
Fund shares redeemed		2,285,982
Management fees		146,178
Distribution and Service fees and Transfer Agency fees		7,491
Investments purchased		4,070
Accrued expenses		115,923
Total liabilities		2,559,644
Net Assets:
Paid-in capital		178,364,792
Total distributable earnings (loss)		18,239,284
NET ASSETS	$	196,604,076
Net Assets:
Class A	$	1,432,211
Class C		2,411,371
Institutional		1,124,470
Investor		637,414
Class P		2,934,046
Class R		31,075
Class R6		188,033,489
Total Net Assets	$	196,604,076
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		122,657
Class C		207,315
Institutional		96,039
Investor		54,583
Class P		251,292
Class R		2,660
Class R6		16,093,578
Net asset value, offering and redemption price per share:(a)
Class A		$11.68
Class C		11.63
Institutional		11.71
Investor		11.68
Class P		11.68
Class R		11.68
Class R6		11.68

(a) Maximum public offering price per share for Class A Shares is $12.36. 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, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $242,556)	$	3,404,838
Non-cash dividends—unaffiliated issuers		276,111
Dividends — affiliated issuers		11,013
Total investment income		3,691,962
Expenses:
Management fees		914,747
Professional fees		55,223
Registration fees		45,899
Custody, accounting and administrative services		40,781
Transfer Agency fees(a)		33,398
Printing and mailing costs		18,115
Distribution and Service fees(a)		11,484
Trustee fees		8,127
Other		10,379
Total expenses		1,138,153
Less — expense reductions		(124,585	)
Net expenses		1,013,568
NET INVESTMENT INCOME		2,678,394
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(725,752	)
Foreign currency transactions		1,240
Net change in unrealized gain on:
Investments — unaffiliated issuers		38,988,979
Foreign currency translation		4,443
Net realized and unrealized gain		38,268,910
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,947,304

(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		Class R		Class R6
$	1,816	$	9,596	$	72	$	1,308	$	1,727	$	146	$	383	$	394	$	26	$	29,414

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, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,678,394		$	4,381,926
Net realized loss		(724,512	)		(8,741,573	)
Net change in unrealized gain (loss)		38,993,422			(15,784,815	)
Net increase (decrease) in net assets resulting from operations		40,947,304			(20,144,462	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(18,018	)		(20,304	)
Class C Shares		(20,913	)		(14,805	)
Institutional Shares		(12,606	)		(33,168	)
Investor Shares		(7,493	)		(5,228	)
Class P Shares(a)		(39,836	)		(69,243	)
Class R Shares		(342	)		(357	)
Class R6 Shares		(2,746,063	)		(4,232,791	)
Total distributions to shareholders		(2,845,271	)		(4,375,896	)
From share transactions:
Proceeds from sales of shares		17,485,506			270,954,734
Reinvestment of distributions		2,845,066			4,375,658
Cost of shares redeemed		(52,213,281	)		(283,152,789	)
Net decrease in net assets resulting from share transactions		(31,882,709	)		(7,822,397	)
TOTAL INCREASE (DECREASE)		6,219,324			(32,342,755	)
Net assets:
Beginning of period		190,384,752			222,727,507
End of period	$	196,604,076		$	190,384,752

(a) 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
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.12			0.19			0.22	(c)		0.06
Net realized and unrealized gain (loss)		2.02			(1.19	)		0.99			0.01
Total from investment operations		2.14			(1.00	)		1.21			0.07
Distributions to shareholders from net investment income		(0.14	)		(0.17	)		(0.20	)		(0.05	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—	(d)		(0.01	)
Total distributions		(0.14	)		(0.17	)		(0.25	)		(0.18	)
Net asset value, end of period	$	11.68		$	9.68		$	10.85		$	9.89
Total return(e)		22.16	%		(9.31	)%		12.29	%		0.69	%
Net assets, end of period (in 000s)	$	1,432		$	1,376		$	40		$	25
Ratio of net expenses to average net assets		1.37	%(f)		1.38	%		1.38	%		1.40	%(f)
Ratio of total expenses to average net assets		1.51	%(f)		1.51	%		6.20	%		15.63	%(f)
Ratio of net investment income to average net assets		2.24	%(f)		1.83	%		2.04	%(c)		1.19	%(f)
Portfolio turnover rate(g)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.65		$	10.84		$	9.88		$	10.00
Net investment income(b)		0.10			0.10			0.13	(c)		0.02
Net realized and unrealized gain (loss)		1.99			(1.17	)		1.00			0.01
Total from investment operations		2.09			(1.07	)		1.13			0.03
Distributions to shareholders from net investment income		(0.11	)		(0.12	)		(0.14	)		(0.02	)
Distributions to shareholders from net realized gains		—			—			(0.03	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—	(d)		(0.01	)
Total distributions		(0.11	)		(0.12	)		(0.17	)		(0.15	)
Net asset value, end of period	$	11.63		$	9.65		$	10.84		$	9.88
Total return(e)		21.65	%		(9.96	)%		11.46	%		0.30	%
Net assets, end of period (in 000s)	$	2,411		$	1,383		$	57		$	51
Ratio of net expenses to average net assets		2.12	%(f)		2.13	%		2.14	%		2.14	%(f)
Ratio of total expenses to average net assets		2.26	%(f)		2.26	%		7.06	%		16.73	%(f)
Ratio of net investment income to average net assets		1.78	%(f)		1.00	%		1.24	%(c)		0.46	%(f)
Portfolio turnover rate(g)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.71		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.16			0.06			0.29	(c)		0.08
Net realized and unrealized gain (loss)		2.00			(1.02	)		0.96			0.01
Total from investment operations		2.16			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.16	)		(0.18	)		(0.20	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.08	)		(0.12	)
Distributions to shareholders from return of capital		—			—			(0.01	)		(0.01	)
Total distributions		(0.16	)		(0.18	)		(0.29	)		(0.20	)
Net asset value, end of period	$	11.71		$	9.71		$	10.85		$	9.89
Total return(d)		22.30	%		(8.89	)%		12.72	%		0.89	%
Net assets, end of period (in 000s)	$	1,124		$	1,737		$	222,546		$	2,906
Ratio of net expenses to average net assets		0.99	%(e)		0.99	%		0.99	%		0.99	%(e)
Ratio of total expenses to average net assets		1.12	%(e)		1.06	%		1.29	%		15.23	%(e)
Ratio of net investment income to average net assets		2.95	%(e)		0.54	%		2.65	%(c)		1.59	%(e)
Portfolio turnover rate(f)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.16			0.20			0.24	(c)		0.08
Net realized and unrealized gain (loss)		2.00			(1.18	)		0.99			—	(d)
Total from investment operations		2.16			(0.98	)		1.23			0.08
Distributions to shareholders from net investment income		(0.16	)		(0.19	)		(0.21	)		(0.06	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			—			(0.01	)		(0.01	)
Total distributions		(0.16	)		(0.19	)		(0.27	)		(0.19	)
Net asset value, end of period	$	11.68		$	9.68		$	10.85		$	9.89
Total return(e)		22.18	%		(9.00	)%		12.56	%		0.91	%
Net assets, end of period (in 000s)	$	637		$	279		$	28		$	25
Ratio of net expenses to average net assets		1.12	%(f)		1.13	%		1.14	%		0.95	%(f)
Ratio of total expenses to average net assets		1.27	%(f)		1.25	%		6.05	%		15.19	%(f)
Ratio of net investment income to average net assets		2.94	%(f)		1.95	%		2.23	%(c)		1.63	%(f)
Portfolio turnover rate(g)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.68		$	10.47
Net investment income(b)		0.15			0.12
Net realized and unrealized gain (loss)		2.01			(0.73	)
Total from investment operations		2.16			(0.61	)
Distributions to shareholders from net investment income		(0.16	)		(0.18	)
Net asset value, end of period	$	11.68		$	9.68
Total return(c)		22.38	%		(5.91	)%
Net assets, end of period (in 000s)	$	2,934		$	2,278
Ratio of net expenses to average net assets(d)		0.98	%		0.98	%
Ratio of total expenses to average net assets(d)		1.11	%		1.14	%
Ratio of net investment income to average net assets(d)		2.77	%		1.68	%
Portfolio turnover rate(e)		21	%		67	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.69		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.11			0.14			0.18	(c)		0.05
Net realized and unrealized gain (loss)		2.01			(1.16	)		1.00			0.01
Total from investment operations		2.12			(1.02	)		1.18			0.06
Distributions to shareholders from net investment income		(0.13	)		(0.14	)		(0.18	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			(0.04	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—	(d)		(0.01	)
Total distributions		(0.13	)		(0.14	)		(0.22	)		(0.17	)
Net asset value, end of period	$	11.68		$	9.69		$	10.85		$	9.89
Total return(e)		21.90	%		(9.49	)%		12.00	%		0.82	%
Net assets, end of period (in 000s)	$	31		$	25		$	28		$	25
Ratio of net expenses to average net assets		1.63	%(f)		1.63	%		1.64	%		1.15	%(f)
Ratio of total expenses to average net assets		1.76	%(f)		1.75	%		6.55	%		15.38	%(f)
Ratio of net investment income to average net assets		2.09	%(f)		1.30	%		1.74	%(c)		1.44	%(f)
Portfolio turnover rate(g)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,						Period Ended December 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	9.69		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.14			0.22			0.26	(c)		0.09
Net realized and unrealized gain (loss)		2.01			(1.18	)		0.99			—	(d)
Total from investment operations		2.15			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.16	)		(0.20	)		(0.22	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.06	)		(0.12	)
Distributions to shareholders from return of capital		—			—			(0.01	)		(0.01	)
Total distributions		(0.16	)		(0.20	)		(0.29	)		(0.20	)
Net asset value, end of period	$	11.68		$	9.69		$	10.85		$	9.89
Total return(e)		22.25	%		(8.88	)%		12.74	%		0.56	%
Net assets, end of period (in 000s)	$	188,033		$	183,306		$	28		$	25
Ratio of net expenses to average net assets		0.98	%(f)		0.98	%		0.97	%		1.65	%(f)
Ratio of total expenses to average net assets		1.11	%(f)		1.10	%		5.88	%		15.88	%(f)
Ratio of net investment income to average net assets		2.64	%(f)		2.17	%		2.40	%(c)		0.93	%(f)
Portfolio turnover rate(g)		21	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements

June 30, 2019 (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, Class R, and Class R6 Shares.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class 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, 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 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 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 at least annually.

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

21

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2019:

GLOBAL INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	10,723,130	$	—
Australia and Oceania		—		9,074,988		—
Europe		1,563,573		45,211,507		—
North America		126,719,344		—		—
Investment Company		1,375,678		—		—
Total	$	129,658,595	$	65,009,625	$	—

(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, 2019 (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, 2019, 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, 2019, GSAM waived $712 of the Fund’s management fee.

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

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended June 30, 2019, Goldman Sachs retained $566 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 the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

Effective April 30, 2019, Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.03% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund through at least April 30, 2020. Prior to such date, Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.

24

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. These Other Expense limitations will remain in place through at least April 30, 2020 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	712	$	235	$	123,638	$	124,585

G.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 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, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2019, Goldman Sachs earned $739 in brokerage commissions from portfolio transactions, 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, 2019:

Underlying Fund	Beginning Value as of December 31, 2018	Purchases at Cost	Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$        —	$20,374,491	$	(18,998,813	)	$	1,375,678		1,375,678	$	11,013

As of June 30, 2019, the following Goldman Sachs Fund of Funds and Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the Fund. The beneficial owners were 7%, 34%, 25%, 6%, 8%, 9% and 5%, for the Goldman Sachs Enhanced Dividend Global Equity, Goldman Sachs Tax-Advantaged Global Equity, Goldman Sachs Satellite Strategies, Goldman Sachs Equity Strategy, Goldman Sachs Growth Strategy, Goldman Sachs Growth and Income Strategy and Goldman Sachs Balanced Strategy Portfolios, respectively.

As of June 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 34% of Institutional 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, 2019, were $41,469,312 and $77,352,141.

25

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

Capital loss carryforwards:
Perpetual Short-Term	$	(5,052,140	)
Perpetual Long-Term		(1,127,482	)
Total Capital loss carryforwards	$	(6,179,622	)
Timing differences (Post October Loss Deferral)	$	(1,356,757	)

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	168,429,416
Gross unrealized gain		33,119,240
Gross unrealized loss		(6,880,436	)
Net unrealized gains (losses) on securities	$	26,238,804

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

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

7. OTHER RISKS

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

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.

26

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

7. OTHER RISKS (continued)

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

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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, 2019 (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, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		10,599		$	115,867			152,177		$	1,589,200
Reinvestment of distributions		1,571			18,018			1,992			20,288
Shares redeemed		(31,663	)		(353,027	)		(15,661	)		(162,317	)
		(19,493	)		(219,142	)		138,508			1,447,171
Class C Shares
Shares sold		66,771			735,781			149,215			1,561,262
Reinvestment of distributions		1,822			20,913			1,452			14,805
Shares redeemed		(4,628	)		(50,800	)		(12,536	)		(129,231	)
		63,965			705,894			138,131			1,446,836
Institutional Shares
Shares sold		57,561			651,458			1,137,450			12,353,955
Reinvestment of distributions		1,072			12,401			3,227			32,946
Shares redeemed		(141,515	)		(1,410,969	)		(21,470,145	)		(217,379,579	)
		(82,882	)		(747,110	)		(20,329,468	)		(204,992,678	)
Investor Shares
Shares sold		25,158			284,999			25,959			274,026
Reinvestment of distributions		651			7,493			513			5,228
Shares redeemed		—			—			(313	)		(3,100	)
		25,809			292,492			26,159			276,154
Class P Shares(a)
Shares sold		19,461			217,500			767,142			7,855,477
Reinvestment of distributions		3,471			39,836			6,831			69,243
Shares redeemed		(7,045	)		(76,689	)		(538,568	)		(5,289,881	)
		15,887			180,647			235,405			2,634,839
Class R Shares
Reinvestment of distributions		30			342			35			357
		30			342			35			357
Class R6 Shares
Shares sold		1,393,642			15,479,901			24,375,895			247,320,814
Reinvestment of distributions		239,463			2,746,063			415,361			4,232,791
Shares redeemed		(4,466,040	)		(50,321,796	)		(5,867,364	)		(60,188,681	)
		(2,832,935	)		(32,095,832	)		18,923,892			191,364,924
NET DECREASE		(2,829,619	)	$	(31,882,709	)		(867,338	)	$	(7,822,397	)

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

28

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Fund Expenses — Six Month Period Ended  June 30, 2019 (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, 2019 through June 30, 2019, which represents a period of 181 days in a 365 day year.

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

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

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

	Global Infrastructure Fund
Share Class	Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*
Class A
Actual	$	1,000.00	$	1,221.60		$	7.55
Hypothetical 5% return		1,000.00		1,018.00	+		6.85
Class C
Actual		1,000.00		1,216.50			11.65
Hypothetical 5% return		1,000.00		1,014.28	+		10.59
Institutional
Actual		1,000.00		1,223.00			5.46
Hypothetical 5% return		1,000.00		1,019.89	+		4.96
Investor
Actual		1,000.00		1,221.80			6.17
Hypothetical 5% return		1,000.00		1,019.24	+		5.61
Class P
Actual		1,000.00		1,223.80			5.40
Hypothethical 5% return		1,000.00		1,019.93	+		4.91
Class R
Actual		1,000.00		1,219.00			8.97
Hypothetical 5% return		1,000.00		1,016.71	+		8.15
Class R6
Actual		1,000.00		1,222.50			5.40
Hypothetical 5% return		1,000.00		1,019.93	+		4.91

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

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A	Class C	Institutional	Investor	Class P	Class R	Class R6
Global Infrastructure Fund	1.37%	2.12%	0.99%	1.12%	0.98%	1.63%	0.98%

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, 2020 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 11-12, 2019 (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 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;

30

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, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-year period ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they

31

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. 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 increasing 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 periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, 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; the transfer agent’s undertaking to waive certain fees and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; 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 other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment

33

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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, 2020.

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 $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2019 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).

© 2019 Goldman Sachs. All rights reserved. 174694-OTU-1031032 GBLINFRASAR-19

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Real Estate Securities Funds
	Global Real Estate Securities
	International Real Estate Securities
	Real Estate Securities

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

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

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

Goldman Sachs 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	21
Schedules of Investments	22
Financial Statements	28
Financial Highlights	32
Global Real Estate Securities	32
International Real Estate Securities	39
Real Estate Securities	45
Notes to Financial Statements	53
Other Information	68

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 15.31%, 14.90%, 15.59%, 15.55%, 15.53%, 15.19% and 15.63%, respectively. These returns compare to the 14.61% cumulative total return of the Fund’s benchmark, the FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) (the “FTSE Index”) 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, returned 14.61%. Singapore, Australia and Canada were the strongest performing markets, while continental Europe, the U.K. and Japan were the weakest performing markets though still posting solid positive absolute returns. The Singapore real estate market benefited from a decrease in the 10-year Singapore government securities yield. The U.K. real estate market was challenged by poor performance in the retail subsector.

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

A The Fund outperformed the FTSE Index during the Reporting Period. Stock selection contributed most positively, especially in continental Europe, the U.S. and the U.K. Such positive contributors were only partially offset by stock selection in Singapore and Hong Kong, which detracted modestly.

Subsector* allocation decisions overall had a modestly positive effect on relative results during the Reporting Period, attributable primarily to an underweight in retail, the weakest performing subsector in the FTSE Index during the Reporting Period, and an overweight to industrial, the strongest performing subsector in the FTSE Index during the Reporting Period. Country allocation as a whole detracted from the Fund’s relative results.

Q What were some of the Fund’s best-performing individual holdings?

A Green REIT, a property investment company headquartered in Ireland, was the top positive contributor to the Fund’s returns during the Reporting Period. Its shares increased after the company announced that, following a strategic review of its business, it would be selling either the company or part of its assets due to what its management believes to be a disparity between the value of its portfolio and Green REIT’s share price. At the end of the Reporting Period, we remained positive on what we saw as the company’s high quality portfolio of assets, particularly its logistics properties, as well as the strong fundamentals supporting the Irish real estate market.

Invincible Investment, a Japanese real estate investment trust (“J-REIT”) operating budget hotels and rental apartments, was another top contributor to the Fund’s relative results during the Reporting Period. The J-REIT has about 80% exposure in business hotels and 20% in rental apartments, mainly in the Tokyo area. Invincible Investment delivered solid December 2018 earnings and forecasted distribution per unit growth of 4.6% year over year in 2019, mainly driven by a hotel average daily rate recovery. Furthermore, the market reacted positively to the company’s release of the potential resolution of a taxation issue that had been concerning investors since the end of 2018. At the end of the Reporting Period, we remained positive on Invincible Investment’s

2

PORTFOLIO RESULTS

outlook, given what we considered to be its inexpensive valuation, performance-focused management team and positive outlook on the two subsectors in which it operates.

Prologis, a global leader in logistics real estate, was also a strong positive contributor to the Fund’s performance during the Reporting Period. Shares of the U.S. company appreciated during the Reporting Period, as Prologis continued to benefit from positive trends in the industrial subsector, as industries work toward supply-chain reconfiguration to limit transportation times. Investors also grew to appreciate its management’s comments that the subsector is only in the second inning of the supply-chain reconfiguration cycle and much more work is to be done. At the end of the Reporting Period, we believed Prologis may benefit ahead from the stabilization of its development pipeline, its existing land bank and what we view as its healthy balance sheet.

Q Which positions detracted significantly from the Fund’s performance during the Reporting Period?

A Sumitomo Realty & Development, a Japan-based diversified real estate landlord and developer, was the top detractor from the Fund’s results during the Reporting Period. While the company enjoyed strong momentum in presales among its central Tokyo apartment projects, its shares were impacted by its third fiscal quarter results, which showed slowing brokerage growth. Additionally, the build-for-sale condo market as a whole showed signs of slowing. At the end of the Reporting Period, it was our opinion that Sumitomo Realty offered solid office completion pipelines with stable progress on its pre-leases of tenants, which we believe could help to support its future earnings growth.

Propertylink Group, a logistics warehouse real estate investment trust (“REIT”) in Australia, was also a top detractor from the Fund’s results during the Reporting Period. Another company, ESR Australia, initially picked up a 98% stake in Propertylink Group and then acquired all outstanding shares by the end of April 2019, after which the REIT was privatized. As such, we sold the Fund’s position in Propertylink Group during the Reporting Period.

Simon Property Group, a U.S.-based owner and operator of retail real estate properties, detracted from the Fund’s relative performance as well. Despite leasing spreads accelerating during the first quarter of 2019, the market reacted to the company’s reported first quarter 2019 same-store net operating income, which was lower than it expected. Still, in our view, the company maintained a top-tier portfolio of assets at the end of the Reporting Period as well as one of the strongest balance sheets relative to its peers. We also believed its management team was a great capital allocator, had the potential to generate high cash flow growth and would likely be opportunistic during periods of distress as it seeks to create 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 established a Fund position in Invitation Homes, a U.S. owner and operator of single-family rental homes. We believe the company has created a well-located, high quality portfolio of assets and, in our view, has the potential to benefit from the recent supply/demand backdrop. In 2018, the company was challenged by volatile operating expenses due to one-time taxes and platform integration. However, we believe its expenses should be less volatile in the coming years due to merger synergies. Additionally, we are positive on Invitation Homes’ improved repair and maintenance system, which may lead to better returns.

We initiated a Fund position in CapitaLand, a Singapore-listed developer with exposure to China residential properties, shopping malls in China and Singapore, the lodging subsector, and fund management. We were constructive at the time of purchase on the company’s then-recently announced proposed acquisition of Ascendas-Singbridge Group, which, in our view, positions the company well to recycle capital through listed REITs and private vehicles and sustain a stable return on earnings going forward. Furthermore, we believe CapitaLand’s share price may re-rate with this deal, as the company has had a slow track record in deploying capital in the past. (When the market changes its view of a company sufficiently to make calculation ratios, such as its price/earnings ratio, substantially higher or lower, this is known as re-rating.)

Conversely, in addition to the sale of Propertylink Group, already mentioned, we eliminated the Fund’s position in Vornado Realty Trust, a U.S. owner of office and retail properties. Its shares appreciated early in the Reporting Period in line with the broader real estate market, but then fell after the company reported soft fourth quarter 2018 results. Ultimately, we viewed this as an attractive exit point

3

PORTFOLIO RESULTS

and decided to allocate capital to fund higher conviction ideas.

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 Asia ex-Japan and continental Europe increased relative to the FTSE Index during the Reporting Period. The Fund’s position in cash decreased.

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 overweighted relative to the FTSE Index in continental Europe, underweighted relative to the FTSE Index in North America, and rather neutrally weighted compared to the FTSE Index in the other constituent regions/countries of the FTSE Index at the end of June 2019.

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

A At the end of the Reporting Period, in terms of industry fundamentals, we believed tenant demand for international real estate remained robust across subsectors, especially in office, industrial, new industries and hospitality. Furthermore, in our view, the funding environment remained open and inexpensive for REITs, with most having locked in low-cost, long-term debt financing. Balance sheets also remained strong, in our opinion, in particular those of property-operating companies that practice high earnings retention. Broadly speaking, international REITs sign an overwhelming majority of their leases with long-term commercial tenants, and tenancies have remained stable. In our view, the favorable environment seen at the end of the Reporting Period could allow international REITs to potentially deploy more capital toward high quality projects to drive opportunities for future growth.

As for the U.S. real estate market, we maintained a constructive outlook for U.S. REITs overall at the end of the Reporting Period for several reasons. First, we felt the macro backdrop for REITs had improved with a moderating economic growth outlook and anticipation of lower interest rates. This improved backdrop may be, in our view, a positive for financing costs, which, in turn, may translate to increased flows from equity investors seeking defense, yield and potentially better returns. Second, despite being late in the real estate cycle, we believed fundamentals remained generally healthy, with limited new supply, which we expect to persist given rising construction costs and long development cycles across most subsectors, and stable or improving demand, which should support revenue growth stemming from rising occupancies and/or rents. Third, in our opinion, the dividend sustainability potential of REITs is high due to healthy fundamentals, improved balance sheets with meaningfully less leverage than at the peak in 2008/2009, and dividend payout ratios near record lows on a historical basis. Fourth, we believed the quality of REITs’ growth has improved given the increasing importance of non-core exposures, which currently represent about half of the U.S. REIT universe, a sharp increase from the approximately 20% representation ten years ago. Fifth, increased merger and acquisition activity should provide additional support to the sector, in our opinion, as record levels of private capital may translate to price discovery in listed markets. Finally, we believed valuations of most REITs remained attractive at the end of the Reporting Period.

Against this backdrop, we believe U.S. REIT returns may fall somewhere between those of equities and fixed income over the long term given that U.S. REITs offer some equity-like attributes, such as the ability to grow, and some fixed income-like attributes, such as attractive yield. For the remainder of the calendar year, we believe U.S. REITs may offer attractive returns that outperform both fixed income and equities, especially cyclical equities, given moderating interest rate and economic growth market expectations. We believe such U.S. REIT returns will be comprised of dividend yield and growth (factoring in no multiple expansion), with the potential for upside from merger and acquisition activity.

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

4

PORTFOLIO RESULTS

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

*Sector and subsector allocations throughout this shareholder report are defined by GSAM and may differ from sector and subsector allocations used by the FTSE Index.

FUND BASICS

Global Real Estate Securities Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019– June 30, 2019	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Index (Net, USD, Unhedged)2
Class A		15.31	%		14.61	%
Class C		14.90			14.61
Institutional		15.59			14.61
Investor		15.55			14.61
Class P		15.53			14.61
Class R		15.19			14.61
Class R6		15.63			14.61

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.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Since Inception			Inception Date
Class A		2.37	%		4.58	%	8/31/15
Class C		6.46			5.36		8/31/15
Institutional		8.71			6.58		8/31/15
Investor		8.58			6.43		8/31/15
Class P		8.75			10.20		4/17/18
Class R		8.04			5.90		8/31/15
Class R6		8.74			6.59		8/31/15

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, 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.

6

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.36	%		1.48	%
Class C		2.11			2.23
Institutional		0.97			1.09
Investor		1.11			1.23
Class P		0.96			1.08
Class R		1.61			1.73
Class R6		0.96			1.08

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, 2020, 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 6/30/195
Holding	% of Net Assets			Subsectors	Country
Prologis, Inc. (REIT)		3.9	%	Industrial	United States
Simon Property Group, Inc. (REIT)		3.9		Retail	United States
AvalonBay Communities, Inc. (REIT)		3.1		Residential	United States
Mitsubishi Estate Co. Ltd.		2.9		Diversified	Japan
CK Asset Holdings Ltd.		2.8		Real Estate Development	Hong Kong
Equity Residential (REIT)		2.8		Residential	United States
Sun Hung Kai Properties Ltd.		2.7		Diversified	Hong Kong
Vonovia SE		2.6		Real Estate Operating Companies	Germany
HCP, Inc. (REIT)		2.5		Health Care	United States
Ventas, Inc. (REIT)		2.3		Health Care	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁶

As of June 30, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that country as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

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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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 13.19%, 12.74%, 13.32%, 13.45%, 13.35% and 13.52%, respectively. These returns compare to the 12.89% 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.

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 U.S. Real Estate Securities Index (with dividends reinvested), by approximately five percentage points, and underperformed the broad international equity market, as measured by the MSCI EAFE^® Index (net), by just more than one percentage point.

The Real Estate Index returned a robust 13.54% in the first quarter of 2019. Hong Kong and Canada were the top performing countries during the quarter, and no countries posted negative returns. The Hong Kong property market, inclusive of housing and non-housing sectors, saw positive purchase and rental transactions during the quarter.

The Real Estate Index returned -0.58% during the second quarter of 2019. Singapore and Australia were the best performing markets, while the U.K. and Hong Kong generated negative returns. The Singapore real estate market benefited from a decrease in the 10-year Singapore government securities yield. The U.K. real estate market was challenged by poor performance in the retail subsector.

For the Reporting Period overall, Singapore and Australia were the best performing markets. Continental Europe and the U.K. were the weakest performing markets during the Reporting Period, but still generated solid positive absolute returns.

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 contributed most positively to the Fund’s relative results, especially in continental Europe and the U.S. Only partially offsetting these positive contributors was stock selection in Singapore and Hong Kong, which modestly detracted from the Fund’s relative results.

From a subsector* perspective, both stock selection and allocation decisions overall contributed positively. Stock selection in the office and residential subsectors contributed most positively. Having an underweighted allocation to retail, which was the second-weakest subsector in the Real Estate Index during the Reporting Period, also added value. Only partially offsetting these positive contributors was stock selection in the industrial, hotel and self-storage subsectors, which detracted. Having a position in cash during a Reporting Period when the Real Estate Index rallied also dampened results.

Country allocation overall detracted. Having out-of-benchmark exposure to India, which outperformed the Real Estate Index during the Reporting Period, helped. However, having underweights to Singapore and Australia, which each outperformed the Real Estate Index during the Reporting Period, hurt.

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PORTFOLIO RESULTS

Q What were some of the Fund’s best-performing individual holdings?

A Invincible Investment, a Japanese real estate investment trust (“J-REIT”) operating budget hotels and rental apartments, was the top contributor to the Fund’s relative results during the Reporting Period. The J-REIT has about 80% exposure in business hotels and 20% in rental apartments, mainly in the Tokyo area. Invincible Investment delivered solid December 2018 earnings and forecasted distribution per unit growth of 4.6% year over year in 2019, mainly driven by a hotel average daily rate recovery. Furthermore, the market reacted positively to the company’s release of the potential resolution of a taxation issue that had been concerning investors since the end of 2018. At the end of the Reporting Period, we remained positive on Invincible Investment’s outlook, given what we considered to be its inexpensive valuation, performance-focused management team and positive outlook on the two subsectors in which it operates.

Mirvac Group, a diversified Australian real estate investment trust (“REIT”) with exposure to retail, office and residential properties, also contributed positively to the Fund’s relative results during the Reporting Period. Its positive performance was driven by the company tightening its guidance to the upper end of the range it had set during its half-yearly results report. Such improved guidance was driven, in turn, by a favorable office outlook in Sydney and Melbourne and stable residential settlement guidance despite weakness in the residential market overall. At the end of the Reporting Period, we believed Mirvac Group’s strategy to drive income growth through passive earnings in a weak residential market bode well for its stock.

Green REIT, a property investment company headquartered in Ireland, was another top positive contributor to the Fund’s returns during the Reporting Period. Its shares increased after the company announced that, following a strategic review of its business, it would be selling either the company or part of its assets due to what its management believes to be a disparity between the value of its portfolio and Green REIT’s share price. At the end of the Reporting Period, we remained positive on what we saw as the company’s high quality portfolio of assets, particularly its logistics properties, as well as the strong fundamentals supporting the Irish real estate market.

Q Which positions detracted significantly from the Fund’s performance during the Reporting Period?

A Sumitomo Realty & Development, a Japan-based diversified real estate landlord and developer, was the top detractor from the Fund’s results during the Reporting Period. While the company enjoyed strong momentum in presales among its central Tokyo apartment projects, its shares were impacted by its third fiscal quarter results, which showed slowing brokerage growth. Additionally, the build-for-sale condo market as a whole showed signs of slowing. At the end of the Reporting Period, it was our opinion that Sumitomo Realty offered solid office completion pipelines with stable progress on its pre-leases of tenants, which we believe could help to support future earnings growth.

Goodman Group, an Australia-based owner of industrial properties and business space and a new purchase for the Fund during the Reporting Period, detracted from the Fund’s results during the Reporting Period as well but did so given the Fund’s underweighted position in the strongly performing stock. Its share price appreciated on reports of favorable quarterly results given ongoing strong demand for new logistics assets as a result of trends in e-commerce. Goodman Group also offers a solid development pipeline, in our view. At the end of the Reporting Period, we maintained the Fund’s position in Goodman Group given our view that the company is well positioned to continue to benefit from e-commerce trends and developments in Asia.

Propertylink Group, a logistics warehouse REIT in Australia, was also a top detractor from the Fund’s results during the Reporting Period. Another company, ESR Australia, initially picked up a 98% stake in Propertylink Group and then acquired all outstanding shares by the end of April 2019, after which the REIT was privatized. As such, we sold the Fund’s position in Propertylink Group during the Reporting Period.

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 In addition to the purchase of Goodman Group, already mentioned, we established a Fund position in Mitsui Fudosan Logistics Park, a logistics J-REIT sponsored by Japan’s largest diversified real estate developer, Mitsui Fudosan. We

10

PORTFOLIO RESULTS

believe its recent property acquisition deal was accretive to its net asset value. We also believe that with its low leverage of less than 30%, the REIT can continue to acquire top-class modern logistics facilities from its sponsor. We expect its distribution per unit growth to continue, driven by further property acquisitions, and believe its shares were trading at a reasonable valuation at the end of the Reporting Period.

We initiated a Fund position in CapitaLand, a Singapore-listed developer with exposure to China residential properties, shopping malls in China and Singapore, the lodging subsector, and fund management. We were constructive at the time of purchase on the company’s then-recently announced proposed acquisition of Ascendas-Singbridge Group, which, in our view, positions the company well to recycle capital through listed REITs and private vehicles and sustain a stable return on earnings going forward. Furthermore, we believed CapitaLand’s share price may re-rate with this deal, as the company has had a slow track record in deploying capital in the past. (When the market changes its view of a company sufficiently to make calculation ratios, such as its price/earnings ratio, substantially higher or lower, this is known as re-rating.)

Conversely, in addition to the sale of Propertylink Group, mentioned earlier, we exited the Fund’s position in Covivio, a France-based owner of diversified real estate across Europe. Its shares appreciated during the Reporting Period and eventually reached our price target. We ultimately decided to sell the position and allocate capital to ideas we felt had higher risk/reward potential.

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 Singapore increased relative to the Real Estate Index. The Fund’s position in cash decreased.

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 Real Estate Index in Singapore and Australia. The Fund was overweighted relative to the Real Estate Index in France, Spain, Ireland and the U.S. and was rather neutrally weighted to the remaining regions/countries of the Real Estate Index at the end of June 2019. The Fund also had an out-of-benchmark exposure to India 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, in terms of industry fundamentals, we believed tenant demand for international real estate remained robust across subsectors, especially in office, industrial, new industries and hospitality. Furthermore, in our view, the funding environment remained open and inexpensive for REITs, with most having locked in low-cost, long-term debt financing. Balance sheets also remained strong, in our opinion, in particular those of property-operating companies that practice high earnings retention. Broadly speaking, international REITs sign an overwhelming majority of their leases with long-term commercial tenants, and tenancies have remained stable. In our view, the favorable environment seen at the end of the Reporting Period could allow international REITs to potentially deploy more capital toward high quality projects to drive opportunities for 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 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.

* Sector and subsector allocations are defined by GSAM and may differ from sector and subsector allocations used by the Real Estate Index.

11

FUND BASICS

International Real Estate Securities Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019 – June 30, 2019	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Ex US Real Estate Index (Net, USD, Unhedged)2
Class A		13.19	%		12.89	%
Class C		12.74			12.89
Institutional		13.32			12.89
Investor		13.45			12.89
Class P		13.35			12.89
Class R6		13.52			12.89

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.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.58	%		1.48	%		6.60	%		1.23	%	7/31/06
Class C		3.31			1.88			6.41			0.94		7/31/06
Institutional		5.47			3.05			7.59			1.97		7/31/06
Investor		5.50			2.93			7.49			0.16		11/30/07
Class P		5.49			N/A			N/A			3.12		4/17/18
Class R6		5.64			N/A			N/A			4.14		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 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.

12

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.38	%		1.73	%
Class C		2.13			2.48
Institutional		0.99			1.34
Investor		1.13			1.48
Class P		0.98			1.33
Class R6		0.98			1.33

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, 2020, 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 6/30/195
Holding	% of Net Assets	Line of Business	Country
Vonovia SE	7.6%	Real Estate Operating Companies	Germany
Sun Hung Kai Properties Ltd.	6.1	Diversified	Hong Kong
Mitsubishi Estate Co. Ltd.	5.9	Diversified	Japan
CK Asset Holdings Ltd.	5.7	Real Estate Development	Hong Kong
Sumitomo Realty & Development Co. Ltd.	4.6	Diversified	Japan
Mitsui Fudosan Co. Ltd.	3.1	Diversified	Japan
GLP J-REIT (REIT)	3.0	Industrial	Japan
Link REIT (REIT)	2.7	Retail	Hong Kong
GPT Group (The) (REIT)	2.7	Diversified	Australia
UNITE Group plc (The) (REIT)	2.6	Residential	United Kingdom

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

13

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁶

As of June 30, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The graph categorizes investments’ country of domicile as reported by Bloomberg; however, the country classifications used by the portfolio management team may differ from Bloomberg. The percentage shown for each country reflects the value of investments in that category as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

14

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 17.81%, 17.36%, 18.02%, 17.77%, 17.92%, 18.04%, 17.64% and 18.03%, respectively. These returns compare to the 17.90% cumulative total return of the Fund’s benchmark, the Wilshire U.S. Real Estate Securities Index (with dividends reinvested) (the “Wilshire Index”) during the same 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 double-digit positive absolute returns during the Reporting Period that only modestly lagged the broad U.S. equity market, as represented by the S&P 500® Index, which returned 18.54% for the same period.

For the first quarter of 2019, the Wilshire Index increased a robust 16.06%. Real estate investment trusts (“REITs”) benefited, as investors largely accepted a modest slowdown in global economic growth as well as lowered consensus expectations of a recession in the near term. While all REIT subsectors in the Wilshire Index posted positive returns in the first calendar quarter, industrial and technology REITs were the top performers, while self storage and health care were the weakest subsectors. Industrial REITs appreciated due to strong fourth quarter 2018 earnings results and favorable 2019 guidance, while health care REITs underperformed the Wilshire Index due to the subsector’s defensive nature during a period when the broad U.S. equity market rallied as well as on concerns around a supply/demand imbalance in senior housing.

The Wilshire Index increased a more modest 1.62% during the second quarter of 2019. The single family, industrial and data center subsectors led the way, while malls, lodging and office subsectors proved laggards. Industrial REITs benefited from a solid first quarter 2019 earnings season and from secular demand trends to improve logistic facilities as a result of ongoing e-commerce trends. On the other hand, malls struggled as a result of store closures and bankruptcy announcements.

For the Reporting Period overall, the strongest subsectors in the Wilshire Index were industrial, technology and triple net. Conversely, retail, hotel and office subsectors were the weakest performers within the Wilshire Index during the Reporting Period but still posted solid positive absolute gains. (Triple net properties are typically 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.)

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

A Most share classes of the Fund either outperformed or only slightly underperformed the Wilshire Index during the Reporting Period, as both stock selection and allocation decisions overall added value. Contributing most positively to the Fund’s relative results was effective individual stock selection in the office, hotel and health care subsectors.* Having underweights relative to the Wilshire Index in the office and retail subsectors, which each underperformed the Wilshire Index during the Reporting Period, also boosted the Fund’s relative performance. Partially offsetting these

positive contributors was weak stock selection in the self storage and retail subsectors, which detracted. Both stock selection and having an underweighted allocation to the strongly performing triple net subsector also hurt. Having a position in cash during a period when the Wilshire Index rallied dampened the Fund’s relative results as well.

15

PORTFOLIO RESULTS

Q What were some of the Fund’s best-performing individual holdings?

A Prologis, a global leader in logistics real estate, was the strongest positive contributor to the Fund’s performance during the Reporting Period. Shares of the U.S. company appreciated during the Reporting Period, as Prologis continued to benefit from positive trends in the industrial subsector, as industries work toward supply-chain reconfiguration to limit transportation times. Investors also grew to appreciate its management’s comments that the subsector is only in the second inning of the supply-chain reconfiguration cycle and much more work is to be done. At the end of the Reporting Period, we believed Prologis may benefit ahead from the stabilization of its development pipeline, its existing land bank and what we view as its healthy balance sheet.

Vornado Realty Trust, an owner of office and retail properties, was also a top contributor to Fund returns during the Reporting Period. Shares of Vornado Realty Trust underperformed the Wilshire Index during the Reporting Period, which benefited the Fund given its underweight position in the REIT. Its shares had appreciated early in the Reporting Period in line with the broader real estate market, but then fell after the company reported soft fourth quarter 2018 results. Ultimately, we viewed this as an attractive exit point and decided to sell the Fund’s position in Vornado Realty Trust and allocate capital to names with what we felt had greater risk/reward potential.

Interxion Holding, a cloud-neutral colocation data center, was a new purchase for the Fund during the Reporting Period and a strong positive contributor to the Fund’s results. Its shares benefited during the Reporting Period from strong demand for its services in Europe, largely driven by Frankfurt, Amsterdam, Paris and Marseilles. The market also reacted favorably to the company’s first quarter 2019 results that were released in May 2019 and to the announcement that Prologis will increase its presence in the African market, opening a door for Interxion Holding as well. At the end of the Reporting Period, we believed the company may benefit from ongoing secular demand trends from cloud platforms, digital content and enterprises in its core markets. Furthermore, we were positive on Interxion Holding’s expanding footprint and strong bookings reported in the fourth quarter of 2018, which we expect may continue as 2019 progresses.

Q What were some of the Fund’s weakest-performing individual holdings?

A Equinix, a data center provider, was the top detractor from the Fund’s relative results during the Reporting Period. While its stock price appreciated, Equinix detracted given the Fund’s underweight position in the company. The company reported solid fourth quarter 2018 results and 2019 guidance, as operational momentum built and global bookings reached record levels. The company also benefited from the ongoing demand for data storage. In our view, Equinix is an asset with compelling upside potential to revenues and free cash flow as it capitalizes on secular trends in technology.

Simon Property Group, a U.S.-based owner and operator of retail real estate properties, detracted from the Fund’s relative performance as well. Despite leasing spreads accelerating during the first quarter of 2019, the market reacted to the company’s reported first quarter 2019 same-store net operating income, which was lower than it expected. Still, in our view, the company maintained a top-tier portfolio of assets at the end of the Reporting Period as well as one of the strongest balance sheets relative to its peers. We also believed its management team was a great capital allocator, had the potential to generate high cash flow growth and would likely be opportunistic during periods of distress as it seeks to create value.

Urban Edge Properties, a retail real estate manager in urban communities and a new purchase for the Fund during the Reporting Period, also detracted from the Fund’s returns during the Reporting Period. Its shares were challenged as many of the company’s large anchor tenants declared bankruptcy, and Urban Edge Properties reported weak first quarter 2019 results. Despite what we see as these short-term headwinds, we remained favorable on the company at the end of the Reporting Period and on its management’s strategic plan to redevelop specific properties and transition them into more vibrant retailers.

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

A During the Reporting Period, the Fund used forward contracts to reduce currency risk. This had a modestly positive effect on the Fund’s performance.

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 Invitation Homes, a U.S. owner and operator of single-family

16

PORTFOLIO RESULTS

rental homes. We believe the company has created a well-located, high quality portfolio of assets and, in our view, has the potential to benefit from the recent supply/demand backdrop. In 2018, the company was challenged by volatile operating expenses due to one-time taxes and platform integration. However, we believe its expenses should be less volatile in the coming years due to merger synergies. Additionally, we are positive on Invitation Homes’ improved repair and maintenance system, which may lead to better returns.

We initiated a Fund position in Crown Castle International, a U.S.-based provider of wireless communications infrastructure. Crown Castle International continues to benefit from secular data consumption trends in the tower space, which we expect may continue. Looking ahead, we remain positive on the company’s ability to grow its dividend over the long term and encouraged by growth in its fiber/small cell business.

Conversely, in addition to the sale of Vornado Realty Trust, already mentioned, we exited the Fund’s position in JBG SMITH Properties, an owner of office, multi-family and retail properties in the Washington, DC metro area. Although we were supportive of the company due to what we consider to be its high quality management team and development pipeline, its stock reached our price target. Thus, we viewed this as an attractive exit point and decided to use the capital to fund higher conviction ideas.

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 industrial, residential, self storage and technology subsectors increased relative to the Wilshire Index and its exposure to the office and retail subsectors decreased relative to the Wilshire Index. We also established a position in the triple net subsector 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 subsector perspective, the Fund had an underweighted exposure compared to the Wilshire Index in the retail subsector and was rather neutrally weighted in the remaining subsectors of the Wilshire 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 maintained a constructive outlook for U.S. REITs overall for several reasons. First, we felt the macro backdrop for REITs had improved with a moderating economic growth outlook and anticipation of lower interest rates. This improved backdrop may be, in our view, a positive for financing costs, which, in turn, may translate to increased flows from equity investors seeking defense, yield and potentially better returns. Second, despite being late in the real estate cycle, we believed fundamentals remained generally healthy, with limited new supply, which we expect to persist given rising construction costs and long development cycles across most subsectors, and stable or improving demand, which should support revenue growth stemming from rising occupancies and/or rents. Third, in our opinion, the dividend sustainability potential of REITs is high due to healthy fundamentals, improved balance sheets with meaningfully less leverage than at the peak in 2008/2009, and dividend payout ratios near record lows on a historical basis. Fourth, we believed the quality of REITs’ growth has improved given the increasing importance of non-core exposures, which currently represent about half of the U.S. REIT universe, a sharp increase from the approximately 20% representation ten years ago. Fifth, increased merger and acquisition activity should provide additional support to the sector, as record levels of private capital may translate to price discovery in listed markets. Finally, we believed valuations of most REITs remained attractive.

Against this backdrop, we believe U.S. REIT returns may fall somewhere between those of equities and fixed income over the long term given that U.S. REITs offer some equity-like attributes, such as the ability to grow, and some fixed income-like attributes, such as attractive yield. For the remainder of the calendar year, we believe U.S. REITs may offer attractive returns that outperform both fixed income and equities, especially cyclical equities, given moderating interest rate and economic growth market expectations. We believe such U.S. REIT returns will be comprised of dividend yield and growth (factoring in no multiple expansion), with the potential for upside from merger and acquisition activity.

* Sector and subsector allocations are defined by GSAM and may differ from sector and subsector allocations used by the Wilshire Index.

17

FUND BASICS

Real Estate Securities Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019–June 30, 2019	Fund Total Return (based on NAV)1			Wilshire U.S. Real Estate Securities Index2
Class A		17.81	%		17.90	%
Class C		17.36			17.90
Institutional		18.02			17.90
Service		17.77			17.90
Investor		17.92			17.90
Class P		18.04			17.90
Class R		17.64			17.90
Class R6		18.03			17.90

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 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.98	%		5.22	%		13.82	%		8.86	%		7/27/98
Class C		8.07			5.62			13.60			8.35			7/27/98
Institutional		10.50			6.85			14.93			9.60			7/27/98
Service		9.88			6.30			14.33			9.06			7/27/98
Investor		10.36			6.69			14.74			5.81			11/30/07
Class P		10.45			N/A			N/A			16.05			4/17/18
Class R		9.81			6.16			14.18			5.30			11/30/07
Class R6		10.44			N/A			N/A			6.09			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 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.

18

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	%		1.45	%
Class C		2.05			2.20
Institutional		0.91			1.06
Service		1.41			1.56
Investor		1.05			1.20
Class P		0.90			1.05
Class R		1.55			1.70
Class R6		0.90			1.05

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, 2020, 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 6/30/195
Holding	% of Net Assets			Subsectors
Prologis, Inc. (REIT)		8.1	%	Industrial
Simon Property Group, Inc. (REIT)		7.4		Retail
AvalonBay Communities, Inc. (REIT)		5.7		Residential
Equity Residential (REIT)		5.2		Residential
Ventas, Inc. (REIT)		4.4		Health Care
Public Storage (REIT)		4.0		Specialized
Alexandria Real Estate Equities, Inc. (REIT)		3.8		Office
HCP, Inc. (REIT)		3.5		Health Care
Equinix, Inc. (REIT)		3.4		Specialized
Boston Properties, Inc. (REIT)		3.1		Office

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

19

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of June 30, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

20

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.

The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

21

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Australia – 5.0%
	839,810	Centuria Industrial REIT (REIT) (Industrial)	$	1,806,189
	1,444,235	Cromwell Property Group (REIT) (Office)		1,171,083
	257,093	Goodman Group (REIT) (Industrial)		2,717,417
	936,582	GPT Group (The) (REIT) (Diversified)		4,046,831
	571,454	Mirvac Group (REIT) (Diversified)		1,257,962
	353,611	Scentre Group (REIT) (Retail)		954,318
				11,953,800
Canada – 3.1%
	47,937	Allied Properties REIT (REIT) (Office)		1,734,012
	39,313	Canadian Apartment Properties REIT (REIT) (Residential)		1,451,779
	203,248	Chartwell Retirement Residences (Health Care)		2,362,212
	183,301	Summit Industrial Income REIT (REIT) (Industrial)		1,802,846
				7,350,849
France – 2.5%
	26,120	Gecina SA (REIT) (Diversified)		3,908,658
	65,761	Klepierre SA (REIT) (Retail)		2,203,184
				6,111,842
Germany – 4.3%
	171,239	alstria office REIT-AG (REIT) (Office)		2,772,754
	50,443	Instone Real Estate Group AG (Real Estate Development)*(a)		1,133,408
	132,225	Vonovia SE (Real Estate Operating Companies)		6,316,364
				10,222,526
Hong Kong – 6.4%
	871,000	CK Asset Holdings Ltd. (Real Estate Development)		6,823,482
	164,500	Link REIT (REIT) (Retail)		2,024,241
	382,000	Sun Hung Kai Properties Ltd. (Diversified)		6,480,655
				15,328,378
Ireland – 1.9%
	186,956	Dalata Hotel Group plc (Hotel)		1,000,225
	1,789,221	Green REIT plc (REIT) (Office)		3,682,672
				4,682,897
Japan – 11.5%
	702	Activia Properties, Inc. (REIT) (Diversified)		3,055,491
	3,217	GLP J-REIT (REIT) (Industrial)		3,664,125
	7,071	Invincible Investment Corp. (REIT) (Hotel)		3,662,620
Common Stocks – (continued)
Japan – (continued)
	2,100	Japan Rental Housing Investments, Inc. (REIT) (Residential)		1,632,686
	371,500	Mitsubishi Estate Co. Ltd. (Diversified)		6,923,815
	742	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		2,523,410
	701	Sankei Real Estate, Inc. (REIT) (Office)*		773,963
	145,400	Sumitomo Realty & Development Co. Ltd. (Diversified)		5,201,649
				27,437,759
Norway – 1.1%
	172,088	Entra ASA (Real Estate Operating Companies)(a)		2,644,934
Singapore – 3.3%
	2,867,400	Ascendas India Trust (Real Estate Operating Companies)		2,882,235
	982,900	CapitaLand Ltd. (Diversified)		2,566,577
	205,300	City Developments Ltd. (Diversified)		1,438,113
	627,400	Mapletree Industrial Trust (REIT) (Industrial)		1,039,080
				7,926,005
Spain – 2.0%
	40,107	Aedas Homes SAU (Real Estate Development)*(a)		953,158
	269,240	Merlin Properties Socimi SA (REIT) (Diversified)		3,732,070
				4,685,228
Sweden – 1.4%
	176,521	Castellum AB (Real Estate Operating Companies)		3,377,681
United Kingdom – 4.8%
	205,840	Big Yellow Group plc (REIT) (Specialized)		2,588,915
	1,894,499	Tritax Big Box REIT plc (REIT) (Industrial)		3,715,143
	1,951,408	Tritax EuroBox plc (REIT) (Diversified)(a)		2,374,272
	237,378	UNITE Group plc (The) (REIT) (Residential)		2,937,270
				11,615,600
United States – 51.0%
	31,436	Alexandria Real Estate Equities, Inc. (REIT) (Office)		4,435,305
	36,815	AvalonBay Communities, Inc. (REIT) (Residential)		7,480,072
	30,741	Boston Properties, Inc. (REIT) (Office)		3,965,589
	45,099	Camden Property Trust (REIT) (Residential)		4,707,885

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	85,699	Chesapeake Lodging Trust (REIT) (Hotel)	$	2,435,566
	16,285	Crown Castle International Corp. (REIT) (Specialized)		2,122,750
	71,315	Cushman & Wakefield plc (Real Estate Services)*		1,275,112
	66,140	CyrusOne, Inc. (REIT) (Specialized)		3,817,601
	40,110	Douglas Emmett, Inc. (REIT) (Office)		1,597,982
	113,981	Duke Realty Corp. (REIT) (Industrial)		3,602,939
	23,219	Equity LifeStyle Properties, Inc. (REIT) (Residential)		2,817,393
	87,240	Equity Residential (REIT) (Residential)		6,623,261
	14,438	Essex Property Trust, Inc. (REIT) (Residential)		4,214,885
	30,314	Extra Space Storage, Inc. (REIT) (Specialized)		3,216,315
	21,999	Federal Realty Investment Trust (REIT) (Retail)		2,832,591
	189,809	HCP, Inc. (REIT) (Health Care)		6,070,092
	88,908	Healthcare Realty Trust, Inc. (REIT) (Health Care)		2,784,599
	57,779	Hudson Pacific Properties, Inc. (REIT) (Office)		1,922,307
	151,241	Invitation Homes, Inc. (REIT) (Residential)		4,042,672
	30,630	Kilroy Realty Corp. (REIT) (Office)		2,260,800
	22,781	Life Storage, Inc. (REIT) (Specialized)		2,166,017
	53,919	Pebblebrook Hotel Trust (REIT) (Hotel)		1,519,437
	116,477	Prologis, Inc. (REIT) (Industrial)		9,329,808
	17,068	Public Storage (REIT) (Specialized)		4,065,086
	33,624	Realty Income Corp. (REIT) (Retail)		2,319,047
	168,780	RLJ Lodging Trust (REIT) (Hotel)		2,994,157
	19,330	Ryman Hospitality Properties, Inc. (REIT) (Hotel)		1,567,470
	57,960	Simon Property Group, Inc. (REIT) (Retail)		9,259,690
	127,070	SITE Centers Corp. (REIT) (Retail)		1,682,407
	25,777	SL Green Realty Corp. (REIT) (Office)		2,071,698
	48,910	STAG Industrial, Inc. (REIT) (Industrial)		1,479,038
	91,674	STORE Capital Corp. (REIT) (Diversified)		3,042,660
	93,238	Urban Edge Properties (REIT) (Retail)		1,615,815
	81,492	Ventas, Inc. (REIT) (Health Care)		5,569,978
	15,653	WP Carey, Inc. (REIT) (Diversified)		1,270,711
				122,178,735
	TOTAL COMMON STOCKS
	(Cost $209,332,224)		$	235,516,234
Shares		Dividend Rate	Value
Investment Company(b) – 1.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,520,531	2.308%	$	4,520,531
(Cost $4,520,531)
	TOTAL INVESTMENTS – 100.2%
	(Cost $213,852,755)		$	240,036,765
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(583,887	)
	NET ASSETS –100.0%		$	239,452,878

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Australia – 9.6%
	337,383	Centuria Industrial REIT (REIT) (Industrial)	$	725,614
	722,809	Cromwell Property Group (REIT) (Office)		586,102
	138,906	Goodman Group (REIT) (Industrial)		1,468,206
	527,416	GPT Group (The) (REIT) (Diversified)		2,278,886
	549,775	Mirvac Group (REIT) (Diversified)		1,210,239
	683,813	Scentre Group (REIT) (Retail)		1,845,460
				8,114,507
Canada – 6.5%
	36,115	Allied Properties REIT (REIT) (Office)		1,306,378
	33,577	Canadian Apartment Properties REIT (REIT) (Residential)		1,239,955
	176,758	Chartwell Retirement Residences (Health Care)		2,054,337
	86,395	Summit Industrial Income REIT (REIT) (Industrial)		849,733
				5,450,403
France – 6.3%
	14,827	Gecina SA (REIT) (Diversified)		2,218,747
	60,251	Klepierre SA (REIT) (Retail)		2,018,583
	7,394	Unibail-Rodamco-Westfield (REIT) (Retail)		1,107,717
				5,345,047
Germany – 9.5%
	73,778	alstria office REIT-AG (REIT) (Office)		1,194,636
	19,618	Instone Real Estate Group AG (Real Estate Development)*(a)		440,798
	134,146	Vonovia SE (Real Estate Operating Companies)		6,408,130
				8,043,564
Hong Kong – 16.3%
	611,000	CK Asset Holdings Ltd. (Real Estate Development)		4,786,622
	128,400	Hongkong Land Holdings Ltd. (Real Estate Operating Companies)		827,631
	188,500	Link REIT (REIT) (Retail)		2,319,571
	302,975	Sun Hung Kai Properties Ltd. (Diversified)		5,139,991
	95,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Operating Companies)		669,505
				13,743,320
Ireland – 2.2%
	76,146	Dalata Hotel Group plc (Hotel)		407,385
	711,200	Green REIT plc (REIT) (Office)		1,463,831
				1,871,216
Japan – 24.0%
	409	Activia Properties, Inc. (REIT) (Diversified)		1,780,193
	2,204	GLP J-REIT (REIT) (Industrial)		2,510,330
Common Stocks – (continued)
Japan – (continued)
	3,883	Invincible Investment Corp. (REIT) (Hotel)		2,011,307
	1,104	Japan Rental Housing Investments, Inc. (REIT) (Residential)		858,327
	268,600	Mitsubishi Estate Co. Ltd. (Diversified)		5,006,021
	108,100	Mitsui Fudosan Co. Ltd. (Diversified)		2,627,283
	294	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		999,842
	487	Sankei Real Estate, Inc. (REIT) (Office)*		537,689
	109,700	Sumitomo Realty & Development Co. Ltd. (Diversified)		3,924,490
				20,255,482
Norway – 1.6%
	85,660	Entra ASA (Real Estate Operating Companies)(a)		1,316,565
Singapore – 4.8%
	1,443,600	Ascendas India Trust (Real Estate Operating Companies)		1,451,069
	501,700	CapitaLand Ltd. (Diversified)		1,310,054
	97,500	City Developments Ltd. (Diversified)		682,981
	384,900	Mapletree Industrial Trust (REIT) (Industrial)		637,459
				4,081,563
Spain – 2.8%
	20,048	Aedas Homes SAU (Real Estate Development)*(a)		476,448
	136,406	Merlin Properties Socimi SA (REIT) (Diversified)		1,890,792
				2,367,240
Sweden – 2.3%
	101,794	Castellum AB (Real Estate Operating Companies)		1,947,800
Switzerland – 2.1%
	15,385	PSP Swiss Property AG (Registered) (Real Estate Operating Companies)		1,798,047
United Kingdom – 10.3%
	144,169	Big Yellow Group plc (REIT) (Specialized)		1,813,259
	46,137	Derwent London plc (REIT) (Office)		1,827,061
	1,008,118	Tritax Big Box REIT plc (REIT) (Industrial)		1,976,935
	735,842	Tritax EuroBox plc (REIT) (Diversified)(a)		895,297
	179,523	UNITE Group plc (The) (REIT) (Residential)		2,221,383
				8,733,935
	TOTAL COMMON STOCKS
	(Cost $79,635,661)		$	83,068,689

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(b) – 1.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,621,300	2.308%	$	1,621,300
(Cost $1,621,300)
TOTAL INVESTMENTS – 100.2%
(Cost $81,256,961)		$	84,689,989
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(129,304	)
NET ASSETS –100.0%		$	84,560,685

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Diversified – 1.0%
	52,887	STORE Capital Corp. (REIT)	$	1,755,320
Health Care – 12.4%
	186,475	HCP, Inc. (REIT)		5,963,471
	107,968	Healthcare Realty Trust, Inc. (REIT)		3,381,558
	108,796	Ventas, Inc. (REIT)		7,436,207
	49,619	Welltower, Inc. (REIT)		4,045,437
				20,826,673
Hotel – 5.5%
	30,146	Chesapeake Lodging Trust (REIT)		856,749
	133,133	Host Hotels & Resorts, Inc. (REIT)		2,425,683
	174,436	RLJ Lodging Trust (REIT)		3,094,495
	36,681	Ryman Hospitality Properties, Inc. (REIT)		2,974,462
				9,351,389
Industrial – 12.2%
	158,792	Duke Realty Corp. (REIT)		5,019,415
	168,969	Prologis, Inc. (REIT)		13,534,417
	60,194	STAG Industrial, Inc. (REIT)		1,820,267
				20,374,099
IT Consulting & Other Services – 1.5%
	31,877	InterXion Holding NV*		2,425,521
Office – 13.7%
	45,165	Alexandria Real Estate Equities, Inc. (REIT)		6,372,330
	40,506	Boston Properties, Inc. (REIT)		5,225,274
	59,384	Douglas Emmett, Inc. (REIT)		2,365,859
	84,009	Hudson Pacific Properties, Inc. (REIT)		2,794,979
	42,202	Kilroy Realty Corp. (REIT)		3,114,930
	38,217	SL Green Realty Corp. (REIT)		3,071,500
				22,944,872
Real Estate Services – 0.8%
	78,528	Cushman & Wakefield plc*		1,404,081
Residential – 21.9%
	47,433	AvalonBay Communities, Inc. (REIT)		9,637,437
	46,701	Camden Property Trust (REIT)		4,875,117
	32,014	Equity LifeStyle Properties, Inc. (REIT)		3,884,579
	116,222	Equity Residential (REIT)		8,823,574
	15,779	Essex Property Trust, Inc. (REIT)		4,606,363
	186,213	Invitation Homes, Inc. (REIT)		4,977,473
				36,804,543
Retail – 12.8%
	30,817	Acadia Realty Trust (REIT)		843,461
	28,173	Federal Realty Investment Trust (REIT)		3,627,555
	78,092	Simon Property Group, Inc. (REIT)		12,475,978
	167,489	SITE Centers Corp. (REIT)		2,217,554
	135,312	Urban Edge Properties (REIT)		2,344,957
				21,509,505
Common Stocks – (continued)
Specialized – 17.6%
	15,394	Crown Castle International Corp. (REIT)		2,006,608
	64,840	CyrusOne, Inc. (REIT)		3,742,565
	32,028	Digital Realty Trust, Inc. (REIT)		3,772,578
	11,258	Equinix, Inc. (REIT)		5,677,297
	44,702	Extra Space Storage, Inc. (REIT)		4,742,882
	30,241	Life Storage, Inc. (REIT)		2,875,314
	28,569	Public Storage (REIT)		6,804,279
				29,621,523
	TOTAL COMMON STOCKS
	(Cost $111,488,147)		$	167,017,526

Shares	Dividend Rate	Value
Investment Company(a) – 0.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
166,590	2.308%	$	166,590
(Cost $166,590)
TOTAL INVESTMENTS – 99.5%
(Cost $111,654,737)		$	167,184,116
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			923,574
NET ASSETS – 100.0%		$	168,107,690

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)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust
Currency Abbreviations:
EUR	—Euro
USD	—United States Dollar

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Bank of America NA	USD	1,724,813	EUR	1,532,000		07/10/2019	$	(18,408	)

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	Global Real Estate Securities Fund		International Real Estate Securities Fund			Real Estate Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $209,332,224, $79,635,661 and $111,488,147)	$	235,516,234	$	83,068,689		$	167,017,526
Investments in affiliated issuers, at value (cost $4,520,531, $1,621,300 and $166,590)		4,520,531		1,621,300			166,590
Cash		740,175		45,716			579,937
Foreign currencies, at value (cost $95,357, $108,340 and $0)		95,373		108,717			—
Receivables:
Dividends		1,010,277		253,282			720,345
Foreign tax reclaims		166,358		275,491			—
Reimbursement from investment adviser		33,833		32,468			36,864
Fund shares sold		4,990		40,250			33,443
Investments sold		4,353		437,519			—
Other assets		42,637		60,108			53,886
Total assets		242,134,761		85,943,540			168,608,591
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—		—			18,408
Payables:
Investments purchased		2,337,980		1,129,505			—
Management fees		185,176		66,283			122,009
Fund shares redeemed		25,982		47,158			226,186
Distribution and Service fees and Transfer Agency fees		6,280		3,361			20,096
Accrued expenses		126,465		136,548			114,202
Total liabilities		2,681,883		1,382,855			500,901
Net Assets:
Paid-in capital		210,469,821		89,860,257			98,169,806
Total distributable earnings (loss)		28,983,057		(5,299,572	)		69,937,884
NET ASSETS	$	239,452,878	$	84,560,685		$	168,107,690
Net Assets:
Class A	$	581,149	$	3,108,450		$	28,457,076
Class C		62,144		141,949			3,125,171
Institutional		2,055,314		6,555,349			31,227,981
Service		—		—			1,749,761
Investor		31,742		109,795			8,322,238
Class P		40,288,356		74,581,634			92,575,328
Class R		31,139		—			1,845,769
Class R6		196,403,034		63,508			804,366
Total Net Assets	$	239,452,878	$	84,560,685		$	168,107,690
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		51,863		469,268			1,930,863
Class C		5,553		21,249			223,012
Institutional		182,899		1,023,476			2,046,731
Service		—		—			117,744
Investor		2,830		16,719			559,352
Class P		3,594,123		11,670,369			6,070,531
Class R		2,778		—			126,712
Class R6		17,509,966		9,922			52,721
Net asset value, offering and redemption price per share:(a)
Class A		$11.21		$6.62			$14.74
Class C		11.19		6.68			14.01
Institutional		11.24		6.40			15.26
Service		—		—			14.86
Investor		11.22		6.57			14.88
Class P		11.21		6.39			15.25
Class R		11.21		—			14.57
Class R6		11.22		6.40			15.26

(a) 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 $11.85, $7.01 and $15.60, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2019 (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 $228,454, $170,244 and $0)	$	4,064,382		$	1,541,723		$	2,346,305
Dividends — affiliated issuers		47,578			16,521			22,106
Securities lending income — affiliated issuer		10,049			—			—
Total investment income		4,122,009			1,558,244			2,368,411
Expenses:
Management fees		1,252,343			418,395			727,963
Custody, accounting and administrative services		62,757			53,214			54,857
Professional fees		54,620			54,189			51,771
Registration fees		52,299			51,021			66,152
Transfer Agency fees(a)		41,142			16,230			59,237
Printing and mailing costs		22,096			15,297			20,690
Trustee fees		8,213			8,018			8,109
Distribution and Service fees(a)		1,246			5,042			58,038
Service share fees — Service and Shareholder Administration Plan		—			—			4,098
Other		14,689			29,338			19,380
Total expenses		1,509,405			650,744			1,070,295
Less — expense reductions		(212,514	)		(212,215	)		(220,308	)
Net expenses		1,296,891			438,529			849,987
NET INVESTMENT INCOME		2,825,118			1,119,715			1,518,424
Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		5,349,699			1,385,349			9,995,870
Forward foreign currency exchange contracts		—			—			25,328
Foreign currency transactions		14,939			763			3,175
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		34,919,304			9,218,762			15,998,533
Forward foreign currency exchange contracts		—			—			(22,979	)
Foreign currency translation		8,062			6,093			—
Net realized and unrealized gain		40,292,004			10,610,967			25,999,927
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,117,122		$	11,730,682		$	27,518,351

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

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Global Real Estate Securities	$	939	$	232	$	75	$	676	$	42	$	403		N/A	$	27	$	6,195	$	27	$	33,772
International Real Estate Securities		3,949		1,093		N/A		2,843		197		1,612		N/A		98		11,463		N/A		17
Real Estate Securities		35,736		17,697		4,605		25,729		3,185		6,193	$	328		8,433		13,592		1,658		119

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets

	Global Real Estate Securities Fund						International Real Estate Securities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,825,118		$	7,694,004		$	1,119,715		$	2,589,738
Net realized gain (loss)		5,364,638			(513,957	)		1,386,112			1,093,599
Net change in unrealized gain (loss)		34,927,366			(24,402,772	)		9,224,855			(10,549,283	)
Net increase (decrease) in net assets resulting from operations		43,117,122			(17,222,725	)		11,730,682			(6,865,946	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(5,035	)		(21,735	)		(27,290	)		(72,733	)
Class C Shares		(319	)		(315	)		(378	)		(4,862	)
Institutional Shares		(20,120	)		(114,092	)		(71,511	)		(227,990	)
Investor Shares		(290	)		(609	)		(1,100	)		(2,509	)
Class P Shares(a)		(402,523	)		(359,656	)		(822,303	)		(2,124,941	)
Class R Shares		(215	)		(459	)		—			—
Class R6 Shares		(2,022,140	)		(6,882,760	)		(693	)		(11,771	)
Return of capital
Class A Shares		—			(6,159	)		—			—
Class C Shares		—			(145	)		—			—
Institutional Shares		—			(36,030	)		—			—
Investor Shares		—			(148	)		—			—
Class P Shares(a)		—			(79,238	)		—			—
Class R Shares		—			(147	)		—			—
Class R6 Shares		—			(1,558,561	)		—			—
Total distributions to shareholders		(2,450,642	)		(9,060,054	)		(923,275	)		(2,444,806	)
From share transactions:
Proceeds from sales of shares		12,469,548			388,120,447			2,083,488			117,088,263
Reinvestment of distributions		2,450,480			9,059,523			922,945			2,441,899
Cost of shares redeemed		(118,041,544	)		(409,399,836	)		(25,021,842	)		(137,525,695	)
Net decrease in net assets resulting from share transactions		(103,121,516	)		(12,219,866	)		(22,015,409	)		(17,995,533	)
TOTAL DECREASE		(62,455,036	)		(38,502,645	)		(11,208,002	)		(27,306,285	)
Net Assets:
Beginning of period		301,907,914			340,410,559			95,768,687			123,074,972
End of period	$	239,452,878		$	301,907,914		$	84,560,685		$	95,768,687

(a) Commenced operations 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 (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	1,518,424		$	4,751,873
Net realized gain		10,024,373			24,114,327
Net change in unrealized gain (loss)		15,975,554			(38,901,542	)
Net increase (decrease) in net assets resulting from operations		27,518,351			(10,035,342	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(223,836	)		(4,351,150	)
Class C Shares		(14,005	)		(645,744	)
Institutional Shares		(287,442	)		(6,004,021	)
Service Shares		(12,513	)		(233,397	)
Investor Shares		(78,017	)		(1,352,024	)
Class P Shares(a)		(860,426	)		(15,469,785	)
Class R Shares		(12,547	)		(288,384	)
Class R6 Shares		(7,455	)		(130,756	)
Total distributions to shareholders		(1,496,241	)		(28,475,261	)
From share transactions:
Proceeds from sales of shares		10,296,592			173,737,317
Reinvestment of distributions		1,457,000			27,655,532
Cost of shares redeemed		(32,019,146	)		(273,708,249	)
Net decrease in net assets resulting from share transactions		(20,265,554	)		(72,315,400	)
TOTAL INCREASE (DECREASE)		5,756,556			(110,826,003	)
Net Assets:
Beginning of period		162,351,134			273,177,137
End of period	$	168,107,690		$	162,351,134

(a) Commenced operations on April 17, 2018.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.79		$	10.64		$	10.05		$	10.44		$	10.00
Net investment income(a)		0.09			0.19			0.21			0.17			0.05
Net realized and unrealized gain (loss)		1.42			(0.79	)		0.63			(0.08	)		0.52
Total from investment operations		1.51			(0.60	)		0.84			0.09			0.57
Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.25	)		(0.29	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.02	)		—
Total distributions		(0.09	)		(0.25	)		(0.25	)		(0.48	)		(0.13	)
Net asset value, end of period	$	11.21		$	9.79		$	10.64		$	10.05		$	10.44
Total return(c)		15.31	%		(5.77	)%		8.50	%		0.82	%		5.71	%
Net assets, end of period (in 000s)	$	581		$	905		$	1,768		$	32		$	26
Ratio of net expenses to average net assets		1.36	%(d)		1.37	%		1.39	%		1.44	%		1.40	%(d)
Ratio of total expenses to average net assets		1.52	%(d)		1.52	%		1.59	%		4.34	%		15.24	%(d)
Ratio of net investment income to average net assets		1.67	%(d)		1.85	%		2.03	%		1.57	%		1.43	%(d)
Portfolio turnover rate(e)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.79		$	10.64		$	10.04		$	10.43		$	10.00
Net investment income(a)		0.08			0.12			0.12			0.10			0.02
Net realized and unrealized gain (loss)		1.38			(0.80	)		0.65			(0.09	)		0.52
Total from investment operations		1.46			(0.68	)		0.77			0.01			0.54
Distributions to shareholders from net investment income		(0.06	)		(0.12	)		(0.17	)		(0.21	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.02	)		—
Total distributions		(0.06	)		(0.17	)		(0.17	)		(0.40	)		(0.11	)
Net asset value, end of period	$	11.19		$	9.79		$	10.64		$	10.04		$	10.43
Total return(c)		14.90	%		(6.45	)%		7.72	%		0.11	%		5.41	%
Net assets, end of period (in 000s)	$	62		$	27		$	28		$	36		$	26
Ratio of net expenses to average net assets		2.11	%(d)		2.12	%		2.15	%		2.15	%		2.15	%(d)
Ratio of total expenses to average net assets		2.27	%(d)		2.27	%		2.79	%		5.31	%		16.01	%(d)
Ratio of net investment income to average net assets		1.49	%(d)		1.20	%		1.15	%		0.93	%		0.68	%(d)
Portfolio turnover rate(e)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.82		$	10.66		$	10.06		$	10.44		$	10.00
Net investment income (loss)(a)		0.12			(0.03	)		0.24			0.24			0.06
Net realized and unrealized gain (loss)		1.41			(0.54	)		0.65			(0.10	)		0.52
Total from investment operations		1.53			(0.57	)		0.89			0.14			0.58
Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.29	)		(0.32	)		(0.13	)
Distributions to shareholders from net realized gains		—			—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.03	)		—
Total distributions		(0.11	)		(0.27	)		(0.29	)		(0.52	)		(0.14	)
Net asset value, end of period	$	11.24		$	9.82		$	10.66		$	10.06		$	10.44
Total return(c)		15.59	%		(5.41	)%		8.96	%		1.30	%		5.81	%
Net assets, end of period (in 000s)	$	2,055		$	1,855		$	338,527		$	27,663		$	3,043
Ratio of net expenses to average net assets		0.97	%(d)		1.00	%		1.00	%		1.00	%		1.00	%(d)
Ratio of total expenses to average net assets		1.13	%(d)		1.18	%		1.24	%		2.82	%		14.86	%(d)
Ratio of net investment income (loss) to average net assets		2.27	%(d)		(0.26	)%		2.31	%		2.23	%		1.83	%(d)
Portfolio turnover rate(e)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.80		$	10.65		$	10.05		$	10.44		$	10.00
Net investment income(b)		0.12			0.23			0.22			0.20			0.06
Net realized and unrealized gain (loss)		1.40			(0.81	)		0.65			(0.09	)		0.51
Total from investment operations		1.52			(0.58	)		0.87			0.11			0.57
Distributions to shareholders from net investment income		(0.10	)		(0.22	)		(0.27	)		(0.31	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—	(c)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.02	)		—
Total distributions		(0.10	)		(0.27	)		(0.27	)		(0.50	)		(0.13	)
Net asset value, end of period	$	11.22		$	9.80		$	10.65		$	10.05		$	10.44
Total return(d)		15.55	%		(5.50	)%		8.80	%		1.05	%		5.78	%
Net assets, end of period (in 000s)	$	32		$	27		$	29		$	27		$	26
Ratio of net expenses to average net assets		1.11	%(e)		1.12	%		1.15	%		1.15	%		1.15	%(e)
Ratio of total expenses to average net assets		1.27	%(e)		1.27	%		1.75	%		4.22	%		15.02	%(e)
Ratio of net investment income to average net assets		2.15	%(e)		2.20	%		2.13	%		1.85	%		1.68	%(e)
Portfolio turnover rate(f)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.80		$	10.30
Net investment income(a)		0.12			0.23
Net realized and unrealized gain (loss)		1.40			(0.50	)
Total from investment operations		1.52			(0.27	)
Distributions to shareholders from net investment income		(0.11	)		(0.18	)
Distributions to shareholders from return of capital		—			(0.05	)
Total distributions		(0.11	)		(0.23	)
Net asset value, end of period	$	11.21		$	9.80
Total return(b)		15.53	%		(2.69	)%
Net assets, end of period (in 000s)	$	40,288		$	39,405
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%(c)
Ratio of total expenses to average net assets		1.12	%(c)		1.11	%(c)
Ratio of net investment income to average net assets		2.25	%(c)		3.15	%(c)
Portfolio turnover rate(d)		24	%		67	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.80		$	10.65		$	10.05		$	10.44		$	10.00
Net investment income(a)		0.09			0.18			0.17			0.14			0.04
Net realized and unrealized gain (loss)		1.40			(0.81	)		0.65			(0.08	)		0.52
Total from investment operations		1.49			(0.63	)		0.82			0.06			0.56
Distributions to shareholders from net investment income		(0.08	)		(0.17	)		(0.22	)		(0.26	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.02	)		—
Total distributions		(0.08	)		(0.22	)		(0.22	)		(0.45	)		(0.12	)
Net asset value, end of period	$	11.21		$	9.80		$	10.65		$	10.05		$	10.44
Total return(c)		15.19	%		(5.97	)%		8.26	%		0.57	%		5.65	%
Net assets, end of period (in 000s)	$	31		$	27		$	29		$	27		$	26
Ratio of net expenses to average net assets		1.61	%(d)		1.62	%		1.65	%		1.65	%		1.65	%(d)
Ratio of total expenses to average net assets		1.77	%(d)		1.77	%		2.25	%		4.73	%		15.51	%(d)
Ratio of net investment income to average net assets		1.65	%(d)		1.70	%		1.63	%		1.35	%		1.18	%(d)
Portfolio turnover rate(e)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period August 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.80		$	10.66		$	10.06		$	10.44		$	10.00
Net investment income(a)		0.11			0.29			0.24			0.21			0.06
Net realized and unrealized gain (loss)		1.42			(0.86	)		0.65			(0.07	)		0.52
Total from investment operations		1.53			(0.57	)		0.89			0.14			0.58
Distributions to shareholders from net investment income		(0.11	)		(0.24	)		(0.29	)		(0.33	)		(0.13	)
Distributions to shareholders from net realized gains		—			—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			(0.05	)		—			(0.02	)		—
Total distributions		(0.11	)		(0.29	)		(0.29	)		(0.52	)		(0.14	)
Net asset value, end of period	$	11.22		$	9.80		$	10.66		$	10.06		$	10.44
Total return(c)		15.63	%		(5.44	)%		8.97	%		1.31	%		5.82	%
Net assets, end of period (in 000s)	$	196,403		$	259,662		$	29		$	27		$	26
Ratio of net expenses to average net assets		0.96	%(d)		0.97	%		0.99	%		0.98	%		0.97	%(d)
Ratio of total expenses to average net assets		1.12	%(d)		1.11	%		1.59	%		4.05	%		14.85	%(d)
Ratio of net investment income to average net assets		2.07	%(d)		2.76	%		2.29	%		2.02	%		1.85	%(d)
Portfolio turnover rate(e)		24	%		67	%		58	%		60	%		14	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	5.90		$	6.48		$	5.73		$	6.09		$	6.38		$	6.54
Net investment income(a)		0.07			0.13			0.12			0.12			0.10			0.21	(b)
Net realized and unrealized gain (loss)		0.71			(0.59	)		0.89			(0.23	)		(0.24	)		(0.14	)
Total from investment operations		0.78			(0.46	)		1.01			(0.11	)		(0.14	)		0.07
Distributions to shareholders from net investment income		(0.06	)		(0.12	)		(0.26	)		(0.25	)		(0.15	)		(0.23	)
Net asset value, end of period	$	6.62		$	5.90		$	6.48		$	5.73		$	6.09		$	6.38
Total return(c)		13.19	%		(7.19	)%		17.89	%		(1.84	)%		(2.25	)%		1.05	%
Net assets, end of period (in 000s)	$	3,108		$	3,081		$	4,377		$	5,400		$	7,702		$	10,017
Ratio of net expenses to average net assets		1.38	%(d)		1.38	%		1.39	%		1.39	%		1.41	%		1.46	%
Ratio of total expenses to average net assets		1.86	%(d)		1.76	%		1.70	%		1.62	%		1.62	%		1.61	%
Ratio of net investment income to average net assets		2.21	%(d)		2.04	%		2.02	%		1.90	%		1.50	%		3.13	%(b)
Portfolio turnover rate(e)		14	%		43	%		38	%		41	%		45	%		50	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.10 per share and 1.50% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	5.94		$	6.50		$	5.73		$	6.09		$	6.38		$	6.53
Net investment income(a)		0.04			0.09			0.08			0.07			0.05			0.16	(b)
Net realized and unrealized gain (loss)		0.72			(0.60	)		0.90			(0.23	)		(0.24	)		(0.13	)
Total from investment operations		0.76			(0.51	)		0.98			(0.16	)		(0.19	)		0.03
Distributions to shareholders from net investment income		(0.02	)		(0.05	)		(0.21	)		(0.20	)		(0.10	)		(0.18	)
Net asset value, end of period	$	6.68		$	5.94		$	6.50		$	5.73		$	6.09		$	6.38
Total return(c)		12.74	%		(7.89	)%		17.23	%		(2.65	)%		(3.03	)%		0.44	%
Net assets, end of period (in 000s)	$	142		$	231		$	810		$	1,148		$	1,622		$	1,962
Ratio of net expenses to average net assets		2.13	%(d)		2.13	%		2.14	%		2.14	%		2.16	%		2.21	%
Ratio of total expenses to average net assets		2.61	%(d)		2.49	%		2.44	%		2.37	%		2.37	%		2.36	%
Ratio of net investment income to average net assets		1.35	%(d)		1.38	%		1.26	%		1.12	%		0.76	%		2.42	%(b)
Portfolio turnover rate(e)		14	%		43	%		38	%		41	%		45	%		50	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.10 per share and 1.50% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	5.71		$	6.26		$	5.54		$	5.91		$	6.19		$	6.35
Net investment income(a)		0.07			0.18			0.14			0.14			0.12			0.22	(b)
Net realized and unrealized gain (loss)		0.69			(0.60	)		0.87			(0.24	)		(0.22	)		(0.12	)
Total from investment operations		0.76			(0.42	)		1.01			(0.10	)		(0.10	)		0.10
Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.29	)		(0.27	)		(0.18	)		(0.26	)
Net asset value, end of period	$	6.40		$	5.71		$	6.26		$	5.54		$	5.91		$	6.19
Total return(c)		13.32	%		(6.72	)%		18.45	%		(1.63	)%		(1.73	)%		1.53	%
Net assets, end of period (in 000s)	$	6,555		$	10,138		$	117,768		$	297,473		$	333,601		$	379,651
Ratio of net expenses to average net assets		0.99	%(d)		0.99	%		0.99	%		0.99	%		1.01	%		1.05	%
Ratio of total expenses to average net assets		1.46	%(d)		1.35	%		1.28	%		1.22	%		1.22	%		1.21	%
Ratio of net investment income to average net assets		2.28	%(d)		2.90	%		2.44	%		2.28	%		1.92	%		3.42	%(b)
Portfolio turnover rate(e)		14	%		43	%		38	%		41	%		45	%		50	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.10 per share and 1.50% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	5.85		$	6.43		$	5.68		$	6.04		$	6.33		$	6.48
Net investment income(b)		0.08			0.14			0.16			0.12			0.11			0.20	(c)
Net realized and unrealized gain (loss)		0.71			(0.58	)		0.87			(0.22	)		(0.24	)		(0.11	)
Total from investment operations		0.79			(0.44	)		1.03			(0.10	)		(0.13	)		0.09
Distributions to shareholders from net investment income		(0.07	)		(0.14	)		(0.28	)		(0.26	)		(0.16	)		(0.24	)
Net asset value, end of period	$	6.57		$	5.85		$	6.43		$	5.68		$	6.04		$	6.33
Total return(d)		13.45	%		(7.00	)%		18.29	%		(1.57	)%		(2.04	)%		1.38	%
Net assets, end of period (in 000s)	$	110		$	103		$	109		$	107		$	88		$	193
Ratio of net expenses to average net assets		1.13	%(e)		1.13	%		1.14	%		1.14	%		1.17	%		1.21	%
Ratio of total expenses to average net assets		1.61	%(e)		1.52	%		1.45	%		1.37	%		1.37	%		1.35	%
Ratio of net investment income to average net assets		2.43	%(e)		2.24	%		2.54	%		2.05	%		1.64	%		2.98	%(c)
Portfolio turnover rate(f)		14	%		43	%		38	%		41	%		45	%		50	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from a corporate action which amounted to $0.10 per share and 1.50% of average net assets.

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

(e) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	5.70		$	6.38
Net investment income(a)		0.08			0.08
Net realized and unrealized gain (loss)		0.68			(0.61	)
Total from investment operations		0.76			(0.53	)
Distributions to shareholders from net investment income		(0.07	)		(0.15	)
Net asset value, end of period	$	6.39		$	5.70
Total return(b)		13.35	%		(8.45	)%
Net assets, end of period (in 000s)	$	74,582		$	82,014
Ratio of net expenses to average net assets		0.98	%(c)		0.98	%(c)
Ratio of total expenses to average net assets		1.46	%(c)		1.39	%(c)
Ratio of net investment income to average net assets		2.59	%(c)		1.85	%(c)
Portfolio turnover rate(d)		14	%		43	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period July 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.70		$	6.26		$	5.54		$	5.91		$	6.33
Net investment income(a)		0.06			0.24			0.14			0.13			0.05
Net realized and unrealized gain (loss)		0.71			(0.65	)		0.87			(0.23	)		(0.37	)
Total from investment operations		0.77			(0.41	)		1.01			(0.10	)		(0.32	)
Distributions to shareholders from net investment income		(0.07	)		(0.15	)		(0.29	)		(0.27	)		(0.10	)
Net asset value, end of period	$	6.40		$	5.70		$	6.26		$	5.54		$	5.91
Total return(b)		13.52	%		(6.71	)%		18.48	%		(1.61	)%		(5.03	)%
Net assets, end of period (in 000s)	$	64		$	202		$	11		$	9		$	9
Ratio of net expenses to average net assets		0.98	%(c)		0.98	%		0.99	%		1.02	%		0.99	%(c)
Ratio of total expenses to average net assets		1.45	%(c)		1.29	%		1.29	%		1.18	%		1.15	%(c)
Ratio of net investment income to average net assets		1.84	%(c)		3.86	%		2.41	%		2.26	%		1.91	%(c)
Portfolio turnover rate(d)		14	%		43	%		38	%		41	%		45	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.61		$	15.53		$	18.40		$	19.59		$	19.83		$	15.54
Net investment income(a)		0.11			0.28			0.30			0.33			0.29			0.21	(b)
Net realized and unrealized gain (loss)		2.13			(0.94	)		0.06			0.71			0.30			4.36
Total from investment operations		2.24			(0.66	)		0.36			1.04			0.59			4.57
Distributions to shareholders from net investment income		(0.11	)		(0.37	)		(0.29	)		(0.32	)		(0.31	)		(0.28	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.11	)		(2.26	)		(3.23	)		(2.23	)		(0.83	)		(0.28	)
Net asset value, end of period	$	14.74		$	12.61		$	15.53		$	18.40		$	19.59		$	19.83
Total return(c)		17.81	%		(5.39	)%		2.11	%		5.38	%		3.14	%		29.63	%
Net assets, end of period (in 000s)	$	28,457		$	26,002		$	38,120		$	54,869		$	57,936		$	73,103
Ratio of net expenses to average net assets		1.30	%(d)		1.30	%		1.31	%		1.31	%		1.26	%		1.39	%
Ratio of total expenses to average net assets		1.56	%(d)		1.50	%		1.54	%		1.52	%		1.51	%		1.52	%
Ratio of net investment income to average net assets		1.54	%(d)		1.88	%		1.65	%		1.62	%		1.44	%		1.15	%(b)
Portfolio turnover rate(e)		25	%		43	%		35	%		31	%		41	%		52	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.99		$	14.88		$	17.79		$	19.03		$	19.32		$	15.18
Net investment income(a)		0.05			0.12			0.16			0.18			0.14			0.07	(b)
Net realized and unrealized gain (loss)		2.03			(0.85	)		0.06			0.68			0.30			4.25
Total from investment operations		2.08			(0.73	)		0.22			0.86			0.44			4.32
Distributions to shareholders from net investment income		(0.06	)		(0.27	)		(0.19	)		(0.19	)		(0.21	)		(0.18	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.06	)		(2.16	)		(3.13	)		(2.10	)		(0.73	)		(0.18	)
Net asset value, end of period	$	14.01		$	11.99		$	14.88		$	17.79		$	19.03		$	19.32
Total return(c)		17.36	%		(6.12	)%		1.38	%		4.56	%		2.39	%		28.64	%
Net assets, end of period (in 000s)	$	3,125		$	3,568		$	12,421		$	15,578		$	15,056		$	16,497
Ratio of net expenses to average net assets		2.05	%(d)		2.05	%		2.06	%		2.06	%		2.01	%		2.14	%
Ratio of total expenses to average net assets		2.31	%(d)		2.25	%		2.29	%		2.27	%		2.26	%		2.26	%
Ratio of net investment income to average net assets		0.68	%(d)		0.83	%		0.92	%		0.91	%		0.73	%		0.39	%(b)
Portfolio turnover rate(e)		25	%		43	%		35	%		31	%		41	%		52	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.05		$	15.98		$	18.81		$	19.97		$	20.18		$	15.80
Net investment income(a)		0.14			0.23			0.37			0.41			0.38			0.27	(b)
Net realized and unrealized gain (loss)		2.21			(0.86	)		0.08			0.74			0.30			4.44
Total from investment operations		2.35			(0.63	)		0.45			1.15			0.68			4.71
Distributions to shareholders from net investment income		(0.14	)		(0.41	)		(0.34	)		(0.40	)		(0.37	)		(0.33	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.14	)		(2.30	)		(3.28	)		(2.31	)		(0.89	)		(0.33	)
Net asset value, end of period	$	15.26		$	13.05		$	15.98		$	18.81		$	19.97		$	20.18
Total return(c)		18.02	%		(5.04	)%		2.58	%		5.81	%		3.56	%		30.10	%
Net assets, end of period (in 000s)	$	31,228		$	31,337		$	206,095		$	397,211		$	463,105		$	502,407
Ratio of net expenses to average net assets		0.91	%(d)		0.91	%		0.91	%		0.91	%		0.86	%		0.99	%
Ratio of total expenses to average net assets		1.17	%(d)		1.12	%		1.14	%		1.12	%		1.11	%		1.11	%
Ratio of net investment income to average net assets		1.88	%(d)		1.50	%		1.98	%		2.03	%		1.88	%		1.49	%(b)
Portfolio turnover rate(e)		25	%		43	%		35	%		31	%		41	%		52	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.71		$	15.65		$	18.52		$	19.71		$	19.94		$	15.63
Net investment income(a)		0.11			0.26			0.29			0.31			0.27			0.18	(b)
Net realized and unrealized gain (loss)		2.15			(0.95	)		0.06			0.72			0.32			4.39
Total from investment operations		2.26			(0.69	)		0.35			1.03			0.59			4.57
Distributions to shareholders from net investment income		(0.11	)		(0.36	)		(0.28	)		(0.31	)		(0.30	)		(0.26	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.11	)		(2.25	)		(3.22	)		(2.22	)		(0.82	)		(0.26	)
Net asset value, end of period	$	14.86		$	12.71		$	15.65		$	18.52		$	19.71		$	19.94
Total return(c)		17.77	%		(5.56	)%		2.07	%		5.20	%		3.09	%		29.49	%
Net assets, end of period (in 000s)	$	1,750		$	1,429		$	2,446		$	2,951		$	2,744		$	3,527
Ratio of net expenses to average net assets		1.41	%(d)		1.41	%		1.41	%		1.41	%		1.36	%		1.49	%
Ratio of total expenses to average net assets		1.67	%(d)		1.61	%		1.64	%		1.62	%		1.61	%		1.61	%
Ratio of net investment income to average net assets		1.49	%(d)		1.73	%		1.60	%		1.55	%		1.35	%		0.98	%(b)
Portfolio turnover rate(e)		25	%		43	%		35	%		31	%		41	%		52	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.73		$	15.65		$	18.50		$	19.68		$	19.90		$	15.59
Net investment income(b)		0.12			0.31			0.36			0.39			0.35			0.31	(c)
Net realized and unrealized gain (loss)		2.16			(0.94	)		0.06			0.71			0.30			4.31
Total from investment operations		2.28			(0.63	)		0.42			1.10			0.65			4.62
Distributions to shareholders from net investment income		(0.13	)		(0.40	)		(0.33	)		(0.37	)		(0.35	)		(0.31	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.13	)		(2.29	)		(3.27	)		(2.28	)		(0.87	)		(0.31	)
Net asset value, end of period	$	14.88		$	12.73		$	15.65		$	18.50		$	19.68		$	19.90
Total return(d)		17.92	%		(5.18	)%		2.42	%		5.65	%		3.44	%		29.94	%
Net assets, end of period (in 000s)	$	8,322		$	7,969		$	10,776		$	8,467		$	7,283		$	6,900
Ratio of net expenses to average net assets		1.05	%(e)		1.05	%		1.06	%		1.06	%		1.01	%		1.14	%
Ratio of total expenses to average net assets		1.31	%(e)		1.25	%		1.29	%		1.27	%		1.26	%		1.27	%
Ratio of net investment income to average net assets		1.70	%(e)		2.10	%		1.99	%		1.92	%		1.77	%		1.70	%(c)
Portfolio turnover rate(f)		25	%		43	%		35	%		31	%		41	%		52	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(e) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	13.04		$	14.90
Net investment income(a)		0.14			0.39
Net realized and unrealized gain (loss)		2.21			(0.01	)
Total from investment operations		2.35			0.38
Distributions to shareholders from net investment income		(0.14	)		(0.35	)
Distributions to shareholders from net realized gains		—			(1.89	)
Total distributions		(0.14	)		(2.24	)
Net asset value, end of period	$	15.25		$	13.04
Total return(b)		18.04	%		1.36	%
Net assets, end of period (in 000s)	$	92,575		$	89,479
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%(c)
Ratio of total expenses to average net assets		1.16	%(c)		1.07	%(c)
Ratio of net investment income to average net assets		1.95	%(c)		3.56	%(c)
Portfolio turnover rate(d)		25	%		43	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.47		$	15.39		$	18.27		$	19.47		$	19.73		$	15.48
Net investment income(a)		0.09			0.24			0.26			0.29			0.27			0.19	(b)
Net realized and unrealized gain (loss)		2.11			(0.93	)		0.05			0.70			0.27			4.31
Total from investment operations		2.20			(0.69	)		0.31			0.99			0.54			4.50
Distributions to shareholders from net investment income		(0.10	)		(0.34	)		(0.25	)		(0.28	)		(0.28	)		(0.25	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)		—
Total distributions		(0.10	)		(2.23	)		(3.19	)		(2.19	)		(0.80	)		(0.25	)
Net asset value, end of period	$	14.57		$	12.47		$	15.39		$	18.27		$	19.47		$	19.73
Total return(c)		17.64	%		(5.62	)%		1.92	%		5.08	%		2.89	%		29.29	%
Net assets, end of period (in 000s)	$	1,846		$	1,770		$	3,092		$	4,156		$	3,149		$	1,877
Ratio of net expenses to average net assets		1.55	%(d)		1.55	%		1.56	%		1.56	%		1.50	%		1.64	%
Ratio of total expenses to average net assets		1.81	%(d)		1.75	%		1.79	%		1.77	%		1.77	%		1.77	%
Ratio of net investment income to average net assets		1.28	%(d)		1.60	%		1.45	%		1.44	%		1.38	%		1.05	%(b)
Portfolio turnover rate(e)		25	%		43	%		35	%		31	%		41	%		52	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.37% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the period July 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.05		$	15.98		$	18.81		$	19.98		$	19.93
Net investment income(a)		0.14			0.16			0.41			0.46			0.22
Net realized and unrealized gain (loss)		2.21			(0.79	)		0.05			0.68			0.48
Total from investment operations		2.35			(0.63	)		0.46			1.14			0.70
Distributions to shareholders from net investment income		(0.14	)		(0.41	)		(0.35	)		(0.40	)		(0.13	)
Distributions to shareholders from net realized gains		—			(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.14	)		(2.30	)		(3.29	)		(2.31	)		(0.65	)
Net asset value, end of period	$	15.26		$	13.05		$	15.98		$	18.81		$	19.98
Total return(b)		18.03	%		(5.03	)%		2.60	%		5.77	%		3.64	%
Net assets, end of period (in 000s)	$	804		$	797		$	227		$	42		$	10
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.91	%(c)
Ratio of total expenses to average net assets		1.16	%(c)		1.08	%		1.14	%		1.09	%		1.07	%(c)
Ratio of net investment income to average net assets		1.92	%(c)		1.02	%		2.23	%		2.25	%		2.65	%(c)
Portfolio turnover rate(d)		25	%		43	%		35	%		31	%		41	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements

June 30, 2019 (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, R and R6	Diversified
International Real Estate Securities	A, C, Institutional, Investor, P and R6	Non-diversified
Real Estate Securities	A, C, Institutional, Service, Investor, P, R and R6	Non-diversified

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

53

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Global Real Estate Securities and Real Estate Securities	Quarterly	Annually
International Real Estate Securities	Semi-Annually	Annually

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

54

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a 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 the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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

i.  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

55

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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, 2019:

GLOBAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	50,692,142	$	—
Australia and Oceania		—		11,953,800		—
Europe		—		43,340,708		—
North America		129,529,584		—		—
Investment Company		4,520,531		—		—
Total	$	134,050,115	$	105,986,650	$	—
INTERNATIONAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	38,080,365	$	—
Australia and Oceania		—		8,114,507		—
Europe		—		31,423,414		—
North America		5,450,403		—		—
Investment Company		1,621,300		—		—
Total	$	7,071,703	$	77,618,286	$	—

(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.

56

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,425,521	$	—		$	—
North America		164,592,005
Investment Company		166,590		—			—
Total	$	167,184,116	$	—		$	—
Derivative Type
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(18,408	)	$	—

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

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Fund	Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Real Estate Securities	Currency	—	$	—	Payable for unrealized loss on forward foreign currency exchange contracts	$	(18,408)

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Real Estate Securities	Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	25,328	$	(22,979	)		2

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

57

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, contractual and effective net management fees with GSAM were at the following rates:

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

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

The 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, 2019, GSAM waived $3,230, $1,128 and $1,514 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.

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.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Real Estate Securities	$	6	$	3
Real Estate Securities		689		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 and/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 reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2019, 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	$	3,230	$	209,284	$	—	$	212,514
International Real Estate Securities		1,128		209,314		1,773		212,215
Real Estate Securities		1,514		217,608		1,186		220,308

G.  Line of Credit Facility — As of June 30, 2019, the Funds participated in a $580,000,000 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.

59

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2019, Goldman Sachs earned $16 in brokerage commissions from portfolio transactions on behalf of the Real Estate Securities Fund.

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, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
Global Real Estate Securities	$	19,490,688	$	55,677,113	$	(70,647,270	)	$	4,520,531		4,520,531	$	47,578
International Real Estate Securities		2,155,823		16,921,939		(17,456,462	)		1,621,300		1,621,300		16,521
Real Estate Securities		—		17,439,112		(17,272,522	)		166,590		166,590		22,106

As of June 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

	Percent of Share Class owned by Goldman Sachs Group, Inc.
Fund	Class A			Class C			Institutional			Investor			Class R			Class R6
Global Real Estate Securities		5	%		49	%		95	%		100	%		100	%		—	%
International Real Estate Securities		—			8			—			9			—			18

As of June 30, 2019, the following Goldman Sachs Fund of Funds and Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Dynamic Global Equity Fund			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Global Real Estate Securities		5	%		6	%		7	%		6	%		26	%		27	%

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, 2019, were as follows:

Fund	Purchases		Sales
Global Real Estate Securities	$	62,185,359	$	153,897,133
International Real Estate Securities		12,385,119		32,163,372
Real Estate Securities		41,101,006		60,579,063

7. 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 its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

7. SECURITIES LENDING (continued)

value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the 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% 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 Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Global Real Estate Fund did not have securities on loan as of June 30, 2019.

Both 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, 2019, 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, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Global Real Estate Securities	$	1,117	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
Global Real Estate Securities	$	—	$	11,864,148	$	(11,864,148	)	$	—

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2018, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Capital loss carryforwards:
Perpetual Short-term	$	(181,633	)	$	(299,100	)	$	—
Perpetual Long-term		(308,098	)		(9,461,007	)		—
Total capital loss carryforwards	$	(489,731	)	$	(9,760,107	)	$	—
Timing differences (Qualified Late Year Loss Deferral/§857 (b) (9) Deferred Dividend/Post October Loss Deferral/Disallowed Passive Activity Loss)	$	283,962		$	(169,270	)	$	(260,957	)

As of June 30, 2019, 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	$	216,422,173		$	81,840,681		$	113,016,385
Gross unrealized gain		29,419,942			8,065,056			57,072,757
Gross unrealized loss		(5,805,350	)		(5,215,748	)		(2,905,026	)
Net unrealized gain (loss)	$	23,614,592		$	2,849,308		$	54,167,731

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts, differences related to the tax treatment of underlying fund investments, partnership investments and passive foreign investment companies.

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

9. OTHER RISKS

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

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

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

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

9. OTHER RISKS (continued)

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

9. OTHER RISKS (continued)

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 International Real Estate Securities and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		23		$	256			11,051		$	110,508
Reinvestment of distributions		451			5,035			2,711			27,874
Shares redeemed		(41,043	)		(443,255	)		(87,523	)		(895,560	)
		(40,569	)		(437,964	)		(73,761	)		(757,178	)
Class C Shares
Shares sold		2,808			30,000			—			—
Reinvestment of distributions		29			319			45			460
Shares redeemed		—			—			—			5
		2,837			30,319			45			465
Institutional Shares
Shares sold		—			—			1,222,030			12,873,264
Reinvestment of distributions		1,784			19,958			14,648			149,611
Shares redeemed		(7,771	)		(85,473	)		(32,816,684	)		(326,905,045	)
		(5,987	)		(65,515	)		(31,580,006	)		(313,882,170	)
Investor Shares
Reinvestment of distributions		26			290			74			757
Shares redeemed		—			—			—			5
		26			290			74			762
Class P Shares(a)
Shares sold		175,248			1,867,391			4,428,967			45,383,426
Reinvestment of distributions		36,036			402,523			42,829			438,894
Shares redeemed		(639,663	)		(6,909,665	)		(449,294	)		(4,591,608	)
		(428,379	)		(4,639,751	)		4,022,502			41,230,712
Class R Shares
Reinvestment of distributions		19			215			59			606
Shares redeemed		—			—			—			5
		19			215			59			611
Class R6 Shares
Shares sold		952,036			10,571,901			33,154,492			329,753,249
Reinvestment of distributions		181,033			2,022,140			821,046			8,441,321
Shares redeemed		(10,114,586	)		(110,603,151	)		(7,486,795	)		(77,007,638	)
		(8,981,517	)		(98,009,110	)		26,488,743			261,186,932
NET DECREASE		(9,453,570	)	$	(103,121,516	)		(1,142,344	)	$	(12,219,866	)

(a) Commenced operations on April 17, 2018.

65

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Real Estate Securities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		7,263		$	47,778			102,801		$	658,762
Reinvestment of distributions		4,088			27,023			11,578			72,106
Shares redeemed		(64,046	)		(414,196	)		(267,656	)		(1,706,515	)
		(52,695	)		(339,395	)		(153,277	)		(975,647	)
Class C Shares
Shares sold		3,980			25,800			1,347			9,031
Reinvestment of distributions		57			378			761			4,862
Shares redeemed		(21,661	)		(142,334	)		(87,925	)		(563,412	)
		(17,624	)		(116,156	)		(85,817	)		(549,519	)
Institutional Shares
Shares sold		3,312			20,746			428,434			2,715,056
Reinvestment of distributions		11,164			71,448			37,833			225,710
Shares redeemed		(766,612	)		(4,865,392	)		(17,488,827	)		(111,884,808	)
		(752,136	)		(4,773,198	)		(17,022,560	)		(108,944,042	)
Investor Shares
Shares sold		4,116			26,102			13,116			81,200
Reinvestment of distributions		168			1,100			408			2,509
Shares redeemed		(5,163	)		(33,288	)		(12,924	)		(78,892	)
		(879	)		(6,086	)		600			4,817
Class P Shares(a)
Shares sold		325,539			1,945,562			17,791,513			112,301,001
Reinvestment of distributions		128,887			822,303			355,249			2,124,941
Shares redeemed		(3,180,636	)		(19,387,632	)		(3,750,183	)		(22,161,241	)
		(2,726,210	)		(16,619,767	)		14,396,579			92,264,701
Class R6 Shares
Shares sold		2,985			17,500			211,882			1,323,213
Reinvestment of distributions		108			693			1,936			11,771
Shares redeemed		(28,525	)		(179,000	)		(180,233	)		(1,130,827	)
		(25,432	)		(160,807	)		33,585			204,157
NET DECREASE		(3,574,976	)	$	(22,015,409	)		(2,830,890	)	$	(17,995,533	)

(a) Commenced operations on April 17, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		96,170		$	1,370,053			428,269		$	6,523,130
Reinvestment of distributions		13,630			199,367			277,579			3,883,857
Shares redeemed		(241,153	)		(3,488,494	)		(1,097,552	)		(16,145,265	)
		(131,353	)		(1,919,074	)		(391,704	)		(5,738,278	)
Class C Shares
Shares sold		8,655			118,253			44,579			636,170
Reinvestment of distributions		842			11,725			42,238			564,452
Shares redeemed		(83,997	)		(1,151,614	)		(623,794	)		(9,023,570	)
		(74,500	)		(1,021,636	)		(536,977	)		(7,822,948	)
Institutional Shares
Shares sold		71,986			1,055,342			1,817,851			26,624,360
Reinvestment of distributions		18,929			286,508			409,345			5,974,354
Shares redeemed		(446,061	)		(6,440,979	)		(12,723,463	)		(198,938,100	)
		(355,146	)		(5,099,129	)		(10,496,267	)		(166,339,386	)
Service Shares
Shares sold		10,487			151,034			30,587			443,406
Reinvestment of distributions		413			6,090			8,223			116,078
Shares redeemed		(5,538	)		(80,606	)		(82,746	)		(1,260,718	)
		5,362			76,518			(43,936	)		(701,234	)
Investor Shares
Shares sold		216,625			3,093,562			323,155			4,905,020
Reinvestment of distributions		5,284			78,017			95,922			1,352,025
Shares redeemed		(288,769	)		(4,204,624	)		(481,591	)		(7,130,821	)
		(66,860	)		(1,033,045	)		(62,514	)		(873,776	)
Class P Shares(a)
Shares sold		300,560			4,327,415			7,730,538			122,203,459
Reinvestment of distributions		56,843			860,384			1,069,090			15,469,785
Shares redeemed		(1,148,306	)		(16,129,798	)		(1,938,194	)		(28,227,623	)
		(790,903	)		(10,941,999	)		6,861,434			109,445,621
Class R Shares
Shares sold		11,952			168,251			61,635			897,688
Reinvestment of distributions		515			7,454			11,828			164,225
Shares redeemed		(27,738	)		(384,652	)		(132,383	)		(1,966,764	)
		(15,271	)		(208,947	)		(58,920	)		(904,851	)
Class R6 Shares
Shares sold		849			12,682			750,418			11,504,084
Reinvestment of distributions		493			7,455			9,014			130,756
Shares redeemed		(9,694	)		(138,379	)		(712,548	)		(11,015,388	)
		(8,352	)		(118,242	)		46,884			619,452
NET DECREASE		(1,437,023	)	$	(20,265,554	)		(4,682,000	)	$	(72,315,400	)

(a) Commenced operations on April 17, 2018.

67

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

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

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

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

	Global Real Estate Securities Fund							International Real Estate Securities Fund							Real Estate Securities Fund
Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Class A
Actual	$	1,000	$	1,153.10		$	7.26	$	1,000	$	1,131.90		$	7.29	$	1,000	$	1,178.10		$	7.02
Hypothetical 5% return		1,000		1,018.05	+		6.81		1,000		1,017.95	+		6.90		1,000		1,018.35	+		6.51
Class C
Actual		1,000		1,149.00			11.24		1,000		1,127.40			11.24		1,000		1,173.60			11.05
Hypothetical 5% return		1,000		1,014.33	+		10.54		1,000		1,014.23	+		10.64		1,000		1,014.63	+		10.24
Institutional
Actual		1,000		1,155.90			5.19		1,000		1,133.20			5.24		1,000		1,180.20			4.92
Hypothetical 5% return		1,000		1,019.98	+		4.86		1,000		1,019.89	+		4.96		1,000		1,020.28	+		4.56
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,177.70			7.61
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		1,155.50			5.93		1,000		1,134.50			5.98		1,000		1,179.20			5.67
Hypothetical 5% return		1,000		1,019.29	+		5.56		1,000		1,019.19	+		5.66		1,000		1,019.59	+		5.26
Class P
Actual		1,000		1,155.30			5.13		1,000		1,133.50			5.18		1,000		1,180.40			4.87
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		1,151.90			8.59		N/A		N/A			N/A		1,000		1,176.40			8.36
Hypothetical 5% return		1,000		1,016.81	+		8.05		N/A		N/A			N/A		1,000		1,017.11	+		7.75
Class R6
Actual		1,000		1,156.30			5.13		1,000		1,135.20			5.19		1,000		1,180.30			4.87
Hypothetical 5% return		1,000		1,020.03	+		4.81		1,000		1,019.93	+		4.91		1,000		1,020.33	+		4.51

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Global Real Estate Securities		1.36	%		2.11	%		0.97	%		N/A			1.11	%		0.96	%		1.61	%		0.96	%
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

68

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 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 11-12, 2019 (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;

69

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the 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, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

70

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Global Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2019. They observed that the International Real Estate Securities Fund had placed in the third quartile of the Fund’s peer group for the three-year period and in the fourth quartile for the one-, five- and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. 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 2018. The Trustees observed that the Real Estate Securities Fund had placed in the third quartile of the Fund’s peer group for the one-year, five-year, and ten-year periods, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

71

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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 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 other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (g) (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds

72

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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, 2020.

73

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 $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2019 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).

© 2019 Goldman Sachs. All rights reserved. 174943-OTU-1029967 RESSAR-19

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Alternative Funds
	Absolute Return Tracker
	Alternative Premia
	Commodity Strategy
	Managed Futures Strategy

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

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

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

Goldman Sachs Alternative 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	22
Consolidated Financial Statements	76
Consolidated Financial Highlights	80
Absolute Return Tracker	80
Alternative Premia	87
Commodity Strategy	94
Managed Futures Strategy	101
Notes to Financial Statements	108
Other Information	134

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, 2019 (“the Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 7.13%, 6.76%, 7.36%, 7.21%, 7.37%, 6.97% and 7.37%, respectively. These returns compare to the 4.22% 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.

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 solid gains during the Reporting Period, following losses in calendar year 2018. Equity long/short hedge funds, as measured by the HFRX Equity Hedge Index, were strongest, returning 5.97%. Relative value hedge funds, as measured by the HFRX Relative Value Arbitrage Index, generated a return of 4.19%. Global macro hedge funds followed, with the HFRX Macro/CTA Index returning 2.58% for the Reporting Period. Event driven hedge funds were weakest, but posted similar returns to global macro hedge funds, with the HFRX Event Driven Index returning 2.50%.

As the Reporting Period began, hedge funds were up overall, with the HFRX Global Hedge Fund Index gaining 2.13% in the first month of 2019. Global equities posted gains across geographies for the month, rebounding from a challenging end to 2018. In January 2019, global government bond yields declined modestly; the U.S. dollar weakened overall relative to global currencies; and commodities posted gains for the month, led by energy. Hedge funds were mixed across styles for the month, as the HFRX Equity Hedge, Event Driven and Relative Value Arbitrage indices posted gains, while the HFRX Macro/CTA Index declined for the month. Hedge funds were again up overall in February 2019, with the HFRX Global Hedge Fund Index gaining 0.63% for the month. Equities continued to rally into February across geographies and regions amid recovering commodity prices and continued accommodative posturing from the U.S. Federal Reserve (the “Fed”). In February 2019, global government bond yields rose modestly, and the U.S. dollar strengthened slightly overall relative to global currencies. Hedge funds were mixed across styles for the month, as the HFRX Equity Hedge, Macro/CTA and Relative Value Arbitrage indices posted gains, while the HFRX Event Driven Index declined for the month. Hedge funds were slightly down overall in March 2019, with the HFRX Global Hedge Fund Index declining 0.17% for the month. Equities posted another month of gains in March across geographies and regions, while global government bond yields declined. The U.S. dollar strengthened slightly overall relative to global currencies. Hedge funds were mixed across styles in March, as the HFRX Equity Hedge and Macro/CTA indices posted gains, while the HFRX Event Driven and Relative Value Arbitrage indices declined for the month.

Hedge funds were up overall in April 2019, with the HFRX Global Hedge Fund Index gaining 0.66% for the month. Global equity markets continued their 2019 rally globally in April, gaining against a backdrop of strong economic growth

1

¹  The 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.

PORTFOLIO RESULTS

and robust merger and acquisition and Initial Public Offering activity, particularly in the U.S. Global government bond yields generally increased in April 2019, while the U.S. dollar was largely flat versus developed market currencies. Commodities were mixed during the month, with energy posting gains, led by a rally in oil, while agricultural commodities had weak performance, led by declines in wheat. Hedge funds were up across all four major styles for the month. Hedge funds declined overall in May 2019, with the HFRX Global Hedge Fund Index returning -0.68% for the month. Global equity markets reversed sharply, declining against a backdrop of heightened trade tensions. Global government bond yields generally declined in May 2019, while the U.S. dollar strengthened versus most global currencies. Commodities were mixed during the month, with energy declining, while agricultural commodities gained. Hedge funds were mixed across styles for the month, as the HFRX Equity Hedge, Event Drive and Macro/CTA indices posted declines, while the HFRX Relative Value Arbitrage Index was slightly up. Hedge funds were then up overall in June 2019, with the HFRX Global Hedge Fund Index returning 1.61% for the month. Global equity markets and risk assets broadly rallied in June against a backdrop of accommodative central bank commentary and increased optimism regarding trade negotiations. Global government bond yields generally declined during June 2019, while the U.S. dollar weakened versus most global currencies. Commodities were generally up for the month, with energy leading gains. Hedge funds were up across all four major styles for the month, led by the HFRX Macro/CTA Index.

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 posted positive absolute returns that significantly outperformed the HFRX Global Hedge Fund Index on a relative basis. On an absolute basis, all four of the Fund’s Sub-Strategies contributed positively to 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 European equities contributed the most. Conversely, exposure to the Fund’s market neutral global long/short value strategy detracted from results.

The Fund’s Macro Hedge Fund Sub-Strategy contributed positively to the Fund’s return on an absolute basis during the Reporting Period, with its trend-following strategy adding most. Conversely, the Fund’s currency positioning, specifically its U.S. dollar/euro trade, and its commodities cross-sectional momentum strategy detracted most.

Within the Fund’s Relative Value Hedge Fund Sub-Strategy, long exposure to global high yield credit and its Relative Value S&P 500 put writing strategy contributed most positively to results. There were no significant detractors from the Fund’s performance within this Sub-Strategy during the Reporting Period.

Within the Fund’s Event Driven Hedge Fund Sub-Strategy, the Event Driven S&P 500 put writing strategy and exposure to U.S. small-cap equities contributed most positively to results. (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)). Conversely, short exposure to North American high yield credit detracted from results.

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, 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

2

PORTFOLIO RESULTS

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 a broad commodity index, Master Limited Partnerships, and developed market equity indices and developed market growth equity indices. The Fund also used listed put options on the S&P 500 Index within the put writing 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. The use of these instruments is integral to the Fund’s investment strategy, which, overall, realized positive absolute returns during the Reporting Period.

Q Were there any changes made in the Fund’s investment strategy during the Reporting Period?

A There were no changes made in the Fund’s investment strategy 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 had a 46% allocation to the Equity Long/Short Hedge Fund Sub-Strategy, 27% to the Macro Hedge Fund Sub-Strategy, 20% to the Relative Value Hedge Fund Sub-Strategy and 7% to the Event Driven Hedge Fund Sub-Strategy, quite similar to the Sub-Strategy allocations at the start of the Reporting Period.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q What is the Fund’s 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, 2019

PERFORMANCE REVIEW
January 1, 2019—June 30, 2019	Fund Total Return (based on NAV)1			HFRX Global Hedge Fund Index2
Class A		7.13	%		4.22	%
Class C		6.76			4.22
Institutional		7.36			4.22
Investor		7.21			4.22
Class P		7.37			4.22
Class R		6.97			4.22
Class R6		7.37			4.22

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 6/30/19	One Year			Five Years			Ten Year			Since Inception			Inception Date
Class A		-2.08	%		1.55	%		2.13	%		0.78	%	5/30/08
Class C		1.65			1.92			1.92			0.53		5/30/08
Institutional		3.95			3.11			3.10			1.69		5/30/08
Investor		3.79			2.95			2.95			1.54		5/30/08
Class P		3.86			N/A			N/A			3.28		4/17/18
Class R		3.28			2.44			2.43			1.03		5/30/08
Class R6		3.96			N/A			N/A			3.49		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		1.12	%		1.27	%
Class C		1.87			2.02
Institutional		0.73			0.88
Investor		0.87			1.02
Class P		0.72			0.87
Class R		1.37			1.52
Class R6		0.72			0.87

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, 2020, 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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 0.38%, 0.00%, 0.62%, 0.62%, 0.62%, 0.39% and 0.62%, respectively. These returns compare to the 1.43% cumulative total return of the Fund’s benchmark, the ICE^® BofAML^® USD LIBOR Three-Month Constant Maturity Index (the “LIBOR Three-Month Index”).

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.

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 positive, albeit modest, absolute returns during the Reporting Period. From an asset class perspective, alternative risk premia in currencies and fixed income contributed positively to performance. On the downside, allocations to equities premia detracted most, followed by commodities premia, which also detracted.

Alternative risk premia in currencies contributed the most to performance, specifically carry-typed premia that seek to capitalize on the difference between yields in different currencies. Indeed, carry-typed premia was the best performing style across all asset classes during the Reporting Period, with carry-typed fixed income and volatility premia also contributing positively. Structural-typed premia also added value, especially structural-based commodities premia. Momentum-based premia also contributed positively, albeit more modestly, during the Reporting Period. Conversely, value-typed premia detracted across asset classes during the Reporting Period. Carry styles seek to capitalize on the tendency for higher yielding assets to outperform lower yielding assets. Structural styles seek to profit from anomalies or mispricing present in the market. 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.

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 included equities, fixed income, credit, currencies and commodities. The Fund used derivative instruments to gain exposure to these asset classes. Instruments traded included credit swaps, total return swaps, equity-linked derivative instruments, forward foreign currency exchange contracts, futures contracts and written and purchased options. The use of these instruments is integral to the Fund’s current investment strategy, which 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 During the Reporting Period, we modestly increased the Fund’s allocations to commodities, volatility and trend premia, and we modestly reduced the Fund’s allocations to fixed income, equities and currency premia.

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

A At the end of the Reporting Period, the Fund’s risk premia budget was 26% to equities, 25% to commodities, 18% to currencies, 6% to fixed income, 12% to trend and 12% to volatility.

6

PORTFOLIO RESULTS

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

A During the Reporting Period, Fund portfolio manager Evgeny Gladchenko left the firm. Evgeny’s portfolio management responsibilities for the Fund were assumed by Federico Gilly and Matthew Schwab, both managing directors and co-heads of research, portfolio management and portfolio construction for the Alternative Investment Strategies team within the QIS Team. Both Federico and Matthew have been portfolio managers of the Fund since 2017. Federico and Matthew joined the firm in 2000 and 2007, respectively, and each has 26 years of industry experience. Armen Avanessians and Gary Chropuvka continue as global co-heads of the QIS Team, which represents more than 160 professionals.

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 intended 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, 2019

PERFORMANCE REVIEW
January 1, 2019—June 30, 2019	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR Three-Month Constant Maturity Index2
Class A		0.38	%		1.43	%
Class C		0.00			1.43
Institutional		0.62			1.43
Investor		0.62			1.43
Class P		0.62			1.43
Class R		0.39			1.43
Class R6		0.62			1.43

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

²  The ICE BofAML USD LIBOR Three-Month Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

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

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Since Inception			Inception Date
Class A		-9.58	%		-0.31	%		2.12	%	1/5/10
Class C		-6.07			0.08			1.97		1/5/10
Institutional		-3.88			1.24			3.15		1/5/10
Investor		-4.02			1.10			2.99		1/5/10
Class P		-3.89			N/A			-2.42		4/17/18
Class R		-4.51			0.61			2.49		1/5/10
Class R6		-3.89			N/A			2.27		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, 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.

8

FUND BASICS

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 RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		1.77	%
Class C		2.08			2.52
Institutional		0.94			1.38
Investor		1.08			1.52
Class P		0.93			1.37
Class R		1.58			2.02
Class R6		0.93			1.37

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, 2020, 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 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 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 seeks to:

∎ 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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 12.76%, 12.38%, 12.92%, 12.95%, 12.92%, 12.63% and 13.02%, respectively. These returns compare to the 13.34% cumulative total return of the Fund’s benchmark, the S&P GSCI^® Total Return Index (Gross, USD, Unhedged) (the “S&P GSCI^®”), during the same 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 double-digit positive returns during the Reporting Period, despite a weak second calendar quarter. Such gains for the Reporting Period as a whole were driven primarily by a recovery in petroleum prices and a rally in gold. By comparison to the S&P GSCI^® return of 13.34% for the Reporting Period, the S&P 500^® Index and the ICE U.S. Dollar Index (“DXY”) returned 18.54% and -0.06%, respectively.¹ Overall, commodities during the first half of 2019 were boosted by the U.S. Federal Reserve’s (the “Fed”) dovish turn in its monetary policy, a slightly weaker U.S. dollar and a rallying U.S. equity market that more than offset the headwinds of trade tensions and numerous geopolitical flashpoints. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

Q Which commodity subsectors were strongest during the Reporting Period?

A While four of the five major commodity subsectors posted positive absolute returns during the Reporting Period, the energy subsector of the S&P GSCI^® was strongest on a relative basis, posting a return of 22.80% for the six months ended June 30, 2019. Crude oil was the strongest individual commodity both within the subsector and within the S&P GSCI^® overall. Crude oil prices were on an upward trend during the first quarter of 2019, as robust demand in emerging markets and in China outpaced market expectations. Supply-side dynamics also played a part. Saudi Arabia followed through with its promise to cut exports as part of the broader Organization of Petroleum Exporting Countries (“OPEC”) agreement made in December 2018 and also increased its expectations of price increases with respect to its forward-looking production view. Also, one of Libya’s largest oil fields endured ongoing conflict after being captured by an armed militia in December 2018. In the second quarter of 2019, crude oil sold off somewhat amidst renewed U.S.-China trade tensions, and growth-sensitive assets were broadly hit as the two countries traded tariff escalations and sanction measures. Later in June, Middle East tensions between the U.S. and Iran eventually drove gains in crude oil prices as well as energy subsector stocks. Gasoline, gasoil and heating oil also rose, albeit more modestly, during the Reporting Period, but natural gas declined.

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

The precious metals subsector of the S&P GSCI^® was second-strongest on a relative basis with a return of 8.86% for the Reporting Period. Gold was in marginally positive territory during the first quarter of 2019 after the Fed signaled a slowdown in its monetary tightening cycle. In the second quarter of 2019, gold gained ground more significantly, as the Fed exceeded market expectations for a dovish turn at its June meeting. The Fed kept interest rates unchanged, removed language about remaining “patient” and added language about uncertainties in its outlook and its willingness to act to sustain the expansion. The rally in gold accelerated on the news, surging more than 8% in June 2019 alone. Also supporting the precious metal’s strength was growing financial market turbulence, a number of geopolitical trouble spots and a string of economic releases that fell short of consensus expectations. The other precious metal to perform strongly during the Reporting Period was palladium, which jumped to near all-time highs at the end of June 2019 due largely to investor demand. Silver, on the other hand, declined modestly during the Reporting Period.

Q Which commodity subsectors were weakest during the Reporting Period?

A The livestock component of the S&P GSCI^® was weakest on a relative basis, posting a return of -7.69% for the six months ended June 30, 2019. Within the subsector, both cattle and lean hogs were down. The latest U.S. hogs and pigs report indicated that pig and pork supplies in 2019 would be well above 2018 levels. At the same time, U.S. pork exports to China have been lackluster due to the ongoing trade tensions between the two nations, and despite the devastation caused to the Chinese domestic industry by African swine flu.

The industrial metals subsector was the second-weakest performer during the Reporting Period. The industrial metals subsector, as measured by the S&P GSCI^® Industrial Metals Index, returned 0.99% for the Reporting Period overall. Heading into 2019, industrial metals’ performance was broadly positive as fears about trade tensions eased somewhat. Increased optimism about Chinese economic growth was also positive for the subsector after Chinese manufacturing purchasing managers’ indices indicated an upward trend. However, renewed trade tensions between the U.S. and China created uncertainty during the second quarter of 2019, bringing industrial metals to range-bound, marginally positive performance for the Reporting Period. Nickel was an outperformer during the Reporting Period on expectations of further demand from battery production and electrical vehicle producers. Yet nickel remained a small component of the S&P GSCI^®. Zinc and copper also eked out positive returns, though lead and aluminum declined.

The agriculture component of the S&P GSCI^® also underperformed the broad S&P GSCI^®, returning 1.61% during the Reporting Period. Resumption of Chinese soybean purchases as well as a thawing of trade tensions drove soybean prices marginally higher in January 2019. However, global grain inventories stayed at record high levels and uncertainty surrounding further Chinese purchases persisted. Thus the grains complex experienced mixed performance during the first calendar quarter. Heading into the second quarter of 2019, an unusually wet spring in the U.S. and a demand-driven rally were supportive. Yet, the grains complex was ultimately down on a rumored halt in Chinese soybean purchases and ongoing trade pressures. For the Reporting Period overall, corn was strongest, followed by wheat and then sugar. Coffee enjoyed a solid gain in June, with returns buoyed by the threat of a cold snap in Brazil, which could pose a threat to crops. However, for the Reporting Period overall, coffee was virtually flat as was cocoa. Soybeans, Kansas wheat and cotton were down for the Reporting Period.

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

A The Fund generated double-digit positive absolute returns but modestly 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. Given our moderately bullish view on the commodity complex, we primarily held the prompt-month, or near-month, contracts, matching the S&P GSCI^®. (Prompt-month, also called near-month, refers to the futures contract that is closest to expiration and is usually for delivery in the next calendar month (e.g., prompt-month contracts traded in February are typically for delivery in March)). Our enhanced cash management strategy contributed positively to the Fund’s results during the Reporting Period.

Q How did the Fund’s roll-timing strategies impact performance during the Reporting Period?

A As we virtually matched the S&P GSCI^®’s front-month contract exposures during the Reporting Period, our roll-timing strategies, implemented via exposure to commodity index-linked swaps, did not have a material effect on the Fund’s relative returns for the Reporting Period overall. We employ an approach whereby we do not take active views on

13

PORTFOLIO RESULTS

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.

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 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. Overall, fixed income securities used for the Fund’s collateral allocation contributed positively to returns.

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 roll-timing strategies in order to gain exposure to the commodities markets. In implementing our enhanced cash management strategy, the Fund used futures, interest rate swaps, agency collateralized mortgage obligations, currency swaps and forward sales contracts, which are agency mortgage-backed derivatives used in purchasing a future issuance of agency mortgage-backed securities. The Fund used U.S. Treasury futures contracts and interest rate swaps for duration management purposes. The use of these instruments is integral to the Fund’s investment strategy, which, overall, realized strong 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, although we did eliminate the Fund’s deferred exposure to West Texas Intermediate (“WTI”) crude oil held at the end of 2018, and we shifted the Fund’s positions to front month exposure to match the S&P GSCI^®. Since the front month contracts are more sensitive to market dynamics, we moved the Fund’s positions to reflect our bullish view on commodity markets. The Fund continued to hold exposure to the commodities markets primarily in the form of swaps linked to the S&P GSCI^®.

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 the S&P GSCI^® in the front month across the stack of commodities curves. 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.

At the end of the Reporting Period, the Fund’s net assets were allocated approximately 20.3% to commodity-linked securities, 24.0% to fixed income securities and 55.7% to cash.

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

A Michael Johnson, head of the commodities team within Global Fixed Income, left the firm at the end of March 2019. Mark Van Wyk, head of the government swaps strategy and a portfolio manager for our inflation-linked strategies, has assumed responsibility for the commodities strategy. Mark also assumed Michael’s portfolio management responsibilities for the Fund. Mark helped launch the commodities enhanced index strategy in 1995 and has

14

PORTFOLIO RESULTS

continued to trade commodities within our inflation strategy. Mark joined GSAM in 1994 and has 25 years of investment experience. Sam Finkelstein remains a portfolio manager of the Fund, along with Mark. We remain focused on our goal of delivering strong returns for our Fund shareholders, primarily through commodity roll-timing strategies.

Q What is the Fund’s view and strategy going forward?

A The U.S. produced 12.2 million barrels of oil per day as of April 2019, according to the U.S. Energy Information Administration (“EIA”). The EIA expects strong growth in natural gas production to put downward pressure on natural gas prices in 2019. At the same time, the EIA expects natural gas inventories to remain 14% lower than levels from one year prior, potentially exposing the natural gas market to increased volatility. Outside of the energy subsector, renewed trade tensions have created uncertainty for the industrial metals subsector, while potential U.S. Fed interest rate cuts may be supportive for gold prices going forward, in our view. At the end of the Reporting Period, we maintained the Fund’s positioning along with the S&P GSCI^® in the front month across the stack of commodities curves. Irrespective of directionality, we believe the market will continue to hold opportunities for the active, relative value investor.

15

FUND BASICS

Commodity Strategy Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019—June 30, 2019	Fund Total Return (based on NAV)1			S&P GSCI®2
Class A		12.76	%	13.34%
Class C		12.38		13.34
Institutional		12.92		13.34
Investor		12.95		13.34
Class P		12.92		13.34
Class R		12.63		13.34
Class R6		13.02		13.34

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 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-16.10	%		-13.97	%		-5.68	%		-7.58	%	3/30/07
Class C		-13.66			-13.81			-5.93			-7.92		3/30/07
Institutional		-11.84			-12.89			-5.00			-6.95		3/30/07
Investor		-11.87			-12.93			-4.99			-8.66		11/30/07
Class P		-11.83			N/A			N/A			-6.48		4/17/18
Class R		-12.33			-13.43			-5.50			-9.16		11/30/07
Class R6		-11.83			N/A			N/A			-3.02		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.

16

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.16	%
Class C		1.70			1.91
Institutional		0.61			0.82
Investor		0.70			0.91
Class P		0.60			0.81
Class R		1.20			1.41
Class R6		0.60			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, 2020, 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 issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corp. (“FHLMC”) are guaranteed by the issuing entity. GNMA instruments are also backed by the full faith and credit of the United States Government. Mortgage-backed securities issued by private issuers may not be guaranteed.

17

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 4.78%, 4.39%, 5.06%, 5.00%, 5.06%, 4.76% and 5.05%, respectively. These returns compare to the 1.25% cumulative total return of the Fund’s benchmark, the ICE^® BofAML^® USD LIBOR One-Month Constant Maturity Index (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.

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.

During the Reporting Period, the Fund generated solid positive performance. Exposures to short-term interest rates and developed fixed income contributed the most to the Fund’s performance. Conversely, exposures to commodities and emerging markets equities detracted the most.

More specifically, long positioning in short-term interest rates across regions was the largest positive contributor to returns during the Reporting Period. Short-term interest rates in the U.S., Australia and the U.K. were the best contributors by geography. In terms of developed fixed income, European, Swedish and U.S. fixed income were the best contributors. The Fund benefited from an ongoing rally in fixed income around the globe and maintained its long developed fixed income exposure at the end of the Reporting Period.

Conversely, the Fund maintained mixed views across different emerging markets equity markets that were on average long. South Korean equities and Chinese H shares detracted the most during the Reporting Period, while China A shares were the only positive contributor among the Fund’s investments in emerging markets equity markets. Within commodities, exposures to lean hogs, West Texas Intermediate crude oil and nickel detracted the most during the Reporting Period. The Fund ended the Reporting Period with mixed exposures across commodities that were on average short.

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, forward foreign currency exchange contracts 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, credit swaps, total return 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

18

PORTFOLIO RESULTS

momentum/trend views on various commodity assets. The use of these instruments is integral to the Fund’s investment strategy, which, overall, realized positive absolute returns during the Reporting Period.

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

A The Fund transitioned from being short to long developed and emerging markets equities during the first quarter 2019 global rebound in equities. The Fund remained short developed and emerging markets currencies. The Fund remained long developed and emerging markets fixed income and short-term interest rates. The Fund moved from being on average short commodities to being modestly long on average.

During the second quarter of 2019, the Fund maintained its long positioning in developed and emerging markets equities. The Fund remained modestly short developed markets currencies and moved from being short to long emerging markets currencies. The Fund remained long both developed and emerging markets fixed income, as upward trends continued. The Fund also remained long short-term interest rates. The Fund held mixed positions across the 24 commodities it trades, having moved to start the quarter modestly short on average and then becoming long as the quarter progressed.

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

A At the end of the Reporting Period, the Fund was long both developed and emerging markets equities given their rally during the first half of 2019. The Fund was largely short developed market currencies given the U.S. dollar’s appreciation during the Reporting Period and held mixed exposures across emerging markets currencies. The Fund was long both developed and emerging markets fixed income at the end of the Reporting Period amid a sustained fixed income rally. The Fund was also long short-term interest rates at the end of the Reporting Period.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

A Going into the second half of 2019, 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 will 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 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 the best opportunities 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, 2019

PERFORMANCE REVIEW
January 1, 2019—June 30, 2019	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR One-Month Constant Maturity Index2
Class A		4.78	%		1.25	%
Class C		4.39			1.25
Institutional		5.06			1.25
Investor		5.00			1.25
Class P		5.06			1.25
Class R		4.76			1.25
Class R6		5.05			1.25

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 ICE BofAML USD LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Since Inception			Inception Date
Class A		-0.13	%		1.68	%		0.67	%		2/29/12
Class C		3.89			2.06			0.67			2/29/12
Institutional		6.15			3.24			1.83			2/29/12
Investor		6.00			3.09			1.69			2/29/12
Class P		6.15			N/A			2.01			4/17/18
Class R		5.46			2.60			1.19			2/29/12
Class R6		6.14			N/A			3.84			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). 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		1.59	%		1.79	%
Class C		2.34			2.54
Institutional		1.20			1.40
Investor		1.34			1.54
Class P		1.19			1.39
Class R		1.84			2.04
Class R6		1.19			1.39

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, 2020, 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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 29.6%
Automobiles & Components – 0.5%
	3,400	Aptiv plc	$	274,822
	2,300	Aston Martin Lagonda Global Holdings plc*		29,355
	3,500	Bayerische Motoren Werke AG		258,711
	19,200	BorgWarner, Inc.		806,016
	1,400	Bridgestone Corp.		55,228
	4,100	Cie Generale des Etablissements Michelin SCA		518,410
	3,000	Continental AG		436,857
	12,000	Faurecia SA		556,582
	700	Ferrari NV		113,498
	49,700	Fiat Chrysler Automobiles NV		689,758
	104,900	Ford Motor Co.		1,073,127
	77,800	Garrett Motion, Inc.*(a)		1,194,230
	134,702	General Motors Co.		5,190,068
	20,300	Harley-Davidson, Inc.		727,349
	2,900	Hella GmbH & Co. KGaA		142,893
	9,300	Honda Motor Co. Ltd.		240,487
	8,800	Isuzu Motors Ltd.		100,505
	300	Koito Manufacturing Co. Ltd.		16,055
	11,100	Mazda Motor Corp.		114,901
	2,700	Mitsubishi Motors Corp.		12,968
	200	Nifco, Inc.		4,966
	5,900	Nissan Motor Co. Ltd.		42,259
	300	NOK Corp.		4,507
	31,500	Peugeot SA		775,293
	20,800	Pirelli & C SpA		122,780
	3,100	Renault SA(a)		194,898
	1,900	Stanley Electric Co. Ltd.		46,848
	1,700	Sumitomo Rubber Industries Ltd.		19,690
	2,000	Suzuki Motor Corp.		94,092
	3,000	TI Fluid Systems plc		7,498
	6,700	Tokai Rika Co. Ltd.		110,743
	600	TS Tech Co. Ltd.		16,389
	17,400	Valeo SA		566,473
	2,000	Yokohama Rubber Co. Ltd. (The)		36,824
				14,595,080
Banks – 1.8%
	3,400	77 Bank Ltd. (The)		50,125
	181,000	Banco Bilbao Vizcaya Argentaria SA		1,009,560
	165,600	Banco Santander SA		767,499
	266,289	Bank of America Corp.		7,722,381
	1,000	Bank of Georgia Group plc		19,024
	6,900	Bankinter SA		47,562
	315,400	Barclays plc		599,907
	20,600	BNP Paribas SA		976,549
	35,798	CIT Group, Inc.		1,880,827
	43,100	Citigroup, Inc.		3,018,293
	99,662	Citizens Financial Group, Inc.		3,524,048
	34,000	Comerica, Inc.		2,469,760
	90,300	Credit Agricole SA		1,077,525
	13,300	Cullen/Frost Bankers, Inc.		1,245,678
	200	Daishi Hokuetsu Financial Group, Inc.		5,131
Common Stocks – (continued)
Banks – (continued)
	2,900	Erste Group Bank AG		107,544
	29,700	Fifth Third Bancorp		828,630
	35,200	FinecoBank Banca Fineco SpA		392,673
	8,400	Gunma Bank Ltd. (The)		29,467
	3,500	Hiroshima Bank Ltd. (The)		16,897
	10,300	Hokuhoku Financial Group, Inc.		107,323
	184,200	HSBC Holdings plc		1,537,382
	43,300	Huntington Bancshares, Inc.		598,406
	53,300	ING Groep NV		617,413
	102,800	JPMorgan Chase & Co.		11,493,040
	3,100	KBC Group NV		203,438
	42,300	KeyCorp		750,825
	1,014,300	Lloyds Banking Group plc		728,491
	600	M&T Bank Corp.		102,042
	25,800	Mebuki Financial Group, Inc.		67,419
	58,800	Mitsubishi UFJ Financial Group, Inc.		280,063
	13,600	Nishi-Nippon Financial Holdings, Inc.		98,073
	33,700	North Pacific Bank Ltd.		80,267
	3,300	OneSavings Bank plc		15,196
	2,800	Paragon Banking Group plc		15,603
	11,400	PNC Financial Services Group, Inc. (The)		1,564,992
	24,900	Raiffeisen Bank International AG		584,669
	62,600	Regions Financial Corp.		935,244
	24,200	Resona Holdings, Inc.		100,952
	63,500	Royal Bank of Scotland Group plc		177,109
	2,700	Shinsei Bank Ltd.		42,018
	1,400	SVB Financial Group*		314,426
	300	TBC Bank Group plc		6,035
	25,900	Texas Capital Bancshares, Inc.*		1,589,483
	86,200	UniCredit SpA		1,061,021
	333,800	Unione di Banche Italiane SpA		911,357
	4,700	US Bancorp		246,280
	96,430	Wells Fargo & Co.		4,563,068
				54,580,715
Capital Goods – 2.0%
	15,189	3M Co.		2,632,861
	3,800	Aalberts NV		149,159
	12,200	ACS Actividades de Construccion y Servicios SA		488,110
	300	Aica Kogyo Co. Ltd.		10,056
	4,900	Airbus SE		693,456
	4,277	Allegion plc		472,822
	2,300	Amada Holdings Co. Ltd.		25,997
	1,600	AMETEK, Inc.		145,344
	1,100	ANDRITZ AG		41,414
	34,600	AO Smith Corp.		1,631,736
	900	Bodycote plc		9,459
	16,654	Boeing Co. (The)		6,062,223
	900	Boskalis Westminster		20,762
	7,300	Brenntag AG		358,193
	8,200	Bunzl plc		216,365
	7,000	Caterpillar, Inc.		954,030

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	7,400	Cie de Saint-Gobain	$	288,968
	34,400	CNH Industrial NV		353,400
	10,700	Cobham plc*		14,482
	1,400	COMSYS Holdings Corp.		35,576
	7,100	Cummins, Inc.		1,216,514
	500	Daifuku Co. Ltd.		28,242
	700	Daikin Industries Ltd.		91,657
	100	Dassault Aviation SA		143,729
	2,100	DCC plc		187,344
	600	Diploma plc		11,667
	2,800	DMG Mori Co. Ltd.		45,107
	10,500	Eaton Corp. plc		874,440
	300	Ebara Corp.		8,178
	3,800	Eiffage SA		375,552
	4,600	Emerson Electric Co.		306,912
	400	FANUC Corp.		74,325
	8,900	Fastenal Co.		290,051
	9,800	Ferrovial SA		250,866
	4,400	Fluor Corp.		148,236
	11,500	Fortune Brands Home & Security, Inc.		656,995
	1,700	Fuji Electric Co. Ltd.		58,916
	1,900	Fujikura Ltd.		7,172
	800	Furukawa Electric Co. Ltd.		23,538
	2,000	Galliford Try plc		16,023
	500	Glory Ltd.		13,232
	900	GS Yuasa Corp.		17,401
	2,100	Hanwa Co. Ltd.		56,351
	57,935	HD Supply Holdings, Inc.*		2,333,622
	1,900	HOCHTIEF AG		231,388
	25,500	Honeywell International, Inc.		4,452,045
	100	Hoshizaki Corp.		7,457
	1,500	Huntington Ingalls Industries, Inc.		337,110
	800	IHI Corp.		19,340
	2,300	Illinois Tool Works, Inc.		346,863
	3,200	IMCD NV		293,539
	2,900	Ingersoll-Rand plc		367,343
	1,600	Interpump Group SpA		49,233
	9,000	ITOCHU Corp.		172,413
	2,000	John Laing Group plc		9,997
	65,100	Johnson Controls International plc		2,689,281
	3,700	JTEKT Corp.		44,989
	3,300	Kawasaki Heavy Industries Ltd.		77,828
	600	Keihan Holdings Co. Ltd.		26,178
	2,300	Kier Group plc		3,106
	2,000	Kinden Corp.		30,697
	900	Kingspan Group plc		48,877
	4,300	KION Group AG		271,936
	700	Knorr-Bremse AG		78,005
	2,800	Kone OYJ Class B		165,349
	3,400	Kyowa Exeo Corp.		84,845
	1,600	Kyudenko Corp.		48,179
	1,000	Legrand SA		73,109
	1,700	LIXIL Group Corp.		26,967
	23,900	Marubeni Corp.		158,643
	23,000	Masco Corp.		902,520
Common Stocks – (continued)
Capital Goods – (continued)
	19,500	Meggitt plc		129,917
	46,900	Melrose Industries plc		107,812
	800	Metso OYJ		31,485
	3,800	MINEBEA MITSUMI, Inc.		64,743
	600	MISUMI Group, Inc.		15,124
	7,000	Mitsubishi Corp.		184,978
	2,500	Mitsubishi Electric Corp.		33,050
	3,800	Mitsubishi Heavy Industries Ltd.		165,726
	6,800	Mitsui & Co. Ltd.		110,996
	5,600	Mitsui E&S Holdings Co. Ltd.		51,804
	100	Miura Co. Ltd.		3,100
	1,900	MonotaRO Co. Ltd.		46,543
	7,100	Morgan Advanced Materials plc		25,066
	1,200	MTU Aero Engines AG		286,213
	2,600	Nagase & Co. Ltd.		39,086
	400	Nidec Corp.		54,934
	1,700	NSK Ltd.		15,195
	100	Okumura Corp.		3,065
	200	OSG Corp.		3,955
	7,192	Parker-Hannifin Corp.		1,222,712
	2,600	Pentair plc		96,720
	1,200	Polypipe Group plc		6,740
	4,800	Prysmian SpA		99,176
	2,800	QinetiQ Group plc		9,949
	147,013	Quanta Services, Inc.		5,614,426
	11,400	Rexel SA		144,693
	500	Rheinmetall AG		61,281
	19,600	Rolls-Royce Holdings plc*		209,386
	1,625,900	Rolls-Royce Holdings plc (Preference)*,(b)		2,065
	455,400	Rolls-Royce Holdings plc (Preference) Class C*,(b)		578
	1,000	Roper Technologies, Inc.		366,260
	2,500	Safran SA		365,729
	700	Sanwa Holdings Corp.		7,545
	5,100	Schneider Electric SE		461,463
	13,100	Senior plc		35,901
	1,400	Siemens Gamesa Renewable Energy SA		23,269
	4,800	SIG plc		7,901
	10,500	Signify NV		310,428
	100	SMC Corp.		37,488
	4,500	Snap-on, Inc.		745,380
	29,400	Sojitz Corp.		94,615
	1,500	Spirax-Sarco Engineering plc		175,110
	25,651	Spirit AeroSystems Holdings, Inc. Class A		2,087,222
	9,900	Sumitomo Corp.		150,362
	1,500	Sumitomo Heavy Industries Ltd.		51,822
	3,800	Sumitomo Mitsui Construction Co. Ltd.		21,099
	600	Thales SA		74,113
	2,100	THK Co. Ltd.		50,512
	3,500	Toyota Tsusho Corp.		106,319
	5,100	TransDigm Group, Inc.*		2,467,380
	5,200	Travis Perkins plc		84,103

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	700	Ultra Electronics Holdings plc	$	14,671
	19,260	United Rentals, Inc.*		2,554,454
	25,800	United Technologies Corp.		3,359,160
	12,400	Valmet OYJ		309,347
	15,500	Valmont Industries, Inc.		1,965,555
	6,200	Vesuvius plc		43,148
	5,600	Vinci SA		571,904
	500	WW Grainger, Inc.		134,115
				58,374,613
Commercial & Professional Services – 0.5%
	4,500	Aggreko plc		45,178
	7,200	Cintas Corp.		1,708,488
	4,935	Copart, Inc.*		368,842
	3,400	Dai Nippon Printing Co. Ltd.		72,614
	500	Duskin Co. Ltd.		13,174
	6,048	Edenred		308,233
	9,000	Elis SA		163,231
	600	Equifax, Inc.		81,144
	8,700	Experian plc		263,519
	16,300	Hays plc		32,566
	1,700	HomeServe plc		25,617
	8,100	IHS Markit Ltd.*		516,132
	1,400	Intertek Group plc		97,874
	7,900	IWG plc		34,161
	2,700	Kokuyo Co. Ltd.		37,875
	100	Meitec Corp.		5,146
	41,300	Nielsen Holdings plc		933,380
	200	Nihon M&A Center, Inc.		4,818
	400	Park24 Co. Ltd.		9,339
	1,900	Persol Holdings Co. Ltd.		44,794
	4,200	Randstad NV		230,508
	3,700	Recruit Holdings Co. Ltd.		123,883
	9,600	RELX plc		232,843
	22,200	Rentokil Initial plc		112,081
	5,000	Republic Services, Inc.		433,200
	16,225	Robert Half International, Inc.		924,987
	14,550	Rollins, Inc.		521,908
	500	Secom Co. Ltd.		43,085
	6,500	Serco Group plc*		11,887
	300	Societe BIC SA		22,852
	7,300	SPIE SA		135,438
	79,739	Stericycle, Inc.*		3,807,537
	1,000	Teleperformance		200,357
	2,700	Toppan Printing Co. Ltd.		41,057
	5,484	Verisk Analytics, Inc.		803,187
	8,900	Waste Management, Inc.		1,026,793
	6,000	Wolters Kluwer NV		436,508
				13,874,236
Consumer Durables & Apparel – 0.5%
	3,200	adidas AG		989,984
	800	Asics Corp.		8,688
	700	Bandai Namco Holdings, Inc.		33,967
	27,900	Barratt Developments plc		203,028
	1,500	Bellway plc		53,053
Common Stocks – (continued)
Consumer Durables & Apparel – (continued)
	2,500	Berkeley Group Holdings plc		118,484
	3,900	Burberry Group plc		92,439
	15,600	Capri Holdings Ltd.*		541,008
	700	Casio Computer Co. Ltd.		8,728
	700	Coats Group plc		728
	12,200	Countryside Properties plc		46,273
	300	Games Workshop Group plc		18,904
	8,000	Garmin Ltd.		638,400
	25,362	Hanesbrands, Inc.		436,734
	2,600	Hasbro, Inc.		274,768
	4,200	Iida Group Holdings Co. Ltd.		67,997
	500	Kering SA		295,111
	52,767	Lennar Corp. Class A		2,557,089
	12,700	Lululemon Athletica, Inc.*		2,288,667
	1,100	LVMH Moet Hennessy Louis Vuitton SE		467,638
	13,401	Mattel, Inc.*(a)		150,225
	6,500	McCarthy & Stone plc		11,276
	4,100	Mohawk Industries, Inc.*		604,627
	32,978	Newell Brands, Inc.		508,521
	6,000	Nikon Corp.		85,318
	4,200	Panasonic Corp.		35,083
	22,830	PulteGroup, Inc.		721,885
	6,200	PVH Corp.		586,768
	4,000	Ralph Lauren Corp.		454,360
	6,942	Redrow plc		48,074
	100	Rinnai Corp.		6,370
	200	Sangetsu Corp.		3,685
	100	Sankyo Co. Ltd.		3,626
	1,200	SEB SA		215,883
	1,600	Sekisui Chemical Co. Ltd.		24,092
	2,800	Sekisui House Ltd.		46,134
	200	Shimano, Inc.		29,802
	9,400	Sony Corp.		493,970
	19,500	Tapestry, Inc.		618,735
	30,700	Taylor Wimpey plc		61,604
	200	Ted Baker plc		2,061
	20,070	Under Armour, Inc. Class A*		508,774
	22,261	Under Armour, Inc. Class C*		494,194
	1,900	VF Corp.		165,965
	200	Wacoal Holdings Corp.		5,197
	1,300	Whirlpool Corp.		185,068
	300	Yamaha Corp.		14,279
				15,227,264
Consumer Services – 0.8%
	1,600	Accor SA		68,681
	48,300	Aramark		1,741,698
	225,100	Caesars Entertainment Corp.*		2,660,682
	1,300	Chipotle Mexican Grill, Inc.*		952,744
	200	Colowide Co. Ltd.		3,835
	16,300	Compass Group plc		390,740
	3,701	Darden Restaurants, Inc.		450,523
	2,500	Domino’s Pizza Group plc		8,844
	7,000	EI Group plc*		17,477
	111,700	Extended Stay America, Inc.		1,886,613

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 Services – (continued)
	4,200	Flutter Entertainment plc	$	315,968
	55,600	frontdoor, Inc.*		2,421,380
	4,600	Greene King plc		36,080
	700	Greggs plc		20,403
	6,200	GVC Holdings plc		51,394
	20,598	H&R Block, Inc.		603,521
	400	J D Wetherspoon plc		7,254
	10,500	McDonald’s Corp.		2,180,430
	2,200	Merlin Entertainments plc		12,576
	5,000	Mitchells & Butlers plc*		18,192
	6,600	Norwegian Cruise Line Holdings Ltd.*		353,958
	400	Oriental Land Co. Ltd.		49,623
	9,400	Playtech plc		50,977
	100	Rank Group plc		202
	200	Resorttrust, Inc.		3,068
	2,300	Royal Caribbean Cruises Ltd.		278,783
	36,774	Service Corp. International		1,720,288
	3,900	Skylark Holdings Co. Ltd.		68,158
	3,400	Sodexo SA		397,439
	5,842	SSP Group plc		50,916
	55,800	Starbucks Corp.		4,677,714
	13,400	William Hill plc		26,300
	1,000	Wynn Resorts Ltd.		123,990
	8,200	Yum! Brands, Inc.		907,494
				22,557,945
Diversified Financials – 0.9%
	8,600	3i Group plc		121,672
	900	Acom Co. Ltd.		3,248
	300	AEON Financial Service Co. Ltd.		4,842
	2,300	AJ Bell plc		11,713
	72,144	Ally Financial, Inc.		2,235,743
	4,200	American Express Co.		518,448
	2,600	Ameriprise Financial, Inc.		377,416
	200	Amigo Holdings plc		505
	6,200	Ashmore Group plc		40,110
	15,700	Bank of New York Mellon Corp. (The)		693,155
	17,633	Berkshire Hathaway, Inc. Class B*		3,758,827
	1,000	Brewin Dolphin Holdings plc		3,889
	41,900	Capital One Financial Corp.		3,802,006
	5,900	Charles Schwab Corp. (The)		237,121
	800	Close Brothers Group plc		14,358
	2,948	Credit Acceptance Corp.*		1,426,331
	11,500	Credit Saison Co. Ltd.		134,967
	1,500	Deutsche Boerse AG		211,755
	10,700	Discover Financial Services		830,213
	2,400	E*TRADE Financial Corp.		107,040
	300	Euronext NV		22,698
	5,600	EXOR NV		392,327
	100	GRENKE AG		10,751
	3,400	Hargreaves Lansdown plc		83,073
	1,000	Hitachi Capital Corp.		22,282
	1,100	IG Group Holdings plc		8,155
	1,000	IntegraFin Holdings plc		4,826
Common Stocks – (continued)
Diversified Financials – (continued)
	40,836	Interactive Brokers Group, Inc. Class A		2,213,311
	1,600	Intermediate Capital Group plc		28,065
	50,665	Invesco Ltd.		1,036,606
	22,100	Investec plc		143,664
	800	Japan Exchange Group, Inc.		12,741
	4,800	Jupiter Fund Management plc		25,762
	14,400	Man Group plc		28,472
	1,000	Matsui Securities Co. Ltd.		9,446
	15,900	Mitsubishi UFJ Lease & Finance Co. Ltd.		84,492
	15,385	Moody’s Corp.		3,004,844
	3,500	MSCI, Inc.		835,765
	10,700	ORIX Corp.		159,910
	3,900	Plus500 Ltd.		25,808
	2,800	Raymond James Financial, Inc.		236,740
	2,200	S&P Global, Inc.		501,138
	600	Sanne Group plc		5,357
	1,000	SBI Holdings, Inc.		24,838
	1,500	Schroders plc		58,190
	100	Sofina SA		19,082
	7,100	St James’s Place plc		99,133
	93,812	Standard Life Aberdeen plc		351,003
	23,200	State Street Corp.		1,300,592
	49,126	Synchrony Financial		1,703,198
	3,400	T. Rowe Price Group, Inc.		373,014
	100	Tokyo Century Corp.		4,232
	100	Zenkoku Hosho Co. Ltd.		3,846
				27,366,720
Energy – 1.2%
	17,000	Apache Corp.		492,490
	30,600	Cairn Energy plc*		67,496
	26,530	Cheniere Energy, Inc.*		1,815,978
	22,300	Chevron Corp.		2,775,012
	2,600	Cimarex Energy Co.		154,258
	26,200	ConocoPhillips		1,598,200
	1,000	Cosmo Energy Holdings Co. Ltd.		22,663
	49,700	Devon Energy Corp.		1,417,444
	2,100	Enagas SA		56,042
	400	Energean Oil & Gas plc*		4,221
	37,900	Eni SpA		630,176
	3,871	EOG Resources, Inc.		360,622
	56,600	HollyFrontier Corp.		2,619,448
	1,200	Idemitsu Kosan Co. Ltd.		36,294
	100	Iwatani Corp.		3,475
	50,700	John Wood Group plc		291,929
	15,200	JXTG Holdings, Inc.		75,755
	125,797	Kinder Morgan, Inc.		2,626,641
	45,500	Marathon Petroleum Corp.		2,542,540
	9,900	Neste OYJ		336,575
	24,700	ONEOK, Inc.		1,699,607
	8,700	Petrofac Ltd.		47,592
	20,400	Phillips 66		1,908,216
	2,900	Pioneer Natural Resources Co.		446,194
	186,800	Premier Oil plc*		183,262

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	401,001	Range Resources Corp.	$	2,798,987
	31,200	Repsol SA		489,617
	56,300	Royal Dutch Shell plc Class A		1,837,497
	60,300	Saipem SpA*		300,919
	4,300	SBM Offshore NV		83,009
	52,000	Snam SpA		258,691
	42,600	Targa Resources Corp.		1,672,476
	30,600	TOTAL SA		1,716,470
	81,300	Tullow Oil plc		217,490
	16,200	Valero Energy Corp.		1,386,882
	86,947	Williams Cos., Inc. (The)		2,437,994
				35,412,162
Food & Staples Retailing – 0.6%
	1,000	Aeon Co. Ltd.		17,209
	500	Ain Holdings, Inc.		29,111
	25,600	Carrefour SA(a)		494,284
	6,300	Casino Guichard Perrachon SA(a)		214,912
	2,900	Colruyt SA		168,356
	9,600	Costco Wholesale Corp.		2,536,896
	77,200	J Sainsbury plc		191,842
	32,200	Jeronimo Martins SGPS SA		519,037
	41,300	Koninklijke Ahold Delhaize NV		927,172
	63,000	Kroger Co. (The)		1,367,730
	1,400	Lawson, Inc.		67,259
	43,900	METRO AG(a)		802,174
	4,400	Seven & i Holdings Co. Ltd.		149,078
	2,000	Sundrug Co. Ltd.		54,241
	20,600	Sysco Corp.		1,456,832
	268,000	Tesco plc		772,557
	800	Tsuruha Holdings, Inc.		74,195
	110,464	US Foods Holding Corp.*		3,950,193
	500	Valor Holdings Co. Ltd.		10,406
	28,100	Walgreens Boots Alliance, Inc.		1,536,227
	24,100	Walmart, Inc.		2,662,809
	1,600	Welcia Holdings Co. Ltd.		65,279
	121,900	Wm Morrison Supermarkets plc		312,023
				18,379,822
Food, Beverage & Tobacco – 0.8%
	600	AG Barr plc		7,064
	3,100	Ajinomoto Co., Inc.		53,781
	16,000	Archer-Daniels-Midland Co.		652,800
	2,200	Asahi Group Holdings Ltd.		99,041
	3,500	Associated British Foods plc		109,569
	300	Bakkavor Group plc		456
	40,100	British American Tobacco plc		1,400,130
	2,400	Britvic plc		27,078
	6,400	Brown-Forman Corp. Class B		354,752
	200	Calbee, Inc.		5,402
	31,100	Campbell Soup Co.		1,246,177
	200	Coca-Cola Bottlers Japan Holdings, Inc.		5,073
	23,300	Coca-Cola Co. (The)		1,186,436
	2,600	Coca-Cola HBC AG*		98,215
	24,212	Conagra Brands, Inc.		642,102
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	1,400	Constellation Brands, Inc. Class A		275,716
	300	Cranswick plc		9,845
	12,800	Danone SA		1,083,804
	25,300	Davide Campari-Milano SpA		247,855
	11,000	Diageo plc		473,443
	100	Ezaki Glico Co. Ltd.		4,458
	61,455	General Mills, Inc.		3,227,617
	6,900	Glanbia plc		112,198
	32,300	Greencore Group plc		89,832
	3,800	Heineken NV		423,519
	5,100	Hershey Co. (The)		683,553
	4,170	Hormel Foods Corp.		169,052
	200	Ito En Ltd.		9,334
	7,700	JM Smucker Co. (The)		886,963
	3,100	Kellogg Co.		166,067
	400	Kewpie Corp.		8,842
	600	Kikkoman Corp.		26,164
	3,300	Kirin Holdings Co. Ltd.		71,255
	12,300	Kraft Heinz Co. (The)		381,792
	6,845	McCormick & Co., Inc. (Non-Voting)		1,061,043
	1,400	Megmilk Snow Brand Co. Ltd.		30,743
	400	MEIJI Holdings Co. Ltd.		28,600
	21,132	Molson Coors Brewing Co. Class B		1,183,392
	31,614	Mondelez International, Inc. Class A		1,703,995
	5,900	Monster Beverage Corp.*		376,597
	200	Morinaga & Co. Ltd.		9,754
	700	Nichirei Corp.		16,619
	8,600	Nippon Suisan Kaisha Ltd.		53,376
	1,300	Nisshin Seifun Group, Inc.		29,690
	100	Nissin Foods Holdings Co. Ltd.		6,450
	11,900	PepsiCo, Inc.		1,560,447
	1,000	Pernod Ricard SA		184,176
	1,700	Sapporo Holdings Ltd.		35,834
	700	Suntory Beverage & Food Ltd.		30,437
	4,600	Tate & Lyle plc		43,123
	300	Toyo Suisan Kaisha Ltd.		12,366
	36,700	Tyson Foods, Inc. Class A		2,963,158
	700	Viscofan SA		36,693
	300	Yakult Honsha Co. Ltd.		17,706
	400	Yamazaki Baking Co. Ltd.		6,056
				23,629,640
Health Care Equipment & Services – 1.8%
	60,200	Abbott Laboratories		5,062,820
	3,700	Alfresa Holdings Corp.		91,505
	14,453	AmerisourceBergen Corp.		1,232,263
	14,707	Anthem, Inc.		4,150,462
	1,200	Asahi Intecc Co. Ltd.		29,663
	8,078	Becton Dickinson and Co.		2,035,737
	38,490	Boston Scientific Corp.*		1,654,300
	31,800	Cardinal Health, Inc.		1,497,780
	2,100	Carl Zeiss Meditec AG		207,124
	7,800	Centene Corp.*		409,032

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)
	10,100	Cerner Corp.	$	740,330
	11,700	Cigna Corp.		1,843,335
	114,000	ConvaTec Group plc		211,228
	3,200	Cooper Cos., Inc. (The)		1,078,048
	70,700	CVS Health Corp.		3,852,443
	27,721	Danaher Corp.		3,961,885
	16,200	DaVita, Inc.*		911,412
	5,100	DENTSPLY SIRONA, Inc.		297,636
	1,100	Edwards Lifesciences Corp.*		203,214
	4,000	Fresenius Medical Care AG & Co. KGaA		314,133
	12,600	Fresenius SE & Co. KGaA		684,180
	18,100	HCA Healthcare, Inc.		2,446,577
	25,200	Henry Schein, Inc.*		1,761,480
	9,900	Hologic, Inc.*		475,398
	1,300	Hoya Corp.		99,910
	10,800	Koninklijke Philips NV		469,540
	6,187	Laboratory Corp. of America Holdings*		1,069,732
	14,600	McKesson Corp.		1,962,094
	19,800	Mediclinic International plc		76,659
	3,600	Medipal Holdings Corp.		79,627
	41,700	Medtronic plc		4,061,163
	200	Nihon Kohden Corp.		5,434
	4,000	Olympus Corp.		44,516
	15,100	Quest Diagnostics, Inc.		1,537,331
	600	Siemens Healthineers AG		25,283
	3,700	Smith & Nephew plc		80,344
	1,600	Suzuken Co. Ltd.		94,022
	800	Terumo Corp.		23,899
	1,800	Toho Holdings Co. Ltd.		40,389
	19,900	UnitedHealth Group, Inc.		4,855,799
	9,800	Universal Health Services, Inc. Class B		1,277,822
	18,900	Zimmer Biomet Holdings, Inc.		2,225,286
				53,180,835
Household & Personal Products – 0.2%
	1,300	Beiersdorf AG		155,878
	11,200	Church & Dwight Co., Inc.		818,272
	2,900	Clorox Co. (The)		444,019
	4,000	Colgate-Palmolive Co.		286,680
	30,595	Coty, Inc. Class A		409,973
	1,100	Fancl Corp.		27,209
	600	Kao Corp.		45,783
	4,900	Kimberly-Clark Corp.		653,072
	400	Lion Corp.		7,462
	2,600	L’Oreal SA		739,253
	100	Pola Orbis Holdings, Inc.		2,802
	15,600	Procter & Gamble Co. (The)		1,710,540
	1,700	PZ Cussons plc		4,620
	2,400	Reckitt Benckiser Group plc		189,491
	500	Shiseido Co. Ltd.		37,819
	1,500	Unicharm Corp.		45,223
	5,300	Unilever plc		328,999
				5,907,095
Common Stocks – (continued)
Insurance – 0.7%
	2,400	Admiral Group plc		67,299
	857	Aegon NV		4,257
	2,200	Ageas		114,489
	3,300	Allianz SE (Registered)		795,882
	10,100	Allstate Corp. (The)		1,027,069
	5,712	Aon plc		1,102,302
	5,600	Arthur J Gallagher & Co.		490,504
	1,300	ASR Nederland NV		52,821
	18,300	Assicurazioni Generali SpA		344,545
	1,200	Assurant, Inc.		127,656
	89,600	Aviva plc		474,572
	50,855	Brighthouse Financial, Inc.*		1,865,870
	2,900	Cincinnati Financial Corp.		300,643
	18,500	CNP Assurances		419,920
	6,800	Dai-ichi Life Holdings, Inc.		102,882
	16,300	Direct Line Insurance Group plc		68,709
	1,900	Hannover Rueck SE		307,217
	18,500	Hartford Financial Services Group, Inc. (The)		1,030,820
	600	Hiscox Ltd.		12,891
	6,400	Japan Post Holdings Co. Ltd.		72,480
	4,700	Japan Post Insurance Co. Ltd.		87,195
	600	Lancashire Holdings Ltd.		5,253
	68,900	Legal & General Group plc		236,052
	27,000	Lincoln National Corp.		1,740,150
	5,100	Marsh & McLennan Cos., Inc.		508,725
	43,300	MetLife, Inc.		2,150,711
	600	MS&AD Insurance Group Holdings, Inc.		19,072
	1,300	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		325,855
	8,216	NN Group NV		330,274
	23,000	Phoenix Group Holdings plc		207,422
	30,300	Poste Italiane SpA		319,292
	26,500	Principal Financial Group, Inc.		1,534,880
	12,400	Progressive Corp. (The)		991,132
	18,500	Prudential Financial, Inc.		1,868,500
	17,900	Prudential plc		390,774
	1,100	Sabre Insurance Group plc		3,814
	3,200	Sampo OYJ Class A		151,054
	4,900	SCOR SE		214,810
	600	Sompo Holdings, Inc.		23,209
	1,000	Sony Financial Holdings, Inc.		24,065
	2,100	Tokio Marine Holdings, Inc.		105,368
	28,500	Unum Group		956,175
	1,600	Willis Towers Watson plc		306,464
				21,283,074
Materials – 1.3%
	3,900	Acacia Mining plc*		8,781
	2,800	Air Liquide SA		391,631
	1,700	Air Products & Chemicals, Inc.		384,829
	200	Air Water, Inc.		3,434
	5,677	Akzo Nobel NV		533,469
	34,000	Anglo American plc		971,327

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	26,500	ArcelorMittal	$	474,031
	4,500	Arkema SA		418,340
	4,700	Asahi Kasei Corp.		50,246
	900	Aurubis AG		43,957
	16,300	Ball Corp.		1,140,837
	33,900	BHP Group plc		866,971
	28,800	Celanese Corp.		3,104,640
	10,300	CF Industries Holdings, Inc.		481,113
	29,166	Corteva, Inc.*		862,439
	10,700	Covestro AG		544,732
	19,900	CRH plc		650,435
	1,261	Croda International plc		82,023
	1,500	Daicel Corp.		13,368
	1,000	DIC Corp.		26,479
	1,300	Dowa Holdings Co. Ltd.		41,788
	29,166	DuPont de Nemours, Inc.		2,189,492
	7,385	Eastman Chemical Co.		574,774
	4,300	Ecolab, Inc.		848,992
	1,900	Essentra plc		10,325
	5,800	Evonik Industries AG		169,000
	25,000	Evraz plc		211,684
	25,200	Ferrexpo plc		89,067
	20,600	FMC Corp.		1,708,770
	49,200	Freeport-McMoRan, Inc.		571,212
	203,900	Glencore plc*		705,683
	116,100	Graphic Packaging Holding Co.		1,623,078
	5,500	HeidelbergCement AG		445,090
	100	Hill & Smith Holdings plc		1,487
	1,000	Hitachi Chemical Co. Ltd.		27,256
	1,700	Hitachi Metals Ltd.		19,277
	16,600	Hochschild Mining plc		40,350
	5,500	Imerys SA		291,564
	12,200	International Paper Co.		528,504
	3,000	Koninklijke DSM NV		370,153
	500	Kuraray Co. Ltd.		5,990
	9,147	Linde plc		1,836,718
	200	Lintec Corp.		4,175
	7,800	LyondellBasell Industries NV Class A		671,814
	1,900	Marshalls plc		16,468
	16,200	Martin Marietta Materials, Inc.		3,727,782
	11,600	Mitsubishi Chemical Holdings Corp.		81,215
	2,700	Mitsubishi Gas Chemical Co., Inc.		36,113
	2,400	Mitsubishi Materials Corp.		68,373
	2,000	Mitsui Chemicals, Inc.		49,689
	1,400	Mitsui Mining & Smelting Co. Ltd.		33,653
	11,000	Mosaic Co. (The)		275,330
	100	Nihon Parkerizing Co. Ltd.		1,112
	10,400	Nippon Light Metal Holdings Co. Ltd.		22,546
	300	Nippon Paint Holdings Co. Ltd.		11,679
	1,100	Nippon Paper Industries Co. Ltd.		19,507
	300	Nippon Shokubai Co. Ltd.		19,887
	400	Nissan Chemical Corp.		18,071
	500	Nitto Denko Corp.		24,748
Common Stocks – (continued)
Materials – (continued)
	800	NOF Corp.		29,893
	11,700	Nucor Corp.		644,670
	9,400	Oji Holdings Corp.		54,450
	134,974	Owens-Illinois, Inc.		2,331,001
	2,200	Packaging Corp. of America		209,704
	2,000	Polymetal International plc		25,359
	4,100	PPG Industries, Inc.		478,511
	2,700	Rengo Co. Ltd.		21,738
	1,300	Rhi Magnesita NV		79,794
	6,300	Rio Tinto plc		389,927
	6,800	Sealed Air Corp.		290,904
	4,000	Sherwin-Williams Co. (The)		1,833,160
	1,800	Showa Denko KK		53,268
	17,200	Smurfit Kappa Group plc		520,880
	2,100	Solvay SA		218,086
	5,400	Stora Enso OYJ Class R		63,545
	320	Sumitomo Bakelite Co. Ltd.		11,456
	1,700	Sumitomo Metal Mining Co. Ltd.		50,960
	100	Sumitomo Osaka Cement Co. Ltd.		3,981
	1,800	Symrise AG		173,322
	1,300	Taiheiyo Cement Corp.		39,469
	800	Taiyo Nippon Sanso Corp.		17,033
	1,800	Teijin Ltd.		30,752
	800	Toagosei Co. Ltd.		8,428
	1,600	Tokai Carbon Co. Ltd.		16,797
	1,400	Tokuyama Corp.		37,975
	300	Tokyo Ohka Kogyo Co. Ltd.		9,404
	2,600	Toray Industries, Inc.		19,753
	1,800	Toyo Seikan Group Holdings Ltd.		35,789
	11,600	UPM-Kymmene OYJ		308,642
	1,200	voestalpine AG		37,098
	900	Vulcan Materials Co.		123,579
	17,300	Westrock Co.		630,931
	3,700	Wienerberger AG		91,298
	800	Yamato Kogyo Co. Ltd.		23,405
	3,000	Zeon Corp.		33,471
				37,393,931
Media & Entertainment – 2.8%
	71,312	Activision Blizzard, Inc.		3,365,926
	9,836	Alphabet, Inc. Class A*		10,650,421
	7,135	Alphabet, Inc. Class C*		7,712,293
	13,400	Auto Trader Group plc		93,328
	600	Axel Springer SE		42,266
	300	Capcom Co. Ltd.		6,039
	11,500	CBS Corp. (Non-Voting) Class B		573,850
	3,000	Charter Communications, Inc. Class A*		1,185,540
	17,100	Cineworld Group plc		55,015
	187,460	Comcast Corp. Class A		7,925,809
	600	CyberAgent, Inc.		21,865
	100	Daiichikosho Co. Ltd.		4,665
	62,190	Discovery, Inc. Class A*		1,909,233
	67,900	Discovery, Inc. Class C*		1,931,755
	50,800	Electronic Arts, Inc.*		5,144,008
	5,500	Entertainment One Ltd.		27,780

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	300	Euromoney Institutional Investor plc	$	4,960
	1,000	Eutelsat Communications SA		18,676
	71,181	Facebook, Inc. Class A*		13,737,933
	18,300	Fox Corp. Class A		670,512
	16,800	Fox Corp. Class B		613,704
	10,900	Fuji Media Holdings, Inc.		152,248
	770	GungHo Online Entertainment, Inc.		21,384
	5,400	Hakuhodo DY Holdings, Inc.		91,210
	48,000	Interpublic Group of Cos., Inc. (The)		1,084,320
	1,000	Kakaku.com, Inc.		19,340
	13,800	Liberty Broadband Corp. Class C*		1,438,236
	9,100	Liberty Media Corp-Liberty Formula One Class A*		326,326
	400	LINE Corp.*		11,250
	55,138	Live Nation Entertainment, Inc.*		3,652,892
	14,100	Netflix, Inc.*		5,179,212
	199,700	News Corp. Class A		2,693,953
	18,809	News Corp. Class B		262,574
	600	Nexon Co. Ltd.*		8,766
	10,600	Nippon Television Holdings, Inc.		157,271
	14,400	Omnicom Group, Inc.		1,180,080
	8,800	Pearson plc		91,556
	8,900	ProSiebenSat.1 Media SE		139,423
	6,400	Publicis Groupe SA(a)		337,797
	6,700	Rightmove plc		45,580
	900	Scout24 AG		47,813
	1,900	Take-Two Interactive Software, Inc.*		215,707
	600	Telenet Group Holding NV		33,434
	600	Toho Co. Ltd.		25,562
	18,595	TripAdvisor, Inc.*		860,763
	6,300	TV Asahi Holdings Corp.		101,810
	700	Ubisoft Entertainment SA*		54,746
	64,101	Viacom, Inc. Class B		1,914,697
	41,945	Walt Disney Co. (The)		5,857,200
	8,100	WPP plc		102,031
	32,400	Zillow Group, Inc. Class A*		1,482,624
	231,300	Zynga, Inc. Class A*		1,417,869
				84,703,252
Pharmaceuticals, Biotechnology & Life Sciences – 1.6%
	14,500	AbbVie, Inc.		1,054,440
	8,400	Amgen, Inc.		1,547,952
	9,100	Astellas Pharma, Inc.		129,682
	5,700	AstraZeneca plc		465,985
	23,400	Bayer AG (Registered)		1,623,031
	15,300	Biogen, Inc.*		3,578,211
	5,500	Bio-Rad Laboratories, Inc. Class A*		1,719,245
	4,400	BTG plc*		46,686
	800	Chugai Pharmaceutical Co. Ltd.		52,394
	900	Daiichi Sankyo Co. Ltd.		47,201
	200	Dechra Pharmaceuticals plc		6,980
	700	Eisai Co. Ltd.		39,673
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	43,700	Elanco Animal Health, Inc.*		1,477,060
	8,600	Eli Lilly & Co.		952,794
	8,800	Evotec SE*		246,380
	69,032	Gilead Sciences, Inc.		4,663,802
	43,500	GlaxoSmithKline plc		871,951
	4,700	Hikma Pharmaceuticals plc		102,859
	6,150	Illumina, Inc.*		2,264,122
	2,200	Incyte Corp.*		186,912
	42,000	Indivior plc*		22,783
	500	Ipsen SA		68,198
	12,800	IQVIA Holdings, Inc.*		2,059,520
	31,949	Johnson & Johnson		4,449,857
	200	Kaken Pharmaceutical Co. Ltd.		9,380
	1,800	Kissei Pharmaceutical Co. Ltd.		45,054
	34,752	Merck & Co., Inc.		2,913,955
	1,000	Merck KGaA		104,451
	400	Mettler-Toledo International, Inc.*		336,000
	1,800	Mitsubishi Tanabe Pharma Corp.		20,032
	200	Mochida Pharmaceutical Co. Ltd.		8,527
	77,166	Mylan NV*		1,469,241
	21,657	Nektar Therapeutics*		770,556
	21,995	Neurocrine Biosciences, Inc.*		1,857,038
	2,600	Ono Pharmaceutical Co. Ltd.		46,747
	2,800	Orion OYJ Class B		102,679
	1,500	Otsuka Holdings Co. Ltd.		49,015
	1,200	PeptiDream, Inc.*		61,634
	22,100	Perrigo Co. plc		1,052,402
	2,300	Regeneron Pharmaceuticals, Inc.*		719,900
	600	Rohto Pharmaceutical Co. Ltd.		16,336
	8,000	Sage Therapeutics, Inc.*		1,464,720
	4,000	Sanofi		345,689
	1,600	Santen Pharmaceutical Co. Ltd.		26,600
	900	Sartorius Stedim Biotech		141,915
	1,000	Sawai Pharmaceutical Co. Ltd.		54,126
	1,800	Shionogi & Co. Ltd.		104,009
	2,500	Sumitomo Dainippon Pharma Co. Ltd.		47,594
	600	Taisho Pharmaceutical Holdings Co. Ltd.		46,216
	5,600	Takeda Pharmaceutical Co. Ltd.		199,208
	16,550	Thermo Fisher Scientific, Inc.		4,860,404
	3,400	UCB SA		282,165
	23,927	Zoetis, Inc.		2,715,475
				47,548,786
Real Estate – 0.8%
	30,847	American Tower Corp. (REIT)		6,306,669
	10,700	Apartment Investment & Management Co. Class A (REIT)		536,284
	5,600	Aroundtown SA		46,201
	1,130	Assura plc (REIT)		916
	3,200	AvalonBay Communities, Inc. (REIT)		650,176
	400	Big Yellow Group plc (REIT)		5,031
	4,000	Civitas Social Housing plc (REIT)		4,277
	100	CLS Holdings plc		272

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	300	Cofinimmo SA (REIT)	$	38,957
	20,500	Crown Castle International Corp. (REIT)		2,672,175
	4,400	Digital Realty Trust, Inc. (REIT)		518,276
	6,590	Equinix, Inc. (REIT)		3,323,271
	8,600	Equity Residential (REIT)		652,912
	1,100	Essex Property Trust, Inc. (REIT)		321,123
	200	Gecina SA (REIT)		29,929
	1,800	Grainger plc		5,614
	5,700	Great Portland Estates plc (REIT)		49,540
	15,900	HCP, Inc. (REIT)		508,482
	800	Hulic Co. Ltd.		6,441
	4,800	Iron Mountain, Inc. (REIT)		150,240
	7,588	Kimco Realty Corp. (REIT)		140,226
	4,900	Land Securities Group plc (REIT)		51,904
	800	LEG Immobilien AG		90,226
	1,604	LondonMetric Property plc (REIT)		4,298
	4,300	Merlin Properties Socimi SA (REIT)		59,605
	4,000	Mid-America Apartment Communities, Inc. (REIT)		471,040
	1,900	Mitsubishi Estate Co. Ltd.		35,411
	3,600	Nomura Real Estate Holdings, Inc.		77,540
	6,910	Primary Health Properties plc (REIT)		11,707
	3,900	Prologis, Inc. (REIT)		312,390
	11,300	Realty Income Corp. (REIT)		779,361
	1,900	Regency Centers Corp. (REIT)		126,806
	600	Relo Group, Inc.		15,153
	800	Safestore Holdings plc (REIT)		6,233
	1,100	Savills plc		12,509
	11,856	SBA Communications Corp. (REIT)*		2,665,703
	5,695	Segro plc (REIT)		52,875
	900	Simon Property Group, Inc. (REIT)		143,784
	42,200	Spirit Realty Capital, Inc. (REIT)		1,800,252
	4,700	TAG Immobilien AG		108,561
	14,400	UDR, Inc. (REIT)		646,416
	1,500	UNITE Group plc (The) (REIT)		18,561
	1,800	Ventas, Inc. (REIT)		123,030
	2,600	Vonovia SE		124,202
	500	Warehouses De Pauw CVA (REIT)		84,145
	8,300	Welltower, Inc. (REIT)		676,699
	8,500	Weyerhaeuser Co. (REIT)		223,890
	400	Workspace Group plc (REIT)		4,440
				24,693,753
Retailing – 1.8%
	100	ABC-Mart, Inc.		6,522
	4,500	Advance Auto Parts, Inc.		693,630
	9,376	Amazon.com, Inc.*		17,754,675
	700	Aoyama Trading Co. Ltd.		13,742
	1,200	AutoZone, Inc.*		1,319,364
	4,200	B&M European Value Retail SA		17,789
	10,500	Best Buy Co., Inc.		732,165
	2,000	Booking Holdings, Inc.*		3,749,420
Common Stocks – (continued)
Retailing – (continued)
	1,600	Canon Marketing Japan, Inc.		35,003
	400	Card Factory plc		894
	21,613	CarMax, Inc.*		1,876,657
	10,700	Dollar General Corp.		1,446,212
	41,960	Dollar Tree, Inc.*		4,506,084
	1,700	Dunelm Group plc		19,862
	14,438	eBay, Inc.		570,301
	4,800	Expedia Group, Inc.		638,544
	100	Fast Retailing Co. Ltd.		60,530
	59,400	Floor & Decor Holdings, Inc. Class A*		2,488,860
	12,178	Foot Locker, Inc.		510,502
	25,930	Gap, Inc. (The)		465,962
	4,000	Genuine Parts Co.		414,320
	200	H2O Retailing Corp.		2,311
	17,750	Home Depot, Inc. (The)		3,691,467
	9,000	Inchcape plc		70,530
	1,000	Izumi Co. Ltd.		40,494
	8,800	JD Sports Fashion plc		65,559
	35,400	Kingfisher plc		96,489
	14,800	Kohl’s Corp.		703,740
	4,200	K’s Holdings Corp.		39,658
	96,772	LKQ Corp.*		2,575,103
	31,500	Lowe’s Cos., Inc.		3,178,665
	25,000	Macy’s, Inc.		536,500
	25,700	Marks & Spencer Group plc		68,715
	300	Marui Group Co. Ltd.		6,118
	1,800	Moneysupermarket.com Group plc		9,429
	100	Nitori Holdings Co. Ltd.		13,270
	15,600	Nordstrom, Inc.		497,016
	11,300	Ocado Group plc*		167,511
	2,700	O’Reilly Automotive, Inc.*		997,164
	900	Pan Pacific International Holdings Corp.		57,222
	21,500	Pets at Home Group plc		50,868
	11,700	Rakuten, Inc.		139,875
	8,477	Ross Stores, Inc.		840,240
	300	Sanrio Co. Ltd.		6,671
	700	Shimachu Co. Ltd.		16,310
	100	Shimamura Co. Ltd.		7,487
	5,600	Sports Direct International plc*		19,643
	600	Takashimaya Co. Ltd.		6,585
	900	Takeaway.com NV*		84,203
	7,900	Target Corp.		684,219
	22,100	TJX Cos., Inc. (The)		1,168,648
	4,700	Tractor Supply Co.		511,360
	1,200	Ulta Beauty, Inc.*		416,268
	2,800	Vivo Energy plc		4,715
	400	WH Smith plc		10,019
	11,400	Yamada Denki Co. Ltd.		50,453
	3,000	Zalando SE*		133,109
				54,288,672
Semiconductors & Semiconductor Equipment – 1.3%
	17,200	Advanced Micro Devices, Inc.*		522,364
	2,600	Advantest Corp.		71,580

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	18,500	Analog Devices, Inc.	$	2,088,095
	74,400	Applied Materials, Inc.		3,341,304
	2,900	ASM International NV		188,217
	7,201	Broadcom, Inc.		2,072,880
	300	Disco Corp.		49,505
	53,700	Intel Corp.		2,570,619
	23,447	Lam Research Corp.		4,404,284
	63,900	Marvell Technology Group Ltd.		1,525,293
	15,700	Maxim Integrated Products, Inc.		939,174
	31,900	Microchip Technology, Inc.		2,765,730
	141,518	Micron Technology, Inc.*		5,461,180
	11,990	NVIDIA Corp.		1,969,118
	15,100	NXP Semiconductors NV		1,473,911
	95,800	ON Semiconductor Corp.*		1,936,118
	30,700	Qorvo, Inc.*		2,044,927
	15,759	QUALCOMM, Inc.		1,198,787
	2,700	Siltronic AG		196,202
	10,300	Skyworks Solutions, Inc.		795,881
	20,500	STMicroelectronics NV		363,055
	6,800	SUMCO Corp.		81,056
	2,600	Texas Instruments, Inc.		298,376
	400	Tokyo Electron Ltd.		56,222
	32,600	Xilinx, Inc.		3,844,192
				40,258,070
Software & Services – 3.8%
	7,700	Adobe, Inc.*		2,268,805
	4,700	Akamai Technologies, Inc.*		376,658
	13,700	Alliance Data Systems Corp.		1,919,781
	1,100	Alten SA		131,881
	16,700	Altran Technologies SA		265,025
	7,300	Amadeus IT Group SA		578,492
	5,904	Atos SE(a)		493,262
	4,800	Automatic Data Processing, Inc.		793,584
	8,300	Avast plc		31,668
	900	AVEVA Group plc		46,184
	2,000	Bechtle AG		230,171
	11,600	Cadence Design Systems, Inc.*		821,396
	3,600	Capgemini SE		447,599
	2,000	Citrix Systems, Inc.		196,280
	61,100	Cognizant Technology Solutions Corp. Class A		3,873,129
	700	Computacenter plc		11,820
	2,500	Dassault Systemes SE		398,763
	42,000	DXC Technology Co.		2,316,300
	5,100	Equiniti Group plc		14,254
	12,400	Euronet Worldwide, Inc.*		2,086,176
	145,100	FireEye, Inc.*		2,148,931
	6,600	Fortinet, Inc.*		507,078
	640	Fujitsu Ltd.		44,727
	300	Gartner, Inc.*		48,282
	50,976	Genpact Ltd.		1,941,676
	500	GMO Payment Gateway, Inc.		34,554
	17,600	International Business Machines Corp.		2,427,040
	7,607	Intuit, Inc.		1,987,937
Common Stocks – (continued)
Software & Services – (continued)
	1,200	Itochu Techno-Solutions Corp.		30,850
	1,803	Jack Henry & Associates, Inc.		241,458
	33,252	Mastercard, Inc. Class A		8,796,152
	9,596	Micro Focus International plc		252,375
	158,321	Microsoft Corp.		21,208,681
	3,600	Nemetschek SE		216,874
	1,000	NET One Systems Co. Ltd.		27,654
	600	Nomura Research Institute Ltd.		9,649
	8,000	NTT Data Corp.		106,817
	114,124	Nuance Communications, Inc.*		1,822,560
	300	Obic Co. Ltd.		34,094
	13,800	Okta, Inc.*		1,704,438
	35,062	Oracle Corp.		1,997,482
	100	Oracle Corp. Japan		7,322
	600	Otsuka Corp.		24,196
	22,544	Palo Alto Networks, Inc.*		4,593,565
	9,300	Paychex, Inc.		765,297
	106,263	PayPal Holdings, Inc.*		12,162,863
	20,400	Pegasystems, Inc.		1,452,684
	21,300	Proofpoint, Inc.*		2,561,325
	7,900	Sage Group plc (The)		80,569
	18,698	salesforce.com, Inc.*		2,837,048
	6,500	SAP SE		891,097
	300	SCSK Corp.		14,788
	12,876	ServiceNow, Inc.*		3,535,363
	1,400	Softcat plc		17,289
	7,300	Sophos Group plc		36,646
	2,700	Sopra Steria Group(a)		314,607
	87,127	Symantec Corp.		1,895,883
	15,100	Synopsys, Inc.*		1,943,219
	21,734	Tableau Software, Inc. Class A*		3,608,279
	800	TIS, Inc.		40,883
	400	Trend Micro, Inc.		17,874
	13,500	Twilio, Inc. Class A*		1,840,725
	5,634	VeriSign, Inc.*		1,178,407
	45,694	Visa, Inc. Class A		7,930,194
	43,300	Western Union Co. (The)		861,237
	2,320	Worldline SA*		168,558
	26,000	Zendesk, Inc.*		2,314,780
				113,985,235
Technology Hardware & Equipment – 1.5%
	4,100	Alps Alpine Co. Ltd.		69,436
	600	Amano Corp.		16,605
	2,800	Amphenol Corp. Class A		268,632
	3,500	Anritsu Corp.(a)		61,031
	95,019	Apple, Inc.		18,806,161
	900	Azbil Corp.		22,038
	5,600	Brother Industries Ltd.		106,072
	1,300	Canon, Inc.		38,068
	59,926	Cisco Systems, Inc.		3,279,750
	4,200	Citizen Watch Co. Ltd.		21,612
	5,000	Electrocomponents plc		40,169
	11,502	F5 Networks, Inc.*		1,675,036
	11,592	FLIR Systems, Inc.		627,127
	4,000	FUJIFILM Holdings Corp.		203,079

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	9,000	Halma plc	$	231,144
	100	Hirose Electric Co. Ltd.		11,190
	1,200	Hitachi High-Technologies Corp.		61,691
	5,520	Hitachi Ltd.		203,096
	600	Horiba Ltd.		31,129
	123,700	HP, Inc.		2,571,723
	1,000	Ibiden Co. Ltd.		17,570
	3,000	Ingenico Group SA(a)		265,504
	86,587	Juniper Networks, Inc.		2,305,812
	100	Keyence Corp.		61,672
	10,800	Keysight Technologies, Inc.*		969,948
	10,300	Konica Minolta, Inc.		100,359
	2,500	Kyocera Corp.		163,809
	5,914	Motorola Solutions, Inc.		986,041
	1,100	Murata Manufacturing Co. Ltd.		49,523
	76,200	NCR Corp.*		2,369,820
	7,921	NetApp, Inc.		488,726
	3,700	Nippon Electric Glass Co. Ltd.		94,040
	51,000	Nokia OYJ		254,020
	1,200	Oki Electric Industry Co. Ltd.		14,990
	700	Omron Corp.		36,712
	9,300	Ricoh Co. Ltd.		93,039
	23,800	Seagate Technology plc		1,121,456
	500	Shimadzu Corp.		12,309
	2,400	Spirent Communications plc		4,657
	300	Taiyo Yuden Co. Ltd.		5,631
	12,900	TE Connectivity Ltd.		1,235,562
	1,200	Topcon Corp.		15,075
	50,000	Western Digital Corp.		2,377,500
	200	Yaskawa Electric Corp.		6,839
	1,300	Yokogawa Electric Corp.		25,587
	14,489	Zebra Technologies Corp. Class A*		3,035,301
				44,456,291
Telecommunication Services – 0.6%
	94,800	AT&T, Inc.		3,176,748
	72,900	BT Group plc		182,274
	4,300	Cellnex Telecom SA*		159,072
	307,709	CenturyLink, Inc.		3,618,658
	53,200	Deutsche Telekom AG (Registered)		921,671
	1,200	Elisa OYJ		58,552
	5,400	KDDI Corp.		137,412
	31,300	Koninklijke KPN NV		96,116
	7,300	Nippon Telegraph & Telephone Corp.		340,105
	2,700	NTT DOCOMO, Inc.		62,996
	7,500	Orange SA		118,298
	2,300	Proximus SADP		67,976
	2,000	SoftBank Group Corp.		96,331
	912,300	Telecom Italia SpA*		498,075
	13,900	Telefonica Deutschland Holding AG		38,835
	82,600	Telefonica SA		679,245
	20,900	T-Mobile US, Inc.*		1,549,526
	81,625	Verizon Communications, Inc.		4,663,236
Common Stocks – (continued)
Telecommunication Services – (continued)
	773,600	Vodafone Group plc		1,267,979
				17,733,105
Transportation – 0.6%
	2,100	Abertis Infraestructuras SA*(c)		41,550
	200	Aena SME SA		39,641
	66,100	Air France-KLM*		635,272
	16,300	Alaska Air Group, Inc.		1,041,733
	11,500	Atlantia SpA		299,878
	23,400	BBA Aviation plc		83,893
	89,427	Bollore SA		394,590
	800	Central Japan Railway Co.		160,406
	10,700	CH Robinson Worldwide, Inc.		902,545
	5,000	CSX Corp.		386,850
	58,453	Delta Air Lines, Inc.		3,317,208
	3,800	Deutsche Lufthansa AG (Registered)		65,154
	16,800	Deutsche Post AG (Registered)		552,666
	7,700	easyJet plc		93,228
	3,600	Expeditors International of Washington, Inc.		273,096
	13,000	FedEx Corp.		2,134,470
	18,300	Firstgroup plc*		22,717
	600	Fraport AG Frankfurt Airport Services Worldwide		51,645
	12,200	Getlink SE		195,426
	300	Go-Ahead Group plc (The)		7,513
	27,200	International Consolidated Airlines Group SA		164,905
	2,000	Japan Airlines Co. Ltd.		63,831
	200	Japan Airport Terminal Co. Ltd.		8,554
	2,200	JB Hunt Transport Services, Inc.		201,102
	3,200	Kamigumi Co. Ltd.		75,884
	500	Keikyu Corp.		8,621
	600	Keio Corp.		39,542
	600	Keisei Electric Railway Co. Ltd.		21,885
	600	Kintetsu Group Holdings Co. Ltd.		28,765
	700	Kyushu Railway Co.		20,421
	1,200	Mitsubishi Logistics Corp.		33,049
	400	Nagoya Railroad Co. Ltd.		11,078
	3,000	National Express Group plc		15,297
	400	Nikkon Holdings Co. Ltd.		9,197
	2,800	Norfolk Southern Corp.		558,124
	1,000	Odakyu Electric Railway Co. Ltd.		24,505
	40,700	Royal Mail plc		109,525
	1,000	Sankyu, Inc.		52,651
	3,300	Seino Holdings Co. Ltd.		44,074
	1,100	SG Holdings Co. Ltd.		31,278
	100	Sotetsu Holdings, Inc.		2,759
	29,300	Southwest Airlines Co.		1,487,854
	15,300	Union Pacific Corp.		2,587,383
	16,700	United Continental Holdings, Inc.*		1,462,085
	3,000	United Parcel Service, Inc. Class B		309,810
	500	West Japan Railway Co.		40,468
	1,100	Wizz Air Holdings plc*		47,640
	3,800	Yamato Holdings Co. Ltd.		77,457
				18,237,225

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Utilities – 1.2%
	208,600	A2A SpA	$	362,113
	88,213	AES Corp.		1,478,450
	6,100	Alliant Energy Corp.		299,388
	12,400	Ameren Corp.		931,364
	11,700	American Electric Power Co., Inc.		1,029,717
	28,952	American Water Works Co., Inc.		3,358,432
	3,400	Atmos Energy Corp.		358,904
	38,400	CenterPoint Energy, Inc.		1,099,392
	163,500	Centrica plc		182,264
	1,900	Chubu Electric Power Co., Inc.		26,690
	11,840	CMS Energy Corp.		685,654
	10,400	Consolidated Edison, Inc.		911,872
	900	ContourGlobal plc		2,172
	9,500	Dominion Energy, Inc.		734,540
	8,900	Drax Group plc		29,397
	10,900	DTE Energy Co.		1,393,892
	18,200	Duke Energy Corp.		1,605,968
	6,200	E.ON SE		67,271
	8,100	Edison International		546,021
	95,200	EDP – Energias de Portugal SA		361,802
	2,300	Electric Power Development Co. Ltd.		52,339
	47	Electricite de France SA		593
	8,900	Endesa SA		228,913
	159,700	Enel SpA		1,114,027
	11,145	Entergy Corp.		1,147,155
	14,200	Evergy, Inc.		854,130
	12,600	Eversource Energy		954,576
	39,200	Exelon Corp.		1,879,248
	11,712	FirstEnergy Corp.		501,391
	38,000	Hera SpA		145,351
	300	Hokkaido Electric Power Co., Inc.		1,683
	103,800	Iberdrola SA		1,033,451
	5,900	Innogy SE		279,761
	22,300	Italgas SpA		149,877
	7,900	Naturgy Energy Group SA		217,715
	3,800	NextEra Energy, Inc.		778,468
	23,000	NiSource, Inc.		662,400
	23,998	NRG Energy, Inc.		842,810
	10,800	Pinnacle West Capital Corp.		1,016,172
	25,800	PPL Corp.		800,058
	8,600	Public Service Enterprise Group, Inc.		505,852
	11,000	Renewables Infrastructure Group Ltd. (The)		17,924
	16,300	RWE AG		402,212
	13,600	Southern Co. (The)		751,808
	17,700	SSE plc		252,284
	5,900	Suez		85,136
	400	Telecom Plus plc		7,162
	39,200	Terna Rete Elettrica Nazionale SpA		249,767
	400	Toho Gas Co. Ltd.		14,749
	3,500	Tohoku Electric Power Co., Inc.		35,416
	19,500	Tokyo Electric Power Co. Holdings, Inc.*		101,850
	400	Tokyo Gas Co. Ltd.		9,429
Common Stocks – (continued)
Utilities – (continued)
	4,600	United Utilities Group plc		45,788
	2,000	Verbund AG Class A		104,771
	127,048	Vistra Energy Corp.		2,876,367
	11,800	WEC Energy Group, Inc.		983,766
	13,407	Xcel Energy, Inc.		797,582
				35,367,284
	TOTAL COMMON STOCKS
	(Cost $784,704,758)		$	883,034,805
Exchange Traded Funds – 5.8%
	60,856	Energy Select Sector SPDR Fund	$	3,877,136
	157,483	Health Care Select Sector SPDR Fund		14,589,225
	199,286	Invesco Emerging Markets Sovereign Debt ETF		5,787,265
	719,342	Invesco Senior Loan ETF(a)		16,300,290
	251,017	SPDR Bloomberg Barclays Convertible Securities ETF		13,271,269
	123,389	SPDR Dow Jones International Real Estate ETF		4,781,324
	54,112	SPDR Dow Jones REIT ETF		5,346,265
	2,552,421	Vanguard FTSE Emerging Markets ETF		108,554,466
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $161,134,781)		$	172,507,240

Shares		Dividend Rate	Value
Investment Company(d) – 59.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,758,798,801	2.308%	$	1,758,798,801
	(Cost $1,758,798,801)

Units	Description	Expiration Month		Value
Rights* – 0.0%
Capital Goods – 0.0%
12,200	ACS Actividades de Construccion y Servicios SA		07/2019	$	19,144
Energy – 0.0%
31,200	Repsol SA		07/2019		17,306
TOTAL RIGHTS
(Cost $37,613)				$	36,450
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,704,675,953)				$	2,814,377,296

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, 2019 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	18,086,061	2.308%	$	18,086,061
	(Cost $18,086,061)
	TOTAL INVESTMENTS – 95.0%
	(Cost $2,722,762,014)		$	2,832,463,357
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.0%			148,774,735
	NET ASSETS – 100.0%		$	2,981,238,092

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust
SPDR	—Standard and Poor’s Depositary Receipts
Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippines Peso
RUB	—Russian Ruble
SEK	—Swedish Krona
TWD	—Taiwan Dollar
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Chase Bank NA	CLP	3,727,030,000	USD	5,469,218		07/01/2019	$	30,918
	IDR	46,677,260,000	USD	3,260,040		07/01/2019		43,960
	IDR	112,134,730,000	USD	7,905,211		07/29/2019		8,361
	INR	336,700,000	USD	4,801,426		07/01/2019		76,340
	INR	595,400,000	USD	8,511,451		07/29/2019		90,715
	KRW	9,158,660,000	USD	7,889,841		07/01/2019		42,139
	PHP	380,350,000	USD	7,207,694		07/01/2019		215,942
	PHP	564,440,000	USD	10,947,961		07/29/2019		57,706
	RUB	198,320,000	USD	3,020,204		07/01/2019		115,972
	RUB	308,190,000	USD	4,850,072		07/29/2019		6,950
	USD	40,475,250	GBP	31,820,000		07/23/2019		65,442
	USD	10,205,870	JPY	1,095,000,000		07/23/2019		49,583
	USD	9,755,267	TWD	300,950,000		07/29/2019		25,094
TOTAL							$	829,122

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Chase Bank NA	MXN	87,790,000	USD	4,583,170		07/23/2019	$	(9,285	)
	TWD	338,260,000	USD	10,946,144		07/01/2019		(55,435	)
	USD	16,774,619	AUD	24,220,000		07/23/2019		(229,032	)
	USD	7,888,507	CAD	10,420,000		07/23/2019		(68,425	)
	USD	10,374,362	CHF	10,130,000		07/23/2019		(2,610	)
	USD	5,348,396	CLP	3,727,030,000		07/01/2019		(151,740	)
	USD	4,870,999	CLP	3,316,550,000		07/29/2019		(25,469	)
	USD	64,182,951	EUR	56,520,000		07/23/2019		(85,936	)
	USD	5,379,084	HUF	1,536,920,000		07/23/2019		(30,535	)
	USD	3,301,079	IDR	46,677,260,000		07/01/2019		(2,921	)
	USD	4,832,090	INR	336,700,000		07/01/2019		(45,677	)
	USD	7,683,298	KRW	9,158,660,000		07/01/2019		(248,681	)
	USD	6,569,815	KRW	7,619,080,000		07/29/2019		(18,541	)
	USD	5,070,662	NOK	43,320,000		07/23/2019		(7,616	)
	USD	12,992,917	NZD	19,770,000		07/23/2019		(288,568	)
	USD	7,386,871	PHP	380,350,000		07/01/2019		(36,765	)
	USD	3,131,781	RUB	198,320,000		07/01/2019		(4,395	)
	USD	6,597,143	SEK	61,850,000		07/23/2019		(63,313	)
	USD	10,725,552	TWD	338,260,000		07/01/2019		(165,158	)
TOTAL							$	(1,540,102	)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		92		08/28/2019	$	13,012,480	$	705,486
3 Month Canadian Bankers Acceptance		99		09/16/2019		18,531,079		51,436
3 Month Canadian Bankers Acceptance		108		12/16/2019		20,223,970		54,986
3 Month Canadian Bankers Acceptance		111		03/16/2020		20,807,997		4,744
3 Month Eurodollar		163		09/16/2019		39,930,925		295,559
3 Month Eurodollar		166		12/16/2019		40,705,275		345,207
3 Month Eurodollar		182		03/16/2020		44,717,400		436,528
3 Month Eurodollar		196		06/15/2020		48,203,750		494,135
3 Month Eurodollar		230		09/14/2020		56,603,000		543,280
3 Month Eurodollar		204		12/14/2020		50,204,400		498,334
3 Month Eurodollar		198		03/15/2021		48,740,175		416,212
3 Month Eurodollar		191		06/14/2021		47,002,712		276,507
3 Month Sterling		143		09/18/2019		22,522,158		44,287
3 Month Sterling		156		12/18/2019		24,562,197		45,819
3 Month Sterling		164		03/18/2020		25,833,513		62,725
3 Month Sterling		155		06/17/2020		24,420,741		75,045
3 Month Sterling		172		09/16/2020		27,101,875		78,972
3 Month Sterling		167		12/16/2020		26,306,077		74,960
3 Month Sterling		162		03/17/2021		25,521,041		69,261
3 Month Sterling		155		06/16/2021		24,414,590		56,676
Amsterdam Exchange Index		50		07/19/2019		6,378,335		11,415
ASX 90 Day Bank Accepted Bill		67		09/12/2019		46,908,959		101,359
ASX 90 Day Bank Accepted Bill		72		12/12/2019		50,420,786		85,704
ASX 90 Day Bank Accepted Bill		59		03/12/2020		41,324,148		36,701

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, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
Australia 10 Year Bond		243			09/16/2019	$	24,447,337		$	113,274
CAC 40 10 Euro Index		101			07/19/2019		6,354,490			29,517
Canada 10 Year Bond		221			09/19/2019		24,129,342			215,345
DAX Index		30			09/20/2019		10,564,795			81,092
EURO STOXX 50 Index		2,651			09/20/2019		104,480,903			722,273
Euro-Bobl		380			09/06/2019		58,091,251			228,861
Euro-BTP		112			09/06/2019		17,083,425			644,910
Euro-Bund		437			09/06/2019		85,826,756			905,110
Euro-Buxl		45			09/06/2019		10,377,174			292,765
Euro-OAT		130			09/06/2019		24,383,402			409,580
Euro-Schatz		316			09/06/2019		40,346,648			73,951
FTSE 100 Index		454			09/20/2019		42,486,506			(58,318	)
FTSE/JSE Top 40 Index		100			09/19/2019		3,722,542			3,550
FTSE/MIB Index		35			09/20/2019		4,209,885			18,244
Hang Seng Index		21			07/30/2019		3,831,464			49,144
IBEX 35 Index		35			07/19/2019		3,650,716			5,300
Japan 10 Year Bond		12			09/12/2019		17,128,229			54,343
LME Aluminum Base Metal		85			07/17/2019		3,787,281			72,049
Long Gilt		235			09/26/2019		38,904,409			317,586
MSCI Taiwan Index		101			07/30/2019		3,903,650			(19,978	)
NASDAQ 100 E-Mini Index		366			09/20/2019		56,318,250			938,621
OMXS30 Index		236			07/19/2019		4,119,005			85,111
Russell 2000 E-Mini Index		44			09/20/2019		3,447,620			29,096
S&P Midcap 400 E-Mini Index		18			09/20/2019		3,510,000			82,068
S&P/TSX 60 Index		46			09/19/2019		6,868,650			(51,148	)
SET50 Index		700			09/27/2019		5,241,640			30,502
TOPIX Index		24			09/12/2019		3,452,581			39,167
U.S. Treasury 2 Year Note		394			09/30/2019		84,765,406			462,588
U.S. Treasury 5 Year Note		592			09/30/2019		69,925,375			993,381
U.S. Treasury 10 Year Note		796			09/19/2019		101,813,375			1,758,434
U.S. Treasury Long Bond		265			09/19/2019		41,207,500			1,085,012
Total									$	14,476,768
Short position contracts:
Copper		(63	)		09/26/2019	$	(4,273,762	)	$	(135,849	)
LME Aluminum Base Metal		(85	)		07/17/2019		(3,787,281	)		50,375
LME Aluminum Base Metal		(90	)		08/21/2019		(4,033,688	)		(78,325	)
S&P 500 E-Mini Index		(2,182	)		09/20/2019		(321,212,220	)		(4,831,930	)
Silver		(27	)		09/26/2019		(2,072,250	)		(33,534	)
WTI Crude Oil		(70	)		07/22/2019		(4,059,300	)		(463,593	)
Total									$	(5,492,856	)
Total Futures Contracts									$	8,983,912

36 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, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2019(b)	Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%	2.540%		06/20/2024	EUR	103,350	$	13,404,049	$	12,282,898	$	1,121,151
iTraxx Europe Index		1.000	0.523		06/20/2024	EUR	13,850		378,740		262,877		115,863
Markit CDX North America High Yield Index		5.000	3.248		06/20/2024	USD	112,400		8,626,700		6,654,211		1,972,489
Markit CDX North America Investment Grade Index		1.000	0.545		06/20/2024	USD	16,100		349,633		261,783		87,850
TOTAL								$	22,759,122	$	19,461,769	$	3,297,353

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund			Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
MSCI The World Growth Net Return Index(b)		(2.412	)%	Bank of America		08/12/2019		USD  32,160	$	694,922
MSCI The World Net Return Index(c)		2.412				08/12/2019		USD  35,817		(716,001	)
Alerian MLP Index Total Return(b)		(2.404	)	Deutsche Bank AG		10/25/2019		USD  14,309		117,339
Bloomberg Roll Select Commodity Index Total Return(d)		(0.000	)	JPMorgan Chase Bank NA		08/28/2019		USD  49,375		(135,024	)
Euro Stoxx Gross Total Return Index(c)		0.389				12/16/2019		EUR  46,752		(480,581	)
FTSE 100 Total Return Index(c)		0.725				09/13/2019		GBP  20,298		(240,270	)
TOTAL									$	(759,615	)

(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 weekly.

WRITTEN OPTIONS CONTRACTS — At June 30, 2019, 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.	2,600  USD		07/19/2019		54	$	(15,885,504	)	$	(8,235	)	$	(80,929	)	$	72,694
		2,625  USD		07/19/2019		53		(15,591,328	)		(9,672	)		(89,250	)		79,578
		2,650  USD		07/19/2019		52		(15,297,152	)		(11,310	)		(98,371	)		87,061
		2,675  USD		07/19/2019		51		(15,002,976	)		(13,515	)		(108,542	)		95,027
		2,700  USD		07/19/2019		50		(14,708,800	)		(16,500	)		(119,567	)		103,067
		2,725  USD		07/19/2019		49		(14,414,624	)		(20,090	)		(134,009	)		113,919
		2,750  USD		07/19/2019		48		(14,120,448	)		(24,480	)		(145,843	)		121,363
		2,825  USD		07/19/2019		46		(13,532,096	)		(47,840	)		(203,806	)		155,966
		2,850  USD		07/19/2019		45		(13,237,920	)		(60,300	)		(225,683	)		165,383

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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: (continued)
Puts (continued)
		2,875  USD		07/19/2019		44	$	(12,943,744	)	$	(76,560	)	$	(255,546	)	$	178,986
		2,900  USD		07/19/2019		43		(12,649,568	)		(97,825	)		(288,678	)		190,853
		2,600  USD		08/16/2019		45		(13,237,920	)		(28,575	)		(94,782	)		66,207
		2,625  USD		08/16/2019		44		(12,943,744	)		(32,340	)		(103,375	)		71,035
		2,650  USD		08/16/2019		43		(12,649,568	)		(36,550	)		(115,654	)		79,104
		2,675  USD		08/16/2019		42		(12,355,392	)		(41,580	)		(128,354	)		86,774
		2,700  USD		08/16/2019		41		(12,061,216	)		(47,355	)		(141,829	)		94,474
		2,725  USD		08/16/2019		41		(12,061,216	)		(55,350	)		(156,657	)		101,307
		2,750  USD		08/16/2019		40		(11,767,040	)		(63,600	)		(170,950	)		107,350
		2,775  USD		08/16/2019		39		(11,472,864	)		(72,735	)		(186,582	)		113,847
		2,800  USD		08/16/2019		39		(11,472,864	)		(85,410	)		(209,214	)		123,804
		2,825  USD		08/16/2019		38		(11,178,688	)		(98,040	)		(231,066	)		133,026
		2,850  USD		08/16/2019		37		(10,884,512	)		(112,480	)		(250,887	)		138,407
		2,875  USD		08/16/2019		37		(10,884,512	)		(132,645	)		(282,817	)		150,172
		2,650  USD		09/20/2019		46		(13,532,096	)		(85,100	)		(88,027	)		2,927
		2,675  USD		09/20/2019		45		(13,237,920	)		(94,050	)		(95,061	)		1,011
		2,700  USD		09/20/2019		44		(12,943,744	)		(103,400	)		(104,247	)		847
		2,725  USD		09/20/2019		44		(12,943,744	)		(116,820	)		(116,567	)		(253	)
		2,750  USD		09/20/2019		43		(12,649,568	)		(128,785	)		(129,851	)		1,066
		2,775  USD		09/20/2019		42		(12,355,392	)		(141,750	)		(140,248	)		(1,502	)
		2,800  USD		09/20/2019		41		(12,061,216	)		(156,005	)		(154,475	)		(1,530	)
		2,825  USD		09/20/2019		41		(12,061,216	)		(175,685	)		(173,399	)		(2,286	)
		2,850  USD		09/20/2019		40		(11,767,040	)		(193,400	)		(192,033	)		(1,367	)
		2,875  USD		09/20/2019		39		(11,472,864	)		(212,550	)		(210,836	)		(1,714	)
		2,900  USD		09/20/2019		39		(11,472,864	)		(239,850	)		(236,408	)		(3,442	)
		2,925  USD		09/20/2019		38		(11,178,688	)		(264,100	)		(259,350	)		(4,750	)
		2,950  USD		09/20/2019		37		(10,884,512	)		(291,005	)		(283,392	)		(7,613	)
		2,775  USD		07/19/2019		47		(13,826,272	)		(30,315	)		(160,705	)		130,390
		2,800  USD		07/19/2019		47		(13,826,272	)		(38,305	)		(182,415	)		144,110
Total written options contracts						1,654				$	(3,464,107	)	$	(6,349,405	)	$	2,885,298

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(a) – 83.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	64,724,963	2.308%	$	64,724,963
	TOTAL INVESTMENTS – 83.1%
	(Cost $64,724,963)		$	64,724,963
	OTHER ASSETS IN EXCESS OF LIABILITIES – 16.9%			13,118,796
	NET ASSETS – 100.0%		$	77,843,759

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
IDR	—Indonesian Rupiah
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peru Nuevo Sol
PHP	—Philippines Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
THB	—Thailand Baht
TWD	—Taiwan Dollar
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	BRL	34,860,000	USD	8,537,590		07/01/2019	$	540,653
	CLP	5,759,060,000	USD	8,418,119		07/01/2019		80,770
	CLP	110,730,000	USD	163,006		07/29/2019		473
	COP	18,962,960,000	USD	5,649,763		07/03/2019		251,017
	IDR	96,519,640,000	USD	6,635,975		07/01/2019		196,065
	IDR	103,362,170,000	USD	7,285,716		07/29/2019		8,760
	INR	415,190,000	USD	5,933,152		07/01/2019		81,694
	INR	377,780,000	USD	5,401,101		07/29/2019		56,955
	KRW	14,590,930,000	USD	12,459,606		07/01/2019		177,064
	PEN	1,130,000	USD	334,904		07/01/2019		8,269
	PEN	2,000,000	USD	605,089		07/31/2019		1,497
	PHP	263,840,000	USD	5,012,927		07/01/2019		136,677
	PHP	284,490,000	USD	5,518,048		07/29/2019		29,047
	PLN	350,000	USD	93,564		07/23/2019		179
	RUB	640,360,000	USD	9,845,134		07/01/2019		281,336
	RUB	554,450,000	USD	8,723,622		07/29/2019		14,415
	SEK	980,000	USD	104,541		07/23/2019		1,166
	TWD	117,260,000	USD	3,713,409		07/01/2019		61,926
	TWD	9,800,000	USD	316,391		07/29/2019		458
	USD	5,079,780	BRL	19,420,000		07/01/2019		22,423
	USD	1,752,151	COP	5,592,180,000		07/03/2019		12,010
	USD	271,359	CZK	6,060,000		07/23/2019		349

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc. (continued)
	USD	1,562,013	MXN	29,940,000		07/23/2019	$	7,605
	USD	4,615,883	TWD	142,400,000		07/29/2019		11,875
	ZAR	41,660,000	USD	2,906,706		07/23/2019		43,158
TOTAL							$	2,025,841

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	36,270,000	USD	9,466,670		07/29/2019	$	(45,376	)
	COP	6,189,190,000	USD	1,933,779		07/29/2019		(11,887	)
	CZK	2,400,000	USD	107,457		07/23/2019		(127	)
	IDR	20,961,160,000	USD	1,479,305		07/29/2019		(34	)
	INR	78,720,000	USD	1,137,572		07/29/2019		(249	)
	KRW	180,480,000	USD	156,271		07/29/2019		(207	)
	NOK	1,390,000	USD	163,850		07/23/2019		(786	)
	PHP	54,520,000	USD	1,063,349		07/29/2019		(297	)
	RUB	103,480,000	USD	1,637,308		07/29/2019		(6,481	)
	SEK	930,000	USD	100,588		07/23/2019		(273	)
	TWD	173,470,000	USD	5,613,265		07/01/2019		(28,179	)
	USD	3,923,009	BRL	15,440,000		07/01/2019		(97,877	)
	USD	8,229,976	CLP	5,759,060,000		07/01/2019		(268,914	)
	USD	7,033,269	CLP	4,790,460,000		07/29/2019		(39,242	)
	USD	3,954,372	COP	13,370,780,000		07/03/2019		(206,267	)
	USD	2,234,378	CZK	50,500,000		07/23/2019		(24,034	)
	USD	163,855	HUF	46,810,000		07/23/2019		(906	)
	USD	6,800,816	IDR	96,519,640,000		07/01/2019		(31,224	)
	USD	4,395,745	ILS	15,830,000		07/23/2019		(45,774	)
	USD	5,959,611	INR	415,190,000		07/01/2019		(55,237	)
	USD	12,252,958	KRW	14,590,930,000		07/01/2019		(383,711	)
	USD	6,068,418	KRW	7,035,280,000		07/29/2019		(15,116	)
	USD	3,380,618	NOK	28,880,000		07/23/2019		(7,365	)
	USD	934,887	PEN	3,130,000		07/01/2019		(15,672	)
	USD	5,108,524	PHP	263,840,000		07/01/2019		(41,081	)
	USD	287,609	PLN	1,080,000		07/23/2019		(1,652	)
	USD	10,000,923	RUB	640,360,000		07/01/2019		(125,548	)
	USD	402,248	THB	12,380,000		07/23/2019		(1,436	)
	USD	9,223,733	TWD	290,730,000		07/01/2019		(136,687	)
	USD	718,252	TWD	22,220,000		07/29/2019		(154	)
TOTAL							$	(1,591,793	)

FUTURES CONTRACTS — At June 30, 2019, 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		6		09/16/2019	$	1,123,096	$	3,630
3 Month Canadian Bankers Acceptance		6		12/16/2019		1,123,554		3,364

40 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)
Long position contracts: (continued)
3 Month Canadian Bankers Acceptance		6		03/16/2020	$	1,124,757	$	729
3 Month Eurodollar		10		09/16/2019		2,449,750		17,839
3 Month Eurodollar		11		12/16/2019		2,697,338		20,825
3 Month Eurodollar		11		03/16/2020		2,702,700		24,562
3 Month Eurodollar		13		06/15/2020		3,197,187		31,320
3 Month Eurodollar		14		09/14/2020		3,445,400		35,568
3 Month Eurodollar		13		12/14/2020		3,199,300		33,195
3 Month Eurodollar		12		03/15/2021		2,953,950		24,554
3 Month Eurodollar		12		06/14/2021		2,953,050		13,509
3 Month Sterling		10		09/18/2019		1,574,976		3,189
3 Month Sterling		10		12/18/2019		1,574,500		3,369
3 Month Sterling		11		03/18/2020		1,732,736		4,293
3 Month Sterling		11		06/17/2020		1,733,085		5,557
3 Month Sterling		10		09/16/2020		1,575,690		5,833
3 Month Sterling		10		12/16/2020		1,575,214		5,467
3 Month Sterling		10		03/17/2021		1,575,373		4,584
3 Month Sterling		9		06/16/2021		1,417,621		3,501
Amsterdam Exchange Index		3		07/19/2019		382,700		1,023
ASX 90 Day Bank Accepted Bill		4		09/12/2019		2,800,535		4,727
ASX 90 Day Bank Accepted Bill		4		12/12/2019		2,801,155		4,254
ASX 90 Day Bank Accepted Bill		4		03/12/2020		2,801,637		1,847
Australia 10 Year Bond		114		09/16/2019		11,469,121		50,576
Brent Crude Oil		52		10/31/2019		3,292,120		129,482
CAC 40 10 Euro Index		7		07/19/2019		440,410		1,323
Cocoa		132		12/13/2019		3,260,400		139,274
Coffee ’C’		83		12/18/2019		3,528,019		405,357
Copper		7		09/26/2019		474,863		6,901
Copper		49		12/27/2019		3,332,612		(57,675	)
Corn		145		12/13/2019		3,153,750		272,924
Cotton No. 2		24		12/06/2019		792,480		(835	)
DAX Index		2		09/20/2019		704,320		3,108
EURO STOXX 50 Index		29		09/20/2019		1,142,945		7,078
Euro-Bobl		14		09/06/2019		2,140,204		7,100
Euro-BTP		6		09/06/2019		915,183		23,364
Euro-Bund		69		09/06/2019		13,551,593		119,877
Euro-Buxl		2		09/06/2019		461,208		5,910
Euro-OAT		5		09/06/2019		937,823		12,624
Euro-Schatz		11		09/06/2019		1,404,472		2,114
Foreign Exchange AUD/USD		51		09/16/2019		3,588,870		42,852
Foreign Exchange CHF/USD		21		09/16/2019		2,707,950		28,331
FTSE 100 Index		5		09/20/2019		467,913		(240	)
FTSE/JSE Top 40 Index		6		09/19/2019		223,352		(74	)
FTSE/MIB Index		2		09/20/2019		240,565		984
Hang Seng Index		1		07/30/2019		182,451		(176	)
IBEX 35 Index		1		07/19/2019		104,306		157
Japan 10 Year Bond		7		09/12/2019		9,991,467		2,386
KC HRW Wheat		133		12/13/2019		3,226,912		241,522
Lean Hogs		120		12/13/2019		3,426,000		(222,248	)
Live Cattle		76		12/31/2019		3,357,680		(4,879	)
LME Aluminum Base Metal		270		07/17/2019		12,030,187		(368,293	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
LME Aluminum Base Metal		125			08/21/2019	$	5,602,344		$	(294,671	)
LME Aluminum Base Metal		103			09/18/2019		4,635,644			(248,009	)
LME Aluminum Base Metal		98			10/16/2019		4,424,087			(105,010	)
LME Aluminum Base Metal		73			11/20/2019		3,313,744			29,560
LME Lead Base Metal		46			07/17/2019		2,214,325			112,983
LME Lead Base Metal		32			08/21/2019		1,544,800			24,093
LME Nickel Base Metal		53			07/17/2019		4,019,520			203,839
LME Nickel Base Metal		24			08/21/2019		1,825,344			212,655
LME Nickel Base Metal		21			09/18/2019		1,600,830			171,688
LME Nickel Base Metal		14			10/16/2019		1,066,884			(35,439	)
LME Zinc Base Metal		164			07/17/2019		10,434,500			(359,091	)
LME Zinc Base Metal		112			08/21/2019		7,019,600			(223,663	)
LME Zinc Base Metal		72			09/18/2019		4,501,800			(409,875	)
LME Zinc Base Metal		68			10/16/2019		4,238,100			(290,272	)
LME Zinc Base Metal		53			11/20/2019		3,297,925			29,037
Long Gilt		53			09/26/2019		8,774,186			26,416
Low Sulphur Gasoil		56			11/12/2019		3,322,200			121,029
MSCI Taiwan Index		6			07/30/2019		231,900			(540	)
NASDAQ 100 E-Mini Index		4			09/20/2019		615,500			4,401
Natural Gas		139			10/29/2019		3,344,340			(66,911	)
NY Harbor ULSD		41			10/31/2019		3,357,728			136,894
OMXS30 Index		14			07/19/2019		244,348			4,044
RBOB Gasoline		49			10/31/2019		3,387,262			227,628
S&P 500 E-Mini Index		56			09/20/2019		8,243,760			92,959
S&P/TSX 60 Index		3			09/19/2019		447,955			533
SET50 Index		42			09/27/2019		314,498			1,157
Sugar No. 11		220			02/28/2020		3,326,400			(16,003	)
U.S. Treasury 2 Year Note		18			09/30/2019		3,872,531			17,487
U.S. Treasury 5 Year Note		28			09/30/2019		3,307,281			38,568
U.S. Treasury Long Bond		12			09/19/2019		1,866,000			37,626
Wheat		120			12/13/2019		3,223,500			342,659
WTI Crude Oil		57			10/22/2019		3,292,320			195,502
Total									$	1,086,837
Short position contracts:
100 oz Gold		(9	)		08/28/2019		(1,272,960	)		(48,575	)
Brent Crude Oil		(27	)		07/31/2019		(1,733,670	)		(69,744	)
Canada 10 Year Bond		(97	)		09/19/2019		(10,590,707	)		(8,607	)
CBOE Volatility Index		(56	)		07/17/2019		(869,400	)		34,513
CBOE Volatility Index		(54	)		08/21/2019		(895,050	)		19,048
CBOE Volatility Index		(53	)		09/18/2019		(897,025	)		10,989
Cocoa		(182	)		09/13/2019		(4,431,700	)		58,427
Coffee ’C’		(99	)		09/18/2019		(4,074,469	)		(247,493	)
Corn		(330	)		09/13/2019		(7,045,500	)		7,649
Feeder Cattle		(21	)		08/29/2019		(1,435,350	)		12,621
Foreign Exchange CAD/USD		(45	)		09/17/2019		(3,440,925	)		(25,200	)
Foreign Exchange EUR/USD		(32	)		09/16/2019		(4,576,600	)		(26,192	)
Foreign Exchange GBP/USD		(19	)		09/16/2019		(1,513,231	)		(237	)
Foreign Exchange JPY/USD		(61	)		09/16/2019		(7,112,219	)		(16,026	)
Foreign Exchange NZD/USD		(11	)		09/16/2019		(739,970	)		(16,475	)
HSCEI		(2	)		07/30/2019		(138,702	)		(54	)
KC HRW Wheat		(157	)		09/13/2019		(3,630,625	)		15,584
KOSPI 200 Index		(4	)		09/11/2019		(241,112	)		(4,538	)

42 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)
Short position contracts: (continued)
Lean Hogs		(172	)		08/14/2019	$	(5,252,880	)	$	384,568
Live Cattle		(119	)		08/30/2019		(4,961,110	)		61,307
LME Aluminum Base Metal		(270	)		07/17/2019		(12,030,188	)		386,077
LME Aluminum Base Metal		(217	)		08/21/2019		(9,725,669	)		209,062
LME Aluminum Base Metal		(103	)		09/18/2019		(4,635,644	)		118,123
LME Aluminum Base Metal		(98	)		10/16/2019		(4,424,087	)		55,860
LME Lead Base Metal		(46	)		07/17/2019		(2,214,325	)		(90,150	)
LME Lead Base Metal		(32	)		08/21/2019		(1,544,800	)		(78,412	)
LME Nickel Base Metal		(53	)		07/17/2019		(4,019,520	)		(259,884	)
LME Nickel Base Metal		(35	)		08/21/2019		(2,661,960	)		(257,225	)
LME Nickel Base Metal		(21	)		09/18/2019		(1,600,830	)		40,384
LME Nickel Base Metal		(14	)		10/16/2019		(1,066,884	)		33,525
LME Zinc Base Metal		(164	)		07/17/2019		(10,434,500	)		339,614
LME Zinc Base Metal		(112	)		08/21/2019		(7,019,600	)		400,292
LME Zinc Base Metal		(72	)		09/18/2019		(4,501,800	)		322,075
LME Zinc Base Metal		(68	)		10/16/2019		(4,238,100	)		55,206
Low Sulphur Gasoil		(57	)		08/12/2019		(3,355,875	)		(105,740	)
Natural Gas		(67	)		07/29/2019		(1,549,710	)		10,245
NY Harbor ULSD		(27	)		07/31/2019		(2,187,826	)		(57,139	)
RBOB Gasoline		(2	)		07/31/2019		(158,298	)		980
Silver		(19	)		09/26/2019		(1,458,250	)		(42,839	)
Soybean		(93	)		11/14/2019		(4,291,950	)		(123,798	)
Sugar No. 11		(335	)		09/30/2019		(4,723,768	)		1,577
TOPIX Index		(2	)		09/12/2019		(287,715	)		225
U.S. Treasury 10 Year Note		(101	)		09/19/2019		(12,918,531	)		(67,156	)
Wheat		(93	)		09/13/2019		(2,436,600	)		(28,443	)
WTI Crude Oil		(62	)		07/22/2019		(3,595,380	)		(199,905	)
Total									$	804,119
Total Futures Contracts									$	1,890,956

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2019(b)	Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%	2.540%		06/20/2024	EUR	450	$	58,364	$	51,924	$	6,440
iTraxx Europe Index		1.000	0.523		06/20/2024		1,500		41,018		30,248		10,770
Markit CDX North America High Yield Index		5.000	3.248		06/20/2024	USD	650		49,888		41,165		8,723
Markit CDX North America Investment Grade Index		1.000	0.545		06/20/2024		1650		35,832		29,004		6,828
TOTAL								$	185,102	$	152,341	$	32,761

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/ Index	Financing Rate Received (Paid) by the Fund		Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
A basket (DBGSFDJP) of common stocks(b)*		(0.064)%	Deutsche Bank AG		09/17/2019	JPY	7,733,107	$	19,419
TOPIX Total Retun Index(c)		0.064			09/17/2019	JPY	7,585,399		96,728
A basket (JPGSFDUK) of common stocks(b)*		(0.722)	JPMorgan Chase Bank NA		08/05/2019	GBP	13,498		74,104
A basket (JPGSFDUS) of common stocks(b)*		(2.404)			08/30/2019	USD	57,563		581,807
Euro Stoxx Gross Total Return Index(c)		(0.396)			12/16/2019	EUR	4,776		9,616
Euro Stoxx Gross Total Return Index(c)		0.396			12/16/2019	EUR	35,263		(20,119	)
A basket (JPGSFDEU) of common stocks(b)*		(0.396)			12/16/2019	EUR	36,814		37,833
A basket (JPGSFDEU) of common stocks(b)*		0.396			12/16/2019	EUR	5,624		(18,391	)
FTSE 100 Total Return Index(c)		0.722			08/05/2019	GBP	12,305		(18,497	)
S&P 500 Total Return Index(c)		2.404			08/30/2019	USD	49,961		(486,088	)
TOTAL								$	276,412

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made weekly.

(c) Payments received weekly.

* The components of the basket shown below.

A basket (DBGSFDJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Sony Corp	Consumer Discretionary		38,122	$	1,995,863		2.78	%
Nippon Telegraph & Telephone Corp	Communication Services		39,875		1,854,419		2.59
NTT DOCOMO Inc	Communication Services		71,395		1,662,772		2.32
FANUC Corp	Industrials		7,599		1,403,904		1.96
Recruit Holdings Co Ltd	Industrials		41,723		1,389,993		1.94
Seven & i Holdings Co Ltd	Consumer Staples		34,887		1,179,723		1.64
Tokio Marine Holdings Inc	Financials		23,165		1,159,300		1.62
Nidec Corp	Industrials		8,319		1,135,492		1.58
Canon Inc	Information Technology		36,446		1,062,827		1.48
Hoya Corp	Health Care		13,561		1,037,573		1.45
Astellas Pharma Inc	Health Care		66,734		949,538		1.32
Tokyo Electron Ltd	Information Technology		6,752		946,355		1.32
Daikin Industries Ltd	Industrials		6,946		905,532		1.26
Dai-ichi Life Holdings Inc	Financials		55,617		837,762		1.17
Nissan Motor Co Ltd	Consumer Discretionary		115,285		824,567		1.15
FUJIFILM Holdings Corp	Information Technology		15,492		784,489		1.09
Eisai Co Ltd	Health Care		13,612		768,531		1.07
ORIX Corp	Financials		48,368		720,955		1.01
Panasonic Corp	Consumer Discretionary		84,558		703,557		0.98
Mitsubishi Estate Co Ltd	Real Estate		37,251		692,331		0.97
Omron Corp	Information Technology		13,279		691,755		0.96
Kyocera Corp	Information Technology		10,381		676,988		0.94
Resona Holdings Inc	Financials		151,032		628,038		0.88
Mitsubishi Heavy Industries Ltd	Industrials		14,256		619,913		0.86
Bridgestone Corp	Consumer Discretionary		15,729		618,506		0.86
Disco Corp	Information Technology		3,630		594,915		0.83
Nitori Holdings Co Ltd	Consumer Discretionary		4,331		573,339		0.80
PeptiDream Inc	Health Care		11,090		566,407		0.79
Japan Airlines Co Ltd	Industrials		17,246		550,397		0.77
Takeda Pharmaceutical Co Ltd	Health Care		15,505		549,447		0.77
Sumitomo Corp	Industrials		34,589		523,427		0.73
Toray Industries Inc	Materials		68,193		517,832		0.72
Nitto Denko Corp	Materials		10,375		511,361		0.71
Unicharm Corp	Consumer Staples		16,836		506,264		0.71

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
Olympus Corp	Health Care		45,295	$	502,155		0.70	%
West Japan Railway Co	Industrials		6,207		501,516		0.70
Tokyo Electric Power Co Holdings Inc	Utilities		96,117		500,721		0.70
SBI Holdings Inc/Japan	Financials		19,716		487,425		0.68
Chugai Pharmaceutical Co Ltd	Health Care		7,445		485,845		0.68
MINEBEA MITSUMI Inc	Industrials		28,694		485,408		0.68
KDDI Corp	Communication Services		18,196		462,732		0.65
Mazda Motor Corp	Consumer Discretionary		44,275		461,506		0.64
Pan Pacific International Holdings Corp	Consumer Discretionary		7,254		459,929		0.64
Sompo Holdings Inc	Financials		11,821		455,939		0.64
MonotaRO Co Ltd	Industrials		18,245		444,128		0.62
Yamato Holdings Co Ltd	Industrials		21,642		439,545		0.61
Kao Corp	Consumer Staples		5,687		432,811		0.60
IHI Corp	Industrials		17,147		412,773		0.58
CyberAgent Inc	Communication Services		11,384		412,085		0.57
JXTG Holdings Inc	Energy		80,773		400,124		0.56
Ono Pharmaceutical Co Ltd	Health Care		21,577		386,418		0.54
NTT Data Corp	Information Technology		28,936		384,903		0.54
Oriental Land Co Ltd/Japan	Consumer Discretionary		3,061		378,571		0.53
GungHo Online Entertainment Inc	Communication Services		13,173		363,878		0.51
Trend Micro Inc/Japan	Information Technology		8,150		363,010		0.51
MS&AD Insurance Group Holdings Inc	Financials		11,062		350,688		0.49
Hitachi Chemical Co Ltd	Materials		12,809		347,419		0.48
Alps Alpine Co Ltd	Information Technology		20,102		338,392		0.47
Park24 Co Ltd	Industrials		14,339		333,490		0.46
Tokyo Gas Co Ltd	Utilities		14,175		333,416		0.46
Central Japan Railway Co	Industrials		1,664		332,913		0.46
Bandai Namco Holdings Inc	Consumer Discretionary		6,754		327,418		0.46
Yamaha Corp	Consumer Discretionary		6,747		320,204		0.45
LIXIL Group Corp	Industrials		20,041		316,553		0.44
MEIJI Holdings Co Ltd	Consumer Staples		4,422		315,616		0.44
Lawson Inc	Consumer Staples		6,586		315,608		0.44
MISUMI Group Inc	Industrials		12,175		304,949		0.43
NSK Ltd	Industrials		34,150		303,892		0.42
Konica Minolta Inc	Information Technology		30,679		298,319		0.42
Mitsui Mining & Smelting Co Ltd	Materials		12,290		293,458		0.41
Koito Manufacturing Co Ltd	Consumer Discretionary		5,489		292,575		0.41
Yakult Honsha Co Ltd	Consumer Staples		4,847		285,301		0.40
Ajinomoto Co Inc	Consumer Staples		16,102		278,808		0.39
Kirin Holdings Co Ltd	Consumer Staples		12,821		276,146		0.38
Japan Tobacco Inc	Consumer Staples		12,506		275,846		0.38
Asahi Group Holdings Ltd	Consumer Staples		5,974		268,304		0.37
Kawasaki Heavy Industries Ltd	Industrials		11,270		264,617		0.37
Welcia Holdings Co Ltd	Consumer Staples		6,485		263,602		0.37
Shiseido Co Ltd	Consumer Staples		3,498		263,329		0.37
Japan Exchange Group Inc	Financials		16,480		261,527		0.36
East Japan Railway Co	Industrials		2,775		259,315		0.36
Secom Co Ltd	Industrials		2,996		257,577		0.36
DMG Mori Co Ltd	Industrials		16,080		257,121		0.36
Mitsubishi Motors Corp	Consumer Discretionary		53,685		256,781		0.36
Amada Holdings Co Ltd	Industrials		22,272		250,427		0.35
Mitsubishi Chemical Holdings Corp	Materials		35,430		247,173		0.34
NET One Systems Co Ltd	Information Technology		8,988		247,030		0.34
Sumitomo Metal Mining Co Ltd	Materials		8,257		246,373		0.34
Nomura Real Estate Holdings Inc	Real Estate		11,265		241,832		0.34
Skylark Holdings Co Ltd	Consumer Discretionary		12,986		226,418		0.32
Suntory Beverage & Food Ltd	Consumer Staples		5,176		224,790		0.31
Yamada Denki Co Ltd	Consumer Discretionary		49,773		220,077		0.31
Furukawa Electric Co Ltd	Industrials		7,491		219,080		0.31

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Mitsubishi Materials Corp	Materials		7,641	$	217,103		0.30	%
ANA Holdings Inc	Industrials		6,285		207,865		0.29
Taiheiyo Cement Corp	Materials		6,720		203,068		0.28
Terumo Corp	Health Care		6,732		200,319		0.28
LINE Corp	Communication Services		7,160		200,116		0.28
Nippon Paint Holdings Co Ltd	Materials		5,077		196,724		0.27
Keio Corp	Industrials		2,965		194,851		0.27
Daito Trust Construction Co Ltd	Real Estate		1,530		194,793		0.27
Hoshizaki Corp	Industrials		2,596		192,973		0.27
NH Foods Ltd	Consumer Staples		4,488		191,987		0.27
Nissin Foods Holdings Co Ltd	Consumer Staples		2,984		191,963		0.27
Sekisui Chemical Co Ltd	Consumer Discretionary		12,597		188,926		0.26
Kintetsu Group Holdings Co Ltd	Industrials		3,922		187,575		0.26
Nippon Suisan Kaisha Ltd	Consumer Staples		30,171		186,824		0.26
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		7,350		185,927		0.26
Pola Orbis Holdings Inc	Consumer Staples		6,639		185,226		0.26
Takashimaya Co Ltd	Consumer Discretionary		16,667		182,461		0.25
Lion Corp	Consumer Staples		9,773		181,817		0.25
TIS Inc	Information Technology		3,525		179,384		0.25
JTEKT Corp	Industrials		14,661		177,482		0.25
ABC-Mart Inc	Consumer Discretionary		2,719		176,900		0.25
Asics Corp	Consumer Discretionary		16,066		173,799		0.24
Tokuyama Corp	Materials		6,262		169,026		0.24
Tsuruha Holdings Inc	Consumer Staples		1,819		167,961		0.23
Kakaku.com Inc	Communication Services		8,617		166,136		0.23
Toho Co Ltd/Tokyo	Communication Services		3,891		165,188		0.23
Casio Computer Co Ltd	Consumer Discretionary		13,296		164,901		0.23
Nexon Co Ltd	Communication Services		11,261		163,056		0.23
Shionogi & Co Ltd	Health Care		2,831		162,910		0.23
Itochu Techno-Solutions Corp	Information Technology		6,218		159,200		0.22
Electric Power Development Co Ltd	Utilities		6,988		158,582		0.22
Fast Retailing Co Ltd	Consumer Discretionary		262		158,426		0.22
Suzuki Motor Corp	Consumer Discretionary		3,347		157,108		0.22
Sundrug Co Ltd	Consumer Staples		5,729		154,844		0.22
Konami Holdings Corp	Communication Services		3,260		152,615		0.21
Shimamura Co Ltd	Consumer Discretionary		2,011		150,066		0.21
Ryohin Keikaku Co Ltd	Consumer Discretionary		827		149,204		0.21
Toyo Suisan Kaisha Ltd	Consumer Staples		3,543		145,801		0.20
Kyushu Electric Power Co Inc	Utilities		14,763		144,788		0.20
Chugoku Electric Power Co Inc/The	Utilities		11,335		142,688		0.20
Otsuka Corp	Information Technology		3,492		140,318		0.20
Mitsubishi Tanabe Pharma Corp	Health Care		12,552		139,623		0.19
Cosmo Energy Holdings Co Ltd	Energy		6,191		139,286		0.19
Nichirei Corp	Consumer Staples		5,787		137,163		0.19
Fujikura Ltd	Industrials		36,183		135,838		0.19
Capcom Co Ltd	Communication Services		6,777		135,826		0.19
Calbee Inc	Consumer Staples		4,894		131,916		0.18
Odakyu Electric Railway Co Ltd	Industrials		5,380		131,514		0.18
DIC Corp	Materials		4,917		129,620		0.18
Sawai Pharmaceutical Co Ltd	Health Care		2,399		129,399		0.18
Osaka Gas Co Ltd	Utilities		7,420		129,108		0.18
Nisshin Seifun Group Inc	Consumer Staples		5,637		128,478		0.18
Japan Airport Terminal Co Ltd	Industrials		2,992		127,426		0.18
Otsuka Holdings Co Ltd	Health Care		3,909		127,387		0.18
Aeon Co Ltd	Consumer Staples		7,400		126,978		0.18
Tokyu Corp	Industrials		7,141		126,500		0.18
Kyowa Exeo Corp	Industrials		5,068		125,994		0.18
Asahi Intecc Co Ltd	Health Care		5,066		124,623		0.17
Hulic Co Ltd	Real Estate		15,139		121,525		0.17

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
Fuji Media Holdings Inc	Communication Services		8,703	$	121,166		0.17	%
Keihan Holdings Co Ltd	Industrials		2,781		121,049		0.17
Tohoku Electric Power Co Inc	Utilities		11,887		119,993		0.17
Hankyu Hanshin Holdings Inc	Industrials		3,348		119,782		0.17
Keikyu Corp	Industrials		6,883		118,360		0.16
COMSYS Holdings Corp	Industrials		4,645		117,637		0.16
SoftBank Group Corp	Communication Services		2,446		117,114		0.16
Taiyo Nippon Sanso Corp	Materials		5,503		116,712		0.16
Rohto Pharmaceutical Co Ltd	Health Care		4,247		115,110		0.16
Chubu Electric Power Co Inc	Utilities		8,183		114,654		0.16
Tobu Railway Co Ltd	Industrials		3,927		114,301		0.16
Kuraray Co Ltd	Materials		9,580		114,293		0.16
Toho Gas Co Ltd	Utilities		3,074		112,973		0.16
Mitsui E&S Holdings Co Ltd	Industrials		12,252		112,777		0.16
Oracle Corp Japan	Information Technology		1,541		112,454		0.16
Nagoya Railroad Co Ltd	Industrials		4,042		111,694		0.16
Nippon Paper Industries Co Ltd	Materials		6,263		110,777		0.15
Cosmos Pharmaceutical Corp	Consumer Staples		652		110,574		0.15
SCSK Corp	Information Technology		2,232		109,658		0.15
Yokohama Rubber Co Ltd/The	Consumer Discretionary		5,921		108,676		0.15
AEON Financial Service Co Ltd	Financials		6,619		106,446		0.15
Hikari Tsushin Inc	Consumer Discretionary		480		104,587		0.15
Suzuken Co Ltd/Aichi Japan	Health Care		1,771		103,747		0.14
Kansai Electric Power Co Inc/The	Utilities		9,020		103,213		0.14
Benesse Holdings Inc	Consumer Discretionary		4,433		103,068		0.14
Seino Holdings Co Ltd	Industrials		7,710		102,554		0.14
Sugi Holdings Co Ltd	Consumer Staples		2,168		102,308		0.14
Morinaga Milk Industry Co Ltd	Consumer Staples		2,547		100,681		0.14
Azbil Corp	Information Technology		4,041		98,579		0.14
Ito En Ltd	Consumer Staples		2,108		98,080		0.14
Square Enix Holdings Co Ltd	Communication Services		3,061		97,907		0.14
Topcon Corp	Information Technology		7,743		96,749		0.13
Ricoh Co Ltd	Information Technology		9,588		95,632		0.13
Mitsubishi UFJ Financial Group Inc	Financials		19,954		94,703		0.13
Fuji Oil Holdings Inc	Consumer Staples		3,098		93,340		0.13
Morinaga & Co Ltd/Japan	Consumer Staples		1,875		91,260		0.13
Yamazaki Baking Co Ltd	Consumer Staples		6,040		91,206		0.13
Yamato Kogyo Co Ltd	Materials		3,102		90,292		0.13
Nippon Television Holdings Inc	Communication Services		6,045		89,427		0.12
Aoyama Trading Co Ltd	Consumer Discretionary		4,549		89,048		0.12
Rakuten Inc	Consumer Discretionary		7,464		88,563		0.12
Rengo Co Ltd	Materials		10,894		87,350		0.12
Taisei Corp	Industrials		2,393		86,849		0.12
NOK Corp	Consumer Discretionary		5,743		85,924		0.12
Nihon Kohden Corp	Health Care		3,159		85,444		0.12
Ain Holdings Inc	Consumer Staples		1,468		85,310		0.12
Sankyo Co Ltd	Consumer Discretionary		2,334		84,381		0.12
Sumitomo Bakelite Co Ltd	Materials		2,361		84,148		0.12
Miura Co Ltd	Industrials		2,722		83,906		0.12
Keyence Corp	Information Technology		136		83,251		0.12
GS Yuasa Corp	Industrials		4,307		82,958		0.12
Zenkoku Hosho Co Ltd	Financials		2,159		82,759		0.12
Kyudenko Corp	Industrials		2,735		82,003		0.11
K’s Holdings Corp	Consumer Discretionary		8,695		81,969		0.11
Sumitomo Dainippon Pharma Co Ltd	Health Care		4,321		81,837		0.11
Honda Motor Co Ltd	Consumer Discretionary		3,140		81,055		0.11
Nifco Inc/Japan	Consumer Discretionary		3,275		81,020		0.11
Obayashi Corp	Industrials		8,165		80,300		0.11
Kamigumi Co Ltd	Industrials		3,339		78,931		0.11

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Sumitomo Osaka Cement Co Ltd	Materials		1,951	$	77,412		0.11	%
Ezaki Glico Co Ltd	Consumer Staples		1,733		77,122		0.11
Marubeni Corp	Industrials		11,497		75,987		0.11
Glory Ltd	Industrials		2,864		75,510		0.11
House Foods Group Inc	Consumer Staples		1,973		73,967		0.10
Amano Corp	Information Technology		2,673		73,670		0.10
Izumi Co Ltd	Consumer Discretionary		1,819		73,441		0.10
Yoshinoya Holdings Co Ltd	Consumer Discretionary		4,249		73,250		0.10
Tokyo Ohka Kogyo Co Ltd	Materials		2,310		72,063		0.10
Sapporo Holdings Ltd	Consumer Staples		3,425		72,041		0.10
Hokkaido Electric Power Co Inc	Utilities		12,866		71,915		0.10
Zensho Holdings Co Ltd	Consumer Discretionary		3,503		71,106		0.10
Hokuriku Electric Power Co	Utilities		9,699		70,218		0.10
Sanwa Holdings Corp	Industrials		6,456		69,299		0.10
Sohgo Security Services Co Ltd	Industrials		1,499		69,072		0.10
Keisei Electric Railway Co Ltd	Industrials		1,881		68,451		0.10
Kokuyo Co Ltd	Industrials		4,823		67,421		0.09
Nipro Corp	Health Care		6,073		67,273		0.09
Kewpie Corp	Consumer Staples		3,035		66,994		0.09
Megmilk Snow Brand Co Ltd	Consumer Staples		3,055		66,879		0.09
Hitachi Ltd	Information Technology		1,814		66,398		0.09
OSG Corp	Industrials		3,369		66,334		0.09
Rinnai Corp	Consumer Discretionary		1,029		65,334		0.09
Nippon Light Metal Holdings Co Ltd	Materials		30,231		65,294		0.09
Maruha Nichiro Corp	Consumer Staples		2,207		64,764		0.09
Kajima Corp	Industrials		4,629		63,420		0.09
Air Water Inc	Materials		3,699		63,229		0.09
Fancl Corp	Consumer Staples		2,504		61,501		0.09
Daiichi Sankyo Co Ltd	Health Care		1,175		61,360		0.09
Mitsubishi Corp	Industrials		2,300		60,538		0.08
Acom Co Ltd	Financials		16,732		60,180		0.08
Pigeon Corp	Consumer Staples		1,469		59,013		0.08
ITOCHU Corp	Industrials		3,013		57,551		0.08
Murata Manufacturing Co Ltd	Information Technology		1,269		56,938		0.08
Okumura Corp	Industrials		1,856		56,690		0.08
Hakuhodo DY Holdings Inc	Communication Services		3,349		56,317		0.08
Tokyo Century Corp	Financials		1,337		56,312		0.08
H2O Retailing Corp	Consumer Discretionary		4,887		56,261		0.08
Sanrio Co Ltd	Consumer Discretionary		2,518		55,860		0.08
Relo Group Inc	Real Estate		2,218		55,785		0.08
Tsumura & Co	Health Care		1,998		55,655		0.08
Nankai Electric Railway Co Ltd	Industrials		2,286		55,512		0.08
Anritsu Corp	Information Technology		3,160		54,872		0.08
Nishimatsu Construction Co Ltd	Industrials		2,809		54,082		0.08
Dai Nippon Printing Co Ltd	Industrials		2,499		53,188		0.07
Kaken Pharmaceutical Co Ltd	Health Care		1,136		53,053		0.07
Toppan Printing Co Ltd	Industrials		3,470		52,586		0.07
Maruichi Steel Tube Ltd	Materials		1,881		52,197		0.07
Alfresa Holdings Corp	Health Care		2,099		51,705		0.07
Sega Sammy Holdings Inc	Consumer Discretionary		4,212		51,104		0.07
Kinden Corp	Industrials		3,325		50,893		0.07
Resorttrust Inc	Consumer Discretionary		3,325		50,831		0.07
Shikoku Electric Power Co Inc	Utilities		5,489		50,679		0.07
Fujitsu Ltd	Information Technology		715		49,796		0.07
Meitec Corp	Industrials		963		49,362		0.07
TS Tech Co Ltd	Consumer Discretionary		1,809		49,190		0.07
Advantest Corp	Information Technology		1,763		48,462		0.07
Shochiku Co Ltd	Communication Services		430		48,433		0.07
Shimachu Co Ltd	Consumer Discretionary		2,053		47,659		0.07

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
Autobacs Seven Co Ltd	Consumer Discretionary		2,811	$	46,322		0.06	%
Shimano Inc	Consumer Discretionary		298		44,237		0.06
Daiichikosho Co Ltd	Communication Services		949		44,078		0.06
Valor Holdings Co Ltd	Consumer Staples		2,110		43,735		0.06
Brother Industries Ltd	Information Technology		2,300		43,393		0.06
Toho Holdings Co Ltd	Health Care		1,936		43,319		0.06
Toyo Seikan Group Holdings Ltd	Materials		2,161		42,837		0.06
Taisho Pharmaceutical Holdings Co Ltd	Health Care		557		42,703		0.06
Credit Saison Co Ltd	Financials		3,636		42,503		0.06
Iwatani Corp	Energy		1,222		42,348		0.06
Oki Electric Industry Co Ltd	Information Technology		3,385		42,206		0.06
Obic Co Ltd	Information Technology		369		41,738		0.06
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		548		39,154		0.05
Sotetsu Holdings Inc	Industrials		1,413		38,876		0.05
Colowide Co Ltd	Consumer Discretionary		2,013		38,469		0.05
GMO Payment Gateway Inc	Information Technology		559		38,368		0.05
Mitsubishi Logistics Corp	Industrials		1,390		38,178		0.05
Mitsubishi Electric Corp	Industrials		2,883		37,918		0.05
Duskin Co Ltd	Industrials		1,435		37,653		0.05
KYORIN Holdings Inc	Health Care		2,114		37,387		0.05
Mitsui & Co Ltd	Industrials		2,269		36,889		0.05
Tokai Rika Co Ltd	Consumer Discretionary		2,227		36,678		0.05
Medipal Holdings Corp	Health Care		1,632		35,990		0.05
Toyota Tsusho Corp	Industrials		1,185		35,878		0.05
Hokuhoku Financial Group Inc	Financials		3,454		35,862		0.05
Kagome Co Ltd	Consumer Staples		1,510		35,063		0.05
Wacoal Holdings Corp	Consumer Discretionary		1,346		34,893		0.05
Daifuku Co Ltd	Industrials		621		34,812		0.05
NOF Corp	Materials		933		34,725		0.05
TV Asahi Holdings Corp	Communication Services		2,142		34,501		0.05
Nippon Shinyaku Co Ltd	Health Care		490		34,487		0.05
Toyobo Co Ltd	Materials		2,887		34,418		0.05
Nippon Electric Glass Co Ltd	Information Technology		1,358		34,355		0.05
Isuzu Motors Ltd	Consumer Discretionary		2,999		34,114		0.05
Fujitsu General Ltd	Consumer Discretionary		2,143		34,009		0.05
SG Holdings Co Ltd	Industrials		1,201		34,005		0.05
Nishi-Nippon Financial Holdings Inc	Financials		4,617		33,167		0.05
SMC Corp/Japan	Industrials		87		32,570		0.05
Sojitz Corp	Industrials		10,031		32,172		0.04
DeNA Co Ltd	Communication Services		1,678		32,121		0.04
Yokogawa Electric Corp	Information Technology		1,623		31,771		0.04
Lintec Corp	Materials		1,518		31,583		0.04
Nikon Corp	Consumer Discretionary		2,080		29,385		0.04
Mochida Pharmaceutical Co Ltd	Health Care		690		29,317		0.04
Japan Post Insurance Co Ltd	Financials		1,572		29,103		0.04
Mitsubishi UFJ Lease & Finance Co Ltd	Financials		5,409		28,631		0.04
Kikkoman Corp	Consumer Staples		654		28,421		0.04
Sony Financial Holdings Inc	Financials		1,183		28,384		0.04
SUMCO Corp	Information Technology		2,277		27,063		0.04
North Pacific Bank Ltd	Financials		11,371		26,982		0.04
Toagosei Co Ltd	Materials		2,560		26,859		0.04
Dowa Holdings Co Ltd	Materials		829		26,540		0.04
Japan Post Holdings Co Ltd	Financials		2,178		24,634		0.03
Sumitomo Mitsui Construction Co Ltd	Industrials		4,430		24,513		0.03
Mebuki Financial Group Inc	Financials		8,950		23,311		0.03
Sumitomo Heavy Industries Ltd	Industrials		672		23,084		0.03
Nippon Shokubai Co Ltd	Materials		345		22,788		0.03
Kyushu Railway Co	Industrials		780		22,712		0.03
Hitachi Metals Ltd	Materials		2,005		22,618		0.03

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Iida Group Holdings Co Ltd	Consumer Discretionary		1,390	$	22,413		0.03	%
Nishi-Nippon Railroad Co Ltd	Industrials		1,024		21,822		0.03
Daishi Hokuetsu Financial Group Inc	Financials		823		21,048		0.03
Ibiden Co Ltd	Information Technology		1,199		20,966		0.03
Showa Denko KK	Materials		707		20,766		0.03
Nihon Parkerizing Co Ltd	Materials		1,838		20,339		0.03
Hitachi High-Technologies Corp	Information Technology		389		19,977		0.03
Fuji Electric Co Ltd	Industrials		564		19,420		0.03
Nissan Chemical Corp	Materials		421		18,958		0.03
Hanwa Co Ltd	Industrials		706		18,852		0.03
Sangetsu Corp	Consumer Discretionary		1,008		18,514		0.03
Oji Holdings Corp	Materials		3,107		17,917		0.02
77 Bank Ltd/The	Financials		1,212		17,811		0.02
Sankyu Inc	Industrials		337		17,672		0.02
Asahi Kasei Corp	Materials		1,610		17,138		0.02
THK Co Ltd	Industrials		690		16,465		0.02
Mitsui Chemicals Inc	Materials		665		16,446		0.02
Sekisui House Ltd	Consumer Discretionary		946		15,570		0.02
Persol Holdings Co Ltd	Industrials		660		15,481		0.02
Stanley Electric Co Ltd	Consumer Discretionary		622		15,274		0.02
Kissei Pharmaceutical Co Ltd	Health Care		610		15,210		0.02
Shinsei Bank Ltd	Financials		920		14,267		0.02
Shimadzu Corp	Information Technology		582		14,244		0.02
Aica Kogyo Co Ltd	Industrials		398		13,289		0.02
Nagase & Co Ltd	Industrials		849		12,716		0.02
Mitsubishi Gas Chemical Co Inc	Materials		902		12,001		0.02
Canon Marketing Japan Inc	Information Technology		542		11,812		0.02
Nomura Research Institute Ltd	Information Technology		716		11,460		0.02
Zeon Corp	Materials		1,008		11,187		0.02
Matsui Securities Co Ltd	Financials		1,174		11,056		0.02
Idemitsu Kosan Co Ltd	Energy		365		10,969		0.02
Hirose Electric Co Ltd	Information Technology		95		10,601		0.01
Maeda Road Construction Co Ltd	Industrials		498		10,464		0.01
Teijin Ltd	Materials		598		10,178		0.01
Gunma Bank Ltd/The	Financials		2,870		10,031		0.01
Horiba Ltd	Information Technology		187		9,649		0.01
Yaskawa Electric Corp	Information Technology		282		9,554		0.01
Santen Pharmaceutical Co Ltd	Health Care		539		8,925		0.01
Hitachi Capital Corp	Financials		348		7,734		0.01
Citizen Watch Co Ltd	Information Technology		1,434		7,351		0.01
Marui Group Co Ltd	Consumer Discretionary		354		7,194		0.01
Sumitomo Rubber Industries Ltd	Consumer Discretionary		592		6,833		0.01
Kose Corp	Consumer Staples		40		6,683		0.01
Taiyo Yuden Co Ltd	Information Technology		337		6,260		0.01
Nihon M&A Center Inc	Industrials		247		5,918		0.01
Hiroshima Bank Ltd/The	Financials		1,184		5,696		0.01
Tokai Carbon Co Ltd	Materials		514		5,357		0.01
Daicel Corp	Materials		513		4,552		0.01
Nikkon Holdings Co Ltd	Industrials		130		2,989		0.00
Ebara Corp	Industrials		94		2,558		0.00

A basket (JPGSFDUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Royal Dutch Shell PLC	Energy		26,022	$	849,819		4.95	%
AstraZeneca PLC	Health Care		10,377		848,107		4.94
Diageo PLC	Consumer Staples		17,403		747,611		4.36
GlaxoSmithKline PLC	Health Care		30,114		602,735		3.51
British American Tobacco PLC	Consumer Staples		16,003		558,494		3.25

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)

Common Stocks	Sector	Shares		Value		Weight
BHP Group PLC	Materials		21,704	$	555,194		3.24	%
Anglo American PLC	Materials		18,008		513,120		2.99
Unilever PLC	Consumer Staples		7,714		479,303		2.79
Prudential PLC	Financials		19,313		420,730		2.45
Reckitt Benckiser Group PLC	Consumer Staples		5,026		396,445		2.31
HSBC Holdings PLC	Financials		45,186		376,819		2.20
RELX PLC	Industrials		14,625		354,530		2.07
Compass Group PLC	Consumer Discretionary		14,107		337,949		1.97
Rio Tinto PLC	Materials		5,344		331,113		1.93
Vodafone Group PLC	Communication Services		182,510		299,627		1.75
BT Group PLC	Communication Services		98,235		245,009		1.43
CRH PLC	Materials		7,248		235,739		1.37
Experian PLC	Industrials		7,692		232,800		1.36
Legal & General Group PLC	Financials		67,008		229,253		1.34
Halma PLC	Information Technology		7,874		201,913		1.18
Smith & Nephew PLC	Health Care		8,559		185,253		1.08
Tesco PLC	Consumer Staples		63,461		182,640		1.06
Lloyds Banking Group PLC	Financials		238,493		171,333		1.00
SSE PLC	Utilities		11,763		167,552		0.98
Micro Focus International PLC	Information Technology		6,323		165,679		0.97
Glencore PLC	Materials		46,888		162,710		0.95
Spirax-Sarco Engineering PLC	Industrials		1,336		155,831		0.91
Bunzl PLC	Industrials		5,567		146,798		0.86
Evraz PLC	Materials		17,066		144,119		0.84
Ocado Group PLC	Consumer Discretionary		9,568		141,746		0.83
Barclays PLC	Financials		72,937		138,704		0.81
Rentokil Initial PLC	Industrials		26,360		133,023		0.78
Imperial Brands PLC	Consumer Staples		5,589		131,029		0.76
Standard Life Aberdeen PLC	Financials		34,299		128,274		0.75
Centrica PLC	Utilities		110,260		122,873		0.72
Barratt Developments PLC	Consumer Discretionary		15,887		115,483		0.67
3i Group PLC	Financials		8,047		113,753		0.66
International Consolidated Airlines Grou	Industrials		18,657		112,951		0.66
WPP PLC	Communication Services		8,979		112,865		0.66
Aviva PLC	Financials		20,920		110,616		0.64
St James’s Place PLC	Financials		7,679		107,033		0.62
Coca-Cola HBC AG	Consumer Staples		2,823		106,517		0.62
United Utilities Group PLC	Utilities		10,407		103,425		0.60
Pearson PLC	Communication Services		9,904		103,024		0.60
Burberry Group PLC	Consumer Discretionary		4,351		102,841		0.60
Sage Group PLC/The	Information Technology		9,978		101,636		0.59
easyJet PLC	Industrials		8,323		100,712		0.59
Intertek Group PLC	Industrials		1,413		98,696		0.58
Next PLC	Consumer Discretionary		1,367		95,902		0.56
Croda International PLC	Materials		1,456		94,644		0.55
Admiral Group PLC	Financials		3,311		92,800		0.54
Kingfisher PLC	Consumer Discretionary		33,709		91,964		0.54
Auto Trader Group PLC	Communication Services		12,896		89,684		0.52
BAE Systems PLC	Industrials		13,742		86,424		0.50
DCC PLC	Industrials		966		86,111		0.50
Land Securities Group PLC	Real Estate		8,109		85,770		0.50
Severn Trent PLC	Utilities		3,277		85,213		0.50
Direct Line Insurance Group PLC	Financials		19,817		83,471		0.49
Segro PLC	Real Estate		8,853		82,067		0.48
Informa PLC	Communication Services		7,593		80,493		0.47
GVC Holdings PLC	Consumer Discretionary		9,666		79,982		0.47
Hargreaves Lansdown PLC	Financials		3,111		75,781		0.44
Whitbread PLC	Consumer Discretionary		1,242		72,985		0.43
Wm Morrison Supermarkets PLC	Consumer Staples		27,757		70,969		0.41

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Berkeley Group Holdings PLC	Consumer Discretionary		1,486	$	70,404		0.41	%
J Sainsbury PLC	Consumer Staples		27,826		69,221		0.40
John Wood Group PLC	Energy		11,377		65,284		0.38
Royal Mail PLC	Industrials		23,504		63,228		0.37
Tate & Lyle PLC	Consumer Staples		6,635		62,201		0.36
Schroders PLC	Financials		1,591		61,607		0.36
Polymetal International PLC	Materials		4,827		61,081		0.36
Smurfit Kappa Group PLC	Materials		2,003		60,560		0.35
Fresnillo PLC	Materials		5,290		58,445		0.34
Rightmove PLC	Communication Services		8,416		57,130		0.33
JD Sports Fashion PLC	Consumer Discretionary		7,424		55,266		0.32
Hikma Pharmaceuticals PLC	Health Care		2,520		55,085		0.32
Carnival PLC	Consumer Discretionary		1,209		53,403		0.31
Meggitt PLC	Industrials		7,879		52,412		0.31
ConvaTec Group PLC	Health Care		27,849		51,547		0.30
Cineworld Group PLC	Communication Services		15,135		48,688		0.28
Phoenix Group Holdings PLC	Financials		5,399		48,591		0.28
Rolls-Royce Holdings PLC	Industrials		4,486		47,862		0.28
Tullow Oil PLC	Energy		17,906		47,623		0.28
Hiscox Ltd	Financials		2,184		46,919		0.27
Ferrexpo PLC	Materials		12,920		45,481		0.27
Investec PLC	Financials		6,774		43,941		0.26
SSP Group Plc	Consumer Discretionary		4,936		42,989		0.25
Greene King PLC	Consumer Discretionary		5,400		42,366		0.25
Royal Bank of Scotland Group PLC	Financials		15,026		41,929		0.24
Travis Perkins PLC	Industrials		2,557		41,369		0.24
AVEVA Group PLC	Information Technology		801		41,090		0.24
Centamin PLC	Materials		26,121		37,935		0.22
Premier Oil PLC	Energy		38,196		37,286		0.22
Ashmore Group PLC	Financials		5,750		37,194		0.22
Greencore Group PLC	Consumer Staples		13,246		36,828		0.21
Playtech Plc	Consumer Discretionary		6,266		33,933		0.20
Britvic PLC	Consumer Staples		3,003		33,874		0.20
WH Smith PLC	Consumer Discretionary		1,352		33,823		0.20
Pennon Group PLC	Utilities		3,542		33,402		0.19
IWG PLC	Industrials		7,709		33,324		0.19
Petrofac Ltd	Energy		6,092		33,255		0.19
Intermediate Capital Group PLC	Financials		1,871		32,800		0.19
Merlin Entertainments PLC	Consumer Discretionary		5,699		32,493		0.19
Man Group PLC/Jersey	Financials		15,986		31,619		0.18
Tritax Big Box REIT PLC	Real Estate		16,030		31,399		0.18
William Hill PLC	Consumer Discretionary		15,836		31,070		0.18
Games Workshop Group PLC	Consumer Discretionary		472		29,779		0.17
UNITE Group PLC/The	Real Estate		2,386		29,520		0.17
HomeServe PLC	Industrials		1,947		29,344		0.17
Jupiter Fund Management PLC	Financials		5,368		28,794		0.17
Electrocomponents PLC	Information Technology		3,525		28,315		0.16
IG Group Holdings PLC	Financials		3,764		27,918		0.16
Domino’s Pizza Group PLC	Consumer Discretionary		7,605		26,841		0.16
Associated British Foods PLC	Consumer Staples		836		26,133		0.15
Great Portland Estates PLC	Real Estate		2,985		25,924		0.15
Sophos Group PLC	Information Technology		5,008		25,095		0.15
Melrose Industries PLC	Industrials		10,819		24,839		0.14
Avast PLC	Information Technology		6,366		24,247		0.14
Dechra Pharmaceuticals PLC	Health Care		693		24,148		0.14
Aggreko PLC	Industrials		2,400		24,069		0.14
Aston Martin Lagonda Global Holdings PLC	Consumer Discretionary		1,756		22,398		0.13
Greggs PLC	Consumer Discretionary		763		22,261		0.13
Moneysupermarket.com Group PLC	Consumer Discretionary		4,223		22,101		0.13

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
Entertainment One Ltd	Communication Services		4,301	$	21,677		0.13	%
Mediclinic International PLC	Health Care		5,548		21,473		0.13
Renewables Infrastructure Group Ltd/The	Utilities		12,700		20,670		0.12
Dunelm Group PLC	Consumer Discretionary		1,757		20,524		0.12
Plus500 Ltd	Financials		3,064		20,301		0.12
BBA Aviation PLC	Industrials		5,579		19,988		0.12
Rhi Magnesita NV	Materials		325		19,925		0.12
Wizz Air Holdings Plc	Industrials		438		18,934		0.11
UDG Healthcare PLC	Health Care		1,814		18,403		0.11
Marks & Spencer Group PLC	Consumer Discretionary		6,837		18,287		0.11
Inchcape PLC	Consumer Discretionary		2,234		17,469		0.10
Primary Health Properties PLC	Real Estate		10,238		17,338		0.10
Cairn Energy PLC	Energy		7,336		16,120		0.09
Close Brothers Group PLC	Financials		883		15,852		0.09
Indivior PLC	Health Care		28,809		15,606		0.09
Softcat PLC	Information Technology		1,249		15,407		0.09
Marshalls PLC	Materials		1,736		15,039		0.09
Pets at Home Group Plc	Consumer Discretionary		6,183		14,686		0.09
B&M European Value Retail SA	Consumer Discretionary		3,457		14,626		0.09
Intu Properties PLC	Real Estate		14,947		14,475		0.08
Taylor Wimpey PLC	Consumer Discretionary		7,171		14,360		0.08
Euromoney Institutional Investor PLC	Communication Services		830		13,717		0.08
Drax Group PLC	Utilities		4,120		13,610		0.08
Assura PLC	Real Estate		16,541		13,396		0.08
Cobham PLC	Industrials		9,885		13,371		0.08
Computacenter PLC	Information Technology		784		13,256		0.08
AJ Bell PLC	Financials		2,537		12,918		0.08
Bellway PLC	Consumer Discretionary		358		12,641		0.07
Flutter Entertainment PLC	Consumer Discretionary		165		12,453		0.07
Lancashire Holdings Ltd	Financials		1,404		12,272		0.07
National Express Group PLC	Industrials		2,331		11,880		0.07
EI Group PLC	Consumer Discretionary		4,710		11,756		0.07
Serco Group PLC	Industrials		6,363		11,633		0.07
Cranswick PLC	Consumer Staples		349		11,456		0.07
Diploma PLC	Industrials		589		11,455		0.07
QinetiQ Group PLC	Industrials		3,183		11,291		0.07
Redrow PLC	Consumer Discretionary		1,634		11,287		0.07
Essentra PLC	Materials		2,069		11,270		0.07
Big Yellow Group PLC	Real Estate		872		10,958		0.06
Countryside Properties PLC	Consumer Discretionary		2,883		10,921		0.06
Shaftesbury PLC	Real Estate		1,059		10,806		0.06
Bodycote PLC	Industrials		1,010		10,592		0.06
LondonMetric Property PLC	Real Estate		3,949		10,577		0.06
Ultra Electronics Holdings PLC	Industrials		500		10,469		0.06
Vesuvius PLC	Industrials		1,474		10,257		0.06
AG Barr PLC	Consumer Staples		853		10,040		0.06
Hochschild Mining PLC	Materials		3,865		9,391		0.05
Grainger PLC	Real Estate		2,967		9,250		0.05
John Laing Group PLC	Industrials		1,829		9,144		0.05
Senior PLC	Industrials		3,196		8,755		0.05
J D Wetherspoon PLC	Consumer Discretionary		468		8,493		0.05
OneSavings Bank PLC	Financials		1,811		8,338		0.05
Safestore Holdings PLC	Real Estate		1,070		8,337		0.05
Firstgroup PLC	Industrials		6,493		8,058		0.05
Hays PLC	Industrials		3,965		7,908		0.05
Spirent Communications PLC	Information Technology		3,942		7,647		0.04
Savills PLC	Real Estate		651		7,418		0.04
Bank of Georgia Group PLC	Financials		377		7,174		0.04
Telecom Plus PLC	Utilities		400		7,159		0.04

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Acacia Mining PLC	Materials		3,099	$	6,975		0.04	%
Go-Ahead Group PLC/The	Industrials		274		6,857		0.04
Stagecoach Group PLC	Industrials		4,189		6,748		0.04
Coats Group PLC	Consumer Discretionary		6,037		6,281		0.04
888 Holdings PLC	Consumer Discretionary		2,976		6,158		0.04
UK Commercial Property REIT Ltd	Real Estate		5,457		6,117		0.04
TalkTalk Telecom Group PLC	Communication Services		4,241		6,004		0.03
Equiniti Group PLC	Information Technology		2,127		5,936		0.03
Morgan Advanced Materials PLC	Industrials		1,681		5,933		0.03
Sports Direct International PLC	Consumer Discretionary		1,609		5,640		0.03
Sanne Group PLC	Financials		621		5,539		0.03
Paragon Banking Group PLC	Financials		975		5,429		0.03
IntegraFin Holdings PLC	Financials		1,124		5,423		0.03
Polypipe Group plc	Industrials		956		5,391		0.03
McCarthy & Stone PLC	Consumer Discretionary		3,072		5,328		0.03
Workspace Group PLC	Real Estate		468		5,189		0.03
Hill & Smith Holdings PLC	Materials		330		4,907		0.03
Mitchells & Butlers PLC	Consumer Discretionary		1,324		4,817		0.03
Civitas Social Housing PLC	Real Estate		4,418		4,723		0.03
Brewin Dolphin Holdings PLC	Financials		1,145		4,445		0.03
Sabre Insurance Group PLC	Financials		1,206		4,178		0.02
SIG PLC	Industrials		2,407		3,963		0.02
Galliford Try PLC	Industrials		480		3,845		0.02
Rathbone Brothers PLC	Financials		132		3,724		0.02
Card Factory PLC	Consumer Discretionary		1,657		3,700		0.02
St Modwen Properties PLC	Real Estate		652		3,625		0.02
Energean Oil & Gas PLC	Energy		308		3,252		0.02
Clarkson PLC	Industrials		98		3,111		0.02
Stobart Group Ltd	Industrials		2,189		3,080		0.02
PZ Cussons PLC	Consumer Staples		888		2,413		0.01
TBC Bank Group PLC	Financials		99		2,006		0.01
Ted Baker PLC	Consumer Discretionary		165		1,694		0.01
TI Fluid Systems PLC	Consumer Discretionary		669		1,671		0.01
Millennium & Copthorne Hotels PLC	Consumer Discretionary		190		1,648		0.01
James Fisher & Sons PLC	Industrials		66		1,615		0.01
CLS Holdings PLC	Real Estate		409		1,113		0.01
Vivo Energy PLC	Consumer Discretionary		653		1,099		0.01
Hilton Food Group PLC	Consumer Staples		71		871		0.01
Kier Group PLC	Industrials		523		706		0.00
Daejan Holdings PLC	Real Estate		9		642		0.00
ContourGlobal PLC	Utilities		215		520		0.00
Amigo Holdings PLC	Financials		195		492		0.00
Bakkavor Group PLC	Consumer Staples		315		478		0.00
Rank Group PLC	Consumer Discretionary		212		427		0.00

A basket (JPGSFDUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		6,999	$	1,385,309		2.41	%
Johnson & Johnson	Health Care		9,614		1,338,991		2.33
Amazon.com Inc	Consumer Discretionary		593		1,123,644		1.95
Intuit Inc	Information Technology		3,281		857,308		1.49
QUALCOMM Inc	Information Technology		9,906		753,521		1.31
Facebook Inc	Communication Services		3,901		752,822		1.31
Mastercard Inc	Information Technology		2,707		716,135		1.24
Xilinx Inc	Information Technology		5,803		684,239		1.19
Maxim Integrated Products Inc	Information Technology		11,266		673,926		1.17
JPMorgan Chase & Co	Financials		5,459		610,303		1.06
Cooper Cos Inc/The	Health Care		1,692		569,924		0.99

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
Motorola Solutions Inc	Information Technology		3,377	$	563,101		0.98	%
VeriSign Inc	Information Technology		2,646		553,442		0.96
Henry Schein Inc	Health Care		7,846		548,457		0.95
Walmart Inc	Consumer Staples		4,894		540,785		0.94
Starbucks Corp	Consumer Discretionary		6,396		536,173		0.93
PepsiCo Inc	Consumer Staples		4,007		525,492		0.91
Cisco Systems Inc	Information Technology		9,284		508,107		0.88
Costco Wholesale Corp	Consumer Staples		1,833		484,382		0.84
American Tower Corp	Real Estate		2,351		480,719		0.84
HP Inc	Information Technology		22,524		468,274		0.81
Alphabet Inc	Communication Services		432		467,885		0.81
Aon PLC	Financials		2,376		458,472		0.80
Progressive Corp/The	Financials		5,704		455,887		0.79
Quest Diagnostics Inc	Health Care		4,387		446,665		0.78
TripAdvisor Inc	Communication Services		9,501		439,791		0.76
Marsh & McLennan Cos Inc	Financials		4,328		431,692		0.75
UnitedHealth Group Inc	Health Care		1,692		412,796		0.72
Electronic Arts Inc	Communication Services		3,916		396,499		0.69
Honeywell International Inc	Industrials		2,266		395,557		0.69
Chevron Corp	Energy		3,132		389,755		0.68
McKesson Corp	Health Care		2,890		388,409		0.67
Gilead Sciences Inc	Health Care		5,294		357,681		0.62
American Express Co	Financials		2,896		357,448		0.62
S&P Global Inc	Financials		1,565		356,474		0.62
Procter & Gamble Co/The	Consumer Staples		3,231		354,225		0.62
Sysco Corp	Consumer Staples		5,000		353,606		0.61
Zoetis Inc	Health Care		3,103		352,114		0.61
3M Co	Industrials		1,985		344,141		0.60
Equinix Inc	Real Estate		675		340,462		0.59
Cerner Corp	Health Care		4,529		331,979		0.58
ConocoPhillips	Energy		5,295		322,984		0.56
Verizon Communications Inc	Communication Services		5,647		322,637		0.56
Apache Corp	Energy		11,037		319,736		0.56
Brown-Forman Corp	Consumer Staples		5,763		319,448		0.55
Moody’s Corp	Financials		1,612		314,878		0.55
Duke Energy Corp	Utilities		3,541		312,442		0.54
Becton Dickinson and Co	Health Care		1,228		309,587		0.54
Juniper Networks Inc	Information Technology		11,556		307,742		0.53
PPL Corp	Utilities		9,912		307,363		0.53
Pioneer Natural Resources Co	Energy		1,951		300,161		0.52
American Electric Power Co Inc	Utilities		3,405		299,637		0.52
Campbell Soup Co	Consumer Staples		7,431		297,778		0.52
Discovery Inc	Communication Services		10,187		289,821		0.50
Discovery Inc	Communication Services		9,380		287,952		0.50
NiSource Inc	Utilities		9,945		286,404		0.50
WEC Energy Group Inc	Utilities		3,359		280,038		0.49
Coca-Cola Co/The	Consumer Staples		5,498		279,977		0.49
Ameren Corp	Utilities		3,727		279,902		0.49
SBA Communications Corp	Real Estate		1,241		279,085		0.48
Kroger Co/The	Consumer Staples		12,803		277,954		0.48
AT&T Inc	Communication Services		8,271		277,167		0.48
Omnicom Group Inc	Communication Services		3,376		276,635		0.48
DENTSPLY SIRONA Inc	Health Care		4,736		276,389		0.48
Waste Management Inc	Industrials		2,368		273,192		0.47
Entergy Corp	Utilities		2,652		272,928		0.47
McCormick & Co Inc/MD	Consumer Staples		1,746		270,595		0.47
Yum! Brands Inc	Consumer Discretionary		2,437		269,694		0.47
Darden Restaurants Inc	Consumer Discretionary		2,192		266,792		0.46
Ameriprise Financial Inc	Financials		1,802		261,554		0.45

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Monster Beverage Corp	Consumer Staples		4,090	$	261,046		0.45	%
T Rowe Price Group Inc	Financials		2,360		258,935		0.45
Hasbro Inc	Consumer Discretionary		2,386		252,186		0.44
Merck & Co Inc	Health Care		2,987		250,453		0.44
Walt Disney Co/The	Communication Services		1,775		247,803		0.43
F5 Networks Inc	Information Technology		1,682		244,988		0.43
Comcast Corp	Communication Services		5,740		242,676		0.42
Illinois Tool Works Inc	Industrials		1,598		241,038		0.42
Kimberly-Clark Corp	Consumer Staples		1,800		239,926		0.42
EOG Resources Inc	Energy		2,565		238,940		0.42
US Bancorp	Financials		4,492		235,399		0.41
News Corp	Communication Services		17,209		232,152		0.40
Chipotle Mexican Grill Inc	Consumer Discretionary		316		231,907		0.40
Discover Financial Services	Financials		2,937		227,872		0.40
Hershey Co/The	Consumer Staples		1,697		227,412		0.40
DTE Energy Co	Utilities		1,776		227,147		0.39
Allegion PLC	Industrials		2,054		227,042		0.39
Masco Corp	Industrials		5,779		226,776		0.39
H&R Block Inc	Consumer Discretionary		7,647		224,064		0.39
Exxon Mobil Corp	Energy		2,920		223,774		0.39
McDonald’s Corp	Consumer Discretionary		1,069		222,076		0.39
Pfizer Inc	Health Care		5,036		218,170		0.38
Digital Realty Trust Inc	Real Estate		1,849		217,740		0.38
Jack Henry & Associates Inc	Information Technology		1,620		216,948		0.38
Texas Instruments Inc	Information Technology		1,862		213,735		0.37
NextEra Energy Inc	Utilities		1,043		213,727		0.37
Kellogg Co	Consumer Staples		3,989		213,664		0.37
United Parcel Service Inc	Industrials		2,063		213,010		0.37
Simon Property Group Inc	Real Estate		1,329		212,253		0.37
Emerson Electric Co	Industrials		3,158		210,679		0.37
Synchrony Financial	Financials		6,018		208,656		0.36
SVB Financial Group	Financials		921		206,958		0.36
Ball Corp	Materials		2,950		206,447		0.36
General Mills Inc	Consumer Staples		3,840		201,678		0.35
Pinnacle West Capital Corp	Utilities		2,139		201,244		0.35
Under Armour Inc	Consumer Discretionary		7,925		200,906		0.35
Under Armour Inc	Consumer Discretionary		8,987		199,509		0.35
Southwest Airlines Co	Industrials		3,911		198,583		0.34
CH Robinson Worldwide Inc	Industrials		2,316		195,375		0.34
Arthur J Gallagher & Co	Financials		2,181		190,995		0.33
American Water Works Co Inc	Utilities		1,643		190,563		0.33
Dominion Energy Inc	Utilities		2,460		190,229		0.33
Amgen Inc	Health Care		1,024		188,772		0.33
Southern Co/The	Utilities		3,406		188,297		0.33
Exelon Corp	Utilities		3,822		183,210		0.32
Sherwin-Williams Co/The	Materials		390		178,915		0.31
Xcel Energy Inc	Utilities		2,910		173,094		0.30
AutoZone Inc	Consumer Discretionary		157		173,037		0.30
Air Products & Chemicals Inc	Materials		747		169,195		0.29
Eli Lilly & Co	Health Care		1,521		168,510		0.29
Viacom Inc	Communication Services		5,542		165,549		0.29
JB Hunt Transport Services Inc	Industrials		1,804		164,909		0.29
Charles Schwab Corp/The	Financials		4,062		163,248		0.28
Eversource Energy	Utilities		2,134		161,660		0.28
Consolidated Edison Inc	Utilities		1,832		160,667		0.28
Microsoft Corp	Information Technology		1,187		159,053		0.28
Welltower Inc	Real Estate		1,934		157,694		0.27
CMS Energy Corp	Utilities		2,692		155,905		0.27
LyondellBasell Industries NV	Materials		1,789		154,090		0.27

56 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
Comerica Inc	Financials		2,119	$	153,951		0.27	%
Biogen Inc	Health Care		658		153,861		0.27
Weyerhaeuser Co	Real Estate		5,839		153,792		0.27
Parker-Hannifin Corp	Industrials		898		152,692		0.27
Lowe’s Cos Inc	Consumer Discretionary		1,513		152,641		0.27
Realty Income Corp	Real Estate		2,209		152,387		0.26
Sealed Air Corp	Materials		3,485		149,097		0.26
Crown Castle International Corp	Real Estate		1,133		147,663		0.26
AvalonBay Communities Inc	Real Estate		721		146,552		0.25
Philip Morris International Inc	Consumer Staples		1,847		145,035		0.25
Mondelez International Inc	Consumer Staples		2,670		143,909		0.25
Public Service Enterprise Group Inc	Utilities		2,444		143,765		0.25
Dollar General Corp	Consumer Discretionary		1,059		143,190		0.25
Medtronic PLC	Health Care		1,463		142,442		0.25
Evergy Inc	Utilities		2,364		142,165		0.25
Robert Half International Inc	Industrials		2,487		141,783		0.25
Marathon Petroleum Corp	Energy		2,511		140,308		0.24
Newmont Goldcorp Corp	Materials		3,628		139,574		0.24
Incyte Corp	Health Care		1,625		138,059		0.24
FirstEnergy Corp	Utilities		3,218		137,774		0.24
Public Storage	Real Estate		576		137,087		0.24
Equity Residential	Real Estate		1,798		136,499		0.24
United Airlines Holdings Inc	Industrials		1,545		135,305		0.24
Ross Stores Inc	Consumer Discretionary		1,359		134,665		0.23
Atmos Energy Corp	Utilities		1,273		134,374		0.23
Ventas Inc	Real Estate		1,963		134,178		0.23
CME Group Inc	Financials		686		133,101		0.23
Mid-America Apartment Communities Inc	Real Estate		1,126		132,549		0.23
UDR Inc	Real Estate		2,945		132,186		0.23
Alliant Energy Corp	Utilities		2,672		131,149		0.23
Altria Group Inc	Consumer Staples		2,740		129,739		0.23
Essex Property Trust Inc	Real Estate		443		129,229		0.22
HCP Inc	Real Estate		4,006		128,122		0.22
Colgate-Palmolive Co	Consumer Staples		1,780		127,543		0.22
WW Grainger Inc	Industrials		465		124,854		0.22
Clorox Co/The	Consumer Staples		812		124,401		0.22
Sempra Energy	Utilities		903		124,051		0.22
Newell Brands Inc	Consumer Discretionary		7,906		121,916		0.21
Church & Dwight Co Inc	Consumer Staples		1,663		121,525		0.21
TJX Cos Inc/The	Consumer Discretionary		2,284		120,777		0.21
CenterPoint Energy Inc	Utilities		4,209		120,512		0.21
Edison International	Utilities		1,785		120,299		0.21
International Business Machines Corp	Information Technology		869		119,865		0.21
Republic Services Inc	Industrials		1,376		119,251		0.21
Dollar Tree Inc	Consumer Discretionary		1,074		115,383		0.20
Verisk Analytics Inc	Industrials		771		112,889		0.20
O’Reilly Automotive Inc	Consumer Discretionary		305		112,757		0.20
Apartment Investment & Management Co	Real Estate		2,196		110,070		0.19
Extra Space Storage Inc	Real Estate		1,032		109,513		0.19
Chubb Ltd	Financials		740		108,941		0.19
Tapestry Inc	Consumer Discretionary		3,416		108,380		0.19
Hormel Foods Corp	Consumer Staples		2,625		106,436		0.18
United Technologies Corp	Industrials		815		106,076		0.18
Mattel Inc	Consumer Discretionary		9,423		105,637		0.18
Regency Centers Corp	Real Estate		1,575		105,111		0.18
JM Smucker Co/The	Consumer Staples		902		103,905		0.18
Tyson Foods Inc	Consumer Staples		1,284		103,677		0.18
M&T Bank Corp	Financials		610		103,659		0.18
AMETEK Inc	Industrials		1,125		102,198		0.18

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Bristol-Myers Squibb Co	Health Care		2,253	$	102,167		0.18	%
Allstate Corp/The	Financials		1,003		101,963		0.18
Intercontinental Exchange Inc	Financials		1,177		101,130		0.18
Prologis Inc	Real Estate		1,262		101,073		0.18
Roper Technologies Inc	Industrials		275		100,824		0.18
Linde PLC	Materials		500		100,390		0.17
Cimarex Energy Co	Energy		1,676		99,413		0.17
Celanese Corp	Materials		873		94,121		0.16
Harley-Davidson Inc	Consumer Discretionary		2,607		93,392		0.16
Constellation Brands Inc	Consumer Staples		467		91,890		0.16
Cummins Inc	Industrials		536		91,856		0.16
Cboe Global Markets Inc	Financials		882		91,403		0.16
NIKE Inc	Consumer Discretionary		1,067		89,591		0.16
Federal Realty Investment Trust	Real Estate		692		89,078		0.15
Gap Inc/The	Consumer Discretionary		4,755		85,444		0.15
Wynn Resorts Ltd	Consumer Discretionary		687		85,227		0.15
Duke Realty Corp	Real Estate		2,688		84,977		0.15
Ecolab Inc	Materials		426		84,107		0.15
Everest Re Group Ltd	Financials		339		83,852		0.15
Alexandria Real Estate Equities Inc	Real Estate		583		82,308		0.14
Kimco Realty Corp	Real Estate		4,446		82,165		0.14
Cincinnati Financial Corp	Financials		787		81,579		0.14
Travelers Cos Inc/The	Financials		542		81,072		0.14
Vulcan Materials Co	Materials		586		80,408		0.14
Target Corp	Consumer Discretionary		910		78,799		0.14
Advance Auto Parts Inc	Consumer Discretionary		511		78,691		0.14
Ulta Beauty Inc	Consumer Discretionary		226		78,515		0.14
Anthem Inc	Health Care		276		77,843		0.14
Danaher Corp	Health Care		531		75,825		0.13
Best Buy Co Inc	Consumer Discretionary		1,068		74,493		0.13
Foot Locker Inc	Consumer Discretionary		1,759		73,737		0.13
E*TRADE Financial Corp	Financials		1,647		73,466		0.13
International Flavors & Fragrances Inc	Materials		504		73,184		0.13
Iron Mountain Inc	Real Estate		2,278		71,315		0.12
AES Corp/VA	Utilities		4,252		71,256		0.12
Pentair PLC	Industrials		1,803		67,069		0.12
Interpublic Group of Cos Inc/The	Communication Services		2,950		66,633		0.12
Genuine Parts Co	Consumer Discretionary		632		65,494		0.11
Conagra Brands Inc	Consumer Staples		2,430		64,450		0.11
Vornado Realty Trust	Real Estate		978		62,668		0.11
PPG Industries Inc	Materials		530		61,854		0.11
Baxter International Inc	Health Care		751		61,533		0.11
Laboratory Corp of America Holdings	Health Care		355		61,442		0.11
Nasdaq Inc	Financials		623		59,900		0.10
Freeport-McMoRan Inc	Materials		5,090		59,090		0.10
Estee Lauder Cos Inc/The	Consumer Staples		321		58,859		0.10
Macerich Co/The	Real Estate		1,733		58,053		0.10
Hartford Financial Services Group Inc/Th	Financials		1,038		57,822		0.10
Boston Properties Inc	Real Estate		439		56,603		0.10
Cabot Oil & Gas Corp	Energy		2,459		56,449		0.10
Paychex Inc	Information Technology		685		56,380		0.10
Assurant Inc	Financials		494		52,593		0.09
News Corp	Communication Services		3,749		52,341		0.09
Willis Towers Watson PLC	Financials		273		52,194		0.09
Archer-Daniels-Midland Co	Consumer Staples		1,224		49,940		0.09
Fiserv Inc	Information Technology		533		48,567		0.08
Nielsen Holdings PLC	Industrials		2,128		48,099		0.08
Broadcom Inc	Information Technology		166		47,706		0.08
PulteGroup Inc	Consumer Discretionary		1,497		47,320		0.08

58 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
Visa Inc	Information Technology		269	$	46,617		0.08	%
Oracle Corp	Information Technology		791		45,084		0.08
Fidelity National Information Services I	Information Technology		346		42,436		0.07
Kohl’s Corp	Consumer Discretionary		880		41,860		0.07
Keysight Technologies Inc	Information Technology		458		41,105		0.07
Western Union Co/The	Information Technology		2,033		40,429		0.07
Nordstrom Inc	Consumer Discretionary		1,222		38,944		0.07
People’s United Financial Inc	Financials		2,309		38,745		0.07
Macy’s Inc	Consumer Discretionary		1,796		38,536		0.07
Universal Health Services Inc	Health Care		294		38,359		0.07
Copart Inc	Industrials		509		38,032		0.07
Tractor Supply Co	Consumer Discretionary		337		36,667		0.06
MSCI Inc	Financials		146		34,792		0.06
Cadence Design Systems Inc	Information Technology		491		34,732		0.06
Citigroup Inc	Financials		490		34,311		0.06
Automatic Data Processing Inc	Information Technology		207		34,203		0.06
Bank of America Corp	Financials		1,143		33,142		0.06
Capri Holdings Ltd	Consumer Discretionary		953		33,037		0.06
Wells Fargo & Co	Financials		691		32,710		0.06
Loews Corp	Financials		593		32,440		0.06
Micron Technology Inc	Information Technology		828		31,933		0.06
Zimmer Biomet Holdings Inc	Health Care		261		30,775		0.05
Intel Corp	Information Technology		635		30,375		0.05
Broadridge Financial Solutions Inc	Information Technology		236		30,106		0.05
BB&T Corp	Financials		592		29,071		0.05
HollyFrontier Corp	Energy		618		28,594		0.05
Huntington Bancshares Inc/OH	Financials		2,063		28,506		0.05
Garmin Ltd	Consumer Discretionary		342		27,293		0.05
Western Digital Corp	Information Technology		572		27,184		0.05
Alaska Air Group Inc	Industrials		415		26,549		0.05
Abbott Laboratories	Health Care		305		25,677		0.04
DXC Technology Co	Information Technology		461		25,426		0.04
TransDigm Group Inc	Industrials		51		24,753		0.04
MetLife Inc	Financials		497		24,667		0.04
Torchmark Corp	Financials		264		23,631		0.04
Qorvo Inc	Information Technology		351		23,412		0.04
Norfolk Southern Corp	Industrials		116		23,057		0.04
CenturyLink Inc	Communication Services		1,954		22,982		0.04
CVS Health Corp	Health Care		414		22,576		0.04
Rollins Inc	Industrials		617		22,142		0.04
Advanced Micro Devices Inc	Information Technology		729		22,125		0.04
Charter Communications Inc	Communication Services		56		21,977		0.04
Alliance Data Systems Corp	Information Technology		156		21,898		0.04
Symantec Corp	Information Technology		1,002		21,806		0.04
Capital One Financial Corp	Financials		238		21,598		0.04
Phillips 66	Energy		230		21,484		0.04
FLIR Systems Inc	Information Technology		397		21,481		0.04
Boeing Co/The	Industrials		59		21,458		0.04
Prudential Financial Inc	Financials		209		21,063		0.04
Cigna Corp	Health Care		131		20,677		0.04
Fortinet Inc	Information Technology		268		20,552		0.04
Cognizant Technology Solutions Corp	Information Technology		323		20,447		0.04
Westrock Co	Materials		559		20,383		0.04
Lennar Corp	Consumer Discretionary		416		20,158		0.04
Lam Research Corp	Information Technology		107		20,057		0.03
Lincoln National Corp	Financials		303		19,498		0.03
Synopsys Inc	Information Technology		146		18,751		0.03
Applied Materials Inc	Information Technology		414		18,607		0.03
Union Pacific Corp	Industrials		108		18,245		0.03

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Kinder Morgan Inc/DE	Energy		874	$	18,242		0.03	%
Teleflex Inc	Health Care		53		17,679		0.03
Walgreens Boots Alliance Inc	Consumer Staples		320		17,512		0.03
Principal Financial Group Inc	Financials		299		17,297		0.03
Cardinal Health Inc	Health Care		366		17,235		0.03
Mylan NV	Health Care		881		16,772		0.03
CSX Corp	Industrials		207		16,049		0.03
Ingersoll-Rand PLC	Industrials		123		15,639		0.03
Microchip Technology Inc	Information Technology		173		14,995		0.03
State Street Corp	Financials		262		14,715		0.03
Valero Energy Corp	Energy		171		14,664		0.03
AmerisourceBergen Corp	Health Care		170		14,509		0.03
Citizens Financial Group Inc	Financials		408		14,433		0.03
Thermo Fisher Scientific Inc	Health Care		49		14,372		0.02
Mettler-Toledo International Inc	Health Care		17		14,014		0.02
TE Connectivity Ltd	Information Technology		146		14,009		0.02
Molson Coors Brewing Co	Consumer Staples		250		13,983		0.02
IQVIA Holdings Inc	Health Care		82		13,243		0.02
Seagate Technology PLC	Information Technology		269		12,683		0.02
Delta Air Lines Inc	Industrials		220		12,466		0.02
AbbVie Inc	Health Care		170		12,375		0.02
United Rentals Inc	Industrials		91		12,023		0.02
Ford Motor Co	Consumer Discretionary		1,161		11,879		0.02
Invesco Ltd	Financials		573		11,719		0.02
Perrigo Co PLC	Health Care		246		11,706		0.02
Amphenol Corp	Information Technology		118		11,311		0.02
Caterpillar Inc	Industrials		81		11,066		0.02
AO Smith Corp	Industrials		230		10,832		0.02
DR Horton Inc	Consumer Discretionary		249		10,722		0.02
HCA Healthcare Inc	Health Care		79		10,675		0.02
NRG Energy Inc	Utilities		303		10,645		0.02
Unum Group	Financials		315		10,579		0.02
Regions Financial Corp	Financials		703		10,502		0.02
DaVita Inc	Health Care		184		10,356		0.02
Eaton Corp PLC	Industrials		119		9,911		0.02
Fifth Third Bancorp	Financials		339		9,449		0.02
Skyworks Solutions Inc	Information Technology		119		9,196		0.02
BorgWarner Inc	Consumer Discretionary		219		9,175		0.02
Nektar Therapeutics	Health Care		257		9,161		0.02
Johnson Controls International plc	Industrials		220		9,074		0.02
Edwards Lifesciences Corp	Health Care		47		8,733		0.02
Snap-on Inc	Industrials		52		8,567		0.01
Regeneron Pharmaceuticals Inc	Health Care		27		8,529		0.01
KeyCorp	Financials		478		8,489		0.01
FedEx Corp	Industrials		51		8,400		0.01
Booking Holdings Inc	Consumer Discretionary		4		8,340		0.01
Bank of New York Mellon Corp/The	Financials		178		7,857		0.01
Fox Corp	Communication Services		209		7,662		0.01
Fortune Brands Home & Security Inc	Industrials		132		7,562		0.01
LKQ Corp	Consumer Discretionary		281		7,473		0.01
Expedia Group Inc	Consumer Discretionary		55		7,324		0.01
Nucor Corp	Materials		132		7,262		0.01
Mohawk Industries Inc	Consumer Discretionary		49		7,217		0.01
Fox Corp	Communication Services		192		7,029		0.01
PVH Corp	Consumer Discretionary		72		6,842		0.01
CBS Corp	Communication Services		132		6,577		0.01
Eastman Chemical Co	Materials		83		6,493		0.01
VF Corp	Consumer Discretionary		74		6,461		0.01
eBay Inc	Consumer Discretionary		163		6,458		0.01

60 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
International Paper Co	Materials		141	$	6,119		0.01	%
Fastenal Co	Industrials		186		6,053		0.01
IHS Markit Ltd	Industrials		94		5,989		0.01
DuPont de Nemours Inc	Materials		75		5,608		0.01
Hologic Inc	Health Care		114		5,474		0.01
CF Industries Holdings Inc	Materials		116		5,429		0.01
Ralph Lauren Corp	Consumer Discretionary		45		5,117		0.01
NetApp Inc	Information Technology		83		5,113		0.01
Cintas Corp	Industrials		21		5,014		0.01
Hanesbrands Inc	Consumer Discretionary		281		4,846		0.01
Leggett & Platt Inc	Consumer Discretionary		124		4,758		0.01
Centene Corp	Health Care		89		4,666		0.01
Coty Inc	Consumer Staples		340		4,561		0.01
Akamai Technologies Inc	Information Technology		55		4,368		0.01
Kraft Heinz Co/The	Consumer Staples		141		4,367		0.01
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		76		4,086		0.01
Huntington Ingalls Industries Inc	Industrials		17		3,750		0.01
Equifax Inc	Industrials		27		3,685		0.01
Royal Caribbean Cruises Ltd	Consumer Discretionary		27		3,236		0.01
Mosaic Co/The	Materials		122		3,049		0.01
Expeditors International of Washington I	Industrials		39		2,995		0.01
Aptiv PLC	Consumer Discretionary		37		2,967		0.01
Raymond James Financial Inc	Financials		32		2,680		0.00
Take-Two Interactive Software Inc	Communication Services		22		2,525		0.00
Packaging Corp of America	Materials		25		2,385		0.00
Gartner Inc	Information Technology		14		2,327		0.00
Citrix Systems Inc	Information Technology		23		2,237		0.00
Corteva Inc	Materials		75		2,209		0.00
Whirlpool Corp	Consumer Discretionary		14		1,979		0.00
Fluor Corp	Industrials		50		1,686		0.00
Quanta Services Inc	Industrials		30		1,147		0.00

A basket (JPGSFDEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
SAP SE	Information Technology		13,314	$	1,826,286		3.78	%
L’Oreal SA	Consumer Staples		5,346		1,521,059		3.15
TOTAL SA	Energy		23,263		1,302,088		2.70
adidas AG	Consumer Discretionary		3,715		1,145,749		2.37
Enel SpA	Utilities		162,337		1,132,201		2.34
Allianz SE	Financials		4,436		1,068,266		2.21
Bayer AG	Health Care		14,857		1,028,460		2.13
Danone SA	Consumer Staples		11,386		963,561		1.99
Deutsche Boerse AG	Financials		5,941		839,545		1.74
Amadeus IT Group SA	Information Technology		9,868		780,800		1.62
Airbus SE	Industrials		5,394		763,941		1.58
Air Liquide SA	Materials		5,412		756,408		1.57
Heineken NV	Consumer Staples		6,682		744,907		1.54
Atos SE	Information Technology		8,088		675,477		1.40
Peugeot SA	Consumer Discretionary		26,341		648,378		1.34
KBC Group NV	Financials		9,591		627,946		1.30
Beiersdorf AG	Consumer Staples		5,091		610,435		1.26
Wolters Kluwer NV	Industrials		7,664		557,343		1.15
Sampo Oyj	Financials		11,512		542,675		1.12
FinecoBank Banca Fineco SpA	Financials		48,562		541,141		1.12
Orange SA	Communication Services		31,080		489,489		1.01
Eni SpA	Energy		29,243		485,179		1.00
Terna Rete Elettrica Nazionale SpA	Utilities		76,132		484,274		1.00
CRH PLC	Materials		14,820		482,955		1.00

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Neste Oyj	Energy		14,106	$	478,127		0.99	%
Sanofi	Health Care		5,269		454,357		0.94
ING Groep NV	Financials		37,991		439,993		0.91
Kering SA	Consumer Discretionary		728		430,017		0.89
Covestro AG	Materials		8,276		420,286		0.87
Iberdrola SA	Utilities		42,174		419,943		0.87
HeidelbergCement AG	Materials		5,148		416,102		0.86
Akzo Nobel NV	Materials		4,402		413,255		0.86
Poste Italiane SpA	Financials		38,883		408,983		0.85
Zalando SE	Consumer Discretionary		9,211		408,257		0.85
Thales SA	Industrials		3,215		396,741		0.82
Deutsche Post AG	Industrials		12,025		394,766		0.82
Faurecia SA	Consumer Discretionary		8,453		391,830		0.81
Assicurazioni Generali SpA	Financials		20,423		384,168		0.80
Koninklijke Philips NV	Health Care		8,424		365,404		0.76
Ferrari NV	Consumer Discretionary		2,235		362,595		0.75
Continental AG	Consumer Discretionary		2,479		361,113		0.75
Valeo SA	Consumer Discretionary		10,878		353,404		0.73
UCB SA	Health Care		4,096		339,231		0.70
Erste Group Bank AG	Financials		8,984		333,092		0.69
Hannover Rueck SE	Financials		2,036		328,824		0.68
Cie de Saint-Gobain	Industrials		8,353		325,199		0.67
Endesa SA	Utilities		12,452		319,813		0.66
Deutsche Telekom AG	Communication Services		18,374		317,497		0.66
Arkema SA	Materials		3,330		309,313		0.64
Suez	Utilities		20,431		294,510		0.61
Prysmian SpA	Industrials		14,184		292,419		0.61
Enagas SA	Utilities		10,604		282,696		0.59
Pernod Ricard SA	Consumer Staples		1,477		271,963		0.56
Koninklijke Ahold Delhaize NV	Consumer Staples		11,818		265,490		0.55
Anheuser-Busch InBev SA/NV	Consumer Staples		2,802		247,747		0.51
Symrise AG	Materials		2,537		243,930		0.50
Knorr-Bremse AG	Industrials		2,175		242,100		0.50
Munich Re	Financials		963		241,445		0.50
Legrand SA	Industrials		3,218		235,065		0.49
Siltronic AG	Information Technology		3,168		231,136		0.48
Vonovia SE	Real Estate		4,771		227,622		0.47
Ipsen SA	Health Care		1,606		218,904		0.45
Deutsche Lufthansa AG	Industrials		12,623		216,089		0.45
Smurfit Kappa Group PLC	Materials		7,050		213,082		0.44
E.ON SE	Utilities		19,527		211,848		0.44
Fiat Chrysler Automobiles NV	Consumer Discretionary		15,159		211,206		0.44
Snam SpA	Utilities		42,242		209,734		0.43
Accor SA	Consumer Discretionary		4,888		209,583		0.43
Elisa OYJ	Communication Services		4,189		204,172		0.42
Air France-KLM	Industrials		20,632		198,075		0.41
Publicis Groupe SA	Communication Services		3,747		197,595		0.41
Proximus SADP	Communication Services		6,670		196,372		0.41
Kerry Group PLC	Consumer Staples		1,641		195,675		0.41
Stora Enso OYJ	Materials		16,555		194,342		0.40
Dassault Systemes SE	Information Technology		1,219		194,216		0.40
EssilorLuxottica SA	Consumer Discretionary		1,475		192,219		0.40
Hermes International	Consumer Discretionary		265		191,098		0.40
Davide Campari-Milano SpA	Consumer Staples		19,348		189,332		0.39
Brenntag AG	Industrials		3,779		185,909		0.38
Merlin Properties Socimi SA	Real Estate		13,388		185,528		0.38
Aalberts NV	Industrials		4,663		183,090		0.38
Rheinmetall AG	Industrials		1,497		183,039		0.38
Signify NV	Industrials		6,031		178,129		0.37

62 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
Axel Springer SE	Communication Services		2,513	$	176,815		0.37	%
Valmet OYJ	Industrials		7,048		175,480		0.36
HOCHTIEF AG	Industrials		1,428		173,670		0.36
Ubisoft Entertainment SA	Communication Services		2,202		172,159		0.36
Sodexo SA	Consumer Discretionary		1,466		171,231		0.35
Koninklijke KPN NV	Communication Services		55,134		169,091		0.35
Merck KGaA	Health Care		1,599		167,078		0.35
Carl Zeiss Meditec AG	Health Care		1,695		167,038		0.35
LEG Immobilien AG	Real Estate		1,468		165,442		0.34
ASR Nederland NV	Financials		4,040		164,088		0.34
Orion Oyj	Health Care		4,460		163,286		0.34
Bankinter SA	Financials		22,687		156,117		0.32
Deutsche Wohnen SE	Real Estate		4,245		155,612		0.32
Gecina SA	Real Estate		1,028		153,711		0.32
Evonik Industries AG	Materials		5,237		152,360		0.32
Randstad NV	Industrials		2,765		151,725		0.31
Italgas SpA	Utilities		22,460		150,725		0.31
Scout24 AG	Communication Services		2,837		150,563		0.31
Telefonica Deutschland Holding AG	Communication Services		53,677		149,808		0.31
Eutelsat Communications SA	Communication Services		7,830		146,221		0.30
Kingspan Group PLC	Industrials		2,689		145,892		0.30
Aroundtown SA	Real Estate		17,330		142,642		0.30
Aena SME SA	Industrials		718		142,189		0.29
Telenet Group Holding NV	Communication Services		2,504		139,390		0.29
Orpea	Health Care		1,136		136,959		0.28
Teleperformance	Industrials		683		136,617		0.28
TAG Immobilien AG	Real Estate		5,860		135,268		0.28
Takeaway.com NV	Consumer Discretionary		1,427		133,531		0.28
Colruyt SA	Consumer Staples		2,271		131,533		0.27
Solvay SA	Materials		1,261		130,509		0.27
ANDRITZ AG	Industrials		3,418		128,494		0.27
Kesko OYJ	Consumer Staples		2,287		127,067		0.26
Naturgy Energy Group SA	Utilities		4,562		125,567		0.26
Aeroports de Paris	Industrials		702		123,838		0.26
DiaSorin SpA	Health Care		1,035		120,058		0.25
Societe BIC SA	Industrials		1,575		119,919		0.25
Covivio	Real Estate		1,137		118,919		0.25
Fraport AG Frankfurt Airport Services Wo	Industrials		1,371		117,709		0.24
Puma SE	Consumer Discretionary		1,738		115,764		0.24
Hera SpA	Utilities		29,918		114,324		0.24
voestalpine AG	Materials		3,672		113,319		0.23
Ryanair Holdings PLC	Industrials		9,738		111,890		0.23
Industria de Diseno Textil SA	Consumer Discretionary		3,659		109,941		0.23
BioMerieux	Health Care		1,283		106,161		0.22
SEB SA	Consumer Discretionary		589		105,735		0.22
A2A SpA	Utilities		60,060		104,107		0.22
Verbund AG	Utilities		1,919		100,285		0.21
Fresenius Medical Care AG & Co KGaA	Health Care		1,276		100,029		0.21
Hella GmbH & Co KGaA	Consumer Discretionary		2,002		98,854		0.20
Jeronimo Martins SGPS SA	Consumer Staples		6,083		97,879		0.20
RTL Group SA	Communication Services		1,909		97,649		0.20
EDP – Energias de Portugal SA	Utilities		25,586		97,131		0.20
Sartorius Stedim Biotech	Health Care		615		96,911		0.20
Bureau Veritas SA	Industrials		3,769		92,982		0.19
Klepierre SA	Real Estate		2,747		92,002		0.19
Alstom SA	Industrials		1,968		91,219		0.19
LVMH Moet Hennessy Louis Vuitton SE	Consumer Discretionary		208		88,420		0.18
Getlink SE	Industrials		5,386		86,199		0.18
Bechtle AG	Information Technology		722		82,817		0.17

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
QIAGEN NV	Health Care		1,988	$	80,600		0.17	%
Ageas	Financials		1,479		76,785		0.16
Euronext NV	Financials		1,007		76,124		0.16
Elis SA	Industrials		4,154		75,264		0.16
Gerresheimer AG	Health Care		1,013		74,507		0.15
Fortum OYJ	Utilities		3,348		73,917		0.15
Inmobiliaria Colonial Socimi SA	Real Estate		6,611		73,560		0.15
Siemens Gamesa Renewable Energy SA	Industrials		4,289		71,222		0.15
ProSiebenSat.1 Media SE	Communication Services		4,394		68,954		0.14
ICADE	Real Estate		749		68,586		0.14
Safran SA	Industrials		452		66,152		0.14
Warehouses De Pauw CVA	Real Estate		384		64,562		0.13
Alten SA	Information Technology		523		62,633		0.13
Glanbia PLC	Consumer Staples		3,852		62,569		0.13
Boskalis Westminster	Industrials		2,702		62,339		0.13
Veolia Environnement SA	Utilities		2,549		62,013		0.13
Dassault Aviation SA	Industrials		43		61,709		0.13
Atlantia SpA	Industrials		2,364		61,516		0.13
Rubis SCA	Utilities		1,063		59,790		0.12
METRO AG	Consumer Staples		3,263		59,576		0.12
Lagardere SCA	Communication Services		2,283		59,385		0.12
Cofinimmo SA	Real Estate		455		59,050		0.12
SPIE SA	Industrials		3,117		57,812		0.12
KION Group AG	Industrials		916		57,682		0.12
Viscofan SA	Consumer Staples		1,079		56,434		0.12
Edenred	Industrials		1,107		56,400		0.12
Credit Agricole SA	Financials		4,595		55,041		0.11
IMCD NV	Industrials		597		54,666		0.11
UniCredit SpA	Financials		4,440		54,598		0.11
Innogy SE	Utilities		1,122		53,128		0.11
GRENKE AG	Financials		494		52,925		0.11
Wienerberger AG	Materials		2,124		52,366		0.11
Banco Bilbao Vizcaya Argentaria SA	Financials		9,364		52,300		0.11
BNP Paribas SA	Financials		1,062		50,383		0.10
MTU Aero Engines AG	Industrials		211		50,149		0.10
Remy Cointreau SA	Consumer Staples		344		49,523		0.10
Ferrovial SA	Industrials		1,887		48,259		0.10
Ingenico Group SA	Information Technology		542		47,894		0.10
Evotec SE	Health Care		1,684		47,020		0.10
Ackermans & van Haaren NV	Financials		308		46,183		0.10
Groupe Bruxelles Lambert SA	Financials		465		45,565		0.09
Unione di Banche Italiane SpA	Financials		16,649		45,390		0.09
Flutter Entertainment PLC	Consumer Discretionary		586		44,025		0.09
ACS Actividades de Construccion y Servic	Industrials		1,072		42,760		0.09
Koninklijke DSM NV	Materials		344		42,454		0.09
Nemetschek SE	Information Technology		700		42,111		0.09
SCOR SE	Financials		912		39,958		0.08
Banco Santander SA	Financials		8,553		39,643		0.08
RWE AG	Utilities		1,544		37,995		0.08
Fresenius SE & Co KGaA	Health Care		667		36,118		0.07
Telefonica SA	Communication Services		4,364		35,795		0.07
Grifols SA	Health Care		1,099		32,470		0.07
Kone OYJ	Industrials		527		31,059		0.06
Raiffeisen Bank International AG	Financials		1,294		30,334		0.06
Sofina SA	Financials		159		30,266		0.06
Cellnex Telecom SA	Communication Services		814		30,098		0.06
Vinci SA	Industrials		294		30,068		0.06
Michelin	Consumer Discretionary		214		27,112		0.06
Carrefour SA	Consumer Staples		1,334		25,725		0.05

64 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
Telecom Italia SpA/Milano	Communication Services		46,524	$	25,379		0.05	%
Repsol SA	Energy		1,597		25,002		0.05
Schneider Electric SE	Industrials		268		24,284		0.05
ArcelorMittal	Materials		1,357		24,261		0.05
Capgemini SE	Information Technology		190		23,650		0.05
CNP Assurances	Financials		955		21,647		0.04
Saipem SpA	Energy		4,338		21,557		0.04
Bollore SA	Industrials		4,575		20,162		0.04
EXOR NV	Financials		287		20,081		0.04
Eiffage SA	Industrials		198		19,579		0.04
STMicroelectronics NV	Information Technology		1,049		18,581		0.04
CNH Industrial NV	Industrials		1,764		18,065		0.04
Sopra Steria Group	Information Technology		142		16,573		0.03
NN Group NV	Financials		409		16,428		0.03
UPM-Kymmene OYJ	Materials		598		15,875		0.03
Imerys SA	Materials		284		15,051		0.03
SBM Offshore NV	Energy		760		14,654		0.03
Altran Technologies SA	Information Technology		875		13,875		0.03
Bayerische Motoren Werke AG	Consumer Discretionary		180		13,292		0.03
Nokia OYJ	Information Technology		2,642		13,103		0.03
Iliad SA	Communication Services		96		10,732		0.02
Casino Guichard Perrachon SA	Consumer Staples		302		10,284		0.02
Renault SA	Consumer Discretionary		164		10,274		0.02
Interpump Group SpA	Industrials		314		9,659		0.02
ASM International NV	Information Technology		147		9,559		0.02
1&1 Drillisch AG	Communication Services		283		9,435		0.02
Worldline SA/France	Information Technology		117		8,500		0.02
Rexel SA	Industrials		590		7,479		0.02
Pirelli & C SpA	Consumer Discretionary		1,069		6,311		0.01
Metso OYJ	Industrials		157		6,149		0.01
Siemens Healthineers AG	Health Care		110		4,637		0.01
Aurubis AG	Materials		45		2,203		0.00

PURCHASED & WRITTEN OPTIONS CONTRACTS — At June 30, 2019, the Fund had the following purchased and 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:
Calls
CBOE Volatility Index	Morgan Stanely Co., Inc.		18 USD		07/17/2019		560	$	844,480	$	37,800	$	80,214	$	(42,414	)
CBOE Volatility Index			19 USD		08/21/2019		540		814,320		64,800		86,220		(21,420	)
CBOE Volatility Index			19 USD		09/18/2019		530		799,240		80,825		88,090		(7,265	)
Total calls							1,630			$	183,425	$	254,524	$	(71,099	)
Puts
S&P 500 Index	Morgan Stanely Co., Inc.		2,350 USD		07/19/2019		12	$	3,530,112	$	420	$	7,007	$	(6,587	)
S&P 500 Index			2,450 USD		07/19/2019		6		1,765,056		360		3,889		(3,529	)
S&P 500 Index			2,475 USD		07/19/2019		7		2,059,232		490		4,077		(3,587	)
S&P 500 Index			2,500 USD		07/19/2019		5		1,470,880		400		2,970		(2,570	)
S&P 500 Index			2,250 USD		08/16/2019		5		1,470,880		563		2,836		(2,273	)
S&P 500 Index			2,300 USD		08/16/2019		8		2,353,408		1,100		4,717		(3,617	)
S&P 500 Index			2,350 USD		08/16/2019		5		1,470,880		863		4,292		(3,429	)
S&P 500 Index			2,375 USD		08/16/2019		3		882,528		578		1,982		(1,404	)
S&P 500 Index			2,400 USD		08/16/2019		10		2,941,760		2,150		7,043		(4,893	)
S&P 500 Index			2,450 USD		08/16/2019		2		588,352		550		1,302		(752	)
S&P 500 Index			2,525 USD		08/16/2019		1		294,176		355		451		(96	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

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
Purchased options contracts: (continued)
Puts (continued)
S&P 500 Index			2,250 USD		09/20/2019		5	$	1,470,880		$	1,500		$	4,484		$	(2,984	)
S&P 500 Index			2,300 USD		09/20/2019		1		294,176			370			941			(571	)
S&P 500 Index			2,350 USD		09/20/2019		5		1,470,880			2,300			4,071			(1,771	)
S&P 500 Index			2,400 USD		09/20/2019		13		3,824,288			7,474			9,425			(1,951	)
S&P 500 Index			2,350 USD		10/18/2019		1		294,176			764			921			(157	)
S&P 500 Index			2,300 USD		07/19/2019		3		882,528			83			1,338			(1,255	)
Total puts							92				$	20,320		$	61,746		$	(41,426	)
Total purchased options contracts							1,722				$	203,745		$	316,270		$	(112,525	)
Written options contracts:
Calls
S&P 500 Index	Morgan Stanely Co., Inc.		2,925 USD		07/19/2019		8	$	(2,353,408	)	$	(37,400	)	$	(45,743	)	$	8,343
S&P 500 Index			2,950 USD		07/19/2019		9		(2,647,584	)		(28,395	)		(38,024	)		9,629
S&P 500 Index			2,975 USD		07/19/2019		7		(2,059,232	)		(13,685	)		(24,057	)		10,372
S&P 500 Index			3,000 USD		07/19/2019		5		(1,470,880	)		(5,525	)		(16,061	)		10,536
S&P 500 Index			2,850 USD		08/16/2019		8		(2,353,408	)		(98,160	)		(46,159	)		(52,001	)
S&P 500 Index			2,900 USD		08/16/2019		8		(2,353,408	)		(67,920	)		(50,006	)		(17,914	)
S&P 500 Index			2,925 USD		08/16/2019		8		(2,353,408	)		(54,280	)		(36,686	)		(17,594	)
S&P 500 Index			2,950 USD		08/16/2019		6		(1,765,056	)		(31,410	)		(30,308	)		(1,102	)
S&P 500 Index			3,000 USD		08/16/2019		4		(1,176,704	)		(10,960	)		(20,137	)		9,177
S&P 500 Index			2,875 USD		09/20/2019		5		(1,470,880	)		(61,675	)		(27,871	)		(33,804	)
S&P 500 Index			2,925 USD		09/20/2019		1		(294,176	)		(8,860	)		(5,659	)		(3,201	)
S&P 500 Index			2,950 USD		09/20/2019		5		(1,470,880	)		(36,450	)		(27,126	)		(9,324	)
S&P 500 Index			2,975 USD		09/20/2019		13		(3,824,288	)		(76,050	)		(70,684	)		(5,366	)
S&P 500 Index			2,975 USD		10/18/2019		1		(294,176	)		(7,245	)		(6,799	)		(446	)
S&P 500 Index			2,875 USD		07/19/2019		3		(882,528	)		(25,260	)		(21,888	)		(3,372	)
S&P 500 Index			2,900 USD		07/19/2019		1		(294,176	)		(6,460	)		(5,094	)		(1,366	)
Total calls							92				$	(569,735	)	$	(472,302	)	$	(97,433	)
Puts
S&P 500 Index	Morgan Stanely Co., Inc.		2,825 USD		07/19/2019		4	$	(1,176,704	)	$	(4,160	)	$	(18,752	)	$	14,592
S&P 500 Index			2,850 USD		07/19/2019		8		(2,353,408	)		(10,720	)		(42,577	)		31,857
S&P 500 Index			2,875 USD		07/19/2019		6		(1,765,056	)		(10,440	)		(30,688	)		20,248
S&P 500 Index			2,900 USD		07/19/2019		7		(2,059,232	)		(15,925	)		(35,331	)		19,406
S&P 500 Index			2,925 USD		07/19/2019		5		(1,470,880	)		(14,950	)		(24,288	)		9,338
S&P 500 Index			2,750 USD		08/16/2019		8		(2,353,408	)		(12,720	)		(49,008	)		36,288
S&P 500 Index			2,800 USD		08/16/2019		8		(2,353,408	)		(17,520	)		(47,204	)		29,684
S&P 500 Index			2,825 USD		08/16/2019		11		(3,235,936	)		(28,380	)		(66,615	)		38,235
S&P 500 Index			2,850 USD		08/16/2019		2		(588,352	)		(6,080	)		(11,589	)		5,509
S&P 500 Index	Morgan Stanely Co., Inc.		2,875 USD		08/16/2019		1		(294,176	)		(3,585	)		(3,849	)		264
S&P 500 Index			2,900 USD		08/16/2019		4		(1,176,704	)		(17,000	)		(24,381	)		7,381
S&P 500 Index			2,750 USD		09/20/2019		5		(1,470,880	)		(14,975	)		(39,601	)		24,626
S&P 500 Index			2,825 USD		09/20/2019		1		(294,176	)		(4,285	)		(7,739	)		3,454
S&P 500 Index			2,850 USD		09/20/2019		5		(1,470,880	)		(24,175	)		(35,949	)		11,774
S&P 500 Index			2,875 USD		09/20/2019		13		(3,824,288	)		(70,850	)		(82,855	)		12,005
S&P 500 Index			2,875 USD		10/18/2019		1		(294,176	)		(6,730	)		(7,719	)		989
S&P 500 Index			2,775 USD		07/19/2019		2		(588,352	)		(1,290	)		(15,439	)		14,149
S&P 500 Index			2,800 USD		07/19/2019		2		(588,352	)		(1,630	)		(7,969	)		6,339
Total puts							93				$	(265,415	)	$	(551,553	)	$	286,138
Total written options contracts							185				$	(835,150	)	$	(1,023,855	)	$	188,705

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 2.6%
FHLMC – 1.4%
$	829		5.500	%		01/01/2020	$	829
	35,359		5.000			11/01/2025		37,392
	70,483		5.000			08/01/2028		74,969
	11,115		5.000			01/01/2033		11,945
	1,176		5.000			03/01/2033		1,273
	6,252		5.000			04/01/2033		6,764
	927		5.000			05/01/2033		1,003
	3,127		5.000			06/01/2033		3,383
	20,611		5.000			07/01/2033		22,299
	28,703		5.000			08/01/2033		31,066
	2,594		5.000			09/01/2033		2,807
	6,065		5.000			10/01/2033		6,562
	12,485		5.000			11/01/2033		13,508
	7,291		5.000			12/01/2033		7,888
	6,672		5.000			01/01/2034		7,219
	21,655		5.000			02/01/2034		23,430
	9,139		5.000			03/01/2034		9,889
	15,147		5.000			04/01/2034		16,391
	22,842		5.000			05/01/2034		24,714
	304,214		5.000			06/01/2034		329,145
	4,287		5.000			11/01/2034		4,639
	84,552		5.000			04/01/2035		91,480
	1,459,811		5.000			07/01/2035		1,579,626
	4,077		5.000			11/01/2035		4,411
	67,976		5.000			03/01/2036		74,349
	25,778		5.000			03/01/2037		27,817
	72,334		5.000			12/01/2037		78,056
	124,669		5.000			02/01/2038		134,528
	313,405		5.000			03/01/2038		338,107
	157,661		5.000			07/01/2038		170,088
	138,703		5.000			11/01/2038		149,635
	347,484		5.000			12/01/2038		374,971
	194,836		5.000			01/01/2039		210,193
	46,235		5.000			02/01/2039		49,880
	315,987		5.000	(b)		06/01/2041		340,983
								4,261,239
UMBS – 1.2%
	463		5.500			07/01/2019		463
	933		5.500			08/01/2019		932
	1,845		5.500			09/01/2019		1,845
	594		5.500			10/01/2019		594
	1,597		5.500			11/01/2019		1,599
	2,984		5.500			12/01/2019		2,989
	173		5.500			01/01/2020		174
	12		5.500			06/01/2020		12
	20,656		5.500			07/01/2020		20,692
	4,859		6.000			03/01/2034		5,491
	17,908		6.000			08/01/2034		20,299
	67,357		6.000			08/01/2035		76,982
	107,639		6.000			09/01/2035		123,305
	25,652		6.000			10/01/2035		29,372
	191,199		6.000			11/01/2035		218,957
	469,403		6.000			03/01/2036		536,447
	4,001		6.000			06/01/2036		4,573
	898,810		6.000			09/01/2036		1,000,576
Mortgage-Backed Securities – (continued)
UMBS – (continued)
	148,815		6.000			12/01/2036		170,941
	13,217		6.000			02/01/2037		15,130
	1,991		6.000			04/01/2037		2,261
	3,587		6.000			05/01/2037		4,107
	91,609		6.000			06/01/2037		105,403
	59,401		6.000			07/01/2037		68,344
	220,293		6.000			08/01/2037		250,088
	56,908		6.000			09/01/2037		65,449
	11,473		6.000			10/01/2037		13,186
	32,048		6.000			11/01/2037		36,750
	2,624		6.000			12/01/2037		3,008
	296,542		6.000			01/01/2038		340,722
	40,580		6.000			03/01/2038		46,586
	2,313		6.000			04/01/2038		2,664
	12,879		6.000			05/01/2038		14,745
	951		6.000			09/01/2038		1,091
	66,672		6.000			10/01/2038		76,712
	2,640		6.000			12/01/2038		3,018
	2,250		6.000			01/01/2039		2,588
	9,398		4.000			08/01/2039		9,919
	26,359		4.500			02/01/2040		27,856
	2,751		6.000			04/01/2040		3,163
	112,497		6.000			06/01/2040		129,387
	267,232		6.000			05/01/2041		306,532
	112,374		4.500			08/01/2041		119,920
								3,864,872
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $8,049,499)						$	8,126,111
Collateralized Mortgage Obligations – 1.5%
Regular Floater(a)(b) – 0.5%
	FHLMC REMIC Series 3371, Class FA
$	176,159		2.994	%		09/15/2037	$	177,571
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A
	203,674		2.869			10/07/2020		203,810
	NCUA Guaranteed Notes Trust Series 2011-R2, Class 1A
	741,123		2.819			02/06/2020		741,243
	NCUA Guaranteed Notes Trust Series 2011-R3, Class 1A
	388,906		2.813			03/11/2020		388,976
								1,511,600
Sequential Fixed Rate – 1.0%
	FHLMC REMIC Series 2755, Class ZA
	408,969		5.000			02/15/2034		449,958
	FHLMC REMIC Series 4273, Class PD
	1,072,521		6.500			11/15/2043		1,254,590
	FNMA REMIC Series 2012-111, Class B
	311,974		7.000			10/25/2042		362,376
	FNMA REMIC Series 2012-153, Class B
	1,111,307		7.000			07/25/2042		1,297,966
								3,364,890
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $4,748,605)						$	4,876,490

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Commercial Mortgage-Backed Securities(a) – 6.8%
Agency Multi-Family – 6.8%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K011, Class A2
$	5,289,924	4.084%		11/25/2020	$	5,391,860
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K714, Class A2(b)
	16,114,427	3.034		10/25/2020		16,218,312
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $22,503,414)				$	21,610,172
Asset-Backed Securities(a) – 0.1%
Home Equity – 0.1%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1(b)
$	8,050	7.000%		09/25/2037	$	8,107
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1(b)
	62,236	7.000		09/25/2037		64,651
	NCUA Guaranteed Notes Trust Series 2010-A1, Class A
	211,921	2.769		12/07/2020		211,948
	TOTAL ASSET-BACKED SECURITIES
	(Cost $282,208)				$	284,706
U.S. Treasury Obligations – 13.0%
	U.S. Treasury Bonds
$	1,100,000	2.750%		11/15/2042	$	1,151,906
	1,990,000	3.750		11/15/2043		2,448,011
	7,400,000	2.875		11/15/2046		7,908,750
	4,780,000	3.000		05/15/2047		5,228,872
	U.S. Treasury Notes
	6,620,000	1.125		07/31/2021		6,533,112
	4,610,000	1.875		01/31/2022		4,624,766
	7,070,000	2.125(c)		07/31/2024		7,186,545
	900,000	2.750		06/30/2025		946,758
	2,490,000	2.625		12/31/2025		2,605,941
	2,500,000	1.875		06/30/2026		2,499,875
	410,000	2.250		02/15/2027		419,930
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $40,268,119)				$	41,554,466

Shares	Description		Value
Exchange Traded Fund(d) – 23.6%
750,000		Goldman Sachs Access Treasury 0-1 Year ETF	$	75,270,000
(Cost $75,030,000)

Shares	Dividend Rate			Value
Investment Company(d) – 41.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
132,944,770		2.308	%	$	132,944,770
(Cost $132,944,770)
TOTAL INVESTMENTS – 89.2%
(Cost $283,826,615)				$	284,666,715
OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.8%					34,573,777
NET ASSETS – 100.0%				$	319,240,492

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, 2019.
(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.

Investment Abbreviations:
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
REMIC	—Real Estate Mortgage Investment Conduit
UMBS	—Uniform Mortgage-Backed Securities
Currency Abbreviation:
USD	—United States Dollar

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Eurodollar		1			12/14/2020	$	246,100		$	1,018
U.S. Treasury Long Bond		23			09/19/2019		3,576,500			82,926
Total									$	83,944
Short position contracts:
U.S. Treasury 2 Year Note		(32	)		09/30/2019	$	(6,884,500	)	$	(28,121	)
U.S. Treasury 5 Year Note		(90	)		09/30/2019		(10,630,547	)		(87,074	)
U.S. Treasury 10 Year Note		(99	)		09/19/2019		(12,662,719	)		(168,788	)
U.S. Treasury Ultra Bond		(113	)		09/19/2019		(20,046,906	)		(672,977	)
Total									$	(956,960	)
Total Futures Contracts									$	(873,016	)

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(b)	Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1.390%	1 Day Federal Funds	11/30/2023	USD  2,200	$	7,079	$	5,469	$	1,610

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

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)
S&P GSCI Energy 1 Month Forward Index	(0.130)%	BNP Paribas SA	04/08/2020	USD	112,770	$	—
Macquarie Investor Product 645E Index(*)	(0.000)	Macquarie Bank Ltd.	04/16/2020	USD	81,457		(68,563	)
BAML Commodity Excess Return Strategy Index(*)	(0.000)	Merrill Lynch International	11/14/2019	USD	114,382		—
TOTAL						$	(68,563	)

* The components of the basket shown below.

(a) Payments made 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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (Macquarie Investor Product 645E Index) of commodities

Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		1,000	$	58,470		25.69	%
Brent	Energy		1,000		64,740		18.35
Gasoil	Grains		100		59,750		5.68
Corn	Energy		5,000		21,575		5.39
Gasoline RBOB	Metals		42,000		79,657		4.65
Heating Oil	Meats		42,000		81,455		4.45
Gold	Precious		100		141,370		4.33
Copper	Energy		25		149,850		4.20
Aluminum	Energy		25		44,819		3.43
Live Cattle	Energy		40,000		41,740		3.36
Wheat	Metals		5,000		26,363		3.22
Soybeans	Grains		5,000		46,150		3.15
Natural Gas	Grains		10,000		23,080		2.63
Lean Hogs	Meats		40,000		30,400		2.26
Sugar	Softs		112,000		14,134		1.59
Feeder Cattle	Textiles		50,000		68,425		1.24
Cotton	Meats		50,000		33,040		1.23
Kansas Wheat	Grains		5,000		23,075		1.15
Zinc	Metals		25		62,675		1.09
Nickel	Metals		6		76,056		0.78
Coffee	Softs		37,500		41,044		0.70
Lead	Metals		25		48,275		0.67
Silver	Precious		5,000		76,705		0.42
Cocoa	Softs		10		24,250		0.36

A basket (BAML Commodity Excess Return Strategy Index) of commodities

Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		1,000	$	58,470		25.69	%
Brent	Energy		1,000		64,740		18.35
Corn	Grains		100		59,750		5.68
GasOil	Energy		5,000		21,575		5.39
Copper	Metals		42,000		79,657		4.65
Live Cattle	Meats		42,000		81,455		4.45
Gold	Precious		100		141,370		4.33
Heating Oil	Energy		25		149,850		4.20
Gasoline RBOB	Energy		25		44,819		3.43
Natural Gas	Energy		40,000		41,740		3.36
Aluminum	Metals		5,000		26,363		3.22
Wheat	Grains		5,000		46,150		3.15
Soybeans	Grains		10,000		23,080		2.63
Lean Hogs	Meats		40,000		30,400		2.26
Sugar	Softs		112,000		14,134		1.59
Cotton	Textiles		50,000		68,425		1.24
Feeder Cattle	Meats		50,000		33,040		1.23
Winter Wheat	Grains		5,000		23,075		1.15
Zinc	Metals		25		62,675		1.09
Lead	Metals		6		76,056		0.78
Coffee	Softs		37,500		41,044		0.70
Nickel	Metals		25		48,275		0.67
Silver	Precious		5,000		76,705		0.42
Cocoa	Softs		10		24,250		0.36

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Dividend Rate	Value
Investment Companies(a) – 70.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	165,995,774	2.308%	$	165,995,774
	TOTAL INVESTMENTS – 70.2%
	(Cost $165,995,774)		$	165,995,774
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 29.8%			70,559,192
	NET ASSETS – 100.0%		$	236,554,966

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

Investment Abbreviations:
BA	—Banker Acceptance Rate
BBR	—Bank Bill Reference Rate
BUBOR	—Budapest Interbank Offered Rate
EURIBOR	—Euro Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
LIBOR	—London Interbank Offered Rate
PRIBOR	—Prague Interbank Offered Rate
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
COP	—Colombian Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
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, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	2,852,000	USD	1,964,358		09/18/2019	$	42,677
	BRL	10,080,000	USD	2,623,121		07/02/2019		1,913
	CAD	12,219,000	USD	9,240,790		09/18/2019		91,836
	CHF	683,000	USD	696,573		09/18/2019		8,123
	CLP	530,000,000	USD	762,436		09/23/2019		20,048
	COP	2,508,000,000	USD	763,010		09/18/2019		13,690
	CZK	76,800,000	USD	3,395,358		09/18/2019		39,217
	EUR	10,754,000	USD	12,229,904		09/18/2019		74,834
	GBP	11,000	USD	13,958		09/18/2019		12
	IDR	187,020,000,000	USD	12,920,219		09/18/2019		185,394
	INR	971,000,000	USD	13,862,913		09/18/2019		70,869
	JPY	3,102,276,000	USD	28,888,749		09/18/2019		53,657
	MXN	218,481,000	USD	11,034,242		09/18/2019		238,227

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc. (continued)	NOK	5,600,000	USD	648,580		09/18/2019	$	7,892
	NZD	840,000	USD	553,853		09/18/2019		10,459
	PLN	14,520,000	USD	3,865,621		09/18/2019		23,335
	RUB	611,000,000	USD	9,231,699		09/18/2019		324,751
	SEK	21,239,400	USD	2,266,593		09/18/2019		26,139
	TRY	50,500,000	USD	8,207,208		09/18/2019		513,972
	USD	3,605,244	BRL	13,860,000		08/02/2019		6,435
	USD	3,254,351	EUR	2,846,000		09/18/2019		18,164
	USD	31,324,762	GBP	24,540,250		09/18/2019		94,640
	USD	834,773	HUF	236,000,000		09/18/2019		4,105
	USD	1,899,482	SEK	17,531,000		09/18/2019		11,616
	ZAR	27,000	USD	1,800		09/18/2019		98
TOTAL							$	1,882,103

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	13,860,000	USD	3,615,967		07/02/2019	$	(6,545	)
	BRL	12,760,000	USD	3,323,869		08/02/2019		(10,679	)
	COP	7,700,000,000	USD	2,398,806		09/18/2019		(14,200	)
	EUR	10,663,000	USD	12,164,719		09/18/2019		(39,823	)
	GBP	6,108,000	USD	7,801,764		09/18/2019		(17,499	)
	HUF	228,000,000	USD	803,893		09/18/2019		(1,383	)
	JPY	1,474,000,000	USD	13,731,453		09/18/2019		(59,886	)
	PLN	12,960,000	USD	3,481,498		09/18/2019		(10,364	)
	RUB	67,000,000	USD	1,055,897		09/18/2019		(7,972	)
	USD	18,005,015	AUD	25,753,000		09/18/2019		(118,050	)
	USD	5,925,009	BRL	23,940,000		07/02/2019		(309,447	)
	USD	13,701,136	CAD	18,332,000		09/18/2019		(317,780	)
	USD	2,524,424	CHF	2,485,000		09/18/2019		(33,088	)
	USD	7,543,438	CLP	5,340,000,000		09/23/2019		(340,458	)
	USD	6,966,754	COP	23,386,000,000		09/18/2019		(275,633	)
	USD	11,764,081	CZK	267,233,000		09/18/2019		(200,180	)
	USD	35,677,755	EUR	31,465,000		09/18/2019		(321,404	)
	USD	275,345	GBP	217,000		09/18/2019		(234	)
	USD	10,047,052	HUF	2,844,046,000		09/18/2019		(12,601	)
	USD	418,570	JPY	44,949,000		09/18/2019		(777	)
	USD	14,214,146	KRW	16,740,000,000		09/18/2019		(282,376	)
	USD	3,712,468	MXN	72,250,000		09/18/2019		(51,778	)
	USD	12,991,617	MYR	54,240,000		09/18/2019		(116,166	)
	USD	8,804,766	NOK	76,600,000		09/18/2019		(194,544	)
	USD	8,040,596	NZD	12,120,000		09/18/2019		(112,829	)
	USD	11,134,247	PLN	42,126,000		09/18/2019		(168,764	)
	USD	9,641,053	SEK	90,365,000		09/18/2019		(141,812	)
	USD	4,479,786	TRY	27,120,000		09/18/2019		(9,510	)
	USD	5,902,422	ZAR	88,620,000		09/18/2019		(345,186	)
TOTAL							$	(3,520,968	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		30			08/28/2019	$	4,243,200		$	221,755
Amsterdam Exchange Index		66			07/19/2019		8,419,402			58,576
CAC 40 10 Euro Index		127			07/19/2019		7,990,299			127,760
CBOE Volatility Index		50			07/17/2019		776,250			(87,706	)
Corn		51			09/13/2019		1,088,850			(57,459	)
DAX Index		23			09/20/2019		8,099,676			112,609
DJIA CBOT E-Mini Index		35			09/20/2019		4,653,775			37,728
EURO STOXX 50 Index		167			09/20/2019		6,581,785			185,278
FTSE 100 Index		89			09/20/2019		8,328,853			50,257
FTSE/JSE Top 40 Index		238			09/19/2019		8,859,649			(95,247	)
FTSE/MIB Index		69			09/20/2019		8,299,488			75,810
Hang Seng Index		23			07/30/2019		4,196,366			5,181
IBEX 35 Index		88			07/19/2019		9,178,943			45,376
LME Aluminum Base Metal		93			07/17/2019		4,143,731			67,412
LME Copper Base Metal		52			07/17/2019		7,789,600			45,427
LME Lead Base Metal		72			07/17/2019		3,465,900			159,880
LME Nickel Base Metal		53			07/17/2019		4,019,520			269,191
LME Zinc Base Metal		41			07/17/2019		2,608,625			(179,859	)
LME Zinc Base Metal		2			08/21/2019		125,350			1,195
MSCI Taiwan Index		125			07/30/2019		4,831,250			(19,595	)
NASDAQ 100 E-Mini Index		23			09/20/2019		3,539,125			29,933
OMXS30 Index		430			07/19/2019		7,504,967			57,566
RBOB Gasoline		1			07/31/2019		79,149			8,232
S&P 500 E-Mini Index		335			09/20/2019		49,315,350			341,182
S&P/TSX 60 Index		98			09/19/2019		14,633,210			100,867
SET50 Index		1,241			09/27/2019		9,292,679			43,945
SGX FTSE China A50 Index		325			07/30/2019		4,389,125			(8,876	)
SPI 200 Index		123			09/19/2019		14,159,593			114,738
Wheat		16			09/13/2019		419,200			(20,050	)
Total									$	1,691,106
Short position contracts:
BIST 30 Index		(2,732	)		08/29/2019		(5,903,488	)		(54,055	)
Brent Crude Oil		(9	)		07/31/2019		(577,890	)		(3,798	)
Coffee ‘C’		(37	)		09/18/2019		(1,522,781	)		(90,304	)
Cotton No. 2		(98	)		12/06/2019		(3,235,960	)		(7,369	)
Feeder Cattle		(28	)		08/29/2019		(1,913,800	)		89,486
HSCEI		(55	)		07/30/2019		(3,814,311	)		(2,292	)
KC HRW Wheat		(15	)		09/13/2019		(346,875	)		6,320
KOSPI 200 Index		(86	)		09/11/2019		(5,183,909	)		(144,566	)
Lean Hogs		(10	)		08/14/2019		(305,400	)		(7,895	)
Live Cattle		(48	)		08/30/2019		(2,001,120	)		21,505
LME Aluminum Base Metal		(93	)		07/17/2019		(4,143,731	)		25,749
LME Aluminum Base Metal		(93	)		08/21/2019		(4,168,144	)		(69,688	)
LME Copper Base Metal		(52	)		07/17/2019		(7,789,600	)		(25,348	)
LME Copper Base Metal		(27	)		08/21/2019		(4,045,950	)		(158,689	)
LME Lead Base Metal		(72	)		07/17/2019		(3,465,900	)		(97,820	)
LME Lead Base Metal		(66	)		08/21/2019		(3,186,150	)		(150,306	)
LME Nickel Base Metal		(53	)		07/17/2019		(4,019,520	)		(241,367	)
LME Nickel Base Metal		(42	)		08/21/2019		(3,194,352	)		(235,971	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2019 (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		(41	)		07/17/2019	$	(2,608,625	)	$	12,641
LME Zinc Base Metal		(33	)		08/21/2019		(2,068,275	)		15,072
Low Sulphur Gasoil		(21	)		08/12/2019		(1,236,375	)		(31,526	)
MSCI EAFE E-Mini Index		(87	)		09/20/2019		(8,366,355	)		(246,823	)
MSCI Emerging Markets E-Mini Index		(163	)		09/20/2019		(8,585,210	)		(375,499	)
Natural Gas		(154	)		07/29/2019		(3,562,020	)		(1,605	)
Nikkei 225 Index		(4	)		09/12/2019		(788,758	)		(2,066	)
NY Harbor ULSD		(17	)		07/31/2019		(1,377,520	)		(53,060	)
Russell 2000 E-Mini Index		(196	)		09/20/2019		(15,357,580	)		(234,883	)
Silver		(33	)		09/26/2019		(2,532,750	)		(61,636	)
Soybean		(27	)		11/14/2019		(1,246,050	)		(32,047	)
Sugar No. 11		(131	)		09/30/2019		(1,847,205	)		18,638
TOPIX Index		(3	)		09/12/2019		(431,573	)		(2,693	)
VSTOXX		(701	)		07/17/2019		(1,139,863	)		91,228
WTI Crude Oil		(24	)		07/22/2019		(1,391,760	)		(70,700	)
Total									$	(2,121,367	)
Total Futures Contracts									$	(430,261	)

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date		Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR(b)	1.000%		09/18/2020	AUD	365,650	$	21,713		$	(1,701,679	)	$	1,723,392
3 Month BA(c)	1.750		09/18/2020	CAD	268,560		(195,202	)		(282,658	)		87,456
6 Month LIBOR(d)	0.000		09/18/2020	CHF	439,880		3,647,710			947,781			2,699,929
6 Month EURIBOR(c)	0.000		09/18/2020	EUR	605,910		2,752,584			2,063,955			688,629
6 Month LIBOR(c)	1.000		09/18/2020	GBP	522,140		1,014,325			971,693			42,632
3 Month STIBOR(b)	0.000		09/18/2020	SEK	262,740		26,119			27,951			(1,832	)
3 Month LIBOR(b)	1.750		09/18/2020	USD	962,980		(931,982	)		(1,173,535	)		241,553
0.000%(d)	6 Month EURIBOR		09/18/2021	EUR	177,050		(1,593,144	)		(1,134,497	)		(458,647	)
1.000(c)	6 Month LIBOR		09/18/2021	GBP	157,850		(654,408	)		(654,003	)		(405	)
3 Month LIBOR(b)	1.750		09/18/2021	USD	201,140		151,992			476,258			(324,266	)
6 Month PRIBOR(c)	2.000		09/18/2024	CZK	640,870		509,359			137,392			371,967
6 Month BUBOR(c)	2.000		09/18/2024	HUF	5,487,960		708,964			(280,986	)		989,950
1 Month TIIE(e)	8.000		09/18/2024	MXN	356,350		597,530			62,927			534,603
6 Month WIBOR(c)	2.250		09/18/2024	PLN	119,180		558,635			(471,131	)		1,029,766
3 Month JIBAR(b)	7.750		09/18/2024	ZAR	456,860		921,985			(670,777	)		1,592,762
3 Month BA(c)	2.000		09/18/2029	CAD	24,790		263,638			(843,828	)		1,107,466
6 Month LIBOR(c)	0.000		09/18/2029	CHF	22,500		470,843			(642,921	)		1,113,764
6 Month EURIBOR(c)	0.500		09/18/2029	EUR	80,400		2,763,983			1,548,221			1,215,762
6 Month LIBOR(c)	1.000		09/18/2029	GBP	103,800		(761,125	)		(1,052,442	)		291,317
3 Month STIBOR(b)	0.750		09/18/2029	SEK	218,270		427,388			(644,360	)		1,071,748
3 Month LIBOR(b)	2.000		09/18/2029	USD	79,580		293,680			(380,485	)		674,165
1.000(d)	6 Month EURIBOR		09/18/2049	EUR	8,900		(769,506	)		(372,525	)		(396,981	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.250(c)		6 Month LIBOR		09/18/2049	GBP	19,610	$	(38,263	)	$	1,023		$	(39,286	)
2.250(c)		3 Month LIBOR		09/18/2049	USD	44,360		(356,963	)		(412,394	)		55,431
TOTAL							$	9,829,855		$	(4,481,020	)	$	14,310,875

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent on June 30, 2019.

(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. 75

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Assets and Liabilities^(a)

June 30, 2019 (Unaudited)

	Absolute Return Tracker Fund		Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
Assets:
Investments in unaffiliated issuers, at value (cost $945,877,152, $0, $75,851,845 and $0)(b)	$	1,055,578,495	$	—		$	76,451,945		$	—
Investments in affiliated issuers, at value (cost $1,758,798,801, $64,724,963, $207,974,770 and $165,995,774)		1,758,798,801		64,724,963			208,214,770			165,995,774
Investments in affiliated securities lending reinvestment vehicle, at value (cost $18,086,061, $0, $0 and $0)		18,086,061		—			—			—
Purchased Options, at value (premiums paid $0, $316,270, $0 and $0)		—		203,745			—			—
Cash		47,334,543		1,357,521			18,984,547			13,376,426
Foreign currencies, at value (cost $8,836,475, $564,606, $0 and $16,195,000)		8,857,898		572,758			—			16,507,565
Receivables:
Collateral on certain derivative contracts(c)		106,388,590		10,658,862			8,402,416			43,740,721
Fund shares sold		6,972,341		60,000			358,479			436,388
Dividends and interest		4,184,424		120,923			538,198			312,569
Investments sold		3,271,746		113,521			2,408,109			—
Foreign tax reclaims		69,232		244,896			—			—
Reimbursement from investment adviser		59,349		36,624			25,142			1,125
Securities lending income		23,518		—			—			—
Due from broker		—		1,208,316			13,092,394			—
Variation margin on swaps		1,189,313		11,374			—			35,189
Unrealized gain on forward foreign currency exchange contracts		829,122		2,025,841			—			1,882,103
Unrealized gain on swap contracts		812,261		819,507			—			—
Variation margin on futures		55,760		—			42,205			—
Other assets		123,834		38,975			62,513			67,433
Total assets		3,012,635,288		82,197,826			328,580,718			242,355,293
Liabilities:
Written options, at value (premiums received $6,349,405, $1,023,855, $0 and $0)		3,464,107		835,150			—			—
Unrealized loss on swap contracts		1,571,876		543,095			68,563			—
Unrealized loss on forward foreign currency exchange contracts		1,540,102		1,591,793			—			3,520,968
Variation margin on futures		—		457,591			—			1,453,669
Variation margin on swaps		—		—			954			—
Payables:
Payable upon return of securities loaned		18,086,061		—			—			—
Fund shares redeemed		3,856,548		162,429			981,385			146,347
Management fees		1,372,375		42,898			109,563			172,794
Collateral on certain derivative contracts(c)		870,000		300,000			2,670,000			—
Distribution and Service fees and Transfer Agency fees		177,839		11,836			20,778			25,238
Investments purchased		69,199		124,837			5,224,503			236,661
Accrued expenses		389,089		284,438			264,480			244,650
Total liabilities		31,397,196		4,354,067			9,340,226			5,800,327
Net Assets:
Paid-in capital		2,870,396,479		78,596,358			330,927,140			218,591,916
Total distributable earnings (loss)		110,841,613		(752,599	)		(11,686,648	)		17,963,050
NET ASSETS	$	2,981,238,092	$	77,843,759		$	319,240,492		$	236,554,966
Net Assets:
Class A	$	89,021,072	$	8,618,651		$	25,313,172		$	9,310,149
Class C		17,426,743		5,751,256			2,541,289			3,164,386
Institutional		2,374,317,330		9,488,517			194,398,311			64,600,633
Investor		299,767,551		8,913,499			7,813,888			104,574,015
Class P		191,646,067		13,350			3,559,782			273,373
Class R		2,280,893		174,152			2,346,542			567,057
Class R6		6,778,436		44,884,334			83,267,508			54,065,353
Total Net Assets	$	2,981,238,092	$	77,843,759		$	319,240,492		$	236,554,966
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		9,404,091		1,083,513			2,340,463			884,465
Class C		2,004,896		782,062			247,502			316,857
Institutional		243,101,710		1,162,498			17,804,941			5,976,382
Investor		30,998,413		1,102,313			714,962			9,769,791
Class P		19,632,124		1,637			325,658			25,303
Class R		247,736		22,391			220,498			54,834
Class R6		694,783		5,514,125			7,611,501			4,999,352
Net asset value, offering and redemption price per share:(d)
Class A		$9.47		$7.95			$10.82			$10.53
Class C		8.69		7.35			10.27			9.99
Institutional		9.77		8.16			10.92			10.81
Investor		9.67		8.09			10.93			10.70
Class P		9.76		8.15			10.93			10.80
Class R		9.21		7.78			10.64			10.34
Class R6		9.76		8.14			10.94			10.81

(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 $17,610,378 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	$	—		$	33,154,534	$	53,703,385	$	18,660,671
Alternative Premia		(300,000	)		5,552,813		4,278,720		827,329
Commodity Strategy		—			—		—		5,732,416
Managed Futures Strategy		10,540,000			14,900,042		—		18,300,679

(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 $10.02, $8.41, $11.33 and $11.14, 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.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Operations^(a)

For the Six Months Ended June 30, 2019 (Unaudited)

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
Investment income:
Dividends — affiliated issuers	$	20,920,412		$	861,001		$	2,556,773		$	2,024,677
Dividends — unaffiliated issuers (net of foreign taxes withheld of $230,208, $0, $0 and $0)		9,584,350			42,789			—			—
Securities lending income — affiliated issuer		117,290			—			—			—
Interest		—			—			1,035,066			26,801
Total investment income		30,622,052			903,790			3,591,839			2,051,478
Expenses:
Management fees		9,140,486			360,953			870,206			1,157,080
Transfer Agency fees(b)		820,589			33,654			85,313			123,083
Distribution and Service fees(b)		198,583			48,695			53,320			27,536
Custody, accounting and administrative services		192,841			73,468			69,678			52,690
Registration fees		128,178			58,883			58,308			58,641
Printing and mailing costs		116,711			19,738			63,064			34,782
Professional fees		78,728			105,689			73,886			76,132
Trustee fees		10,272			8,017			8,262			8,157
Other		27,176			7,261			10,655			8,642
Total expenses		10,713,564			716,358			1,292,692			1,546,743
Less — expense reductions		(1,887,126	)		(296,744	)		(373,606	)		(167,953	)
Net expenses		8,826,438			419,614			919,086			1,378,790
NET INVESTMENT INCOME		21,795,614			484,176			2,672,753			672,688
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(6,951,794	)		—			424,406			—
Futures contracts		12,829,321			(509,599	)		(2,690,940	)		(9,924,603	)
Purchased options		—			(928,918	)		(12,174	)		—
Swap contracts		6,208,205			(2,109,923	)		36,521,051			13,325,580
Forward foreign currency exchange contracts		(1,521,062	)		1,051,403			—			(140,887	)
Foreign currency transactions		1,851,016			138,270			—			259,557
Written options		8,781,913			540,990			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		141,772,573			—			2,123,308			—
Investments — affiliated issuers		—			—			232,500			—
Futures contracts		(1,241,136	)		1,130,243			700,709			(1,637,344	)
Purchased options		—			(232,586	)		—			—
Swap contracts		7,569,047			230,767			(66,953	)		10,273,935
Forward foreign currency exchange contracts		107,486			812,465			—			(1,949,320	)
Foreign currency translation		(370,732	)		(18,063	)		—			(234,418	)
Written options		6,867,927			815,746			—			—
Net realized and unrealized gain		175,902,764			920,795			37,231,907			9,972,500
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	197,698,378		$	1,404,971		$	39,904,660		$	10,645,188

(a) Statements 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		Class R		Class R6
Absolute Return Tracker	$	97,545	$	95,678	$	5,360	$	70,232	$	17,222	$	454,177	$	249,335	$	26,721	$	1,930	$	972
Alternative Premia		10,867		37,521		307		7,824		6,754		3,312		8,266		2		111		7,385
Commodity Strategy		33,652		13,532		6,136		17,499		1,759		45,051		7,653		530		1,596		11,225
Managed Futures Strategy		10,911		15,187		1,438		7,855		2,734		12,949		91,092		62		518		7,873

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a)

	Absolute Return Tracker Fund						Alternative Premia Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	21,795,614		$	25,409,863		$	484,176		$	664,878
Net realized gain (loss)		21,197,599			(12,106,374	)		(1,817,777	)		(8,127,438	)
Net change in unrealized gain (loss)		154,705,165			(96,453,469	)		2,738,572			(749,479	)
Net increase (decrease) in net assets resulting from operations		197,698,378			(83,149,980	)		1,404,971			(8,212,039	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(1,511,937	)		—			(478,739	)
Class C Shares		—			(365,221	)		—			(503,059	)
Institutional Shares		—			(57,165,461	)		—			(601,357	)
Investor Shares		—			(6,496,428	)		—			(488,889	)
Class P Shares(b)		—			(4,257,351	)		—			(685	)
Class R Shares		—			(44,609	)		—			(677	)
Class R6 Shares		—			(164,520	)		—			(2,753,859	)
Total distributions to shareholders		—			(70,005,527	)		—			(4,827,265	)
From share transactions:
Proceeds from sales of shares		880,746,530			2,260,230,175			6,950,195			151,588,154
Reinvestment of distributions		—			54,104,738			—			4,797,057
Cost of shares redeemed		(726,338,130	)		(1,206,677,070	)		(40,464,629	)		(189,468,347	)
Net increase (decrease) in net assets resulting from share transactions		154,408,400			1,107,657,843			(33,514,434	)		(33,083,136	)
TOTAL INCREASE (DECREASE)		352,106,778			954,502,336			(32,109,463	)		(46,122,440	)
Net Assets:
Beginning of period		2,629,131,314			1,674,628,978			109,953,222			156,075,662
End of period	$	2,981,238,092		$	2,629,131,314		$	77,843,759		$	109,953,222

(a) Statements of Changes in Net Assets for the Absolute Return Tracker and Alternative Premia Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd. and Cayman Commodity-AP, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on April 17, 2018.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a) (continued)

	Commodity Strategy Fund						Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,672,753		$	4,659,489		$	672,688		$	293,847
Net realized gain (loss)		34,242,343			(60,883,660	)		3,519,647			(2,406,572	)
Net change in unrealized gain (loss)		2,989,564			(2,958,090	)		6,452,853			(4,658,647	)
Net increase (decrease) in net assets resulting from operations		39,904,660			(59,182,261	)		10,645,188			(6,771,372	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(146,965	)		(304,997	)		—			(11,658	)
Class C Shares		(6,266	)		(5,522	)		—			(5,457	)
Institutional Shares		(1,436,282	)		(3,852,136	)		—			(120,745	)
Investor Shares		(52,109	)		(103,250	)		—			(159,539	)
Class P Shares(b)		(26,429	)		(66,814	)		—			(662	)
Class R Shares		(11,381	)		(17,262	)		—			(935	)
Class R6 Shares(c)		(619,063	)		(15,225	)		—			(83,342	)
Total distributions to shareholders		(2,298,495	)		(4,365,206	)		—			(382,338	)
From share transactions:
Proceeds from sales of shares		148,407,199			199,564,222			58,840,905			184,855,172
Reinvestment of distributions		1,732,849			3,162,715			—			381,904
Cost of shares redeemed		(169,421,903	)		(214,478,490	)		(85,314,604	)		(207,886,873	)
Net decrease in net assets resulting from share transactions		(19,281,855	)		(11,751,553	)		(26,473,699	)		(22,649,797	)
TOTAL INCREASE (DECREASE)		18,324,310			(75,299,020	)		(15,828,511	)		(29,803,507	)
Net Assets:
Beginning of period		300,916,182			376,215,202			252,383,477			282,186,984
End of period	$	319,240,492		$	300,916,182		$	236,554,966		$	252,383,477

(a) Statements of Changes in Net Assets for the 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) Commenced operations on April 17, 2018.

(c) Commenced operations on April 30, 2018 for Managed Futures Strategy Fund.

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

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, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.84		$	9.31		$	9.02		$	8.67		$	9.01		$	9.12
Net investment income (loss)(a)		0.05			0.07			—	(b)		(0.04	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss)		0.58			(0.33	)		0.62			0.43			(0.15	)		0.33
Total from investment operations		0.63			(0.26	)		0.62			0.39			(0.22	)		0.24
Distributions to shareholders from net investment income		—			(0.07	)		—			—			(0.02	)		—
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Total distributions		—			(0.21	)		(0.33	)		(0.04	)		(0.12	)		(0.35	)
Net asset value, end of period	$	9.47		$	8.84		$	9.31		$	9.02		$	8.67		$	9.01
Total return(c)		7.13	%		(2.80	)%		6.93	%		4.45	%		(2.45	)%		2.61	%
Net assets, end of period (in 000s)	$	89,021		$	65,635		$	52,427		$	38,886		$	45,207		$	64,120
Ratio of net expenses to average net assets		0.98	%(d)		1.00	%		1.03	%		1.03	%		1.04	%		1.05	%
Ratio of total expenses to average net assets		1.11	%(d)		1.26	%		1.61	%		1.66	%		1.60	%		1.59	%
Ratio of net investment income (loss) to average net assets		1.18	%(d)		0.73	%		(0.04	)%		(0.43	)%		(0.74	)%		(0.96	)%
Portfolio turnover rate(e)		66	%		137	%		76	%		130	%		213	%		134	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.14		$	8.61		$	8.43		$	8.17		$	8.54		$	8.72
Net investment income (loss)(a)		0.02			—	(b)		(0.07	)		(0.10	)		(0.13	)		(0.15	)
Net realized and unrealized gain (loss)		0.53			(0.31	)		0.58			0.40			(0.14	)		0.32
Total from investment operations		0.55			(0.31	)		0.51			0.30			(0.27	)		0.17
Distributions to shareholders from net investment income		—			(0.02	)		—			—			—			—
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Total distributions		—			(0.16	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Net asset value, end of period	$	8.69		$	8.14		$	8.61		$	8.43		$	8.17		$	8.54
Total return(c)		6.76	%		(3.60	)%		6.10	%		3.62	%		(3.20	)%		1.92	%
Net assets, end of period (in 000s)	$	17,427		$	18,985		$	13,718		$	13,490		$	18,329		$	28,736
Ratio of net expenses to average net assets		1.73	%(d)		1.75	%		1.78	%		1.78	%		1.79	%		1.80	%
Ratio of total expenses to average net assets		1.86	%(d)		2.00	%		2.36	%		2.41	%		2.35	%		2.34	%
Ratio of net investment income (loss) to average net assets		0.42	%(d)		—	%(e)		(0.81	)%		(1.18	)%		(1.51	)%		(1.69	)%
Portfolio turnover rate(f)		66	%		137	%		76	%		130	%		213	%		134	%

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

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

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

(d) Annualized.

(e) Amount is less than 0.005%.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.10		$	9.58		$	9.23		$	8.86		$	9.22		$	9.32
Net investment income (loss)(a)		0.07			0.11			0.03			—	(b)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		0.60			(0.35	)		0.65			0.43			(0.17	)		0.34
Total from investment operations		0.67			(0.24	)		0.68			0.43			(0.20	)		0.29
Distributions to shareholders from net investment income		—			(0.10	)		—	(b)		(0.02	)		(0.06	)		(0.04	)
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Total distributions		—			(0.24	)		(0.33	)		(0.06	)		(0.16	)		(0.39	)
Net asset value, end of period	$	9.77		$	9.10		$	9.58		$	9.23		$	8.86		$	9.22
Total return(c)		7.36	%		(2.47	)%		7.46	%		4.82	%		(2.18	)%		3.09	%
Net assets, end of period (in 000s)	$	2,374,315		$	2,129,116		$	1,510,457		$	970,838		$	1,111,353		$	1,874,703
Ratio of net expenses to average net assets		0.59	%(d)		0.61	%		0.64	%		0.62	%		0.64	%		0.65	%
Ratio of total expenses to average net assets		0.72	%(d)		0.88	%		1.21	%		1.24	%		1.20	%		1.19	%
Ratio of net investment income (loss) to average net assets		1.52	%(d)		1.13	%		0.36	%		(0.02	)%		(0.36	)%		(0.54	)%
Portfolio turnover rate(e)		66	%		137	%		76	%		130	%		213	%		134	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.02		$	9.50		$	9.17		$	8.80		$	9.15		$	9.24
Net investment income (loss)(b)		0.08			0.10			0.03			(0.01	)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss)		0.57			(0.35	)		0.63			0.43			(0.16	)		0.34
Total from investment operations		0.65			(0.25	)		0.66			0.42			(0.20	)		0.27
Distributions to shareholders from net investment income		—			(0.09	)		—			(0.01	)		(0.05	)		(0.01	)
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Total distributions		—			(0.23	)		(0.33	)		(0.05	)		(0.15	)		(0.36	)
Net asset value, end of period	$	9.67		$	9.02		$	9.50		$	9.17		$	8.80		$	9.15
Total return(c)		7.21	%		(2.58	)%		7.25	%		4.75	%		(2.23	)%		2.85	%
Net assets, end of period (in 000s)	$	299,767		$	254,436		$	93,650		$	13,245		$	6,755		$	8,046
Ratio of net expenses to average net assets		0.73	%(d)		0.75	%		0.78	%		0.78	%		0.79	%		0.81	%
Ratio of total expenses to average net assets		0.86	%(d)		0.98	%		1.35	%		1.42	%		1.35	%		1.34	%
Ratio of net investment income (loss) to average net assets		1.81	%(d)		1.08	%		0.28	%		(0.13	)%		(0.49	)%		(0.73	)%
Portfolio turnover rate(e)		66	%		137	%		76	%		130	%		213	%		134	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.09		$	9.64
Net investment income(a)		0.07			0.10
Net realized and unrealized gain (loss)		0.60			(0.41	)
Total from investment operations		0.67			(0.31	)
Distributions to shareholders from net investment income		—			(0.10	)
Distributions to shareholders from net realized gains		—			(0.14	)
Total distributions		—			(0.24	)
Net asset value, end of period	$	9.76		$	9.09
Total return(b)		7.37	%		(3.17	)%
Net assets, end of period (in 000s)	$	191,646		$	152,975
Ratio of net expenses to average net assets		0.58	%(c)		0.59	%(c)
Ratio of total expenses to average net assets		0.71	%(c)		0.74	%(c)
Ratio of net investment income to average net assets		1.58	%(c)		1.41	%(c)
Portfolio turnover rate(d)		66	%		137	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.61		$	9.08		$	8.82		$	8.50		$	8.85		$	8.98
Net investment income (loss)(a)		0.04			0.04			(0.03	)		(0.06	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss)		0.56			(0.33	)		0.62			0.42			(0.15	)		0.33
Total from investment operations		0.60			(0.29	)		0.59			0.36			(0.24	)		0.22
Distributions to shareholders from net investment income		—			(0.04	)		—			—			(0.01	)		—
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)		(0.35	)
Total distributions		—			(0.18	)		(0.33	)		(0.04	)		(0.11	)		(0.35	)
Net asset value, end of period	$	9.21		$	8.61		$	9.08		$	8.82		$	8.50		$	8.85
Total return(b)		6.97	%		(3.13	)%		6.74	%		4.19	%		(2.71	)%		2.42	%
Net assets, end of period (in 000s)	$	2,281		$	1,954		$	2,150		$	2,197		$	2,019		$	2,299
Ratio of net expenses to average net assets		1.23	%(c)		1.25	%		1.28	%		1.28	%		1.29	%		1.30	%
Ratio of total expenses to average net assets		1.36	%(c)		1.53	%		1.86	%		1.91	%		1.85	%		1.84	%
Ratio of net investment income (loss) to average net assets		0.93	%(c)		0.45	%		(0.31	)%		(0.66	)%		(0.97	)%		(1.19	)%
Portfolio turnover rate(d)		66	%		137	%		76	%		130	%		213	%		134	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the Period July 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.09		$	9.57		$	9.23		$	8.86		$	9.30
Net investment income (loss)(a)		0.07			0.12			0.04			—	(b)		(0.01	)
Net realized and unrealized gain (loss)		0.60			(0.36	)		0.63			0.43			(0.26	)
Total from investment operations		0.67			(0.24	)		0.67			0.43			(0.27	)
Distributions to shareholders from net investment income		—			(0.10	)		—	(b)		(0.02	)		(0.07	)
Distributions to shareholders from net realized gains		—			(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.24	)		(0.33	)		(0.06	)		(0.17	)
Net asset value, end of period	$	9.76		$	9.09		$	9.57		$	9.23		$	8.86
Total return(c)		7.37	%		(2.46	)%		7.36	%		4.85	%		(2.98	)%
Net assets, end of period (in 000s)	$	6,778		$	6,030		$	2,226		$	27		$	10
Ratio of net expenses to average net assets		0.58	%(d)		0.60	%		0.62	%		0.64	%		0.64	%(d)
Ratio of total expenses to average net assets		0.71	%(d)		0.84	%		1.19	%		1.24	%		1.21	%(d)
Ratio of net investment income (loss) to average net assets		1.58	%(d)		1.20	%		0.39	%		0.01	%		(0.22	)%(d)
Portfolio turnover rate(e)		66	%		137	%		76	%		130	%		213	%

 * Commencement of operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.92		$	8.91		$	10.01		$	9.45		$	10.49		$	10.89
Net investment income (loss)(a)		0.03			0.03			(0.01	)		(0.01	)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss)		—			(0.58	)		1.40			0.57			(0.71	)		0.32
Total from investment operations		0.03			(0.55	)		1.39			0.56			(0.75	)		0.24
Distributions to shareholders from net investment income		—			—			(0.17	)		—			(0.01	)		(0.05	)
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)		(0.59	)
Total distributions		—			(0.44	)		(2.49	)		—			(0.29	)		(0.64	)
Net asset value, end of period	$	7.95		$	7.92		$	8.91		$	10.01		$	9.45		$	10.49
Total return(b)		0.38	%		(6.18	)%		14.17	%		5.91	%		(7.17	)%		2.19	%
Net assets, end of period (in 000s)	$	8,619		$	9,166		$	13,886		$	27,566		$	43,167		$	78,100
Ratio of net expenses to average net assets		1.16	%(c)		1.13	%		1.12	%		1.15	%		1.13	%		1.23	%
Ratio of total expenses to average net assets		1.83	%(c)		1.64	%		1.51	%		1.45	%		1.43	%		1.42	%
Ratio of net investment income (loss) to average net assets		0.81	%(c)		0.34	%		(0.10	)%		(0.13	)%		(0.39	)%		(0.70	)%
Portfolio turnover rate(d)		—	%		—	%		349	%		272	%		241	%		211	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.35		$	8.36		$	9.55		$	9.08		$	10.15		$	10.60
Net investment income (loss)(a)		—	(b)		(0.03	)		(0.08	)		(0.08	)		(0.11	)		(0.15	)
Net realized and unrealized gain (loss)		—			(0.54	)		1.32			0.55			(0.68	)		0.29
Total from investment operations		—	(b)		(0.57	)		1.24			0.47			(0.79	)		0.14
Distributions to shareholders from net investment income		—			—			(0.11	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)		(0.59	)
Total distributions		—			(0.44	)		(2.43	)		—			(0.28	)		(0.59	)
Net asset value, end of period	$	7.35		$	7.35		$	8.36		$	9.55		$	9.08		$	10.15
Total return(c)		0.00	%		(6.93	)%		13.37	%		5.16	%		(7.82	)%		1.29	%
Net assets, end of period (in 000s)	$	5,751		$	8,547		$	15,239		$	20,123		$	27,914		$	41,299
Ratio of net expenses to average net assets		1.92	%(d)		1.88	%		1.87	%		1.90	%		1.88	%		1.97	%
Ratio of total expenses to average net assets		2.57	%(d)		2.39	%		2.27	%		2.20	%		2.18	%		2.17	%
Ratio of net investment income (loss) to average net assets		0.05	%(d)		(0.41	)%		(0.84	)%		(0.88	)%		(1.14	)%		(1.42	)%
Portfolio turnover rate(e)		—	%		—	%		349	%		272	%		241	%		211	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.11		$	9.07		$	10.15		$	9.54		$	10.61		$	11.02
Net investment income (loss)(a)		0.05			0.05			0.04			0.03			—	(b)		(0.03	)
Net realized and unrealized gain (loss)		—			(0.57	)		1.41			0.58			(0.72	)		0.32
Total from investment operations		0.05			(0.52	)		1.45			0.61			(0.72	)		0.29
Distributions to shareholders from net investment income		—			—			(0.21	)		—			(0.07	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)		(0.59	)
Total distributions		—			(0.44	)		(2.53	)		—			(0.35	)		(0.70	)
Net asset value, end of period	$	8.16		$	8.11		$	9.07		$	10.15		$	9.54		$	10.61
Total return(c)		0.62	%		(5.74	)%		14.59	%		6.38	%		(6.84	)%		2.61	%
Net assets, end of period (in 000s)	$	9,489		$	32,924		$	114,953		$	468,924		$	510,789		$	645,286
Ratio of net expenses to average net assets		0.79	%(d)		0.73	%		0.73	%		0.75	%		0.73	%		0.81	%
Ratio of total expenses to average net assets		1.39	%(d)		1.27	%		1.09	%		1.05	%		1.03	%		1.02	%
Ratio of net investment income (loss) to average net assets		1.22	%(d)		0.52	%		0.36	%		0.27	%		—	%(e)		(0.25	)%
Portfolio turnover rate(f)		—	%		—	%		349	%		272	%		241	%		211	%

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

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

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

(d) Annualized.

(e) Amount is less than 0.005%.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.04		$	9.02		$	10.11		$	9.52		$	10.57		$	10.99
Net investment income (loss)(b)		0.04			0.05			0.02			0.01			(0.01	)		(0.05	)
Net realized and unrealized gain (loss)		0.01			(0.59	)		1.41			0.58			(0.72	)		0.31
Total from investment operations		0.05			(0.54	)		1.43			0.59			(0.73	)		0.26
Distributions to shareholders from net investment income		—			—			(0.20	)		—			(0.04	)		(0.09	)
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)		(0.59	)
Total distributions		—			(0.44	)		(2.52	)		—			(0.32	)		(0.68	)
Net asset value, end of period	$	8.09		$	8.04		$	9.02		$	10.11		$	9.52		$	10.57
Total return(c)		0.62	%		(5.99	)%		14.47	%		6.18	%		(6.90	)%		2.33	%
Net assets, end of period (in 000s)	$	8,913		$	9,092		$	8,910		$	5,733		$	9,933		$	26,862
Ratio of net expenses to average net assets		0.91	%(d)		0.88	%		0.86	%		0.90	%		0.88	%		0.97	%
Ratio of total expenses to average net assets		1.58	%(d)		1.39	%		1.28	%		1.20	%		1.18	%		1.17	%
Ratio of net investment income (loss) to average net assets		1.06	%(d)		0.61	%		0.20	%		0.10	%		(0.14	)%		(0.43	)%
Portfolio turnover rate(e)		—	%		—	%		349	%		272	%		241	%		211	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.10		$	8.85
Net investment income(a)		0.05			0.05
Net realized and unrealized loss		—			(0.36	)
Total from investment operations		0.05			(0.31	)
Distributions to shareholders from net realized gains		—			(0.44	)
Net asset value, end of period	$	8.15		$	8.10
Total return(b)		0.62	%		(3.51	)%
Net assets, end of period (in 000s)	$	13		$	13
Ratio of net expenses to average net assets		0.76	%(c)		0.77	%(c)
Ratio of total expenses to average net assets		1.42	%(c)		1.36	%(c)
Ratio of net investment income to average net assets		1.21	%(c)		0.83	%(c)
Portfolio turnover rate(d)		—	%		—	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.75		$	8.75		$	9.89		$	9.36		$	10.40		$	10.83
Net investment income (loss)(a)		0.02			0.01			(0.03	)		(0.04	)		(0.05	)		(0.10	)
Net realized and unrealized gain (loss)		0.01			(0.57	)		1.37			0.57			(0.71	)		0.30
Total from investment operations		0.03			(0.56	)		1.34			0.53			(0.76	)		0.20
Distributions to shareholders from net investment income		—			—			(0.16	)		—			—			(0.04	)
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)		(0.59	)
Total distributions		—			(0.44	)		(2.48	)		—			(0.28	)		(0.63	)
Net asset value, end of period	$	7.78		$	7.75		$	8.75		$	9.89		$	9.36		$	10.40
Total return(b)		0.39	%		(6.40	)%		13.89	%		5.65	%		(7.35	)%		1.85	%
Net assets, end of period (in 000s)	$	174		$	13		$	13		$	12		$	11		$	12
Ratio of net expenses to average net assets		1.40	%(c)		1.38	%		1.36	%		1.40	%		1.33	%		1.49	%
Ratio of total expenses to average net assets		2.11	%(c)		1.88	%		1.77	%		1.71	%		1.65	%		1.62	%
Ratio of net investment income (loss) to average net assets		0.54	%(c)		0.11	%		(0.33	)%		(0.39	)%		(0.49	)%		(0.92	)%
Portfolio turnover rate(d)		—	%		—	%		349	%		272	%		241	%		211	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the Period July 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.09		$	9.05		$	10.15		$	9.54		$	10.46
Net investment income (loss)(a)		0.05			0.07			0.02			0.02			(0.01	)
Net realized and unrealized gain (loss)		—			(0.59	)		1.42			0.59			(0.56	)
Total from investment operations		0.05			(0.52	)		1.44			0.61			(0.57	)
Distributions to shareholders from net investment income		—			—			(0.22	)		—			(0.07	)
Distributions to shareholders from net realized gains		—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			(0.44	)		(2.54	)		—			(0.35	)
Net asset value, end of period	$	8.14		$	8.09		$	9.05		$	10.15		$	9.54
Total return(b)		0.62	%		(5.75	)%		14.48	%		6.38	%		(5.48	)%
Net assets, end of period (in 000s)	$	44,884		$	50,199		$	3,074		$	10		$	9
Ratio of net expenses to average net assets		0.77	%(c)		0.72	%		0.72	%		0.77	%		0.77	%(c)
Ratio of total expenses to average net assets		1.43	%(c)		1.24	%		1.27	%		1.02	%		0.97	%(c)
Ratio of net investment income (loss) to average net assets		1.21	%(c)		0.82	%		0.22	%		0.24	%		(0.21	)%(c)
Portfolio turnover rate(d)		—	%		—	%		349	%		272	%		241	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.66		$	11.49		$	11.68		$	10.49		$	15.58		$	22.54
Net investment income (loss)(a)		0.07			0.10			0.02			0.02			(0.03	)		(0.13	)
Net realized and unrealized gain (loss)		1.15			(1.84	)		0.43			1.23			(5.04	)		(6.83	)
Total from investment operations		1.22			(1.74	)		0.45			1.25			(5.07	)		(6.96	)
Distributions to shareholders from net investment income		(0.06	)		(0.09	)		(0.52	)		(0.06	)		(0.02	)		—
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—			—
Total distributions		(0.06	)		(0.09	)		(0.64	)		(0.06	)		(0.02	)		—
Net asset value, end of period	$	10.82		$	9.66		$	11.49		$	11.68		$	10.49		$	15.58
Total return(b)		12.76	%		(15.17	)%		3.95	%		11.91	%		(32.43	)%		(31.03	)%
Net assets, end of period (in 000s)	$	25,313		$	25,351		$	46,809		$	60,944		$	58,901		$	85,200
Ratio of net expenses to average net assets		0.83	%(c)		0.84	%		0.86	%		0.90	%		0.85	%		0.88	%
Ratio of total expenses to average net assets		1.04	%(c)		1.01	%		1.01	%		1.07	%		0.97	%		0.95	%
Ratio of net investment income (loss) to average net assets		1.23	%(c)		0.88	%		0.16	%		0.19	%		(0.21	)%		(0.59	)%
Portfolio turnover rate(d)		28	%		46	%		89	%		145	%		506	%		234	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.17		$	10.92		$	11.15		$	10.04		$	14.99		$	21.85
Net investment income (loss)(a)		0.02			0.02			(0.07	)		(0.06	)		(0.13	)		(0.26	)
Net realized and unrealized gain (loss)		1.11			(1.75	)		0.42			1.17			(4.82	)		(6.60	)
Total from investment operations		1.13			(1.73	)		0.35			1.11			(4.95	)		(6.86	)
Distributions to shareholders from net investment income		(0.03	)		(0.02	)		(0.46	)		—			—			—
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—			—
Total distributions		(0.03	)		(0.02	)		(0.58	)		—			—			—
Net asset value, end of period	$	10.27		$	9.17		$	10.92		$	11.15		$	10.04		$	14.99
Total return(b)		12.38	%		(15.84	)%		3.16	%		11.02	%		(32.95	)%		(31.32	)%
Net assets, end of period (in 000s)	$	2,541		$	2,472		$	2,949		$	3,858		$	4,578		$	8,149
Ratio of net expenses to average net assets		1.58	%(c)		1.59	%		1.61	%		1.65	%		1.60	%		1.62	%
Ratio of total expenses to average net assets		1.79	%(c)		1.76	%		1.76	%		1.82	%		1.72	%		1.71	%
Ratio of net investment income (loss) to average net assets		0.49	%(c)		0.14	%		(0.68	)%		(0.56	)%		(0.97	)%		(1.27	)%
Portfolio turnover rate(d)		28	%		46	%		89	%		145	%		506	%		234	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.74		$	11.61		$	11.80		$	10.59		$	15.72		$	22.69
Net investment income (loss)(a)		0.09			0.15			0.09			0.06			0.02			(0.04	)
Net realized and unrealized gain (loss)		1.17			(1.88	)		0.40			1.25			(5.10	)		(6.91	)
Total from investment operations		1.26			(1.73	)		0.49			1.31			(5.08	)		(6.95	)
Distributions to shareholders from net investment income		(0.08	)		(0.14	)		(0.56	)		(0.10	)		(0.05	)		(0.02	)
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—			—
Total distributions		(0.08	)		(0.14	)		(0.68	)		(0.10	)		(0.05	)		(0.02	)
Net asset value, end of period	$	10.92		$	9.74		$	11.61		$	11.80		$	10.59		$	15.72
Total return(b)		12.92	%		(14.89	)%		4.28	%		12.32	%		(32.38	)%		(30.62	)%
Net assets, end of period (in 000s)	$	194,398		$	259,239		$	314,888		$	326,270		$	544,699		$	764,809
Ratio of net expenses to average net assets		0.49	%(c)		0.50	%		0.52	%		0.56	%		0.51	%		0.53	%
Ratio of total expenses to average net assets		0.70	%(c)		0.66	%		0.66	%		0.72	%		0.63	%		0.62	%
Ratio of net investment income (loss) to average net assets		1.56	%(c)		1.23	%		0.78	%		0.53	%		0.12	%		(0.17	)%
Portfolio turnover rate(d)		28	%		46	%		89	%		145	%		506	%		234	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.75		$	11.61		$	11.81		$	10.60		$	15.74		$	22.72
Net investment income (loss)(b)		0.08			0.14			(0.02	)		0.05			—	(c)		(0.05	)
Net realized and unrealized gain (loss)		1.17			(1.87	)		0.49			1.25			(5.08	)		(6.93	)
Total from investment operations		1.25			(1.73	)		0.47			1.30			(5.08	)		(6.98	)
Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.55	)		(0.09	)		(0.06	)		—	(c)
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—			—
Total distributions		(0.07	)		(0.13	)		(0.67	)		(0.09	)		(0.06	)		—	(c)
Net asset value, end of period	$	10.93		$	9.75		$	11.61		$	11.81		$	10.60		$	15.74
Total return(d)		12.95	%		(14.97	)%		4.08	%		12.21	%		(32.15	)%		(30.80	)%
Net assets, end of period (in 000s)	$	7,814		$	8,272		$	8,586		$	5,265		$	6,699		$	7,740
Ratio of net expenses to average net assets		0.58	%(e)		0.59	%		0.61	%		0.65	%		0.60	%		0.61	%
Ratio of total expenses to average net assets		0.79	%(e)		0.75	%		0.75	%		0.82	%		0.72	%		0.71	%
Ratio of net investment income (loss) to average net assets		1.51	%(e)		1.15	%		(0.18	)%		0.44	%		0.03	%		(0.24	)%
Portfolio turnover rate(f)		28	%		46	%		89	%		145	%		506	%		234	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.76		$	12.11
Net investment income(a)		0.09			0.12
Net realized and unrealized gain (loss)		1.16			(2.33	)
Total from investment operations		1.25			(2.21	)
Distributions to shareholders from net investment income		(0.08	)		(0.14	)
Net asset value, end of period	$	10.93		$	9.76
Total return(b)		12.92	%		(18.31	)%
Net assets, end of period (in 000s)	$	3,560		$	3,167
Ratio of net expenses to average net assets		0.48	%(c)		0.45	%(c)
Ratio of total expenses to average net assets		0.69	%(c)		0.65	%(c)
Ratio of net investment income to average net assets		1.58	%(c)		1.43	%(c)
Portfolio turnover rate(d)		28	%		46	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.50		$	11.31		$	11.51		$	10.35		$	15.38		$	22.31
Net investment income (loss)(a)		0.05			0.07			(0.04	)		(0.01	)		(0.06	)		(0.16	)
Net realized and unrealized gain (loss)		1.14			(1.81	)		0.45			1.21			(4.97	)		(6.77	)
Total from investment operations		1.19			(1.74	)		0.41			1.20			(5.03	)		(6.93	)
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		(0.49	)		(0.04	)		—	(b)		—
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—			—
Total distributions		(0.05	)		(0.07	)		(0.61	)		(0.04	)		—	(b)		—
Net asset value, end of period	$	10.64		$	9.50		$	11.31		$	11.51		$	10.35		$	15.38
Total return(c)		12.63	%		(15.40	)%		3.60	%		11.60	%		(32.88	)%		(31.00	)%
Net assets, end of period (in 000s)	$	2,347		$	2,233		$	2,892		$	4,419		$	1,963		$	1,542
Ratio of net expenses to average net assets		1.08	%(d)		1.09	%		1.11	%		1.14	%		1.10	%		1.12	%
Ratio of total expenses to average net assets		1.29	%(d)		1.25	%		1.26	%		1.34	%		1.23	%		1.21	%
Ratio of net investment income (loss) to average net assets		0.99	%(d)		0.64	%		(0.40	)%		(0.07	)%		(0.44	)%		(0.77	)%
Portfolio turnover rate(e)		28	%		46	%		89	%		145	%		506	%		234	%

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

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									For the Period July 31, 2015* to December 31, 2015
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.76		$	11.62		$	11.80		$	10.60		$	13.48
Net investment income (loss)(a)		0.09			0.14			(0.45	)		0.06			0.02
Net realized and unrealized gain (loss)		1.17			(1.87	)		0.95			1.24			(2.86	)
Total from investment operations		1.26			(1.73	)		0.50			1.30			(2.84	)
Distributions to shareholders from net investment income		(0.08	)		(0.13	)		(0.56	)		(0.10	)		(0.04	)
Distributions to shareholders from return of capital		—			—			(0.12	)		—			—
Total distributions		(0.08	)		(0.13	)		(0.68	)		(0.10	)		(0.04	)
Net asset value, end of period	$	10.94		$	9.76		$	11.62		$	11.80		$	10.60
Total return(b)		13.02	%		(14.96	)%		4.29	%		12.25	%		(21.23	)%
Net assets, end of period (in 000s)	$	83,268		$	182		$	90		$	1,907		$	1,336
Ratio of net expenses to average net assets		0.47	%(c)		0.49	%		0.50	%		0.54	%		0.51	%(c)
Ratio of total expenses to average net assets		0.69	%(c)		0.68	%		0.66	%		0.72	%		0.64	%(c)
Ratio of net investment income (loss) to average net assets		1.63	%(c)		1.15	%		(4.04	)%		0.54	%		0.35	%(c)
Portfolio turnover rate(d)		28	%		46	%		89	%		145	%		506	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.03		$	10.30		$	10.12		$	10.21		$	9.67		$	10.04
Net investment income (loss)(a)		0.01			(0.02	)		(0.10	)		(0.14	)		(0.16	)		(0.14	)
Net realized and unrealized gain (loss)		0.49			(0.23	)		0.33			0.05			1.10			(0.14	)
Total from investment operations		0.50			(0.25	)		0.23			(0.09	)		0.94			(0.28	)
Distributions to shareholders from net investment income		—			—			—			—			(0.40	)		—
Distributions to shareholders from net realized gains		—			(0.02	)		(0.05	)		—			—			(0.09	)
Total distributions		—			(0.02	)		(0.05	)		—			(0.40	)		(0.09	)
Net asset value, end of period	$	10.53		$	10.03		$	10.30		$	10.12		$	10.21		$	9.67
Total return(b)		4.78	%		(2.37	)%		2.29	%		(0.88	)%		9.69	%		(2.75	)%
Net assets, end of period (in 000s)	$	9,310		$	8,622		$	7,711		$	23,174		$	24,000		$	2,698
Ratio of net expenses to average net assets		1.49	%(c)		1.47	%		1.55	%		1.55	%		1.56	%		1.51	%
Ratio of total expenses to average net assets		1.64	%(c)		1.62	%		1.75	%		1.74	%		1.84	%		1.96	%
Ratio of net investment income (loss) to average net assets		0.28	%(c)		(0.19	)%		(1.02	)%		(1.33	)%		(1.53	)%		(1.50	)%
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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.56		$	9.88		$	9.79		$	9.95		$	9.45		$	9.89
Net investment loss(a)		(0.02	)		(0.09	)		(0.17	)		(0.21	)		(0.23	)		(0.21	)
Net realized and unrealized gain (loss)		0.45			(0.21	)		0.31			0.05			1.07			(0.14	)
Total from investment operations		0.43			(0.30	)		0.14			(0.16	)		0.84			(0.35	)
Distributions to shareholders from net investment income		—			—			—			—			(0.34	)		—
Distributions to shareholders from net realized gains		—			(0.02	)		(0.05	)		—			—			(0.09	)
Total distributions		—			(0.02	)		(0.05	)		—			(0.34	)		(0.09	)
Net asset value, end of period	$	9.99		$	9.56		$	9.88		$	9.79		$	9.95		$	9.45
Total return(b)		4.39	%		(3.08	)%		1.44	%		(1.60	)%		8.93	%		(3.50	)%
Net assets, end of period (in 000s)	$	3,164		$	3,281		$	3,480		$	4,054		$	3,056		$	897
Ratio of net expenses to average net assets		2.24	%(c)		2.22	%		2.29	%		2.31	%		2.30	%		2.26	%
Ratio of total expenses to average net assets		2.39	%(c)		2.37	%		2.48	%		2.49	%		2.60	%		2.69	%
Ratio of net investment loss to average net assets		(0.47	)%(c)		(0.95	)%		(1.72	)%		(2.09	)%		(2.28	)%		(2.26	)%
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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.28		$	10.52		$	10.29		$	10.36		$	9.77		$	10.11
Net investment income (loss)(a)		0.03			0.02			(0.06	)		(0.10	)		(0.12	)		(0.11	)
Net realized and unrealized gain (loss)		0.50			(0.24	)		0.34			0.04			1.12			(0.14	)
Total from investment operations		0.53			(0.22	)		0.28			(0.06	)		1.00			(0.25	)
Distributions to shareholders from net investment income		—			—			—			(0.01	)		(0.41	)		—
Distributions to shareholders from net realized gains		—			(0.02	)		(0.05	)		—			—			(0.09	)
Total distributions		—			(0.02	)		(0.05	)		(0.01	)		(0.41	)		(0.09	)
Net asset value, end of period	$	10.81		$	10.28		$	10.52		$	10.29		$	10.36		$	9.77
Total return(b)		5.06	%		(2.13	)%		2.73	%		(0.57	)%		10.24	%		(2.43	)%
Net assets, end of period (in 000s)	$	64,601		$	83,425		$	163,971		$	110,763		$	87,820		$	88,381
Ratio of net expenses to average net assets		1.10	%(c)		1.07	%		1.14	%		1.16	%		1.14	%		1.11	%
Ratio of total expenses to average net assets		1.25	%(c)		1.22	%		1.33	%		1.34	%		1.46	%		1.54	%
Ratio of net investment income (loss) to average net assets		0.68	%(c)		0.16	%		(0.54	)%		(0.94	)%		(1.12	)%		(1.10	)%
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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.44		$	10.23		$	10.30		$	9.73		$	10.08
Net investment income (loss)(b)		0.03			0.01			(0.06	)		(0.11	)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss)		0.48			(0.24	)		0.32			0.04			1.11			(0.14	)
Total from investment operations		0.51			(0.23	)		0.26			(0.07	)		0.98			(0.26	)
Distributions to shareholders from net investment income		—			—			—			—			(0.41	)		—
Distributions to shareholders from net realized gains		—			(0.02	)		(0.05	)		—			—			(0.09	)
Total distributions		—			(0.02	)		(0.05	)		—			(0.41	)		(0.09	)
Net asset value, end of period	$	10.70		$	10.19		$	10.44		$	10.23		$	10.30		$	9.73
Total return(c)		5.00	%		(2.24	)%		2.55	%		(0.68	)%		10.08	%		(2.54	)%
Net assets, end of period (in 000s)	$	104,574		$	105,393		$	106,431		$	20,181		$	6,489		$	391
Ratio of net expenses to average net assets		1.24	%(d)		1.22	%		1.26	%		1.31	%		1.31	%		1.26	%
Ratio of total expenses to average net assets		1.39	%(d)		1.37	%		1.45	%		1.49	%		1.60	%		1.69	%
Ratio of net investment income (loss) to average net assets		0.53	%(d)		0.06	%		(0.60	)%		(1.09	)%		(1.26	)%		(1.25	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.28		$	10.56
Net investment income(a)		0.03			0.02
Net realized and unrealized gain (loss)		0.49			(0.28	)
Total from investment operations		0.52			(0.26	)
Distributions to shareholders from net realized gains		—			(0.02	)
Net asset value, end of period	$	10.80		$	10.28
Total return(b)		5.06	%		(2.50	)%
Net assets, end of period (in 000s)	$	273		$	429
Ratio of net expenses to average net assets		1.10	%(c)		1.12	%(c)
Ratio of total expenses to average net assets		1.24	%(c)		1.27	%(c)
Ratio of net investment income to average net assets		.68	%(c)		0.32	%(c)
Portfolio turnover rate(d)		—	%		—	%

 * Commencement of operations.

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.87		$	10.16		$	10.00		$	10.12		$	9.59		$	9.99
Net investment income (loss)(a)		—	(b)		(0.04	)		(0.12	)		(0.16	)		(0.18	)		(0.17	)
Net realized and unrealized gain (loss)		0.47			(0.23	)		0.33			0.04			1.09			(0.14	)
Total from investment operations		0.47			(0.27	)		0.21			(0.12	)		0.91			(0.31	)
Distributions to shareholders from net investment income		—			—			—			—			(0.38	)		—
Distributions to shareholders from net realized gains		—			(0.02	)		(0.05	)		—			—			(0.09	)
Total distributions		—			(0.02	)		(0.05	)		—			(0.38	)		(0.09	)
Net asset value, end of period	$	10.34		$	9.87		$	10.16		$	10.00		$	10.12		$	9.59
Total return(c)		4.76	%		(2.70	)%		2.11	%		(1.18	)%		9.47	%		(3.06	)%
Net assets, end of period (in 000s)	$	567		$	584		$	595		$	309		$	197		$	85
Ratio of net expenses to average net assets		1.74	%(d)		1.72	%		1.79	%		1.81	%		1.79	%		1.76	%
Ratio of total expenses to average net assets		1.89	%(d)		1.87	%		1.98	%		1.99	%		2.11	%		2.20	%
Ratio of net investment income (loss) to average net assets		0.03	%(d)		(0.44	)%		(1.19	)%		(1.59	)%		(1.77	)%		(1.75	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		529	%		196	%		343	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.29		$	10.36
Net investment income(a)		0.03			0.02
Net realized and unrealized gain (loss)		0.49			(0.07	)
Total from investment operations		0.52			(0.05	)
Distributions to shareholders from net realized gains		—			(0.02	)
Net asset value, end of period	$	10.81		$	10.29
Total return(b)		5.05	%		(0.52	)%
Net assets, end of period (in 000s)	$	54,065		$	50,649
Ratio of net expenses to average net assets		1.09	%(c)		1.12	%(c)
Ratio of total expenses to average net assets		1.24	%(c)		1.27	%(c)
Ratio of net investment income to average net assets		0.68	%(c)		0.31	%(c)
Portfolio turnover rate(d)		—	%		—	%

 * Commencement of operations.

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements

June 30, 2019 (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, R and R6	Diversified

Class A Shares of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are sold with a front-end sales charge of up to 5.50%. Class 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 vehicle 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, 2019, 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	$	2,981,238,092	$	12,338,167		1	%
Alternative Premia		77,843,759		11,190,579		14
Commodity Strategy		319,240,492		64,932,443		20
Managed Futures Strategy		236,554,966		46,694,650		20

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

108

GOLDMAN SACHS ALTERNATIVE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. 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 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

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

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

109

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

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.

110

GOLDMAN SACHS ALTERNATIVE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

111

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Consolidated Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Consolidated Schedules of Investments.

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

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

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

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

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

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

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, basket of investments or indices, 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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, 2019:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	1,345,977		$	—
Asia		—			16,038,435			—
Australia and Oceania		—			1,256,898			—
Europe		4,504,859			87,158,373			41,550
North America		772,649,535			35,278			—
South America		—			40,350			—
Exchange Traded Funds		172,507,240			—			—
Investment Company		1,758,798,801			—			—
Securities Lending Reinvestment Vehicle		18,086,061			—			—
Total	$	2,726,546,496		$	105,875,311		$	41,550
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	829,122		$	—
Futures Contracts		14,656,587			—			—
Credit Default Swap Contracts		—			3,297,353			—
Total Return Swap Contracts		—			812,261			—
Total	$	14,656,587		$	4,938,736		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(1,540,102	)	$	—
Futures Contracts(b)		(5,672,675	)		—			—
Total Return Swap Contracts(b)		—			(1,571,876	)		—
Written Options Contracts		(3,464,107	)		—			—
Total	$	(9,136,782	)	$	(3,111,978	)	$	—

(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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ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	64,724,963		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,025,841		$	—
Futures Contracts(a)		6,368,692			—			—
Credit Default Swap Contracts(a)		—			32,761			—
Total Return Swap Contracts(a)		—			819,507			—
Purchased Options Contracts		203,745			—			—
Total	$	6,572,437		$	2,878,109		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,591,793	)	$	—
Futures Contracts(a)		(4,477,736	)		—			—
Total Return Swap Contracts(a)		—			(543,095	)		—
Written Options Contracts		(835,150	)		—			—
Total	$	(5,312,886	)	$	(2,134,888	)	$	—
COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	8,126,111		$	—
Collateralized Mortgage Obligations		—			4,876,490			—
Commercial Mortgage-Backed Securities		—			21,610,172			—
Asset-Backed Securities		—			284,706			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		41,554,466			—			—
Exchange Traded Fund		75,270,000			—			—
Investment Company		132,944,770			—			—
Total	$	249,769,236		$	34,897,479		$	—

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

COMMODITY STRATEGY (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	83,944		$	—		$	—
Interest Rate Swap Contracts		—			1,610			—
Total	$	83,944		$	1,610		$	—
Liabilities(a)
Futures Contracts	$	(956,960	)	$	—		$	—
Total Return Swap Contracts		—			(68,563	)		—
Total	$	(956,960	)	$	(68,563	)	$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	165,995,774		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,882,103		$	—
Futures Contracts		2,440,537			—			—
Interest Rate Swap Contracts		—			15,532,292			—
Total	$	2,440,537		$	17,414,395		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(3,520,968	)	$	—
Futures Contracts		(2,870,798	)		—			—
Interest Rate Swap Contracts		—			(1,221,417	)		—
Total	$	(2,870,798	)	$	(4,742,385	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. 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

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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	Variation margin on futures contracts	$	827,910	(a)	Payable for unrealized loss on swap contracts and Variation margin on futures contracts	$	(846,325)	(a)(b)
Credit	Variation margin on swap contracts		3,297,353	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		829,122		Payable for unrealized loss on forward foreign currency exchange contracts		(1,540,102)
Equity	Receivable for unrealized gain on swap contracts and variation margin on futures contracts		2,937,361	(a)	Written options, at value and variation margin on futures contracts		(9,862,333)	(a)(b)
Interest Rate	Variation margin on futures contracts		11,703,577	(a)	—		—
Total		$	19,595,323			$	(12,248,760)
ALTERNATIVE PREMIA
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	5,516,203	(a)	Variation margin on futures contracts	$	(4,312,221)	(a)
Credit	Variation margin on swap contracts		32,761	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts and variation margin on futures contracts		2,097,024	(a)	Payable for unrealized loss on forward foreign currency exchange contracts and variation margin on futures contracts		(1,675,923)	(a)
Equity	Receivable for unrealized gain on swap contracts, Purchased options at value and variation margin on futures contracts		1,204,794	(a)	Payable for unrealized loss on swap contracts, Written options, at value and variation margin on futures contracts		(1,383,867)	(a)(b)
Interest Rate	Variation margin on futures contracts		599,764	(a)	Variation margin on futures contracts		(75,763)	(a)
Total		$	9,450,546			$	(7,447,774)

(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, 2019 is reported within the Consolidated Statements of Assets and Liabilities.

(b) Aggregate of amounts include $1,571,876, $543,095 and $68,563 for the Absolute Return Tracker, Alternative Premia and Commodity Strategy Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

COMMODITY STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	—	$	—		Payable for unrealized loss on swap contracts	$	(68,563)
Interest Rate	Variation margin on futures and swaps contracts		85,554	(a)	Variation margin on futures contracts		(956,960)	(a)
Total		$	85,554			$	(1,025,523)
MANAGED FUTURES STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	962,503	(a)	Variation margin on futures contracts	$	(1,596,497)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,882,103		Payable for unrealized loss on forward foreign currency exchange contracts		(3,520,968)
Equity	Variation margin on futures contracts		1,478,034	(a)	Variation margin on futures contracts		(1,274,301)	(a)
Interest Rate	Variation margin on swap contracts		15,532,292	(a)	Variation margin on swap contracts		(1,221,417)	(a)
Total		$	19,854,932			$	(7,613,183)

(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, 2019 is reported within the Consolidated Statements of Assets and Liabilities.

(b) Aggregate of amounts include $1,571,876, $543,095 and $68,563 for the Absolute Return Tracker, Alternative Premia and Commodity Strategy Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

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, 2019. 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

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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	$	(378,445	)	$	(764,444	)		363
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,977,108			8,080,478			4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,521,062	)		107,486			26
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		(978,039	)		999,763			7,006
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		26,198,815			4,880,041			8,059
Total		$	26,298,377		$	13,303,324			15,458
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	$	(2,008,957	)	$	722,785			5,824
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		6,236			25,539			4
Currency	Net realized gain (loss) from futures contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on futures contracts and forward foreign currency exchange contracts		1,043,256			1,018,818			331
Equity	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written option/Net change in unrealized gain (loss) on futures contracts, purchased options, swap contracts and written options		(2,029,296	)		971,883			2,500
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,032,714			17,610			866
Total		$	(1,956,047	)	$	2,756,635			9,525

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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/Net change in unrealized gain (loss) on swap contracts	$	36,696,134		$	(68,563	)		5
Interest rate	Net realized gain (loss) from futures contracts, purchased options and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		(2,878,197	)		702,319			420
Total		$	33,817,937		$	633,756			425
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	$	(4,926,154	)	$	(480,160	)		1,537
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(140,887	)		(1,949,320	)		181
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(4,830,821	)		(1,157,184	)		5,591
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on swap contracts		13,157,952			10,273,935			300
Total		$	3,260,090		$	6,687,271			7,609

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

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 Consolidated Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum

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4. INVESTMENTS IN DERIVATIVES (continued)

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, 2019:

ALTERNATIVE PREMIA
	Derivative Assets(1)				Derivative Liabilities(1)						Net Derivative Assets (Liabilities)		Collateral (Received) Pledged (1)		Net Amount(2)
Counterparty	Forwards		Swaps		Forwards			Swaps
Morgan Stanley Co., Inc.	$	2,025,841	$	—	$	(1,591,793	)	$	—		$	434,048	$	—	$	434,048
Deutsche Bank AG		—		116,147		—			—			116,147		—		116,147
JPMorgan Chase Bank NA		—		703,360		—			(543,095	)		160,265		—		160,265
Total	$	2,025,841	$	819,507	$	(1,591,793	)	$	(543,095	)	$	710,460	$	—	$	710,460

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

MANAGED FUTURES STRATEGY
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Forwards		Forwards
Morgan Stanley Co., Inc.	$	1,882,103	$	(3,520,968	)	$	(1,638,865	)	$	1,638,865	$	—

(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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^(1)
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Absolute Return Tracker		0.70	%		0.63	%		0.60	%		0.59	%		0.53	%		0.65	%		0.54	%
Alternative Premia		0.79			0.71			0.68			0.66			0.65			0.79			0.66
Commodity Strategy		0.50			0.50			0.45			0.43			0.42			0.50			0.41
Managed Futures Strategy		1.00			0.90			0.86			0.84			0.82			1.00			0.89

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

(1) Reflects combined management fees paid to GSAM under the Agreement and the Funds’ Subsidiary Agreements (as defined below) after the waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2019, GSAM waived $27,032, $24,641, $135,092 and $95,286 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.

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, 2019, GSAM waived $1,426,294, $57,643, $164,985 and $131,826 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.

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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, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Tracker	$	4,662	$	—
Alternative Premia		52		6
Commodity Strategy		1,965		—
Managed Futures Strategy		585		—

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% (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 reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are 0.014%, 0.114%, 0.074% and 0.254%, respectively. These Other Expense limitations will remain in place through at least April 30, 2020, 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2019, 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	$	1,426,294	$	355,341	$	105,491	$	1,887,126
Alternative Premia		57,643		220,764		18,337		296,744
Commodity Strategy		164,985		153,901		54,720		373,606
Managed Futures Strategy		131,826		11,893		24,234		167,953

G.  Line of Credit Facility — As of June 30, 2019, the Funds participated in a $580,000,000 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, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
Absolute Return Tracker	$	1,729,310,513	$	609,690,228	$	(580,201,940	)	$	1,758,798,801		1,758,798,801	$	20,920,412
Alternative Premia		91,312,279		162,406,170		(188,993,486	)		64,724,963		64,724,963		861,001
Commodity Strategy		113,968,231		308,956,756		(289,980,217	)		132,944,770		132,944,770		1,836,158
Managed Futures Strategy		195,709,998		106,322,230		(136,036,454	)		165,995,774		165,995,774		2,024,677

The Commodity Strategy Fund invests in the shares of the Goldman Sachs Access Treasury 0-1 Year ETF. The Goldman Sachs Access Treasury 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 Access Treasury 0-1 Year ETF as of and for the six months ended June 30, 2019:

Fund	Affiliated Investment Company	Beginning Value as of December 31, 2018		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, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
Commodity Strategy	Goldman Sachs Access Treasury 0-1 Year ETF	$	75,037,500	$	—	$	—	$	—	$	232,500	$	75,270,000		750,000	$	720,615

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2019, 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		13	%		17	%		12	%
Managed Futures Strategy		7			9			6

As of June 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following Fund:

Fund	Class P			Class R
Alternative Premia		73	%		7	%

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, 2019, 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	$	—	$	737,205,236	$	—	$	601,243,402
Commodity Strategy		44,409,211		48,950		41,245,640		292,028

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of 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 Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 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 may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Consolidated Statements of Operations.

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

	For the Six Months Ended June 30, 2019				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Absolute Return Tracker	$	12,095	$	3,030	$	1,332,900

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
Absolute Return Tracker	$	62,495,245	$	147,290,920	$	(191,700,104	)	$	18,086,061

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2018, 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	$	—		$	(1,596,536	)	$	(5,642,612	)	$	—
Perpetual Long-term		—			(607,760	)		(12,209,074	)		—
Total capital loss carryforwards	$	—		$	(2,204,296	)	$	(17,851,686	)	$	—
Timing differences (Post October Loss Deferral, Qualified Late Year Loss Deferral and Straddle Loss Deferral)	$	(30,623,186	)	$	(285,908	)	$	(1,990,865	)	$	(7,630	)

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8. TAX INFORMATION (continued)

As of June 30, 2019, 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	$	2,769,963,883		$	64,084,828		$	263,252,957		$	167,506,162
Gross unrealized gain		145,088,485			9,772,988			23,371,088			19,854,932
Gross unrealized loss		(82,589,011	)		(9,132,853	)		(1,957,331	)		(21,365,320	)
Net unrealized gain (loss)	$	62,499,474		$	640,135		$	21,413,757		$	(1,510,388	)

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 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.

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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

9. OTHER RISKS (continued)

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

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

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

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9. OTHER RISKS (continued)

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.

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

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended June 30, 2019. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds. Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

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, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Absolute Return Tracker Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,198,144		$	38,760,421			4,798,033		$	44,842,536
Reinvestment of distributions		—			—			160,862			1,438,177
Shares redeemed		(2,221,731	)		(20,624,912	)		(3,160,194	)		(29,547,552	)
		1,976,413			18,135,509			1,798,701			16,733,161
Class C Shares
Shares sold		231,842			1,958,076			1,258,940			10,851,182
Reinvestment of distributions		—			—			37,087			305,807
Shares redeemed		(558,134	)		(4,759,485	)		(557,406	)		(4,790,628	)
		(326,292	)		(2,801,409	)		738,621			6,366,361
Institutional Shares
Shares sold		73,837,333			702,517,245			184,753,329			1,781,048,133
Reinvestment of distributions		—			—			4,495,374			41,400,790
Shares redeemed		(64,726,494	)		(616,543,923	)		(112,906,830	)		(1,081,871,140	)
		9,110,839			85,973,322			76,341,873			740,577,783
Investor Shares
Shares sold		10,224,591			96,334,356			23,848,937			228,166,646
Reinvestment of distributions		—			—			711,919			6,495,957
Shares redeemed		(7,448,571	)		(70,151,646	)		(6,195,929	)		(58,596,382	)
		2,776,020			26,182,710			18,364,927			176,066,221
Class P Shares(a)
Shares sold		4,219,060			39,843,975			19,347,235			187,497,150
Reinvestment of distributions		—			—			462,246			4,257,351
Shares redeemed		(1,408,543	)		(13,406,288	)		(2,987,874	)		(27,949,398	)
		2,810,517			26,437,687			16,821,607			163,805,103
Class R Shares
Shares sold		47,077			421,309			154,712			1,419,367
Reinvestment of distributions		—			—			4,837			42,136
Shares redeemed		(26,358	)		(236,485	)		(169,474	)		(1,539,910	)
		20,719			184,824			(9,925	)		(78,407	)
Class R6 Shares
Shares sold		96,464			911,148			663,674			6,405,161
Reinvestment of distributions		—			—			17,884			164,520
Shares redeemed		(65,148	)		(615,391	)		(250,643	)		(2,382,060	)
		31,316			295,757			430,915			4,187,621
NET INCREASE		16,399,532		$	154,408,400			114,486,719		$	1,107,657,843

(a) Commenced operations on April 17, 2018.

130

GOLDMAN SACHS ALTERNATIVE FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Alternative Premia Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		146,664		$	1,167,763			229,026		$	1,941,605
Reinvestment of distributions		—			—			59,392			471,572
Shares redeemed		(220,170	)		(1,780,771	)		(689,924	)		(5,926,201	)
		(73,506	)		(613,008	)		(401,506	)		(3,513,024	)
Class C Shares
Shares sold		1,563			11,676			15,951			126,701
Reinvestment of distributions		—			—			66,038			486,701
Shares redeemed		(382,092	)		(2,839,633	)		(741,371	)		(5,923,189	)
		(380,529	)		(2,827,957	)		(659,382	)		(5,309,787	)
Institutional Shares
Shares sold		203,941			1,715,861			3,379,260			27,875,999
Reinvestment of distributions		—			—			73,146			594,674
Shares redeemed		(3,099,344	)		(26,083,483	)		(12,067,753	)		(105,872,944	)
		(2,895,403	)		(24,367,622	)		(8,615,347	)		(77,402,271	)
Investor Shares
Shares sold		130,468			1,080,156			641,645			5,481,288
Reinvestment of distributions		—			—			60,656			488,889
Shares redeemed		(158,519	)		(1,300,604	)		(560,135	)		(4,843,550	)
		(28,051	)		(220,448	)		142,166			1,126,627
Class P Shares(a)
Shares sold		—			—			21,368			190,311
Reinvestment of distributions		—			—			84			685
Shares redeemed		(1	)		—			(19,814	)		(172,447	)
		(1	)		—			1,638			18,549
Class R Shares
Shares sold		23,828			191,709			—			—
Reinvestment of distributions		—			—			87			677
Shares redeemed		(3,060	)		(24,202	)		—			2
		20,768			167,507			87			679
Class R6 Shares
Shares sold		339,822			2,783,030			13,234,324			115,972,250
Reinvestment of distributions		—			—			339,564			2,753,859
Shares redeemed		(1,029,675	)		(8,435,936	)		(7,709,553	)		(66,730,018	)
		(689,853	)		(5,652,906	)		5,864,335			51,996,091
NET DECREASE		(4,046,575	)	$	(33,514,434	)		(3,668,009	)	$	(33,083,136	)

(a) Commenced operations on April 17, 2018.

131

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Commodity Strategy Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		232,571		$	2,504,060			1,251,112		$	14,934,569
Reinvestment of distributions		12,450			136,332			24,150			260,064
Shares redeemed		(530,670	)		(5,742,419	)		(2,723,863	)		(30,606,937	)
		(285,649	)		(3,102,027	)		(1,448,601	)		(15,412,304	)
Class C Shares
Shares sold		12,951			131,441			89,382			1,009,327
Reinvestment of distributions		554			5,760			535			4,993
Shares redeemed		(35,677	)		(362,772	)		(90,364	)		(987,027	)
		(22,172	)		(225,571	)		(447	)		27,293
Institutional Shares
Shares sold		4,508,787			48,371,735			13,852,341			162,239,296
Reinvestment of distributions		79,901			883,701			254,245			2,712,225
Shares redeemed		(13,388,904	)		(143,989,146	)		(14,630,034	)		(166,368,584	)
		(8,800,216	)		(94,733,710	)		(523,448	)		(1,417,063	)
Investor Shares
Shares sold		694,526			7,534,268			756,579			8,934,574
Reinvestment of distributions		4,707			52,109			9,842			103,250
Shares redeemed		(832,761	)		(9,175,844	)		(657,199	)		(7,833,967	)
		(133,528	)		(1,589,467	)		109,222			1,203,857
Class P Shares(a)
Shares sold		—			—			628,959			7,585,275
Reinvestment of distributions		2,387			26,429			6,042			66,814
Shares redeemed		(1,381	)		(15,369	)		(310,349	)		(3,561,109	)
		1,006			11,060			324,652			4,090,980
Class R Shares
Shares sold		25,982			278,672			111,272			1,280,888
Reinvestment of distributions		877			9,455			1,319			13,412
Shares redeemed		(41,389	)		(440,014	)		(133,213	)		(1,517,725	)
		(14,530	)		(151,887	)		(20,622	)		(223,425	)
Class R6 Shares
Shares sold		8,412,884			89,587,023			306,122			3,580,293
Reinvestment of distributions		55,872			619,063			189			1,957
Shares redeemed		(875,921	)		(9,696,339	)		(295,426	)		(3,603,141	)
		7,592,835			80,509,747			10,885			(20,891	)
NET DECREASE		(1,662,254	)	$	(19,281,855	)		(1,548,359	)	$	(11,751,553	)

(a) Commenced operations on April 17, 2018.

132

GOLDMAN SACHS ALTERNATIVE FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		210,169		$	2,080,470			439,024		$	4,455,486
Reinvestment of distributions		—			—			1,147			11,538
Shares redeemed		(184,896	)		(1,847,449	)		(329,581	)		(3,314,739	)
		25,273			233,021			110,590			1,152,285
Class C Shares
Shares sold		32,916			317,681			86,827			855,715
Reinvestment of distributions		—			—			570			5,457
Shares redeemed		(59,458	)		(567,016	)		(96,054	)		(926,503	)
		(26,542	)		(249,335	)		(8,657	)		(65,331	)
Institutional Shares
Shares sold		1,160,795			11,878,455			5,266,745			54,615,537
Reinvestment of distributions		—			—			11,693			120,438
Shares redeemed		(3,296,520	)		(33,004,905	)		(12,754,668	)		(131,316,188	)
		(2,135,725	)		(21,126,450	)		(7,476,230	)		(76,580,213	)
Investor Shares
Shares sold		3,620,818			36,679,846			6,364,713			65,666,187
Reinvestment of distributions		—			—			15,625			159,532
Shares redeemed		(4,192,155	)		(42,384,390	)		(6,237,413	)		(63,624,182	)
		(571,337	)		(5,704,544	)		142,925			2,201,537
Class P Shares(a)
Shares sold		—			—			41,647			425,477
Reinvestment of distributions		—			—			64			662
Shares redeemed		(16,400	)		(177,165	)		(8	)		(81	)
		(16,400	)		(177,165	)		41,703			426,058
Class R Shares
Shares sold		1,784			17,453			5,066			50,581
Reinvestment of distributions		—			—			94			935
Shares redeemed		(6,097	)		(61,679	)		(4,551	)		(46,180	)
		(4,313	)		(44,226	)		609			5,336
Class R6 Shares(b)
Shares sold		770,882			7,867,000			5,758,231			58,786,189
Reinvestment of distributions		—			—			8,084			83,342
Shares redeemed		(694,040	)		(7,272,000	)		(843,805	)		(8,659,000	)
		76,842			595,000			4,922,510			50,210,531
NET DECREASE		(2,652,202	)	$	(26,473,699	)		(2,266,550	)	$	(22,649,797	)

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

133

GOLDMAN SACHS ALTERNATIVE FUNDS

Fund Expenses — Six Month Period Ended June 30, 2019 (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, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

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

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

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

	Absolute Return Tracker Fund							Alternative Premia Fund							Commodity Strategy Fund							Managed Futures Strategy Fund
Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Class A
Actual	$	1,000	$	1,071.30		$	5.03	$	1,000	$	1,003.80		$	5.76	$	1,000	$	1,127.60		$	4.38	$	1,000	$	1,047.80		$	7.57
Hypothetical 5% return		1,000		1,019.93	+		4.91		1,000		1,019.04	+		5.81		1,000		1,020.68	+		4.16		1,000		1,017.41	+		7.45
Class C
Actual		1,000		1,067.60			8.87		1,000		1,000.00			9.52		1,000		1,123.80			8.32		1,000		1,043.90			11.35
Hypothetical 5% return		1,000		1,016.22	+		8.65		1,000		1,015.27	+		9.59		1,000		1,016.96	+		7.90		1,000		1,013.69	+		11.18
Institutional
Actual		1,000		1,073.60			3.03		1,000		1,006.20			3.93		1,000		1,129.20			2.59		1,000		1,050.60			5.59
Hypothetical 5% return		1,000		1,021.87	+		2.96		1,000		1,020.88	+		3.96		1,000		1,022.36	+		2.46		1,000		1,019.34	+		5.51
Investor
Actual		1,000		1,072.10			3.75		1,000		1,006.20			4.53		1,000		1,129.50			3.06		1,000		1,050.00			6.30
Hypothetical 5% return		1,000		1,021.17	+		3.66		1,000		1,020.28	+		4.56		1,000		1,021.92	+		2.91		1,000		1,018.65	+		6.21
Class P
Actual		1,000		1,073.70			2.98		1,000		1,006.20			3.78		1,000		1,129.20			2.53		1,000		1,050.60			5.59
Hypothetical 5% return		1,000		1,021.92	+		2.91		1,000		1,021.03	+		3.81		1,000		1,022.41	+		2.41		1,000		1,019.34	+		5.51
Class R
Actual		1,000		1,069.70			6.31		1,000		1,003.90			6.96		1,000		1,126.30			5.69		1,000		1,047.60			8.83
Hypothetical 5% return		1,000		1,018.70	+		6.16		1,000		1,017.85	+		7.00		1,000		1,019.44	+		5.41		1,000		1,016.17	+		8.70
Class R6
Actual		1,000		1,073.70			2.98		1,000		1,006.20			3.83		1,000		1,130.20			2.48		1,000		1,050.50			5.54
Hypothetical 5% return		1,000		1,021.92	+		2.91		1,000		1,020.98	+		3.86		1,000		1,022.46	+		2.36		1,000		1,019.39	+		5.46

+ 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, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
Absolute Return Tracker		0.98	%		1.73	%		0.59	%		0.73	%		0.58	%		1.23	%		0.58	%
Alternative Premia		1.16			1.92			0.79			0.91			0.76			1.40			0.77
Commodity Strategy		0.83			1.58			0.49			0.58			0.48			1.08			0.47
Managed Futures Strategy		1.49			2.24			1.10			1.24			1.10			1.74			1.09

134

GOLDMAN SACHS ALTERNATIVE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Alternative Premia Fund, 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, 2020 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 11-12, 2019 (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;

135

GOLDMAN SACHS ALTERNATIVE FUNDS

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending with respect to the Absolute Return Tracker and Alternative Premia Funds, 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 (except for the Alternative Premia Fund) compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. 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

136

GOLDMAN SACHS ALTERNATIVE FUNDS

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

existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of 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 top half of the Fund’s peer group for the one-, three-, and five-year periods and the third quartile for the ten-year period; had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser (the “Competitor Fund Average”), for the one-, three-, and five-year periods ended March 31, 2019. They noted that the Alternative Premia Fund’s Institutional Shares had outperformed the Fund’s LIBOR-based benchmark index by 3.83% and 1.56%, respectively, for the three-and five-year periods and underperformed by 2.78% for the one-year period, 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, 2019. 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. They also 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 observed that, following the Alternative Premia Fund’s repositioning, the Fund was placed into a new Morningstar category and, therefore, continued to not have meaningful peer group comparison information. The Trustees noted that the Commodity Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods, in the third quartile for the ten-year period, and in the fourth quartile for the five-year period, 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, 2019. They also noted that the Absolute Return Tracker Fund, Alternative Premia Fund, and Commodity Strategy Fund had experienced certain portfolio management changes in 2018. The Trustees also observed that the Managed Futures Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods and the third quartile for the one-year period; had outperformed the Fund’s LIBOR-based benchmark index by 1.60% for the five-year period and underperformed for the one- and three-year periods by 4.26% and 1.35%, respectively; and had outperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to each Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

137

GOLDMAN SACHS ALTERNATIVE FUNDS

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, 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 undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Absolute Return Tracker Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker Fund and Alternative Premia Fund, fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker Fund’s and Alternative Premia Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; 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.

138

GOLDMAN SACHS ALTERNATIVE FUNDS

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

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2020.

139

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 $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2019 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).

© 2019 Goldman Sachs. All rights reserved. 174787-OTU-1029949 SELSATSAR-19

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Tax-Advantaged Equity Funds
	U.S. Equity Dividend and Premium
	International Equity Dividend and Premium
	U.S. Tax-Managed Equity
	International Tax-Managed Equity

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

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

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

Goldman Sachs 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	4
Portfolio Management Discussions and Performance Summaries — Equity Dividend and Premium Funds	5
Investment Process — Global Tax-Managed Funds	15
Portfolio Management Discussions and Performance Summaries — Global Tax-Managed Funds	16
Index Definitions	26
Schedules of Investments	27
Financial Statements	48
Financial Highlights	52
U.S. Equity Dividend and Premium	52
International Equity Dividend and Premium	58
U.S. Tax-Managed Equity	64
International Tax-Managed Equity	71
Notes to the Financial Statements	77
Other Information	95

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, 2019 (the “Reporting Period”), the performance of the U.S. and international equity markets were influenced most by central bank monetary policy, U.S. and global economic data, and geopolitical issues.

U.S. Equities

During the first quarter of 2019, when the Reporting Period started, U.S. equities, as represented by the S&P 500^® Index, rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a plan to end quantitative tightening, or the shrinking of the Fed’s balance sheet as securities mature, by the end of the 2019 calendar year. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by the U.S. equity market and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more interest rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, investors grew optimistic about a possible U.S.-China trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. During the second calendar quarter, the markets kept a close eye on the Fed, which said it might take a more accommodative approach to monetary policy. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019. U.S. economic indicators were mixed during the second calendar quarter, with consumer sentiment remaining elevated but nonfarm payroll data and manufacturing indices falling short of consensus expectations.

During the Reporting Period overall, the S&P 500^® Index returned 18.54%. All 11 of its sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

1

MARKET REVIEW

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

International Equities

When the Reporting Period began with the first quarter of 2019, international developed equity markets rebounded across all regions, recovering from weakness in 2018. European equities were resilient despite the overhang of Brexit and slowing economic data in the Eurozone. (Brexit is the popular term for the U.K.’s path out of the European Union.) Japanese equities gained, as fears around the extent of the global economic growth slowdown eased and the Japanese yen gradually weakened. In the U.S., the Fed shifted to a dovish stance amidst slower economic growth. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Meanwhile, there was seemingly significant progress made in the trade talks between China and the U.S., paving the way for a potential resolution.

International developed equity markets continued to advance during the second quarter of 2019, albeit more modestly so than in the prior quarter, supported by the Fed’s signals of its dovish outlook for the remainder of the calendar year. In April 2019, international developed equities performed well while awaiting U.S.-China trade talks to reconvene at the G20 Summit scheduled for the end of June 2019. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.) However, negotiations were halted in May 2019 after the U.S. increased tariffs from 10% to 25% on $200 billion of Chinese goods. This degradation of trade talks contributed to a volatile May, with the MSCI EAFE Index, representing international developed equities, declining 4.80% for the month. On June 18, 2019, the U.S. President announced that he and China’s President would be meeting on the sidelines of the G20 Summit in Osaka, Japan on June 29th to discuss the ongoing trade impasse, resulting in an immediate positive market reaction. The result was both sides agreeing to restart negotiations, and the U.S. agreeing to put plans for the additional tariffs of 25% on all remaining imports from China on an indefinite hold. In an additional positive surprise, the U.S. agreed to lift restrictions it had put in place on a Chinese technology firm, allowing it to purchase equipment non-threatening to U.S. national security from U.S. firms. The outcome of the G20 Summit was similar to the previous one held in Buenos Aires in 2018. That is, it led to a temporary truce in trade tensions, a delay in raising tariffs, but no firm resolution.

For the Reporting Period overall, the MSCI EAFE Index posted a return of 14.03% in U.S. dollar terms. All 11 sectors gained, with information technology leading the way, followed by materials and industrials. Communication services, utilities and energy were the weakest performing sectors in the MSCI EAFE Index on the basis of total return during the Reporting Period.

From a country perspective, all equity markets in the MSCI EAFE Index posted a positive absolute return during the Reporting Period. Switzerland, New Zealand and the Netherlands were the strongest individual country constituents in the MSCI EAFE Index on a relative basis during the Reporting Period. Israel, Japan and Finland posted positive absolute returns but most significantly lagged the MSCI EAFE Index on a relative basis during the Reporting Period.

2

MARKET REVIEW

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.

3

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.

4

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 14.77%, 14.43%, 15.01%, 15.03%, 15.02% and 15.03%, respectively. These returns compare to the 18.54% 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 6.11%.

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 the Fund’s relative returns. Specifically, the Fund’s bias toward stocks with higher dividend yields diminished performance. Overall, the Fund was hurt by its investments in the health care, consumer discretionary and energy sectors. Holdings in the information technology and real estate sectors bolstered performance.

The sale of call options on the S&P 500^® Index detracted from 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 when the S&P 500^® Index appreciated, and thus the Fund’s call writing detracted from performance.

Call option writing has the potential to reduce Fund volatility. Since its inception, the realized daily volatility of the Fund has been 17.21% compared to the realized volatility of the S&P 500^® Index of 18.72%. During the Reporting Period, the realized daily volatility of the Fund was 10.85% compared to the realized volatility of the S&P 500^® Index of 12.50%.¹

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 2.77% 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

¹  The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

5

PORTFOLIO RESULTS

income distributions. As of June 30, 2019, the Standardized 30-Day Subsidized Yield was 2.01% and the Standardized 30-Day Unsubsidized Yield was 1.99%.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 oil and gas exploration company Occidental Petroleum, pharmaceutical company AbbVie and retailer Macy’s. 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 an overweight position versus the S&P 500^® Index in aerospace and defense company Lockheed Martin. Underweight positions in health services organization Cigna and biotechnology company Biogen also added to relative returns. The Fund was overweight Lockheed Martin largely because of its attractive dividend yield and/or risk metrics. The underweights in Cigna and Biogen were primarily due to their unattractive yields 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 negative 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.

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.

6

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019–June 30, 2019	Fund Total Return (based on NAV)1			S&P 500® Index2			Bloomberg Barclays U.S. Aggregate Bond Index3
Class A		14.77	%		18.54	%		6.11	%
Class C		14.43			18.54			6.11
Institutional		15.01			18.54			6.11
Investor		15.03			18.54			6.11
Class P		15.02			18.54			6.11
Class R6		15.03			18.54			6.11

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

²  The 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 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.23	%		6.92	%		11.45	%		6.76	%		8/31/05
Class C		4.25			7.35			11.23			6.39			8/31/05
Institutional		6.53			8.58			12.52			7.62			8/31/05
Investor		6.38			8.43			N/A			11.93			8/31/10
Class P		6.54			N/A			N/A			6.00			4/17/18
Class R6		6.46			N/A			N/A			8.10			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.

7

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, 2020, 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 6/30/196
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		0.23	%		6.92	%		11.45	%
Returns after taxes on distributions**		-1.53			5.42			10.21
Returns after taxes on distributions***     and sale of Fund shares		0.97			5.17			9.29

⁶ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 40.8% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. 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.

8

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/197
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.5	%	Software & Services
Apple, Inc.		3.6		Technology Hardware & Equipment
Amazon.com, Inc.		3.3		Retailing
Facebook, Inc. Class A		1.9		Media & Entertainment
Pfizer, Inc.		1.8		Pharmaceuticals, Biotechnology & Life Sciences
JPMorgan Chase & Co.		1.8		Banks
Exxon Mobil Corp.		1.7		Energy
Johnson & Johnson		1.7		Pharmaceuticals, Biotechnology & Life Sciences
AT&T, Inc.		1.6		Telecommunication Services
Chevron Corp.		1.5		Energy

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2019

⁸The 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 0.0% of the Fund’s net assets at June 30, 2019. 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.

9

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 9.18%, 8.75%, 9.38%, 9.35%, 9.39% and 9.40%, respectively. These returns compare to the 14.03% cumulative total return of the Fund’s primary benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (“MSCI EAFE Index”). The Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Unhedged), the secondary benchmark, returned 5.57%.

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 The Fund was hurt by security selection during the Reporting Period, as the Fund’s bias toward stocks with higher dividend yields detracted from performance. Overall, the Fund was hurt by its investments in the financials, communication services and information technology sectors. It benefited from holdings in the materials sector and, to a lesser extent, the real estate sector.

The sale of call options on the MSCI EAFE Index diminished 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. This is what happened during the Reporting Period when the MSCI EAFE Index appreciated, and thus the Fund’s call writing detracted from performance.

Call option writing has the potential to reduce Fund volatility. Since its inception, the realized daily volatility of the Fund has been 18.10% compared to the realized volatility of the MSCI EAFE Index of 18.87%. During the Reporting Period, the realized daily volatility of the Fund was 8.91% compared to the realized volatility of the MSCI EAFE Index of 9.23%.¹

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 4.51% compared to 3.47% 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, 2019, the Standardized

¹The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on GSAM calculations.

10

PORTFOLIO RESULTS

30-Day Subsidized Yield was 3.17% and the Standardized 30-Day Unsubsidized Yield was 3.06%.²

Q Which individual stock holdings detracted significantly from relative performance?

A Compared to the MSCI EAFE Index, the Fund was hurt by overweight positions relative to the MSCI EAFE Index in Nordic-Baltic banking group Swedbank, German telecommunications company Telefonica Deutschland Holding and French retailer Casino Guichard Perrachon. It was overweight all three stocks primarily because of their attractive dividend yield and/or risk metrics.

Q Which individual stock holdings contributed most positively to the Fund’s relative results during the Reporting Period?

A During the Reporting Period, the Fund was helped by overweight positions in Australian iron ore producer Fortescue Metals Group, Anglo-Australian mining company Rio Tinto and French multinational luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton. We chose to overweight all three stocks largely because of their attractive dividend yields 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 negative 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.

²The 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.

11

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019–June 30, 2019	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		9.18	%		14.03	%		5.57	%
Class C		8.75			14.03			5.57
Institutional		9.38			14.03			5.57
Investor		9.35			14.03			5.57
Class P		9.39			14.03			5.57
Class R6		9.40			14.03			5.57

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 6/30/19	One Years			Five Years			Ten Years			Since Inception			Inception Date
Class A		-6.61	%		-1.22	%		4.07	%		0.26	%	1/31/08
Class C		-3.05			-0.88			3.86			-0.12		1/31/08
Institutional		-0.85			0.26			5.07			1.04		1/31/08
Investor		-0.97			0.11			N/A			4.34		8/31/10
Class P		-0.84			N/A			N/A			-5.27		4/17/18
Class R6		-0.84			N/A			N/A			-4.37		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.

12

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	%		1.38	%
Class C		2.08			2.13
Institutional		0.94			0.99
Investor		1.08			1.13
Class P		0.93			0.98
Class R6		0.93			0.98

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, 2020, 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  6/30/196
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		-6.61	%		-1.22	%		4.07	%
Returns after taxes on distributions**		-7.51			-1.87			3.39
Returns after taxes on distributions*** and sale of Fund shares		-3.76			-0.84			3.40

⁶ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 40.8% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. 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.

13

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/197
Company	% of Net Assets			Line of Business	Country
HSBC Holdings plc		2.8	%	Banks	United Kingdom
Nestle SA (Registered)		2.3		Food, Beverage & Tobacco	Switzerland
Novartis AG (Registered)		2.0		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Roche Holding AG		1.9		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
National Australia Bank Ltd.		1.6		Banks	Australia
GlaxoSmithKline plc ADR		1.5		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Daimler AG (Registered)		1.5		Automobiles & Components	Germany
Toyota Motor Corp.		1.5		Automobiles & Components	Japan
Royal Dutch Shell plc Class A		1.5		Energy	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.3		Consumer Durables & Apparel	France

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2019

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). Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets at June 30, 2019. 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.

14

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

15

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 15.22%, 14.82%, 15.44%, 15.17%, 15.39%, 15.43% and 15.48%, respectively. This compares to the 18.71% cumulative total return of the Fund’s benchmark, the Russell 3000^® Index (the “Index”), over the same time period.

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

A The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund underperformed the Index, with all four of our quantitative model’s investment themes detracting from performance. Stock selection driven by these investment themes hurt 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 four 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 our 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, all four of our investment themes detracted from the Fund’s relative returns. High Quality Business Models was our worst performing theme. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends also hampered performance, albeit to a lesser extent. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

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 style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

16

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, certain individual stock positions, led by holdings in the health care, information technology and utilities sectors, detracted from relative performance. On the positive side, the Fund benefited from its investments in the real estate, communication services and financials sectors.

Q Which individual stock holdings detracted significantly from relative performance?

A During the Reporting Period, the Fund was hurt by overweight positions compared to the Index in biotechnology firm Biogen, integrated power company NRG Energy and health insurance company Humana. We adopted the overweight in Biogen as a result of our Sentiment Analysis, Fundamental Mispricings and High Quality Business Models investment themes. The overweight in NRG Energy was mainly due to our High Quality Business Models investment theme, while the Fund was overweight Humana primarily because of our Sentiment Analysis investment theme.

Q Which individual stock holdings contributed most positively to the Fund’s relative results during the Reporting Period?

A Relative to the Index, the Fund benefited from overweight positions in fast casual restaurant chain Chipotle Mexican Grill, telecommunications conglomerate Sinclair Broadcast Group and food manufacturer Tyson Foods. We decided to overweight Chipotle Mexican Grill largely based on our High Quality Business Models and Sentiment Analysis investment themes. The Fund was overweight Sinclair Broadcast Group because of our High Quality Business Models investment theme. The overweight in Tyson Foods was driven by our Fundamental Mispricings and Market Themes & Trends investment themes.

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 had a slightly positive 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 We continuously look for ways to improve our investment process. During the Reporting Period, we made numerous enhancements to our models. For example, in the second quarter of 2019, we introduced a number of new signals.

First, within our Sentiment Analysis investment theme, we added a suite of signals that utilizes data from the short selling market as an indicator of the market sentiment surrounding individual names.

Second, within our Market Themes & Trends investment theme, we added a signal that examines the cross-holdings of pooled vehicles to identify thematic trends in the market. Also within our Market Themes & Trends investment theme, we added a signal that examines internet linkages between companies to identify thematic trends.

Finally, within our Fundamental Mispricings investment theme, we added a signal that we believe to be predictive of industry rotations.

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

A As mentioned previously, we focus on picking stocks rather than on making industry or sector bets. 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 consumer discretionary, financials and utilities sectors. It was underweight compared to the Index in the communications services, consumer staples, materials and health care sectors. The Fund was relatively neutral versus the Index in the industrials, energy, information technology and real estate sectors at the end of the Reporting Period.

17

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019–June 30, 2019	Fund Total Return (based on NAV)1			Russell 3000® Index2
Class A		15.22	%		18.71	%
Class C		14.82			18.71
Institutional		15.44			18.71
Service		15.17			18.71
Investor		15.39			18.71
Class P		15.43			18.71
Class R6		15.48			18.71

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.32	%		6.49	%		13.01	%		4.87	%	4/3/00
Class C		0.51			6.89			12.79			4.39		4/3/00
Institutional		2.70			8.12			14.10			5.60		4/3/00
Service		2.20			7.58			13.53			5.08		4/3/00
Investor		2.51			7.96			N/A			14.14		8/31/10
Class P		2.69			N/A			N/A			2.63		4/17/18
Class R6		2.69			N/A			N/A			4.61		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.

18

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		1.10	%		1.14	%
Class C		1.85			1.89
Institutional		0.75			0.75
Service		1.25			1.25
Investor		0.85			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. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2020, 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 6/30/195
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		-3.32	%		6.49	%		13.01	%
Returns after taxes on distributions**		-3.46			6.35			12.83
Returns after taxes on distributions***     and sale of Fund shares		-1.90			5.06			10.90

⁵ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 40.8% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. 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.

19

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/196
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.6	%	Technology Hardware & Equipment
Amazon.com, Inc.		2.7		Retailing
Microsoft Corp.		2.6		Software & Services
Visa, Inc. Class A		1.9		Software & Services
Facebook, Inc. Class A		1.6		Media & Entertainment
PayPal Holdings, Inc.		1.5		Software & Services
Union Pacific Corp.		1.4		Transportation
Valero Energy Corp.		1.2		Energy
Anthem, Inc.		1.2		Health Care Equipment & Services
General Motors Co.		1.2		Automobiles & Components

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2019

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.

20

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 11.42%, 10.94%, 11.56%, 11.56%, 11.51% and 11.64%, respectively. This compares to the 14.03% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “Index”), during the same time period.

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

A The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund underperformed the Index, with three of our quantitative model’s four investment themes detracting from performance. Stock selection driven by our investment themes hurt 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 four 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 our 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 investment themes — Fundamental Mispricings, High Quality Business Models and Market Themes & Trends — detracted from the Fund’s relative returns. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

Our Sentiment Analysis investment theme had a rather neutral impact on relative performance during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

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. 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.

21

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 EAFE equity market. During the Reporting Period, certain individual stock positions detracted from relative returns, including investments in the industrials, consumer staples and communication services sectors. The Fund was aided mainly by its holdings in the information technology sector.

Q Which individual stock holdings detracted significantly from relative performance?

A During the Reporting Period, the Fund was hurt by its overweight position versus the Index in Spain-based International Consolidated Airlines Group. Underweights in LVMH Moet Hennessy Louis Vuitton, a French multinational luxury goods conglomerate, and SAP, a German software company, also dampened returns. The overweight in International Consolidated Airlines Group was the result of our High Quality Business Models, Fundamental Mispricings and Sentiment Analysis investment themes. Our High Quality Business Models and Fundamental Mispricings investment themes led to the Fund’s underweight positions in LVMH Moet Hennessy Louis Vuitton and SAP.

Q Which individual stock holdings contributed most positively to the Fund’s relative results during the Reporting Period?

A Compared to the Index, the Fund was helped most by its overweights in Adidas, a German sportwear manufacturer; Temenos, a Switzerland-headquartered company that specializes in enterprise software for banks and financial services companies; and Koninklijke DSM, a Dutch health, nutrition and materials company. We adopted the overweight in Adidas mainly because of our Market Themes & Trends and High Quality Business Models investment themes. The overweight in Temenos was primarily due to our Market Themes & Trends investment theme. The Fund was overweight Koninklijke DSM largely as a result of our Fundamental Mispricings investment theme.

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 We continuously look for ways to improve our investment process. During the Reporting Period, we made numerous enhancements to our models. For example, in the second quarter of 2019, we introduced a number of new signals.

First, within our Sentiment Analysis investment theme, we added a suite of signals that utilizes data from the short selling market as an indicator of the market sentiment surrounding individual names.

Second, within our Market Themes & Trends investment theme, we added a signal that examines the cross-holdings of pooled vehicles to identify thematic trends in the market. Also within our Market Themes & Trends investment theme, we added a signal that examines internet linkages between companies to identify thematic trends.

Finally, within our Fundamental Mispricings investment theme, we added a signal that we believe to be predictive of industry rotations.

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

A As mentioned previously, we focus on picking stocks rather than on making industry or sector bets. 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 the industrials, information technology, real estate and health care sectors relative to the Index. It was underweight the consumer staples, financials, materials and energy sectors. The Fund was relatively neutrally weighted in the communication services, consumer discretionary 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 Hong Kong, Denmark, Norway, the Netherlands, Belgium and Italy. Relative to the Index, it was underweight the U.K., Switzerland and Germany. The Fund was rather neutrally weighted relative to the Index in Sweden, Spain, Austria, Portugal, Japan, New Zealand, Finland, Ireland, Israel, Singapore, Australia and France at the end of the Reporting Period.

22

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1, 2019–June 30, 2019	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2
Class A		11.42	%		14.03	%
Class C		10.94			14.03
Institutional		11.56			14.03
Investor		11.56			14.03
Class P		11.51			14.03
Class R6		11.64			14.03

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 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 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.56	%		1.21	%		6.22	%		1.33	%		1/31/08
Class C		-7.07			1.61			6.02			1.08			1/31/08
Institutional		-5.09			2.77			7.25			2.24			1/31/08
Investor		-5.21			2.61			N/A			6.64			8/31/10
Class P		-5.06			N/A			N/A			-7.24			4/17/18
Class R6		-5.07			N/A			N/A			-6.37			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.

23

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		1.37	%
Class C		1.99			2.12
Institutional		0.90			0.98
Investor		0.99			1.12
Class P		0.89			0.97
Class R6		0.89			0.97

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, 2020, 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 6/30/195
Class A Shares	One Year			Five Years			Ten Years
Returns before taxes*		-10.56	%		1.21	%		6.22	%
Returns after taxes on distributions**		-10.71			0.94			5.95
Returns after taxes on distributions***     and sale of Fund shares		-5.84			1.02			5.11

⁵ The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 40.8% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. 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.

24

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/196
Holding	% of Net Assets			Line of Business
Roche Holding AG		2.0	%	Pharmaceuticals, Biotechnology & Life Sciences
AIA Group Ltd.		1.6		Insurance
Royal Dutch Shell plc Class B		1.5		Energy
Diageo plc		1.3		Food, Beverage & Tobacco
Novo Nordisk A/S Class B		1.3		Pharmaceuticals, Biotechnology & Life Sciences
adidas AG		1.2		Consumer Durables & Apparel
Air Liquide SA		1.1		Materials
Schneider Electric SE		1.1		Capital Goods
Sony Corp.		1.1		Consumer Durables & Apparel
Australia & New Zealand Banking Group Ltd.		1.0		Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2019

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

25

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.

26

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 100.9%
Automobiles & Components – 1.0%
	2,064,500	Ford Motor Co.	$	21,119,835
	203,798	General Motors Co.		7,852,337
				28,972,172
Banks – 6.0%
	549,565	Bank of America Corp.		15,937,385
	141,500	Citigroup, Inc.		9,909,245
	5,900	First Hawaiian, Inc.		152,633
	106,300	FNB Corp.		1,251,151
	894,800	Huntington Bancshares, Inc.		12,366,136
	464,029	JPMorgan Chase & Co.(a)(b)		51,878,442
	857,799	New York Community Bancorp, Inc.(b)		8,560,834
	555,100	PacWest Bancorp		21,554,533
	1,198,199	People’s United Financial, Inc.(b)		20,105,779
	101,800	TFS Financial Corp.		1,839,526
	260,900	Umpqua Holdings Corp.		4,328,331
	581,198	Wells Fargo & Co.		27,502,290
				175,386,285
Capital Goods – 6.6%
	87,499	3M Co.		15,167,077
	83,100	Boeing Co. (The)		30,249,231
	140,400	Caterpillar, Inc.		19,135,116
	41,100	Cummins, Inc.		7,042,074
	42,500	Deere & Co.		7,042,675
	210,697	Eaton Corp. plc		17,546,846
	167,096	Emerson Electric Co.		11,148,645
	229,398	Fastenal Co.		7,476,081
	86,603	Honeywell International, Inc.		15,119,526
	131,400	Johnson Controls International plc		5,428,134
	88,934	Lockheed Martin Corp.		32,331,066
	10,100	MSC Industrial Direct Co., Inc. Class A		750,026
	9,203	Trinity Industries, Inc.		190,966
	110,401	United Technologies Corp.		14,374,210
	71,699	Watsco, Inc.		11,724,937
				194,726,610
Commercial & Professional Services – 0.4%
	69,600	KAR Auction Services, Inc.		1,739,979
	387,103	Nielsen Holdings plc		8,748,466
				10,488,445
Consumer Durables & Apparel – 0.9%
	48,002	Garmin Ltd.		3,830,404
	2,000	Lululemon Athletica, Inc.*		360,420
	362,099	Newell Brands, Inc.		5,583,567
	41,500	NIKE, Inc. Class B		3,483,925
	229,000	Tapestry, Inc.		7,266,170
	69,302	VF Corp.		6,053,530
				26,578,016
Consumer Services – 2.2%
	200,000	Carnival Corp.		9,310,000
	286,802	Extended Stay America, Inc.		4,844,086
Common Stocks – (continued)
Consumer Services – (continued)
	260,347	International Game Technology plc		3,376,700
	99,303	Las Vegas Sands Corp.		5,867,814
	107,801	McDonald’s Corp.		22,385,956
	162,200	Six Flags Entertainment Corp.		8,058,096
	12,101	Vail Resorts, Inc.		2,700,701
	166,700	Wyndham Destinations, Inc.		7,318,130
				63,861,483
Diversified Financials – 4.0%
	129,139	Berkshire Hathaway, Inc. Class B*		27,528,561
	31,000	BlackRock, Inc.		14,548,300
	27,401	CME Group, Inc.		5,318,808
	37,300	Eaton Vance Corp.		1,608,749
	1,103,604	Invesco Ltd.		22,579,738
	393,400	Janus Henderson Group plc		8,418,760
	11,400	KKR & Co., Inc. Class A		288,078
	87,400	Legg Mason, Inc.		3,345,672
	147,300	Morgan Stanley		6,453,213
	501,302	Navient Corp.		6,842,772
	46,600	Santander Consumer USA Holdings, Inc.		1,116,536
	147,600	T. Rowe Price Group, Inc.		16,193,196
	6,600	TD Ameritrade Holding Corp.		329,472
	70,600	Virtu Financial, Inc. Class A		1,537,668
				116,109,523
Energy – 6.0%
	358,798	Chevron Corp.(a)		44,648,823
	176,000	Equitrans Midstream Corp.		3,468,960
	656,003	Exxon Mobil Corp.(a)(b)		50,269,510
	173,100	Helmerich & Payne, Inc.		8,762,322
	128,900	Kinder Morgan, Inc.		2,691,432
	108,601	Marathon Petroleum Corp.		6,068,624
	2,900	Murphy Oil Corp.		71,485
	388,699	Occidental Petroleum Corp.		19,543,786
	184,600	ONEOK, Inc.		12,702,326
	281,100	Schlumberger Ltd.		11,170,914
	80,000	Valero Energy Corp.		6,848,800
	295,100	Williams Cos., Inc. (The)		8,274,604
				174,521,586
Food & Staples Retailing – 1.2%
	23,800	Costco Wholesale Corp.		6,289,388
	75,700	Sysco Corp.		5,353,504
	100,200	Walgreens Boots Alliance, Inc.		5,477,934
	159,141	Walmart, Inc.		17,583,489
				34,704,315
Food, Beverage & Tobacco – 3.9%
	250,259	Altria Group, Inc.		11,849,763
	106,100	Archer-Daniels-Midland Co.		4,328,880
	18,000	Bunge Ltd.		1,002,780
	857,500	Coca-Cola Co. (The)(a)		43,663,900
	34,900	Flowers Foods, Inc.		812,123
	240,202	General Mills, Inc.		12,615,409
	277,500	Kraft Heinz Co. (The)		8,613,600

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	117,706	PepsiCo, Inc.	$	15,434,788
	216,202	Philip Morris International, Inc.		16,978,343
				115,299,586
Health Care Equipment & Services – 5.8%
	447,942	Abbott Laboratories		37,671,922
	18,100	Align Technology, Inc.*		4,953,970
	26,787	Anthem, Inc.		7,559,559
	46,400	Becton Dickinson and Co.		11,693,264
	210,800	Cardinal Health, Inc.		9,928,680
	386,178	CVS Health Corp.		21,042,839
	11,600	DexCom, Inc.*		1,738,144
	1,100	Hill-Rom Holdings, Inc.		115,082
	3,000	Insulet Corp.*		358,140
	9,901	Intuitive Surgical, Inc.*		5,193,570
	300,753	Medtronic plc		29,290,335
	4,100	Penumbra, Inc.*		656,000
	52,000	ResMed, Inc.		6,345,560
	137,571	UnitedHealth Group, Inc.(a)		33,568,700
				170,115,765
Household & Personal Products – 1.9%
	91,998	Kimberly-Clark Corp.		12,261,493
	391,498	Procter & Gamble Co. (The)(a)		42,927,756
				55,189,249
Insurance – 2.4%
	87,102	Arthur J Gallagher & Co.		7,629,061
	1,200	Erie Indemnity Co. Class A		305,136
	51,200	Fidelity National Financial, Inc.		2,063,360
	41,000	First American Financial Corp.		2,201,700
	216,899	Mercury General Corp.		13,556,187
	184,001	MetLife, Inc.		9,139,330
	537,306	Old Republic International Corp.		12,024,908
	117,999	Principal Financial Group, Inc.		6,834,502
	156,400	Prudential Financial, Inc.		15,796,400
				69,550,584
Materials – 2.5%
	160,216	Corteva, Inc.*		4,737,587
	56,601	Domtar Corp.		2,520,442
	131,449	Dow, Inc.		6,481,750
	160,216	DuPont de Nemours, Inc.		12,027,415
	195,899	International Paper Co.		8,486,345
	82,300	Linde plc		16,525,840
	131,599	LyondellBasell Industries NV Class A		11,334,622
	28,600	Olin Corp.		626,626
	25,900	Royal Gold, Inc.		2,654,491
	126,500	Southern Copper Corp.		4,914,525
	111,400	Westrock Co.		4,062,758
				74,372,401
Media & Entertainment – 7.3%
	92,285	Activision Blizzard, Inc.		4,355,852
	32,357	Alphabet, Inc. Class A*		35,036,160
	35,828	Alphabet, Inc. Class C*(a)		38,726,843
Common Stocks – (continued)
Media & Entertainment – (continued)
	102,897	Cinemark Holdings, Inc.		3,714,582
	464,813	Comcast Corp. Class A		19,652,294
	293,941	Facebook, Inc. Class A*(a)		56,730,613
	468,401	Interpublic Group of Cos., Inc. (The)		10,581,178
	5,599	Match Group, Inc.		376,645
	52,190	Netflix, Inc.*		19,170,431
	118,500	Twitter, Inc.*		4,135,650
	156,000	Walt Disney Co. (The)		21,783,840
	8,200	Zillow Group, Inc. Class C*		380,398
				214,644,486
Pharmaceuticals, Biotechnology & Life Sciences – 8.2%
	336,286	AbbVie, Inc.(a)(b)		24,454,718
	1,600	Alnylam Pharmaceuticals, Inc.*		116,096
	150,302	Amgen, Inc.		27,697,652
	3,400	Bio-Techne Corp.		708,866
	279,604	Bristol-Myers Squibb Co.		12,680,007
	91,315	Eli Lilly & Co.		10,116,789
	4,300	Exact Sciences Corp.*		507,572
	253,199	Gilead Sciences, Inc.		17,106,124
	18,900	Illumina, Inc.*		6,958,035
	348,903	Johnson & Johnson(a)		48,595,210
	291,153	Merck & Co., Inc.		24,413,179
	1,209,999	Pfizer, Inc.(a)		52,417,157
	200	Sage Therapeutics, Inc.*		36,618
	1,499	Sarepta Therapeutics, Inc.*		227,773
	49,000	Thermo Fisher Scientific, Inc.		14,390,320
				240,426,116
Real Estate Investment Trusts – 2.9%
	67,600	American Homes 4 Rent Class A		1,643,356
	101,101	American Tower Corp.		20,670,099
	30,700	AvalonBay Communities, Inc.		6,237,626
	2,400	Camden Property Trust		250,536
	2,499	CoreSite Realty Corp.		287,810
	98,700	Crown Castle International Corp.		12,865,545
	7,998	CyrusOne, Inc.		461,645
	29,901	Digital Realty Trust, Inc.		3,522,039
	14,300	Equinix, Inc.		7,211,347
	35,305	Equity LifeStyle Properties, Inc.		4,283,347
	133,362	Prologis, Inc.		10,682,296
	45,900	SBA Communications Corp.*		10,320,156
	40,000	Sun Communities, Inc.		5,127,600
	14,800	WP Carey, Inc.		1,201,464
				84,764,866
Retailing – 5.7%
	51,222	Amazon.com, Inc.*(a)		96,995,516
	141,400	Gap, Inc. (The)		2,540,958
	158,376	Home Depot, Inc. (The)		32,937,457
	69,599	IAA, Inc.*		2,699,049
	70,900	Kohl’s Corp.		3,371,295
	345,799	Macy’s, Inc.		7,420,847
	20,500	Penske Automotive Group, Inc.		969,650
	81,199	Target Corp.		7,032,645
	161,600	TJX Cos., Inc. (The)		8,545,408

28 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)
Retailing – (continued)
	4,900	Wayfair, Inc. Class A*	$	715,400
	48,300	Williams-Sonoma, Inc.(c)		3,139,500
				166,367,725
Semiconductors & Semiconductor Equipment – 4.0%
	164,200	Applied Materials, Inc.		7,374,222
	79,490	Broadcom, Inc.		22,881,991
	130,700	Cypress Semiconductor Corp.		2,906,768
	498,501	Intel Corp.		23,863,243
	24,200	Lam Research Corp.		4,545,728
	184,401	Maxim Integrated Products, Inc.		11,030,868
	55,124	NVIDIA Corp.		9,053,014
	238,697	QUALCOMM, Inc.		18,157,681
	159,150	Texas Instruments, Inc.(a)		18,264,054
				118,077,569
Software & Services – 12.7%
	69,800	Accenture plc Class A		12,896,946
	68,500	Adobe, Inc.*		20,183,525
	12,800	Atlassian Corp. plc Class A*		1,674,752
	48,400	Autodesk, Inc.*		7,884,360
	116,400	Automatic Data Processing, Inc.		19,244,412
	3,600	DocuSign, Inc.*		178,956
	229,002	International Business Machines Corp.		31,579,318
	3,200	LogMeIn, Inc.		235,776
	87,800	Mastercard, Inc. Class A		23,225,734
	976,850	Microsoft Corp.(a)		130,858,826
	1,200	Nutanix, Inc. Class A*		31,128
	18,800	Okta, Inc.*		2,321,988
	209,376	Oracle Corp.		11,928,151
	294,900	Paychex, Inc.		24,267,321
	113,300	PayPal Holdings, Inc.*		12,968,318
	4,700	Sabre Corp.		104,340
	119,412	salesforce.com, Inc.*		18,118,383
	26,862	ServiceNow, Inc.*		7,375,499
	26,700	Splunk, Inc.*		3,357,525
	28,100	Square, Inc. Class A*		2,038,093
	5,000	Tableau Software, Inc. Class A*		830,100
	126,268	Visa, Inc. Class A		21,913,811
	1,600	VMware, Inc. Class A		267,536
	663,099	Western Union Co. (The)		13,189,039
	16,300	Workday, Inc. Class A*		3,350,954
	27,400	Zendesk, Inc.*		2,439,422
				372,464,213
Technology Hardware & Equipment – 6.2%
	529,188	Apple, Inc.(a)(b)		104,736,889
	3,500	CDW Corp.		388,500
	768,548	Cisco Systems, Inc.(a)		42,062,632
	191,600	Corning, Inc.		6,366,868
	211,300	Hewlett Packard Enterprise Co.		3,158,935
	239,200	HP, Inc.		4,972,968
	38,800	National Instruments Corp.		1,629,212
	67,600	NetApp, Inc.		4,170,920
	131,399	Seagate Technology plc		6,191,521
	99,100	Western Digital Corp.		4,712,205
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	111,699	Xerox Corp.		3,955,261
				182,345,911
Telecommunication Services – 2.7%
	1,428,128	AT&T, Inc.(a)		47,856,570
	569,602	Verizon Communications, Inc.(b)		32,541,362
				80,397,932
Transportation – 2.2%
	8,800	Copa Holdings SA Class A		858,616
	61,800	CSX Corp.		4,781,466
	77,500	Delta Air Lines, Inc.		4,398,125
	37,102	Norfolk Southern Corp.		7,395,542
	1,200	Ryder System, Inc.		69,960
	133,200	Union Pacific Corp.		22,525,452
	221,898	United Parcel Service, Inc. Class B		22,915,406
				62,944,567
Utilities – 4.2%
	333,700	CenterPoint Energy, Inc.		9,553,831
	393,997	Dominion Energy, Inc.		30,463,848
	326,200	Duke Energy Corp.		28,783,888
	18,300	FirstEnergy Corp.		783,423
	769,501	PPL Corp.		23,862,226
	557,701	Southern Co. (The)		30,829,711
				124,276,927
	TOTAL COMMON STOCKS
	(Cost $2,511,352,208)		$	2,956,586,332

Shares		Dividend Rate	Value
Investment Company(d) – 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,985,574	2.308%	$	14,985,574
	(Cost $14,985,574)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,526,337,782)		$	2,971,571,906
Securities Lending Reinvestment Vehicle(d) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	854,750	2.308%	$	854,750
	(Cost $854,750)
	TOTAL INVESTMENTS – 101.4%
	(Cost $2,527,192,532)		$	2,972,426,656
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%			(42,333,000	)
	NET ASSETS – 100.0%		$	2,930,093,656

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Currency Abbreviation:
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, 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		(93	)		09/20/2019	$	(13,690,530	)	$	66,777

WRITTEN OPTIONS CONTRACTS — At June 30, 2019, 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.		2,975  USD		07/31/2019		1,356	$	(398,902,656	)	$	(4,006,980	)	$	(7,318,332	)	$	3,311,352
			2,800  USD		08/30/2019		1,335		(392,724,960	)		(22,941,975	)		(8,992,547	)		(13,949,428	)
			2,970  USD		09/30/2019		1,327		(390,371,552	)		(9,375,255	)		(8,298,288	)		(1,076,967	)
Total written options contracts							4,018				$	(36,324,210	)	$	(24,609,167	)	$	(11,715,043	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.6%
Australia – 8.4%
	61,039	AGL Energy Ltd. (Utilities)	$	858,420
	64,976	APA Group (Utilities)		492,733
	221,119	Aurizon Holdings Ltd. (Transportation)		839,405
	211,635	Bank of Queensland Ltd. (Banks)		1,417,153
	78,383	Bendigo & Adelaide Bank Ltd. (Banks)		637,997
	19,642	BHP Group Ltd. (Materials)		570,965
	88,859	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		637,921
	37,066	Commonwealth Bank of Australia (Banks)		2,156,817
	141,445	Fortescue Metals Group Ltd. (Materials)		899,531
	642,433	Harvey Norman Holdings Ltd. (Retailing)		1,838,372
	123,134	Insurance Australia Group Ltd. (Insurance)		714,912
	270,244	National Australia Bank Ltd. (Banks)		5,076,288
	13,762	Rio Tinto Ltd. (Materials)		1,007,726
	11,619	Rio Tinto plc (Materials)		719,136
	46,976	Rio Tinto plc ADR (Materials)(a)(b)		2,928,484
	13,758	Sonic Healthcare Ltd. (Health Care Equipment & Services)		262,145
	101,278	South32 Ltd. (Materials)		227,029
	951	Sydney Airport (Transportation)		5,373
	177,223	Tabcorp Holdings Ltd. (Consumer Services)		553,717
	681,606	Telstra Corp. Ltd. (Telecommunication Services)		1,843,134
	85,162	Transurban Group (Transportation)		881,802
	25,653	Wesfarmers Ltd. (Retailing)		652,104
	41,292	Westpac Banking Corp. (Banks)		822,960
	262	Woodside Petroleum Ltd. (Energy)		6,720
				26,050,844
Austria – 0.0%
	2,799	voestalpine AG (Materials)(b)		86,530
Belgium – 1.9%
	8,440	Ageas (Insurance)		439,221
	26,752	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)(b)		2,367,294
	23,678	KBC Group NV (Banks)(b)		1,553,876
	46,480	Proximus SADP (Telecommunication Services)		1,373,706
	212	Solvay SA (Materials)(b)		22,016
				5,756,113
Denmark – 1.4%
	11,670	Coloplast A/S Class B (Health Care Equipment & Services)		1,319,163
	32,419	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,655,872
	37,740	Tryg A/S (Insurance)		1,228,077
				4,203,112
Common Stocks – (continued)
Finland – 2.7%
	18,793	Fortum OYJ (Utilities)	$	415,356
	23,392	Kone OYJ Class B (Capital Goods)		1,381,375
	12,594	Metso OYJ (Capital Goods)		495,652
	165,522	Nokia OYJ (Technology Hardware & Equipment)		824,431
	258,325	Nordea Bank Abp (Banks)		1,875,747
	20,549	Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences)		753,550
	43,523	Sampo OYJ Class A (Insurance)(b)		2,054,479
	12,919	Stora Enso OYJ Class R (Materials)		152,027
	19,925	UPM-Kymmene OYJ (Materials)		530,145
				8,482,762
France – 10.4%
	1,137	Accor SA (Consumer Services)(b)		48,806
	156	Aeroports de Paris (Transportation)		27,523
	7,025	Air Liquide SA (Materials)		982,575
	12,766	Airbus SE (Capital Goods)		1,806,664
	31,802	AXA SA (Insurance)		835,175
	24,706	BNP Paribas SA (Banks)		1,171,195
	36,142	Bouygues SA (Capital Goods)(b)		1,338,447
	8,909	Capgemini SE (Software & Services)(b)		1,107,684
	39,682	Casino Guichard Perrachon SA (Food & Staples Retailing)(b)(c)		1,353,672
	36,180	Credit Agricole SA (Banks)		431,726
	10,779	Danone SA (Food, Beverage & Tobacco)		912,682
	17,029	Edenred (Commercial & Professional Services)		867,874
	18,344	Electricite de France SA (Utilities)		231,279
	237,977	Engie SA (Utilities)(b)		3,608,563
	9,925	Eutelsat Communications SA (Media & Entertainment)		185,360
	3,203	Kering SA (Consumer Durables & Apparel)		1,890,484
	746	L’Oreal SA (Household & Personal Products)(b)		212,109
	9,709	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(b)		4,127,544
	5,545	Orange SA (Telecommunication Services)		87,462
	8,050	Renault SA (Automobiles & Components)		506,105
	71,573	Rexel SA (Capital Goods)		908,430
	565	Safran SA (Capital Goods)		82,655
	35,412	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(b)		3,060,387
	25,900	Schneider Electric SE (Capital Goods)(b)		2,343,507
	45,082	Societe Generale SA (Banks)(b)		1,137,842
	12,100	Suez (Utilities)		174,601
	53,239	TOTAL SA (Energy)(b)		2,986,348
				32,426,699
Germany – 8.2%
	9,133	Allianz SE (Registered) (Insurance)(b)		2,202,663
	36,655	BASF SE (Materials)(b)		2,666,623

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	17,394	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)(b)	$	1,206,453
	13,810	Bayerische Motoren Werke AG (Automobiles & Components)(b)		1,020,800
	15,417	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)(d)		955,259
	4,321	Covestro AG (Materials)(e)		219,980
	83,654	Daimler AG (Registered) (Automobiles & Components)(b)		4,665,535
	7,555	Deutsche Lufthansa AG (Registered) (Transportation)		129,537
	44,017	Deutsche Post AG (Registered) (Transportation)		1,448,019
	15,810	Evonik Industries AG (Materials)(b)		460,669
	4,831	FUCHS PETROLUB SE (Preference) (Materials)(d)		189,666
	16,209	GEA Group AG (Capital Goods)		460,466
	10,953	HUGO BOSS AG (Consumer Durables & Apparel)(b)		729,972
	53,908	ProSiebenSat.1 Media SE (Media & Entertainment)(b)		844,499
	16,581	SAP SE (Software & Services)(b)		2,273,120
	30,840	Siemens AG (Registered) (Capital Goods)		3,671,322
	408,991	Telefonica Deutschland Holding AG (Telecommunication Services)(b)		1,142,661
	5,334	TUI AG (Consumer Services)		52,372
	14,697	Vonovia SE (Real Estate)(b)		702,073
	1,754	Wirecard AG (Software & Services)		296,104
				25,337,793
Hong Kong – 3.5%
	138,600	AIA Group Ltd. (Insurance)		1,496,728
	17,900	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		183,518
	32,908	CK Asset Holdings Ltd. (Real Estate)		257,804
	101,000	Hang Lung Properties Ltd. (Real Estate)		240,280
	26,800	Hang Seng Bank Ltd. (Banks)		667,065
	13,310	Henderson Land Development Co. Ltd. (Real Estate)		73,382
	238,471	Hong Kong & China Gas Co. Ltd. (Utilities)		528,668
	45,529	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,608,999
	50,200	Hongkong Land Holdings Ltd. (Real Estate)(b)		323,575
	27,000	Hysan Development Co. Ltd. (Real Estate)		139,513
	82,014	I-CABLE Communications Ltd. (Media & Entertainment)*		1,039
	7,600	Jardine Matheson Holdings Ltd. (Capital Goods)(b)		479,355
	5,000	Jardine Strategic Holdings Ltd. (Capital Goods)(b)		190,786
Common Stocks – (continued)
Hong Kong – (continued)
	262,000	Link REIT (REIT)		3,224,019
	64,000	MTR Corp. Ltd. (Transportation)		431,094
	136,564	Sino Land Co. Ltd. (Real Estate)		229,029
	2,500	Sun Hung Kai Properties Ltd. (Real Estate)		42,413
	58,200	Swire Properties Ltd. (Real Estate)		235,286
	24,000	Techtronic Industries Co. Ltd. (Capital Goods)		183,860
	16,000	Wharf Holdings Ltd. (The) (Real Estate)		42,406
	48,000	Wharf Real Estate Investment Co. Ltd. (Real Estate)		338,276
				10,917,095
Ireland – 0.3%
	24,568	CRH plc (Materials)(b)		803,060
Israel – 0.1%
	172,983	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		131,022
	19,044	Israel Chemicals Ltd. (Materials)		100,190
	14,757	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		136,207
				367,419
Italy – 1.1%
	41,322	Assicurazioni Generali SpA (Insurance)		777,993
	121,622	Eni SpA (Energy)(b)		2,022,249
	21,515	Mediobanca Banca di Credito Finanziario SpA (Banks)		221,858
	110,624	Snam SpA (Energy)		550,335
				3,572,435
Japan – 23.6%
	2,400	ABC-Mart, Inc. (Retailing)		156,520
	13,000	AEON Financial Service Co. Ltd. (Diversified Financials)		209,818
	20,100	AGC, Inc. (Capital Goods)		696,302
	19,100	Alfresa Holdings Corp. (Health Care Equipment & Services)		472,364
	2,500	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		42,339
	20,900	Aozora Bank Ltd. (Banks)		502,533
	41,000	Asahi Kasei Corp. (Materials)		438,313
	7,700	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		109,731
	53,100	Bridgestone Corp. (Automobiles & Components)		2,094,739
	115,600	Canon, Inc. (Technology Hardware & Equipment)		3,385,123
	7,000	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		458,450
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)		392,195
	27,700	Daicel Corp. (Materials)		246,861

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)
	9,700	Dai-ichi Life Holdings, Inc. (Insurance)	$	146,759
	2,600	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		136,358
	2,800	Daikin Industries Ltd. (Capital Goods)		366,629
	6,600	Daito Trust Construction Co. Ltd. (Real Estate)		841,705
	18,900	Daiwa House Industry Co. Ltd. (Real Estate)		552,272
	236,000	Daiwa Securities Group, Inc. (Diversified Financials)		1,036,145
	2,900	Denso Corp. (Automobiles & Components)		122,282
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)		247,524
	13,600	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		770,797
	9,100	FANUC Corp. (Capital Goods)		1,690,896
	400	Fast Retailing Co. Ltd. (Retailing)		242,119
	2,600	Fuji Electric Co. Ltd. (Capital Goods)		90,107
	600	Hamamatsu Photonics KK (Technology Hardware & Equipment)		23,440
	1,300	Hikari Tsushin, Inc. (Retailing)		284,006
	32,500	Hino Motors Ltd. (Capital Goods)		274,307
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)		214,397
	6,000	Hitachi Chemical Co. Ltd. (Materials)		163,534
	7,700	Hitachi Ltd. (Technology Hardware & Equipment)		283,304
	2,900	Hitachi Metals Ltd. (Materials)		32,885
	33,700	Honda Motor Co. Ltd. (Automobiles & Components)		871,441
	12,900	Hulic Co. Ltd. (Real Estate)		103,854
	24,449	Idemitsu Kosan Co. Ltd. (Energy)		739,460
	11,800	Isuzu Motors Ltd. (Automobiles & Components)		134,769
	126,000	ITOCHU Corp. (Capital Goods)		2,413,785
	700	Japan Airlines Co. Ltd. (Transportation)		22,341
	34,300	Japan Exchange Group, Inc. (Diversified Financials)		546,290
	50,400	Japan Post Holdings Co. Ltd. (Insurance)		570,781
	38,600	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		850,886
	20,900	JFE Holdings, Inc. (Materials)		307,749
	6,400	JSR Corp. (Materials)		101,378
	109,900	JXTG Holdings, Inc. (Energy)		547,731
	9,300	Kakaku.com, Inc. (Media & Entertainment)		179,866
	10,000	Kaneka Corp. (Materials)		377,027
	19,000	Kao Corp. (Household & Personal Products)		1,449,783
	9,000	Kawasaki Heavy Industries Ltd. (Capital Goods)		212,258
	33,900	KDDI Corp. (Telecommunication Services)		862,643
Common Stocks – (continued)
Japan – (continued)
	200	Keyence Corp. (Technology Hardware & Equipment)		123,344
	7,700	Kikkoman Corp. (Food, Beverage & Tobacco)		335,769
	8,000	Kintetsu Group Holdings Co. Ltd. (Transportation)		383,539
	43,800	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		945,752
	43,600	Komatsu Ltd. (Capital Goods)		1,058,512
	23,600	Konica Minolta, Inc. (Technology Hardware & Equipment)		229,948
	5,700	Kose Corp. (Household & Personal Products)		962,057
	7,500	Kubota Corp. (Capital Goods)		125,299
	7,300	Kyushu Railway Co. (Transportation)		212,961
	7,700	Lawson, Inc. (Food & Staples Retailing)		369,922
	40,800	LIXIL Group Corp. (Capital Goods)		647,211
	7,800	M3, Inc. (Health Care Equipment & Services)		143,137
	6,000	Makita Corp. (Capital Goods)		204,855
	179,100	Marubeni Corp. (Capital Goods)		1,188,823
	16,100	Marui Group Co. Ltd. (Retailing)		328,329
	2,800	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		200,203
	22,600	Mitsubishi Chemical Holdings Corp. (Materials)		158,230
	20,900	Mitsubishi Corp. (Capital Goods)		552,290
	23,400	Mitsubishi Electric Corp. (Capital Goods)		309,350
	400	Mitsubishi Heavy Industries Ltd. (Capital Goods)		17,445
	100	Mitsubishi Materials Corp. (Materials)		2,849
	5,400	Mitsubishi Motors Corp. (Automobiles & Components)		25,937
	239,900	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,142,638
	138,100	Mizuho Financial Group, Inc. (Banks)		200,815
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		435,474
	21,400	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		963,444
	4,500	Nabtesco Corp. (Capital Goods)		125,716
	3,900	NEC Corp. (Technology Hardware & Equipment)		153,898
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)		191,896
	3,700	Nidec Corp. (Capital Goods)		508,139
	1,900	Nintendo Co. Ltd. (Media & Entertainment)		697,108
	8,300	Nippon Express Co. Ltd. (Transportation)		442,390
	2,400	Nippon Paint Holdings Co. Ltd. (Materials)		93,434
	392	Nippon Prologis REIT, Inc. (REIT)		905,466
	4,401	Nippon Steel Corp. (Materials)		75,741
	13,300	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		619,643

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	72,300	Nissan Motor Co. Ltd. (Automobiles & Components)	$	517,846
	11,600	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		264,930
	7,100	Nitto Denko Corp. (Materials)		351,425
	3,500	Nomura Real Estate Holdings, Inc. (Real Estate)		75,387
	29,700	Nomura Research Institute Ltd. (Software & Services)		477,613
	32,300	NSK Ltd. (Capital Goods)		288,708
	82,000	NTT DOCOMO, Inc. (Telecommunication Services)		1,913,218
	4,200	Obic Co. Ltd. (Software & Services)		477,310
	19,000	Odakyu Electric Railway Co. Ltd. (Transportation)		465,605
	2,300	Omron Corp. (Technology Hardware & Equipment)		120,626
	3,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		61,131
	5,400	Otsuka Corp. (Software & Services)		217,766
	3,400	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		111,101
	55,400	Panasonic Corp. (Consumer Durables & Apparel)		462,765
	10,500	Park24 Co. Ltd. (Commercial & Professional Services)		245,150
	4,000	Pola Orbis Holdings, Inc. (Household & Personal Products)		112,088
	15,900	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		532,362
	49,100	Resona Holdings, Inc. (Banks)		204,825
	400	Ryohin Keikaku Co. Ltd. (Retailing)		72,474
	24,500	Sankyo Co. Ltd. (Consumer Durables & Apparel)		888,323
	22,600	SBI Holdings, Inc. (Diversified Financials)		561,344
	30,800	Seiko Epson Corp. (Technology Hardware & Equipment)		488,002
	83,200	Sekisui House Ltd. (Consumer Durables & Apparel)		1,370,854
	67,800	Seven Bank Ltd. (Banks)		177,683
	7,000	Shimadzu Corp. (Technology Hardware & Equipment)		172,327
	9,400	Shin-Etsu Chemical Co. Ltd. (Materials)		879,482
	5,700	Shiseido Co. Ltd. (Household & Personal Products)		431,129
	17,800	SoftBank Group Corp. (Telecommunication Services)		857,343
	3,800	Sompo Holdings, Inc. (Insurance)		146,990
	14,900	Sony Corp. (Consumer Durables & Apparel)		782,995
	39,800	Subaru Corp. (Automobiles & Components)		969,017
	59,000	Sumitomo Chemical Co. Ltd. (Materials)		274,724
Common Stocks – (continued)
Japan – (continued)
	129,600	Sumitomo Corp. (Capital Goods)		1,968,375
	5,500	Sumitomo Metal Mining Co. Ltd. (Materials)		164,871
	8,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		315,467
	11,400	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		414,180
	9,700	Sysmex Corp. (Health Care Equipment & Services)		634,575
	52,600	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,871,131
	1,000	TDK Corp. (Technology Hardware & Equipment)		77,894
	52,900	Tohoku Electric Power Co., Inc. (Utilities)		535,290
	22,300	Tokio Marine Holdings, Inc. (Insurance)		1,118,911
	10,500	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,475,831
	300	Tokyo Gas Co. Ltd. (Utilities)		7,072
	17,700	Tokyu Fudosan Holdings Corp. (Real Estate)		97,956
	4,600	TOTO Ltd. (Capital Goods)		182,170
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)		74,265
	74,020	Toyota Motor Corp. (Automobiles & Components)		4,593,966
	12,700	Trend Micro, Inc. (Software & Services)		567,486
	61,200	USS Co. Ltd. (Retailing)		1,209,007
	3,300	Yamaha Corp. (Consumer Durables & Apparel)		157,071
	22,600	Yamaha Motor Co. Ltd. (Automobiles & Components)		402,820
	4,900	Yamato Holdings Co. Ltd. (Transportation)		99,879
	2,800	Yaskawa Electric Corp. (Technology Hardware & Equipment)		95,752
	3,900	ZOZO, Inc. (Retailing)		73,191
				73,208,063
Luxembourg – 0.7%
	19,039	RTL Group SA (Media & Entertainment)(b)		974,459
	60,498	SES SA FDR (Media & Entertainment)		945,894
	21,967	Tenaris SA (Energy)		288,114
				2,208,467
Macau – 0.4%
	58,000	Galaxy Entertainment Group Ltd. (Consumer Services)		390,166
	82,800	MGM China Holdings Ltd. (Consumer Services)		140,661
	94,800	Sands China Ltd. (Consumer Services)		452,866
	129,600	Wynn Macau Ltd. (Consumer Services)		290,129
				1,273,822

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)
Mexico – 0.0%
	5,854	Fresnillo plc (Materials)	$	64,791
Netherlands – 4.6%
	146,986	Aegon NV (Insurance)		730,145
	2,074	Akzo Nobel NV (Materials)		194,894
	6,573	ASML Holding NV (Semiconductors & Semiconductor Equipment)		1,367,775
	126,191	ING Groep NV (Banks)(b)		1,461,764
	3,885	Koninklijke DSM NV (Materials)		479,349
	27,544	Koninklijke Philips NV (Health Care Equipment & Services)		1,197,501
	16,692	NN Group NV (Insurance)		671,000
	13,987	Randstad NV (Commercial & Professional Services)		767,646
	138,988	Royal Dutch Shell plc Class A (Energy)(b)		4,528,902
	91,972	Royal Dutch Shell plc Class B (Energy)(b)		3,013,619
				14,412,595
New Zealand – 0.4%
	44,354	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		461,393
	256,999	Spark New Zealand Ltd. (Telecommunication Services)		691,425
				1,152,818
Norway – 1.1%
	29,110	Gjensidige Forsikring ASA (Insurance)		586,716
	118,351	Mowi ASA (Food, Beverage & Tobacco)		2,769,285
				3,356,001
Portugal – 0.3%
	79,882	EDP – Energias de Portugal SA (Utilities)		303,587
	23,361	Galp Energia SGPS SA (Energy)		359,275
	26,389	Jeronimo Martins SGPS SA (Food & Staples Retailing)		425,369
				1,088,231
Singapore – 1.2%
	2,800	City Developments Ltd. (Real Estate)		19,614
	48,200	ComfortDelGro Corp. Ltd. (Transportation)		94,790
	62,500	DBS Group Holdings Ltd. (Banks)		1,200,629
	63,500	Keppel Corp. Ltd. (Capital Goods)		312,889
	113,200	SATS Ltd. (Transportation)		436,764
	58,200	Singapore Exchange Ltd. (Diversified Financials)		340,966
	211,200	Singapore Technologies Engineering Ltd. (Capital Goods)		646,860
	121,600	Singapore Telecommunications Ltd. (Telecommunication Services)		314,739
	10,900	United Overseas Bank Ltd. (Banks)		210,720
				3,577,971
Common Stocks – (continued)
South Africa – 0.2%
	27,115	Anglo American plc (Materials)		774,633
Spain – 3.2%
	3,302	ACS Actividades de Construccion y Servicios SA (Capital Goods)(b)		132,110
	12,460	Amadeus IT Group SA (Software & Services)		987,399
	164,781	Banco Santander SA (Banks)		763,703
	49,244	Enagas SA (Energy)		1,314,153
	74,268	Endesa SA (Utilities)(b)		1,910,215
	98,536	Ferrovial SA (Capital Goods)(b)		2,522,385
	7,110	Iberdrola SA (Utilities)		70,788
	20,456	Mapfre SA (Insurance)		59,820
	48,755	Naturgy Energy Group SA (Utilities)		1,343,631
	99,564	Telefonica SA (Telecommunication Services)		818,745
				9,922,949
Sweden – 1.8%
	7,077	Atlas Copco AB Class B (Capital Goods)		203,467
	209,832	Skandinaviska Enskilda Banken AB Class A (Banks)		1,942,817
	42,554	Skanska AB Class B (Capital Goods)		768,907
	156,733	Swedbank AB Class A (Banks)		2,359,513
	9,845	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		93,446
	46,855	Telia Co. AB (Telecommunication Services)		207,723
				5,575,873
Switzerland – 11.0%
	63,111	ABB Ltd. (Registered) (Capital Goods)		1,265,260
	11,392	Adecco Group AG (Registered) (Commercial & Professional Services)		684,629
	1,451	Alcon, Inc. (Health Care Equipment & Services)*		89,599
	2,590	EMS-Chemie Holding AG (Registered) (Materials)		1,681,295
	313	Geberit AG (Registered) (Capital Goods)		146,305
	390	Givaudan SA (Registered) (Materials)		1,101,567
	259,704	Glencore plc (Materials)*		898,817
	8,736	Kuehne + Nagel International AG (Registered) (Transportation)		1,297,619
	31,527	LafargeHolcim Ltd. (Registered) (Materials)*		1,541,561
	69,268	Nestle SA (Registered) (Food, Beverage & Tobacco)		7,170,779
	66,483	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		6,069,351
	20,588	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		5,789,096
	397	SGS SA (Registered) (Commercial & Professional Services)		1,011,897

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	1,293	Sonova Holding AG (Registered) (Health Care Equipment & Services)	$	294,285
	96,970	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)(b)		1,719,867
	737	Temenos AG (Registered) (Software & Services)*		131,963
	42,725	UBS Group AG (Registered) (Diversified Financials)*		507,797
	8,140	Zurich Insurance Group AG (Insurance)		2,832,308
				34,233,995
United Kingdom – 13.1%
	38,232	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(b)		1,578,217
	250,164	BAE Systems plc (Capital Goods)		1,572,249
	89,865	BP plc ADR (Energy)(b)		3,747,371
	52,689	British American Tobacco plc (Food, Beverage & Tobacco)(b)		1,839,686
	95,372	Centrica plc (Utilities)		106,318
	15,610	Compass Group plc (Consumer Services)		374,199
	13,945	Diageo plc (Food, Beverage & Tobacco)		600,197
	50,835	easyJet plc (Transportation)		615,484
	130,365	G4S plc (Commercial & Professional Services)		344,898
	118,203	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(b)		4,730,484
	1,029,471	HSBC Holdings plc (Banks)		8,592,239
	34,388	Imperial Brands plc (Food, Beverage & Tobacco)(b)		806,920
	118,879	J Sainsbury plc (Food & Staples Retailing)		295,414
	851,727	Legal & General Group plc (Insurance)(b)		2,918,030
	91,034	Marks & Spencer Group plc (Retailing)		243,399
	1,016	Next plc (Retailing)(b)		71,147
	110,948	Persimmon plc (Consumer Durables & Apparel)(b)		2,818,630
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)(b)		151,277
	27,421	Royal Mail plc (Transportation)		73,791
	67,126	Segro plc (REIT)		623,232
	63,726	SSE plc (Utilities)		908,309
	65,223	Unilever NV CVA (Household & Personal Products)		3,962,831
	57,354	Unilever plc ADR (Household & Personal Products)(b)		3,554,227
	61,537	Wm Morrison Supermarkets plc (Food & Staples Retailing)		157,514
				40,686,063
	TOTAL COMMON STOCKS
	(Cost $312,366,906)		$	309,540,134

Units		Description	Expiration Month		Value
Right*(b) – 0.0%
Spain – 0.0%
	3,302	ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2019	$	5,182
	(Cost $5,509)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $312,372,415)				$	309,545,316

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(f) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	801,360	2.308%	$	801,360
	(Cost $801,360)
	TOTAL INVESTMENTS – 99.9%
	(Cost $313,173,775)		$	310,346,676
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			397,384
	NET ASSETS – 100.0%		$	310,744,060

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 segregated as collateral for call options written.
(c)	All or a portion of security is on loan.
(d)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, 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		34		09/20/2019	$	1,340,004	$	36,362
FTSE 100 Index		7		09/20/2019		655,079		7,967
MSCI Singapore Index		2		07/30/2019		55,898		492
SPI 200 Index		2		09/19/2019		230,237		2,900
TOPIX Index		4		09/12/2019		575,430		1,806
Total Futures Contracts							$	49,527

WRITTEN OPTIONS CONTRACTS — At June 30, 2019, 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.		3,500 EUR		09/20/2019		1,604	$	(55,717,988	)	$	(1,216,547	)	$	(1,234,293	)	$	17,746
FTSE 100 Index			7,425 GBP		09/20/2019		244		(18,118,537	)		(381,137	)		(403,867	)		22,730
Nikkei 225 Index			21,250 JPY		09/13/2019		174		(3,702,010,080	)		(952,187	)		(818,926	)		(133,261	)
Total written options contracts							2,022				$	(2,549,871	)	$	(2,457,086	)	$	(92,785	)

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Automobiles & Components – 1.3%
	549,440	General Motors Co.	$	21,169,923
	21,887	Gentex Corp.		538,639
				21,708,562
Banks – 6.9%
	8,543	CenterState Bank Corp.		196,745
	8,614	Central Pacific Financial Corp.		258,076
	4,680	CIT Group, Inc.		245,887
	221,931	Citigroup, Inc.		15,541,828
	466,911	Citizens Financial Group, Inc.		16,509,973
	548,127	Fifth Third Bancorp		15,292,743
	3,267	First Citizens BancShares, Inc. Class A		1,471,032
	52,438	JPMorgan Chase & Co.		5,862,568
	208,520	KeyCorp		3,701,230
	20,792	NMI Holdings, Inc. Class A*		590,285
	47,974	PNC Financial Services Group, Inc. (The)		6,585,871
	184,396	Popular, Inc.		10,001,639
	144,559	Radian Group, Inc.		3,303,173
	357,210	Regions Financial Corp.		5,336,717
	26,535	Signature Bank		3,206,490
	40,347	SVB Financial Group*		9,061,533
	245,978	Synovus Financial Corp.		8,609,230
	118,239	Western Alliance Bancorp*		5,287,648
	165,382	Zions Bancorp NA		7,604,264
				118,666,932
Capital Goods – 6.2%
	28,057	AECOM*		1,061,957
	27,444	Aerojet Rocketdyne Holdings, Inc.*		1,228,668
	68,979	Albany International Corp. Class A		5,719,049
	14,958	Allison Transmission Holdings, Inc.		693,303
	33,469	Boeing Co. (The)		12,183,051
	39,817	Curtiss-Wright Corp.		5,061,935
	11,432	Eaton Corp. plc		952,057
	44,355	Fluor Corp.		1,494,320
	13,565	Fortive Corp.		1,105,819
	4,388	Franklin Electric Co., Inc.		208,430
	96,554	Harris Corp.		18,261,258
	41,574	HD Supply Holdings, Inc.*		1,674,601
	4,318	HEICO Corp.		577,792
	9,481	Honeywell International, Inc.		1,655,288
	8,012	Hubbell, Inc.		1,044,765
	114,094	Illinois Tool Works, Inc.		17,206,516
	186,237	Johnson Controls International plc		7,693,450
	26,915	Lockheed Martin Corp.		9,784,679
	17,861	Parker-Hannifin Corp.		3,036,549
	64,168	Raytheon Co.		11,157,532
	4,653	United Rentals, Inc.*		617,127
	9,033	WABCO Holdings, Inc.*		1,197,776
	23,184	Watsco, Inc.		3,791,279
				107,407,201
Commercial & Professional Services – 1.3%
	29,156	Cintas Corp.		6,918,427
	7,506	CoStar Group, Inc.*		4,158,774
Common Stocks – (continued)
Commercial & Professional Services – (continued)
	55,072	Insperity, Inc.		6,726,494
	44,519	ManpowerGroup, Inc.		4,300,536
				22,104,231
Consumer Durables & Apparel – 1.3%
	8,617	Columbia Sportswear Co.		863,079
	114,608	NIKE, Inc. Class B		9,621,341
	1,156	NVR, Inc.*		3,896,009
	69,688	Ralph Lauren Corp.		7,915,860
				22,296,289
Consumer Services – 4.5%
	45,624	Carnival Corp.		2,123,797
	20,555	Chipotle Mexican Grill, Inc.*		15,064,348
	46,795	Domino’s Pizza, Inc.		13,022,113
	68,312	Hilton Worldwide Holdings, Inc.		6,676,815
	165,230	Starbucks Corp.		13,851,231
	127,797	Wingstop, Inc.		12,108,766
	5,307	Wyndham Destinations, Inc.		232,977
	5,307	Wyndham Hotels & Resorts, Inc.		295,812
	87,531	Yum China Holdings, Inc.		4,043,932
	87,531	Yum! Brands, Inc.		9,687,056
				77,106,847
Diversified Financials – 4.9%
	556,635	Ally Financial, Inc.		17,250,119
	32,395	Ameriprise Financial, Inc.		4,702,458
	38,603	Berkshire Hathaway, Inc. Class B*		8,229,001
	4,505	Capital One Financial Corp.		408,784
	137,041	E*TRADE Financial Corp.		6,112,029
	13,256	Morgan Stanley		580,745
	48,508	MSCI, Inc.		11,583,225
	71,481	Nasdaq, Inc.		6,874,328
	509,239	Synchrony Financial		17,655,316
	213,353	Voya Financial, Inc.		11,798,421
				85,194,426
Energy – 3.9%
	17,542	Arch Coal, Inc. Class A		1,652,632
	242,468	ConocoPhillips		14,790,548
	7,731	CVR Energy, Inc.		386,473
	18,267	Diamondback Energy, Inc.		1,990,555
	20,740	Exxon Mobil Corp.		1,589,306
	68,098	Helmerich & Payne, Inc.		3,447,121
	142,607	HollyFrontier Corp.		6,599,852
	158,635	Marathon Oil Corp.		2,254,203
	86,778	Occidental Petroleum Corp.		4,363,198
	30,354	PBF Energy, Inc. Class A		950,080
	17,043	TechnipFMC plc		442,095
	250,445	Valero Energy Corp.		21,440,596
	247,662	Williams Cos., Inc. (The)		6,944,443
				66,851,102
Food & Staples Retailing – 0.4%
	340,406	Kroger Co. (The)		7,390,214

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)
Food, Beverage & Tobacco – 2.7%
	11,625	Coca-Cola European Partners plc	$	656,812
	107,558	Freshpet, Inc.*		4,894,965
	57,396	Lamb Weston Holdings, Inc.		3,636,611
	13,685	Lancaster Colony Corp.		2,033,591
	26,959	Mondelez International, Inc. Class A		1,453,090
	130,860	Monster Beverage Corp.*		8,352,794
	148,510	Philip Morris International, Inc.		11,662,490
	7,412	Sanderson Farms, Inc.		1,012,183
	167,342	Tyson Foods, Inc. Class A		13,511,193
				47,213,729
Health Care Equipment & Services – 6.1%
	52,362	Align Technology, Inc.*		14,331,479
	75,870	Anthem, Inc.		21,411,273
	15,245	Cardinal Health, Inc.		718,040
	42,333	Cigna Corp.		6,669,564
	1,458	HCA Healthcare, Inc.		197,078
	19,950	Hill-Rom Holdings, Inc.		2,087,169
	35,490	Humana, Inc.		9,415,497
	37,074	IDEXX Laboratories, Inc.*		10,207,584
	98,100	McKesson Corp.		13,183,659
	1,291	Mesa Laboratories, Inc.		315,443
	76,038	UnitedHealth Group, Inc.		18,554,032
	9,667	Universal Health Services, Inc. Class B		1,260,480
	25,207	WellCare Health Plans, Inc.*		7,185,760
				105,537,058
Household & Personal Products – 0.7%
	160,190	Colgate-Palmolive Co.		11,480,818
	8,185	Procter & Gamble Co. (The)		897,485
				12,378,303
Insurance – 4.3%
	124,496	Argo Group International Holdings Ltd.		9,218,929
	36,331	Athene Holding Ltd. Class A*		1,564,413
	98,971	Lincoln National Corp.		6,378,681
	17,026	Marsh & McLennan Cos., Inc.		1,698,343
	24,073	Mercury General Corp.		1,504,563
	11,862	Old Republic International Corp.		265,472
	198,232	Progressive Corp. (The)		15,844,684
	28,050	Prudential Financial, Inc.		2,833,050
	107,660	Reinsurance Group of America, Inc.		16,798,190
	52,724	Travelers Cos., Inc. (The)		7,883,292
	142,586	Unum Group		4,783,760
	5,529	White Mountains Insurance Group Ltd.		5,647,652
				74,421,029
Materials – 1.2%
	1,072	Air Products & Chemicals, Inc.		242,669
	36,943	Berry Global Group, Inc.*		1,942,832
	12,663	Celanese Corp.		1,365,072
	16,812	Domtar Corp.		748,638
	14,002	Sealed Air Corp.		599,006
Common Stocks – (continued)
Materials – (continued)
	27,445	Sherwin-Williams Co. (The)		12,577,769
	151,219	Warrior Met Coal, Inc.		3,949,840
				21,425,826
Media & Entertainment – 5.9%
	17,973	Alphabet, Inc. Class A*		19,461,164
	17,039	Alphabet, Inc. Class C*		18,417,626
	94,443	Comcast Corp. Class A		3,993,050
	138,810	Facebook, Inc. Class A*		26,790,330
	20,711	Match Group, Inc.		1,393,229
	20,176	Netflix, Inc.*		7,411,048
	132,657	Nexstar Media Group, Inc. Class A		13,398,357
	182,201	Sinclair Broadcast Group, Inc. Class A		9,771,440
	4,419	Twitter, Inc.*		154,223
				100,790,467
Pharmaceuticals, Biotechnology & Life Sciences – 6.6%
	77,032	AbbVie, Inc.		5,601,767
	123,755	Alexion Pharmaceuticals, Inc.*		16,209,430
	69,013	Amgen, Inc.		12,717,716
	46,866	Biogen, Inc.*		10,960,551
	77,057	Bristol-Myers Squibb Co.		3,494,535
	22,484	Genomic Health, Inc.*		1,307,894
	236,309	Gilead Sciences, Inc.		15,965,036
	55,829	Incyte Corp.*		4,743,232
	4,786	IQVIA Holdings, Inc.*		770,067
	101,303	Johnson & Johnson		14,109,482
	26,154	Merck & Co., Inc.		2,193,013
	279,257	Pfizer, Inc.		12,097,413
	11,659	Repligen Corp.*		1,002,091
	3,494	Thermo Fisher Scientific, Inc.		1,026,118
	66,452	Vertex Pharmaceuticals, Inc.*		12,185,968
				114,384,313
Real Estate – 4.7%
	88,800	American Tower Corp. (REIT)		18,155,160
	15,149	Apartment Investment & Management Co. Class A (REIT)		759,268
	113,236	Camden Property Trust (REIT)		11,820,706
	12,080	CBRE Group, Inc. Class A*		619,704
	18,849	CoreSite Realty Corp. (REIT)		2,170,839
	4,262	Digital Realty Trust, Inc. (REIT)		502,021
	42,484	Douglas Emmett, Inc. (REIT)		1,692,563
	257,053	Duke Realty Corp. (REIT)		8,125,445
	39,468	Equity LifeStyle Properties, Inc. (REIT)		4,789,047
	130,009	First Industrial Realty Trust, Inc. (REIT)		4,776,531
	72,247	Host Hotels & Resorts, Inc. (REIT)		1,316,340
	126,488	Kimco Realty Corp. (REIT)		2,337,498
	6,000	Lamar Advertising Co. Class A (REIT)		484,260
	95,996	Prologis, Inc. (REIT)		7,689,280
	1,888	PS Business Parks, Inc. (REIT)		318,185
	320,737	Rexford Industrial Realty, Inc. (REIT)		12,948,391
	68,437	STORE Capital Corp. (REIT)		2,271,455

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	14,722	Terreno Realty Corp. (REIT)	$	721,967
				81,498,660
Retailing – 6.4%
	24,516	Amazon.com, Inc.*		46,424,233
	6,539	AutoZone, Inc.*		7,189,434
	2,356	Booking Holdings, Inc.*		4,416,817
	202,246	eBay, Inc.		7,988,717
	3,786	Expedia Group, Inc.		503,652
	108,585	Lowe’s Cos., Inc.		10,957,312
	1,541	MercadoLibre, Inc.*		942,737
	31,865	O’Reilly Automotive, Inc.*		11,768,382
	227,000	Target Corp.		19,660,470
				109,851,754
Semiconductors & Semiconductor Equipment – 3.6%
	340,111	Applied Materials, Inc.		15,274,385
	75,302	Cree, Inc.*		4,230,466
	46,951	Inphi Corp.*		2,352,245
	31,784	Intel Corp.		1,521,500
	37,989	KLA-Tencor Corp.		4,490,300
	7,332	Kulicke & Soffa Industries, Inc.		165,337
	15,650	Lam Research Corp.		2,939,696
	52,273	Maxim Integrated Products, Inc.		3,126,971
	137,479	NXP Semiconductors NV		13,419,325
	96,874	ON Semiconductor Corp.*		1,957,824
	100,492	Teradyne, Inc.		4,814,572
	63,128	Texas Instruments, Inc.		7,244,569
				61,537,190
Software & Services – 12.5%
	44,829	Adobe, Inc.*		13,208,865
	18,021	Black Knight, Inc.*		1,083,963
	31,401	Cadence Design Systems, Inc.*		2,223,505
	96,260	Citrix Systems, Inc.		9,446,956
	68,560	Cornerstone OnDemand, Inc.*		3,971,681
	5,074	EPAM Systems, Inc.*		878,309
	79,080	Fortinet, Inc.*		6,075,716
	17,179	GoDaddy, Inc. Class A*		1,205,107
	51,327	HubSpot, Inc.*		8,752,280
	6,626	Intuit, Inc.		1,731,573
	71,085	Leidos Holdings, Inc.		5,676,137
	27,259	Mastercard, Inc. Class A		7,210,823
	339,794	Microsoft Corp.		45,518,804
	212,943	Oracle Corp.		12,131,363
	35,788	Palo Alto Networks, Inc.*		7,292,163
	222,554	PayPal Holdings, Inc.*		25,473,531
	71,300	ServiceNow, Inc.*		19,576,841
	14,006	Smartsheet, Inc. Class A*		677,890
	14,421	Synopsys, Inc.*		1,855,839
	36,907	Teradata Corp.*		1,323,116
	31,837	VeriSign, Inc.*		6,659,027
	189,026	Visa, Inc. Class A		32,805,462
				214,778,951
Technology Hardware & Equipment – 5.2%
	16,391	Acacia Communications, Inc.*		773,000
	311,602	Apple, Inc.		61,672,268
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	10,463	CDW Corp.		1,161,393
	158,887	Jabil, Inc.		5,020,829
	169,190	Keysight Technologies, Inc.*		15,194,954
	9,352	Motorola Solutions, Inc.		1,559,259
	29,331	National Instruments Corp.		1,231,609
	42,942	NetApp, Inc.		2,649,521
				89,262,833
Telecommunication Services – 0.7%
	34,825	AT&T, Inc.		1,166,986
	167,581	Cogent Communications Holdings, Inc.		9,947,608
	3,466	Telephone & Data Systems, Inc.		105,366
				11,219,960
Transportation – 2.7%
	24,642	Alaska Air Group, Inc.		1,574,870
	31,353	CSX Corp.		2,425,782
	69,991	Delta Air Lines, Inc.		3,971,989
	31,470	Norfolk Southern Corp.		6,272,915
	148,567	Southwest Airlines Co.		7,544,233
	144,393	Union Pacific Corp.		24,418,300
				46,208,089
Utilities – 4.7%
	274,270	AES Corp.		4,596,765
	141,003	Ameren Corp.		10,590,736
	142,614	American Electric Power Co., Inc.		12,551,458
	9,873	American Water Works Co., Inc.		1,145,268
	46,810	CMS Energy Corp.		2,710,767
	28,282	DTE Energy Co.		3,616,702
	232,096	Exelon Corp.		11,126,682
	278,733	FirstEnergy Corp.		11,932,560
	249,061	NRG Energy, Inc.		8,747,022
	441,944	PPL Corp.		13,704,684
				80,722,644
	TOTAL COMMON STOCKS
	(Cost $1,185,245,289)		$	1,699,956,610

Shares		Dividend Rate	Value
Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	61,302	2.308%	$	61,302
	(Cost $61,302)
	TOTAL INVESTMENTS – 98.7%
	(Cost $1,185,306,591)		$	1,700,017,912
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			21,803,901
	NET ASSETS – 100.0%		$	1,721,821,813

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.1%
Australia – 7.3%
	175,329	Altium Ltd. (Software & Services)	$	4,232,311
	95,082	ASX Ltd. (Diversified Financials)		5,508,764
	728,504	Aurelia Metals Ltd. (Materials)*		253,533
	192,754	Aurizon Holdings Ltd. (Transportation)		731,727
	370,752	Australia & New Zealand Banking Group Ltd. (Banks)		7,359,184
	234,052	BHP Group plc (Materials)		5,985,732
	786,623	Boral Ltd. (Materials)		2,836,888
	31,971	CIMIC Group Ltd. (Capital Goods)		1,005,343
	745,439	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		5,351,523
	11,099	Cochlear Ltd. (Health Care Equipment & Services)		1,615,969
	5,806	Commonwealth Bank of Australia (Banks)		337,686
	115,043	Magellan Financial Group Ltd. (Diversified Financials)		4,130,106
	131,249	Mount Gibson Iron Ltd. (Materials)		94,279
	7,113	Pro Medicus Ltd. (Health Care Equipment & Services)		126,721
	65,637	QBE Insurance Group Ltd. (Insurance)		546,045
	84,701	Regis Resources Ltd. (Materials)		314,517
	37,044	Rio Tinto Ltd. (Materials)		2,712,556
	41,483	Rio Tinto plc ADR (Materials)		2,586,050
	41,674	Sonic Healthcare Ltd. (Health Care Equipment & Services)		794,055
	524,887	South32 Ltd. (Materials)		1,176,608
	219,699	Woodside Petroleum Ltd. (Energy)		5,634,964
				53,334,561
Austria – 0.3%
	11,915	OMV AG (Energy)		580,793
	60,116	UNIQA Insurance Group AG (Insurance)		560,193
	40,977	Wienerberger AG (Materials)		1,011,110
				2,152,096
Belgium – 2.0%
	47,872	Ageas (Insurance)		2,491,275
	6,195	Cofinimmo SA (REIT)		804,463
	80,847	KBC Group NV (Banks)		5,305,610
	61,353	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		5,091,662
	6,998	Warehouses De Pauw CVA (REIT)		1,177,699
				14,870,709
China – 0.3%
	139,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		538,920
	269,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		106,667
	842,500	Fosun International Ltd. (Capital Goods)		1,121,714
	584,000	Towngas China Co. Ltd. (Utilities)*		420,693
				2,187,994
Common Stocks – (continued)
Denmark – 3.3%
	40,318	Carlsberg A/S Class B (Food, Beverage & Tobacco)		5,350,089
	97,964	GN Store Nord A/S (Health Care Equipment & Services)		4,579,573
	183,617	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		9,378,643
	21,191	Pandora A/S (Consumer Durables & Apparel)		753,806
	14,927	Royal Unibrew A/S (Food, Beverage & Tobacco)		1,091,249
	19,041	SimCorp A/S (Software & Services)		1,843,209
	16,695	Vestas Wind Systems A/S (Capital Goods)		1,446,350
				24,442,919
Finland – 0.6%
	22,170	Kone OYJ Class B (Capital Goods)		1,309,212
	30,668	Neste OYJ (Energy)		1,042,634
	74,978	Valmet OYJ (Capital Goods)		1,870,501
				4,222,347
France – 10.9%
	58,482	Air Liquide SA (Materials)		8,179,783
	143,929	BNP Paribas SA (Banks)		6,822,996
	56,942	Bureau Veritas SA (Commercial & Professional Services)		1,405,490
	8,411	Christian Dior SE (Consumer Durables & Apparel)		4,410,864
	16,766	Coface SA (Insurance)		169,107
	186	Dassault Aviation SA (Capital Goods)		267,337
	32,401	Dassault Systemes SE (Software & Services)		5,168,131
	25,843	Eiffage SA (Capital Goods)		2,554,051
	10,583	Gaztransport Et Technigaz SA (Energy)		1,061,598
	12,906	Gecina SA (REIT)		1,931,284
	18,669	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		2,546,372
	11,771	Kering SA (Consumer Durables & Apparel)		6,947,515
	46,572	Lagardere SCA (Media & Entertainment)		1,213,335
	31,651	Legrand SA (Capital Goods)		2,313,967
	12,021	Pernod Ricard SA (Food, Beverage & Tobacco)		2,213,985
	211,700	Peugeot SA (Automobiles & Components)		5,210,459
	52,812	Publicis Groupe SA (Media & Entertainment)		2,787,461
	8,696	Safran SA (Capital Goods)		1,272,153
	24,725	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		3,898,715
	90,352	Schneider Electric SE (Capital Goods)		8,175,309
	103,953	SCOR SE (Insurance)		4,557,177
	105,676	Societe Generale SA (Banks)		2,667,198

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)
	18,406	Teleperformance (Commercial & Professional Services)	$	3,687,771
				79,462,058
Germany – 6.9%
	27,180	Aareal Bank AG (Banks)		716,022
	28,571	adidas AG (Consumer Durables & Apparel)		8,839,013
	10,586	alstria office REIT-AG (REIT)		171,412
	2,545	CANCOM SE (Software & Services)		135,085
	3,046	CompuGroup Medical SE (Health Care Equipment & Services)		245,999
	7,838	Covestro AG (Materials)(a)		399,029
	24,483	Deutsche Boerse AG (Diversified Financials)		3,456,264
	60,029	Deutsche Pfandbriefbank AG (Banks)(a)		722,821
	110,997	Deutsche Post AG (Registered) (Transportation)		3,651,448
	512,394	E.ON SE (Utilities)		5,559,535
	159,947	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*		4,478,147
	13,879	GEA Group AG (Capital Goods)		393,895
	13,490	HOCHTIEF AG (Capital Goods)		1,642,858
	2,442	HUGO BOSS AG (Consumer Durables & Apparel)		162,749
	29,163	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		3,046,113
	68,217	Nemetschek SE (Software & Services)		4,109,589
	66,422	ProSiebenSat.1 Media SE (Media & Entertainment)		1,040,538
	8,862	RIB Software SE (Software & Services)		182,018
	33,110	Siemens AG (Registered) (Capital Goods)		3,941,922
	20,287	Siltronic AG (Semiconductors & Semiconductor Equipment)		1,474,203
	3,881	Talanx AG (Insurance)		168,180
	12,484	TLG Immobilien AG (Real Estate)		365,536
	31,875	Wirecard AG (Software & Services)		5,381,020
				50,283,396
Hong Kong – 5.8%
	1,075,600	AIA Group Ltd. (Insurance)		11,615,330
	311,000	Cathay Pacific Airways Ltd. (Transportation)		464,774
	705,000	CK Asset Holdings Ltd. (Real Estate)		5,523,025
	589,000	CK Hutchison Holdings Ltd. (Capital Goods)		5,809,748
	304,500	CLP Holdings Ltd. (Utilities)		3,355,529
	186,284	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		6,583,294
	310,500	Kerry Properties Ltd. (Real Estate)		1,304,261
	268,500	Link REIT (REIT)		3,304,004
	243,000	NWS Holdings Ltd. (Capital Goods)		499,795
Common Stocks – (continued)
Hong Kong – (continued)
	52,000	Road King Infrastructure Ltd. (Real Estate)		107,321
	352,500	Swire Pacific Ltd. Class B (Real Estate)		668,648
	281,800	Swire Properties Ltd. (Real Estate)		1,139,238
	865,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		2,373,912
				42,748,879
Ireland – 0.1%
	190,005	C&C Group plc (Food, Beverage & Tobacco)		844,774
Israel – 0.0%
	54,990	Plus500 Ltd. (Diversified Financials)		363,888
Italy – 2.8%
	11,518	Banca Generali SpA (Diversified Financials)		331,656
	122,889	Davide Campari-Milano SpA (Food, Beverage & Tobacco)		1,203,901
	21,828	DiaSorin SpA (Health Care Equipment & Services)		2,535,820
	457,215	Enel SpA (Utilities)		3,189,417
	335,638	Leonardo SpA (Capital Goods)		4,258,082
	466,036	Mediobanca Banca di Credito Finanziario SpA (Banks)		4,805,670
	43,738	Moncler SpA (Consumer Durables & Apparel)		1,874,670
	158,043	UniCredit SpA (Banks)		1,945,325
				20,144,541
Japan – 22.6%
	76,600	AEON Financial Service Co. Ltd. (Diversified Financials)		1,236,313
	286,500	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		4,970,417
	221,100	Amada Holdings Co. Ltd. (Capital Goods)		2,499,145
	388,800	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		5,540,698
	130,200	Benesse Holdings, Inc. (Consumer Services)		3,038,526
	29,400	Central Japan Railway Co. (Transportation)		5,894,936
	119,100	Chubu Electric Power Co., Inc. (Utilities)		1,673,038
	2,200	CyberAgent, Inc. (Media & Entertainment)		80,173
	19,500	Daicel Corp. (Materials)		173,783
	183,300	Daiwa House Industry Co. Ltd. (Real Estate)		5,356,158
	33,800	Denso Corp. (Automobiles & Components)		1,425,214
	62,100	East Japan Railway Co. (Transportation)		5,815,279
	7,600	Electric Power Development Co. Ltd. (Utilities)		172,947

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	4,800	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)	$	144,796
	71,300	Fujitsu Ltd. (Software & Services)		4,982,892
	10,800	Hankyu Hanshin Holdings, Inc. (Transportation)		387,529
	190,600	Hitachi Ltd. (Technology Hardware & Equipment)		7,012,691
	410,500	Hulic Co. Ltd. (Real Estate)		3,304,825
	70,500	IHI Corp. (Capital Goods)		1,704,346
	52,300	ITOCHU Corp. (Capital Goods)		1,001,913
	32,400	Itochu Techno-Solutions Corp. (Software & Services)		832,948
	7,400	Japan Airlines Co. Ltd. (Transportation)		236,176
	8,800	JGC Corp. (Capital Goods)		120,393
	8,700	Kajima Corp. (Capital Goods)		119,664
	82,100	Kao Corp. (Household & Personal Products)		6,264,589
	163,600	KDDI Corp. (Telecommunication Services)		4,163,078
	55,100	Kewpie Corp. (Food, Beverage & Tobacco)		1,217,989
	92,100	Konami Holdings Corp. (Media & Entertainment)		4,332,271
	18,400	K’s Holdings Corp. (Retailing)		173,741
	106,400	LIXIL Group Corp. (Capital Goods)		1,687,825
	8,100	Look Holdings, Inc. (Consumer Durables & Apparel)		95,718
	10,800	Mandom Corp. (Household & Personal Products)		261,883
	28,300	Mitsubishi Heavy Industries Ltd. (Capital Goods)		1,234,222
	4,400	Mitsubishi Materials Corp. (Materials)		125,350
	74,100	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		393,763
	225,900	Mitsui Fudosan Co. Ltd. (Real Estate)		5,490,317
	121,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		3,846,156
	98,900	Nexon Co. Ltd. (Media & Entertainment)*		1,444,894
	5,100	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		81,672
	5,500	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		154,229
	78,000	Nomura Real Estate Holdings, Inc. (Real Estate)		1,680,043
	9,900	Nomura Research Institute Ltd. (Software & Services)		159,204
	3,700	NS Solutions Corp. (Software & Services)		117,731
	377,700	NTT Data Corp. (Software & Services)		5,043,076
	147,500	NTT DOCOMO, Inc. (Telecommunication Services)		3,441,460
	205,200	Obayashi Corp. (Capital Goods)		2,027,110
	20,800	Obic Co. Ltd. (Software & Services)		2,363,821
	258,400	Osaka Gas Co. Ltd. (Utilities)		4,509,588
Common Stocks – (continued)
Japan – (continued)
	43,200	Pola Orbis Holdings, Inc. (Household & Personal Products)		1,210,554
	113,500	SAMTY Co. Ltd. (Real Estate)		1,729,491
	27,800	Sankyo Co. Ltd. (Consumer Durables & Apparel)		1,007,974
	2,900	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		156,965
	17,800	SCSK Corp. (Software & Services)		877,432
	125,200	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		1,885,166
	90,700	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,240,904
	37,100	SoftBank Group Corp. (Telecommunication Services)		1,786,934
	146,400	Sony Corp. (Consumer Durables & Apparel)		7,693,316
	198,300	Subaru Corp. (Automobiles & Components)		4,828,042
	130,600	Sumitomo Corp. (Capital Goods)		1,983,563
	49,800	Sumitomo Heavy Industries Ltd. (Capital Goods)		1,720,485
	128,800	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		4,679,512
	136,300	Sumitomo Realty & Development Co. Ltd. (Real Estate)		4,876,099
	22,100	Sundrug Co. Ltd. (Food & Staples Retailing)		599,366
	71,200	Taisei Corp. (Capital Goods)		2,593,570
	61,000	TIS, Inc. (Software & Services)		3,117,328
	38,000	Tobu Railway Co. Ltd. (Transportation)		1,109,007
	71,900	Toshiba Corp. (Capital Goods)		2,241,466
	7,000	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		178,179
	22,200	Toyo Seikan Group Holdings Ltd. (Materials)		441,398
	15,100	Toyota Motor Corp. (Automobiles & Components)		937,164
	1,201,100	Yahoo Japan Corp. (Media & Entertainment)		3,533,091
	707,100	Yamada Denki Co. Ltd. (Retailing)		3,129,399
				165,590,935
Netherlands – 6.0%
	60,959	Akzo Nobel NV (Materials)		5,728,332
	6,435	ASM International NV (Semiconductors & Semiconductor Equipment)		417,648
	22,052	ASML Holding NV (Semiconductors & Semiconductor Equipment)		4,588,798
	111,638	ASR Nederland NV (Insurance)		4,536,005

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)
Netherlands – (continued)
	152,131	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	$	3,903,720
	14,587	Koninklijke Philips NV (Health Care Equipment & Services)		634,184
	2,596	NSI NV (REIT)		109,959
	15,870	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		1,549,071
	86,930	Randstad NV (Commercial & Professional Services)		4,770,962
	16,431	Royal Dutch Shell plc Class A (Energy)		535,046
	297,158	Royal Dutch Shell plc Class B (Energy)		9,736,888
	15,820	Royal Dutch Shell plc Class B ADR (Energy)		1,040,007
	89,622	Wolters Kluwer NV (Commercial & Professional Services)		6,520,117
				44,070,737
Norway – 2.1%
	41,100	Aker BP ASA (Energy)		1,185,374
	124,706	Austevoll Seafood ASA (Food, Beverage & Tobacco)		1,310,749
	233,588	DNB ASA (Banks)		4,352,596
	35,510	Mowi ASA (Food, Beverage & Tobacco)		830,896
	341,012	Orkla ASA (Food, Beverage & Tobacco)		3,026,457
	47,658	Salmar ASA (Food, Beverage & Tobacco)		2,074,683
	68,225	Telenor ASA (Telecommunication Services)		1,449,522
	23,902	TGS NOPEC Geophysical Co. ASA (Energy)		672,607
	9,250	Tomra Systems ASA (Commercial & Professional Services)		304,460
				15,207,344
Portugal – 0.3%
	524,643	EDP – Energias de Portugal SA (Utilities)		1,993,875
Singapore – 0.7%
	815,200	Singapore Exchange Ltd. (Diversified Financials)		4,775,871
South Africa – 0.2%
	48,213	Anglo American plc (Materials)		1,377,370
Spain – 3.3%
	58,113	ACS Actividades de Construccion y Servicios SA (Capital Goods)		2,325,043
	228,892	Banco Bilbao Vizcaya Argentaria SA (Banks)		1,276,687
	1,169,111	Banco Santander SA (Banks)		5,418,424
Common Stocks – (continued)
Spain – (continued)
	133,787	Enagas SA (Energy)		3,570,316
	26,758	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		791,863
	80,663	Iberdrola SA (Utilities)		803,095
	237,928	Repsol SA (Energy)		3,733,767
	746,454	Telefonica SA (Telecommunication Services)		6,138,317
				24,057,512
Sweden – 3.5%
	6,248	Alfa Laval AB (Capital Goods)		136,535
	158,079	Atlas Copco AB Class A (Capital Goods)		5,065,744
	5,012	Atlas Copco AB Class B (Capital Goods)		144,097
	183,961	Boliden AB (Materials)		4,713,804
	184,969	Electrolux ABSeries B (Consumer Durables & Apparel)		4,741,409
	12,246	Lifco AB Class B (Capital Goods)		679,709
	277,289	Sandvik AB (Capital Goods)		5,095,479
	96,081	Swedish Match AB (Food, Beverage & Tobacco)		4,062,138
	50,925	Volvo AB Class B (Capital Goods)		809,182
				25,448,097
Switzerland – 7.6%
	86,715	Adecco Group AG (Registered) (Commercial & Professional Services)		5,211,345
	17,579	Baloise Holding AG (Registered) (Insurance)		3,113,364
	38	Belimo Holding AG (Registered) (Capital Goods)		233,559
	58,739	Coca-Cola HBC AG (Food, Beverage & Tobacco)*		2,218,873
	7,783	Flughafen Zurich AG (Registered) (Transportation)		1,465,821
	6,425	Helvetia Holding AG (Registered) (Insurance)		806,528
	54,222	LafargeHolcim Ltd. (Registered) (Materials)*		2,651,268
	18,777	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		6,338,981
	58,948	Nestle SA (Registered) (Food, Beverage & Tobacco)		6,102,429
	61,103	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		5,578,201
	688	Partners Group Holding AG (Diversified Financials)		541,057
	52,279	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		14,700,220
	24,116	Sonova Holding AG (Registered) (Health Care Equipment & Services)		5,488,768

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, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	1,311	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$	340,476
	3,962	Temenos AG (Registered) (Software & Services)*		709,412
				55,500,302
United Kingdom – 11.4%
	8,315	Ashtead Group plc (Capital Goods)		238,236
	641,166	Aviva plc (Insurance)		3,395,974
	525,398	Barratt Developments plc (Consumer Durables & Apparel)		3,823,319
	52,588	boohoo Group plc (Retailing)*		141,318
	2,669	BP plc ADR (Energy)		111,297
	78,403	British American Tobacco plc (Food, Beverage & Tobacco)		2,737,515
	7,799	Compass Group plc (Consumer Services)		186,956
	226,735	Diageo plc (Food, Beverage & Tobacco)		9,758,739
	21,947	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		883,134
	1,158,116	Direct Line Insurance Group plc (Insurance)		4,881,783
	227,330	Experian plc (Commercial & Professional Services)		6,885,728
	26,270	Fevertree Drinks plc (Food, Beverage & Tobacco)		773,274
	307,121	Fiat Chrysler Automobiles NV (Automobiles & Components)		4,262,358
	22,420	Greggs plc (Consumer Services)		653,465
	73,029	GVC Holdings plc (Consumer Services)		605,368
	187,571	Halma plc (Technology Hardware & Equipment)		4,817,316
	15,228	HomeServe plc (Commercial & Professional Services)		229,471
	178,349	HSBC Holdings plc (Banks)		1,488,548
	22,295	Imperial Brands plc (Food, Beverage & Tobacco)		523,156
	444,038	International Consolidated Airlines Group SA (Transportation)		2,692,057
	79,439	JD Sports Fashion plc (Retailing)		591,809
	1,468,944	Legal & General Group plc (Insurance)		5,032,624
	3,601,402	Lloyds Banking Group plc (Banks)		2,586,600
	574,493	National Grid plc (Utilities)		6,109,660
	17,165	Next plc (Retailing)		1,202,012
	166,691	Persimmon plc (Consumer Durables & Apparel)		4,234,778
	266,178	Smith & Nephew plc (Health Care Equipment & Services)		5,779,955
	1,514,409	Taylor Wimpey plc (Consumer Durables & Apparel)		3,038,894
Common Stocks – (continued)
United Kingdom – (continued)
	32,974	Unilever NV CVA (Household & Personal Products)		2,003,440
	17,834	Unilever plc (Household & Personal Products)		1,107,051
	45,109	Unilever plc ADR (Household & Personal Products)		2,795,405
				83,571,240
United States – 0.1%
	10,526	Carnival plc ADR (Consumer Services)		476,512
	TOTAL COMMON STOCKS
	(Cost $672,568,125)		$	717,127,957

Units		Description	Expiration Month		Value
Right* – 0.0%
Spain – 0.0%
	58,229	ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2019	$	91,373
	(Cost $ $97,152)
	TOTAL INVESTMENTS – 98.1%
	(Cost $672,665,277)				$	717,219,330
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%					13,788,141
	NET ASSETS – 100.0%				$	731,007,471

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.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, 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		95	09/20/2019	$	3,744,129	$	101,668
FTSE 100 Index		18	09/20/2019		1,684,487		20,928
Hang Seng Index		1	07/30/2019		182,450		2,088
MSCI Singapore Index		4	07/30/2019		111,796		1,033
SPI 200 Index		6	09/19/2019		690,712		8,707
TOPIX Index		11	09/12/2019		1,582,433		10,081
Total Futures Contracts						$	144,505

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, 2019 (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 $2,511,352,208, $312,372,415, $1,185,245,289 and $672,665,277)(a)	$	2,956,586,332	$	309,545,316		$	1,699,956,610	$	717,219,330
Investments in affiliated issuers, at value (cost $14,985,574, $0, $61,302 and $0)		14,985,574		—			61,302		—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $854,750, $801,360, $0 and $0)		854,750		801,360			—		—
Cash		438,109		—			26,258,678		693,797
Foreign currencies, at value (cost $0, $2,148,307, $0 and $7,266,194)		—		2,168,994			—		7,267,393
Receivables:
Investments sold		8,298,288		—			454,058		14,370,195
Dividends		3,220,023		805,105			1,480,105		1,286,272
Fund shares sold		1,454,027		155,724			281,493		2,190,788
Reimbursement from investment adviser		52,894		27,603			—		45,397
Securities lending income		138		3,709			—		182
Foreign tax reclaims		—		2,060,402			—		1,884,979
Due from custodian		—		—			—		11,693,095
Variation margin on futures		—		14,681			—		39,789
Other assets		91,352		55,190			71,825		47,031
Total assets		2,985,981,487		315,638,084			1,728,564,071		756,738,248
Liabilities:
Written options, at value (premiums received $24,609,167, $2,457,086, $0 and $0)		36,324,210		2,549,871			—		—
Variation margin on futures		61,837		—			—		—
Payables:
Investments purchased		11,233,824		138			—		24,514,985
Fund shares redeemed		5,096,941		334,418			5,557,157		457,925
Management fees		1,661,807		204,695			935,886		500,243
Payable upon return of securities loaned		854,750		801,360			—		—
Distribution and Service fees and Transfer Agency fees		329,928		10,720			77,133		23,450
Due to custodian		—		777,836			—		—
Accrued expenses and other liabilities		324,534		214,986			172,082		234,174
Total liabilities		55,887,831		4,894,024			6,742,258		25,730,777
Net Assets:
Paid-in capital		2,434,740,941		358,628,570			1,192,597,863		699,680,799
Total distributable earnings (loss)		495,352,715		(47,884,510	)		529,223,950		31,326,672
NET ASSETS	$	2,930,093,656	$	310,744,060		$	1,721,821,813	$	731,007,471
Net Assets:
Class A	$	194,950,063	$	2,826,713		$	63,654,048	$	8,695,841
Class C		140,568,832		892,025			15,860,010		1,820,677
Institutional		1,214,657,522		11,149,902			39,459,323		17,723,901
Service		—		—			1,571,505		—
Investor		462,128,749		10,909,669			20,023,069		17,800,345
Class P		646,718,990		149,712,223			124,200,263		66,532,999
Class R6		271,069,500		135,253,528			1,457,053,595		618,433,708
Total Net Assets	$	2,930,093,656	$	310,744,060		$	1,721,821,813	$	731,007,471
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		14,952,422		403,743			2,704,108		874,375
Class C		10,826,178		132,066			713,417		189,156
Institutional		93,402,447		1,623,734			1,634,108		1,782,860
Service		—		—			66,341		—
Investor		35,514,722		1,593,313			836,963		1,791,561
Class P		49,735,970		21,783,175			5,186,947		6,732,767
Class R6		20,851,612		19,708,301			60,866,943		62,612,601
Net asset value, offering and redemption price per share:(b)
Class A	$	13.04	$	7.00		$	23.54	$	9.95
Class C		12.98		6.75			22.23		9.63
Institutional		13.00		6.87			24.15		9.94
Service		—		—			23.69		—
Investor		13.01		6.85			23.92		9.94
Class P		13.00		6.87			23.94		9.88
Class R6		13.00		6.86			23.94		9.88

(a) Includes loaned securities having a market value of $835,380 and $761,357, for the U.S. Equity Dividend and Premium and International Equity Dividend and Premium 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 $13.80, $7.41, $24.91 and $10.53, 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, 2019 (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, $942,114, $12,539 and $1,441,571)	$	41,292,786		$	8,887,684		$	13,967,493		$	14,652,700
Dividends — affiliated issuers		214,362			2,555			40,063			4,162
Securities lending income — affiliated issuer		424			20,106			430			28,086
Total investment income		41,507,572			8,910,345			14,007,986			14,684,948
Expenses:
Management fees		10,099,080			1,265,579			5,558,114			2,954,276
Transfer Agency fees(a)		1,090,519			57,644			322,832			126,179
Distribution and Service fees(a)		968,478			8,395			155,765			22,533
Custody, accounting and administrative services		187,429			89,010			108,870			160,996
Printing and mailing costs		124,614			19,381			27,597			21,962
Registration fees		114,122			79,533			68,640			49,473
Professional fees		51,314			58,771			51,768			60,152
Trustee fees		10,815			8,239			9,322			8,544
Service share fees — Service and Shareholder Administration Plan		—			—			2,692			—
Other		35,265			59,895			25,093			23,574
Total expenses		12,681,636			1,646,447			6,330,693			3,427,689
Less — expense reductions		(380,760	)		(168,269	)		(34,749	)		(283,423	)
Net expenses		12,300,876			1,478,178			6,295,944			3,144,266
NET INVESTMENT INCOME		29,206,696			7,432,167			7,712,042			11,540,682
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		83,874,744			(8,752,535	)		3,907,469			(13,494,572	)
In-kind transactions		—			—			19,283,017			—
Futures contracts		(679,534	)		154,611			1,554,335			345,643
Foreign currency transactions		—			42,913			—			(307,722	)
Written options		(28,029,718	)		(7,244,218	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		340,478,116			37,000,655			196,635,479			76,243,670
Futures contracts		292,960			67,782			485,166			148,552
Foreign currency translation		—			26,882			—			15,390
Written options		(22,643,742	)		(302,748	)		—			—
Net realized and unrealized gain		373,292,826			20,993,342			221,865,466			62,950,961
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	402,499,522		$	28,425,509		$	229,577,508		$	74,491,643

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

	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Investor		Class P		Class R6
U.S. Equity Dividend and Premium	$	247,702	$	720,776	$	178,346	$	129,739	$	237,215	$	N/A	$	405,745	$	99,317	$	40,157
International Equity Dividend and Premium		3,138		5,257		2,260		946		2,480		N/A		8,976		23,271		19,711
U.S. Tax-Managed Equity		77,020		78,745		55,454		14,174		7,645		215		17,648		16,978		210,718
International Tax-Managed Equity		10,726		11,807		7,723		2,125		3,650		N/A		15,352		9,919		87,410

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, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	29,206,696		$	63,743,516		$	7,432,167		$	11,805,837
Net realized gain (loss)		55,165,492			190,385,768			(15,799,229	)		(1,079,490	)
Net change in unrealized gain (loss)		318,127,334			(457,858,509	)		36,792,571			(61,449,995	)
Net increase (decrease) in net assets resulting from operations		402,499,522			(203,729,225	)		28,425,509			(50,723,648	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,701,055	)		(15,468,512	)		(57,436	)		(91,884	)
Class C Shares		(726,109	)		(9,209,896	)		(16,434	)		(54,797	)
Institutional Shares		(12,581,427	)		(97,415,908	)		(270,752	)		(2,464,098	)
Investor Shares		(4,497,847	)		(33,144,596	)		(244,955	)		(187,293	)
Class P Shares(a)		(6,851,272	)		(50,730,626	)		(3,538,713	)		(5,301,151	)
Class R6 Shares(b)		(2,853,889	)		(18,072,196	)		(3,137,496	)		(3,555,021	)
Total distributions to shareholders		(29,211,599	)		(224,041,734	)		(7,265,786	)		(11,654,244	)
From share transactions:
Proceeds from sales of shares		325,981,173			1,907,832,243			18,610,862			423,531,802
Reinvestment of distributions		26,036,915			201,664,139			7,179,960			11,429,363
Cost of shares redeemed		(561,436,135	)		(2,407,191,500	)		(51,032,704	)		(471,997,811	)
Net decrease in net assets resulting from share transactions		(209,418,047	)		(297,695,118	)		(25,241,882	)		(37,036,646	)
TOTAL INCREASE (DECREASE)		163,869,876			(725,466,077	)		(4,082,159	)		(99,414,538	)
Net Assets:
Beginning of period		2,766,223,780			3,491,689,857			314,826,219			414,240,757
End of period	$	2,930,093,656		$	2,766,223,780		$	310,744,060		$	314,826,219

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets (continued)

	U.S. Tax-Managed Equity Fund						International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	7,712,042		$	12,721,634		$	11,540,682		$	14,175,859
Net realized gain (loss)		24,744,821			81,954,561			(13,456,651	)		(11,451,104	)
Net change in unrealized gain (loss)		197,120,645			(220,615,121	)		76,407,612			(132,332,601	)
Net increase (decrease) in net assets resulting from operations		229,577,508			(125,938,926	)		74,491,643			(129,607,846	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(319,218	)		—			(143,812	)
Class C Shares		—			—			—			(20,693	)
Institutional Shares		—			(36,134	)		—			(355,413	)
Service Shares		—			(2,719	)		—			—
Investor Shares		—			(134,928	)		—			(297,404	)
Class P Shares(a)		—			(908,225	)		—			(1,579,421	)
Class R6 Shares(b)		—			(11,402,299	)		—			(11,604,834	)
Total distributions to shareholders		—			(12,803,523	)		—			(14,001,577	)
From share transactions:
Proceeds from sales of shares		107,071,760			1,849,737,045			62,778,324			859,458,016
Proceeds paid in connection with in-kind transactions		(25,670,000	)		(121,370,000	)		—			—
Reinvestment of distributions		—			12,780,494			—			13,987,660
Cost of shares redeemed		(76,257,506	)		(1,601,182,871	)		(43,383,455	)		(739,640,420	)
Net increase in net assets resulting from share transactions		5,144,254			139,964,668			19,394,869			133,805,256
TOTAL INCREASE (DECREASE)		234,721,762			1,222,219			93,886,512			(9,804,167	)
Net Assets:
Beginning of period		1,487,100,051			1,485,877,832			637,120,959			646,925,126
End of period	$	1,721,821,813		$	1,487,100,051		$	731,007,471		$	637,120,959

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

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

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.46		$	13.16		$	12.11		$	11.34		$	11.76		$	11.26
Net investment income(a)		0.11			0.21			0.19			0.20			0.21			0.23
Net realized and unrealized gain (loss)		1.58			(1.05	)		1.61			1.21			0.04			0.95
Total from investment operations		1.69			(0.84	)		1.80			1.41			0.25			1.18
Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.19	)		(0.19	)		(0.20	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.64	)		(0.56	)		(0.45	)		(0.47	)		(0.46	)
Total distributions		(0.11	)		(0.86	)		(0.75	)		(0.64	)		(0.67	)		(0.68	)
Net asset value, end of period	$	13.04		$	11.46		$	13.16		$	12.11		$	11.34		$	11.76
Total return(b)		14.77	%		(6.63	)%		14.83	%		12.73	%		2.08	%		10.47	%
Net assets, end of period (in 000s)	$	194,950		$	187,524		$	275,451		$	294,401		$	194,237		$	172,832
Ratio of net expenses to average net assets		1.13	%(c)		1.12	%		1.13	%		1.16	%		1.17	%		1.19	%
Ratio of total expenses to average net assets		1.16	%(c)		1.15	%		1.15	%		1.19	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		1.73	%(c)		1.61	%		1.47	%		1.67	%		1.75	%		1.96	%
Portfolio turnover rate(d)		10	%		37	%		34	%		23	%		39	%		53	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.41		$	13.11		$	12.07		$	11.31		$	11.74		$	11.24
Net investment income(a)		0.06			0.11			0.10			0.11			0.12			0.14
Net realized and unrealized gain (loss)		1.57			(1.05	)		1.60			1.21			0.03			0.96
Total from investment operations		1.63			(0.94	)		1.70			1.32			0.15			1.10
Distributions to shareholders from net investment income		(0.06	)		(0.12	)		(0.10	)		(0.11	)		(0.11	)		(0.14	)
Distributions to shareholders from net realized gains		—			(0.64	)		(0.56	)		(0.45	)		(0.47	)		(0.46	)
Total distributions		(0.06	)		(0.76	)		(0.66	)		(0.56	)		(0.58	)		(0.60	)
Net asset value, end of period	$	12.98		$	11.41		$	13.11		$	12.07		$	11.31		$	11.74
Total return(b)		14.43	%		(7.38	)%		13.99	%		11.92	%		1.26	%		9.68	%
Net assets, end of period (in 000s)	$	140,569		$	139,580		$	177,178		$	142,909		$	90,091		$	74,125
Ratio of net expenses to average net assets		1.88	%(c)		1.87	%		1.88	%		1.91	%		1.92	%		1.94	%
Ratio of total expenses to average net assets		1.91	%(c)		1.90	%		1.90	%		1.94	%		1.95	%		1.95	%
Ratio of net investment income to average net assets		0.98	%(c)		0.86	%		0.76	%		0.92	%		1.01	%		1.21	%
Portfolio turnover rate(d)		10	%		37	%		34	%		23	%		39	%		53	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.43		$	13.13		$	12.09		$	11.31		$	11.73		$	11.24
Net investment income(a)		0.13			0.27			0.24			0.24			0.25			0.27
Net realized and unrealized gain (loss)		1.57			(1.06	)		1.60			1.22			0.04			0.95
Total from investment operations		1.70			(0.79	)		1.84			1.46			0.29			1.22
Distributions to shareholders from net investment income		(0.13	)		(0.27	)		(0.24	)		(0.23	)		(0.24	)		(0.27	)
Distributions to shareholders from net realized gains		—			(0.64	)		(0.56	)		(0.45	)		(0.47	)		(0.46	)
Total distributions		(0.13	)		(0.91	)		(0.80	)		(0.68	)		(0.71	)		(0.73	)
Net asset value, end of period	$	13.00		$	11.43		$	13.13		$	12.09		$	11.31		$	11.73
Total return(b)		15.01	%		(6.28	)%		15.31	%		13.17	%		2.49	%		10.83	%
Net assets, end of period (in 000s)	$	1,214,658		$	1,106,179		$	2,565,883		$	2,062,756		$	1,262,977		$	1,149,361
Ratio of net expenses to average net assets		0.75	%(c)		0.74	%		0.74	%		0.76	%		0.77	%		0.79	%
Ratio of total expenses to average net assets		0.77	%(c)		0.76	%		0.76	%		0.79	%		0.80	%		0.80	%
Ratio of net investment income to average net assets		2.10	%(c)		2.01	%		1.89	%		2.07	%		2.15	%		2.36	%
Portfolio turnover rate(d)		10	%		37	%		34	%		23	%		39	%		53	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.44		$	13.14		$	12.10		$	11.33		$	11.75		$	11.25
Net investment income(b)		0.12			0.25			0.23			0.23			0.24			0.26
Net realized and unrealized gain (loss)		1.58			(1.06	)		1.60			1.21			0.04			0.95
Total from investment operations		1.70			(0.81	)		1.83			1.44			0.28			1.21
Distributions to shareholders from net investment income		(0.13	)		(0.25	)		(0.23	)		(0.22	)		(0.23	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.64	)		(0.56	)		(0.45	)		(0.47	)		(0.46	)
Total distributions		(0.13	)		(0.89	)		(0.79	)		(0.67	)		(0.70	)		(0.71	)
Net asset value, end of period	$	13.01		$	11.44		$	13.14		$	12.10		$	11.33		$	11.75
Total return(c)		15.03	%		(6.47	)%		15.18	%		12.92	%		2.34	%		10.75	%
Net assets, end of period (in 000s)	$	462,129		$	432,136		$	473,178		$	174,527		$	54,106		$	39,960
Ratio of net expenses to average net assets		0.88	%(d)		0.87	%		0.88	%		0.91	%		0.92	%		0.94	%
Ratio of total expenses to average net assets		0.91	%(d)		0.90	%		0.90	%		0.94	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		1.97	%(d)		1.86	%		1.76	%		1.90	%		2.03	%		2.21	%
Portfolio turnover rate(e)		10	%		37	%		34	%		23	%		39	%		53	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	11.43		$	13.12
Net investment income(a)		0.13			0.18
Net realized and unrealized gain (loss)		1.57			(1.03	)
Total from investment operations		1.70			(0.85	)
Distributions to shareholders from net investment income		(0.13	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.64	)
Total distributions		(0.13	)		(0.84	)
Net asset value, end of period	$	13.00		$	11.43
Total return(b)		15.02	%		(6.73	)%
Net assets, end of period (in 000s)	$	646,719		$	648,424
Ratio of net expenses to average net assets		0.74	%(c)		0.73	%(c)
Ratio of total expenses to average net assets		0.76	%(c)		0.76	%(c)
Ratio of net investment income to average net assets		2.12	%(c)		1.93	%(c)
Portfolio turnover rate(d)		10	%		37	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	11.42		$	12.84
Net investment income(a)		0.13			0.17
Net realized and unrealized gain (loss)		1.58			(0.75	)
Total from investment operations		1.71			(0.58	)
Distributions to shareholders from net investment income		(0.13	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.64	)
Total distributions		(0.13	)		(0.84	)
Net asset value, end of period	$	13.00		$	11.42
Total return(b)		15.03	%		(4.78	)%
Net assets, end of period (in 000s)	$	271,070		$	252,381
Ratio of net expenses to average net assets		0.74	%(c)		0.73	%(c)
Ratio of total expenses to average net assets		0.76	%(c)		0.76	%(c)
Ratio of net investment income to average net assets		2.12	%(c)		1.91	%(c)
Portfolio turnover rate(d)		10	%		37	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	6.55		$	7.76		$	6.43		$	6.56		$	7.14		$	8.00
Net investment income(a)		0.15			0.20			0.15			0.18			0.16	(b)		0.25	(c)
Net realized and unrealized gain (loss)		0.45			(1.22	)		1.34			(0.14	)		(0.49	)		(0.64	)
Total from investment operations		0.60			(1.02	)		1.49			0.04			(0.33	)		(0.39	)
Distributions to shareholders from net investment income		(0.15	)		(0.19	)		(0.16	)		(0.17	)		(0.14	)		(0.23	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.11	)		(0.24	)
Total distributions		(0.15	)		(0.19	)		(0.16	)		(0.17	)		(0.25	)		(0.47	)
Net asset value, end of period	$	7.00		$	6.55		$	7.76		$	6.43		$	6.56		$	7.14
Total return(d)		9.18	%		(13.34	)%		23.36	%		0.66	%		(4.80	)%		(5.30	)%
Net assets, end of period (in 000s)	$	2,827		$	2,232		$	3,962		$	5,968		$	9,532		$	10,565
Ratio of net expenses to average net assets		1.33	%(e)		1.34	%		1.34	%		1.37	%		1.37	%		1.35	%
Ratio of total expenses to average net assets		1.44	%(e)		1.38	%		1.34	%		1.38	%		1.37	%		1.35	%
Ratio of net investment income to average net assets		4.42	%(e)		2.71	%		2.16	%		2.87	%		2.26	%(b)		3.13	%(c)
Portfolio turnover rate(f)		—	%		14	%		17	%		18	%		100	%		44	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Reflects income recognized from a corporate action which amounted to $0.05 per share and 0.69% of average net assets.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	6.32		$	7.48		$	6.21		$	6.35		$	6.94		$	7.80
Net investment income(a)		0.11			0.16			0.09			0.12			0.09	(b)		0.18	(c)
Net realized and unrealized gain (loss)		0.44			(1.20	)		1.30			(0.14	)		(0.47	)		(0.62	)
Total from investment operations		0.55			(1.04	)		1.39			(0.02	)		(0.38	)		(0.44	)
Distributions to shareholders from net investment income		(0.12	)		(0.12	)		(0.12	)		(0.12	)		(0.10	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.11	)		(0.24	)
Total distributions		(0.12	)		(0.12	)		(0.12	)		(0.12	)		(0.21	)		(0.42	)
Net asset value, end of period	$	6.75		$	6.32		$	7.48		$	6.21		$	6.35		$	6.94
Total return(d)		8.75	%		(14.01	)%		22.50	%		(0.21	)%		(5.59	)%		(6.04	)%
Net assets, end of period (in 000s)	$	892		$	1,252		$	4,276		$	2,549		$	3,329		$	2,634
Ratio of net expenses to average net assets		2.08	%(e)		2.09	%		2.09	%		2.12	%		2.12	%		2.10	%
Ratio of total expenses to average net assets		2.19	%(e)		2.11	%		2.09	%		2.13	%		2.12	%		2.10	%
Ratio of net investment income to average net assets		3.41	%(e)		2.24	%		1.29	%		2.00	%		1.38	%(b)		2.32	%(c)
Portfolio turnover rate(f)		—	%		14	%		17	%		18	%		100	%		44	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Reflects income recognized from a corporate action which amounted to $0.05 per share and 0.69% of average net assets.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	6.42		$	7.62		$	6.32		$	6.46		$	7.03		$	7.89
Net investment income(a)		0.16			0.31			0.18			0.19			0.18	(b)		0.27	(c)
Net realized and unrealized gain (loss)		0.45			(1.29	)		1.31			(0.14	)		(0.48	)		(0.63	)
Total from investment operations		0.61			(0.98	)		1.49			0.05			(0.30	)		(0.36	)
Distributions to shareholders from net investment income		(0.16	)		(0.22	)		(0.19	)		(0.19	)		(0.16	)		(0.26	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.11	)		(0.24	)
Total distributions		(0.16	)		(0.22	)		(0.19	)		(0.19	)		(0.27	)		(0.50	)
Net asset value, end of period	$	6.87		$	6.42		$	7.62		$	6.32		$	6.46		$	7.03
Total return(d)		9.38	%		(12.96	)%		23.85	%		0.92	%		(4.42	)%		(4.99	)%
Net assets, end of period (in 000s)	$	11,150		$	15,696		$	399,955		$	307,311		$	281,204		$	415,503
Ratio of net expenses to average net assets		0.94	%(e)		0.95	%		0.95	%		0.97	%		0.97	%		0.95	%
Ratio of total expenses to average net assets		1.05	%(e)		0.95	%		0.95	%		0.98	%		0.97	%		0.95	%
Ratio of net investment income to average net assets		4.75	%(e)		4.12	%		2.58	%		3.08	%		2.65	%(b)		3.45	%(c)
Portfolio turnover rate(f)		—	%		14	%		17	%		18	%		100	%		44	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Reflects income recognized from a corporate action which amounted to $0.05 per share and 0.69% of average net assets.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	6.41		$	7.60		$	6.31		$	6.44		$	7.02		$	7.88
Net investment income(b)		0.16			0.20			0.17			0.17			0.16	(c)		0.28	(d)
Net realized and unrealized gain (loss)		0.44			(1.18	)		1.30			(0.11	)		(0.48	)		(0.66	)
Total from investment operations		0.60			(0.98	)		1.47			0.06			(0.32	)		(0.38	)
Distributions to shareholders from net investment income		(0.16	)		(0.21	)		(0.18	)		(0.19	)		(0.15	)		(0.24	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.11	)		(0.24	)
Total distributions		(0.16	)		(0.21	)		(0.18	)		(0.19	)		(0.26	)		(0.48	)
Net asset value, end of period	$	6.85		$	6.41		$	7.60		$	6.31		$	6.44		$	7.02
Total return(e)		9.35	%		(13.10	)%		23.58	%		0.96	%		(4.69	)%		(5.16	)%
Net assets, end of period (in 000s)	$	10,910		$	8,207		$	6,048		$	2,111		$	749		$	862
Ratio of net expenses to average net assets		1.08	%(f)		1.09	%		1.09	%		1.12	%		1.12	%		1.09	%
Ratio of total expenses to average net assets		1.19	%(f)		1.14	%		1.09	%		1.13	%		1.12	%		1.09	%
Ratio of net investment income to average net assets		4.76	%(f)		2.76	%		2.36	%		2.64	%		2.33	%(c)		3.52	%(d)
Portfolio turnover rate(g)		—	%		14	%		17	%		18	%		100	%		44	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(d) Reflects income recognized from a corporate action which amounted to $0.05 per share and 0.69% of average net assets.

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	6.43		$	7.71
Net investment income(a)		0.16			0.09
Net realized and unrealized gain (loss)		0.44			(1.18	)
Total from investment operations		0.60			(1.09	)
Distributions to shareholders from net investment income		(0.16	)		(0.19	)
Net asset value, end of period	$	6.87		$	6.43
Total return(b)		9.39	%		(14.35	)%
Net assets, end of period (in 000s)	$	149,712		$	162,129
Ratio of net expenses to average net assets		0.93	%(c)		0.93	%(c)
Ratio of total expenses to average net assets		1.04	%(c)		1.03	%(c)
Ratio of net investment income to average net assets		4.73	%(c)		1.81	%(c)
Portfolio turnover rate(d)		—	%		14	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	6.42		$	7.60
Net investment income(a)		0.16			0.08
Net realized and unrealized gain (loss)		0.44			(1.07	)
Total from investment operations		0.60			(0.99	)
Distributions to shareholders from net investment income		(0.16	)		(0.19	)
Net asset value, end of period	$	6.86		$	6.42
Total return(b)		9.40	%		(13.25	)%
Net assets, end of period (in 000s)	$	135,254		$	125,311
Ratio of net expenses to average net assets		0.93	%(c)		0.93	%(c)
Ratio of total expenses to average net assets		1.04	%(c)		1.03	%(c)
Ratio of net investment income to average net assets		4.81	%(c)		1.81	%(c)
Portfolio turnover rate(d)		—	%		14	%

 * Commencement of Operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.43		$	22.37		$	18.75		$	17.28		$	17.44		$	15.45
Net investment income(a)		0.06			0.10			0.13			0.11			0.13			0.09
Net realized and unrealized gain (loss)		3.05			(1.93	)		3.60			1.47			(0.18	)		1.97
Total from investment operations		3.11			(1.83	)		3.73			1.58			(0.05	)		2.06
Distributions to shareholders from net investment income		—			(0.11	)		(0.11	)		(0.11	)		(0.11	)		(0.07	)
Net asset value, end of period	$	23.54		$	20.43		$	22.37		$	18.75		$	17.28		$	17.44
Total return(b)		15.22	%		(8.15	)%		19.88	%		9.09	%		(0.28	)%		13.32	%
Net assets, end of period (in 000s)	$	63,654		$	57,833		$	50,218		$	51,206		$	57,913		$	51,253
Ratio of net expenses to average net assets		1.12	%(c)		1.14	%		1.15	%		1.17	%		1.17	%		1.18	%
Ratio of total expenses to average net assets		1.14	%(c)		1.14	%		1.15	%		1.17	%		1.17	%		1.19	%
Ratio of net investment income to average net assets		0.57	%(c)		0.44	%		0.61	%		0.61	%		0.73	%		0.52	%
Portfolio turnover rate(d)		105	%		152	%		108	%		118	%		96	%		57	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	19.36		$	21.24		$	17.86		$	16.48		$	16.67		$	14.82
Net investment loss(a)		(0.02	)		(0.07	)		(0.03	)		(0.02	)		—	(b)		(0.04	)
Net realized and unrealized gain (loss)		2.89			(1.81	)		3.41			1.40			(0.18	)		1.89
Total from investment operations		2.87			(1.88	)		3.38			1.38			(0.18	)		1.85
Distributions to shareholders from net investment income		—			—			—			—			(0.01	)		—
Net asset value, end of period	$	22.23		$	19.36		$	21.24		$	17.86		$	16.48		$	16.67
Total return(c)		14.82	%		(8.85	)%		18.93	%		8.35	%		(1.05	)%		12.48	%
Net assets, end of period (in 000s)	$	15,860		$	14,380		$	22,337		$	22,512		$	22,194		$	15,750
Ratio of net expenses to average net assets		1.87	%(d)		1.88	%		1.90	%		1.92	%		1.92	%		1.93	%
Ratio of total expenses to average net assets		1.89	%(d)		1.89	%		1.90	%		1.92	%		1.92	%		1.94	%
Ratio of net investment loss to average net assets		(0.18	)%(d)		(0.33	)%		(0.14	)%		(0.15	)%		(0.02	)%		(0.22	)%
Portfolio turnover rate(e)		105	%		152	%		108	%		118	%		96	%		57	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.91		$	22.71		$	19.04		$	17.53		$	17.69		$	15.66
Net investment income(a)		0.11			0.19			0.21			0.18			0.20			0.15
Net realized and unrealized gain (loss)		3.13			(1.97	)		3.65			1.51			(0.18	)		2.01
Total from investment operations		3.24			(1.78	)		3.86			1.69			0.02			2.16
Distributions to shareholders from net investment income		—			(0.02	)		(0.19	)		(0.18	)		(0.18	)		(0.13	)
Net asset value, end of period	$	24.15		$	20.91		$	22.71		$	19.04		$	17.53		$	17.69
Total return(b)		15.44	%		(7.78	)%		20.29	%		9.61	%		0.10	%		13.78	%
Net assets, end of period (in 000s)	$	39,459		$	34,812		$	1,395,335		$	1,057,850		$	957,273		$	735,421
Ratio of net expenses to average net assets		0.74	%(c)		0.74	%		0.75	%		0.77	%		0.77	%		0.78	%
Ratio of total expenses to average net assets		0.75	%(c)		0.74	%		0.75	%		0.77	%		0.77	%		0.79	%
Ratio of net investment income to average net assets		0.95	%(c)		0.79	%		1.02	%		1.01	%		1.12	%		0.93	%
Portfolio turnover rate(d)		105	%		152	%		108	%		118	%		96	%		57	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

66 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.57		$	22.51		$	18.88		$	17.33		$	17.53		$	15.49
Net investment income(a)		0.06			0.08			0.11			0.09			0.12			0.04
Net realized and unrealized gain (loss)		3.06			(1.94	)		3.61			1.49			(0.19	)		2.00
Total from investment operations		3.12			(1.86	)		3.72			1.58			(0.07	)		2.04
Distributions to shareholders from net investment income		—			(0.08	)		(0.09	)		(0.03	)		(0.13	)		—
Net asset value, end of period	$	23.69		$	20.57		$	22.51		$	18.88		$	17.33		$	17.53
Total return(b)		15.17	%		(8.26	)%		19.71	%		9.07	%		(0.41	)%		13.17	%
Net assets, end of period (in 000s)	$	1,572		$	732		$	736		$	614		$	1,236		$	58
Ratio of net expenses to average net assets		1.24	%(c)		1.25	%		1.25	%		1.27	%		1.27	%		1.28	%
Ratio of total expenses to average net assets		1.25	%(c)		1.25	%		1.25	%		1.27	%		1.27	%		1.29	%
Ratio of net investment income to average net assets		0.50	%(c)		0.33	%		0.52	%		0.53	%		0.67	%		0.25	%
Portfolio turnover rate(d)		105	%		152	%		108	%		118	%		96	%		57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.73		$	22.70		$	19.03		$	17.54		$	17.70		$	15.68
Net investment income(b)		0.09			0.16			0.18			0.15			0.18			0.13
Net realized and unrealized gain (loss)		3.10			(1.97	)		3.65			1.50			(0.18	)		2.00
Total from investment operations		3.19			(1.81	)		3.83			1.65			—	(c)		2.13
Distributions to shareholders from net investment income		—			(0.16	)		(0.16	)		(0.16	)		(0.16	)		(0.11	)
Net asset value, end of period	$	23.92		$	20.73		$	22.70		$	19.03		$	17.54		$	17.70
Total return(d)		15.39	%		(7.95	)%		20.14	%		9.40	%		(0.03	)%		13.57	%
Net assets, end of period (in 000s)	$	20,023		$	17,894		$	17,251		$	14,262		$	6,799		$	4,175
Ratio of net expenses to average net assets		0.87	%(e)		0.89	%		0.90	%		0.92	%		0.92	%		0.93	%
Ratio of total expenses to average net assets		0.89	%(e)		0.89	%		0.90	%		0.93	%		0.92	%		0.94	%
Ratio of net investment income to average net assets		0.82	%(e)		0.68	%		0.88	%		0.84	%		0.99	%		0.78	%
Portfolio turnover rate(f)		105	%		152	%		108	%		118	%		96	%		57	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

68 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax- Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	20.74		$	23.43
Net investment income(a)		0.11			0.16
Net realized and unrealized gain (loss)		3.09			(2.66	)
Total from investment operations		3.20			(2.50	)
Distributions to shareholders from net investment income		—			(0.19	)
Net asset value, end of period	$	23.94		$	20.74
Total return(b)		15.43	%		(10.62	)%
Net assets, end of period (in 000s)	$	124,200		$	97,892
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%(c)
Ratio of total expenses to average net assets		0.74	%(c)		0.75	%(c)
Ratio of net investment income to average net assets		0.95	%(c)		0.95	%(c)
Portfolio turnover rate(d)		105	%		152	%

 * Commencement of Operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax- Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	20.73		$	22.93
Net investment income(a)		0.11			0.13
Net realized and unrealized gain (loss)		3.10			(2.14	)
Total from investment operations		3.21			(2.01	)
Distributions to shareholders from net investment income		—			(0.19	)
Net asset value, end of period	$	23.94		$	20.73
Total return(b)		15.48	%		(8.72	)%
Net assets, end of period (in 000s)	$	1,457,054		$	1,263,556
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%(c)
Ratio of total expenses to average net assets		0.74	%(c)		0.74	%(c)
Ratio of net investment income to average net assets		0.96	%(c)		0.85	%(c)
Portfolio turnover rate(d)		105	%		152	%

 * Commencement of Operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

70 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.93		$	10.93		$	8.62		$	8.67		$	8.45		$	9.18
Net investment income(a)		0.14			0.18			0.11			0.12			0.11			0.27	(b)
Net realized and unrealized gain (loss)		0.88			(2.03	)		2.38			(0.04	)		0.21			(0.80	)
Total from investment operations		1.02			(1.85	)		2.49			0.08			0.32			(0.53	)
Distributions to shareholders from net investment income		—			(0.15	)		(0.18	)		(0.13	)		(0.10	)		(0.20	)
Net asset value, end of period	$	9.95		$	8.93		$	10.93		$	8.62		$	8.67		$	8.45
Total return(c)		11.42	%		(16.86	)%		28.85	%		0.93	%		3.77	%		(5.79	)%
Net assets, end of period (in 000s)	$	8,696		$	8,145		$	9,429		$	5,082		$	3,408		$	2,151
Ratio of net expenses to average net assets		1.27	%(d)		1.29	%		1.31	%		1.38	%		1.38	%		1.38	%
Ratio of total expenses to average net assets		1.37	%(d)		1.37	%		1.36	%		1.39	%		1.39	%		1.42	%
Ratio of net investment income to average net assets		2.96	%(d)		1.69	%		1.04	%		1.37	%		1.22	%		2.98	%(b)
Portfolio turnover rate(e)		109	%		177	%		134	%		125	%		113	%		106	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.71% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.68		$	10.59		$	8.39		$	8.45		$	8.27		$	9.03
Net investment income(a)		0.10			0.10			0.04			0.06			0.02			0.15	(b)
Net realized and unrealized gain (loss)		0.85			(1.94	)		2.30			(0.05	)		0.23			(0.74	)
Total from investment operations		0.95			(1.84	)		2.34			0.01			0.25			(0.59	)
Distributions to shareholders from net investment income		—			(0.07	)		(0.14	)		(0.07	)		(0.07	)		(0.17	)
Net asset value, end of period	$	9.63		$	8.68		$	10.59		$	8.39		$	8.45		$	8.27
Total return(c)		10.94	%		(17.39	)%		27.85	%		0.11	%		3.07	%		(6.55	)%
Net assets, end of period (in 000s)	$	1,821		$	2,551		$	2,661		$	1,012		$	812		$	181
Ratio of net expenses to average net assets		2.03	%(d)		2.04	%		2.06	%		2.13	%		2.13	%		2.13	%
Ratio of total expenses to average net assets		2.12	%(d)		2.12	%		2.11	%		2.14	%		2.13	%		2.17	%
Ratio of net investment income to average net assets		2.09	%(d)		1.01	%		0.40	%		0.67	%		0.20	%		1.71	%(b)
Portfolio turnover rate(e)		109	%		177	%		134	%		125	%		113	%		106	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.71% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

72 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.91		$	10.85		$	8.54		$	8.59		$	8.36		$	9.10
Net investment income(a)		0.15			0.31			0.17			0.16			0.15			0.28	(b)
Net realized and unrealized gain (loss)		0.88			(2.10	)		2.34			(0.05	)		0.21			(0.77	)
Total from investment operations		1.03			(1.79	)		2.51			0.11			0.36			(0.49	)
Distributions to shareholders from net investment income		—			(0.15	)		(0.20	)		(0.16	)		(0.13	)		(0.25	)
Net asset value, end of period	$	9.94		$	8.91		$	10.85		$	8.54		$	8.59		$	8.36
Total return(c)		11.56	%		(16.49	)%		29.42	%		1.26	%		4.26	%		(5.48	)%
Net assets, end of period (in 000s)	$	17,724		$	16,948		$	619,288		$	519,135		$	426,168		$	316,062
Ratio of net expenses to average net assets		0.90	%(d)		0.90	%		0.92	%		0.98	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		0.98	%(d)		0.96	%		0.97	%		0.99	%		0.99	%		1.02	%
Ratio of net investment income to average net assets		3.14	%(d)		2.87	%		1.74	%		1.90	%		1.71	%		3.12	%(b)
Portfolio turnover rate(e)		109	%		177	%		134	%		125	%		113	%		106	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.71% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	8.91		$	10.91		$	8.61		$	8.65		$	8.43		$	9.17
Net investment income(b)		0.16			0.19			0.13			0.15			0.07			0.29	(c)
Net realized and unrealized gain (loss)		0.87			(2.00	)		2.36			(0.05	)		0.27			(0.80	)
Total from investment operations		1.03			(1.81	)		2.49			0.10			0.34			(0.51	)
Distributions to shareholders from net investment income		—			(0.19	)		(0.19	)		(0.14	)		(0.12	)		(0.23	)
Net asset value, end of period	$	9.94		$	8.91		$	10.91		$	8.61		$	8.65		$	8.43
Total return(d)		11.56	%		(16.66	)%		29.09	%		1.21	%		4.04	%		(5.59	)%
Net assets, end of period (in 000s)	$	17,800		$	14,008		$	15,547		$	1,251		$	1,444		$	205
Ratio of net expenses to average net assets		1.02	%(e)		1.04	%		1.05	%		1.13	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.12	%(e)		1.12	%		1.11	%		1.14	%		1.13	%		1.17	%
Ratio of net investment income to average net assets		3.26	%(e)		1.82	%		1.30	%		1.76	%		0.84	%		3.12	%(c)
Portfolio turnover rate(f)		109	%		177	%		134	%		125	%		113	%		106	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.71% of average net assets.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments 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 INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.86		$	11.07
Net investment income(a)		0.16			0.10
Net realized and unrealized gain (loss)		0.86			(2.11	)
Total from investment operations		1.02			(2.01	)
Distributions to shareholders from net investment income		—			(0.20	)
Net asset value, end of period	$	9.88		$	8.86
Total return(b)		11.51	%		(18.09	)%
Net assets, end of period (in 000s)	$	66,533		$	64,578
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%(c)
Ratio of total expenses to average net assets		0.97	%(c)		1.00	%(c)
Ratio of net investment income to average net assets		3.28	%(c)		1.43	%(c)
Portfolio turnover rate(d)		109	%		177	%

 * Commencement of Operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			For the period April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.85		$	10.92
Net investment income(a)		0.16			0.08
Net realized and unrealized gain (loss)		0.87			(1.95	)
Total from investment operations		1.03			(1.87	)
Distributions to shareholders from net investment income		—			(0.20	)
Net asset value, end of period	$	9.88		$	8.85
Total return(b)		11.64	%		(17.07	)%
Net assets, end of period (in 000s)	$	618,434		$	530,891
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%(c)
Ratio of total expenses to average net assets		0.97	%(c)		0.99	%(c)
Ratio of net investment income to average net assets		3.34	%(c)		1.14	%(c)
Portfolio turnover rate(d)		109	%		177	%

 * Commencement of Operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

76 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2019 (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 and R6	Diversified
U. S. Tax-Managed Equity	A, C, Institutional, Service, Investor, P and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P 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.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

77

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
U.S. Equity Dividend and Premium International Equity Dividend and Premium	Quarterly	Annually
U.S. Tax-Managed Equity International Tax-Managed Equity	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’

prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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;

78

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a 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 the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be

79

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and or credit default, swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

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, 2019:

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	24,944,600	$	—	$	—
North America		2,926,727,207		—		—
South America		4,914,525		—		—
Investment Company		14,985,574		—		—
Securities Lending Reinvestment Vehicle		854,750		—		—
Total	$	2,972,426,656	$	—	$	—

(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.

80

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY DIVIDEND AND PREMIUM (continued)
Derivative Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	66,777	$	—	$	—
Liabilities
Written Options Contracts		$ (36,324,210)	$	—	$	—
INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	—	$	774,633	$	—
Asia		136,207		89,208,163		—
Australia and Oceania		2,928,484		24,275,178		—
Europe		13,610,299		178,547,561		—
North America		—		64,791		—
Securities Lending Reinvestment Vehicle		801,360		—		—
Total	$	17,476,350	$	292,870,326	$	—
Derivative Type
Assets(a)
Futures Contracts	$	49,527	$	—	$	—
Liabilities
Written Options Contracts		$ (2,549,871)	$	—	$	—
U.S. TAX-MANAGED EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	4,209,269	$	—	$	—
Europe		14,518,232
North America		1,680,286,372		—		—
South America		942,737		—		—
Investment Company		61,302		—		—
Total	$	1,700,017,912	$	—	$	—

(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.

81

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL TAX-MANAGED EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	1,377,370	$	—
Asia		—		215,667,567		—
Australia and Oceania		2,586,050		50,748,511		—
Europe		5,495,780		440,867,540		—
North America		476,512		—		—
Total	$	8,558,342	$	708,660,988	$	—
Derivative Type
Assets(b)
Futures Contracts	$	144,505	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. 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 Contracts	$	66,777	Payable for written options at value	$	(36,324,210)
International Equity Dividend and Premium	Equity	Variation margin on futures Contracts		49,527	Payable for written options at value		(2,549,871)
International Tax-Managed Equity	Equity	Variation margin on futures Contracts		144,505	—		—
Total			$	260,809		$	(38,874,081)

(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, 2019 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

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	$	(28,709,252	)	$	(22,350,782	)		3,975
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		(7,089,607	)		(234,966	)		2,230
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,554,335			485,166			42
International Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		345,643			148,552			117
Total			$	(33,898,881	)	$	(21,952,030	)		6,364

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

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, 2019, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management 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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2019, GSAM waived $14,429, $173, $2,793 and $142 of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity 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 applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
U.S. Equity Dividend and Premium	$	20,988	$	4
International Equity Dividend and Premium		2,715		—
U.S. Tax-Managed Equity		1,284		—
International Tax-Managed Equity		34		—

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 and/or Service Shares of the Funds, respectively.

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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% 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, 2020, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

Effective April 30, 2019, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Shares of the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds, respectively. These arrangements will remain in effect through at least April 30, 2020, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to April 30, 2019, there was no transfer agency waiver in place for these funds.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds are 0.014%, 0.094%, 0.044% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2019, 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	$	14,429	$	319,782	$	6,888	$	39,661	$	380,760
International Equity Dividend and Premium		173		167,904		192		—		168,269
U.S. Tax-Managed Equity		2,793		—		25,293		6,663		34,749
International Tax-Managed Equity		142		276,014		4,871		2,396		283,423

G.  Line of Credit Facility — As of June 30, 2019, the Funds participated in a $580,000,000 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, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H.  Other Transactions with Affiliates— For the six months ended June 30, 2019, Goldman Sachs earned $300 and $239 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend income from Affiliated Investment Company
U.S. Equity Dividend and Premium	$	—	$	248,387,367	$	(233,401,793	)	$	14,985,574		14,985,574	$	214,362
International Equity Dividend and Premium		—		10,357,628		(10,357,628	)		—		—		2,555
U.S. Tax-Managed Equity		9,875,798		94,102,339		(103,916,835	)		61,302		61,302		40,063
International Tax-Managed Equity		—		7,492,424		(7,492,424	)		—		—		4,162

As of June 30, 2019, 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		44			—
U.S. Tax-Managed Equity		—			84
International Tax-Managed Equity		—			84

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, 2019, were as follows:

Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	306,895,603	$	602,816,187
International Equity Dividend and Premium		416,115		34,496,051
U.S. Tax-Managed Equity		1,782,743,527		1,702,479,483
International Tax-Managed Equity		764,193,874		744,331,593

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

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7. SECURITIES LENDING (continued)

delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds did not have securities on loan as of June 30, 2019.

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, 2019, 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, 2019				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Funds from Lending to Goldman Sachs
U.S. Equity Dividend and Premium	$	43	$	172	$	—
International Equity Dividend and Premium		2,254		—		—
U.S. Tax-Managed Equity		47		47		—
International Tax-Managed Equity		3,253		4,885		—

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
U.S. Equity Dividend and Premium	$	2,016,000	$	12,662,700	$	(13,823,950	)	$	854,750
International Equity Dividend and Premium		2,448,255		3,126,191		(4,773,086	)		801,360
U.S. Tax-Managed Equity		148,800		3,745,350		(3,894,150	)		—
International Tax-Managed Equity		4,166,835		13,545,719		(17,712,554	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2018, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Capital loss carryforwards:
Perpetual Long-term	$	—			(26,664,963	)	$	—		$	—
Perpetual Short-term		—			(1,984,705	)		(16,633,317	)		(8,180,925	)
Total capital loss carryforwards	$	—			$(28,649,668)		$	(16,633,317	)	$	(8,180,925	)
Timing differences (Post October Loss Deferral and Deferred Dividends)	$	(1,916,424	)	$	(949,478	)	$	(878,700	)	$	(3,010,114	)

As of June 30, 2019, 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	$	2,537,695,118		$	312,949,815		$	1,186,004,247		$	673,345,541
Gross unrealized gain		601,838,994			40,791,597			517,054,844			57,496,848
Gross unrealized loss		(167,107,456	)		(43,394,736	)		(3,041,179	)		(13,623,059	)
Net unrealized gain (loss)	$	434,731,538		$	(2,603,139	)	$	514,013,665		$	43,873,789

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, 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.

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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.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

9. OTHER RISKS (continued)

conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended     June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,812,435		$	22,798,701			5,295,207		$	70,158,277
Reinvestment of distributions		126,213			1,619,195			1,217,097			14,874,034
Shares redeemed		(3,352,259	)		(42,341,641	)		(11,074,287	)		(141,568,778	)
		(1,413,611	)		(17,923,745	)		(4,561,983	)		(56,536,467	)
Class C Shares
Shares sold		425,835			5,382,891			2,086,830			27,160,327
Reinvestment of distributions		48,682			621,488			659,608			7,980,024
Shares redeemed		(1,878,432	)		(23,688,667	)		(4,031,361	)		(52,408,594	)
		(1,403,915	)		(17,684,288	)		(1,284,923	)		(17,268,243	)
Institutional Shares
Shares sold		16,995,948			213,239,668			33,504,921			441,167,825
Reinvestment of distributions		749,511			9,593,471			6,280,998			76,871,798
Shares redeemed		(21,141,599	)		(265,329,117	)		(138,392,227	)		(1,825,561,094	)
		(3,396,140	)		(42,495,978	)		(98,606,308	)		(1,307,521,471	)
Investor Shares
Shares sold		4,739,858			59,293,266			13,150,709			172,599,651
Reinvestment of distributions		351,121			4,497,601			2,715,798			33,135,461
Shares redeemed		(7,366,902	)		(91,732,901	)		(14,086,815	)		(183,423,650	)
		(2,275,923	)		(27,942,034	)		1,779,692			22,311,462
Class P Shares(a)
Shares sold		1,308,915			16,454,458			66,170,177			886,799,790
Reinvestment of distributions		535,419			6,851,272			4,165,280			50,730,626
Shares redeemed		(8,857,228	)		(111,014,741	)		(13,586,593	)		(169,426,665	)
		(7,012,894	)		(87,709,011	)		56,748,864			768,103,751
Class R6 Shares(b)
Shares sold		708,214			8,812,189			23,298,666			309,946,373
Reinvestment of distributions		223,072			2,853,888			1,484,667			18,072,196
Shares redeemed		(2,172,892	)		(27,329,068	)		(2,690,115	)		(34,802,719	)
		(1,241,606	)		(15,662,991	)		22,093,218			293,215,850
NET DECREASE		(16,744,089	)		$ (209,418,047)			(23,831,440)			$ (297,695,118)

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

91

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		125,196		$	869,828			185,864		$	1,394,265
Reinvestment of distributions		8,244			57,398			12,738			91,921
Shares redeemed		(70,460	)		(491,737	)		(368,502	)		(2,705,700	)
		62,980			435,489			(169,900	)		(1,219,514	)
Class C Shares
Shares sold		7,642			51,223			30,138			226,469
Reinvestment of distributions		2,410			16,197			7,774			54,558
Shares redeemed		(76,023	)		(509,105	)		(411,315	)		(2,910,023	)
		(65,971	)		(441,685	)		(373,403	)		(2,628,996	)
Institutional Shares
Shares sold		97,379			664,481			3,299,255			25,150,510
Reinvestment of distributions		27,100			185,201			302,041			2,239,419
Shares redeemed		(943,805	)		(6,240,207	)		(53,613,348	)		(391,611,679	)
		(819,326	)		(5,390,525	)		(50,012,052	)		(364,221,750	)
Investor Shares
Shares sold		435,637			2,953,006			792,283			5,588,837
Reinvestment of distributions		35,943			244,955			26,898			187,293
Shares redeemed		(159,243	)		(1,088,487	)		(333,831	)		(2,430,334	)
		312,337			2,109,474			485,350			3,345,796
Class P Shares(a)
Shares sold		745,287			5,055,049			33,241,157			239,776,975
Reinvestment of distributions		517,821			3,538,713			759,524			5,301,151
Shares redeemed		(4,694,369	)		(31,875,572	)		(8,786,245	)		(59,552,901	)
		(3,431,261	)		(23,281,810	)		25,214,436			185,525,225
Class R6 Shares(b)
Shares sold		1,323,688			9,017,275			20,858,813			151,394,746
Reinvestment of distributions		459,728			3,137,496			511,578			3,555,021
Shares redeemed		(1,591,537	)		(10,827,596	)		(1,853,969	)		(12,787,174	)
		191,879			1,327,175			19,516,422			142,162,593
NET DECREASE		(3,749,362	)		$(25,241,882)			(5,339,147	)		$(37,036,646)

(a) Commenced operations on April 17, 2018.

(b) 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, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		88,161		$	2,020,771			814,705		$	19,000,067
Reinvestment of distributions		—			—			15,443			303,925
Shares redeemed		(215,356	)		(4,808,899	)		(243,885	)		(5,567,445	)
		(127,195	)		(2,788,128	)		586,263			13,736,547
Class C Shares
Shares sold		77,412			1,663,406			224,904			4,799,971
Shares redeemed		(106,667	)		(2,327,571	)		(533,843	)		(11,927,357	)
		(29,255	)		(664,165	)		(308,939	)		(7,127,386	)
Institutional Shares
Shares sold		152,883			3,563,523			6,330,060			148,125,329
Reinvestment of distributions		—			—			1,416			28,533
Shares redeemed		(183,246	)		(4,282,829	)		(63,995,284	)		(1,536,242,572	)
Shares redeemed in connection with in-kind transactions		—			—			(2,117,152	)		(48,160,000	)
		(30,363	)		(719,306	)		(59,780,960	)		(1,436,248,710	)
Service Shares
Shares sold		32,003			741,599			6,595			155,606
Reinvestment of distributions		—			—			137			2,719
Shares redeemed		(1,270	)		(29,368	)		(3,821	)		(83,145	)
		30,733			712,231			2,911			75,180
Investor Shares
Shares sold		70,507			1,638,651			263,401			6,120,169
Reinvestment of distributions		—			—			6,750			134,794
Shares redeemed		(96,609	)		(2,244,355	)		(167,106	)		(3,921,618	)
		(26,102	)		(605,704	)		103,045			2,333,345
Class P Shares(a)
Shares sold		940,707			22,037,667			4,933,205			117,732,028
Reinvestment of distributions		—			—			45,457			908,224
Shares redeemed		(474,211	)		(10,895,990	)		(258,211	)		(5,610,626	)
		466,496			11,141,677			4,720,451			113,029,626
Class R6 Shares(b)
Shares sold		3,234,799			75,406,143			65,073,762			1,553,803,875
Reinvestment of distributions		—			—			570,971			11,402,299
Shares redeemed		(2,204,862	)		(51,668,494	)		(1,683,318	)		(37,830,108	)
Shares redeemed in connection with in-kind transactions		(1,108,855	)		(25,670,000	)		(3,015,553	)		(73,210,000	)
		(78,918	)		(1,932,351	)		60,945,862			1,454,166,066
NET INCREASE		205,396		$	5,144,254			6,268,633		$	139,964,668

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		107,906		$	1,046,467			433,592		$	4,744,157
Reinvestment of distributions		—			—			16,440			143,686
Shares redeemed		(145,569	)		(1,405,210	)		(401,065	)		(4,071,679	)
		(37,663	)		(358,743	)		48,967			816,164
Class C Shares
Shares sold		5,277			48,851			185,896			1,983,469
Reinvestment of distributions		—			—			2,415			20,501
Shares redeemed		(110,125	)		(1,028,823	)		(145,534	)		(1,419,976	)
		(104,848	)		(979,972	)		42,777			583,994
Institutional Shares
Shares sold		720,083			6,846,373			7,605,815			82,771,894
Reinvestment of distributions		—			—			39,199			341,815
Shares redeemed		(839,389	)		(8,142,306	)		(62,839,603	)		(668,058,108	)
		(119,306	)		(1,295,933	)		(55,194,589	)		(584,944,399	)
Investor Shares
Shares sold		481,604			4,585,698			1,372,365			14,541,257
Reinvestment of distributions		—			—			34,106			297,404
Shares redeemed		(261,921	)		(2,533,183	)		(1,258,959	)		(13,294,693	)
		219,683			2,052,515			147,512			1,543,968
Class P Shares(a)
Shares sold		561,311			5,268,330			11,151,190			115,721,758
Reinvestment of distributions		—			—			182,381			1,579,421
Shares redeemed		(1,119,533	)		(10,613,426	)		(4,042,582	)		(36,926,746	)
		(558,222	)		(5,345,096	)		7,290,989			80,374,433
Class R6 Shares(b)
Shares sold		4,676,817			44,982,605			60,289,988			639,695,481
Reinvestment of distributions		—			—			1,340,050			11,604,833
Shares redeemed		(2,031,509	)		(19,660,507	)		(1,662,745	)		(15,869,218	)
		2,645,308			25,322,098			59,967,293			635,431,096
NET INCREASE		2,044,952		$	19,394,869			12,302,949		$	133,805,256

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on April 30, 2018.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P or Class R6 Shares of a Fund you incur types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) contingent deferred sales charges on redemptions (with respect to Class C Shares), (if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class 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, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							U.S. Tax-Managed Equity Fund							International Tax-Managed Equity Fund
Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Class A
Actual	$	1,000	$	1,147.70		$	6.02	$	1,000	$	1,091.80		$	6.90	$	1,000	$	1,152.20		$	5.98	$	1,000	$	1,114.20		$	6.66
Hypothetical 5% return		1,000		1,019.19	+		5.66		1,000		1,018.20	+		6.66		1,000		1,019.24	+		5.61		1,000		1,018.50	+		6.36
Class C
Actual		1,000		1,144.30			10.00		1,000		1,087.50			10.77		1,000		1,148.20			9.96		1,000		1,109.40			10.62
Hypothetical 5% return		1,000		1,015.47	+		9.39		1,000		1,014.48	+		10.39		1,000		1,015.52	+		9.35		1,000		1,014.73	+		10.14
Institutional
Actual		1,000		1,150.10			4.00		1,000		1,093.80			4.88		1,000		1,154.40			3.95		1,000		1,115.60			4.72
Hypothetical 5% return		1,000		1,021.08	+		3.76		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		1,151.70			6.62		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		1,150.30			4.69		1,000		1,093.50			5.61		1,000		1,153.90			4.65		1,000		1,115.60			5.35
Hypothetical 5% return		1,000		1,020.43	+		4.41		1,000		1,019.44	+		5.41		1,000		1,020.48	+		4.36		1,000		1,019.74	+		5.11
Class P
Actual		1,000		1,150.20			3.95		1,000		1,093.90			4.83		1,000		1,154.30			3.90		1,000		1,115.10			4.67
Hypothetical 5% return		1,000		1,021.12	+		3.71		1,000		1,020.18	+		4.66		1,000		1,021.17	+		3.66		1,000		1,020.38	+		4.46
Class R6
Actual		1,000		1,150.30			3.95		1,000		1,094.00			4.83		1,000		1,154.80			3.90		1,000		1,116.40			4.67
Hypothetical 5% return		1,000		1,021.12	+		3.71		1,000		1,020.18	+		4.66		1,000		1,021.17	+		3.66		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, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R6
U.S. Equity Dividend and Premium		1.13	%		1.88	%		0.75	%		N/A			0.88	%		0.74	%		0.74	%
International Equity Dividend and Premium		1.33			2.08			0.94			N/A			1.08			0.93			0.93
U.S. Tax-Managed Equity		1.12			1.87			0.74			1.24	%		0.87			0.73			0.73
International Tax-Managed Equity		1.27			2.03			0.90			N/A			1.02			0.89			0.89

95

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, 2020 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 11-12, 2019 (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;

96

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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, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its

97

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees considered that the International Equity Dividend and Premium Fund had placed in the third quartile of the Fund’s peer group for the one-, three-, and five-year periods and in the fourth quartile for the ten-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They noted that the International Tax-Managed Equity Fund had placed in the top half of the Fund’s peer group for the five- and ten-year periods, the third quartile for the three-year period, and the fourth quartile for the one-year period, 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, 2019. The Trustees observed that the U.S. Equity Dividend and Premium Fund had placed in the third quartile of the Fund’s peer group for the one-, five-, and ten-year periods and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They also noted that the U.S. Tax-Managed Equity Fund had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the three- and five-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, 2019.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of each Fund and/or total Fund expenses, 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 periodically audits the

98

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, 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; the transfer agent’s undertaking to waive a portion of its fee with respect to the International Tax-Managed Equity Fund, U.S. Equity Dividend and Premium Fund and U.S. Tax-Managed Equity Fund 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 other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the

99

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2020.

100

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 $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of June 30, 2019 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).

© 2019 Goldman Sachs. All rights reserved. 174796-OTU-1029951 TAXADVSAR-19/28K

Goldman Sachs Funds

Semi-Annual Report	June 30, 2019
	Dynamic Global Equity Fund*

*Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Dynamic Global Equity Fund

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summaries	1
Index Definitions	9
Schedules of Investments	10
Financial Statements	14
Financial Highlights	17
Notes to Financial Statements	25
Other Information	35

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Dynamic Global Equity Fund

Investment Objectives

The Dynamic Global Equity Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund (the “Fund”) and it ceased to be among the Goldman Sachs Fund of Funds Portfolios — Asset Allocation. At the same time, its principal investment strategy changed. No modifications in the Fund’s investment objective or benchmark index were made in connection with this change. The performance information reported below is the combined performance of the Fund, reflecting current and prior investment strategies and policies.

Below, the Goldman Sachs Global Portfolio Solutions (“GPS”) Team discusses the Fund’s performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns of 15.81%, 15.41%, 16.07%, 15.74%, 15.91%, 16.06%, 15.69% and 16.00%, respectively. This compares to the 16.23% cumulative total return of the Fund’s benchmark, MSCI All Country World Index (Net, USD, Unhedged) (the “Index”), during the same period.

Q How did the Fund’s principal investment strategy change after February 28, 2019?

A Until the close of business on February 28, 2019, the Fund sought 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 Underlying Funds invested primarily in equity securities (the “Underlying Equity Funds”) and other Underlying Funds invested dynamically across other markets using various strategies, including a managed-volatility or trend-following approach (the “Underlying Dynamic Funds”). Under normal conditions, substantially all (at least 80%) of the Fund’s total assets were to be allocated among the Underlying Equity Funds.

After February 28, 2019, the Fund significantly reduced its allocation to the Underlying Funds, while increasing its allocation to derivative instruments in order to gain exposure to global equity asset classes. The Fund’s investments may include Underlying Funds (including ETFs), futures, forwards, options and other instruments with similar economic exposures. The Fund may continue to invest in Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management, L.P. or an affiliate now or in the future acts as investment adviser or principal underwriter.

Q What economic and market factors most influenced the Fund during the Reporting Period?

A During the Reporting Period overall, the factors most influencing the financial markets and the Fund were global economic data, central bank monetary policy and geopolitics.

During the first quarter of 2019, when the Reporting Period began, risk assets broadly rebounded from a sell-off in the fourth quarter of 2018, as investor sentiment turned positive on a combination of dovish global central bank policy, tentative stabilization in Chinese economic growth and seemingly promising developments in U.S.-China trade talks. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Although global economic growth continued to decelerate during the first calendar quarter, a few “green shoots” began to emerge. (Green shoots is a term used to describe signs of economic recovery or positive data during an economic downturn.) Indications of a bottoming in Chinese credit growth, a modest pick-up in fixed asset investment, and an uptick in March 2019 manufacturing data made investors hopeful for a recovery in Chinese and global

1

PORTFOLIO RESULTS

economic growth. As inflationary pressures remained rather muted, the U.S. Federal Reserve (the “Fed”) and the European Central Bank (“ECB”) each made a dovish shift and then maintained monetary policy stances that were broadly supportive of economic growth. More specifically, the Fed signaled it would make no additional short-term interest rate hikes during 2019, and the ECB indicated it was reluctant to raise interest rates during the calendar year. Global equities, as measured by the MSCI ACWI Investable Market Index, were up 12.86% during the first calendar quarter, led by a rally in U.S. stocks. Emerging markets equities overall underperformed developed markets equities, but Chinese stocks, as represented by the MSCI China Index, rose more than 17%. In fixed income, the 10-year U.S. Treasury yield fell during the first quarter of 2019.

In the second quarter of 2019, continued weakness in global economic growth and low levels of inflation led the Fed and ECB to indicate they might ease monetary policy. In June, the Fed signaled its next policy move was more likely to be an interest rate cut than an interest rate hike. The Fed’s dot plot, which shows interest rate projections of the members of the Federal Open Market Committee, revealed that policymakers expected to keep interest rates stable during 2019, followed by a 25 basis point cut in 2020. (A basis point is 1/100th of a percentage point.) Meanwhile, the ECB hinted that interest rate cuts and quantitative easing were on the table should economic data disappoint in the near term. Global equities were volatile during the second calendar quarter overall, though they rose 3.88%, as measured by the MSCI ACWI Investable Market Index. In May 2019, global equities had suffered a significant decline amid headwinds from U.S.-China trade negotiations. They then recovered in June, driven by dovish central bank actions and market expectations of a pause in U.S.-China trade tensions ahead of the G20 meeting at month end. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.) In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield fell during the second quarter of 2019 in response to global economic growth weakness and dovish central bank policies.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A Performance is typically 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. The strategic asset allocation is implemented using a range of bottom-up security selection strategies across equity asset classes, using fundamental or quantitative investment techniques, as well as the use of derivative instruments. We then incorporate when appropriate our medium-term cycle-aware views and short-term tactical views into the Fund in order to react to changes in the economic cycle and the markets, respectively. (Our short-term tactical views were eliminated from the Fund when its principal investment strategy changed after the close of business on February 28, 2019.) The Fund’s positioning may therefore change over time.

During the Reporting Period, the Fund generated strongly positive double-digit absolute returns but underperformed the Index on a relative basis.

Long-term strategic asset allocation added most to the Fund’s performance. The contribution from our short-term tactical decisions was also positive. On the other hand, security selection within the Underlying Funds generated mixed results. We did not hold any medium-term cycle-aware views in the Fund during the Reporting Period.

Beginning in January 2019, we began to shift the Fund to a new long-term strategic allocation. The Fund benefited from our efforts to identify attractive entry points in the financial markets as we made the transition. Additionally, during the Reporting Period, the Fund was helped by its allocations to U.S. small-cap stocks, which are not held by the Index. An allocation to U.S. large-cap growth stocks further bolstered performance. Additionally, an allocation to a macroeconomic hedge strategy, which utilizes interest rate options to profit if interest rates fall, remain constant, or rise less than anticipated, contributed most positively. Conversely, an allocation to global real estate securities, which are not held by the Index, diminished returns. Our decision to reduce equity risk toward the end of the Reporting Period detracted marginally from the Fund’s performance as global equities continued to rally.

Our short-term tactical views, which sought to take advantage of what we considered short-term market mispricing, added to the Fund’s returns during the Reporting Period overall. We eliminated the Fund’s short-term tactical allocation after the close of business on February 28, 2019, when the Fund’s principal investment strategy changed.

2

PORTFOLIO RESULTS

Overall, security selection within the Underlying Funds was mixed, with underperformance concentrated in Underlying Equity Funds during the Reporting Period.

Q How did the Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A Among Underlying Equity Funds, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs ActiveBeta^® International Equity ETF outperformed their respective benchmark indices during the Reporting Period. The Goldman Sachs Large Cap Value Insights Fund, the Goldman Sachs Large Cap Growth Insights Fund, the Goldman Sachs International Equity Insights Fund, the Goldman Sachs Emerging Markets Equity Insights Fund, the Goldman Sachs Small Cap Equity Insights Fund, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF underperformed their respective benchmark indices. Among Underlying Funds that invest in real assets, both the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Real Estate Securities Fund outperformed their respective benchmark indices during the Reporting Period.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund used derivatives for the passive replication of asset classes. Specifically, the Fund held strategic positions in U.S. large-cap equities through S&P 500^® Index futures; international equities through MSCI EAFE Index futures; emerging markets stocks through MSCI Emerging Markets Index futures; and Canadian stocks through S&P/TSX 60 Index futures (each had a positive impact on performance).

The Fund employed forward foreign currency exchange contracts within a foreign currency hedging strategy (negative impact), which seeks to manage the risk associated with investing in non-U.S. currencies. In addition, equity options were used within our volatility selling strategy (negative impact). 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. Finally, the Fund utilized interest rate options in a macroeconomic hedge strategy (positive impact).

During the Reporting Period overall, some of the Underlying Funds 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 within the Fund during the Reporting Period?

A At the start of the Reporting Period, we began moving the Fund to a new long-term strategic allocation. As part of that effort, we increased the Fund’s exposure to the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF during January and February 2019. We also added new strategies that sought to diversify the Fund beyond traditional equity asset classes. Specifically, we added a volatility selling strategy (accomplished through equity options) and a London Interbank Offered Rate (“LIBOR”) floors strategy (accomplished through interest rates options). Additionally, we added an allocation to global infrastructure securities to diversify the Fund’s exposure to real assets beyond global real estate securities. Finally, we added a foreign currency hedging strategy (accomplished through forward foreign currency exchange contracts).

Between the beginning of the Reporting Period and February 28, 2019, we expressed our short-term tactical views that the Fund have long positions in emerging markets equities, U.S. large-cap equities and international equities. We eliminated the Fund’s short-term tactical allocation after February 28^th, preferring to access other sources of potential excess returns.

After the close of business on February 28, 2019, when the Fund’s principal investment strategy changed, we began adding passive exposure to U.S. large-cap stocks, non-U.S. developed markets equities and emerging markets equities (accomplished through futures). We also increased passive index replication by raising the Fund’s exposure to Goldman Sachs ActiveBeta^® ETFs broadly.

Toward the end of the Reporting Period, we reduced equity risk in the Fund through the purchase of put options on U.S. large cap equities. (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.)

3

PORTFOLIO RESULTS

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Fund. Additionally, Neill Nuttall began serving as a portfolio manager of the Fund on February 19, 2019. By design, all investment decisions for the Fund 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 Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Neill Nuttall and Christopher Lvoff.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we emphasized three macro themes. First, we believed the U.S. economy was in “rollover,” meaning we expected increased economic weakness. The economic “green shoots” we had expected to grow during the Reporting Period had instead started to wither. Trade risks also remained elevated, in our view. Our research shows that economic rollovers are characterized by high risks of recession and severe equity declines as well as by episodes of “false positives” and premature warning signals. Second, at the end of the Reporting Period, we believed global economic uncertainty had increased overall. Although we thought the risk of recession had risen, we did not think it was time to position the Fund for such a scenario. Third, we considered a dynamic investment approach particularly important, and we planned to address increased economic uncertainty through the Fund’s positioning and its level of risk exposure.

At the asset class level at the end of the Reporting Period, we expected a continuation of the equity bull market, assuming the global economy continued to expand over the medium term. However, we thought the upside was likely to be limited by moderately elevated equity valuations and limitations to corporate earnings growth.

4

FUND BASICS

Dynamic Global Equity Fund

as of June 30, 2019

PERFORMANCE REVIEW
January 1–June 30, 2019	Fund Total Return (based on NAV)1			MSCI® ACWI Index2
Class A		15.81	%		16.23	%
Class C		15.41			16.23
Institutional		16.07			16.23
Service		15.74			16.23
Investor		15.91			16.23
Class P		16.06			16.23
Class R		15.69			16.23
Class R6		16.00			16.23

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 assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Fund’s benchmark is the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”). The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index 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 Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

FUND BASICS

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.47	%		4.99	%		9.58	%		4.98	%	1/2/98
Class C		1.47			5.41			9.39			4.48		1/2/98
Institutional		3.60			6.60			10.64			5.66		1/2/98
Service		3.11			6.08			10.09			5.15		1/2/98
Investor		3.45			6.45			10.49			4.28		11/30/07
Class P		3.60			N/A			N/A			0.99		4/17/18
Class R		2.95			5.92			9.97			3.80		11/30/07
Class R6		3.61			N/A			N/A			7.84		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 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 RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.83	%		0.91	%
Class C		1.58			1.66
Institutional		0.44			0.52
Service		0.94			1.02
Investor		0.58			0.66
Class P		0.43			0.51
Class R		1.08			1.16
Class R6		0.43			0.51

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, 2020, 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

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, 2019. Actual underlying fund weighting in the Fund 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.

7

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁷

Percentage of Net Assets

⁷  The Fund 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 Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

8

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Index Definitions

MSCI ACWI Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.

MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips, P chips and foreign listings.

MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries in the index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the U.K.

MSCI Emerging Markets Index captures large-cap and mid-cap representation across 24 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging markets countries in the index include Brazil, Chile, China, Colombia, 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.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

S&P/TSX 60 Index is a stock market index of 60 large companies listed on the Toronto Stock Exchange.

It is not possible to invest directly in an unmanaged index.

9

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 83.0%
Equity – 32.0%
	5,726,000	Goldman Sachs International Equity Insights Fund – Class R6	$	71,918,561
	2,579,080	Goldman Sachs Large Cap Value Insights Fund – Class R6		53,851,180
	1,684,395	Goldman Sachs Large Cap Growth Insights Fund – Class R6		53,749,034
	3,364,729	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		32,200,458
	687,996	Goldman Sachs Small Cap Equity Insights Fund – Class R6		17,936,054
	1,079,535	Goldman Sachs Global Infrastructure Fund – Class R6		12,608,967
	1,104,774	Goldman Sachs Global Real Estate Securities Fund – Class R6		12,395,563
	1,060,314	Goldman Sachs International Small Cap Insights Fund – Class R6		12,183,006
				266,842,823
Exchange Traded Funds – 51.0%
	3,669,227	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		215,640,471
	4,987,100	Goldman Sachs ActiveBeta International Equity ETF		143,030,028
	2,011,678	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		66,123,856
				424,794,355
	TOTAL UNDERLYING FUNDS – 83.0%
	(Cost $659,335,036)		$	691,637,178
Shares		Dividend Rate	Value
Investment Company(a) – 13.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	112,151,707	2.308%	$	112,151,707
	(Cost $112,151,707)
	TOTAL INVESTMENTS – 96.5%
	(Cost $771,486,743)		$	803,788,885
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.5%			29,261,423
	NET ASSETS – 100.0%		$	833,050,308

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
CAD	—Canadian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
GBP	—Great British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	8,690,203	GBP	6,800,000		09/18/19	$	23,774

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	4,714,882	CHF	4,630,000		09/18/19	$	(62,194	)
	USD	12,705,663	JPY	1,363,000,000		09/18/19		(10,309	)
	USD	3,683,988	AUD	5,260,000		09/18/19		(17,641	)
	USD	368,876	NOK	3,200,000		09/18/19		(7,075	)
	USD	917,697	DKK	6,030,000		09/18/19		(7,157	)
	USD	133,023	NZD	200,000		09/18/19		(1,538	)
	USD	156,731	ILS	560,000		09/18/19		(953	)
	USD	1,967,056	HKD	15,400,000		09/18/19		(5,046	)
	USD	705,174	SGD	960,000		09/18/19		(5,217	)
	USD	16,560,525	EUR	14,580,000		09/18/19		(122,769	)
	USD	1,396,272	SEK	13,050,000		09/18/19		(17,021	)
TOTAL							$	(256,920	)
TOTAL							$	(233,146	)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Mini MSCI EAFE Index		629		09/20/19	$	60,487,785	$	1,689,778
MSCI Emerging Markets Index		578		09/20/19		30,443,260		1,283,119
S&P 500 E-Mini Index		690		09/20/19		101,574,900		1,706,508
S&P Toronto Stock Exchange 60 Index		50		09/19/19		7,465,923		67,427
TOTAL FUTURES CONTRACTS							$	4,746,832

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$	97.500		09/14/2020		36	$	90,000	$	86,400	$	50,483	$	35,917
Eurodollar Futures		97.500		12/14/2020		19		47,500		46,075		28,069		18,006
Eurodollar Futures		97.000		03/15/2021		205		512,500		750,812		541,163		209,649
Eurodollar Futures		98.500		06/15/2020		31		77,500		17,050		15,572		1,478
Eurodollar Futures		98.250		03/15/2021		605		1,512,500		703,312		704,341		(1,029	)
Eurodollar Futures		98.250		06/14/2021		511		1,277,500		606,812		629,610		(22,798	)
Eurodollar Futures		98.500		12/13/2021		296		740,000		273,800		291,087		(17,287	)
Eurodollar Futures		97.000		06/14/2021		205		512,500		740,563		538,601		201,962
Eurodollar Futures		98.250		09/13/2021		500		1,250,000		606,251		599,298		6,953
Eurodollar Futures		98.000		06/14/2021		394		985,000		615,625		343,612		272,013
Eurodollar Futures		97.000		09/13/2021		266		665,000		947,625		689,942		257,683
Eurodollar Futures		98.500		03/16/2020		47		117,500		15,863		15,972		(109	)
Eurodollar Futures		97.125		09/14/2020		23		57,500		76,043		28,803		47,240
Eurodollar Futures		97.125		12/14/2020		31		77,500		102,881		41,147		61,734
Eurodollar Futures		98.000		03/15/2021		213		532,500		330,150		192,194		137,956
TOTAL						3,382	$	8,455,000	$	5,919,262	$	4,709,894	$	1,209,368

PURCHASED AND WRITTEN OPTIONS CONTRACTS ON EQUITIES

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$	3,010.000		07/31/2019		(11	)	$	(1,100	)	$	(17,215	)	$	(15,893	)	$	(1,322	)
S&P 500 Index		2,910.000		08/30/2019		(1	)		(100	)		(8,740	)		(3,679	)		(5,061	)
S&P 500 Index		2,995.000		08/30/2019		(1	)		(100	)		(3,780	)		(2,431	)		(1,349	)
S&P 500 Index		3,025.000		08/30/2019		(5	)		(500	)		(12,650	)		(11,920	)		(730	)
S&P 500 Index		2,865.000		07/03/2019		(13	)		(1,300	)		(103,870	)		(32,217	)		(71,653	)
S&P 500 Index		2,890.000		07/31/2019		(4	)		(400	)		(33,260	)		(17,171	)		(16,089	)
S&P 500 Index		2,900.000		07/31/2019		(4	)		(400	)		(30,280	)		(7,194	)		(23,086	)
S&P 500 Index		2,940.000		07/31/2019		(2	)		(200	)		(9,730	)		(6,171	)		(3,559	)
S&P 500 Index		2,950.000		07/10/2019		(13	)		(1,300	)		(30,745	)		(17,018	)		(13,727	)
S&P 500 Index		2,960.000		07/31/2019		(3	)		(300	)		(11,145	)		(6,407	)		(4,738	)
S&P 500 Index		2,970.000		07/31/2019		(3	)		(300	)		(9,600	)		(6,820	)		(2,780	)
S&P 500 Index		2,980.000		07/17/2019		(13	)		(1,300	)		(20,930	)		(21,425	)		495
S&P 500 Index		2,985.000		07/24/2019		(13	)		(1,300	)		(24,960	)		(22,912	)		(2,048	)
S&P 500 Index		2,990.000		07/31/2019		(10	)		(1,000	)		(22,950	)		(20,462	)		(2,488	)
S&P 500 Index		2,995.000		07/31/2019		(12	)		(1,200	)		(25,140	)		(22,826	)		(2,314	)
S&P 500 Index		3,000.000		07/31/2019		(10	)		(1,000	)		(19,100	)		(18,880	)		(220	)
S&P 500 Index		3,005.000		07/31/2019		(10	)		(1,000	)		(17,300	)		(16,792	)		(508	)
						(128	)	$	(12,800	)	$	(401,395	)	$	(250,218	)	$	(151,177	)

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS ON EQUITIES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
S&P 500 Index	$	2,790.000		07/31/2019		(4	)	$	(400	)	$	(5,320	)	$	(19,717	)	$	14,397
S&P 500 Index		2,695.000		08/30/2019		(1	)		(100	)		(1,610	)		(4,639	)		3,029
S&P 500 Index		2,800.000		08/30/2019		(1	)		(100	)		(2,890	)		(5,217	)		2,327
S&P 500 Index		2,840.000		08/30/2019		(2	)		(200	)		(7,230	)		(9,511	)		2,281
S&P 500 Index		2,845.000		08/30/2019		(3	)		(300	)		(11,145	)		(13,526	)		2,381
S&P 500 Index		2,715.000		07/31/2019		(4	)		(400	)		(3,020	)		(11,283	)		8,263
S&P 500 Index		2,720.000		07/31/2019		(4	)		(400	)		(3,140	)		(23,600	)		20,460
S&P 500 Index		2,740.000		07/03/2019		(13	)		(1,300	)		(715	)		(30,790	)		30,075
S&P 500 Index		2,740.000		07/31/2019		(2	)		(200	)		(1,820	)		(9,529	)		7,709
S&P 500 Index		2,820.000		07/31/2019		(3	)		(300	)		(5,055	)		(10,116	)		5,061
S&P 500 Index		2,835.000		07/10/2019		(13	)		(1,300	)		(8,190	)		(40,553	)		32,363
S&P 500 Index		2,860.000		07/31/2019		(2	)		(200	)		(4,640	)		(7,009	)		2,369
S&P 500 Index		2,865.000		07/31/2019		(11	)		(1,100	)		(26,565	)		(30,129	)		3,564
S&P 500 Index		2,870.000		07/17/2019		(13	)		(1,300	)		(19,760	)		(30,508	)		10,748
S&P 500 Index		2,870.000		07/24/2019		(13	)		(1,300	)		(25,870	)		(33,914	)		8,044
S&P 500 Index		2,870.000		07/31/2019		(10	)		(1,000	)		(25,150	)		(27,255	)		2,105
S&P 500 Index		2,875.000		07/31/2019		(10	)		(1,000	)		(26,150	)		(29,130	)		2,980
S&P 500 Index		2,880.000		07/31/2019		(10	)		(1,000	)		(27,250	)		(29,814	)		2,564
S&P 500 Index		2,885.000		07/31/2019		(10	)		(1,000	)		(28,450	)		(31,377	)		2,927
						(129	)	$	(12,900	)	$	(233,970	)	$	(397,617	)	$	163,647
TOTAL						(257	)	$	(25,700	)	$	(635,365	)	$	(647,835	)	$	12,470

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
SPX Index	Barclays Bank PLC	$	2,801.58		01/17/2020		5,823	$	5,823	$	465,199	$	516,617	$	(51,418	)

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in Affiliated Funds, at value (cost $771,486,743)	$	803,788,885
Purchased options, at value (cost $5,226,511)		6,384,461
Cash		16,516,468
Foreign currencies, at value (cost $42,418)		58,265
Unrealized gain on forward foreign currency exchange contracts		23,774
Variation margin on futures		725,104
Receivables:
Collateral on certain derivative contracts(a)		12,410,598
Investments sold		248,238
Dividends		205,615
Fund shares sold		109,317
Reimbursement from investment adviser		31,593
Other assets		78,186
Total assets		840,580,504
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		256,920
Written option contracts, at value (premium received $647,835)		635,365
Payables:
Fund shares redeemed		5,204,286
Investments purchased		715,823
Collateral on certain derivative contracts(b)		470,000
Management fees		101,053
Distribution and Service fees and Transfer Agency fees		94,147
Accrued expenses		52,602
Total liabilities		7,530,196
Net Assets:
Paid-in capital		772,714,963
Total distributable earnings (loss)		60,335,345
NET ASSETS	$	833,050,308
Net Assets:
Class A	$	155,750,450
Class C		19,738,865
Institutional		19,991,552
Service		629,026
Investor		5,213,529
Class P		119,072,461
Class R		5,788,189
Class R6		506,866,236
Total Net Assets	$	833,050,308
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,271,788
Class C		1,084,779
Institutional		1,048,389
Service		33,546
Investor		280,525
Class P		6,240,239
Class R		310,180
Class R6		26,572,874
Net asset value, offering and redemption price per share:(c)
Class A		$18.83
Class C		18.20
Institutional		19.07
Service		18.75
Investor		18.58
Class P		19.08
Class R		18.66
Class R6		19.07

(a) Includes segregated cash of $5,068,762, $340,000 and $7,001,836 relating to initial margin requirements and/or collateral on futures, forwards and options transactions, respectively

(b) Segregated for initial margin and/or collateral on swaps contracts transactions of $470,000.

(c) Maximum public offering price per share for Class A Shares is $19.93. 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.

14 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends from Affiliated Funds	$	5,283,755
Interest		14,608
Total investment income		5,298,363
Expenses:
Management fees		331,308
Distribution and Service fees(a)		315,102
Transfer Agency fees(a)		203,044
Registration fees		60,320
Professional fees		42,939
Custody, accounting and administrative services		30,135
Printing and mailing costs		22,622
Trustee fees		8,212
Service Share fees — Service Plan		745
Service Share fees — Shareholder Administration Plan		745
Prime Broker Fees		105
Other		8,099
Total expenses		1,023,376
Less — expense reductions		(164,163	)
Net expenses		859,213
NET INVESTMENT INCOME		4,439,150
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		18,042,222
Purchased options		2,348,625
Futures contracts		3,868,825
Written options		(478,284	)
Forward foreign currency exchange contracts		85,878
Foreign currency transactions		(26,674	)
Net change in unrealized gain (loss) on:
Affiliated Funds		31,466,236
Purchased options		1,187,342
Futures contracts		4,885,349
Written options		12,470
Forward foreign currency exchange contracts		(233,146	)
Foreign currency translation		5,938
Net realized and unrealized gain		61,164,781
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,603,931

(a) Class specific Distribution and/or Service and Transfer Agent fees were as follows:

Distribution and/or Service Fees						Transfer Agent Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
$	183,059	$	118,194	$	13,849	$	131,802	$	21,275	$	3,726	$	119	$	4,923	$	16,935	$	4,986	$	19,278

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	4,439,150		$	3,378,018
Net realized gain		23,840,592			17,581,598
Net change in unrealized gain (loss)		37,324,189			(58,513,379	)
Net increase (decrease) in net assets resulting from operations		65,603,931			(37,553,763	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(3,527,838	)
Class C Shares		—			(103,569	)
Institutional Shares		—			(477,191	)
Service Shares		—			(12,880	)
Investor Shares		—			(162,939	)
Class P Shares(a)		—			(3,046,018	)
Class R Shares		—			(117,644	)
Class R6 Shares		—			(133,363	)
Total distributions to shareholders		—			(7,581,442	)
From share transactions:
Proceeds from sales of shares		504,091,019			194,331,566
Reinvestment of distributions		—			7,197,075
Cost of shares redeemed		(31,139,223	)		(235,405,360	)
Net increase (decrease) in net assets resulting from share transactions		472,951,796			(33,876,719	)
TOTAL INCREASE (DECREASE)		538,555,727			(79,011,924	)
Net assets:
Beginning of period		294,494,581			373,506,505
End of period	$	833,050,308		$	294,494,581

(a) Class P Shares commenced operations on April 17, 2018.

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class A Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.26		$	18.84		$	15.25		$	14.44		$	14.46		$	14.29
Net investment income(a)(b)		0.11			0.20			0.16			0.16			0.09			0.23
Net realized and unrealized gain (loss)		2.46			(2.35	)		3.80			0.83			0.03			0.20
Total from investment operations		2.57			(2.15	)		3.96			0.99			0.12			0.43
Distributions to shareholders from net investment income		—			(0.43	)		(0.37	)		(0.18	)		(0.14	)		(0.26	)
Net asset value, end of period	$	18.83		$	16.26		$	18.84		$	15.25		$	14.44		$	14.46
Total return(c)		15.81	%		(11.40	)%		25.96	%		6.81	%		0.83	%		3.01	%
Net assets, end of period (in 000s)	$	155,750		$	135,758		$	137,276		$	124,514		$	134,851		$	148,611
Ratio of net expenses to average net assets(d)		0.58	%(e)		0.58	%		0.59	%		0.59	%		0.59	%		0.60	%
Ratio of total expenses to average net assets(d)		0.67	%(e)		0.66	%		0.67	%		0.69	%		0.67	%		0.68	%
Ratio of net investment income to average net assets(b)		1.19	%(e)		1.09	%		0.93	%		1.12	%		0.63	%		1.56	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class C Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.77		$	18.01		$	14.58		$	13.82		$	13.83		$	13.68
Net investment income (loss)(a)(b)		0.02			(0.05	)		0.01			0.05			(0.02	)		0.10
Net realized and unrealized gain (loss)		2.41			(2.12	)		3.65			0.78			0.04			0.20
Total from investment operations		2.43			(2.17	)		3.66			0.83			0.02			0.30
Distributions to shareholders from net investment income		—			(0.07	)		(0.23	)		(0.07	)		(0.03	)		(0.15	)
Net asset value, end of period	$	18.20		$	15.77		$	18.01		$	14.58		$	13.82		$	13.83
Total return(c)		15.41	%		(12.04	)%		25.08	%		5.95	%		0.13	%		2.18	%
Net assets, end of period (in 000s)	$	19,739		$	23,020		$	68,315		$	75,027		$	83,743		$	96,667
Ratio of net expenses to average net assets(d)		1.33	%(e)		1.33	%		1.34	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets(d)		1.42	%(e)		1.40	%		1.42	%		1.44	%		1.42	%		1.42	%
Ratio of net investment income (loss) to average net assets(b)		0.23	%(e)		(0.29	)%		0.08	%		0.33	%		(0.15	)%		0.71	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.43		$	19.01		$	15.38		$	14.57		$	14.58		$	14.41
Net investment income(a)(b)		0.14			0.09			0.24			0.23			0.16			0.29
Net realized and unrealized gain (loss)		2.50			(2.20	)		3.83			0.82			0.03			0.20
Total from investment operations		2.64			(2.11	)		4.07			1.05			0.19			0.49
Distributions to shareholders from net investment income		—			(0.47	)		(0.44	)		(0.24	)		(0.20	)		(0.32	)
Net asset value, end of period	$	19.07		$	16.43		$	19.01		$	15.38		$	14.57		$	14.58
Total return(c)		16.07	%		(11.07	)%		26.48	%		7.18	%		1.31	%		3.38	%
Net assets, end of period (in 000s)	$	19,992		$	16,974		$	155,828		$	119,108		$	117,357		$	130,499
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.20	%		0.19	%		0.19	%		0.20	%
Ratio of total expenses to average net assets(d)		0.28	%(e)		0.26	%		0.28	%		0.29	%		0.27	%		0.28	%
Ratio of net investment income to average net assets(b)		1.58	%(e)		0.47	%		1.40	%		1.55	%		1.05	%		1.96	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.20		$	18.75		$	15.19		$	14.39		$	14.40		$	14.22
Net investment income(a)(b)		0.09			0.15			0.16			0.15			0.08			0.19
Net realized and unrealized gain (loss)		2.46			(2.31	)		3.76			0.81			0.03			0.23
Total from investment operations		2.55			(2.16	)		3.92			0.96			0.11			0.42
Distributions to shareholders from net investment income		—			(0.39	)		(0.36	)		(0.16	)		(0.12	)		(0.24	)
Net asset value, end of period	$	18.75		$	16.20		$	18.75		$	15.19		$	14.39		$	14.40
Total return(c)		15.74	%		(11.48	)%		25.79	%		6.66	%		0.78	%		2.94	%
Net assets, end of period (in 000s)	$	629		$	543		$	684		$	470		$	577		$	626
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets(d)		0.78	%(e)		0.77	%		0.78	%		0.79	%		0.77	%		0.77	%
Ratio of net investment income to average net assets(b)		1.07	%(e)		0.80	%		0.91	%		1.01	%		0.52	%		1.27	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Investor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.03		$	18.58		$	15.03		$	14.25		$	14.27		$	14.11
Net investment income(a)(b)		0.12			0.24			0.18			0.21			0.13			0.32
Net realized and unrealized gain (loss)		2.43			(2.32	)		3.78			0.79			0.03			0.14
Total from investment operations		2.55			(2.08	)		3.96			1.00			0.16			0.46
Distributions to shareholders from net investment income		—			(0.47	)		(0.41	)		(0.22	)		(0.18	)		(0.30	)
Net asset value, end of period	$	18.58		$	16.03		$	18.58		$	15.03		$	14.25		$	14.27
Total return(c)		15.91	%		(11.18	)%		26.35	%		6.99	%		1.11	%		3.27	%
Net assets, end of period (in 000s)	$	5,214		$	5,703		$	5,481		$	5,663		$	5,282		$	5,280
Ratio of net expenses to average net assets(d)		0.33	%(e)		0.33	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of total expenses to average net assets(d)		0.42	%(e)		0.41	%		0.42	%		0.44	%		0.42	%		0.43	%
Ratio of net investment income to average net assets(b)		1.35	%(e)		1.28	%		1.07	%		1.47	%		0.91	%		2.19	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class P Shares
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	16.44		$	19.43
Net investment income(b)(c)		0.14			0.31
Net realized and unrealized gain (loss)		2.50			(2.80	)
Total from investment operations		2.64			(2.49	)
Distributions to shareholders from net investment income		—			(0.50	)
Net asset value, end of period	$	19.08		$	16.44
Total return(d)		16.06	%		(12.80	)%
Net assets, end of period (in 000s)	$	119,072		$	103,074
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.27	%(f)		0.27	%(f)
Ratio of net investment income to average net assets(c)		1.57	%(f)		2.33	%(f)
Portfolio turnover rate(g)		37	%		11	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.13		$	18.69		$	15.15		$	14.37		$	14.37		$	14.17
Net investment income(a)(b)		0.08			0.14			0.19			0.16			0.04			0.13
Net realized and unrealized gain (loss)		2.45			(2.32	)		3.70			0.78			0.05			0.26
Total from investment operations		2.53			(2.18	)		3.89			0.94			0.09			0.39
Distributions to shareholders from net investment income		—			(0.38	)		(0.35	)		(0.16	)		(0.09	)		(0.19	)
Net asset value, end of period	$	18.66		$	16.13		$	18.69		$	15.15		$	14.37		$	14.37
Total return(c)		15.69	%		(11.63	)%		25.70	%		6.49	%		0.61	%		2.77	%
Net assets, end of period (in 000s)	$	5,788		$	4,938		$	5,910		$	2,031		$	1,785		$	2,339
Ratio of net expenses to average net assets(d)		0.83	%(e)		0.83	%		0.84	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets(d)		0.92	%(e)		0.91	%		0.92	%		0.94	%		0.92	%		0.92	%
Ratio of net investment income to average net assets(b)		0.91	%(e)		0.77	%		1.06	%		1.10	%		0.28	%		0.86	%
Portfolio turnover rate(f)		37	%		11	%		53	%		39	%		18	%		23	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	16.44		$	19.04		$	15.37		$	14.57		$	15.38
Net investment income(b)(c)		0.35			1.61			0.12			0.24			0.14
Net realized and unrealized gain (loss)		2.28			(3.71	)		3.96			0.80			(0.74	)
Total from investment operations		2.63			(2.10	)		4.08			1.04			(0.60	)
Distributions to shareholders from net investment income		—			(0.50	)		(0.41	)		(0.24	)		(0.21	)
Net asset value, end of period	$	19.07		$	16.44		$	19.04		$	15.37		$	14.57
Total return(d)		16.00	%		(11.00	)%		26.54	%		7.12	%		(3.93	)%
Net assets, end of period (in 000s)	$	506,866		$	4,485		$	13		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.18	%		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.32	%		0.24	%		0.28	%		0.29	%(f)
Ratio of net investment income to average net assets(c)		3.80	%(f)		9.20	%		0.66	%		1.63	%		2.32	%(f)
Portfolio turnover rate(g)		37	%		11	%		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 Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Dynamic Global Equity Fund (the “Fund”). Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund and changed its principal investment strategy. The Fund is a diversified portfolio and currently offers eight classes of shares: Class A, Class C, Institutional, Service, Investor, Class P, Class R, Class R6 Shares.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class 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, 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 Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds (“Underlying Funds”). Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

25

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair

26

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii.  Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and/or credit default swap contracts.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

27

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Equity	$	266,842,823		$	—		$	—
Exchange Traded Funds		424,794,355			—			—
Investment Company		112,151,707			—			—
Total	$	803,788,885		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	23,774		$	—
Futures Contracts(a)		4,746,832			—			—
Options Purchased		5,919,262			465,199			—
Total	$	10,666,094		$	488,973		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(256,920	)	$	—
Written Option Contracts		(635,365	)		—			—
Total	$	(635,365	)	$	(256,920	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4. INVESTMENTS IN DERIVATIVES

The following 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, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of

28

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

4. INVESTMENTS IN DERIVATIVES (continued)

cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	5,919,262		—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		23,774	(a)	Payable for unrealized loss on forward foreign currency contracts		(256,920	)(a)
Equity	Variation margin on future contracts; Purchased options, at value		5,212,031	(a)	Written options, at value		(635,365	)
Total		$	11,155,067			$	(892,285	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2019 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net change in unrealized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on purchased options	$	2,621,792	$	1,238,760			9
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		3,117,374		4,846,401			1,081
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		85,878		(233,146	)		12
Total		$	5,825,044	$	5,852,015			1,102

(a) Average number of contracts is based on the average of month end balances for the six months period ended June 30, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets of 0.15% for the Fund.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Fund, as applicable, as set forth below.

29

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of the Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Fund, as set forth below.

The Trust, on behalf of Service Shares of the Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Fund, as set forth below.

	Distribution and/or Service Plans 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 Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2019, Goldman Sachs retained $4,598 of the front end sales charges and $377 of the CDSC for this Fund.

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of the 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 and/or Service Shares of the Fund, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% 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 reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.004% . These Other Expense limitations will remain in place through at least April 30, 2020, 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.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	669	$	163,494	$	164,163

G.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 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, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H.  Other Transactions with Affiliates — The Fund invests primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2019 (in thousands):

Underlying Funds	Market Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value as of 6/30/2019		Shares as of 6/30/2019		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	20,713	$	41,630	$	—		$	—	$	3,781		$	66,124		2,012	$	578
Goldman Sachs ActiveBeta International Equity ETF		16,668		121,062		—			—		5,300			143,030		4,987		2,288
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		28,186		177,258		(1,382	)		13		11,565			215,640		3,669		1,260
Goldman Sachs Emerging Markets Equity Insights Fund		38,090		18,999		(28,500	)		460		3,151			32,200		3,365		—
Goldman Sachs Global Infrastructure Fund		—		12,042		—			—		567			12,609		1,080		142
Goldman Sachs Global Real Estate Securities Fund		19,120		7,106		(16,000	)		908		1,262			12,396		1,105		105
Goldman Sachs International Equity Insights Fund		45,968		46,701		(27,099	)		3,944		2,405			71,919		5,726		—
Goldman Sachs International Small Cap Insights Fund		11,123		6,999		(7,300	)		1,441		(80	)		12,183		1,060		—
Goldman Sachs Large Cap Growth Insights Fund		39,705		31,000		(23,800	)		5,464		1,380			53,749		1,684		—
Goldman Sachs Large Cap Value Insights Fund		38,990		32,344		(22,701	)		4,530		688			53,851		2,579		344
Goldman Sachs Small Cap Equity Insights Fund		17,707		10,500		(13,000	)		1,282		1,447			17,936		688		—
Total	$	276,270	$	505,641	$	(139,782	)	$	18,042	$	31,466		$	691,637			$	4,717

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, 2019 (in thousands):

Fund	Beginning Value as of 12/31/2018		Purchases at Cost		Proceeds from Sales			Ending Value as of 06/30/2019		Shares as of 06/30/2019		Dividend Income from Affiliated Investment Company
Dynamic Global Equity Fund	$	14,101	$	414,031	$	(315,980	)	$	112,152		112,152	$	567

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $513,054,319 and $144,839,787, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences on a tax basis were as follows:

Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral) $ (364,596 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	782,366,870
Gross unrealized gain		27,329,380
Gross unrealized loss		(5,907,365	)
Net unrealized gain (loss)	$	21,422,015

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.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (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. To the extent that the Fund also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk — The investments of the Fund are concentrated in the Underlying Funds, and the Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

8. OTHER RISKS (continued)

subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Fund that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		419,432		$	7,642,488			2,185,895		$	41,265,498
Reinvestment of distributions		—			—			199,644			3,228,235
Shares redeemed		(497,371	)		(8,941,825	)		(1,323,048	)		(24,484,673	)
		(77,939	)		(1,299,337	)		1,062,491			20,009,060
Class C Shares
Shares sold		25,950			447,784			137,482			2,444,514
Reinvestment of distributions		—			—			6,208			97,349
Shares redeemed		(400,824	)		(7,073,691	)		(2,477,506	)		(44,551,615	)
		(374,874	)		(6,625,907	)		(2,333,816	)		(42,009,752	)
Institutional Shares
Shares sold		85,974			1,591,088			733,770			13,870,499
Reinvestment of distributions		—			—			28,655			468,222
Shares redeemed		(70,434	)		(1,278,616	)		(7,926,783	)		(154,475,133	)
		15,540			312,472			(7,164,358	)		(140,136,412	)
Service Shares
Shares sold		163			2,718			3,181			60,227
Reinvestment of distributions		—			—			565			9,100
Shares redeemed		(110	)		(1,939	)		(6,737	)		(123,165	)
		53			779			(2,991	)		(53,838	)
Investor Shares
Shares sold		30,207			534,145			125,237			2,335,716
Reinvestment of distributions		—			—			10,222			162,939
Shares redeemed		(105,510	)		(1,886,017	)		(74,682	)		(1,365,679	)
		(75,303	)		(1,351,872	)		60,777			1,132,976
Class P Shares(a)
Shares sold		310,250			5,634,748			6,534,613			128,079,127
Reinvestment of distributions		—			—			186,301			3,046,018
Shares redeemed		(338,141	)		(6,151,776	)		(452,784	)		(8,567,805	)
		(27,891	)		(517,028	)		6,268,130			122,557,340
Class R Shares
Shares sold		33,979			610,295			76,021			1,401,993
Reinvestment of distributions		—			—			7,266			116,549
Shares redeemed		(29,890	)		(543,061	)		(93,404	)		(1,736,597	)
		4,089			67,234			(10,117	)		(218,055	)
Class R6 Shares
Shares sold		26,576,601			487,627,753			273,672			4,873,992
Reinvestment of distributions		—			—			4,200			68,663
Shares redeemed		(276,545	)		(5,262,298	)		(5,738	)		(100,693	)
		26,300,056			482,365,455			272,134			4,841,962
NET INCREASE (DECREASE)		25,763,731		$	472,951,796			(1,847,750	)	$	(33,876,719	)

(a) Class P Shares commenced operations on April 17, 2018.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Fund Expenses — Six Months Period Ended  June 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, 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), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R or Class R6 Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Fund invests. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Dynamic Global Equity Fund
Share Class	Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 months ended 6/30/19*
Class A
Actual	$	1,000.00	$	1,158.10		$	3.10
Hypothetical 5% return		1,000.00		1,021.92	+		2.91
Class C
Actual		1,000.00		1,154.10			7.10
Hypothetical 5% return		1,000.00		1,018.20	+		6.66
Institutional
Actual		1,000.00		1,160.70			1.02
Hypothetical 5% return		1,000.00		1,023.85	+		0.95
Service
Actual		1,000.00		1,157.40			3.69
Hypothetical 5% return		1,000.00		1,021.37	+		3.46
Investor
Actual		1,000.00		1,159.10			1.77
Hypothetical 5% return		1,000.00		1,023.16	+		1.66
Class P
Actual		1,000.00		1,160.60			0.96
Hypothethical 5% return		1,000.00		1,023.90	+		0.90
Class R
Actual		1,000.00		1,156.90			4.44
Hypothetical 5% return		1,000.00		1,020.68	+		4.16
Class R6
Actual		1,000.00		1,160.00			0.96
Hypothetical 5% return		1,000.00		1,023.90	+		0.90

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			R6
Dynamic Global Equity Fund		0.58	%		1.33	%		0.19	%		0.69	%		0.33	%		0.18	%		0.83	%		0.18	%

35

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Global Equity Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2020 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 11-12, 2019 (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 and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund and the Underlying Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

36

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund 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 Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund and the Underlying Funds. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified

37

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management team of certain Underlying Funds to continue to enhance the investment models used in managing the Underlying Funds.

The Trustees further observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-year period, matched the performance for the three-year period, and outperformed for the five- and ten-year periods ended March 31, 2019. They also noted that in February 2019, the Fund had been repositioned from the Equity Growth Strategy Portfolio, which involved changes to the Fund’s investment strategies.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.

38

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees noted that, although the Fund itself does not have breakpoints in its management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Fund at the specified asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund and/or the Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund and/or the Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund and the Underlying Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund and Underlying Funds; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to the Fund and certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Fund’s and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Fund’s and Underlying Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

39

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of June 30, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁵

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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

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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

⁵  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

* 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 James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 2019 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. 174987-OTU-1031028 DYNGLEQSAR-19

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 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.
(a)(3)		Not applicable to open-end investment companies.
(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 28, 2019

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 28, 2019
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 28, 2019