N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	October 31, 2020
	Dividend Focus Funds
	Income Builder
	Rising Dividend Growth

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

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

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

Goldman Sachs Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary — Income Builder	1
Portfolio Management Discussion and Performance Summary — Rising Dividend Growth	10
Schedules of Investments	20
Financial Statements	38
Financial Highlights	41
Income Builder	41
Rising Dividend Growth	47
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	74
Other Information	76

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND RESULTS

Goldman Sachs Income Builder Fund

Investment Objective

The Fund seeks to provide income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team, the Goldman Sachs Fixed Income Investment Management Team, and the Goldman Sachs Global Portfolio Solutions Team, collectively the Goldman Sachs Income Builder Team (the “Income Builder Team”), discuss the Goldman Sachs Income Builder Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6 and Class P Shares generated average annual total returns, without sales charges, of 2.29%, 1.57%, 2.68%, 2.53%, 2.70% and 2.70%, respectively. These returns compare to the -7.55% and 3.28% average annual total returns of the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) and the ICE BofAML BB to B U.S. High Yield Constrained Index (the “ICE BofAML Index”), respectively, during the same period.

Q What economic and market factors most influenced the Fund during the Reporting Period?

A During the Reporting Period, the spread of COVID-19, contraction in global economic growth and historic financial stimulus by central banks and governments around the world most influenced the financial markets and the Fund.

In November and December 2019, when the Reporting Period began, U.S. equity market returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market, as evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation and reduced trade war tensions fended off imminent recession risk. As for fixed income markets, performance was bolstered by accommodative central bank policy, improved investor sentiment toward risk assets and the announcement of an agreement in principle for a “Phase One” trade deal between the U.S. and China. In this environment, U.S. high yield corporate bonds posted gains.

During the first quarter of 2020, U.S. equities sold off as the emergence and rapid spread of COVID-19 caused non-essential businesses to close. Jobless claims increased to 6.6 million and nonfarm payrolls decreased by 701,000 for the month of March, leading the U.S. government and the U.S. Federal Reserve (“Fed”) to respond with aggressive financial stimulus. In addition, crude oil prices fell as supply increased and demand declined. Regarding fixed income, market sentiment was challenged by concerns that global economic growth could slow due to the outbreak of COVID-19. Risk-off investor sentiment, or reduced risk appetite, intensified during March as governments around the world initiated shutdowns and quarantines to stem what had by then become a pandemic. As for U.S. high yield corporate bonds, investor perceptions of slowing global economic growth alongside sharp equity market drawdowns and declining crude oil prices, as well as investment outflows from the asset class, drove a steep sell-off. Stressed liquidity conditions and growing market concerns about the possible downgrades of investment grade corporate bonds into the high yield corporate bond market also contributed to the sell-off.

U.S. equities rebounded during the second calendar quarter. The market appreciated despite a surge in COVID-19 cases in regional pockets of the U.S., causing local governments to pause reopening plans and revisit previous lockdown measures. Positive market sentiment was buoyed by better than consensus expected economic data, such as nonfarm payrolls increasing 7.3 million over May and June, driving the unemployment rate down to 11.1% from a high of more than 14% in the prior quarter. For similar reasons, the broad fixed income market generated gains, with U.S. high yield corporate bonds benefiting from increased Fed stimulus, stabilizing crude oil prices, rising investor demand and improvement in U.S. economic activity.

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FUND RESULTS

During the third quarter of 2020, the U.S. equity markets continued to rally in spite of pressure from the COVID-19 pandemic. Market strength was supported by a sharp cyclical recovery in economic data, with the Institute for Supply Management’s Purchasing Managers’ Index increasing to 56.0 in August, a reading that was firmly in expansionary territory. Optimism around a potential COVID-19 vaccine also helped support equity markets. Within fixed income, U.S. high yield corporate bonds extended their positive momentum at the start of the quarter, benefiting from accommodative monetary and fiscal policies globally, a worldwide search for yield and an improvement in perceived quality of the asset class. However, increasing concerns of a potential second wave of COVID-19 infections, crude oil price volatility, and uncertainty around the then-upcoming U.S. elections tempered investor risk sentiment in the latter part of the quarter.

In October 2020, the majority of third quarter earnings results for U.S. companies came in better than consensus expected, but U.S. equity prices declined against a backdrop of heightened market expectations. Political uncertainty surrounding the then-upcoming U.S. elections and a lack of further fiscal stimulus were also sources of volatility during the month. Despite these headwinds, some support for U.S. equities was provided by a 33.1% increase in U.S. Gross Domestic Product (“GDP”) in the third quarter of 2020, as businesses resumed some activity that was postponed or restricted as a result of COVID-19. Within fixed income, market conditions were volatile for similar reasons. That said, U.S. high yield corporate bonds remained resilient due to healthy investor demand despite heightened volatility caused by political and COVID-19-related headwinds.

For the Reporting Period overall, U.S. large-cap equities, as measured by the S&P 500^® Index, generated positive returns. However, value stocks, as measured by the Russell Index, produced negative returns. The fixed income markets, including high yield corporate bonds, produced positive returns during the Reporting Period overall.

Q What was the Fund’s asset allocation positioning during the Reporting Period?

A As part of its principal investment strategies, the Fund has a baseline allocation of 60% to fixed income securities and 40% to equity securities, though in seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation, measured at the time of investment. The Fund seeks to provide a high and stable income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities’ relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects. Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Index and the ICE BofAML Index should be considered for reference only.

At the beginning of the Reporting Period, the Fund was invested 37.5% in equities and 57.0% in fixed income, with the balance of 5.5% in cash and cash equivalents. The Fund’s exposure to equities increased during the first three months of the Reporting Period, due to the appreciation of stock prices. During February and into March, as the stock market sold off, the Fund’s exposure to equities drifted lower. We decided to rebalance the Fund, increasing its exposure to equities, because we thought equity prices were attractive from a longer-term perspective. That said, the Fund was underweight equities relative to its baseline allocation at the end of March. During August 2020, as equity valuations remained attractive, in our view, and stocks rallied, we allowed the Fund’s equity allocation to drift higher while also actively adding to its holdings. In addition, during the Reporting Period overall, we used equity call options in an effort to generate additional cash flow and mitigate potential downside risk for the Fund. (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 the time of expiry.) After maintaining the Fund’s existing positions in sold call options during the opening weeks of the Reporting Period, we allowed its sold call options on European large-cap stocks to expire in December 2019. In February 2020, we sold call options on U.S. large-cap stocks and European large-cap stocks, as we saw attractive levels of implied volatility (i.e., expectations of future volatility). In April, amid a significant equity rally, we allowed all of the Fund’s sold call positions to expire, and we did not write new calls for the rest of the Reporting Period.

Regarding the Fund’s duration position, we extended it, using interest rate swaps, to nearly five years in February 2020, as we sought to mitigate potential risk within equities and high yield corporate credit and because we believed interest rate swaps could potentially generate attractive returns. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) As interest rates declined

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FUND RESULTS

substantially during the spring, we reduced the Fund’s duration position so that it was just over three years by the end of the Reporting Period. In our view, interest rates swaps had become less effective as a hedge, and we considered them less attractive from a potential return standpoint.

In October 2020, the Fund changed the way it gained exposure to energy master limited partnerships (“MLPs”), shifting from direct investments in energy MLPs to an investment in the Goldman Sachs MLP Energy Infrastructure Fund. The Fund maintained a small allocation to energy MLPs, given what we considered to be their attractive valuations following a decline in the early part of the Reporting Period.

At the end of the Reporting Period, the Fund was invested 40.9% in equities and 63.4% in fixed income. This breakout is inclusive of derivatives exposure in both asset classes but does not necessarily include the cash to support those positions. Derivatives positions are mostly supported by cash held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced.

Q What was the Fund’s 12-month distribution rate and what was its 30-Day SEC yield during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares provided 12-month distribution rates of 3.39%%, 2.70%, 3.66%, 3.56%, 3.67% and 3.67%, respectively. (The 12-month distribution rate is calculated by taking the sum of all cash distributions to shareholders over the past 12 months and dividing this sum by the Fund’s month-end net asset value (“NAV”) for the last month of the period. This rate includes capital gain/loss distributions, if any. This is not an SEC yield.) On October 31, 2020, the Fund’s 30-Day Standardized Subsidized SEC yields for its Class A, Class C, Institutional, Investor, Class R6 and Class P Shares were 2.79%, 2.19%, 3.28%, 3.20%, 3.29% and 3.29%, respectively. (The 30-Day Standardized Subsidized SEC Yield is calculated in accordance with SEC regulations and is determined by dividing the Fund’s net investment income per share earned over the 30-day period by the Fund’s maximum public offering price per share on the last day of such period, which figure is then annualized. The 30-Day Standardized Subsidized SEC Yield may differ from the distribution rate because of the exclusion of distributed capital gains. The 30-Day Standardized Subsidized SEC Yield reflects any fee waivers and/or expense reimbursements in effect during the period, without which the yield would be reduced.)

Q What key factors had the greatest impact on the performance of the Fund’s equity allocation during the Reporting Period?

A Relative to the Russell Index, stock selection had the greatest negative impact on the Fund’s equity allocation during the Reporting Period. The Fund’s call writing strategy, which seeks to generate additional cash flow and potentially reduce volatility by sales of call options on the S&P 500^® Index or other regional stock market indices (or related ETFs), also detracted from its performance during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A During the Reporting Period, the Fund’s overweight positions compared to the Russell Index in the health care and energy sectors detracted from its returns. An underweight in consumer staples further hurt performance. Stock selection in all three sectors also had a negative impact on returns. On the positive side, the Fund benefited from overweight positions in information technology, industrials and utilities. Stock selection in all three sectors also added to performance.

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

A During the Reporting Period, the largest detractors from the Fund’s performance relative to the Russell Index were Royal Dutch Shell, Klépierre and Energy Transfer, L.P.

The top detractor was Royal Dutch Shell, a multinational oil and gas company headquartered in the Netherlands and incorporated in the U.K. In addition to its core businesses of oil and gas production, refining and marketing, and petrochemicals manufacturing, Royal Dutch Shell has some exposure to alternative fuels and other renewable energies. The company’s stock price declined along with the broader energy sector during the Reporting Period, as the spread of COVID-19 depressed demand for oil and gas. Its shares were also hurt by the news of a dividend cut. At the end of the Reporting Period, we remained positive about Royal Dutch Shell given its cash flow generation and our belief that the company should be able to grow its dividend in 2021.

Klépierre, a French real estate investment trust (“REIT”) that owns shopping centers across Europe and office properties in Paris, also hampered performance as the company suffered along with the broader retail and office sectors during the

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FUND RESULTS

Reporting Period. All of Klépierre’s business segments had been hurt by the COVID-19 pandemic. We eliminated the Fund’s position during March 2020 because of our concerns about the lasting effects of COVID-19 on the retail and office sectors.

We considered Energy Transfer, L.P. to be a high quality pipeline asset that could potentially generate predictable cash flow and provide the Fund with exposure to energy MLPs. Unfortunately, the underlying commodity environment deteriorated more sharply than we anticipated, stressing the entire energy MLP market segment. We eliminated the Fund’s investment in Energy Transfer, L.P. during the Reporting Period to allocate capital to stocks with what we believed were greater risk/reward profiles.

Q Which stocks contributed significantly to the Fund’s relative performance during the Reporting Period?

A Compared to the Russell Index, the Fund’s positioning in Apple, Microsoft and Schneider Electric contributed positively to relative returns during the Reporting Period.

Apple, which designs and manufactures mobile communication and media devices, personal computers and portable digital music players, added most to the Fund’s performance. In the final months of 2019, Apple’s shares advanced on market optimism about the company’s 2020 and 2021 outlook. Indeed, during the first three quarters of 2020, the company consistently beat consensus expectations for both its revenue and profit growth. Apple’s smartphone business, in particular, performed much better than market expected. Additionally, sales of iPads and Mac models benefited from work-from-home spending. At the end of the Reporting Period, we maintained our favorable view of Apple because of what we saw as its continued innovation and earnings growth.

Microsoft, the giant developer and marketer of software and hardware services, benefited from sharp increases in demand for cloud-based computing and storage services. Microsoft has been successful in migrating enterprise customers to its cloud platform and remains a major player in the public cloud market. At the end of the Reporting Period, we remained positive on Microsoft and continued to believe it is a well-diversified, high quality company led by an excellent management team.

Schneider Electric, a France-headquartered provider of energy and automation digital solutions, benefited from broad-based industrial recovery during the Reporting Period. In our view, the market has not fully appreciated the company’s strong portfolio of energy technologies, real-time automation, software and services, which resulted in—and could potentially continue to fuel—accelerating revenue growth and impressive margin leverage.

Q Were any significant purchases or sales made within the equity allocation of the Fund during the Reporting Period?

A During the Reporting Period, the Fund initiated a position in Bristol-Myers Squibb, which engages in the discovery, development, licensing, manufacture, marketing, distribution and sale of biopharmaceutical products. In our view, the market under-appreciated the pipeline opportunity from the company’s acquisition of biopharmaceutical company Celgene early in the Reporting Period. We believed Bristol-Myers Squibb was priced very attractively, and we saw potential benefits in new U.S. Food and Drug Administration approvals for different treatment options.

The Fund also established a position in Eaton, a multinational power management company. We believe its chief executive officer has done a good job of reshaping Eaton’s portfolio of businesses and driving operational changes. The company has also been able to reliably generate attractive free cash flow, in our view. We see value in Eaton’s end-market exposure to certain recovering sectors, such as commercial aerospace, and we believe it is well positioned to benefit from incremental government stimulus focused on infrastructure.

Among sales completed during the Reporting Period was the Fund’s position in Northern Trust. We had a less positive view than the market on the financial holding company’s operational efficiency in the near term, and we had concerns about continued growth in its operating expenses. As a result, we chose to exit the position and allocate the capital to higher conviction ideas.

We also eliminated the Fund’s position in British-Dutch international consumer goods company Unilever NV during the Reporting Period in favor of what we considered to be greater risk/reward opportunities.

Q What changes were made to the Fund’s equity market sector weightings during the Reporting Period?

A During the Reporting Period, we increased the Fund’s exposures to the utilities and health care sectors. We reduced the Fund’s exposures to the energy and financials sectors. At

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FUND RESULTS

the end of the Reporting Period, the Fund was overweight relative to the Russell Index in the information technology, health care, utilities, industrials and materials sectors. The Fund was underweight compared to the Russell Index in the financials, communication services, and consumer discretionary sectors. Relative to the Russell Index, the Fund was rather neutrally weighted in the energy, consumer staples and real estate sectors at the end of the Reporting Period.

Q Which fixed income market segments significantly affected the Fund’s performance during the Reporting Period?

A Relative to the ICE BofAML Index, specific bottom-up selection of industrial-related high yield corporate bonds and investment grade corporate bonds detracted from the Fund’s returns. Conversely, the Fund benefited from its underweight position in the energy and industrial manufacturing high yield market segments.

Q How did the Fund’s tactical duration strategy and yield curve positioning affect performance during the Reporting Period?

A During the Reporting Period, the Fund’s tactical duration strategy had a positive impact on performance. As mentioned previously, we extended the Fund’s duration position, using interest rate swaps, as we sought to mitigate potential risk within equities and high yield corporate credit and because we believed interest rate swaps could potentially generate attractive returns. This positioning added to the Fund’s performance during the Reporting Period. We do not actively manage the Fund’s yield curve positioning as part of our investment process. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) However, during the Reporting Period, we made decisions that affected the Fund’s yield curve position. Specifically, we adjusted the tenor of the interest rate swaps used as part of the Fund’s tactical duration strategy, which had a positive impact on performance. (Tenor refers to the length of time remaining before a financial contract expires.)

Q What changes were made to the Fund’s fixed income weightings during the Reporting Period?

A During the Reporting Period, we increased the Fund’s exposures to the banking, technology and diversified industrials market segments. We decreased its exposures to the telecommunications, cable media, and metals and mining market segments. At the end of the Reporting Period, the Fund’s largest overweights relative to the ICE BofAML Index were in the technology, financials and non-cable media market segments, while its largest underweight positions were in the electric utilities, retail and apparel, and transportation market segments.

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

A As mentioned previously, the Income Builder Team wrote equity index options on a portion of the Fund’s equity allocation in an effort to generate additional cash flow and potentially reduce volatility (negative impact on performance). In addition, equity futures were employed to gain passive exposure to the equity markets (positive impact on performance). Within the Fund’s fixed income allocation, the Income Builder Team used interest rates swaps and U.S. Treasury futures as cost-efficient instruments to provide greater precision and versatility in the management of duration (both had a positive impact on performance). To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed currency forwards (neutral impact) during the Reporting Period.

Q What is the Income Builder Team’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, the Income Builder Team believed the key headwinds to global economic growth were more stringent COVID-19 control measures, low employment growth, weak corporate profits and continued softness in services sector activity. The factors supportive of economic growth, in our view, were high household savings rates; the rebuilding of inventories, which should support manufacturing output; accommodative financial conditions (particularly in the U.S.); and strong housing markets. In the near term, we expected central banks to keep interest rates low and for fiscal policy to be a key driver of changes in the macro and market environments.

Regarding equities, we thought low interest rates, slow economic growth and continued uncertainty were an excellent backdrop for higher yielding stocks. Although they underperformed the broad equity and fixed income markets during the Reporting Period, higher yielding stocks are likely to do better in the near term, we believe. First, market leadership was narrow during the Reporting Period, but we expected it to expand going forward. Second, investors have been fearful about dividend cuts, but we believed these concerns were largely in the past, as dividends have stabilized since the uptick in cuts and suspensions stemming

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FUND RESULTS

from the COVID-19 global pandemic. In the 2020 calendar year through October, dividend payments for the S&P 500^® Index totaled $361 billion, which was on pace to equal 2019 pre-COVID-19 pandemic levels. During September, there were no cuts or suspensions, while there were 11 dividend increases and two dividend initiations. Third, higher yielding stocks have an affiliation with value stocks, which were out of favor during the Reporting Period. Value stocks, especially those perceived as defensive by investors, were likely to become more attractive, in our view. Overall, we expected the macro backdrop to provide a tailwind for higher yielding stocks, especially relative to bonds. At the end of the Reporting Period, more than 75% of U.S. equities and 81% of non-U.S. equities were yielding more than a 10-year U.S. Treasury security. Additionally, in our opinion, higher yielding equities have lower risk than many other equities due to their higher and more predictable cash flows. Furthermore, we believed higher yielding equities have less exposure to U.S. government risk because the underlying businesses generate significant domestic revenues and may not be significantly affected by higher corporate taxes since many of them do not pay taxes and some (e.g., REITs, MLPs, and utilities) pass through taxes to investors. In addition, we believed select sectors, including utilities and transportation infrastructure, may benefit from increased fiscal spending. Lastly, while equities remained more volatile than fixed income at the end of the Reporting Period, we believed it was possible to mitigate risk using call writing, and many investors have taken on more duration and credit risk than they had previously, in our view, narrowing the difference in risk between the two assets.

Within fixed income, we maintained the Fund’s overweight in high yield corporate bonds at the end of the Reporting Period, as we believed they were well-supported by market technicals (supply and demand conditions) and remained attractive given low global interest rates and hedging costs as investors moved down the risk spectrum in search of yield. Additionally, the high yield corporate bond market saw approximately $200 billion in “fallen angels” (or investment grade corporate bonds downgraded to high yield status) during the Reporting Period, which has improved the quality of the investable universe and provided investors with more investment opportunities, in our opinion. That said, we recognized that investor risk sentiment may remain challenged in the near term due to high volatility around the COVID-19 trends and the resulting impact on the economy and a possible re-escalation of geopolitical tensions. Accordingly, at the end of the Reporting Period, we were focused on identifying issuers with what we considered to be diversified product profiles, strong liquidity levels, efficient cost management and the ability to survive regardless of re-opening outcomes. From a market segment standpoint, we favored building materials due to these companies’ cost controls and margin resilience. The sector also benefits from positive new construction and repair and remodel trends. We maintained a focus on specialty chemicals, where profit margins were stronger than within commodity chemicals. We increased the Fund’s positioning in financials and banking, as Initial Public Offerings within these market segments were well received owing to attractive enterprise values, strong cash flows and compelling new home mortgage interest rates. The Fund remained underweight sectors facing secular challenges and government policy uncertainty. In particular, it was underweight high yield corporate bonds in the energy sector, which remained challenged by volatile crude oil prices, and in the health care sector, which faced idiosyncratic issues including litigation, pricing legislation and heightened regulatory scrutiny. The Fund was also underweight consumer cyclical market segments, such as retail and apparel and gaming and leisure, at the end of the Reporting Period. From a credit ratings perspective, we continued to favor higher quality bonds that offer good convexity and/or greater spread compression. (Convexity is a measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Spreads are yield differentials between bonds of similar maturity.)

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FUND BASICS

Income Builder Fund

as of October 31, 2020

TOP TEN EQUITY HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Johnson & Johnson		1.0	%	Pharmaceuticals
The Home Depot, Inc.		0.9		Specialty Retail
Bristol-Myers Squibb Co.		0.9		Pharmaceuticals
Verizon Communications, Inc.		0.8		Diversified Telecommunication Services
Linde PLC		0.8		Chemicals
Comcast Corp. Class A		0.8		Media
Schneider Electric SE ADR		0.8		Electrical Equipment
The Coca-Cola Co.		0.8		Beverages
Honeywell International, Inc.		0.8		Industrial Conglomerates
Cisco Systems, Inc.		0.7		Communications Equipment

¹  The top 10 holdings may not be representative of the Fund’s future investments.

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund’s Equity investments. 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.

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FUND BASICS

FUND’S FIXED INCOME COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

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GOLDMAN SACHS INCOME BUILDER FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares. For comparative purposes, the performance of the Fund’s current benchmarks, the Russell 1000^® Value Index and the ICE BofAML BB to B U.S. High Yield Constrained Index, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Income Builder Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	2.29%	5.24%	6.67%	—
Including sales charges	-3.33%	4.06%	6.07%	—
Class C
Excluding contingent deferred sales charges	1.57%	4.46%	5.87%	—
Including contingent deferred sales charges	0.55%	4.46%	5.87%	—
Institutional Class	2.68%	5.65%	7.09%	—
Investor	2.53%	5.50%	6.92%	—
Class R6 (Commenced July 31, 2015)	2.70%	5.65%	N/A	5.04%
Class P (Commenced April 16, 2018)	2.70%	N/A	N/A	5.81%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

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FUND RESULTS

Goldman Sachs Rising Dividend Growth Fund

Investment Objective

The Fund seeks long-term growth of capital and current income.

Portfolio Management Discussion and Analysis

Effective at the close of business on June 30, 2020 (the “Effective Date”), Dividend Assets Capital, LLC (“DAC”) no longer served as sub-adviser to the Fund and no longer managed the Fund’s investments in master limited partnerships (“MLPs”) and energy infrastructure companies (the “MLP & Energy Infrastructure Sleeve”). Beginning at the close of business on the Effective Date, Goldman Sachs Asset Management, L.P.’s (“GSAM”) Energy & Infrastructure Team (“E&I Team”) manages the MLP & Energy Infrastructure Sleeve. Below, the Quantitative Investment Strategies (“QIS”) portfolio management team, the Goldman Sachs Global Portfolio Solutions Group and the E&I Team discuss the Goldman Sachs Rising Dividend Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -1.80%, -2.50%, -1.47%, -1.55%, -1.47%, -2.01% and -1.46%, respectively. These returns compare to the 9.68% average annual total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

Q What economic and market factors most influenced the U.S. equity markets as a whole during the Reporting Period?

A The S&P 500 Index gained 3.63% in November 2019 and 3.02% in December 2019. Stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market, as evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation and reduced trade war tensions fended off imminent recession risk.

The S&P 500 Index fell 19.60% in the first quarter of 2020. The U.S. equity market sold off as the emergence and rapid spread of COVID-19 caused non-essential businesses to close. Jobless claims increased to 6.6 million and nonfarm payrolls decreased by 701,000 for the month of March, leading the U.S. government and the U.S. Federal Reserve (“Fed”) to respond with aggressive economic stimulus. In addition, oil prices fell as supply increased and demand declined.

The S&P 500 Index gained 20.54% in the second quarter of 2020. The U.S. equity market appreciated despite a surge in COVID-19 cases in regional pockets of the country, causing local governments to pause reopening plans and revisit previous lockdown measures. Positive market sentiment was buoyed by better than consensus expected economic data, such as nonfarm payrolls increasing 7.3 million over May and June, driving the unemployment rate down to 11.1% from a high of more than 14% in the prior quarter.

The S&P 500 Index increased 8.93% in the third quarter of 2020. The U.S. equity markets continued to rally despite pressure from the pandemic. Market strength was supported by a sharp cyclical recovery in economic data, with the Institute for Supply Management’s Purchasing Managers’ Index increasing to 56.0 in August, a reading that was firmly in expansionary territory. Optimism around a potential COVID-19 vaccine also helped support equity markets during the quarter.

In a sharp reversal, the S&P 500 Index decreased in October 2020, returning -2.66% for the month. While the majority of third calendar quarter earnings results for U.S. companies that reported in October came in above consensus expectations, equity prices declined against a backdrop of

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FUND RESULTS

heightened market expectations. Political uncertainty surrounding then-upcoming U.S. elections and a lack of further fiscal stimulus were also sources of volatility during the month. Despite these headwinds, some support for equities was provided by a 33.1% increase in U.S. Gross Domestic Product (“GDP”) in the third quarter of 2020, as businesses resumed some activity that was postponed or restricted as a result of COVID-19.

For the Reporting Period overall, information technology, consumer discretionary and communication services were the best performing sectors in the S&P 500 Index. The weakest performing sector in the S&P 500 Index was energy, followed at some distance by financials and real estate.

Within the U.S. equity market, large-cap stocks, as measured by the Russell 1000^® Index, performed best, followed by mid-cap stocks, as measured by the Russell Midcap^® Index, each capitalization segment posting positive absolute returns. Small-cap stocks, as measured by the Russell 2000^® Index, were weakest, posting negative absolute returns during the Reporting Period as a whole. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Q What economic and market factors most influenced energy MLPs as a whole during the Reporting Period?

A Energy-related assets broadly sold off during the Reporting Period. Energy infrastructure master limited partnerships (“MLPs”) generally, as measured by the Alerian MLP Index,¹ produced a total return of -42.43%, while the broader midstream² sector, as measured by the Alerian Midstream Energy Index³ (which includes both energy MLPs and “C” corporations), generated a total return of -32.59%.

In the last two months of 2019, when the Reporting Period began, the growth outlooks for the U.S. shale industry and the global economy were positive and stable overall. Conditions abruptly changed in early 2020 with the emergence and spread of COVID-19 and the start of a crude oil producer price war, which together created a more challenging and uncertain global environment for the energy markets and energy-related equities.

During the first quarter of 2020, the energy markets experienced unprecedented weakness, driven by two factors. The first was a demand-side shock, as quarantine efforts and travel restrictions implemented to reduce the spread of COVID-19 led to a sharp drop in demand. The second was a supply-side shock, as the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia failed to reach an agreement on production cuts and entered into a crude oil price war, which ultimately added supply to an already oversupplied market. Crude oil prices fell, with the prices of West Texas Intermediate (“WTI”) and Brent crude oil declining approximately 25% and 24%, respectively, on March 9^th, the first trading day after the OPEC-Russia talks collapsed. Crude oil prices then continued to trend down amid significant volatility, fueled by market concerns around demand given the global economic impact of COVID-19 as well as by shorter-term uncertainty around U.S. storage constraints.

As for energy-related equities, they sold off during the first quarter of 2020 on investor uncertainty about the ultimate impact on the U.S. shale industry of the simultaneous demand-side and supply-side shocks. We believe the sell-off was exacerbated in the midstream sector by technical selling, as closed-end funds de-levered to reduce volatility and, in some cases, to maintain compliance with leverage covenants. We estimate more than $3 billion in holdings were sold by closed-end funds during the first 15 trading days of March. To put that in context, $3 billion represented 16% of the total dollars traded across all of the Alerian Index’s constituents for the last 15 trading days in February. Midstream equities

¹  Source: Alerian. The Alerian MLP Index is the leading gauge of energy infrastructure MLPs. 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). It is not possible to invest directly in an unmanaged index.

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

³  Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. 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 (AMNA), total-return basis (AMNAX), net total-return (AMNAN), and adjusted net total return (AMNTR) basis. It is not possible to invest directly in an unmanaged index.

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FUND RESULTS

were also pressured during the first calendar quarter by the magnitude of uncertainty within the equities and energy markets broadly, even though midstream cash flows remained predominantly volume based, rather than commodity price sensitive. This was due to contractual agreements, which, in our opinion, helped manage one-to-one exposure between midstream cash flows and volume declines. Furthermore, in response to severe commodity price weakness during the first calendar quarter, a number of midstream companies announced plans to strengthen their balance sheets, with some keeping their distributions flat, some cutting distribution payout levels, and many reducing their expected capital expenditures for 2020. In most cases, these defensive actions were rewarded by investors.

In April 2020, the energy market and energy-related equities experienced some relief, as the crude oil price war appeared to reach a resolution. OPEC+ members met, starting on April 9^th, and proposed their largest ever production cut of 9.7 million barrels per day on April 12^th. (OPEC+ is composed of OPEC countries and non-OPEC oil producing countries, most notably Russia.) Saudi Arabia subsequently deepened its commitment to the production cut, reducing output by an additional one million barrels per day. Meanwhile, several other countries announced voluntary production cuts. Despite the April OPEC+ production agreement, significant crude oil oversupply led to logistical issues and storage capacity constraints in the U.S., resulting in unprecedentedly low and even negative WTI futures contracts for the first time in history. Midstream equities remained relatively resilient during the month, as we believe many investors looked past transient supply-side issues and instead valued equities on longer-dated commodity price expectations.

In May 2020, market expectations about the supply-demand gap started to narrow, as crude oil demand improved relative to the troughs seen in early April and global supply levels began to react to lower prices in the marketplace. In particular, production cuts from OPEC+ members, as well as market-driven reductions in U.S. production, slowed inventory builds. Meanwhile, future production activity indicators, such as rig counts and 2020 capital expenditure expectations for exploration and production companies, fell substantially. As a result, the crude oil market started to show signs of tightening in May, allowing prices to rebound off their April lows. Energy-related equities, particularly midstream equities, experienced a meaningful recovery, with the Alerian MLP Index and the Alerian Midstream Energy Index rising 136% and 98%, respectively, from their lows on March 18^th through the beginning of June.

Crude oil prices were volatile but traded around $40 per barrel during the last four months or so of the Reporting Period. While midstream markets, as measured by the Alerian MLP Index and Alerian Midstream Energy Index, rallied off of their lows through early June, both indices subsequently traded lower and were down 28% and 21%, respectively, from mid-June through the end of the Reporting Period.

Since June, we believe midstream equity price performance was largely driven by weak sentiment, rather than fundamentals. In our view, weak sentiment was a function of a few factors. These included the then-upcoming U.S. election-related uncertainty, given the seemingly unfavorable oil and gas policy views from Democrats. We believe midstream equity price performance was also hurt by Environmental, Social and Governance (“ESG”)-related capital allocation headwinds and terminal value concerns for oil and gas assets given the increased interest in renewable energy. And lastly, continued equity price pressure resulting from the sector’s transition from “growth” to “value” not only compressed multiples to some of the lowest levels on record but also impacted equity prices, as “growth” has outperformed “value” in recent years.

Although sentiment weighed on midstream equity price performance, the fundamental backdrop meaningfully improved over the last four months or so of the Reporting Period, in our view. First, oil demand picked up steam. We track traffic data across the world, and within the largest cities in Asia and Europe, traffic congestion grew to close to pre-COVID levels. Although the U.S. recovery in traffic congestion has been slower, we also started to see improvements domestically. Second, on the supply side, we saw production discipline from OPEC+ countries as well as from the U.S. shale producers, which narrowed the supply/demand gap and provided upside support for crude oil prices. Further, capital expenditures have been significantly reduced, a welcomed and appropriate change, in our view. Finally, even with the dramatic decline in demand during the second quarter of 2020, midstream cash flows were rather resilient. If one were to look at a list of the most prominent midstream companies, earnings before interest, taxes, depreciation and amortization (“EBITDA”) on midstream companies was only down an average of approximately 11% year-over-year during the second calendar quarter. During the same period, these companies fell an average of 44% on a price basis,

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FUND RESULTS

which is a clear disconnect between equity price performance and the sector’s fundamentals, in our view.

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

A The Fund underperformed the S&P 500 Index on a relative basis for the Reporting Period.

During the Reporting Period, the Fund’s dividend-paying investments underperformed the S&P 500 ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund. Stock selection detracted most from relative results within this portion of the Fund. Sector allocation also detracted, albeit modestly.

The MLP & Energy Infrastructure Sleeve is providing attribution in this shareholder report for the period from August 1, 2020 through October 31, 2020 (the “MLP & Energy Attribution Period”). Although the E&I Team took over management of the MLP & Energy Infrastructure Sleeve at the close of business on June 30, 2020, GSAM gave the E&I Team the month of July to transition the MLP & Energy Infrastructure Sleeve to its model portfolio, and, as a result, the official performance track record for the MLP & Energy Infrastructure Sleeve under its new management started on August 1, 2020. During the MLP & Energy Attribution Period, the MLP & Energy Infrastructure Sleeve posted disappointing negative absolute returns but outperformed the Alerian MLP Index, the benchmark used for the MLP & Energy Infrastructure Sleeve of the Fund, on a relative basis. In managing the MLP & Energy Infrastructure Sleeve, the E&I Team remained focused on high quality midstream companies with strong dividend and distribution coverage, cash flow growth potential and what it considered to be a robust outlook for free cash flow generation and healthy balance sheets. The E&I Team believes this focus contributed positively to the MLP & Energy Infrastructure Sleeve’s outperformance relative to the Alerian MLP Index. More specifically, such outperformance was driven by effective allocation positioning and, to a lesser degree, by favorable stock selection.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The dividend-paying growers portion of the Fund does not take explicit sector bets relative to the S&P 500 ex-Energy Index but rather allocations are the result of stock selection. That said, the sectors that detracted most on a relative basis to the S&P 500 ex-Energy Index during the Reporting Period were information technology, communication services and consumer discretionary. Partially offsetting these detractors were financials, industrials and health care, which contributed positively to this portion of the Fund’s relative results.

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

A Detracting most from the Fund’s results relative to the S&P 500 ex-Energy Index during the Reporting Period were underweight positions in information technology giant Apple, e-commerce retailing leader Amazon.com, software behemoth Microsoft and three-dimensional (“3D”) graphics processors developer NVIDIA and an overweight position in advertising, marketing and corporate communications services provider Omnicom Group. Apple, Amazon.com, Microsoft and NVIDIA outperformed the S&P 500 ex-Energy Index and Omnicom Group underperformed the S&P 500 ex-Energy Index during the Reporting Period.

Q What were some of the Fund’s best-performing individual stocks during the Reporting Period?

A The top individual contributors to the Fund’s relative performance during the Reporting Period were overweight positions in health care products manufacturer Danaher and interactive entertainment software developer Activision Blizzard and underweight positions in diversified financial services companies Wells Fargo & Co., aerospace and defense company Boeing and global financial services and retail banking institution JPMorgan Chase. Danaher and Activision Blizzard outperformed the S&P 500 ex-Energy Index, and Wells Fargo & Co., Boeing and JPMorgan Chase underperformed the S&P 500 ex-Energy Index during the Reporting Period.

Q Which industries within the Alerian MLP Index most significantly affected Fund performance during the MLP & Energy Attribution Period?

A As measured by the Alerian MLP Index, the sub-industries that contributed most positively on a relative basis during the MLP & Energy Attribution Period were petroleum pipeline transportation, power generation, marketing/wholesale and natural gas pipeline transportation. Having an underweight to petroleum pipeline transportation, which underperformed the Alerian MLP Index during the MLP & Energy Attribution Period, and having exposure to power generation and marketing/wholesale, which are not constituents of the Alerian MLP Index but which posted positive absolute returns during the MLP & Energy Attribution Period, helped

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FUND RESULTS

most. Effective security selection helped most within the petroleum pipeline transportation and natural gas pipeline transportation sub-industries.

A closer look at the power generation industry is worthwhile, in our view, as it proved to be a relatively defensive segment amid the volatility in the energy markets. In addition, within the power generation industry, exposure to renewable power generation, an industry which has experienced increased investor interest as well as supportive corporate and regulatory announcements, contributed positively to relative performance during the MLP & Energy Attribution Period.

The sub-industries that detracted most from the MLP & Energy Infrastructure Sleeve of the Fund during the MLP & Energy Attribution Period were gathering & processing and other/liquefaction. Having an underweight to each hurt most, as each outpaced the Alerian MLP Index during the MLP & Energy Attribution Period. Weak stock selection in gathering & processing also detracted.

Q What were some of the Fund’s best-performing MLPs during the MLP & Energy Attribution Period?

A Relative to the Alerian MLP Index, among those MLPs that contributed most to the Fund’s performance during the MLP & Energy Attribution Period were NGL Energy Partners LP, Williams Cos. Inc. and Genesis Energy LP.

NGL Energy Partners LP (NGL) is a diversified midstream MLP that provides multiple services, including transportation, storage, blending and marketing of crude oil, natural gas liquids, refined products/renewables and water solutions. Having no exposure to this weakly-performing MLP during the MLP & Energy Attribution Period contributed most positively to results relative to the Alerian MLP Index. NGL was negatively affected during the MLP & Energy Attribution Period, as one of the largest customers on its premier asset—Grand Mesa, a crude oil pipeline—entered into bankruptcy and fought to have its contracts with NGL rejected. In addition, NGL cut its distribution during the MLP & Energy Attribution Period, which was its second distribution reduction since the start of calendar year 2020. The announcement of an additional distribution cut weighed on NGL’s equity price performance.

Williams Cos Inc. (WMB) is a C-corporation-structured energy infrastructure company primarily focused on gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. Having exposure to WMB, an out-of-benchmark position that outperformed the Alerian MLP Index during the MLP & Energy Attribution Period, contributed positively to performance. We believe WMB’s better than market expected second quarter earnings results, announced in August 2020, and high quality asset base, which delivered rather steady operating results through the pandemic, made it a somewhat defensive holding amid the volatility experienced during the MLP & Energy Attribution Period.

Genesis Energy LP (GEL) is a midstream MLP that provides energy infrastructure and logistics services. An underweight position in GEL relative to the Alerian MLP Index contributed positively, as GEL underperformed the Alerian MLP Index during the MLP & Energy Attribution Period. GEL remained more highly levered than many of its peers and a substantial portion of its EBITDA is derived from its sodium minerals and sulfur services segment, which is generally not underpinned by long-term contracts and which was negatively impacted by ripple effects of the COVID-19 pandemic. Given the variability in cash flows contributed by GEL’s soda ash business, the market expected it may be some time before GEL has a clear line of sight on sustainably reducing its leverage, a view that weighed negatively on GEL’s equity price performance.

Q Which MLPs detracted significantly from the Fund’s performance during the MLP & Energy Attribution Period?

A Among those MLPs detracting most from the Fund’s results relative to the Alerian MLP Index were EnLink Midstream LLC, DCP Midstream LP and CNX Midstream Partners LP, each of which outperformed the Alerian MLP Index during the MLP & Energy Attribution Period but in which the MLP & Energy Infrastructure Sleeve held either no position or an underweight position.

The MLP & Energy Infrastructure Sleeve of the Fund had no exposure to EnLink Midstream LLC (ENLC), a provider of integrated midstream services, during the MLP & Energy Attribution Period. We believe ENLC’s better than consensus expected second quarter 2020 earnings results, announced in August 2020, along with its efforts to rein in spending and increase free cash flow, drove its share price improvement during the MLP & Energy Attribution Period. Additionally, ENLC may have experienced some amount of rebound after material underperformance versus the Alerian MLP Index during the first seven months of 2020.

The MLP & Energy Infrastructure Sleeve of the Fund had an underweight position relative to the Alerian MLP Index in DCP Midstream LP (DCP), one of the largest natural gas

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FUND RESULTS

gatherers in North America and a top producer and primary marketer of natural gas liquids. During the MLP & Energy Attribution Period, DCP reported strong second quarter 2020 earnings that significantly beat consensus earnings estimates and reaffirmed original pre-COVID guidance for the full calendar year. In the week following the positive earnings announcement, average analyst consensus’ next 12-month price target increased significantly. DCP may also have benefited from announced producer consolidation, which may create better capitalized and more rational counterparties. (A counterparty is the other party that participates in a financial transaction.)

The MLP & Energy Infrastructure Sleeve of the Fund had no exposure to CNX Midstream Partners LP (CNXM), a midstream natural gas service provider that owns, operates and develops gathering and other midstream energy assets to service natural gas production in the Marcellus Shale in Pennsylvania and West Virginia. On July 27, 2020, CNX Resources Corporation (CNX), the parent of CNXM, announced it would acquire CNXM in an all-stock transaction, which subsequently closed on September 28, 2020. As a result, CNXM traded higher to converge with CNX’s equity price, which had experienced strong relative performance underpinned by an improvement in natural gas supply/demand dynamics.

Q How did the Fund use derivatives during the Reporting Period?

A The MLP portion of the Fund did not use derivatives during the Reporting Period. The dividend-paying equity investments portion of the Fund used equity index futures on an opportunistic basis during the Reporting Period to equitize its modest cash position. 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. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q Did the Fund make any significant equity purchases or sales during the Reporting Period?

A The dividend-paying growers portion of the Fund uses a systematic, rules-based approach and thus equity purchases and sales are based solely on that quantitative process.

Q Did the Fund make any significant purchases or sales of MLPs during the MLP & Energy Attribution Period?

A Given the change in management of the MLP & Energy Infrastructure Sleeve, there were a number of purchases made in the month prior to and during the MLP & Energy Attribution Period. While several positions were trimmed, there were no sales of MLPs during the MLP & Energy Attribution Period.

We established a position in Suburban Propane Partners, L.P., a retail propane gas marketer, due to what we saw as its relatively low volatility characteristics coupled with our constructive view on propane demand. In addition, the company had recently cut its distribution, and we felt this proactive step to protect its balance sheet was prudent and created an attractive entry point.

During the MLP & Energy Attribution Period, COVID-19-related demand destruction and a lower production outlook weighed on energy equity markets. As a result, we established a position in Enbridge, which provides energy transportation, distribution and related services in North America, as we viewed the company’s size, scale, investment grade rating and overall defensive position as a compelling investment.

Among those positions trimmed were those in Enterprise Products Partners, MPLX LP and Magellan Midstream Partners.

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

A As mentioned earlier, under the QIS team’s investment approach, the dividend-paying growers portion of the Fund does not take sector bets by design. Therefore, the dividend-paying investments portion of the Fund, using a quantitative process, strove to be similar to the S&P 500 ex-Energy Index in terms of sector allocation. We seek to provide exposure to high quality, dividend-paying growers within each sector.

Q Were there any notable changes in the Fund’s MLP weightings during the MLP & Energy Attribution Period?

A There were no notable changes in the Fund’s MLP weightings during the MLP & Energy Attribution Period. At the end of the Reporting Period, the MLP & Energy Infrastructure Sleeve had its largest allocations in the petroleum pipeline transportation, natural gas pipeline transportation and gathering & processing segments of the Alerian MLP Index.

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FUND RESULTS

Q How was the dividend-paying investments portion of the Fund positioned relative to the S&P 500 ex-Energy Index at the end of the Reporting Period?

A As mentioned earlier, it is not part of the dividend-paying investments portion of the Fund’s approach to take sector bets. Thus, at the end of October 2020, the dividend-paying investments portion of the Fund had rather neutral positions in each sector of the S&P 500 ex-Energy Index, with the exception of communication services, wherein an underweighted position was held.

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

A There were no changes in the dividend-paying investments portion of the Fund during the Reporting Period. As mentioned earlier, GSAM’s E&I Team assumed management of the Fund’s MLP & Energy Infrastructure Sleeve effective after the close of business on June 30, 2020. The lead portfolio manager on GSAM’s E&I Team is Kyri Loupis, a Managing Director at GSAM with 21 years of investment experience.

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

A The Fund seeks long-term growth of capital and current income. Within the dividend-paying growers sleeve, we maintained confidence at the end of the Reporting Period in high quality business models that have demonstrated commitment to grow their dividend in a rather stable manner.

As for MLPs, we had an overall positive view ahead for 2021 at the end of the Reporting Period. From a macro perspective, crude oil demand had improved toward the end of the Reporting Period, not only internationally, but also in the U.S., and the possibility of a COVID-19 vaccine should only accelerate this improvement, in our opinion. At the same time, U.S. producers were showing unprecedented supply-side discipline, and the OPEC+ group was also showing solidarity. Assuming global production remains disciplined and demand increases on the back of rapid testing and a vaccine, Goldman Sachs Investment Research (“GIR”) is calling for Brent oil to hit $63 per barrel in 2021. Lower upstream drilling activity in the U.S. has reduced the need for more pipeline projects, which has resulted in midstream companies shifting their focus from new project spending to debt reduction and possible share buyback programs. Also, midstream capital expenditure (“CAPEX”) expectations into 2021 were down more than 50% at the end of the Reporting Period compared to 2019 year-end estimates. We believe this, coupled with lower distribution payouts for some midstream companies, has paved a path to strong free cash flow into 2021. This shift in capital allocation is long overdue, in our view, and more free cash flow-centric business models may well be a key factor for the long-term sustainability of the midstream market. In our opinion, the sector’s free cash flow potential has additionally created a significant opportunity for share repurchase programs, which we believe could be a meaningful catalyst for a recovery in equity prices given depressed valuations seen at the end of the Reporting Period.

Looking through to 2025, we believe the midstream sector has the potential to generate $35-45 billion of excess cash after distributions and CAPEX. This equates to nearly 15% of the current market capitalization of companies generating positive free cash flow. To contextualize this more, in 2021 alone, Wells Fargo expected the sector to generate nearly $7 billion of excess cash. If even 50% of that was used for share buyback programs, that would reverse almost all of the outflows experienced through the end of October 2020. We have finally seen some midstream companies announce these programs in 2020, and we anticipate more buyback programs may well be announced from management teams in coming quarters. We feel this should not only be accretive to shareholder value but may also prove to be a strong technical tailwind for equity prices in the sector.

While there are certainly still risks, such as further waves of COVID-19, we believe the risk/reward profile for the midstream sector at the end of the Reporting Period had skewed meaningfully positive at then-current levels. In managing the MLP & Energy Infrastructure Sleeve, we intend to remain focused on high quality companies with strong dividend/distribution coverage, cash flow growth potential and what we see as a robust outlook for free cash flow generation and healthy balance sheets. At the end of the Reporting Period, we believed the MLP & Energy Infrastructure Sleeve was well positioned to benefit from improvements in supply/demand dynamics. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.

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FUND BASICS

Rising Dividend Growth Fund

as of October 31, 2020

.	TOP TEN HOLDINGS AS OF 10/31/201
	Holding	% of Net Assets			Line of Business
	Comcast Corp. Class A		2.4	%	Media
	Activision Blizzard, Inc.		2.2		Entertainment
	Danaher Corp.		1.8		Health Care Equipment & Supplies
	UnitedHealth Group, Inc.		1.7		Health Care Providers & Services
	MPLX LP		1.7		Oil, Gas & Consumable Fuels
	ViacomCBS, Inc. Class B		1.7		Media
	Medtronic PLC		1.7		Health Care Equipment & Supplies
	Enterprise Products Partners LP		1.6		Oil, Gas & Consumable Fuels
	CVS Health Corp.		1.6		Health Care Providers & Services
	Stryker Corp.		1.5		Health Care Equipment & Supplies

¹  The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATION²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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. Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets as of October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

17

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $10,000 investment made on November 1, 2010 in Class A Shares. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Rising Dividend Growth Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-1.80%	5.63%	8.03%	—
Including sales charges	-7.18%	4.45%	7.42%	—
Class C
Excluding contingent deferred sales charges	-2.50%	4.84%	7.27%	—
Including contingent deferred sales charges	-3.48%	4.84%	7.27%	—
Institutional Class	-1.47%	6.03%	8.48%	—
Investor (Commenced February 27, 2012)	-1.55%	5.91%	N/A	7.86%
Class R6 (Commenced February 28, 2018)	-1.47%	N/A	N/A	3.92%
Class R (Commenced February 27, 2012)	-2.01%	5.37%	N/A	7.32%
Class P (Commenced April 23, 2018)	-1.46%	N/A	N/A	3.95%

* Effective February 27, 2012, the Rising Dividend Growth Fund, a series of Dividend Growth Trust (the “Predecessor Fund”), was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

18

FUND RESULTS

Index Definitions

The Alerian MLP Index (AMZ) is a widely recognized, unmanaged index that includes a composite of the 50 most prominent energy MLPs. The Index returns do not reflect the deduction of expenses, which have been deducted from net returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees.

The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. 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 (AMNA), total return (AMNAX), net total-return (AMNAN) and adjusted net total-return (AMNTR) basis.

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

The S&P 500 Ex-Energy is designed to provide broad market exposure except for members of the energy sector.

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

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

19

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 35.8%
Aerospace & Defense – 0.5%
	27,002	Northrop Grumman Corp.	$	7,825,720
Banks – 2.1%
	390,724	BNP Paribas SA ADR		6,814,227
	107,576	JPMorgan Chase & Co.		10,546,751
	87,013	M&T Bank Corp.		9,012,806
	240,368	Truist Financial Corp.		10,124,300
				36,498,084
Beverages – 0.8%
	271,287	The Coca-Cola Co.		13,038,053
Biotechnology – 0.4%
	30,337	Amgen, Inc.		6,581,309
Capital Markets – 0.7%
	11,747	BlackRock, Inc.		7,038,920
	53,387	Singapore Exchange Ltd. ADR		4,964,991
				12,003,911
Chemicals – 1.1%
	21,718	Ecolab, Inc.		3,987,208
	65,719	Linde PLC		14,480,524
				18,467,732
Commercial Services & Supplies – 0.5%
	92,182	Republic Services, Inc.		8,127,687
Communications Equipment – 0.9%
	359,330	Cisco Systems, Inc.		12,899,947
	140,244	Juniper Networks, Inc.		2,765,612
				15,665,559
Construction & Engineering – 0.3%
	255,691	Vinci SA ADR		5,049,897
Consumer Finance – 0.2%
	34,549	American Express Co.		3,152,251
Containers & Packaging – 0.6%
	255,304	International Paper Co.		11,169,550
Diversified Telecommunication Services – 0.8%
	256,027	Verizon Communications, Inc.		14,590,979
Electric Utilities – 1.2%
	899,715	Enel SpA ADR		7,134,740
	125,004	NextEra Energy, Inc.		9,151,543
	66,708	Xcel Energy, Inc.		4,671,561
				20,957,844
Electrical Equipment – 1.5%
	107,644	Eaton Corp. PLC		11,172,371
	566,854	Schneider Electric SE ADR		13,814,232
				24,986,603
Electronic Equipment, Instruments & Components – 0.3%
	58,127	TE Connectivity Ltd.		5,631,344
Common Stocks – (continued)
Entertainment – 0.4%
	51,559	The Walt Disney Co.		6,251,529
Equity Real Estate Investment Trusts (REITs) – 1.7%
	17,005	Alexandria Real Estate Equities, Inc.		2,576,598
	33,498	American Tower Corp.		7,692,816
	31,086	AvalonBay Communities, Inc.		4,324,995
	51,640	Camden Property Trust		4,763,273
	162,846	Hudson Pacific Properties, Inc.		3,136,414
	156,463	Ventas, Inc.		6,175,595
				28,669,691
Food & Staples Retailing – 0.2%
	131,719	The Kroger Co.		4,242,669
Food Products – 0.9%
	91,816	Mondelez International, Inc. Class A		4,877,266
	95,579	Nestle SA ADR		10,730,654
				15,607,920
Health Care Equipment & Supplies – 1.2%
	127,904	Medtronic PLC		12,863,305
	57,506	Zimmer Biomet Holdings, Inc.		7,596,543
				20,459,848
Health Care Providers & Services – 1.1%
	185,337	CVS Health Corp.		10,395,552
	26,610	UnitedHealth Group, Inc.		8,119,776
				18,515,328
Hotels, Restaurants & Leisure – 1.1%
	248,531	Aramark		6,894,250
	58,199	McDonald’s Corp.		12,396,387
				19,290,637
Household Products – 0.9%
	46,279	Kimberly-Clark Corp.		6,136,132
	67,109	The Procter & Gamble Co.		9,200,644
				15,336,776
Industrial Conglomerates – 0.7%
	78,397	Honeywell International, Inc.		12,931,585
Insurance – 1.1%
	67,521	Chubb Ltd.		8,771,653
	34,169	The Travelers Cos., Inc.		4,124,540
	172,599	Zurich Insurance Group AG ADR		5,744,095
				18,640,288
IT Services – 1.2%
	46,483	Accenture PLC Class A		10,082,628
	39,231	Fidelity National Information Services, Inc.		4,887,790

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	50,675	International Business Machines Corp.	$	5,658,370
				20,628,788
Machinery – 1.3%
	48,250	Deere & Co.		10,900,157
	55,400	Illinois Tool Works, Inc.		10,851,752
				21,751,909
Media – 0.8%
	194,739	Bright Pattern Holding Co.		244,397
	337,822	Comcast Corp. Class A		14,269,601
				14,513,998
Metals & Mining – 0.5%
	162,275	Rio Tinto PLC ADR		9,212,352
Multi-Utilities – 1.5%
	91,359	Ameren Corp.		7,411,042
	62,253	CMS Energy Corp.		3,942,482
	108,648	National Grid PLC ADR		6,459,124
	66,102	Public Service Enterprise Group, Inc.		3,843,831
	28,389	Sempra Energy		3,558,845
				25,215,324
Oil, Gas & Consumable Fuels – 1.2%
	137,856	Chevron Corp.		9,580,992
	96,738	ConocoPhillips		2,768,642
	312,420	Royal Dutch Shell PLC ADR Class A		7,982,331
				20,331,965
Pharmaceuticals – 3.3%
	98,298	AstraZeneca PLC ADR		4,930,628
	251,691	Bristol-Myers Squibb Co.		14,711,339
	84,973	Eli Lilly & Co.		11,085,578
	122,296	Johnson & Johnson		16,768,004
	117,035	Novartis AG ADR		9,138,093
				56,633,642
Road & Rail – 0.8%
	34,219	Norfolk Southern Corp.		7,155,877
	36,788	Union Pacific Corp.		6,518,466
				13,674,343
Semiconductors & Semiconductor Equipment – 1.5%
	24,404	Analog Devices, Inc.		2,892,606
	104,811	Intel Corp.		4,641,031
	55,016	QUALCOMM, Inc.		6,786,774
	75,921	Texas Instruments, Inc.		10,977,417
				25,297,828
Software – 0.6%
	48,694	Microsoft Corp.		9,859,074
Common Stocks – (continued)
Specialty Retail – 0.9%
	58,516	The Home Depot, Inc.		15,606,802
Technology Hardware, Storage & Peripherals – 0.3%
	55,795	Apple, Inc.		6,073,844
Technology – Software/Services(a)(b) – 0.0%
	194,739	Aspect Software, Inc. Class B		48,685
Water Utilities – 0.7%
	80,836	American Water Works Co., Inc.		12,166,626
	TOTAL COMMON STOCKS (Cost $544,111,040)		$	614,707,974

Shares		Dividend Rate	Value
Preferred Stocks(c) – 0.5%
Capital Markets(a)(d) – 0.3%
	Morgan Stanley (3M USD LIBOR + 3.708%)
	183,597	6.375%	$	5,188,451
Diversified Telecommunication Services(a) – 0.1%
	Qwest Corp.
	43,276	6.500		1,099,643
Insurance(a)(d) – 0.1%
	Delphi Financial Group, Inc.(3M USD LIBOR + 3.190%)
	143,849	3.470		3,020,829
	TOTAL PREFERRED STOCKS (Cost $8,780,987)		$	9,308,923

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 51.6%
Advertising(c) – 0.4%
	Lamar Media Corp.
$	600,000		3.750	%		02/15/28	$	598,500
	Outfront Media Capital LLC/Outfront Media Capital Corp.(e)
	2,250,000		6.250			06/15/25		2,289,375
	360,000		5.000			08/15/27		342,000
	Terrier Media Buyer, Inc.(e)
	2,850,000		8.875			12/15/27		2,914,125
								6,144,000
Aerospace & Defense(c) – 0.7%
	Bombardier, Inc.(e)
	1,125,000		7.500			12/01/24		843,750
	3,301,000		7.500			03/15/25		2,393,225
	The Boeing Co.
	3,432,000		5.150			05/01/30		3,797,611
	1,652,000		5.805			05/01/50		1,937,251
	TransDigm, Inc.
	365,000		6.500			05/15/25		365,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Aerospace & Defense(c) – (continued)
	TransDigm, Inc. – (continued)
$	3,300,000		5.500	%		11/15/27	$	3,221,625
								12,558,462
Agriculture – 0.6%
	BAT Capital Corp.(c)
	10,000,000		4.390			08/15/37		10,679,800
	MHP SE
	330,000		7.750			05/10/24		343,509
								11,023,309
Airlines(e) – 0.1%
	Air Canada Pass Through Trust Series 2013-1, Class B
	1,501,905		5.375			05/15/21		1,355,890
Automotive – 1.4%
	American Axle & Manufacturing, Inc.(c)
	1,000		6.250			04/01/25		1,015
	BorgWarner, Inc.(e)
	4,100,000		5.000			10/01/25		4,761,061
	Clarios Global LP/Clarios US Finance Co.(c)(e)
	1,850,000		8.500			05/15/27		1,928,625
	Dealer Tire LLC/DT Issuer LLC(c)(e)
	2,934,000		8.000			02/01/28		3,000,015
	Ford Motor Co.
	1,464,000		8.500			04/21/23		1,614,442
	Ford Motor Credit Co. LLC
	2,500,000		5.875			08/02/21		2,552,910
	1,600,000		4.140	(c)		02/15/23		1,615,787
	400,000		4.687	(c)		06/09/25		409,176
	1,543,000		5.125	(c)		06/16/25		1,602,421
	General Motors Co.(c)
	3,000,000		6.600			04/01/36		3,759,300
	Meritor, Inc.(c)(e)
	450,000		6.250			06/01/25		472,500
	Nissan Motor Co. Ltd.(c)(e)
	2,150,000		3.522			09/17/25		2,165,867
								23,883,119
Banks – 4.3%
	Akbank T.A.S.(c)(d) (5 Year USD Swap + 5.026%)
	320,000		7.200			03/16/27		290,200
	Banco do Brasil SA(c)(d) (10 Year CMT + 4.398%)
	560,000		6.250			04/15/49		537,600
	Banco Mercantil del Norte SA(c)(d)(e) (5 Year CMT + 4.967%)
	680,000		6.750			09/27/49		677,450
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(e)
	250,000		5.375			04/17/25		279,688
	Banco Santander SA
	2,000,000		3.490			05/28/30		2,165,380
	Bank of America Corp.(c)(d) (3M USD LIBOR + 3.898%)
	4,000,000		6.100			03/17/49		4,418,520
	BBVA Bancomer SA(c)(d) (5 Year CMT + 2.650%)
	530,000		5.125			01/18/33		522,050
	BNP Paribas SA(e)
	2,700,000		4.375			05/12/26		3,036,042
Corporate Obligations – (continued)
Banks – (continued)
	CIT Group, Inc.(c)
	4,025,000		5.250			03/07/25		4,492,906
	Citigroup, Inc.(c)(d)
	(3M USD LIBOR + 4.517%)
	1,890,000		6.250			08/15/49		2,107,350
	(SOFR + 3.914%)
	900,000		4.412			03/31/31		1,067,382
	Credit Bank of Moscow Via CBOM Finance PLC(e)
	260,000		4.700			01/29/25		260,975
	Credit Suisse Group AG(c)(d)(e)
	(5 Year CMT + 4.889%)
	3,050,000		5.250			02/11/49		3,072,875
	(5 Year USD Swap + 4.598%)
	4,025,000		7.500			12/11/49		4,367,125
	Deutsche Bank AG(c)(d)
	(5 Year CMT + 4.524%)
	800,000		6.000			10/30/49		712,000
	(5 Year USD Swap + 2.248%)
	2,000,000		4.296			05/24/28		1,930,000
	FirstRand Bank Ltd.(c)(d) (5 Year USD Swap + 3.561%)
	320,000		6.250			04/23/28		328,000
	Freedom Mortgage Corp.(c)(e)
	3,225,000		7.625			05/01/26		3,192,750
	Grupo Aval Ltd.(c)(e)
	340,000		4.375			02/04/30		330,225
	ING Groep NV(c)(d) (5 Year USD Swap + 4.446%)
	5,000,000		6.500			04/16/49		5,275,000
	Intesa Sanpaolo SpA(e)
	8,000,000		5.017			06/26/24		8,430,000
	Itau Unibanco Holding SA(c)(d) (5 Year CMT + 3.981%)
	500,000		6.125			12/12/49		476,938
	JPMorgan Chase & Co.(c)(d)
	(3M USD LIBOR + 3.330%)
	4,000,000		6.125			04/30/49		4,174,360
	(3M USD LIBOR + 3.800%)
	2,700,000		4.014			02/01/49		2,661,363
	(SOFR + 2.515%)
	441,000		2.956			05/13/31		471,685
	Morgan Stanley, Inc.(c)(d) (3M USD LIBOR + 3.610%)
	2,731,000		3.847			01/15/49		2,614,932
	Natwest Group PLC
	2,675,000		3.875			09/12/23		2,886,860
	2,975,000		6.000			12/19/23		3,330,994
	OTP Bank Nyrt(c)(d) (-1X 5M EURIBOR ICE Swap + 3.200%)
EUR	390,000		2.875			07/15/29		443,284
	Truist Financial Corp.(c)(d)(10 Year CMT + 4.349%)
$	2,237,000		5.100			03/01/49		2,444,773
	Turkiye Vakiflar Bankasi TAO
	200,000		6.000			11/01/22		192,125
	UBS Group AG(c)(d) (5 Year USD Swap + 4.590%)
	4,000,000		6.875			08/07/49		4,400,000
	UniCredit SpA(c)(d)(e) (5 Year CMT + 4.750%)
	1,525,000		5.459			06/30/35		1,563,261
	United Bank for Africa PLC
	470,000		7.750			06/08/22		467,209
								73,621,302

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Beverages – 0.9%
	Anadolu Efes Biracilik Ve Malt Sanayii A/S
$	350,000		3.375	%		11/01/22	$	349,344
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(c)
	8,050,000		4.700			02/01/36		9,864,872
	Central American Bottling Corp.(c)
	480,000		5.750			01/31/27		501,300
	Constellation Brands, Inc.(c)
	2,275,000		2.875			05/01/30		2,447,308
	Keurig Dr Pepper, Inc.(c)
	1,055,000		3.200			05/01/30		1,173,519
	308,000		3.800			05/01/50		348,850
								14,685,193
Building Materials(c) – 0.8%
	Builders FirstSource, Inc.(e)
	1,507,000		6.750			06/01/27		1,616,257
	940,000		5.000			03/01/30		987,000
	Cemex SAB de CV
	490,000		5.700			01/11/25		500,872
	230,000		7.750			04/16/26		243,340
	Cornerstone Building Brands, Inc.(e)
	2,780,000		8.000			04/15/26		2,884,250
	1,226,000		6.125			01/15/29		1,250,520
	Griffon Corp.
	2,168,000		5.750			03/01/28		2,265,560
	Masonite International Corp.(e)
	2,075,000		5.375			02/01/28		2,209,875
	Summit Materials LLC/Summit Materials Finance Corp.(e)
	1,213,000		5.250			01/15/29		1,249,390
								13,207,064
Chemicals(c) – 0.8%
	Air Products & Chemicals, Inc.
	200,000		2.800			05/15/50		207,359
	Element Solutions, Inc.(e)
	651,000		3.875			09/01/28		647,745
	HB Fuller Co
	1,060,000		4.250			10/15/28		1,078,550
	Ingevity Corp.(e)
	2,775,000		4.500			02/01/26		2,827,031
	1,305,000		3.875			11/01/28		1,327,838
	Kraton Polymers LLC/Kraton Polymers Capital Corp.(e)
	1,900,000		7.000			04/15/25		1,952,250
	Minerals Technologies, Inc.(e)
	1,695,000		5.000			07/01/28		1,741,612
	OCI NV(e)
	1,250,000		5.250			11/01/24		1,278,125
	Sasol Financing USA LLC
	200,000		6.500			09/27/28		191,500
	WR Grace & Co-Conn(e)
	2,938,000		4.875			06/15/27		3,055,520
								14,307,530
Coal(c) – 0.0%
	Mongolian Mining Corp./Energy Resources LLC
	330,000		9.250			04/15/24		263,175
Corporate Obligations – (continued)
Commercial Services – 1.6%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(e)
	2,557,000		6.625			07/15/26		2,675,261
	3,020,000		9.750			07/15/27		3,216,300
	Global Liman Isletmeleri A/S(c)
	200,000		8.125			11/14/21		140,500
	IHS Markit Ltd.(c)(e)
	5,675,000		4.750			02/15/25		6,400,038
	Jaguar Holding Co. II/PPD Development LP(c)(e)
	2,350,000		5.000			06/15/28		2,444,000
	MPH Acquisition Holdings LLC(c)(e)
	3,585,000		5.750			11/01/28		3,522,262
	Prime Security Services Borrower LLC/Prime Finance, Inc.(c)(e)
	1,480,000		3.375			08/31/27		1,439,300
	Refinitiv US Holdings, Inc.(c)(e)
	3,000,000		8.250			11/15/26		3,255,000
	Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.(c)(e)
	735,000		4.625			11/01/26		746,025
	Techem Verwaltungsgesellschaft 674 MBH(c)
EUR	760,000		6.000			07/30/26		897,960
	The ADT Security Corp.
$	1,850,000		4.125			06/15/23		1,919,375
								26,656,021
Computers(c) – 1.2%
	Banff Merger Sub, Inc.(e)
	1,000,000		9.750			09/01/26		1,050,000
	Booz Allen Hamilton, Inc.(e)
	2,513,000		3.875			09/01/28		2,563,260
	Dell International LLC/EMC Corp.(e)
	5,000,000		8.100			07/15/36		6,761,850
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,710,190
	Presidio Holdings, Inc.(e)
	2,095,000		8.250			02/01/28		2,223,319
	Unisys Corp.(e)
	1,060,000		6.875			11/01/27		1,094,450
	Western Digital Corp.
	3,000,000		4.750			02/15/26		3,232,500
								20,635,569
Distribution & Wholesale(c)(e) – 0.9%
	Avient Corp.
	1,953,000		5.750			05/15/25		2,055,533
	Core & Main Holdings LP(f) (PIK 9.375%, Cash 8.625%)
	3,000,000		8.625			09/15/24		3,026,250
	IAA, Inc.
	750,000		5.500			06/15/27		785,625
	Performance Food Group, Inc.
	2,150,000		5.500			06/01/24		2,158,062
	1,150,000		5.500			10/15/27		1,181,625
	Resideo Funding, Inc.
	3,282,000		6.125			11/01/26		3,178,722
	Univar Solutions USA, Inc.
	3,200,000		5.125			12/01/27		3,316,000
								15,701,817

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – 3.2%
	AerCap Holdings NV(c)(d) (5 Year CMT + 4.535%)
$	1,825,000		5.875	%		10/10/79	$	1,441,750
	Air Lease Corp.(c)
	2,750,000		3.750			06/01/26		2,813,662
	Ally Financial, Inc.
	4,000,000		8.000			11/01/31		5,533,200
	Avolon Holdings Funding Ltd.(c)(e)
	3,450,000		5.250			05/15/24		3,513,480
	CoBank ACB(c)(d) (3M USD LIBOR + 4.660%)
	5,350,000		6.250			10/01/49		5,618,302
	Curo Group Holdings Corp.(c)(e)
	2,125,000		8.250			09/01/25		1,753,125
	GE Capital Funding LLC(c)(e)
	2,350,000		3.450			05/15/25		2,511,327
	Global Aircraft Leasing Co. Ltd.(c)(e)(f) (PIK 7.250%, Cash 6.500%)
	1,813,437		6.500			09/15/24		1,215,003
	LD Holdings Group LLC(c)(e)
	1,910,000		6.500			11/01/25		1,933,875
	LPL Holdings, Inc.(c)(e)
	487,000		5.750			09/15/25		504,045
	1,350,000		4.625			11/15/27		1,383,750
	Nationstar Mortgage Holdings, Inc.(c)(e)
	2,651,000		5.500			08/15/28		2,664,255
	Navient Corp.
	3,000,000		5.500			01/25/23		2,992,500
	NFP Corp.(c)(e)
	3,400,000		6.875			08/15/28		3,289,500
	Oilflow SPV 1 DAC
	496,942		12.000			01/13/22		483,276
	OneMain Finance Corp.
	3,500,000		7.125			03/15/26		3,880,625
	OneMain Finance Corp.
	2,600,000		6.125			05/15/22		2,704,000
	1,800,000		5.375	(c)		11/15/29		1,849,500
	Park Aerospace Holdings Ltd.(c)(e)
	2,235,000		5.250			08/15/22		2,302,050
	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.(c)(e)
	1,717,000		3.875			03/01/31		1,690,936
	Raymond James Financial, Inc.(c)
	900,000		4.650			04/01/30		1,085,841
	The Charles Schwab Corp.(c)(d)
	(3M USD LIBOR + 3.315%)
	2,195,000		4.625			03/01/49		2,195,220
	(5 Year CMT + 4.971%)
	1,250,000		5.375			06/01/49		1,369,463
	Visa, Inc.(c)
	450,000		2.700			04/15/40		478,454
								55,207,139
Electrical – 0.8%
	Eskom Holdings SOC Ltd.
	200,000		5.750			01/26/21		196,062
	630,000		6.350	(g)		08/10/28		649,491
	Listrindo Capital B.V.(c)
	520,000		4.950			09/14/26		532,350
Corporate Obligations – (continued)
Electrical – (continued)
	LLPL Capital Pte Ltd.
	431,940		6.875			02/04/39		495,786
	Minejesa Capital B.V.
	260,000		4.625			08/10/30		267,699
	NRG Energy, Inc.(c)
	2,800,000		3.750	(e)		06/15/24		3,013,108
	115,000		5.750			01/15/28		123,769
	Pacific Gas & Electric Co.(c)
	1,470,000		3.500			08/01/50		1,324,690
	Pike Corp.(c)(e)
	4,245,000		5.500			09/01/28		4,340,512
	Sempra Energy(c)(d) (5 Year CMT + 4.550%)
	3,335,000		4.875			10/15/49		3,474,170
								14,417,637
Electrical Components & Equipment(c)(e) – 0.1%
	Wesco Distribution, Inc.
	1,473,000		7.250			06/15/28		1,605,570
Electronics(c)(e) – 0.1%
	Sensata Technologies, Inc.
	1,923,000		3.750			02/15/31		1,898,963
Energy-Alternate Sources(c) – 0.1%
	Enviva Partners LP/Enviva Partners Finance Corp.(e)
	1,400,000		6.500			01/15/26		1,477,000
	Greenko Dutch B.V.
	690,000		5.250			07/24/24		706,819
								2,183,819
Engineering & Construction(c) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA
	630,000		6.750			03/30/29		572,513
	IHS Netherlands Holdco B.V.(e)
	200,000		7.125			03/18/25		201,938
	International Airport Finance SA
	199,537		12.000			03/15/33		178,585
	KBR, Inc.(e)
	1,161,000		4.750			09/30/28		1,175,512
	Mexico City Airport Trust
	520,000		5.500			10/31/46		445,949
								2,574,497
Entertainment(c)(e) – 0.6%
	Banijay Entertainment SASU
	1,800,000		5.375			03/01/25		1,824,750
	Live Nation Entertainment, Inc.
	1,250,000		6.500			05/15/27		1,343,750
	Motion Bondco DAC
	3,250,000		6.625			11/15/27		2,738,125
	Scientific Games International, Inc.
	1,000,000		5.000			10/15/25		1,000,000
	500,000		7.000			05/15/28		493,125
	Six Flags Entertainment Corp.
	3,780,000		5.500			04/15/27		3,496,500
								10,896,250

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Environmental(c) – 0.3%
	Covanta Holding Corp.
$	670,000		5.000	%		09/01/30	$	685,075
	GFL Environmental, Inc.(e)
	570,000		7.000			06/01/26		595,650
	730,000		5.125			12/15/26		763,762
	858,000		8.500			05/01/27		937,408
	Stericycle, Inc.(e)
	1,950,000		5.375			07/15/24		2,028,000
								5,009,895
Food & Drug Retailing(c) – 1.4%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(e)
	550,000		3.500			02/15/23		558,938
	2,595,000		4.625			01/15/27		2,692,312
	1,995,000		5.875			02/15/28		2,119,688
	502,000		4.875			02/15/30		533,375
	Arcor SAIC
	110,000		6.000			07/06/23		102,128
	B&G Foods, Inc.
	4,020,000		5.250			04/01/25		4,125,525
	Kraft Heinz Foods Co.
	3,198,000		5.000			07/15/35		3,673,098
	2,592,000		4.375			06/01/46		2,636,805
	Post Holdings, Inc.(e)
	5,984,000		4.625			04/15/30		6,141,080
	United Natural Foods, Inc.(e)
	1,455,000		6.750			10/15/28		1,478,644
								24,061,593
Food Service(c)(e) – 0.0%
	Aramark Services, Inc.
	620,000		6.375			05/01/25		647,900
Forest Products&Paper(c) – 0.1%
	Mercer International, Inc.
	1,850,000		7.375			01/15/25		1,877,750
Gaming(c) – 0.5%
	Boyd Gaming Corp.
	2,950,000		4.750			12/01/27		2,883,625
	MGM Resorts International
	1,832,000		4.750			10/15/28		1,790,780
	Station Casinos LLC(e)
	3,273,000		4.500			02/15/28		3,068,438
	Wynn Macau Ltd.(e)
	550,000		5.125			12/15/29		508,750
								8,251,593
Gas(c) – 0.3%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,125,000		5.875			08/20/26		4,516,875
Healthcare Providers & Services – 1.8%
	Acadia Healthcare Co., Inc.(c)
	2,732,000		6.500			03/01/24		2,793,470
	Centene Corp.(c)
	2,840,000		4.250			12/15/27		2,989,810
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	CHS/Community Health Systems, Inc.(c)
	1,990,000		6.250			03/31/23		1,970,100
	DaVita, Inc.(c)(e)
	3,800,000		3.750			02/15/31		3,657,500
	Encompass Health Corp.(c)
	1,200,000		4.500			02/01/28		1,228,500
	HCA, Inc.
	8,870,000		5.000			03/15/24		9,926,772
	250,000		5.875	(c)		02/15/26		282,188
	Hill-Rom Holdings, Inc.(c)(e)
	400,000		4.375			09/15/27		414,000
	Rede D’or Finance S.a.r.l.(c)
	200,000		4.500			01/22/30		195,360
	Select Medical Corp.(c)(e)
	1,700,000		6.250			08/15/26		1,793,500
	Tenet Healthcare Corp.(c)(e)
	2,000,000		6.250			02/01/27		2,075,000
	The Providence Service Corp.(c)(e)
	751,000		5.875			11/15/25		766,959
	Universal Health Services, Inc.(c)(e)
	2,650,000		5.000			06/01/26		2,748,659
								30,841,818
Holding Companies-Diversified(c) – 0.0%
	KOC Holding A/S
	700,000		6.500			03/11/25		705,250
Home Builders – 0.8%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(c)(e)
	1,642,000		4.875			02/15/30		1,559,900
	Installed Building Products, Inc.(c)(e)
	800,000		5.750			02/01/28		841,000
	Lennar Corp.(c)
	1,825,000		4.125			01/15/22		1,870,625
	M/I Homes, Inc.(c)
	1,378,000		4.950			02/01/28		1,426,230
	PulteGroup, Inc.
	3,000,000		7.875			06/15/32		4,192,500
	Taylor Morrison Communities, Inc.(c)(e)
	1,301,000		5.125			08/01/30		1,408,332
	TRI Pointe Group, Inc.(c)
	1,850,000		5.250			06/01/27		1,991,062
	413,000		5.700			06/15/28		457,398
								13,747,047
Household Products(c) – 0.2%
	Central Garden & Pet Co
	1,380,000		4.125			10/15/30		1,393,800
	Spectrum Brands, Inc.
	1,800,000		5.750			07/15/25		1,851,750
								3,245,550
Housewares(c) – 0.0%
	Turkiye Sise ve Cam Fabrikalari A/S
	530,000		6.950			03/14/26		533,809

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – 0.8%
	Acrisure LLC/Acrisure Finance, Inc.(c)(e)
$	1,550,000		10.125	%		08/01/26	$	1,716,625
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)(e)
	1,666,000		6.750			10/15/27		1,749,300
	American International Group, Inc.(c)
	2,250,000		3.400			06/30/30		2,500,717
	Fidelity & Guaranty Life Holdings, Inc.(c)(e)
	2,850,000		5.500			05/01/25		3,268,009
	HUB International Ltd.(c)(e)
	1,760,000		7.000			05/01/26		1,804,000
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		115,589
	USI, Inc.(c)(e)
	1,850,000		6.875			05/01/25		1,884,688
								13,038,928
Internet – 1.8%
	21Vianet Group, Inc.
	400,000		7.875			10/15/21		408,625
	ANGI Group LLC(c)(e)
	1,485,000		3.875			08/15/28		1,460,869
	Booking Holdings, Inc.(c)
	2,850,000		4.625			04/13/30		3,371,407
	Cablevision Lightpath LLC(c)(e)
	200,000		5.625			09/15/28		202,000
	Expedia Group, Inc.(c)(e)
	1,160,000		6.250			05/01/25		1,275,142
	1,382,000		4.625			08/01/27		1,444,522
	Getty Images, Inc.(c)(e)
	250,000		9.750			03/01/27		252,500
	Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)(e)
	1,305,000		5.250			12/01/27		1,365,356
	GrubHub Holdings, Inc.(c)(e)
	3,400,000		5.500			07/01/27		3,536,000
	NortonLifeLock, Inc.(c)(e)
	4,000,000		5.000			04/15/25		4,060,000
	Twitter, Inc.(c)(e)
	4,305,000		3.875			12/15/27		4,514,869
	Uber Technologies, Inc.(c)(e)
	3,200,000		7.500			05/15/25		3,360,000
	1,800,000		6.250			01/15/28		1,827,000
	VeriSign, Inc.(c)
	4,000,000		5.250			04/01/25		4,485,200
								31,563,490
Iron/Steel – 0.3%
	ABJA Investment Co. Pte Ltd.
	650,000		5.950			07/31/24		676,609
	Cleveland-Cliffs, Inc.(c)
	1,038,000		5.750			03/01/25		1,001,670
	2,250,000		5.875			06/01/27		2,182,500
	Vale Overseas Ltd.
	300,000		6.250			08/10/26		356,128
	110,000		3.750	(c)		07/08/30		115,004
								4,331,911
Corporate Obligations – (continued)
Leisure Time – 0.3%
	Sabre GLBL, Inc.(c)(e)
	2,405,000		9.250			04/15/25		2,651,513
	SRM Escrow Issuer LLC
	2,839,000		6.000			11/01/28		2,839,000
								5,490,513
Lodging(c) – 0.2%
	Fortune Star BVI Ltd.
	340,000		5.250			03/23/22		341,275
	Marriott International, Inc.
	1,664,000		4.625			06/15/30		1,774,523
	Wyndham Destinations, Inc.(e)
	598,000		6.625			07/31/26		636,122
								2,751,920
Machinery – Construction & Mining(c)(e) – 0.1%
	BWX Technologies, Inc.
	1,023,000		4.125			06/30/28		1,040,903
Machinery-Diversified(c)(e) – 0.0%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	588,000		7.750			04/15/26		588,000
Media – 4.6%
	Altice Financing SA(c)
	200,000		7.500			05/15/26		208,750
	AMC Networks, Inc.(c)
	1,800,000		4.750			08/01/25		1,800,000
	CCO Holdings LLC/CCO Holdings Capital Corp.(c)(e)
	3,000,000		5.875			05/01/27		3,123,750
	4,980,000		4.750			03/01/30		5,235,225
	Charter Communications Operating LLC/Charter Communications Operating Capital(c)
	12,000,000		6.384			10/23/35		16,231,920
	Comcast Corp.(c)
	2,827,000		2.800			01/15/51		2,794,970
	CSC Holdings LLC
	985,000		5.250			06/01/24		1,051,488
	5,450,000		5.500	(c)(e)		05/15/26		5,661,187
	2,298,000		4.625	(c)(e)		12/01/30		2,292,255
	Cumulus Media New Holdings, Inc.(c)(e)
	2,680,000		6.750			07/01/26		2,479,000
	Diamond Sports Group LLC/Diamond Sports Finance Co.(c)(e)
	1,590,000		5.375			08/15/26		922,200
	3,345,000		6.625			08/15/27		1,388,175
	DISH DBS Corp.
	6,300,000		5.875			07/15/22		6,481,125
	Entercom Media Corp.(c)(e)
	2,300,000		7.250			11/01/24		1,920,500
	4,250,000		6.500			05/01/27		3,676,250
	Gray Television, Inc.(c)(e)
	2,125,000		7.000			05/15/27		2,279,063
	iHeartCommunications, Inc.(c)(e)
	1,450,000		5.250			08/15/27		1,433,688
	550,000		4.750			01/15/28		525,250
	Nexstar Broadcasting, Inc.(c)(e)
	1,500,000		5.625			07/15/27		1,563,750

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Radiate Holdco LLC/Radiate Finance, Inc.(c)(e)
$	1,211,000		6.500	%		09/15/28	$	1,247,330
	Scripps Escrow, Inc.(c)(e)
	1,050,000		5.875			07/15/27		1,021,125
	Sinclair Television Group, Inc.(c)(e)
	2,100,000		5.875			03/15/26		2,079,000
	Sirius XM Radio, Inc.(c)(e)
	1,085,000		4.625			07/15/24		1,117,550
	TEGNA, Inc.(c)(e)
	2,300,000		4.625			03/15/28		2,265,500
	The E.W. Scripps Co.(c)(e)
	1,875,000		5.125			05/15/25		1,785,938
	Videotron Ltd.(c)(e)
	5,125,000		5.375			06/15/24		5,573,437
	Virgin Media Vendor Financing Notes III DAC(c)(e)
GBP	1,650,000		4.875			07/15/28		2,127,570
	Ziggo Bond Co. B.V.(c)(e)
EUR	675,000		3.375			02/28/30		746,706
$	500,000		5.125			02/28/30		513,125
								79,545,827
Mining – 1.0%
	Constellium SE(c)(e)
	2,100,000		5.875			02/15/26		2,128,875
	First Quantum Minerals Ltd.(c)(e)
	4,000,000		7.250			04/01/23		4,021,250
	Freeport-McMoRan, Inc.(c)
	2,000,000		5.400			11/14/34		2,280,000
	Glencore Finance Canada Ltd.(e)
	3,000,000		5.550			10/25/42		3,426,690
	Novelis Corp.(c)(e)
	2,100,000		5.875			09/30/26		2,170,875
	2,400,000		4.750			01/30/30		2,433,000
	Vedanta Resources Finance II PLC(c)(e)
	200,000		9.250			04/23/26		125,250
								16,585,940
Miscellaneous Manufacturing(c)(d) – 0.2%
	General Electric Co (3M USD LIBOR + 3.330%)
	4,477,000		5.000			01/21/49		3,658,739
Office & Business Equipment(c) – 0.1%
	CDW LLC/CDW Finance Corp.
	1,440,000		4.125			05/01/25		1,495,800
	Xerox Holdings Corp.(e)
	1,055,000		5.000			08/15/25		1,044,450
								2,540,250
Oil Field Services – 1.7%
	Antero Resources Corp.(c)
	6,500,000		5.125			12/01/22		5,996,250
	Cenovus Energy, Inc.(c)
	153,000		3.000			08/15/22		151,637
	1,412,000		3.800			09/15/23		1,433,053
	1,780,000		5.375			07/15/25		1,876,351
	Chesapeake Energy Corp.(a)
	2,000,000		5.500			09/15/26		91,250
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Cia General de Combustibles SA(e)
	560,000		9.500			03/08/25		380,800
	Diamondback Energy, Inc.(c)
	1,022,000		4.750			05/31/25		1,109,749
	DNO ASA(c)(e)
	420,000		8.375			05/29/24		363,300
	Ensign Drilling, Inc.(c)(e)
	1,400,000		9.250			04/15/24		483,000
	Geopark Ltd.(c)(e)
	200,000		5.500			01/17/27		174,188
	Kosmos Energy Ltd.(c)
	500,000		7.125			04/04/26		429,375
	Laredo Petroleum, Inc.(c)
	2,213,000		9.500			01/15/25		1,017,980
	Leviathan Bond Ltd.(c)(e)
	3,080,000		5.750			06/30/23		3,142,562
	Lukoil Securities B.V.(e)
	500,000		3.875			05/06/30		530,185
	MEG Energy Corp.(c)(e)
	2,480,000		7.125			02/01/27		2,221,460
	Nabors Industries Ltd.(c)(e)
	840,000		7.250			01/15/26		343,350
	Nexen, Inc.
	5,000		6.400			05/15/37		7,256
	50,000		7.500			07/30/39		81,828
	Noble Holding International Ltd.(a)(c)
	840,000		7.750			01/15/24		5,250
	1,975,000		7.875	(e)		02/01/26		483,875
	Occidental Petroleum Corp.(c)
	2,180,000		8.000			07/15/25		2,120,050
	2,550,000		6.625			09/01/30		2,231,250
	Petrobras Global Finance B.V.(h)
	500,000		6.850			06/05/15		536,406
	Petroleos Mexicanos
EUR	220,000		2.500			08/21/21		253,741
	Sunoco LP/Sunoco Finance Corp.(c)
$	545,000		5.500			02/15/26		547,725
	Tecpetrol SA(c)
	770,000		4.875			12/12/22		705,272
	Transocean, Inc.(c)(e)
	2,070,000		8.000			02/01/27		558,900
	USA Compression Partners LP/USA Compression Finance Corp.(c)
	1,300,000		6.875			04/01/26		1,300,000
								28,576,043
Packaging – 1.4%
	ARD Finance SA(c)(f)
	(PIK 5.750%, Cash 5.000%)
EUR	1,850,000		5.000			06/30/27		2,081,045
	(PIK 7.250%, Cash 6.500%)
$	3,950,000		6.500	(e)		06/30/27		4,004,312
	Berry Global, Inc.(c)(e)
	2,200,000		4.500			02/15/26		2,230,250
	2,000,000		5.625			07/15/27		2,090,000
	Graphic Packaging International LLC(e)
	646,000		3.500			03/15/28		646,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Packaging – (continued)
	LABL Escrow Issuer LLC(c)(e)
$	1,750,000		6.750	%		07/15/26	$	1,837,500
	Mauser Packaging Solutions Holding Co.(c)(e)
	2,150,000		5.500			04/15/24		2,150,000
	965,000		7.250			04/15/25		931,225
	Owens-Brockway Glass Container, Inc.(e)
	1,750,000		5.875			08/15/23		1,837,500
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(c)(e)
	1,410,000		4.000			10/15/27		1,424,100
	Sealed Air Corp.(e)
	1,843,000		6.875			07/15/33		2,382,077
	Trivium Packaging Finance B.V.(c)(e)
	1,075,000		5.500			08/15/26		1,123,375
	1,300,000		8.500			08/15/27		1,387,750
								24,125,134
Pharmaceuticals(c) – 2.0%
	AbbVie, Inc.(e)
	6,650,000		3.200			11/21/29		7,314,933
	AdaptHealth LLC(e)
	1,445,000		6.125			08/01/28		1,510,025
	Bausch Health Cos., Inc.(e)
	32,000		5.875			05/15/23		32,000
	4,000,000		9.000			12/15/25		4,360,000
	1,350,000		5.000			01/30/28		1,331,438
	1,350,000		5.250			01/30/30		1,329,750
	Becton Dickinson & Co.
	3,200,000		2.823			05/20/30		3,413,536
	Cheplapharm Arzneimittel GmbH(e)
	1,268,000		5.500			01/15/28		1,283,850
	CVS Health Corp.
	4,715,000		3.750			04/01/30		5,352,657
	Herbalife Nutrition Ltd./HLF Financing, Inc.(e)
	1,312,000		7.875			09/01/25		1,387,440
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(e)
	2,745,000		7.250			08/15/26		2,820,487
	Mylan NV
	3,000,000		3.950			06/15/26		3,380,670
	Vizient, Inc.(e)
	580,000		6.250			05/15/27		614,075
								34,130,861
Pipelines – 4.0%
	Buckeye Partners LP(c)
	2,100,000		4.350			10/15/24		2,055,375
	1,835,000		4.125	(e)		03/01/25		1,747,837
	2,801,000		3.950			12/01/26		2,597,927
	929,000		4.125			12/01/27		870,938
	1,217,000		4.500	(e)		03/01/28		1,151,586
	Cheniere Energy Partners LP(c)
	1,800,000		4.500			10/01/29		1,833,750
	DCP Midstream Operating LP(e)
	4,000,000		6.750			09/15/37		3,820,000
	Energy Transfer Operating LP
	4,000,000		4.250	(c)		03/15/23		4,164,760
	2,985,000		6.625			10/15/36		3,232,845
Corporate Obligations – (continued)
Pipelines – (continued)
	Enterprise Products Operating LLC(c)(d) (3M USD LIBOR + 2.778%)
	1,000,000		3.024			06/01/67		766,210
	Genesis Energy LP/Genesis Energy Finance Corp.(c)
	3,500,000		6.000			05/15/23		3,185,000
	2,010,000		7.750			02/01/28		1,668,300
	Global Partners LP/GLP Finance Corp.(c)(e)
	2,055,000		6.875			01/15/29		2,114,081
	Kinder Morgan Energy Partners LP
	7,000,000		7.300			08/15/33		9,414,300
	NGPL PipeCo LLC(c)(e)
	1,315,000		4.375			08/15/22		1,364,931
	NuStar Logistics LP(c)
	3,225,000		6.375			10/01/30		3,241,125
	Plains All American Pipeline LP/PAA Finance Corp.(c)
	3,000,000		3.600			11/01/24		3,084,870
	Sabine Pass Liquefaction LLC(c)
	2,275,000		4.200			03/15/28		2,464,849
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)(e)
	935,000		4.750			10/01/23		888,250
	2,430,000		5.500			09/15/24		2,308,500
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)
	5,000,000		5.125			02/01/25		5,012,500
	1,910,000		4.875	(e)		02/01/31		1,862,250
	The Williams Cos., Inc.
	7,000,000		7.500			01/15/31		9,082,570
								67,932,754
Real Estate Investment Trust – 1.8%
	American Tower Corp.(c)
	2,125,000		3.950			03/15/29		2,425,220
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(c)(e)
	600,000		5.750			05/15/26		501,593
	Country Garden Holdings Co. Ltd.(c)
	650,000		6.500			04/08/24		699,969
	Crown Castle International Corp.(c)
	300,000		4.150			07/01/50		340,563
	Growthpoint Properties International Pty Ltd.
	270,000		5.872			05/02/23		279,619
	IRSA Propiedades Comerciales SA(c)
	540,000		8.750			03/23/23		401,625
	Kaisa Group Holdings Ltd.
	320,000		11.750			02/26/21		324,200
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(c)(e)
	1,306,000		4.625			06/15/25		1,325,590
	MPT Operating Partnership LP/MPT Finance Corp.(c)
	4,000,000		6.375			03/01/24		4,093,760
	3,000,000		5.000			10/15/27		3,138,720
	NE Property B.V.(c)
EUR	470,000		1.750			11/23/24		530,622
	Realogy Group LLC/Realogy Co-Issuer Corp.(c)(e)
$	1,600,000		4.875			06/01/23		1,598,000
	1,950,000		9.375			04/01/27		2,062,125

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Realogy Group LLC/Realogy Co.-Issuer Corp.(c)(e)
$	748,000		7.625	%		06/15/25	$	790,075
	SBA Communications Corp.(c)(e)
	2,637,000		3.875			02/15/27		2,676,555
	Scenery Journey Ltd.(c)
	310,000		13.000			11/06/22		267,956
	Service Properties Trust(c)
	623,000		7.500			09/15/25		652,358
	2,201,000		4.750			10/01/26		1,848,631
	1,318,000		4.950			10/01/29		1,079,787
	Starwood Property Trust, Inc.(c)
	2,700,000		4.750			03/15/25		2,625,750
	The Howard Hughes Corp.(c)(e)
	1,474,000		5.375			08/01/28		1,481,370
	VICI Properties LP/VICI Note Co., Inc.(c)(e)
	1,526,000		3.500			02/15/25		1,533,630
								30,677,718
Retailing – 1.6%
	1011778 BC ULC/New Red Finance, Inc.(c)(e)
	1,551,000		5.000			10/15/25		1,589,775
	AutoNation, Inc.(c)
	961,000		4.750			06/01/30		1,126,321
	Beacon Roofing Supply, Inc.(c)(e)
	2,907,000		4.875			11/01/25		2,852,494
	Burlington Coat Factory Warehouse Corp.(c)(e)
	684,000		6.250			04/15/25		718,200
	eG Global Finance PLC(c)(e)
	3,800,000		6.750			02/07/25		3,738,250
	Eurotorg LLC Via Bonitron DAC(e)
	560,000		9.000			10/22/25		560,000
	IRB Holding Corp.(c)(e)
	1,099,000		7.000			06/15/25		1,167,687
	2,710,000		6.750			02/15/26		2,716,775
	JSM Global Sarl(c)(e)
	200,000		4.750			10/20/30		202,500
	L Brands, Inc.(c)(e)
	715,000		6.875			07/01/25		766,838
	PetSmart, Inc.(c)(e)
	2,800,000		5.875			06/01/25		2,842,000
	Specialty Building Products Holdings LLC/SBP Finance Corp.(c)(e)
	3,446,000		6.375			09/30/26		3,514,920
	Suburban Propane Partners LP/Suburban Energy Finance Corp.(c)
	550,000		5.500			06/01/24		555,500
	The Home Depot, Inc.(c)
	1,170,000		3.350			04/15/50		1,319,818
	Yum! Brands, Inc.(c)(e)
	63,000		7.750			04/01/25		68,985
	3,064,000		4.750			01/15/30		3,286,140
								27,026,203
Semiconductors – 1.1%
	Amkor Technology, Inc.(c)(e)
	1,398,000		6.625			09/15/27		1,495,860
	AMS AG(c)(e)
	1,682,000		7.000			07/31/25		1,780,818
Corporate Obligations – (continued)
Semiconductors – (continued)
	Broadcom Corp./Broadcom Cayman Finance Ltd.(c)
	3,925,000		3.875			01/15/27		4,333,592
	Broadcom, Inc.(c)
	3,117,000		5.000			04/15/30		3,673,010
	3,925,000		4.150			11/15/30		4,393,645
	Microchip Technology, Inc.
	2,000,000		3.922			06/01/21		2,038,026
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(c)(e)
	982,000		3.400			05/01/30		1,079,876
	Qorvo, Inc.(c)
	750,000		4.375			10/15/29		802,500
								19,597,327
Software(c) – 0.8%
	Black Knight InfoServ LLC(e)
	1,765,000		3.625			09/01/28		1,782,650
	Castle US Holding Corp.(e)
	2,824,000		9.500			02/15/28		2,668,680
	J2 Global, Inc.(e)
	2,920,000		4.625			10/15/30		2,949,200
	Nuance Communications, Inc.
	3,000,000		5.625			12/15/26		3,150,000
	Oracle Corp.
	1,405,000		3.600			04/01/50		1,533,726
	PTC, Inc.(e)
	4,000		3.625			02/15/25		4,050
	SS&C Technologies, Inc.(e)
	850,000		5.500			09/30/27		903,125
								12,991,431
Telecommunication Services – 3.5%
	Altice France SA(c)(e)
	5,000,000		7.375			05/01/26		5,218,750
	AT&T, Inc.(c)
	3,000,000		5.250			03/01/37		3,735,060
	Avaya, Inc.(c)(e)
	3,575,000		6.125			09/15/28		3,691,187
	CenturyLink, Inc.
	1,450,000		5.125	(c)(e)		12/15/26		1,482,625
	2,870,000		7.650			03/15/42		3,200,050
	Cincinnati Bell, Inc.(c)(e)
	2,000,000		7.000			07/15/24		2,062,500
	CommScope, Inc.(c)(e)
	1,100,000		6.000			03/01/26		1,138,500
	1,430,000		7.125			07/01/28		1,433,575
	Digicel Group 0.5 Ltd.(c)(e)(f)
	99,648		7.000			11/16/49		12,207
	(PIK 3.000%, Cash 5.000%)
	603,257		8.000			04/01/25		205,296
	Intelsat Jackson Holdings SA(c)(e)
	4,800,000		8.000			02/15/24		4,872,000
	3,000,000		8.500	(a)		10/15/24		1,856,250
	Millicom International Cellular SA(c)(e)
	410,000		4.500			04/27/31		415,638
	MTN Mauritius Investments Ltd.
	420,000		6.500			10/13/26		466,725

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Nokia of America Corp.
$	3,000,000		6.450	%		03/15/29	$	3,240,000
	Sprint Capital Corp.
	1,150,000		8.750			03/15/32		1,720,687
	Sprint Corp.
	4,269,000		7.875			09/15/23		4,866,660
	T-Mobile USA, Inc.(c)
	3,000,000		4.000			04/15/22		3,090,000
	6,000,000		6.500			01/15/26		6,202,500
	1,896,000		4.500	(e)		04/15/50		2,212,196
	Telecom Argentina SA(e)
	238,000		8.500			08/06/25		194,785
	270,000		8.000	(c)		07/18/26		222,750
	Telecom Italia Capital SA
	3,025,000		7.200			07/18/36		3,807,719
	1,000,000		7.721			06/04/38		1,361,250
	Verizon Communications, Inc.
	3,000,000		5.250			03/16/37		4,069,440
								60,778,350
Toys/Games/Hobbies(c) – 0.1%
	Mattel, Inc.
	2,475,000		3.150			03/15/23		2,462,625
Transportation – 0.0%
	MV24 Capital B.V.(e)
	331,548		6.748			06/01/34		334,034
	Rumo Luxembourg S.a.r.l.(c)
	240,000		5.875			01/18/25		251,100
								585,134
	TOTAL CORPORATE OBLIGATIONS (Cost $868,026,999)						$	886,285,407
Mortgage-Backed Obligations(d) – 0.0%
Collateralized Mortgage Obligation – 0.0%
Sequential Floating Rate – 0.0%
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1(1M USD LIBOR + 0.190%)
$	206,956		0.338	%		07/25/47	$	183,272
	(Cost $80,195)
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $80,195)						$	183,272
Foreign Debt Obligations – 0.2%
Sovereign – 0.2%
	Republic of Ecuador(e)
$	57,283		0.000	%(i)		07/31/30	$	25,795
	196,146		0.500	(j)		07/31/35		107,880
	95,120		0.500	(j)		07/31/40		47,114
	Republic of Egypt
EUR	590,000		4.750			04/11/25		675,548
	Republic of Nigeria
$	690,000		6.500			11/28/27		667,575
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Sri Lanka(e)
	630,000		6.350			06/28/24		356,344
	Republic of Turkey
	760,000		6.125			10/24/28		710,363
	Ukraine Government International Bond
	680,000		7.750			09/01/23		706,180
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,501,217)						$	3,296,799
Bank Loans(k) – 6.8%
Aerospace & Defense(d) – 0.2%
	TransDigm, Inc. (1M LIBOR + 2.250%)
$	4,240,150		2.398	%		12/09/25	$	3,982,561
Automotive – Parts(d) – 0.2%
	Adient US LLC (1M LIBOR + 4.250%)
	1,945,437		4.398			05/06/24		1,915,283
	Tenneco, Inc. (1M LIBOR + 3.000%)
	2,471,111		3.148			10/01/25		2,274,040
								4,189,323
Chemicals(d) – 0.3%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,123,125		3.400			05/15/24		2,007,691
	Starfruit Finco B.V. (1M LIBOR + 3.000%)
	2,878,963		3.145			10/01/25		2,783,957
								4,791,648
Computers(d) – 0.2%
	Redstone Buyer LLC (3M LIBOR + 5.000%)
	2,850,000		6.000			09/01/27		2,823,865
Diversified Financial Services(d) – 0.0%
	Fiserv Investment Solutions, Inc. (3M LIBOR + 4.750%)
	648,375		5.020			02/18/27		642,164
Diversified Manufacturing(d) – 0.1%
	Camelot U.S. Acquisition 1 Co. (1M LIBOR + 3.000%)
	2,000,000		4.000			10/30/26		1,975,840
Entertainment(l) – 0.1%
	AMC Entertainment Holdings, Inc. (3M LIBOR + 3.000%)
	2,942,532		0.000			04/22/26		1,639,049
Food & Drug Retailers(d) – 0.0%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	619,375		2.648			10/10/26		614,885
Health Care – Pharmaceuticals(d) – 0.4%
	Bausch Health Co., Inc. (1M LIBOR + 3.000%)
	6,616,683		3.149			06/02/25		6,454,045
Health Care – Services(d) – 0.4%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,666,192		3.750			06/07/23		1,642,982
	Sotera Health Holdings LLC (3M LIBOR + 4.500%)
	1,974,809		5.500			12/11/26		1,966,574
	U.S. Renal Care, Inc. (1M LIBOR + 5.000%)
	2,178,000		5.188			06/26/26		2,090,205

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(k) – (continued)
Health Care – Services(d) – (continued)
	Verscend Holding Corp.(1M LIBOR + 4.500%)
$	1,371,994		4.648	%		08/27/25	$	1,344,128
								7,043,889
Media – Broadcasting & Radio(d) – 0.2%
	Cumulus Media New Holdings, Inc. (3M LIBOR + 3.750%)
	829,371		4.750			03/31/26		783,755
	Getty Images, Inc. (1M LIBOR + 4.500%)
	1,943,846		4.645			02/19/26		1,808,477
								2,592,232
Media – Cable(d) – 0.3%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,694,027		2.398			07/17/25		1,632,009
	(1M LIBOR + 2.500%)
	3,773,361		2.648			04/15/27		3,647,897
								5,279,906
Media – Non Cable(d) – 0.1%
	Terrier Media Buyer, Inc. (1M LIBOR + 4.250%)
	1,191,000		4.398			12/17/26		1,157,509
Packaging(d) – 0.3%
	Flex Acquisition Co., Inc. (3M LIBOR + 3.250%)
	2,796,980		3.475			06/29/25		2,685,968
	Reynolds Group Holdings, Inc.
	(1M LIBOR + 2.750%)
	1,115,652		2.898			02/05/23		1,093,495
	(1M LIBOR + 3.250%)
	1,075,000		3.398			02/05/26		1,048,125
								4,827,588
Pharmaceuticals(d) – 0.3%
	Alphabet Holding Co., Inc. (1M LIBOR + 7.750%)
	5,000,000		7.898			09/26/25		4,803,550
Real Estate Investment Trust(d) – 0.1%
	Brookfield Property REIT, Inc. (1M LIBOR + 3.000%)
	2,037,890		3.148			08/28/23		1,781,462
Restaurants(d) – 0.0%
	1011778 B.C. Unlimited Liability Co. (1M LIBOR + 1.750%)
	450,301		1.898			11/19/26		431,352
Retailers(d) – 0.1%
	OEConnection LLC (1M LIBOR + 4.000%)
	2,119,877		4.148			09/25/26		2,050,981
Semiconductors(b)(d) – 0.1%
	Allegro Microsystems, Inc. (1M LIBOR + 4.250%)
	950,000		4.750			09/30/27		945,250
Services Cyclical – Business Services(d) – 0.3%
	EVO Payments International LLC (1M LIBOR + 3.250%)
	2,711,041		3.400			12/22/23		2,675,120
	Travelport Finance (Luxembourg) S.a.r.l.
	1,661,971		9.000			02/28/25		1,564,629
	(3M LIBOR + 5.000%)
	1,814,494		5.225			02/28/25		947,565
								5,187,314
Bank Loans(k) – (continued)
Services Cyclical – Consumer Services(d) – 0.2%
	Asurion LLC (1M LIBOR + 3.000%)
	3,325,137		3.148			08/04/22		3,269,308
Technology – Software/Services(d) – 2.2%
	Banff Merger Sub, Inc. (1M LIBOR + 4.250%)
	4,924,098		4.398			10/02/25		4,778,148
	Ceridian HCM Holding, Inc. (1 Week LIBOR + 2.500%)
	2,940,000		2.594			04/30/25		2,838,011
	DCert Buyer, Inc. (1M LIBOR + 4.000%)
	1,766,125		4.148			10/16/26		1,727,765
	Epicor Software Corp.
	(1M LIBOR + 4.250%)
	4,100,000		5.250			07/30/27		4,080,525
	(1M LIBOR + 7.750%)
	1,275,000		8.750			07/31/28		1,302,094
	Ion Trading Technologies S.a.r.l. (3M LIBOR + 4.000%)
	1,978,337		5.000			11/21/24		1,938,038
	Milano Acquisition Corp. (3M LIBOR + 4.000%)
	4,200,000		4.750			10/01/27		4,123,014
	Mitchell International, Inc. (1M LIBOR + 4.250%)
	5,050,000		4.750			11/29/24		4,883,350
	Refinitiv US Holdings, Inc. (1M LIBOR + 3.250%)
	4,077,375		3.398			10/01/25		4,011,770
	SS&C Holdings Europe S.a.r.l. (1M LIBOR + 1.750%)
	1,194,310		1.898			04/16/25		1,159,233
	SS&C Technologies, Inc. (1M LIBOR + 1.750%)
	1,699,917		1.898			04/16/25		1,649,990
	The Dun & Bradstreet Corp. (1M LIBOR + 3.750%)
	3,084,500		3.906			02/06/26		3,033,729
	The Ultimate Software Group, Inc.
	(1M LIBOR + 3.750%)
	1,633,500		3.895			05/04/26		1,603,100
	(3M LIBOR + 4.000%)
	175,000		4.750			05/04/26		173,798
	(3M LIBOR + 6.750%)
	100,000		7.500			05/03/27		101,500
								37,404,065
Telecommunication Services(d) – 0.5%
	Hoya Midco LLC (6M LIBOR + 3.500%)
	7,582,423		4.500			06/30/24		6,356,573
	Level 3 Financing, Inc. (1M LIBOR + 1.750%)
	2,023,967		1.898			03/01/27		1,950,092
								8,306,665
Textiles(d) – 0.0%
	Canada Goose, Inc. (3M LIBOR + 4.250%)
	850,000		5.000			10/01/27		842,562
Wireless Telecommunications(d) – 0.2%
	Intelsat Jackson Holdings SA
	(1M LIBOR + 4.750%)
	3,000,000		8.000			11/27/23		3,010,830
	(3M LIBOR + 5.500%)
	741,223		6.500			07/13/22		752,341
								3,763,171
	TOTAL BANK LOANS (Cost $120,691,231)						$	116,800,184

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(m) – 0.1%
	United States Treasury Note
$	1,730,000		1.875	%		12/15/20	$	1,733,514
	(Cost $1,729,766)
Shares		Dividend Rate					Value
Investment Companies(n) – 2.2%
	Goldman Sachs Emerging Markets Equity Fund – Class R6
$	2,516		0.982%				$	64,528
	Goldman Sachs Financial Square Government Fund – Class R6
	20,500,074		0.028					20,500,074
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,480,207		0.028					6,480,207
	Goldman Sachs High Yield Fund – Class R6
	8,839		5.615					54,358
	Goldman Sachs MLP Energy Infrastructure Fund – Class R6
	748,130		13.550					11,446,384
	TOTAL INVESTMENT COMPANIES (Cost $39,082,457)						$	38,545,551
	TOTAL INVESTMENTS – 97.3%
	(Cost $1,586,003,892)						$	1,670,861,624
	OTHER ASSETS IN EXCESS     OF LIABILITIES – 2.7%							46,231,173
	NET ASSETS – 100.0%						$	1,717,092,797

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security is currently in default and/or non-income producing.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	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 October 31, 2020.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Pay-in-kind securities.
(g)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $649,491, which represents approximately 0.0% of the Fund’s net assets as of October 31, 2020.
(h)	Actual maturity date is June 5, 2115.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on October 31, 2020.

(k)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on October 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(m)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(n)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At October 31, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Intelsat Jackson Holdings SA due 07/13/20	$	741,223	$	752,341		$11,118
OEConnection LLC due 09/25/26		134,186		129,825		(3,806	)
TOTAL					$	7,312

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date	Unrealized Gain
MS & Co. Int. PLC		USD	4,889,406		EUR	4,153,507	11/09/20	$	51,062

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date	Unrealized Gain
MS & Co. Int. PLC		USD	2,239,858		GBP	1,738,875	01/13/21	$	(14,181	)

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		417			12/18/20	$	68,068,995		$	(2,020,606	)
Ultra Long U.S. Treasury Bonds		308			12/21/20		66,220,000			(2,062,777	)
Ultra 10 Year U.S. Treasury Notes		7			12/21/20		1,100,969			(14,261	)
2 Year U.S. Treasury Notes		59			12/31/20		13,029,781			(762	)
5 Year U.S. Treasury Notes		35			12/31/20		4,396,055			(10,699	)
10 Year U.S. Treasury Notes		67			12/21/20		9,260,656			(57,620	)
20 Year U.S. Treasury Bonds		11			12/21/20		1,897,156			(25,469	)
Total									$	(4,192,194	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(223	)		12/21/20		(35,073,719	)		576,106
5 Year U.S. Treasury Notes		(319	)		12/31/20		(40,066,899	)		74,683
20 Year U.S. Treasury Bonds		(49	)		12/21/20		(8,450,969	)		123,185
Total									$	773,974
TOTAL FUTURES CONTRACTS									$	(3,418,220	)

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

October 31, 2020

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At October 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.250)%(b)	6M EURO(c)	12/16/25	EUR	710	$	(9,806	)	$	(6,570	)	$	(3,236	)
(0.500) (b)	6M EURO(c)	12/16/23		530		(664	)		782			(1,446	)
1.250(c)	3M LIBOR(d)	12/16/40	$	180		240			(7,704	)		7,944
1.250(c)	3M LIBOR(d)	12/16/50		10		191			(466	)		657
3M LIBOR(d)	0.750%(c)	12/16/22		3,620		36,377			38,027			(1,650	)
3M LIBOR(d)	0.750(c)	12/16/23		1,030		14,092			15,563			(1,471	)
3M LIBOR(d)	1.000(c)	12/16/25		25,100		667,226			800,543			(133,317	)
3M LIBOR(d)	1.000(c)	12/16/27		3,870		89,084			128,009			(38,925	)
3M LIBOR(d)	1.000(c)	12/16/30		33,670		292,188			917,129			(624,941	)
TOTAL					$	1,088,928		$	1,885,313		$	(796,385	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to October 31, 2020.

(b) Payments made annually.

(c) Payments made semi-annually.

(d) Payments made quarterly.

Abbreviations:

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 97.7%
Building Products – 1.2%
	48,430	A.O. Smith Corp.	$	2,503,347
	10,360	Lennox International, Inc.		2,814,397
				5,317,744
Capital Markets – 5.5%
	22,845	Ameriprise Financial, Inc.		3,674,161
	8,780	BlackRock, Inc.		5,261,064
	22,227	Evercore, Inc. Class A		1,767,936
	10,315	FactSet Research Systems, Inc.		3,161,548
	16,475	Moody’s Corp.		4,331,277
	50,105	SEI Investments Co.		2,462,661
	33,614	T. Rowe Price Group, Inc.		4,257,549
				24,916,196
Chemicals – 2.3%
	22,300	Ecolab, Inc.		4,094,057
	5,000	NewMarket Corp.		1,788,450
	6,602	The Sherwin-Williams Co.		4,542,044
				10,424,551
Commercial Services & Supplies – 0.8%
	62,595	Rollins, Inc.		3,621,121
Consumer Finance – 0.9%
	60,044	Discover Financial Services		3,903,460
Distributors – 0.8%
	10,100	Pool Corp.		3,533,283
Electric Utilities – 1.0%
	63,525	NextEra Energy, Inc.		4,650,665
Electrical Equipment – 0.9%
	16,280	Rockwell Automation, Inc.		3,860,314
Electronic Equipment, Instruments & Components – 3.8%
	44,090	Amphenol Corp. Class A		4,975,116
	19,930	Badger Meter, Inc.		1,461,666
	129,060	Corning, Inc.		4,126,048
	63,602	National Instruments Corp.		1,989,471
	46,913	TE Connectivity Ltd.		4,544,931
				17,097,232
Entertainment – 2.2%
	130,690	Activision Blizzard, Inc.		9,897,275
Equity Real Estate Investment Trusts (REITs) – 2.3%
	51,865	Equity LifeStyle Properties, Inc.		3,069,889
	102,300	Iron Mountain, Inc.		2,665,938
	20,655	Public Storage		4,731,441
				10,467,268
Food & Staples Retailing – 3.4%
	12,960	Casey’s General Stores, Inc.		2,184,667
	14,705	Costco Wholesale Corp.		5,258,802
	114,190	The Kroger Co.		3,678,060
	117,470	Walgreens Boots Alliance, Inc.		3,998,679
				15,120,208
Common Stocks – (continued)
Food Products – 2.5%
	80,585	Hormel Foods Corp.		3,923,684
	26,825	Ingredion, Inc.		1,901,624
	11,015	J&J Snack Foods Corp.		1,493,304
	66,345	Tyson Foods, Inc. Class A		3,796,924
				11,115,536
Gas Utilities – 0.1%
	19,081	Suburban Propane Partners LP		313,692
Health Care Equipment & Supplies – 5.0%
	35,830	Danaher Corp.		8,224,418
	73,865	Medtronic PLC		7,428,603
	33,790	Stryker Corp.		6,825,918
				22,478,939
Health Care Providers & Services – 6.7%
	55,995	AmerisourceBergen Corp.		5,379,440
	126,721	CVS Health Corp.		7,107,781
	79,030	Patterson Cos., Inc.		1,965,871
	45,190	Quest Diagnostics, Inc.		5,519,507
	40,351	The Ensign Group, Inc.		2,374,253
	25,325	UnitedHealth Group, Inc.		7,727,684
				30,074,536
Hotels, Restaurants & Leisure – 1.2%
	46,510	Wyndham Destinations, Inc.		1,517,621
	43,855	Yum! Brands, Inc.		4,092,987
				5,610,608
Household Products – 0.4%
	6,945	WD-40 Co.		1,690,274
Independent Power and Renewable Electricity Producers – 0.8%
	37,609	Atlantica Sustainable Infrastructure PLC		1,109,090
	8,382	Brookfield Renewable Corp. Class A		559,666
	31,700	Clearway Energy, Inc. Class A		830,857
	18,609	NextEra Energy Partners LP		1,168,645
				3,668,258
Industrial Conglomerates – 1.1%
	30,465	3M Co.		4,873,181
Insurance – 2.0%
	22,950	Aon PLC Class A		4,223,029
	75,730	Principal Financial Group, Inc.		2,970,131
	18,215	The Hanover Insurance Group, Inc.		1,742,447
				8,935,607
IT Services – 10.0%
	27,247	Accenture PLC Class A		5,910,147
	37,620	Automatic Data Processing, Inc.		5,942,455
	28,482	Broadridge Financial Solutions, Inc.		3,919,123
	39,325	Fidelity National Information Services, Inc.		4,899,502
	46,565	International Business Machines Corp.		5,199,448
	23,300	Jack Henry & Associates, Inc.		3,454,225
	18,355	Mastercard, Inc. Class A		5,297,987
	30,270	MAXIMUS, Inc.		2,045,647

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	144,405	The Western Union Co.	$	2,807,233
	30,980	Visa, Inc. Class A		5,629,376
				45,105,143
Leisure Products – 0.5%
	23,024	Polaris, Inc.		2,091,961
Machinery – 0.5%
	43,195	Donaldson Co., Inc.		2,051,762
Media – 5.5%
	260,000	Comcast Corp. Class A		10,982,400
	1	Fox Corp. Class A		27
	125,415	Omnicom Group, Inc.		5,919,588
	266,444	ViacomCBS, Inc. Class B		7,612,305
				24,514,320
Multi-Utilities – 1.7%
	31,735	Sempra Energy		3,978,300
	37,460	WEC Energy Group, Inc.		3,766,603
				7,744,903
Multiline Retail – 1.4%
	27,915	Dillard’s, Inc. Class A(a)		1,248,638
	31,865	Target Corp.		4,850,490
				6,099,128
Oil, Gas & Consumable Fuels – 13.6%
	144,559	Antero Midstream Corp.		828,323
	55,825	BP Midstream Partners LP		541,503
	77,371	Cheniere Energy Partners LP		2,789,225
	77,284	Crestwood Equity Partners LP		1,157,714
	152,693	DCP Midstream LP		1,949,890
	4,426	Delek Logistics Partners LP		117,378
	118,376	Enable Midstream Partners LP		526,773
	11,671	Enbridge, Inc.		321,653
	957,862	Energy Transfer LP		4,932,989
	444,326	Enterprise Products Partners LP		7,362,482
	17,189	Enviva Partners LP		736,549
	105,000	Genesis Energy LP		441,000
	31,200	Hess Midstream LP Class A		532,896
	123,707	Holly Energy Partners LP		1,417,682
	184,299	Magellan Midstream Partners LP		6,549,986
	448,462	MPLX LP		7,718,031
	199,849	NuStar Energy LP		1,976,507
	15,416	ONEOK, Inc.		447,064
	28,800	Pembina Pipeline Corp.		602,784
	143,402	Phillips 66 Partners LP		3,365,645
	867,905	Plains All American Pipeline LP		5,424,406
	125,982	Shell Midstream Partners LP		1,102,342
	47,884	Sunoco LP		1,205,240
	44,865	Targa Resources Corp.		720,083
	13,171	TC Energy Corp.		519,728
	120,090	TC PipeLines LP		3,380,533
	104,867	The Williams Cos., Inc.		2,012,398
	285,789	Western Midstream Partners LP		2,329,180
				61,009,984
Pharmaceuticals – 0.7%
	74,070	Perrigo Co. PLC		3,249,451
Common Stocks – (continued)
Professional Services – 0.3%
	19,825	Insperity, Inc.		1,518,199
Semiconductors & Semiconductor Equipment – 6.3%
	42,160	Analog Devices, Inc.		4,997,225
	84,890	Applied Materials, Inc.		5,028,035
	23,390	KLA Corp.		4,612,040
	32,522	Power Integrations, Inc.		1,958,149
	49,215	QUALCOMM, Inc.		6,071,162
	40,235	Texas Instruments, Inc.		5,817,579
				28,484,190
Software – 2.6%
	30,045	Microsoft Corp.		6,083,211
	101,965	Oracle Corp.		5,721,256
				11,804,467
Specialty Retail – 4.2%
	32,979	Aaron’s Holdings Co., Inc.		1,723,483
	36,665	Best Buy Co., Inc.		4,089,981
	31,895	Lowe’s Cos., Inc.		5,042,599
	19,985	The Home Depot, Inc.		5,330,199
	26,895	Williams-Sonoma, Inc.		2,453,093
				18,639,355
Technology Hardware, Storage & Peripherals – 0.9%
	233,190	HP, Inc.		4,188,092
Textiles, Apparel & Luxury Goods – 2.0%
	43,650	NIKE, Inc. Class B		5,241,525
	55,128	VF Corp.		3,704,601
				8,946,126
Trading Companies & Distributors – 2.6%
	85,565	Fastenal Co.		3,698,975
	27,018	MSC Industrial Direct Co., Inc. Class A		1,882,074
	9,659	W.W. Grainger, Inc.		3,380,843
	11,569	Watsco, Inc.		2,593,076
				11,554,968
	TOTAL COMMON STOCKS (Cost $362,087,531)		$	438,571,997
Shares		Dividend Rate	Value
Investment Companies(b) – 1.0%
	Goldman Sachs Financial Square Government Fund – Class R6
	4,494,394	0.028%	$	4,494,394
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	151,784	0.028		151,784
	TOTAL INVESTMENT COMPANIES (Cost $4,646,178)		$	4,646,178
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $366,733,709)		$	443,218,175

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,243,550	0.028%	$	1,243,550
	(Cost 1,243,550)
	TOTAL INVESTMENTS — 99.0% (Cost $367,977,259)		$	444,461,725
	OTHER ASSETS IN EXCESS     OF LIABILITIES — 1.0%			4,619,707
	NET ASSETS — 100.0%		$	449,081,432

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 the security is on loan.
(b)	Represents affiliated funds.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		59	12/18/20	$	9,630,865	$	(327,134	)

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

October 31, 2020

	Income Builder Fund		Rising Dividend Growth Fund
Assets:
Investments, at value (cost $1,546,921,435 and $362,087,531, respectively)(a)	$	1,632,316,073	$	438,571,997
Foreign currencies, at value (cost $436,583 and $0, respectively)		470,565		—
Investments of affiliated issuers, at value (cost $39,082,457 and $4,646,178, respectively)		38,545,551		4,646,178
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $0 and $1,243,550, respectively)		—		1,243,550
Cash		29,743,035		909,469
Unrealized gain on forward foreign currency exchange contracts		51,062		—
Unrealized gain on unfunded loan commitment		7,312		—
Variation margin on futures contracts		25,020		46,290
Receivables:
Dividends and interest		13,090,130		1,104,052
Collateral on certain derivative contracts(b)		9,151,713		778,800
Investments sold		3,571,361		4,965,152
Fund shares sold		1,941,683		37,161
Investments sold on an extended settlement basis		744,858		—
Foreign tax reclaims		247,411		423,230
Reimbursement from investment adviser		140,612		85,093
Securities lending income		—		70,361
Other assets		56,173		25,288
Total assets		1,730,102,559		452,906,621
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		14,181		—
Variation margin on swaps contracts		131,909		—
Variation margin on futures contracts		74,366		67,692
Payables:
Investments purchased on an extended settlement basis		4,700,020		—
Fund shares redeemed		3,297,273		1,158,714
Investments purchased		3,124,108		606,999
Management fees		651,466		267,958
Distribution and service fees and transfer agency fees		527,034		187,188
Payable upon return of securities loaned		—		1,243,550
Accrued expenses		489,405		293,088
Total liabilities		13,009,762		3,825,189
Net Assets:
Paid-in capital		1,656,599,579		394,419,898
Total distributable earnings		60,493,218		54,661,534
NET ASSETS	$	1,717,092,797	$	449,081,432
Net Assets:
Class A	$	328,039,108	$	167,765,477
Class C		380,590,365		108,840,125
Institutional		669,847,812		97,357,626
Investor		256,919,276		64,327,925
Class R6		65,292,602		1,867,905
Class R		—		1,131,337
Class P		16,403,634		7,791,037
Total Net Assets	$	1,717,092,797	$	449,081,432
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		14,017,029		17,110,160
Class C		16,561,237		10,891,406
Institutional		27,955,637		9,383,370
Investor		10,755,666		6,209,792
Class R6		2,726,181		180,081
Class R		—		115,891
Class P		684,607		750,810
Net asset value, offering and redemption price per share:(c)
Class A		$23.40		$9.81
Class C		22.98		9.99
Institutional		23.96		10.38
Investor		23.89		10.36
Class R6		23.95		10.37
Class R		—		9.76
Class P		23.96		10.38

(a) Includes loaned securities having a market value of $0 and $1,189,818, respectively.

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

Fund	Futures		Swaps		Forwards
Income Builder	$	6,668,429	$	2,473,284	$	10,000
Rising Dividend Growth		778,800		—		—

(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $24.76 and $10.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2020

	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Interest	$	52,687,856		$	5,561
Dividends — unaffiliated issuers (net of foreign withholding taxes of $433,340 and $48,208, respectively)		17,066,993			10,405,474
Dividends — affiliated issuers		731,430			97,373
Securities lending income — affiliated issuer		—			108,643
Securities lending income — unaffiliated issuer		73,748			—
Total investment income		70,560,027			10,617,051
Expenses:
Management fees		8,982,125			4,228,186
Distribution and Service (12b-1) fees(a)		3,979,564			1,562,560
Transfer Agency fees(a)		1,842,778			741,929
Service fees — Class C		1,065,354			369,779
Custody, accounting and administrative services		303,113			112,739
Printing and mailing costs		247,497			131,461
Professional fees		191,178			212,414
Registration fees		145,164			121,698
Shareholder meeting expense		65,797			—
Trustee fees		22,561			20,731
Other		34,566			60,722
Total expenses		16,879,697			7,562,219
Less — expense reductions		(1,041,427	)		(975,355	)
Net expenses		15,838,270			6,586,864
NET INVESTMENT INCOME		54,721,757			4,030,187
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(42,177,571	)		8,358,709
Purchased options		(1,751,579	)		—
Futures contracts		13,778,704			1,433,709
Written options		(7,324,650	)		—
Swap contracts		40,625,268			—
Forward foreign currency exchange contracts		(406,580	)		—
Foreign currency transactions		178,828			1,405
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(31,127,546	)		(34,555,927	)
Investments — affiliated issuers		(546,380	)		—
Futures contracts		(1,152,650	)		(562,067	)
Unfunded loan commitments		8,310			—
Written options		202,150			—
Swap contracts		(3,187,136	)		—
Forward foreign currency exchange contracts		265,733			—
Foreign currency translation		15,103			16
Net realized and unrealized loss		(32,599,996	)		(25,324,155	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	22,121,761		$	(21,293,968	)

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

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Income Builder	$	775,396	$	3,204,168	$	—	$	478,593	$	667,141	$	263,340	$	412,881	$	16,166	$	—		4,657
Rising Dividend Growth		442,484		1,111,741		8,335		295,088		247,865		56,666		135,241		651		2,790		3,628

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets

	Income Builder Fund						Rising Dividend Growth Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	54,721,757		$	59,120,070		$	4,030,187		$	7,250,499
Net realized gain (loss)		2,922,420			42,470,279			9,793,823			69,754,135
Net change in unrealized gain (loss)		(35,522,416	)		100,543,196			(35,117,978	)		451,466
Net increase (decrease) in net assets resulting from operations		22,121,761			202,133,545			(21,293,968	)		77,456,100
Distributions to shareholders:
From distributable earnings
Class A Shares		(10,209,770	)		(11,236,076	)		(22,041,864	)		(122,698,079	)
Class C Shares		(11,069,448	)		(13,981,530	)		(18,275,200	)		(142,610,726	)
Institutional Shares		(23,450,042	)		(24,548,602	)		(18,751,099	)		(164,809,422	)
Investor Shares		(9,135,582	)		(8,998,284	)		(10,452,379	)		(83,957,904	)
Class R6 Shares		(1,888,374	)		(325,169	)		(239,578	)		(57,671	)
Class R Shares		—			—			(237,072	)		(1,522,397	)
Class P Shares		(555,182	)		(523,868	)		(1,854,725	)		(16,342,234	)
From return of capital
Class A Shares		(376,178	)		—			—			—
Class C Shares		(407,853	)		—			—			—
Institutional Shares		(864,015	)		—			—			—
Investor Shares		(336,600	)		—			—			—
Class R6 Shares		(69,577	)		—			—			—
Class P Shares		(20,455	)		—			—			—
Total distributions to shareholders		(58,383,076	)		(59,613,529	)		(71,851,917	)		(531,998,433	)
From share transactions:
Proceeds from sales of shares		598,390,032			385,979,825			61,008,232			177,494,764
Reinvestment of distributions		51,956,624			53,137,972			65,123,455			475,127,949
Cost of shares redeemed		(572,473,130	)		(627,911,281	)		(309,614,281	)		(815,636,639	)
Net increase (decrease) in net assets resulting from share transactions		77,873,526			(188,793,484	)		(183,482,594	)		(163,013,926	)
TOTAL INCREASE (DECREASE)		41,612,211			(46,273,468	)		(276,628,479	)		(617,556,259	)
Net assets:
Beginning of year		1,675,480,586			1,721,754,054			725,709,911			1,343,266,170
End of year	$	1,717,092,797		$	1,675,480,586		$	449,081,432		$	725,709,911

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Income Builder Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	23.67		$	21.67		$	22.72		$	21.60		$	21.77
Net investment income(a)		0.73			0.82			0.80			0.79			0.79
Net realized and unrealized gain (loss)		(0.21	)		2.02			(1.02	)		1.17			(0.16	)
Total from investment operations		0.52			2.84			(0.22	)		1.96			0.63
Distributions to shareholders from net investment income		(0.76	)		(0.84	)		(0.80	)		(0.80	)		(0.80	)
Distributions to shareholders from return of capital		(0.03	)		—			(0.03	)		(0.04	)		—
Total distributions		(0.79	)		(0.84	)		(0.83	)		(0.84	)		(0.80	)
Net asset value, end of year	$	23.40		$	23.67		$	21.67		$	22.72		$	21.60
Total return(b)		2.29	%		13.34	%		(1.03	) %		9.21	%		3.04	%
Net assets, end of year (in 000s)	$	328,039		$	314,951		$	309,719		$	387,349		$	574,574
Ratio of net expenses to average net assets		0.92	%		0.95	%		0.97	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		0.98	%		1.00	%		1.02	%		1.10	%		1.10	%
Ratio of net investment income (loss) to average net assets		3.15	%		3.63	%		3.54	%		3.55	%		3.75	%
Portfolio turnover rate(c)		46	%		47	%		42	%		51	%		80	%

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

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

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Income Builder Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	23.26		$	21.31		$	22.35		$	21.26		$	21.45
Net investment income(a)		0.55			0.64			0.62			0.61			0.62
Net realized and unrealized gain (loss)		(0.21	)		1.98			(1.00	)		1.16			(0.16	)
Total from investment operations		0.34			2.62			(0.38	)		1.77			0.46
Distributions to shareholders from net investment income		(0.60	)		(0.67	)		(0.64	)		(0.65	)		(0.65	)
Distributions to shareholders from return of capital		(0.02	)		—			(0.02	)		(0.03	)		—
Total distributions		(0.62	)		(0.67	)		(0.66	)		(0.68	)		(0.65	)
Net asset value, end of year	$	22.98		$	23.26		$	21.31		$	22.35		$	21.26
Total return(b)		1.57	%		12.44	%		(1.74	)%		8.41	%		2.25	%
Net assets, end of year (in 000s)	$	380,590		$	463,483		$	475,897		$	619,357		$	682,819
Ratio of net expenses to average net assets		1.67	%		1.70	%		1.72	%		1.73	%		1.73	%
Ratio of total expenses to average net assets		1.73	%		1.75	%		1.77	%		1.85	%		1.85	%
Ratio of net investment income to average net assets		2.41	%		2.88	%		2.79	%		2.79	%		2.98	%
Portfolio turnover rate(c)		46	%		47	%		42	%		51	%		80	%

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

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

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Income Builder Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Net investment income(a)		0.84			0.93			0.90			0.90			0.89
Net realized and unrealized gain (loss)		(0.21	)		2.06			(1.03	)		1.19			(0.17	)
Total from investment operations		0.63			2.99			(0.13	)		2.09			0.72
Distributions to shareholders from net investment income		(0.85	)		(0.93	)		(0.89	)		(0.88	)		(0.88	)
Distributions to shareholders from return of capital		(0.03	)		—			(0.03	)		(0.05	)		—
Total distributions		(0.88	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)
Net asset value, end of year	$	23.96		$	24.21		$	22.15		$	23.20		$	22.04
Total return(b)		2.68	%		13.76	%		(0.63	)%		9.64	%		3.42	%
Net assets, end of year (in 000s)	$	669,848		$	609,414		$	680,661		$	818,309		$	740,182
Ratio of net expenses to average net assets		0.56	%		0.57	%		0.58	%		0.58	%		0.58	%
Ratio of total expenses to average net assets		0.62	%		0.61	%		0.63	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		3.52	%		4.03	%		3.93	%		3.93	%		4.13	%
Portfolio turnover rate(c)		46	%		47	%		42	%		51	%		80	%

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

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

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Income Builder Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	24.14		$	22.09		$	23.14		$	21.98		$	22.14
Net investment income(a)		0.81			0.89			0.87			0.86			0.85
Net realized and unrealized gain (loss)		(0.21	)		2.05			(1.03	)		1.20			(0.16	)
Total from investment operations		0.60			2.94			(0.16	)		2.06			0.69
Distributions to shareholders from net investment income		(0.82	)		(0.89	)		(0.86	)		(0.85	)		(0.85	)
Distributions to shareholders from return of capital		(0.03	)		—			(0.03	)		(0.05	)		—
Total distributions		(0.85	)		(0.89	)		(0.89	)		(0.90	)		(0.85	)
Net asset value, end of year	$	23.89		$	24.14		$	22.09		$	23.14		$	21.98
Total return(b)		2.53	%		13.59	%		(0.77	)%		9.51	%		3.28	%
Net assets, end of year (in 000s)	$	256,919		$	263,228		$	239,226		$	302,778		$	142,813
Ratio of net expenses to average net assets		0.67	%		0.70	%		0.72	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.73	%		0.75	%		0.77	%		0.85	%		0.85	%
Ratio of net investment income to average net assets		3.40	%		3.87	%		3.79	%		3.77	%		3.96	%
Portfolio turnover rate(c)		46	%		47	%		42	%		51	%		80	%

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

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

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Income Builder Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Net investment income(a)		0.83			0.93			0.85			0.90			0.89
Net realized and unrealized gain (loss)		(0.21	)		2.06			(0.98	)		1.19			(0.17	)
Total from investment operations		0.62			2.99			(0.13	)		2.09			0.72
Distributions to shareholders from net investment income		(0.85	)		(0.93	)		(0.89	)		(0.88	)		(0.88	)
Distributions to shareholders from return of capital		(0.03	)		—			(0.03	)		(0.05	)		—
Total distributions		(0.88	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)
Net asset value, end of year	$	23.95		$	24.21		$	22.15		$	23.20		$	22.04
Total return(b)		2.70	%		13.72	%		(0.62	)%		9.69	%		3.38	%
Net assets, end of year (in 000s)	$	65,293		$	10,486		$	130		$	11		$	10
Ratio of net expenses to average net assets		0.54	%		0.56	%		0.57	%		0.57	%		0.58	%
Ratio of total expenses to average net assets		0.61	%		0.61	%		0.61	%		0.69	%		0.70	%
Ratio of net investment income to average net assets		3.51	%		3.96	%		3.72	%		3.93	%		4.12	%
Portfolio turnover rate(c)		46	%		47	%		42	%		51	%		80	%

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

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

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31,
	2020			2019			2018(a)
Per Share Data
Net asset value, beginning of year	$	24.21		$	22.15		$	22.95
Net investment income(b)		0.84			0.94			0.45
Net realized and unrealized gain (loss)		(0.21	)		2.05			(0.71	)
Total from investment operations		0.63			2.99			(0.26	)
Distributions to shareholders from net investment income		(0.85	)		(0.93	)		(0.51	)
Distributions to shareholders from return of capital		(0.03	)		—			(0.03	)
Total distributions		(0.88	)		(0.93	)		(0.54	)
Net asset value, end of year	$	23.96		$	24.21		$	22.15
Total return(c)		2.70	%		13.77	%		(1.18	)%
Net assets, end of year (in 000s)	$	16,404		$	13,919		$	16,122
Ratio of net expenses to average net assets		0.55	%		0.56	%		0.58	%(d)
Ratio of total expenses to average net assets		0.61	%		0.61	%		0.58	%(d)
Ratio of net investment income to average net assets		3.51	%		4.04	%		3.60	%(d)
Portfolio turnover rate(e)		46	%		47	%		42	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.18		$	19.56		$	22.54		$	19.66		$	20.68
Net investment income(a)		0.08			0.10			0.09			0.11			0.07
Net realized and unrealized gain (loss)		(0.23	)		0.78			1.25			3.48			(0.83	)
Total from investment operations		(0.15	)		0.88			1.34			3.59			(0.76	)
Distributions to shareholders from net investment income		(0.24	)		(0.22	)		(0.28	)		(0.25	)		(0.12	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.14	)
Total distributions		(1.22	)		(9.26	)		(4.32	)		(0.71	)		(0.26	)
Net asset value, end of year	$	9.81		$	11.18		$	19.56		$	22.54		$	19.66
Total return(b)		(1.80	)%		10.41	%		6.27	%		18.59	%		(3.71	)%
Net assets, end of year (in 000s)	$	167,765		$	208,416		$	297,772		$	370,204		$	697,430
Ratio of net expenses to average net assets		1.09	%		1.15	%		1.17	%		1.16	%		1.14	%
Ratio of total expenses to average net assets		1.29	%		1.27	%		1.20	%		1.19	%		1.16	%
Ratio of net investment income (loss) to average net assets		0.81	%		0.86	%		0.42	%		0.52	%		0.35	%
Portfolio turnover rate(c)		43	%		45	%		101	%		45	%		16	%

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

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

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.36		$	19.71		$	22.69		$	19.79		$	20.84
Net investment income (loss)(a)		—	(b)		0.01			(0.07	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss)		(0.23	)		0.80			1.26			3.50			(0.84	)
Total from investment operations		(0.23	)		0.81			1.19			3.45			(0.92	)
Distributions to shareholders from net investment income		(0.16	)		(0.12	)		(0.13	)		(0.13	)		(0.06	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.42	)		(0.07	)
Total distributions		(1.14	)		(9.16	)		(4.17	)		(0.55	)		(0.13	)
Net asset value, end of year	$	9.99		$	11.36		$	19.71		$	22.69		$	19.79
Total return(c)		(2.50	)%		9.55	%		5.49	%		17.68	%		(4.43	)%
Net assets, end of year (in 000s)	$	108,840		$	194,302		$	348,220		$	463,110		$	571,438
Ratio of net expenses to average net assets		1.84	%		1.90	%		1.92	%		1.91	%		1.89	%
Ratio of total expenses to average net assets		2.03	%		2.02	%		1.95	%		1.94	%		1.91	%
Ratio of net investment income (loss) to average net assets		0.03	%		0.12	%		(0.33	)%		(0.23	)%		(0.40	)%
Portfolio turnover rate(d)		43	%		45	%		101	%		45	%		16	%

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

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

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

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.76		$	20.08		$	23.02		$	20.08		$	21.12
Net investment income(a)		0.12			0.15			0.18			0.20			0.15
Net realized and unrealized gain (loss)		(0.24	)		0.83			1.28			3.55			(0.85	)
Total from investment operations		(0.12	)		0.98			1.46			3.75			(0.70	)
Distributions to shareholders from net investment income		(0.28	)		(0.26	)		(0.36	)		(0.31	)		(0.15	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.19	)
Total distributions		(1.26	)		(9.30	)		(4.40	)		(0.81	)		(0.34	)
Net asset value, end of year	$	10.38		$	11.76		$	20.08		$	23.02		$	20.08
Total return(b)		(1.47	)%		10.85	%		6.75	%		19.01	%		(3.35	)%
Net assets, end of year (in 000s)	$	97,358		$	191,509		$	425,555		$	759,274		$	958,317
Ratio of net expenses to average net assets		0.78	%		0.80	%		0.78	%		0.76	%		0.74	%
Ratio of total expenses to average net assets		0.90	%		0.88	%		0.81	%		0.79	%		0.76	%
Ratio of net investment income to average net assets		1.10	%		1.25	%		0.83	%		0.92	%		0.74	%
Portfolio turnover rate(c)		43	%		45	%		101	%		45	%		16	%

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

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

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.75		$	20.07		$	23.01		$	20.07		$	21.10
Net investment income(a)		0.11			0.14			0.14			0.17			0.12
Net realized and unrealized gain (loss)		(0.25	)		0.83			1.29			3.54			(0.84	)
Total from investment operations		(0.14	)		0.97			1.43			3.71			(0.72	)
Distributions to shareholders from net investment income		(0.27	)		(0.25	)		(0.33	)		(0.27	)		(0.14	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.17	)
Total distributions		(1.25	)		(9.29	)		(4.37	)		(0.77	)		(0.31	)
Net asset value, end of year	$	10.36		$	11.75		$	20.07		$	23.01		$	20.07
Total return(b)		(1.55	)%		10.73	%		6.56	%		18.85	%		(3.45	)%
Net assets, end of year (in 000s)	$	64,328		$	105,498		$	227,158		$	362,752		$	272,442
Ratio of net expenses to average net assets		0.84	%		0.90	%		0.92	%		0.91	%		0.89	%
Ratio of total expenses to average net assets		1.03	%		1.02	%		0.95	%		0.94	%		0.91	%
Ratio of net investment income to average net assets		1.04	%		1.13	%		0.68	%		0.79	%		0.59	%
Portfolio turnover rate(c)		43	%		45	%		101	%		45	%		16	%

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

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

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Class R6 Shares
	Year Ended October 31,						Period Ended October 31,
	2020			2019			2018(a)
Per Share Data
Net asset value, beginning of period	$	11.76		$	20.08		$	20.18
Net investment income(b)		0.12			0.14			0.02
Net realized and unrealized gain (loss)		(0.25	)		0.85			0.29
Total from investment operations		(0.13	)		0.99			0.31
Distributions to shareholders from net investment income		(0.28	)		(0.27	)		(0.28	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.26	)		(9.31	)		(0.41	)
Net asset value, end of period	$	10.37		$	11.76		$	20.08
Total return(c)		(1.47	)%		10.78	%		1.54	%
Net assets, end of period (in 000s)	$	1,868		$	2,240		$	10
Ratio of net expenses to average net assets		0.76	%		0.80	%		0.77	%(d)
Ratio of total expenses to average net assets		0.90	%		0.89	%		0.80	%(d)
Ratio of net investment income to average net assets		1.11	%		1.19	%		0.16	%(d)
Portfolio turnover rate(e)		43	%		45	%		101	%

(a) Commenced operations on February 28, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Rising Dividend Growth Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.13		$	19.51		$	22.49		$	19.63		$	20.66
Net investment income(a)		0.06			0.07			0.04			0.06			0.02
Net realized and unrealized gain (loss)		(0.24	)		0.78			1.25			3.47			(0.84	)
Total from investment operations		(0.18	)		0.85			1.29			3.53			(0.82	)
Distributions to shareholders from net investment income		(0.21	)		(0.19	)		(0.23	)		(0.21	)		(0.08	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.13	)
Total distributions		(1.19	)		(9.23	)		(4.27	)		(0.67	)		(0.21	)
Net asset value, end of year	$	9.76		$	11.13		$	19.51		$	22.49		$	19.63
Total return(b)		(2.01	)%		10.08	%		6.07	%		18.27	%		(3.96	)%
Net assets, end of year (in 000s)	$	1,131		$	2,575		$	3,484		$	4,506		$	4,749
Ratio of net expenses to average net assets		1.35	%		1.40	%		1.42	%		1.41	%		1.39	%
Ratio of total expenses to average net assets		1.53	%		1.52	%		1.45	%		1.44	%		1.41	%
Ratio of net investment income to average net assets		0.57	%		0.61	%		0.18	%		0.27	%		0.10	%
Portfolio turnover rate(c)		43	%		45	%		101	%		45	%		16	%

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

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

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31,
	2020			2019			2018(a)
Per Share Data
Net asset value, beginning of period	$	11.76		$	20.08		$	20.21
Net investment income (loss)(b)		0.12			0.15			(0.04	)
Net realized and unrealized gain (loss)		(0.24	)		0.84			0.25
Total from investment operations		(0.12	)		0.99			0.21
Distributions to shareholders from net investment income		(0.28	)		(0.27	)		(0.21	)
Distributions to shareholders from net realized gains		(0.98	)		(9.04	)		(0.13	)
Total distributions		(1.26	)		(9.31	)		(0.34	)
Net asset value, end of period	$	10.38		$	11.76		$	20.08
Total return(c)		(1.46	)%		10.86	%		1.03	%
Net assets, end of period (in 000s)	$	7,791		$	21,171		$	41,067
Ratio of net expenses to average net assets		0.77	%		0.79	%		0.77	%(d)
Ratio of total expenses to average net assets		0.89	%		0.87	%		0.81	%(d)
Ratio of net investment income to average net assets		1.10	%		1.24	%		(0.37	)%(d)
Portfolio turnover rate(e)		43	%		45	%		101	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

October 31, 2020

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Income Builder	A, C, Institutional, Investor, R6 and P	Diversified
Rising Dividend Growth	A, C, Institutional, Investor, R6, R and P	Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Prior to July 1, 2020, Dividend Assets Capital, LLC (“DAC” or the “Sub Adviser”) served as the sub-adviser to the Rising Dividend Growth Fund. GSAM compensated the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Fund was not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

54

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

55

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

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

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

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

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. 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

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Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

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

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

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are 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 total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2020:

INCOME BUILDER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	4,964,991		$	—		$	—
Europe		138,839,827			—			—
North America		470,610,074			9,542,202			48,685
Fixed Income
Corporate Obligations		—			886,285,407			—
Mortgage-Backed Obligations		—			183,272			—
Foreign Debt Obligations		—			3,296,799			—
Bank Loans		—			115,854,934			945,250
U.S. Treasury Obligations		1,733,514			—			—
Unfunded Loan Commitment		—			11,118			—
Investment Companies		38,545,551			—			—
Total	$	654,693,957		$	1,015,173,732		$	993,935
Liabilities
Fixed Income
Unfunded Loan Commitment	$	—		$	—		$	(3,806	)
Total	$	—		$	—		$	(3,806	)
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	51,062		$	—
Futures Contracts		773,974			—			—
Interest Rate Swap Contracts		—			8,601			—
Total	$	773,974		$	59,663		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(14,181	)	$	—
Futures Contracts		(4,192,194	)		—			—
Interest Rate Swap Contracts		—			(804,986	)		—
Total	$	(4,192,194	)	$	(819,167	)	$	—

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

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

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Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

RISING DIVIDEND GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	26,465,251		$	—	$	—
North America		412,106,746			—		—
Investment Companies		4,646,178			—		—
Securities Lending Reinvestment Vehicle		1,243,550			—		—
Total	$	444,461,725		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(327,134	)	$	—	$	—

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

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts	$	782,575	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(2,976,574)	(a)
Equity	—		—		Variation margin on futures contracts		(2,020,606)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		51,062		Payable for unrealized gain on forward foreign currency exchange contracts		(14,181)
Total		$	833,637			$	(5,011,361)
Rising Dividend Growth
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	—	$	—		Variation margin on futures contracts	$	(327,134)	(a)

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

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4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Income Builder
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	48,215,628		$	(1,768,496	)		1,303
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) futures contracts and written options		(2,887,885	)		(2,369,140	)		405
Currency	Net realized (loss) from forward foreign currency exchange contracts/Net change in unrealized gain on forward foreign currency exchange contracts		(406,580	)		265,733			3
Total		$	44,921,163		$	(3,871,903	)		1,711
Rising Dividend Growth
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts	$	1,433,709		$	(562,067	)		91

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended October 31, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Income Builder		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.52	%		0.49	%*
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.75			0.72	**

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

* Effective July 20, 2020, the Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.44% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least July 20, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

** Effective July 1, 2020, the Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.67% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least June 30, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

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Notes to Financial Statements (continued)

October 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs High Yield Fund and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended October 31, 2020, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Income Builder	$	140,632
Rising Dividend Growth		19,765

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

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class C
Income Builder	$	65,397	$	—
Rising Dividend Growth		12,253		23

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 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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Income Builder Fund; 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund; 0.03% of the average daily net assets of Class R6 and P Shares of each Fund; and 0.04% of the average daily net assets of Institutional Shares of each Fund. Prior to July 1 2020, Goldman Sachs had charged 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares of both Funds. From July 1, 2020 until July 20, 2020, Goldman Sachs had charged 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Income Builder Fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund. This arrangement will remain in effect through at least June 30, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Funds. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.004% and 0.014%, respectively. Prior to July 20, 2020, the other expense limitation as an annual percentage rate of average daily net assets for the Income Builder Fund was 0.034%. The Income Builder Fund’s arrangement will remain in effect through at least July 20, 2021, and the Rising Dividend Growth Fund’s arrangement will remain in effect through at least June 30, 2021, and prior to such dates, GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Income Builder	$	533,162	$	2,549	$	505,716	$	1,041,427
Rising Dividend Growth		150,466		244,051		580,838		975,355

G.  Line of Credit Facility — As of October 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the fiscal year ended October 31, 2020, Goldman Sachs earned $30,810 in brokerage commissions from portfolio transactions, on behalf of the Income Builder Fund.

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Notes to Financial Statements (continued)

October 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying funds fiscal year ended October 31, 2020:

Fund	Underlying Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)			Ending Value as of October 31, 2020		Shares as of October 31, 2020		Dividend Income
Income Builder	Goldman Sachs Emerging Markets Equity Fund — Class R6	$	54,599	$	626	$	—		$	9,303		$	64,528		2,516	$	627
	Goldman Sachs Financial Square Government Fund — Institutional Shares		42,020,144		520,521,396		(556,061,333	)		—			6,480,207		6,480,207		551,194
	Goldman Sachs Financial Square Government Fund — Class R6		47,167,247		409,039,220		(435,706,393	)		—			20,500,074		20,500,074		176,537
	Goldman Sachs High Yield Fund — Class R6		53,353		3,072		—			(2,067	)		54,358		8,839		3,072
	Goldman Sachs MLP Energy Infrastructure Fund — Class R6		—		12,000,000		—			(553,616	)		11,446,384		748,130		—
Total		$	89,295,343	$	941,564,314	$	(991,767,726	)	$	(546,380	)	$	38,545,551			$	731,430
Rising Dividend Growth	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	117,787	$	21,999,056	$	(21,965,059	)	$	—		$	151,784		151,784	$	7,236
	Goldman Sachs Financial Square Government Fund — Class R6		16,595,220		298,408,458		(310,509,284	)		—			4,494,394		4,494,394		90,137
Total		$	16,713,007	$	320,407,514	$	(332,474,343	)	$	—		$	4,646,178			$	97,373

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2020, were:

Fund	Purchases		Sales and Maturities
Income Builder	$	936,801,640	$	731,758,656
Rising Dividend Growth		233,733,771		466,534,718

7. SECURITIES LENDING

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

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7. SECURITIES LENDING (continued)

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

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

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the fiscal year ended October 31, 2020, are reported under Investment Income on the Statements of Operations.

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

	For the Fiscal Year Ended October 31, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of October 31, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Rising Dividend Growth	$	12,071	$	—	$	—

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Notes to Financial Statements (continued)

October 31, 2020

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended October 31, 2020.

Fund	Beginning value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of October 31, 2020		Shares as of October 31, 2020
Income Builder	$	92,000	$	127,875,251	$	(127,967,251	)	$	—		—
Rising Dividend Growth		—		38,337,272		(37,093,722	)		1,243,550		1,243,550

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows:

	Income Builder		Rising Dividend Growth
Distributions paid from:
Ordinary income	$	56,308,398	$	19,418,952
Net long-term capital gains		—		52,432,965
Total Taxable Distributions	$	56,308,398	$	71,851,917
Tax Return of Capital	$	2,074,678	$	—

The tax character of distributions paid during the fiscal year ended October 31, 2019 was as follows:

	Income Builder		Rising Dividend Growth
Distributions paid from:
Ordinary income	$	59,613,529	$	15,524,354
Net long-term capital gains		—		516,474,079
Total Taxable Distributions	$	59,613,529	$	531,998,433
Tax Return of Capital	$	—	$	—

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8. TAX INFORMATION (continued)

As of October 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Income Builder			Rising Dividend Growth
Undistributed ordinary income — net	$	—		$	9,267,339
Undistributed long-term capital gains		—			1,822,049
Total undistributed earnings	$	—		$	11,089,388
Capital loss carryforwards:(1)
Perpetual Short-Term	$	(597,071	)	$	—
Perpetual Long-Term		(20,303,770	)		—
Total capital loss carryforwards	$	(20,900,841	)	$	—
Timing differences (Straddle Loss Deferral and Defaulted Bonds)	$	(170,593	)	$	(12,450,322	)
Unrealized gains — net		81,564,652			56,022,468
Total accumulated earnings net	$	60,493,218		$	54,661,534

(1) The Income Builder Fund utilized $3,061,184 of capital losses.

As of October 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder			Rising Dividend Growth
Tax Cost	$	1,585,156,690		$	388,112,067
Gross unrealized gain		137,007,234			89,277,902
Gross unrealized loss		(55,442,582	)		(33,255,434	)
Net unrealized gains (losses)	$	81,564,652		$	56,022,468

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

The Rising Dividend Growth Fund reclassed $267,349 from paid in capital to distributable earnings, for the year ending October 31, 2020. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from differences in the tax treatment of partnership investments.

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

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

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Notes to Financial Statements (continued)

October 31, 2020

9. OTHER RISKS (continued)

disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Income Builder Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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9. OTHER RISKS (continued)

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

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

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

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

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Notes to Financial Statements (continued)

October 31, 2020

9. OTHER RISKS (continued)

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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.

Short Position Risk — The Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Funds may purchase for investment. Taking short positions involves leverage of the Funds’ assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Funds have taken a short position increases, then the Funds will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Funds use the proceeds they receive from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Funds to the markets and therefore could magnify changes to the Funds’ NAV.

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 Income Builder Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal year ended October 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Fund. Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

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11. OTHER MATTERS (continued)

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting date, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

12. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,444,417		$	81,075,795			1,799,656		$	40,853,964
Reinvestment of distributions		425,053			9,849,705			473,912			10,712,396
Shares redeemed		(3,157,946	)		(72,889,213	)		(3,259,093	)		(72,590,615	)
		711,524			18,036,287			(985,525	)		(21,024,255	)
Class C Shares
Shares sold		1,789,841			41,157,194			2,010,857			44,464,284
Reinvestment of distributions		465,379			10,575,196			569,398			12,640,806
Shares redeemed		(5,623,116	)		(127,931,312	)		(4,986,655	)		(109,946,008	)
		(3,367,896	)		(76,198,922	)		(2,406,400	)		(52,840,918	)
Institutional Shares
Shares sold		12,873,547			308,323,535			7,470,375			173,813,483
Reinvestment of distributions		825,771			19,554,766			865,254			19,941,926
Shares redeemed		(10,911,901	)		(251,978,866	)		(13,897,580	)		(318,459,334	)
		2,787,417			75,899,435			(5,561,951	)		(124,703,925	)
Investor Shares
Shares sold		4,058,729			96,589,681			4,827,414			111,049,360
Reinvestment of distributions		400,544			9,472,182			390,392			8,998,199
Shares redeemed		(4,607,546	)		(105,650,306	)		(5,145,695	)		(116,297,027	)
		(148,273	)		411,557			72,111			3,750,532
Class R6 Shares
Shares sold		2,479,595			60,768,260			611,262			13,568,669
Reinvestment of distributions		81,840			1,929,138			13,716			320,777
Shares redeemed		(268,437	)		(5,872,640	)		(197,660	)		(4,529,061	)
		2,292,998			56,824,758			427,318			9,360,385
Class P Shares
Shares sold		432,334			10,475,567			95,414			2,230,065
Reinvestment of distributions		24,175			575,637			22,699			523,868
Shares redeemed		(346,748	)		(8,150,793	)		(271,094	)		(6,089,236	)
		109,761			2,900,411			(152,981	)		(3,335,303	)
NET INCREASE (DECREASE)		2,385,531		$	77,873,526			(8,607,428	)	$	(188,793,484	)

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,175,610		$	31,136,025			3,875,656		$	41,704,284
Reinvestment of distributions		2,003,644			20,863,785			11,404,340			115,817,078
Shares redeemed		(6,706,465	)		(64,982,419	)		(11,867,123	)		(144,815,996	)
		(1,527,211	)		(12,982,609	)		3,412,873			12,705,366
Class C Shares
Shares sold		382,059			3,978,768			1,990,737			21,306,015
Reinvestment of distributions		1,518,795			16,217,447			12,146,115			124,900,331
Shares redeemed		(8,109,150	)		(81,750,482	)		(14,700,253	)		(176,996,871	)
		(6,208,296	)		(61,554,267	)		(563,401	)		(30,790,525	)
Institutional Shares
Shares sold		1,544,449			16,238,584			6,366,869			88,407,748
Reinvestment of distributions		1,387,802			15,267,883			12,457,809			132,953,032
Shares redeemed		(9,828,045	)		(100,369,325	)		(23,734,594	)		(312,316,042	)
		(6,895,794	)		(68,862,858	)		(4,909,916	)		(90,955,262	)
Investor Shares
Shares sold		762,746			8,117,415			1,916,994			22,095,019
Reinvestment of distributions		951,261			10,450,296			7,878,882			83,943,748
Shares redeemed		(4,485,749	)		(46,586,109	)		(12,134,679	)		(156,756,382	)
		(2,771,742	)		(28,018,398	)		(2,338,803	)		(50,717,615	)
Class R6 Shares
Shares sold		68,556			711,516			260,151			2,816,993
Reinvestment of distributions		21,891			239,578			5,071			57,671
Shares redeemed		(100,789	)		(1,045,464	)		(75,304	)		(862,540	)
		(10,342	)		(94,370	)		189,918			2,012,124
Class R Shares
Shares sold		18,344			182,661			89,215			955,086
Reinvestment of distributions		22,024			229,741			110,225			1,113,855
Shares redeemed		(155,750	)		(1,592,357	)		(146,729	)		(1,739,234	)
		(115,382	)		(1,179,955	)		52,711			329,707
Class P Shares
Shares sold		64,197			643,263			17,063			209,619
Reinvestment of distributions		167,433			1,854,725			1,531,128			16,342,234
Shares redeemed		(1,280,451	)		(13,288,125	)		(1,793,344	)		(22,149,574	)
		(1,048,821	)		(10,790,137	)		(245,153	)		(5,597,721	)
NET DECREASE		(18,577,588	)	$	(183,482,594	)		(4,401,771	)	$	(163,013,926	)

73

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

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

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

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

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Fund Expenses — Period Ended October 31,  2020 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 through October 31, 2020, which represents a period of 184 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 Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/20*		Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/20*
Class A
Actual	$	1,000.00	$	1,084.80		$	4.51	$	1,000.00	$	1,122.70		$	5.66
Hypothetical 5% return		1,000.00		1,020.81	+		4.37		1,000.00		1,019.81	+		5.38
Class C
Actual		1,000.00		1,081.30			8.48		1,000.00		1,119.20			9.64
Hypothetical 5% return		1,000.00		1,016.99	+		8.21		1,000.00		1,016.04	+		9.17
Institutional
Actual		1,000.00		1,086.90			2.73		1,000.00		1,125.10			4.01
Hypothetical 5% return		1,000.00		1,022.52	+		2.64		1,000.00		1,021.37	+		3.81
Investor
Actual		1,000.00		1,086.20			3.25		1,000.00		1,125.00			4.33
Hypothetical 5% return		1,000.00		1,022.02	+		3.15		1,000.00		1,021.06	+		4.12
Class R6
Actual		1,000.00		1,087.00			2.68		1,000.00		1,125.30			3.95
Hypothetical 5% return		1,000.00		1,022.57	+		2.59		1,000.00		1,021.42	+		3.76
Class R
Actual		N/A		N/A			N/A		1,000.00		1,121.70			6.99
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.55	+		6.65
Class P
Actual		1,000.00		1,087.00			2.68		1,000.00		1,125.20			3.95
Hypothetical 5% return		1,000.00		1,022.57	+		2.59		1,000.00		1,021.42	+		3.76

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income Builder		0.86	%		1.62	%		0.52	%		0.62	%		0.51	%		N/A			0.51	%
Rising Dividend Growth		1.06			1.81			0.75			0.81			0.74			1.31	%		0.74

+ 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.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth 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, 2021 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 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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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 Rising Dividend Growth Fund), 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 (with respect to the Income Builder Fund), other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

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

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

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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 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, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. 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 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 Rising Dividend Growth Fund’s portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Rising Dividend Growth Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that the Investment Adviser’s Quantitative Investment Strategies Team manages a portion of the Fund’s portfolio (the “10/10 Strategy”) and that the Fund’s sub-adviser, Dividend Assets Capital, LLC (“DAC”), had managed the portion of the Fund’s portfolio that invests in energy infrastructure companies (the “Energy Infrastructure Strategy”). They considered that the Investment Adviser had recommended that the sub-advisory agreement between the Investment Adviser and DAC with respect to the Rising Dividend Growth Fund not be renewed upon its expiration on June 30, 2020, and that they had approved the re-assignment of management of the Energy Infrastructure Strategy to the Investment Adviser’s Energy and Infrastructure Team, effective on that date. The Trustees noted that GPS manages allocations between the “10/10 Strategy” and the Energy Infrastructure Strategy. They noted that the Rising Dividend Growth Fund’s peer group (Large Growth) and benchmark (the S&P 500 Index) were broad-based, whereas the Fund focused on dividend-paying stocks. The Trustees recalled that the Rising Dividend Growth Fund’s predecessor, which was advised by an affiliate of DAC, had commenced operations in March 2004 and had been reorganized into the Fund as a series of GST in February 2012. The Trustees observed that the Income Builder Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five and ten-year periods ended March 31, 2020. They recalled that the Income Builder Fund had been repositioned from the Goldman Sachs Balanced Fund in 2012, which involved changes to the Fund’s investment objective and principal investment strategy. The Trustees also noted that the Income Builder Fund and Rising Dividend Growth Fund had experienced certain portfolio management changes in 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.

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

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 2019 and 2018, 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:

	Income Builder Fund			Rising Dividend Growth Fund
First $1 billion		0.54	%		0.75	%
Next $1 billion		0.49			0.68
Next $3 billion		0.46			0.64
Next $3 billion		0.45			0.63
Over $8 billion		0.44			0.62

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Rising Dividend Growth Fund’s Class A, Class C, Investor and Class R Shares. 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 Income Builder 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) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Income Builder Fund; (d) trading efficiencies resulting from aggregation of orders of the 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 the Rising Dividend Growth Fund (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed

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

by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Rising Dividend Growth 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, 2021.

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Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)

82

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees (continued)

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	170	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

83

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of October 31, 2020.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Trust — Dividend Focus Fund — Tax Information (Unaudited)

For the year ended October 31, 2020, 21.63% and 59.30% of the dividends paid from net investment company taxable income by the Income Builder and Rising Dividend Growth Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2020, 30.37% and 73.02% of the dividends paid from net investment company taxable income by the Income Builder and Rising Dividend Growth Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Rising Dividend Growth Fund designates $52,432,965, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2020.

During the fiscal year ended October 31, 2020, the Rising Dividend Growth Fund, designate $11,037,886 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

84

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

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

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

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

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2020 Goldman Sachs. All rights reserved. 224112-OTU-1321557 DIVFOAR-20

Goldman Sachs Funds

Annual Report	October 31, 2020
	Domestic Equity Insights Funds
	Large Cap Growth Insights
	Large Cap Value Insights
	Small Cap Equity Insights
	Small Cap Growth Insights
	Small Cap Value Insights
	U.S. Equity Insights

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

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

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

Goldman Sachs Domestic Equity Insights Funds

∎ LARGE CAP GROWTH INSIGHTS

∎ LARGE CAP VALUE INSIGHTS

∎ SMALL CAP EQUITY INSIGHTS

∎ SMALL CAP GROWTH INSIGHTS

∎ SMALL CAP VALUE INSIGHTS

∎ U.S. EQUITY INSIGHTS

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussion and Performance Summaries	3
Index Definitions	27
Schedules of Investments	28
Financial Statements	53
Financial Highlights	60
Large Cap Growth Insights	60
Large Cap Value Insights	68
Small Cap Equity Insights	76
Small Cap Growth Insights	84
Small Cap Value Insights	91
U.S. Equity Insights	98
Notes to Financial Statements	106
Report of Independent Registered Public Accounting Firm	127
Other Information	129

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the 12-Month Period Ended October 31, 2020

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the 12-month period ended October 31, 2020 (the “Reporting Period”).

During the last months of 2019, we added a number of new metrics within our High-Quality Business Models investment theme. The first metric identifies companies with longer executive management tenure, as we believe this is indicative of sustainable, high-quality business models. Second, we began leveraging data from a large web search engine provider to help quantify changes in consumer attention. Third, we introduced a signal that uses import and export data to help quantify demand growth for a company’s products, complementing our suite of consumer demand signals. Finally, we added a signal focused on health care companies that helps us measure the value of a pharmaceutical company’s drug pipeline. Within our Market Themes & Trends investment theme, we introduced a signal that helps us find connections between companies based upon import and export data.

During the first half of 2020, we introduced new signals within our High Quality Business Models investment theme. First, we added a signal that uses machine learning and natural language processing techniques to capture the linguistic complexity of a company’s earnings call transcript, as we believe that companies using simple language are expected to perform better over the long term. Second, we implemented a signal that uses machine learning techniques to gauge the management quality of a company by assessing employee satisfaction and firm culture through employee reviews and ratings for companies. In our Fundamental Mispricings investment theme, we introduced a signal that seeks to test investors’ under-reaction to a company’s short-term deviation in its fundamentals by simultaneously looking at a set of key profitability metrics that could point to a company’s long-term growth prospects.

1

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

Market Review

U.S. equities generated a solid gain during the 12-month period ended October 31, 2020 (the “Reporting Period”), with the major influences being the spread of COVID-19, contraction in global economic growth and historic financial stimulus by central banks and governments around the world.

In November and December 2019, when the Reporting Period began, U.S. equity market returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market, as evidenced by the U.S. adding more than 200,000 jobs in November, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation and reduced trade war tensions fended off imminent recession risk.

During the first quarter of 2020, U.S. equities sold off as the emergence and rapid spread of COVID-19 caused non-essential businesses to close. Jobless claims increased to 6.6 million and nonfarm payrolls decreased by 701,000 for the month of March, leading the U.S. government and the U.S. Federal Reserve (“Fed”) to respond with aggressive financial stimulus. In addition, crude oil prices fell as supply increased and demand declined.

U.S. equities rebounded during the second calendar quarter. The market appreciated despite a surge in COVID-19 cases in regional pockets of the U.S., causing local governments to pause reopening plans and revisit previous lockdown measures. Positive market sentiment was buoyed by better than consensus expected economic data, such as nonfarm payrolls increasing 7.3 million over May and June, driving the unemployment rate down to 11.1% from a high of more than 14% in the prior quarter.

During the third quarter of 2020, the U.S. equity markets continued to rally in spite of pressure from the COVID-19 pandemic. Market strength was supported by a sharp cyclical recovery in economic data, with the Institute for Supply Management’s Purchasing Managers’ Index increasing to 56.0 in August, a reading that was firmly in expansionary territory. Optimism around a potential COVID-19 vaccine also helped support equity markets during the quarter.

In October 2020, the majority of third quarter earnings results for U.S. companies came in better than consensus expected, but U.S. equity prices declined against a backdrop of heightened market expectations. Political uncertainty surrounding the then-upcoming U.S. elections and a lack of further fiscal stimulus were also sources of volatility during the month. Despite these headwinds, some support for equities was provided by a 33.1% increase in U.S. Gross Domestic Product (“GDP”) in the third quarter of 2020, as businesses resumed some activity that was postponed or restricted as a result of COVID-19.

For the Reporting Period overall, the S&P 500^® Index (with dividends reinvested) returned 9.68%, with seven of its 11 sectors generating positive absolute returns. Information technology, consumer discretionary and communication services were the best performing sectors in the S&P 500^® Index. The weakest performing sector in the S&P 500^® Index was energy, followed at some distance by financials and real estate.

In terms of market capitalization, large-cap stocks, as measured by the Russell 1000^® Index, performed best, followed by mid-cap stocks, as measured by the Russell Midcap^® Index, with each capitalization segment posting positive absolute returns. Small-cap stocks, as measured by the Russell 2000^® Index, were weakest, posting negative absolute returns during the Reporting Period as a whole. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, 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 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.

2

PORTFOLIO RESULTS

Goldman Sachs Large Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital, with dividend income as a secondary consideration.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of 23.84%, 22.97%, 24.33%, 23.68%, 24.17%, 24.36%, 23.55% and 24.34%, respectively. These returns compare to the 29.13% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Index”), during the same 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 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, three of our four investment themes detracted from the Fund’s relative performance. High Quality Business Models was the Fund’s worst-performing investment theme, followed by Sentiment Analysis. Fundamental Mispricings also detracted from results, albeit to a lesser extent. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. 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.

Our Market Themes & Trends investment theme added to the Fund’s performance during the Reporting Period. 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 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

3

PORTFOLIO RESULTS

sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, stock selection hurt the Fund’s relative performance, led by investments in the financials, real estate and health care sectors. The Fund’s stock selection contributed positively to performance in the information technology, industrials and energy sectors.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, the Fund was challenged during the Reporting Period by its underweight position relative to the Index in electric vehicle and clean energy company Tesla. Overweights in Synchrony Financial, a consumer financial services company, and Costco Wholesale, which operates a chain of membership-only warehouse clubs, also detracted from performance. The Fund’s underweight in Tesla was primarily due to our High Quality Business Models investment theme and, to a lesser extent, our Fundamental Mispricings and Sentiment Analysis investment themes. We chose to overweight Synchrony Financial largely because of our Fundamental Mispricings and High Quality Business Models investment themes, while the overweight in Costco Wholesale was mainly the result of our High Quality Business Models investment theme.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund was helped by an underweight position in aerospace and defense company Boeing. Overweight positions in Regeneron Pharmaceuticals and Amazon.com also added to relative returns. The underweight in Boeing was driven by all four of our investment themes, led by High Quality Business Models. Our Fundamental Mispricings and Sentiment Analysis investment themes were largely responsible for the Fund’s overweight position in biotechnology company Regeneron Pharmaceuticals. We assumed the overweight in Amazon.com, which focuses on e-commerce, cloud computing, digital streaming and artificial intelligence, primarily because of our Sentiment Analysis investment theme.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the real estate and financials sectors relative to the Index. Compared to the Index, the Fund was underweight the information technology, health care and consumer staples sectors. The Fund was relatively neutral compared to the Index in the materials, communication services, industrials, consumer discretionary and energy sectors at the end of the Reporting Period.

4

FUND BASICS

Large Cap Growth Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Apple, Inc.		10.1	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		9.1		Software
Amazon.com, Inc.		8.6		Internet & Direct Marketing Retail
Facebook, Inc., Class A		4.2		Interactive Media & Services
Alphabet, Inc., Class C		3.7		Interactive Media & Services
Adobe, Inc.		2.3		Software
PayPal Holdings, Inc.		2.0		IT Services
Visa, Inc., Class A		1.9		IT Services
Costco Wholesale Corp.		1.9		Food & Staples Retailing
Netflix, Inc.		1.9		Entertainment

¹  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

5

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Large Cap Growth Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	23.84%	14.34%	15.17%	—
Including sales charges	17.03%	13.05%	14.52%	—
Class C
Excluding contingent deferred sales charges	22.97%	13.50%	14.32%	—
Including contingent deferred sales charges	21.93%	13.50%	14.32%	—
Institutional	24.33%	14.80%	15.63%	—
Service	23.68%	14.22%	15.05%	—
Investor	24.17%	14.63%	15.45%	—
Class R6 (Commenced July 31, 2015)	24.36%	14.81%	N/A	14.01%
Class R	23.55%	14.06%	14.88%	—
Class P (Commenced April 16, 2018)	24.34%	N/A	N/A	13.90%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

6

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Value Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of -8.34%, -9.02%, -7.98%, -8.44%, -8.09%, -7.97%, -8.58% and -7.97%, respectively. These returns compare to the -7.55% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Index”), during the same 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 two of our quantitative model’s four investment themes detracting from returns. Stock selection driven by these investment themes dampened 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, two of our investment themes — Sentiment Analysis and High Quality Business Models — detracted from the Fund’s relative performance. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

Our Fundamental Mispricings and Market Themes & Trends investment themes contributed positively to relative returns during the Reporting Period. 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. 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 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.

7

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, stock selection within the industrials, financials and materials sectors detracted from results. Stock selection in information technology, energy and communication services sectors added to relative returns.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, the Fund was hurt by its underweight positions relative to the Index in Danaher and Berkshire Hathaway and by its overweight position in Reinsurance Group of America. We chose to underweight Danaher, which designs and manufactures professional, medical, industrial and commercial products and services, largely because of our High Quality Business Models and Sentiment Analysis investment themes. Our Sentiment Analysis and Market Themes & Trends investment themes led to the Fund’s underweight in conglomerate holding company Berkshire Hathaway. The overweight in life and health reinsurance company Reinsurance Group of America was mainly the result our Fundamental Mispricings investment theme.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, an underweight position in energy company Exxon Mobil bolstered the Fund’s relative results. The Fund also benefited from overweights in Amazon.com, which focuses on e-commerce, cloud computing, digital streaming and artificial intelligence, and in Pinterest, an image sharing and social media service. We adopted the underweight in Exxon Mobil mostly because of our Sentiment Analysis investment theme. The overweights in Amazon.com and Pinterest were based largely on our Sentiment Analysis 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 used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the health care, real estate, financials and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, industrials, consumer staples, energy and communication services sectors. The Fund was relatively neutral in the information technology and consumer discretionary sectors at the end of the Reporting Period.

8

FUND BASICS

Large Cap Value Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Alphabet, Inc., Class A		2.5	%	Interactive Media & Services
Walmart, Inc.		2.3		Food & Staples Retailing
Johnson & Johnson		2.3		Pharmaceuticals
Berkshire Hathaway, Inc., Class B		1.7		Diversified Financial Services
Linde PLC		1.6		Chemicals
Prologis, Inc. REIT		1.5		Equity Real Estate Investment Trusts (REITs)
Target Corp.		1.5		Multiline Retail
Texas Instruments, Inc.		1.5		Semiconductors & Semiconductor Equipment
Fidelity National Information Services, Inc.		1.5		IT Services
Bank of America Corp.		1.5		Banks

¹  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

9

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Large Cap Value Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-8.34%	5.04%	9.37%	—
Including sales charges	-13.38%	3.86%	8.76%	—
Class C
Excluding contingent deferred sales charges	-9.02%	4.25%	8.56%	—
Including contingent deferred sales charges	-9.93%	4.25%	8.56%	—
Institutional	-7.98%	5.43%	9.81%	—
Service	-8.44%	4.92%	9.26%	—
Investor	-8.09%	5.29%	9.65%	—
Class R6 (Commenced July 31, 2015)	-7.97%	5.46%	N/A	4.91%
Class R	-8.58%	4.76%	9.10%	—
Class P (Commenced April 16, 2018)	-7.97%	N/A	N/A	-1.38%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

10

PORTFOLIO RESULTS

Goldman Sachs Small Cap Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of -10.18%, -10.82%, -9.82%, -10.29%, -9.95%, -9.81%, -10.39% and -9.81%, respectively. These returns compare to the -0.14% average annual total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Index”), during the same 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 these investment themes also 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 detracted from the Fund’s relative returns. Our Sentiment Analysis and High Quality Business Models investment themes were the most challenged. Fundamental Mispricings also hampered results, albeit to a lesser extent. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. 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.

The Market Themes & Trends investment theme added slightly to performance during the Reporting Period. 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 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

11

PORTFOLIO RESULTS

sector or industry weights generally do not have a meaningful impact on relative performance.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, the Fund’s stock selection within the health care, industrials and consumer discretionary sectors detracted from relative returns. On the positive side, stock selection in the financials, real estate and energy sectors added to the Fund’s performance.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, the Fund was hurt by its overweight position compared to the Index in ANI Pharmaceuticals. Underweight positions in MyoKardia and Penn National Gaming also detracted from the Fund’s relative performance. Our High Quality Business Models and Sentiment Analysis investment themes drove the Fund’s overweight in ANI Pharmaceuticals, an integrated specialty pharmaceutical company. The underweight in MyoKardia, a clinical stage biopharmaceutical company, was largely due to our Sentiment Analysis and Fundamental Mispricings investment themes. We chose to underweight Penn National Gaming, which operates casinos and racetracks, mainly because of our High Quality Business Models and Fundamental Mispricings investment themes.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund benefited from its overweight positions in Goosehead Insurance, a personal lines insurance agency; Darling Ingredients, a developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients; and Inphi, a provider of high-speed data movement interconnects. The overweight in Goosehead Insurance was primarily due to our Fundamental Mispricings and Market Themes & Trends investment themes. Our High Quality Business Models and Sentiment Analysis investment themes led to the overweights in Darling Ingredients and Inphi.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the consumer discretionary, materials, communication services and real estate sectors relative to the Index. Compared to the Index, the Fund was underweight the health care, information technology, utilities and industrials sectors. The Fund was relatively neutral versus the Index in the financials, consumer staples and energy sectors at the end of the Reporting Period.

12

FUND BASICS

Small Cap Equity Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
BJ’s Wholesale Club Holdings, Inc.		0.8	%	Food & Staples Retailing
Simpson Manufacturing Co., Inc.		0.8		Building Products
Rexnord Corp.		0.8		Machinery
Louisiana-Pacific Corp.		0.8		Paper & Forest Products
Rush Enterprises, Inc., Class A		0.7		Trading Companies & Distributors
Mirati Therapeutics, Inc.		0.7		Biotechnology
NorthWestern Corp.		0.7		Multi-Utilities
PotlatchDeltic Corp. REIT		0.7		Equity Real Estate Investment Trusts (REITs)
Emergent BioSolutions, Inc.		0.7		Biotechnology
Xencor, Inc.		0.7		Biotechnology

¹  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

² The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

13

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Equity Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-10.18%	5.11%	8.67%	—
Including sales charges	-15.11%	3.93%	8.06%	—
Class C
Excluding contingent deferred sales charges	-10.82%	4.33%	7.86%	—
Including contingent deferred sales charges	-11.71%	4.33%	7.86%	—
Institutional	-9.82%	5.52%	9.11%	—
Service	-10.29%	4.99%	8.55%	—
Investor	-9.95%	5.37%	8.95%	—
Class R6 (Commenced July 31, 2015)	-9.81%	5.54%	N/A	4.89%
Class R	-10.39%	4.84%	8.41%	—
Class P (Commenced April 16, 2018)	-9.81%	N/A	N/A	-2.37%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

14

PORTFOLIO RESULTS

Goldman Sachs Small Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of -0.95%, -1.70%, -0.57%, -0.72%, -0.57%, -1.23% and -0.57%, respectively. These returns compare to the 13.33% average annual total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Index”), during the same 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 returns. Stock selection driven by these investment themes also hindered 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 performance. Our Sentiment Analysis and High Quality Business Models investment themes were the most challenged, followed by our Fundamental Mispricings and Market Themes & Trends investment themes. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. 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. 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 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.

15

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, the Fund was hurt by stock selection in the health care, industrials and consumer discretionary sectors. Stock selection in the utilities sector contributed positively to relative performance.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, an overweight relative to the Index in ANI Pharmaceuticals detracted from performance. Underweight positions in iRhythm Technologies and Plug Power also hampered results. Our High Quality Business Models and Sentiment Analysis investment themes drove the Fund’s overweight in ANI Pharmaceuticals, an integrated specialty pharmaceutical company. The Fund’s underweight in iRhythm Technologies, which provides diagnostic monitoring solutions that facilitate the early diagnosis and treatment of cardiac arrhythmia, was largely due to our High Quality Business Models and Sentiment Analysis investment themes. We adopted the underweight in Plug Power, which is engaged in the development of hydrogen fuel cell systems, mainly because of our High Quality Business Models investment theme.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund benefited from its overweight positions in personal lines insurance agency Goosehead Insurance; software company Five9; and pet insurance provider Trupanion. We chose to overweight Goosehead Insurance primarily because of our Fundamental Mispricings and Market Themes & Trends investment themes. Our High Quality Business Models and Market Themes & Trends investment themes led to the overweight in Five9. The overweight in Trupanion was mostly because of our Market Themes & Trends and Fundamental Mispricings investment themes.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact to the Fund’s relative results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the financials, communication services, materials and real estate sectors relative to the Index. Compared to the Index, the Fund was underweight the information technology, health care and utilities sectors. The Fund was relatively neutral compared to the Index in the consumer staples, consumer discretionary, energy and industrials sectors at the end of the Reporting Period.

16

FUND BASICS

Small Cap Growth Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Mirati Therapeutics, Inc.		1.2	%	Biotechnology
BJ’s Wholesale Club Holdings, Inc.		1.1		Food & Staples Retailing
Natera, Inc.		1.0		Biotechnology
Simpson Manufacturing Co., Inc.		1.0		Building Products
Louisiana-Pacific Corp.		0.9		Paper & Forest Products
Emergent BioSolutions, Inc.		0.9		Biotechnology
Neogen Corp.		0.9		Health Care Equipment & Supplies
Power Integrations, Inc.		0.9		Semiconductors & Semiconductor Equipment
Wingstop, Inc.		0.9		Hotels, Restaurants & Leisure
Novanta, Inc.		0.9		Electronic Equipment, Instruments & Components

¹  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets as of October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

17

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Growth Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010, through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-0.95%	7.40%	10.81%	—
Including sales charges	-6.37%	6.20%	10.18%	—
Class C
Excluding contingent deferred sales charges	-1.70%	6.60%	9.98%	—
Including contingent deferred sales charges	-2.68%	6.60%	9.98%	—
Institutional	-0.57%	7.82%	11.24%	—
Investor	-0.72%	7.66%	11.08%	—
Class R6 (Commenced July 31, 2015)	-0.57%	7.83%	N/A	6.60%
Class R	-1.23%	7.13%	10.53%	—
Class P (Commenced April 16, 2018)	-0.57%	N/A	N/A	1.43%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

18

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Value Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of -16.49%, -17.11%, -16.19%, -16.32%, -16.17%, -16.70% and -16.18%, respectively. These returns compare to the -13.89% average annual total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Index”), during the same 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 two of our quantitative model’s four investment themes detracting from returns. Stock selection driven by these investment themes also 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, two of our investment themes — Sentiment Analysis and High Quality Business Models — detracted from the Fund’s relative performance. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

Our Fundamental Mispricings and Market Themes & Trends investment themes contributed positively to relative returns during the Reporting Period. 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. 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 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

19

PORTFOLIO RESULTS

sector or industry weights generally do not have a meaningful impact on relative performance.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, the Fund was hurt by stock selection in the health care, industrials and consumer discretionary sectors. Stock selection within the energy, real estate and financials sectors added to relative performance.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual positions, an underweight relative to the Index in Penn National Gaming detracted from returns. Overweight positions in MRC Global and Retail Value also hindered the Fund’s performance. Our High Quality Business Models and Fundamental Mispricings investment themes led to the underweight in Penn National Gaming, which operates casinos and racetracks. The Fund’s overweight in industrial supplies company MRC Global was the result of our Sentiment Analysis, High Quality Business Models and Fundamental Mispricings investment themes. We adopted the overweight in Retail Value, a real estate investment trust focused on retail shopping centers, mainly because of our Fundamental Mispricings and Sentiment Analysis investment themes.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A The Fund was helped during the Reporting Period by its overweight positions in Darling Ingredients, a developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients; Goosehead Insurance, a personal lines insurance agency; and Collectors Universe, which provides grading and authentication services for high-value collectibles. We decided to overweight Darling Ingredients based on our High Quality Business Models, Sentiment Analysis and Market Themes & Trends investment themes. The overweight in Goosehead Insurance was largely driven by our Fundamental Mispricings and Market Themes & Trends investment themes. Our High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in Collectors Universe.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the consumer discretionary and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, financials and industrials sectors. The Fund was relatively neutral in the information technology, energy, consumer staples, real estate, health care and communication services sectors at the end of the Reporting Period.

20

FUND BASICS

Small Cap Value Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Rexnord Corp.		0.9	%	Machinery
NorthWestern Corp.		0.8		Multi-Utilities
Alcoa Corp.		0.8		Metals & Mining
PotlatchDeltic Corp. REIT		0.8		Equity Real Estate Investment Trusts (REITs)
CVB Financial Corp.		0.8		Banks
Hilltop Holdings, Inc.		0.8		Banks
Summit Materials, Inc., Class A		0.8		Construction Materials
Sabra Health Care REIT, Inc. REIT		0.8		Equity Real Estate Investment Trusts (REITs)
Darling Ingredients, Inc.		0.8		Food Products
Rush Enterprises, Inc., Class A		0.8		Trading Companies & Distributors

¹  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

² The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets as of October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

21

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Value Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-16.49%	3.56%	7.10%	—
Including sales charges	-21.07%	2.40%	6.50%	—
Class C
Excluding contingent deferred sales charges	-17.11%	2.79%	6.30%	—
Including contingent deferred sales charges	-17.94%	2.79%	6.30%	—
Institutional	-16.19%	3.96%	7.52%	—
Investor	-16.32%	3.81%	7.36%	—
Class R6 (Commenced July 31, 2015)	-16.17%	3.97%	N/A	3.45%
Class R	-16.70%	3.30%	6.83%	—
Class P (Commenced April 16, 2018)	-16.18%	N/A	N/A	-5.86%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

22

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R, and Class P Shares generated average annual total returns, without sales charges, of 10.04%, 9.25%, 10.47%, 9.93%, 10.33%, 10.49%, 9.79% and 10.49%, respectively. These returns compare to the 9.68% average annual total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “Index”), during the same 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 generally outperformed the Index, with three of our quantitative model’s four investment themes adding to returns. Stock selection driven by these investment themes further bolstered relative performance.

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 contributed positively to the Fund’s relative performance. Market Themes & Trends was our best-performing investment theme, followed by our Fundamental Mispricings and High Quality Business Models investment themes. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. 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.

Our Sentiment Analysis investment theme detracted marginally from relative returns during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

Q How did the Fund’s sector allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets.

23

PORTFOLIO RESULTS

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.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, stock selection within the information technology, energy and consumer discretionary sectors contributed positively to the Fund’s relative performance. Stock selection in the financials, real estate and utilities sectors detracted from relative results.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund benefited from an underweight compared to the Index in energy company Exxon Mobil. Overweights in Amazon.com, which focuses on e-commerce, cloud computing, digital streaming and artificial intelligence, and in PayPal Holdings, a digital payment company, also boosted relative returns. The Fund’s underweight in Exxon Mobil was largely the result of our Sentiment Analysis investment theme. We chose to overweight Amazon.com and PayPal Holdings mainly because of our Sentiment Analysis and Market Themes & Trends investment themes.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A The Fund’s overweight positions in Costco Wholesale, Raytheon and CME Group detracted from relative performance. Our decision to overweight Costco Wholesale, which operates a chain of membership-only warehouse clubs, was based primarily on our High Quality Business Models investment theme. We adopted the overweight in defense contractor Raytheon largely because of our Sentiment Analysis investment theme. The Fund’s overweight in CME Group, a collection of exchanges that focuses primarily on financial derivatives, was driven by our High Quality Business Models and Sentiment Analysis investment themes.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the real estate, consumer discretionary, health care and financials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, information technology, consumer staples, energy and industrials sectors. The Fund was relatively neutral compared to the Index in the materials and communication services sectors at the end of the Reporting Period.

24

FUND BASICS

U.S. Equity Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business
Microsoft Corp.		6.3	%	Software
Amazon.com, Inc.		5.8		Internet & Direct Marketing Retail
Apple, Inc.		5.5		Technology Hardware, Storage & Peripherals
Facebook, Inc., Class A		3.1		Interactive Media & Services
Alphabet, Inc., Class C		2.7		Interactive Media & Services
PayPal Holdings, Inc.		1.8		IT Services
Adobe, Inc.		1.8		Software
Netflix, Inc.		1.7		Entertainment
Walmart, Inc.		1.7		Food & Staples Retailing
Costco Wholesale Corp.		1.6		Food & Staples Retailing

¹ The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

25

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares. For comparative purposes, the performance of the Fund’s benchmark, the Standard and Poor’s 500 Index (with dividends reinvested) (“S&P 500^® Index”), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

U.S. Equity Insights Fund’s 10 Year Performance

Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	10.04%	10.30%	12.44%	—
Including sales charges	4.01%	9.07%	11.80%	—
Class C
Excluding contingent deferred sales charges	9.25%	9.49%	11.60%	—
Including contingent deferred sales charges	8.24%	9.49%	11.60%	—
Institutional	10.47%	10.73%	12.87%	—
Service	9.93%	10.18%	12.32%	—
Investor	10.33%	10.58%	12.71%	—
Class R6 (Commenced July 31, 2015)	10.49%	10.74%	N/A	9.91%
Class R	9.79%	10.03%	12.16%	—
Class P (Commenced April 16, 2018)	10.49%	N/A	N/A	7.51%

* These returns assume reinvestment of all distributions at NAV and 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% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

26

FUND BASICS

Index Definitions

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 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 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.

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

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

The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^®

Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

27

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 99.1%
Air Freight & Logistics – 1.6%
	169,536	United Parcel Service, Inc., Class B	$	26,635,801
	49,182	XPO Logistics, Inc.*		4,426,380
				31,062,181
Auto Components – 0.2%
	111,250	Gentex Corp.		3,078,288
Automobiles – 1.6%
	75,699	Tesla, Inc.*		29,374,240
Beverages – 1.2%
	384	Boston Beer Co., Inc. (The), Class A*		399,045
	299,766	Monster Beverage Corp.*		22,953,083
				23,352,128
Biotechnology – 2.3%
	224,548	AbbVie, Inc.		19,109,035
	10,172	Exact Sciences Corp.*		1,259,599
	7,426	Incyte Corp.*		643,388
	106,258	Vertex Pharmaceuticals, Inc.*		22,139,917
				43,151,939
Building Products – 1.0%
	5,406	Allegion PLC		532,491
	4,368	Lennox International, Inc.		1,186,611
	333,657	Masco Corp.		17,884,015
				19,603,117
Capital Markets – 2.5%
	61,311	CME Group, Inc.		9,240,794
	25,193	MarketAxess Holdings, Inc.		13,575,248
	75,329	S&P Global, Inc.		24,310,928
				47,126,970
Chemicals – 1.7%
	196,067	Axalta Coating Systems Ltd.*		4,923,242
	8,017	RPM International, Inc.		678,799
	37,771	Sherwin-Williams Co. (The)		25,985,693
				31,587,734
Communications Equipment – 0.7%
	25,928	Arista Networks, Inc.*		5,416,359
	85,412	Lumentum Holdings, Inc.*		7,062,718
				12,479,077
Diversified Consumer Services – 0.6%
	91,528	Chegg, Inc.*		6,721,816
	50,152	frontdoor, Inc.*		1,987,022
	196,506	H&R Block, Inc.		3,391,694
				12,100,532
Diversified Financial Services – 0.6%
	232,393	Voya Financial, Inc.		11,138,597
Electronic Equipment, Instruments & Components – 0.4%
	227,709	Jabil, Inc.		7,546,276
Entertainment – 3.1%
	74,621	Netflix, Inc.*		35,500,195
	19,868	Roku, Inc.*		4,021,283
Common Stocks – (continued)
Entertainment – (continued)
	7,136	Spotify Technology SA*		1,711,855
	59,681	Take-Two Interactive Software, Inc.*		9,245,780
	849,521	Zynga, Inc., Class A*		7,637,194
				58,116,307
Equity Real Estate Investment Trusts (REITs) – 4.2%
	112,998	American Tower Corp. REIT		25,949,991
	93,244	CoreSite Realty Corp. REIT		11,129,604
	175,954	Equity LifeStyle Properties, Inc. REIT		10,414,717
	58,659	First Industrial Realty Trust, Inc. REIT		2,335,215
	389,401	Invitation Homes, Inc. REIT		10,615,071
	67,400	SBA Communications Corp. REIT		19,570,938
				80,015,536
Food & Staples Retailing – 1.9%
	99,575	Costco Wholesale Corp.		35,610,012
Health Care Equipment & Supplies – 3.7%
	13,345	ABIOMED, Inc.*		3,361,339
	9,993	Align Technology, Inc.*		4,257,817
	6,557	DexCom, Inc.*		2,095,486
	273,924	Hologic, Inc.*		18,851,450
	30,686	Insulet Corp.*		6,819,963
	23,385	Quidel Corp.*		6,273,962
	28,956	STERIS PLC		5,130,714
	7,753	Tandem Diabetes Care, Inc.*		845,077
	78,242	West Pharmaceutical Services, Inc.		21,287,301
				68,923,109
Health Care Providers & Services – 2.2%
	41,416	Anthem, Inc.		11,298,285
	1,462	Chemed Corp.		699,304
	171,013	HCA Healthcare, Inc.		21,195,351
	29,338	UnitedHealth Group, Inc.		8,952,197
				42,145,137
Hotels, Restaurants & Leisure – 1.7%
	17,920	Chipotle Mexican Grill, Inc.*		21,530,521
	20,055	Domino’s Pizza, Inc.		7,587,208
	91,022	Wendy’s Co. (The)		1,988,831
				31,106,560
Insurance – 0.5%
	29,704	Aon PLC, Class A		5,465,833
	48,452	Old Republic International Corp.		788,798
	28,994	Primerica, Inc.		3,196,299
				9,450,930
Interactive Media & Services – 9.3%
	9,746	Alphabet, Inc., Class A*		15,750,608
	42,572	Alphabet, Inc., Class C*		69,009,638
	298,501	Facebook, Inc., Class A*		78,538,598
	112,119	Pinterest, Inc., Class A*		6,609,415
	53,203	Zillow Group, Inc., Class C*		4,714,850
				174,623,109
Internet & Direct Marketing Retail – 10.3%
	53,352	Amazon.com, Inc.*		161,984,675

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – (continued)
	220,813	eBay, Inc.	$	10,517,323
	81,089	Etsy, Inc.*		9,859,612
	47,946	Wayfair, Inc., Class A*		11,892,046
				194,253,656
IT Services – 8.6%
	200,088	Black Knight, Inc.*		17,597,740
	28,642	CACI International, Inc., Class A*		5,972,716
	35,082	EPAM Systems, Inc.*		10,838,584
	60,894	Gartner, Inc.*		7,313,369
	38,532	Mastercard, Inc., Class A		11,121,876
	10,807	Okta, Inc.*		2,267,633
	197,771	PayPal Holdings, Inc.*		36,811,116
	19,349	Square, Inc., Class A*		2,996,773
	26,138	Twilio, Inc., Class A*		7,291,718
	91,371	VeriSign, Inc.*		17,424,450
	201,327	Visa, Inc., Class A		36,583,129
	337,774	Western Union Co. (The)		6,566,327
				162,785,431
Life Sciences Tools & Services – 2.3%
	8,310	Illumina, Inc.*		2,432,337
	21,520	Mettler-Toledo International, Inc.*		21,475,023
	106,371	PerkinElmer, Inc.		13,780,363
	13,857	Thermo Fisher Scientific, Inc.		6,556,024
				44,243,747
Personal Products – 0.3%
	116,258	Herbalife Nutrition Ltd.*		5,247,886
Pharmaceuticals – 1.7%
	56,112	Horizon Therapeutics PLC*		4,204,472
	5,599	Merck & Co., Inc.		421,101
	174,475	Zoetis, Inc.		27,663,011
				32,288,584
Road & Rail – 1.1%
	109,498	Old Dominion Freight Line, Inc.		20,845,134
Semiconductors & Semiconductor Equipment – 5.1%
	106,779	Advanced Micro Devices, Inc.*		8,039,391
	184,985	Applied Materials, Inc.		10,956,661
	55,989	KLA Corp.		11,039,911
	64,309	Lam Research Corp.		21,998,823
	32,397	NVIDIA Corp.		16,242,560
	48,038	NXP Semiconductors NV (Netherlands)		6,490,894
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	145,057	Texas Instruments, Inc.		20,973,792
				95,742,032
Software – 16.3%
	98,584	Adobe, Inc.*		44,076,907
	20,756	Cadence Design Systems, Inc.*		2,270,084
	5,537	Coupa Software, Inc.*		1,482,255
	64,853	DocuSign, Inc.*		13,116,519
	704,122	Dropbox, Inc., Class A*		12,857,268
	26,997	Intuit, Inc.		8,495,416
	843,507	Microsoft Corp.		170,784,862
	8,665	New Relic, Inc.*		525,619
	15,180	RingCentral, Inc., Class A*		3,921,601
	17,901	salesforce.com, Inc.*		4,157,865
	28,962	ServiceNow, Inc.*		14,410,622
	56,183	Workday, Inc., Class A*		11,805,172
	43,124	Zoom Video Communications, Inc., Class A*		19,876,283
				307,780,473
Specialty Retail – 2.2%
	221,440	Dick’s Sporting Goods, Inc.		12,544,576
	185,561	Lowe’s Cos., Inc.		29,337,194
				41,881,770
Technology Hardware, Storage & Peripherals – 10.1%
	1,742,709	Apple, Inc.		189,711,302
Textiles, Apparel & Luxury Goods – 0.1%
	5,374	Lululemon Athletica, Inc.*		1,715,864
	TOTAL INVESTMENTS – 99.1%
	(Cost $1,302,882,306)		$	1,868,087,658
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			17,553,345
	NET ASSETS – 100.0%		$	1,885,641,003

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		3		12/18/20	$	483,060	$	6,645

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 99.0%
Aerospace & Defense – 1.7%
	7,123	Curtiss-Wright Corp.	$	600,896
	4,521	General Dynamics Corp.		593,743
	44,360	Raytheon Technologies Corp.		2,409,635
	6,359	Teledyne Technologies, Inc.*		1,965,885
				5,570,159
Air Freight & Logistics – 2.9%
	17,302	FedEx Corp.		4,489,350
	24,897	United Parcel Service, Inc., Class B		3,911,568
	8,754	XPO Logistics, Inc.*		787,860
				9,188,778
Auto Components – 0.7%
	76,398	Gentex Corp.		2,113,933
Automobiles – 0.2%
	8,821	Thor Industries, Inc.		746,080
Banks – 6.1%
	198,521	Bank of America Corp.		4,704,948
	84,222	Citigroup, Inc.		3,488,475
	33,582	JPMorgan Chase & Co.		3,292,379
	8,280	Popular, Inc. (Puerto Rico)		349,416
	14,688	Signature Bank		1,185,909
	212,277	Wells Fargo & Co.		4,553,342
	46,526	Western Alliance Bancorp		1,916,871
				19,491,340
Beverages – 1.7%
	13,563	Constellation Brands, Inc., Class A		2,241,015
	41,258	Monster Beverage Corp.*		3,159,125
				5,400,140
Biotechnology – 1.8%
	26,853	AbbVie, Inc.		2,285,190
	6,810	Biogen, Inc.*		1,716,597
	8,146	Vertex Pharmaceuticals, Inc.*		1,697,301
				5,699,088
Building Products – 1.9%
	2,957	Allegion PLC		291,265
	5,721	Johnson Controls International PLC		241,483
	6,329	Lennox International, Inc.		1,719,336
	65,716	Masco Corp.		3,522,378
	1,151	Trane Technologies PLC		152,795
				5,927,257
Capital Markets – 3.8%
	33,665	Bank of New York Mellon Corp. (The)		1,156,730
	28,495	CME Group, Inc.		4,294,767
	6,820	Franklin Resources, Inc.		127,875
	2,285	MarketAxess Holdings, Inc.		1,231,272
	14,890	Northern Trust Corp.		1,165,440
	4,619	Raymond James Financial, Inc.		353,076
	11,914	S&P Global, Inc.		3,845,005
				12,174,165
Common Stocks – (continued)
Chemicals – 5.8%
	131,453	Axalta Coating Systems Ltd.*		3,300,785
	78,094	CF Industries Holdings, Inc.		2,156,175
	59,145	Corteva, Inc.		1,950,602
	53,698	Dow, Inc.		2,442,722
	1,953	DuPont de Nemours, Inc.		111,087
	22,853	Linde PLC (United Kingdom)		5,035,430
	1,193	RPM International, Inc.		101,011
	4,842	Sherwin-Williams Co. (The)		3,331,199
				18,429,011
Communications Equipment – 0.0%
	4,137	Cisco Systems, Inc.		148,518
Construction Materials – 0.3%
	1,592	Martin Marietta Materials, Inc.		424,029
	3,753	Vulcan Materials Co.		543,585
				967,614
Consumer Finance – 1.5%
	19,997	Ally Financial, Inc.		533,520
	14,072	Capital One Financial Corp.		1,028,382
	128,817	Synchrony Financial		3,223,001
				4,784,903
Diversified Consumer Services – 0.3%
	13,844	frontdoor, Inc.*		548,499
	29,687	H&R Block, Inc.		512,398
				1,060,897
Diversified Financial Services – 3.0%
	26,685	Berkshire Hathaway, Inc., Class B*		5,387,702
	51,984	Jefferies Financial Group, Inc.		1,014,208
	67,408	Voya Financial, Inc.		3,230,865
				9,632,775
Diversified Telecommunication Services – 0.9%
	36,518	AT&T, Inc.		986,716
	33,781	Verizon Communications, Inc.		1,925,179
				2,911,895
Electric Utilities – 1.4%
	35,008	Entergy Corp.		3,543,510
	16,132	Evergy, Inc.		890,486
				4,433,996
Electrical Equipment – 0.6%
	15,983	AMETEK, Inc.		1,569,531
	1,809	Hubbell, Inc.		263,227
				1,832,758
Electronic Equipment, Instruments & Components – 0.4%
	6,492	Arrow Electronics, Inc.*		505,662
	22,353	Jabil, Inc.		740,778
	1,157	SYNNEX Corp.		152,308
				1,398,748

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 0.6%
	123,020	Schlumberger NV	$	1,837,919
Entertainment – 2.4%
	3,798	Activision Blizzard, Inc.		287,623
	5,449	Electronic Arts, Inc.*		652,954
	3,233	Netflix, Inc.*		1,538,067
	1,617	Spotify Technology SA*		387,902
	12,463	Take-Two Interactive Software, Inc.*		1,930,768
	12,869	Walt Disney Co. (The)		1,560,366
	158,977	Zynga, Inc., Class A*		1,429,203
				7,786,883
Equity Real Estate Investment Trusts (REITs) – 7.3%
	1,443	American Tower Corp. REIT		331,385
	25,086	Apartment Investment and Management Co., Class A REIT		800,244
	5,318	Camden Property Trust REIT		490,532
	25,536	Equity LifeStyle Properties, Inc. REIT		1,511,476
	71,954	First Industrial Realty Trust, Inc. REIT		2,864,489
	132,407	Invitation Homes, Inc. REIT		3,609,415
	1,654	Life Storage, Inc. REIT		188,804
	13,959	Mid-America Apartment Communities, Inc. REIT		1,628,038
	49,380	Prologis, Inc. REIT		4,898,496
	12,787	SBA Communications Corp. REIT		3,712,961
	12,557	Sun Communities, Inc. REIT		1,728,220
	4,563	UDR, Inc. REIT		142,548
	229,785	VEREIT, Inc. REIT		1,424,667
				23,331,275
Food & Staples Retailing – 3.5%
	10,178	Costco Wholesale Corp.		3,639,856
	53,684	Walmart, Inc.		7,448,655
				11,088,511
Food Products – 0.4%
	21,240	Tyson Foods, Inc., Class A		1,215,565
Health Care Equipment & Supplies – 3.3%
	7,743	Cooper Cos., Inc. (The)		2,470,404
	40,024	Hologic, Inc.*		2,754,452
	11,953	Medtronic PLC		1,202,113
	5,616	STERIS PLC		995,099
	11,581	West Pharmaceutical Services, Inc.		3,150,843
				10,572,911
Health Care Providers & Services – 4.9%
	15,175	Anthem, Inc.		4,139,740
	15,303	Cigna Corp.		2,555,142
	28,528	HCA Healthcare, Inc.		3,535,760
	5,125	Humana, Inc.		2,046,310
	30,834	Universal Health Services, Inc., Class B		3,377,865
				15,654,817
Hotels, Restaurants & Leisure – 1.0%
	2,512	Chipotle Mexican Grill, Inc.*		3,018,118
	2,986	Darden Restaurants, Inc.		274,473
				3,292,591
Common Stocks – (continued)
Household Durables – 1.3%
	30,725	D.R. Horton, Inc.		2,052,737
	55,228	PulteGroup, Inc.		2,251,093
				4,303,830
Household Products – 0.3%
	6,523	Procter & Gamble Co. (The)		894,303
Insurance – 5.1%
	42,977	Allstate Corp. (The)		3,814,209
	22,922	American Financial Group, Inc.		1,717,775
	36,375	Arch Capital Group Ltd.*		1,098,889
	56,291	Athene Holding Ltd., Class A*		1,805,815
	34,063	Brighthouse Financial, Inc.*		1,127,485
	3,854	Chubb Ltd.		500,673
	23,408	First American Financial Corp.		1,043,763
	34,072	Globe Life, Inc.		2,762,898
	71,664	Old Republic International Corp.		1,166,690
	3,693	Primerica, Inc.		407,116
	46,844	Unum Group		827,265
				16,272,578
Interactive Media & Services – 3.2%
	5,027	Alphabet, Inc., Class A*		8,124,185
	28,981	Pinterest, Inc., Class A*		1,708,430
	3,357	Zillow Group, Inc., Class C*		297,497
				10,130,112
Internet & Direct Marketing Retail – 1.6%
	186	Amazon.com, Inc.*		564,724
	62,218	eBay, Inc.		2,963,443
	6,718	Wayfair, Inc., Class A*		1,666,266
				5,194,433
IT Services – 4.5%
	37,785	Fidelity National Information Services, Inc.		4,707,633
	27,064	International Business Machines Corp.		3,021,966
	13,194	PayPal Holdings, Inc.*		2,455,799
	1,988	Twilio, Inc., Class A*		554,593
	15,397	VeriSign, Inc.*		2,936,208
	34,477	Western Union Co. (The)		670,233
				14,346,432
Life Sciences Tools & Services – 2.9%
	3,209	Mettler-Toledo International, Inc.*		3,202,293
	14,041	PerkinElmer, Inc.		1,819,012
	8,774	Thermo Fisher Scientific, Inc.		4,151,155
				9,172,460
Machinery – 1.7%
	4,688	AGCO Corp.		361,117
	13,138	Dover Corp.		1,454,508
	32,057	PACCAR, Inc.		2,737,027
	4,732	Parker-Hannifin Corp.		985,959
				5,538,611

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Media – 1.6%
	26,063	Comcast Corp., Class A	$	1,100,901
	19,008	Liberty Broadband Corp., Class C*		2,693,624
	26,210	Omnicom Group, Inc.		1,237,112
				5,031,637
Metals & Mining – 0.3%
	34,122	Freeport-McMoRan, Inc.		591,676
	2,087	Reliance Steel & Aluminum Co.		227,462
	1,166	Southern Copper Corp. (Peru)		61,028
				880,166
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	141,450	Starwood Property Trust, Inc. REIT		1,976,056
Multiline Retail – 1.5%
	31,947	Target Corp.		4,862,972
Multi-Utilities – 2.0%
	4,854	CMS Energy Corp.		307,404
	9,863	MDU Resources Group, Inc.		234,345
	66,556	Public Service Enterprise Group, Inc.		3,870,231
	8,718	Sempra Energy		1,092,889
	8,768	WEC Energy Group, Inc.		881,622
				6,386,491
Oil, Gas & Consumable Fuels – 1.6%
	21,621	Chevron Corp.		1,502,660
	141,273	Kinder Morgan, Inc.		1,681,149
	12,636	Marathon Petroleum Corp.		372,762
	14,402	ONEOK, Inc.		417,658
	7,494	Phillips 66		349,670
	21,681	Valero Energy Corp.		837,103
				5,161,002
Personal Products – 0.3%
	22,018	Herbalife Nutrition Ltd.*		993,892
Pharmaceuticals – 4.4%
	7,528	Jazz Pharmaceuticals PLC*		1,084,785
	54,175	Johnson & Johnson		7,427,934
	78,432	Mylan NV*		1,140,401
	34,386	Pfizer, Inc.		1,220,016
	21,249	Zoetis, Inc.		3,369,029
				14,242,165
Professional Services – 0.3%
	11,914	TransUnion		949,069
Real Estate Management & Development – 0.1%
	6,962	CBRE Group, Inc., Class A*		350,885
Road & Rail – 1.6%
	3,088	CSX Corp.		243,767
	17,526	Old Dominion Freight Line, Inc.		3,336,425
	1,401	Ryder System, Inc.		69,013
	8,781	Union Pacific Corp.		1,555,905
				5,205,110
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 2.7%
	4,754	Advanced Micro Devices, Inc.*		357,929
	26,962	Intel Corp.		1,193,877
	2,150	Lam Research Corp.		735,472
	5,076	Micron Technology, Inc.*		255,526
	10,781	NXP Semiconductors NV (Netherlands)		1,456,729
	33,058	Texas Instruments, Inc.		4,779,856
				8,779,389
Software – 0.9%
	5,658	Adobe, Inc.*		2,529,692
	1,097	Zoom Video Communications, Inc., Class A*		505,618
				3,035,310
Specialty Retail – 1.9%
	56,495	Dick’s Sporting Goods, Inc.		3,200,442
	19,251	Lowe’s Cos., Inc.		3,043,583
				6,244,025
Technology Hardware, Storage & Peripherals – 0.2%
	18,291	Western Digital Corp.		690,119
	TOTAL INVESTMENTS – 99.0%
	(Cost $309,676,390)		$	317,333,574
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			3,231,972
	NET ASSETS – 100.0%		$	320,565,546

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

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 99.0%
Aerospace & Defense – 0.5%
	27,727	Aerojet Rocketdyne Holdings, Inc.*	$	898,909
	14,541	AeroVironment, Inc.*		1,110,351
	28,950	Astronics Corp.*		185,280
	8,467	Maxar Technologies, Inc.		218,195
	3,446	Moog, Inc., Class A		214,996
				2,627,731
Air Freight & Logistics – 0.9%
	4,929	Atlas Air Worldwide Holdings, Inc.*		291,600
	93,718	Echo Global Logistics, Inc.*		2,527,574
	33,567	Hub Group, Inc., Class A*		1,682,714
	33,708	Radiant Logistics, Inc.*		173,259
				4,675,147
Airlines – 0.2%
	33,903	SkyWest, Inc.		984,204
Auto Components – 1.9%
	98,816	American Axle & Manufacturing Holdings, Inc.*		664,044
	15,585	Cooper Tire & Rubber Co.		535,968
	7,453	Fox Factory Holding Corp.*		626,648
	186,491	Goodyear Tire & Rubber Co. (The)		1,544,146
	6,175	Patrick Industries, Inc.		344,256
	64,304	Standard Motor Products, Inc.		2,945,123
	41,272	Visteon Corp.*		3,700,035
				10,360,220
Banks – 7.6%
	71,536	1st Source Corp.		2,395,741
	47,786	Amalgamated Bank, Class A		530,425
	68,229	Atlantic Capital Bancshares, Inc.*		947,019
	152,050	Bancorp, Inc. (The)*		1,459,680
	4,789	Banner Corp.		176,570
	99,849	Boston Private Financial Holdings, Inc.		617,067
	116,824	Cadence BanCorp		1,310,765
	80,545	Cathay General Bancorp		1,895,224
	131,099	Central Pacific Financial Corp.		1,805,233
	216,179	CVB Financial Corp.		3,783,133
	4,893	Equity Bancshares, Inc., Class A*		89,933
	98,576	First BanCorp. (Puerto Rico)		639,758
	77,394	First BankCorp		1,864,421
	219,984	First Commonwealth Financial Corp.		1,896,262
	148,243	First Foundation, Inc.		2,204,373
	48,787	First Internet Bancorp		1,049,896
	25,346	Glacier Bancorp, Inc.		907,387
	46,224	Hanmi Financial Corp.		415,554
	78,229	Heartland Financial USA, Inc.		2,576,863
	117,934	Hilltop Holdings, Inc.		2,690,075
	50,628	Hope Bancorp, Inc.		408,568
	119,383	International Bancshares Corp.		3,304,521
	13,487	Investors Bancorp, Inc.		114,100
	12,469	Metropolitan Bank Holding Corp.*		373,447
	37,364	National Bank Holdings Corp., Class A		1,126,525
	23,862	Preferred Bank		807,251
	20,768	Sierra Bancorp		412,037
Common Stocks – (continued)
Banks – (continued)
	87,811	TriCo Bancshares		2,540,372
	59,090	TriState Capital Holdings, Inc.*		743,943
	22,525	Trustmark Corp.		526,860
	38,110	Westamerica BanCorp		1,995,821
				41,608,824
Biotechnology – 10.8%
	92,855	Akebia Therapeutics, Inc.*		206,138
	1,655	Allakos, Inc.*		157,440
	94,183	Amicus Therapeutics, Inc.*		1,679,283
	136,073	Ardelyx, Inc.*		695,333
	18,863	Arena Pharmaceuticals, Inc.*		1,616,936
	26,304	Arrowhead Pharmaceuticals, Inc.*		1,507,219
	98,885	Atara Biotherapeutics, Inc.*		1,276,605
	8,235	Bioxcel Therapeutics, Inc.*		376,257
	301,276	Catalyst Pharmaceuticals, Inc.*		894,790
	17,708	ChemoCentryx, Inc.*		849,984
	3,166	Cortexyme, Inc.*(a)		151,556
	11,466	CytomX Therapeutics, Inc.*		75,905
	4,758	Denali Therapeutics, Inc.*		203,547
	54,873	Dicerna Pharmaceuticals, Inc.*		1,151,784
	13,036	Eagle Pharmaceuticals, Inc.*		606,435
	7,246	Editas Medicine, Inc.*		224,191
	108,757	Eiger BioPharmaceuticals, Inc.*		965,762
	42,998	Emergent BioSolutions, Inc.*		3,868,530
	24,909	Enanta Pharmaceuticals, Inc.*		1,086,780
	25,550	Fate Therapeutics, Inc.*		1,134,420
	33,450	FibroGen, Inc.*		1,283,811
	44,748	G1 Therapeutics, Inc.*		491,781
	7,439	Harpoon Therapeutics, Inc.*		107,642
	34,337	Immunovant, Inc.*		1,497,780
	20,739	Insmed, Inc.*		683,143
	49,133	Intellia Therapeutics, Inc.*(a)		1,176,244
	17,687	Intercept Pharmaceuticals, Inc.*		491,522
	6,913	Invitae Corp.*(a)		271,059
	65,699	Ironwood Pharmaceuticals, Inc.*		649,106
	296,981	Kadmon Holdings, Inc.*		1,009,735
	11,805	Karyopharm Therapeutics, Inc.*		174,950
	62,066	Kura Oncology, Inc.*		1,939,563
	23,518	MacroGenics, Inc.*		456,484
	178,129	Minerva Neurosciences, Inc.*		571,794
	18,431	Mirati Therapeutics, Inc.*		4,002,107
	68,223	Mustang Bio, Inc.*		181,814
	86,326	Myriad Genetics, Inc.*		1,073,032
	44,392	Natera, Inc.*		2,985,806
	19,206	Novavax, Inc.*		1,550,116
	618,276	OPKO Health, Inc.*(a)		2,176,332
	8,649	Protagonist Therapeutics, Inc.*		163,899
	86,332	Prothena Corp. PLC (Ireland)*		941,882
	27,858	Puma Biotechnology, Inc.*		233,171
	19,627	REGENXBIO, Inc.*		564,473
	9,951	REVOLUTION Medicines, Inc.*		300,421
	81,842	Sangamo Therapeutics, Inc.*		846,246
	117,284	Sorrento Therapeutics, Inc.*(a)		813,951
	3,400	SpringWorks Therapeutics, Inc.*		197,166
	36,805	TG Therapeutics, Inc.*		930,062

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	11,326	Turning Point Therapeutics, Inc.*	$	1,044,144
	34,205	Twist Bioscience Corp.*		2,621,471
	7,901	Ultragenyx Pharmaceutical, Inc.*		794,051
	35,351	Veracyte, Inc.*		1,225,266
	43,140	Vericel Corp.*		799,384
	119,514	Viking Therapeutics, Inc.*		672,864
	9,292	Vir Biotechnology, Inc.*		292,140
	100,241	Xencor, Inc.*		3,847,250
	27,721	Y-mAbs Therapeutics, Inc.*		1,184,796
				58,975,353
Building Products – 2.0%
	8,388	Apogee Enterprises, Inc.		200,389
	19,709	Masonite International Corp.*		1,734,392
	72,748	Quanex Building Products Corp.		1,324,014
	49,216	Simpson Manufacturing Co., Inc.		4,366,444
	68,329	UFP Industries, Inc.		3,410,300
				11,035,539
Capital Markets – 1.9%
	20,520	Artisan Partners Asset Management, Inc., Class A		822,031
	12,163	Cohen & Steers, Inc.		684,899
	66,386	Cowen, Inc., Class A		1,424,644
	30,267	Donnelley Financial Solutions, Inc.*		382,272
	60,659	Federated Hermes, Inc.		1,449,750
	2,307	Hamilton Lane, Inc., Class A		160,798
	49,273	Oppenheimer Holdings, Inc., Class A		1,234,781
	50,921	PJT Partners, Inc., Class A		3,445,315
	3,628	Virtus Investment Partners, Inc.		578,847
				10,183,337
Chemicals – 2.5%
	16,526	Balchem Corp.		1,651,774
	1,080	Chase Corp.		102,773
	194,410	Ferro Corp.*		2,500,113
	60,774	Ingevity Corp.*		3,335,277
	38,278	Koppers Holdings, Inc.*		858,575
	26,686	Kraton Corp.*		755,214
	65,739	Minerals Technologies, Inc.		3,595,266
	24,520	Orion Engineered Carbons SA (Germany)		359,708
	22,251	Tronox Holdings PLC, Class A		217,392
				13,376,092
Commercial Services & Supplies – 1.7%
	11,428	BrightView Holdings, Inc.*		139,765
	7,515	Ennis, Inc.		114,529
	65,004	HNI Corp.		2,115,880
	132,597	KAR Auction Services, Inc.		1,930,612
	9,039	Matthews International Corp., Class A		197,321
	48,783	McGrath RentCorp		2,784,534
	51,769	Steelcase, Inc., Class A		540,468
	25,737	Team, Inc.*		137,950
	8,038	UniFirst Corp.		1,316,705
				9,277,764
Common Stocks – (continued)
Communications Equipment – 0.7%
	181,356	Harmonic, Inc.*		1,077,255
	84,867	NETGEAR, Inc.*		2,615,601
				3,692,856
Construction & Engineering – 0.7%
	44,373	Aegion Corp.*		626,103
	14,107	EMCOR Group, Inc.		961,956
	123,840	Great Lakes Dredge & Dock Corp.*		1,279,267
	46,116	Primoris Services Corp.		870,209
				3,737,535
Construction Materials – 0.7%
	20,917	Forterra, Inc.*		272,967
	195,868	Summit Materials, Inc., Class A*		3,464,905
				3,737,872
Consumer Finance – 1.0%
	11,329	Curo Group Holdings Corp.		84,854
	116,623	Enova International, Inc.*		1,790,163
	28,762	FirstCash, Inc.		1,496,775
	235,085	Navient Corp.		1,883,031
				5,254,823
Containers & Packaging – 0.2%
	21,429	Myers Industries, Inc.		307,292
	84,171	O-I Glass, Inc.		793,732
				1,101,024
Diversified Consumer Services – 0.9%
	31,472	American Public Education, Inc.*		889,714
	3,215	Carriage Services, Inc.		82,979
	26,108	Collectors Universe, Inc.		1,434,112
	28,451	K12, Inc.*		679,125
	120,438	Perdoceo Education Corp.*		1,359,745
	6,548	Strategic Education, Inc.		543,877
				4,989,552
Diversified Financial Services – 0.3%
	116,065	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,484,471
Diversified Telecommunication Services – 1.6%
	51,427	Cogent Communications Holdings, Inc.		2,869,627
	129,649	Consolidated Communications Holdings, Inc.*		605,461
	79,861	Iridium Communications, Inc.*		2,109,129
	24,568	Ooma, Inc.*		346,654
	400,966	ORBCOMM, Inc.*		1,724,154
	94,788	Vonage Holdings Corp.*		1,002,857
				8,657,882
Electric Utilities – 0.3%
	44,943	Portland General Electric Co.		1,766,260
Electrical Equipment – 1.0%
	63,538	Atkore International Group, Inc.*		1,314,601
	26,798	Encore Wire Corp.		1,238,336

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Electrical Equipment – (continued)
	21,632	Powell Industries, Inc.	$	511,164
	14,902	Sunrun, Inc.*		775,202
	22,837	Vicor Corp.*		1,781,286
				5,620,589
Electronic Equipment, Instruments & Components – 3.2%
	65,917	Belden, Inc.		2,035,517
	46,663	Benchmark Electronics, Inc.		971,990
	13,989	CTS Corp.		386,656
	8,913	Fabrinet (Thailand)*		534,958
	195,712	Knowles Corp.*		2,788,896
	21,477	Novanta, Inc.*		2,334,980
	8,958	Plexus Corp.*		622,939
	1,279	Rogers Corp.*		155,041
	278,174	TTM Technologies, Inc.*		3,301,925
	208,396	Vishay Intertechnology, Inc.		3,380,183
	49,142	Vishay Precision Group, Inc.*		1,174,002
				17,687,087
Energy Equipment & Services – 0.7%
	41,984	Cactus, Inc., Class A		713,728
	85,991	Matrix Service Co.*		653,532
	42,506	Oil States International, Inc.*		105,840
	70,918	SEACOR Holdings, Inc.*		2,172,218
	17,585	Solaris Oilfield Infrastructure, Inc., Class A		104,279
				3,749,597
Entertainment – 0.5%
	381,614	Glu Mobile, Inc.*		2,732,356
Equity Real Estate Investment Trusts (REITs) – 6.9%
	88,210	American Assets Trust, Inc. REIT		1,846,235
	195,471	CareTrust REIT, Inc. REIT		3,342,554
	160,304	City Office REIT, Inc. REIT		1,013,121
	33,989	Community Healthcare Trust, Inc. REIT		1,573,691
	21,187	EastGroup Properties, Inc. REIT		2,819,566
	114,296	Four Corners Property Trust, Inc. REIT		2,896,261
	28,805	Gladstone Commercial Corp. REIT		468,081
	116,349	Independence Realty Trust, Inc. REIT		1,413,640
	55,216	Industrial Logistics Properties Trust REIT		1,059,043
	274,855	Lexington Realty Trust REIT		2,729,310
	104,921	National Storage Affiliates Trust REIT		3,555,773
	78,773	NexPoint Residential Trust, Inc. REIT		3,491,219
	55,137	Physicians Realty Trust REIT		929,610
	93,898	PotlatchDeltic Corp. REIT		3,901,462
	25,774	Retail Opportunity Investments Corp. REIT		250,781
	65,018	Retail Value, Inc. REIT		812,725
	287,900	Sabra Health Care REIT, Inc. REIT		3,788,764
	23,574	Terreno Realty Corp. REIT		1,326,745
	5,859	Universal Health Realty Income Trust REIT		313,281
				37,531,862
Common Stocks – (continued)
Food & Staples Retailing – 1.4%
	114,231	BJ’s Wholesale Club Holdings, Inc.*		4,373,905
	51,993	Ingles Markets, Inc., Class A		1,864,469
	25,913	Natural Grocers by Vitamin Cottage, Inc.		275,714
	21,294	SpartanNash Co.		392,023
	17,568	Weis Markets, Inc.		797,763
				7,703,874
Food Products – 1.0%
	76,655	Darling Ingredients, Inc.*		3,296,165
	21,650	John B. Sanfilippo & Son, Inc.		1,575,254
	18,433	Seneca Foods Corp., Class A*		679,256
				5,550,675
Gas Utilities – 0.3%
	27,806	Northwest Natural Holding Co.		1,235,699
	4,877	Southwest Gas Holdings, Inc.		320,516
	6,120	Spire, Inc.		342,965
				1,899,180
Health Care Equipment & Supplies – 2.6%
	23,736	Antares Pharma, Inc.*		64,799
	8,516	CONMED Corp.		663,992
	55,857	GenMark Diagnostics, Inc.*		682,573
	20,546	Inogen, Inc.*		600,149
	57,346	Integer Holdings Corp.*		3,351,874
	45,838	Invacare Corp.		371,746
	31,574	Meridian Bioscience, Inc.*		541,494
	108,904	Natus Medical, Inc.*		1,983,142
	52,449	Neogen Corp.*		3,657,793
	9,156	Shockwave Medical, Inc.*		625,538
	30,832	Surmodics, Inc.*		1,133,076
	3,644	Utah Medical Products, Inc.		302,452
				13,978,628
Health Care Providers & Services – 1.9%
	28,952	Castle Biosciences, Inc.*		1,344,241
	11,780	Covetrus, Inc.*		290,848
	32,314	Cross Country Healthcare, Inc.*		253,665
	19,165	Hanger, Inc.*		334,813
	2,774	LHC Group, Inc.*		600,710
	7,589	National HealthCare Corp.		480,384
	14,081	Option Care Health, Inc.*		187,700
	169,136	Select Medical Holdings Corp.*		3,548,473
	123,412	Tenet Healthcare Corp.*		3,028,530
	1,560	US Physical Therapy, Inc.		123,755
				10,193,119
Health Care Technology – 0.5%
	2,873	Computer Programs and Systems, Inc.		80,128
	48,810	Inovalon Holdings, Inc., Class A*		926,902
	10,916	NextGen Healthcare, Inc.*		148,457
	10,060	Schrodinger, Inc.*		490,727
	14,027	Simulations Plus, Inc.		909,230
				2,555,444

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 4.1%
	55,636	Bloomin’ Brands, Inc.	$	777,791
	33,427	Caesars Entertainment, Inc.*		1,498,198
	9,973	Carrols Restaurant Group, Inc.*		58,342
	14,719	Chuy’s Holdings, Inc.*		308,952
	1,165	Cracker Barrel Old Country Store, Inc.		132,600
	17,373	Del Taco Restaurants, Inc.*		128,821
	28,388	Dine Brands Global, Inc.		1,460,563
	73,856	El Pollo Loco Holdings, Inc.*		1,042,847
	45,567	Everi Holdings, Inc.*		392,332
	55,316	Fiesta Restaurant Group, Inc.*		477,930
	103,544	International Game Technology PLC		850,096
	5,949	Jack in the Box, Inc.		476,277
	11,445	Noodles & Co.*		73,935
	20,269	Papa John’s International, Inc.		1,552,605
	54,695	Penn National Gaming, Inc.*		2,952,436
	172,119	Red Rock Resorts, Inc., Class A		3,290,915
	44,816	Texas Roadhouse, Inc.		3,138,465
	31,911	Wingstop, Inc.		3,712,207
				22,325,312
Household Durables – 1.9%
	10,259	Century Communities, Inc.*		398,460
	22,133	KB Home		713,789
	61,817	M/I Homes, Inc.*		2,529,552
	13,337	MDC Holdings, Inc.		580,426
	16,515	Meritage Homes Corp.*		1,438,291
	19,989	Sonos, Inc.*		291,839
	37,420	Taylor Morrison Home Corp.*		808,272
	212,062	TRI Pointe Group, Inc.*		3,484,179
				10,244,808
Household Products – 0.1%
	22,092	Central Garden & Pet Co., Class A*		781,836
Insurance – 3.4%
	91,656	American Equity Investment Life Holding Co.		2,274,902
	28,378	AMERISAFE, Inc.		1,673,735
	35,071	Argo Group International Holdings Ltd.		1,251,333
	1,213	Enstar Group Ltd.*		208,478
	241,867	Genworth Financial, Inc., Class A*		950,538
	27,556	Goosehead Insurance, Inc., Class A		3,376,712
	4,152	HCI Group, Inc.		195,061
	11,862	Kinsale Capital Group, Inc.		2,223,769
	1,889	National Western Life Group, Inc., Class A		320,431
	76,157	Stewart Information Services Corp.		3,228,295
	37,781	Trupanion, Inc.*		2,702,853
				18,406,107
Interactive Media & Services – 0.6%
	56,000	Cargurus, Inc.*		1,116,080
	130,107	Cars.com, Inc.*		961,491
	20,988	EverQuote, Inc., Class A*		702,888
	26,226	QuinStreet, Inc.*		419,747
				3,200,206
Common Stocks – (continued)
Internet & Direct Marketing Retail – 0.5%
	12,292	Stamps.com, Inc.*		2,744,066
IT Services – 1.6%
	52,678	Brightcove, Inc.*		666,377
	233,707	Conduent, Inc.*		814,469
	71,257	Perficient, Inc.*		2,790,424
	122,746	Perspecta, Inc.		2,200,836
	58,281	Sykes Enterprises, Inc.*		1,995,541
	5,439	TTEC Holdings, Inc.		297,948
				8,765,595
Leisure Products – 1.3%
	19,700	Nautilus, Inc.*		427,293
	31,108	Smith & Wesson Brands, Inc.		516,082
	38,746	Sturm Ruger & Co., Inc.		2,590,558
	63,768	Vista Outdoor, Inc.*		1,260,693
	47,578	YETI Holdings, Inc.*		2,354,159
				7,148,785
Machinery – 2.8%
	32,902	Albany International Corp., Class A		1,676,028
	35,326	Columbus McKinnon Corp.		1,197,198
	31,309	Federal Signal Corp.		897,942
	54,144	Franklin Electric Co., Inc.		3,234,021
	12,062	Miller Industries, Inc.		361,136
	44,272	Mueller Industries, Inc.		1,280,789
	4,537	Navistar International Corp.*		195,590
	17,621	RBC Bearings, Inc.*		2,097,780
	127,743	Rexnord Corp.		4,097,996
				15,038,480
Marine – 0.1%
	55,201	Costamare, Inc. (Monaco)		314,094
Media – 1.0%
	4,468	Cardlytics, Inc.*		329,828
	89,819	Gray Television, Inc.*		1,138,905
	3,617	Loral Space & Communications, Inc.		62,972
	95,371	MSG Networks, Inc., Class A*		852,617
	69,208	TechTarget, Inc.*		3,031,310
				5,415,632
Metals & Mining – 1.1%
	196,763	Alcoa Corp.*		2,542,178
	19,106	Commercial Metals Co.		394,539
	38,497	Haynes International, Inc.		624,036
	276,992	Hecla Mining Co.		1,268,623
	3,848	Kaiser Aluminum Corp.		242,155
	22,505	Worthington Industries, Inc.		1,107,471
				6,179,002
Mortgage Real Estate Investment Trusts (REITs) – 1.0%
	370,175	Anworth Mortgage Asset Corp. REIT		607,087
	45,120	ARMOUR Residential REIT, Inc. REIT		430,445
	103,356	Capstead Mortgage Corp. REIT		528,149
	131,465	Ladder Capital Corp. REIT		985,988

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
	207,651	PennyMac Mortgage Investment Trust REIT	$	3,108,535
				5,660,204
Multiline Retail – 0.6%
	73,251	Big Lots, Inc.		3,486,748
Multi-Utilities – 0.8%
	6,566	Black Hills Corp.		372,030
	75,909	NorthWestern Corp.		3,957,136
				4,329,166
Oil, Gas & Consumable Fuels – 1.3%
	110,737	Ardmore Shipping Corp. (Ireland)		310,064
	104,574	Clean Energy Fuels Corp.*		259,343
	290,724	DHT Holdings, Inc.		1,398,382
	13,298	Diamond S Shipping, Inc.*		75,267
	33,165	Dorian LPG Ltd.*		271,953
	124,377	Green Plains, Inc.*		1,878,093
	12,485	International Seaways, Inc.		169,047
	9,957	Renewable Energy Group, Inc.*		561,575
	59,157	Scorpio Tankers, Inc. (Monaco)		521,765
	88,646	World Fuel Services Corp.		1,865,998
				7,311,487
Paper & Forest Products – 1.7%
	84,161	Boise Cascade Co.		3,230,099
	10,271	Clearwater Paper Corp.*		381,568
	94,673	Glatfelter Corp.		1,350,984
	143,171	Louisiana-Pacific Corp.		4,091,827
				9,054,478
Personal Products – 0.3%
	3,793	Medifast, Inc.		532,878
	16,043	USANA Health Sciences, Inc.*		1,213,653
				1,746,531
Pharmaceuticals – 2.5%
	52,372	Amneal Pharmaceuticals, Inc.*		217,868
	84,915	Amphastar Pharmaceuticals, Inc.*		1,663,485
	51,738	ANI Pharmaceuticals, Inc.*		1,318,802
	15,498	Axsome Therapeutics, Inc.*		1,027,672
	262,622	BioDelivery Sciences International, Inc.*		829,886
	49,494	Corcept Therapeutics, Inc.*		830,509
	76,453	Endo International PLC*		349,390
	212,282	Innoviva, Inc.*		2,294,768
	2,512	MyoKardia, Inc.*		561,507
	3,855	Pacira BioSciences, Inc.*		201,616
	63,308	Phibro Animal Health Corp., Class A		1,040,784
	99,932	Prestige Consumer Healthcare, Inc.*		3,300,754
				13,637,041
Professional Services – 0.4%
	19,903	Huron Consulting Group, Inc.*		753,527
	1,921	Insperity, Inc.		147,110
	32,214	Kforce, Inc.		1,117,826
				2,018,463
Common Stocks – (continued)
Real Estate Management & Development – 0.5%
	60,358	Redfin Corp.*		2,521,154
Road & Rail – 1.2%
	198,486	Marten Transport Ltd.		3,045,768
	1,473	Saia, Inc.*		217,503
	93,923	Werner Enterprises, Inc.		3,570,952
				6,834,223
Semiconductors & Semiconductor Equipment – 2.2%
	36,152	Ambarella, Inc.*		1,976,430
	57,217	Amkor Technology, Inc.*		678,021
	91,175	Axcelis Technologies, Inc.*		2,012,232
	12,785	Lattice Semiconductor Corp.*		446,197
	44,059	MACOM Technology Solutions Holdings, Inc.*		1,608,154
	171,662	NeoPhotonics Corp.*		1,169,018
	33,656	Power Integrations, Inc.		2,026,428
	113,453	Rambus, Inc.*		1,564,517
	1,790	SiTime Corp.*		149,447
	5,525	Ultra Clean Holdings, Inc.*		117,627
				11,748,071
Software – 3.8%
	18,307	ACI Worldwide, Inc.*		534,015
	2,175	Blackline, Inc.*		212,454
	232,106	Box, Inc., Class A*		3,597,643
	103,520	ChannelAdvisor Corp.*		1,677,024
	249,056	Cloudera, Inc.*		2,420,824
	40,182	Domo, Inc., Class B*		1,276,582
	12,763	J2 Global, Inc.*		866,353
	5,544	MicroStrategy, Inc., Class A*		926,236
	8,349	Model N, Inc.*		294,135
	14,500	Sailpoint Technologies Holdings, Inc.*		601,895
	147,635	SVMK, Inc.*		3,090,001
	42,512	Tenable Holdings, Inc.*		1,450,084
	13,853	Varonis Systems, Inc.*		1,600,991
	24,719	Verint Systems, Inc.*		1,199,366
	79,495	Zuora, Inc., Class A*		764,742
				20,512,345
Specialty Retail – 3.9%
	211,363	Abercrombie & Fitch Co., Class A		3,005,582
	926	Asbury Automotive Group, Inc.*		95,360
	54,435	At Home Group, Inc.*		886,746
	64,275	Bed Bath & Beyond, Inc.		1,272,645
	12,096	Buckle, Inc. (The)		289,820
	86,473	Camping World Holdings, Inc., Class A		2,286,346
	19,908	Haverty Furniture Cos., Inc.		498,098
	17,267	Hibbett Sports, Inc.*		652,865
	15,431	Lithia Motors, Inc., Class A		3,542,495
	75,716	MarineMax, Inc.*		2,269,966
	18,946	Rent-A-Center, Inc.		585,431
	5,071	RH*		1,699,951
	12,213	Sonic Automotive, Inc., Class A		440,401
	224,230	Sportsman’s Warehouse Holdings, Inc.*		2,919,475
	27,346	Zumiez, Inc.*		765,688
				21,210,869

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 0.6%
	13,030	Crocs, Inc.*	$	681,860
	6,339	Deckers Outdoor Corp.*		1,606,112
	54,405	G-III Apparel Group Ltd.*		733,379
	9,674	Wolverine World Wide, Inc.		258,006
				3,279,357
Thrifts & Mortgage Finance – 1.0%
	14,558	Mr. Cooper Group, Inc.*		306,883
	70,253	PennyMac Financial Services, Inc.		3,570,257
	74,836	Washington Federal, Inc.		1,593,258
				5,470,398
Tobacco – 0.1%
	81,614	Vector Group Ltd.		750,033
Trading Companies & Distributors – 2.2%
	11,726	Beacon Roofing Supply, Inc.*		359,988
	104,426	Foundation Building Materials, Inc.*		1,520,443
	36,243	GMS, Inc.*		819,092
	105,194	H&E Equipment Services, Inc.		2,213,282
	270,653	MRC Global, Inc.*		1,152,982
	112,735	Rush Enterprises, Inc., Class A		4,040,422
	8,915	SiteOne Landscape Supply, Inc.*		1,065,253
	30,021	Triton International Ltd. (Bermuda)		1,107,174
				12,278,636
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $553,803,160)		$	539,142,024
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,113,213	0.028%	$	5,113,213
	(Cost $5,113,213)
	TOTAL INVESTMENTS – 99.9%
	(Cost $558,916,373)		$	544,255,237
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			113,924
	NET ASSETS – 100.0%		$	544,369,161

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

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 99.6%
Aerospace & Defense – 0.6%
	41,683	Aerojet Rocketdyne Holdings, Inc.*	$	1,351,363
	47,967	AeroVironment, Inc.*		3,662,760
	97,317	Astronics Corp.*		622,829
				5,636,952
Air Freight & Logistics – 0.3%
	127,957	Echo Global Logistics, Inc.*		3,451,000
Auto Components – 1.8%
	55,452	Fox Factory Holding Corp.*		4,662,404
	4,935	Patrick Industries, Inc.		275,126
	101,102	Standard Motor Products, Inc.		4,630,472
	87,156	Visteon Corp.*		7,813,535
				17,381,537
Banks – 1.8%
	61,171	Amalgamated Bank, Class A		678,998
	45,994	Atlantic Capital Bancshares, Inc.*		638,397
	178,206	Central Pacific Financial Corp.		2,453,897
	314,569	CVB Financial Corp.		5,504,957
	112,569	First Foundation, Inc.		1,673,901
	17,220	Hilltop Holdings, Inc.		392,788
	136,213	International Bancshares Corp.		3,770,376
	60,003	TriCo Bancshares		1,735,887
	14,462	Westamerica BanCorp		757,375
				17,606,576
Biotechnology – 18.9%
	179,502	Akebia Therapeutics, Inc.*		398,494
	22,294	Allakos, Inc.*		2,120,828
	358,043	Amicus Therapeutics, Inc.*		6,383,907
	34,889	Apellis Pharmaceuticals, Inc.*		1,112,959
	3,206	Arcturus Therapeutics Holdings, Inc.*		173,380
	149,319	Ardelyx, Inc.*		763,020
	15,896	Arena Pharmaceuticals, Inc.*		1,362,605
	97,035	Arrowhead Pharmaceuticals, Inc.*		5,560,106
	203,302	Atara Biotherapeutics, Inc.*		2,624,629
	31,974	Bioxcel Therapeutics, Inc.*		1,460,892
	30,532	Blueprint Medicines Corp.*		3,122,813
	30,433	Bridgebio Pharma, Inc.*		1,168,019
	24,692	CareDx, Inc.*		1,211,143
	564,259	Catalyst Pharmaceuticals, Inc.*		1,675,849
	54,313	CEL-SCI Corp.*(a)		653,385
	65,360	ChemoCentryx, Inc.*		3,137,280
	22,744	Cortexyme, Inc.*(a)		1,088,755
	18,209	Cytokinetics, Inc.*		279,872
	49,154	CytomX Therapeutics, Inc.*		325,399
	65,764	Denali Therapeutics, Inc.*		2,813,384
	180,186	Dicerna Pharmaceuticals, Inc.*		3,782,104
	50,815	Eagle Pharmaceuticals, Inc.*		2,363,914
	63,135	Editas Medicine, Inc.*		1,953,397
	156,821	Eiger BioPharmaceuticals, Inc.*		1,392,570
	101,471	Emergent BioSolutions, Inc.*		9,129,346
	45,926	Enanta Pharmaceuticals, Inc.*		2,003,751
	93,604	Fate Therapeutics, Inc.*		4,156,018
	86,886	FibroGen, Inc.*		3,334,685
	69,479	G1 Therapeutics, Inc.*		763,574
Common Stocks – (continued)
Biotechnology – (continued)
	98,747	Halozyme Therapeutics, Inc.*		2,764,916
	19,247	Harpoon Therapeutics, Inc.*		278,504
	3,096	IGM Biosciences, Inc.*		163,438
	93,451	Immunovant, Inc.*		4,076,333
	108,258	Insmed, Inc.*		3,566,019
	108,438	Intellia Therapeutics, Inc.*(a)		2,596,006
	56,128	Intercept Pharmaceuticals, Inc.*		1,559,797
	76,538	Invitae Corp.*(a)		3,001,055
	268,941	Ironwood Pharmaceuticals, Inc.*		2,657,137
	756,664	Kadmon Holdings, Inc.*		2,572,658
	2,096	Karuna Therapeutics, Inc.*		170,174
	120,286	Karyopharm Therapeutics, Inc.*		1,782,639
	9,166	Kiniksa Pharmaceuticals Ltd., Class A*		143,540
	24,320	Krystal Biotech, Inc.*		1,045,517
	165,357	Kura Oncology, Inc.*		5,167,406
	36,536	MacroGenics, Inc.*		709,164
	41,468	Mersana Therapeutics, Inc.*		747,253
	357,699	Minerva Neurosciences, Inc.*		1,148,214
	56,237	Mirati Therapeutics, Inc.*		12,211,302
	121,838	Mustang Bio, Inc.*		324,698
	79,539	Myriad Genetics, Inc.*		988,670
	146,034	Natera, Inc.*		9,822,247
	20,844	Novavax, Inc.*		1,682,319
	803,455	OPKO Health, Inc.*(a)		2,828,162
	226,195	Pieris Pharmaceuticals, Inc.*		567,749
	27,487	Precision BioSciences, Inc.*		173,443
	46,480	Protagonist Therapeutics, Inc.*		880,796
	67,401	Prothena Corp. PLC (Ireland)*		735,345
	81,246	Puma Biotechnology, Inc.*		680,029
	65,534	REGENXBIO, Inc.*		1,884,758
	61,583	REVOLUTION Medicines, Inc.*		1,859,191
	256,524	Sangamo Therapeutics, Inc.*		2,652,458
	12,922	Scholar Rock Holding Corp.*		502,666
	306,938	Sorrento Therapeutics, Inc.*(a)		2,130,150
	27,993	SpringWorks Therapeutics, Inc.*		1,623,314
	10,783	Stoke Therapeutics, Inc.*		413,959
	100,277	TG Therapeutics, Inc.*		2,534,000
	40,411	Turning Point Therapeutics, Inc.*		3,725,490
	90,888	Twist Bioscience Corp.*		6,965,656
	67,358	Ultragenyx Pharmaceutical, Inc.*		6,769,479
	127,509	Veracyte, Inc.*		4,419,462
	138,040	Vericel Corp.*		2,557,881
	18,536	Viela Bio, Inc.*		591,484
	239,185	Viking Therapeutics, Inc.*(a)		1,346,612
	47,410	Vir Biotechnology, Inc.*		1,490,570
	12,153	Voyager Therapeutics, Inc.*		129,186
	220,596	Xencor, Inc.*		8,466,474
	88,613	Y-mAbs Therapeutics, Inc.*		3,787,320
				185,210,718
Building Products – 2.3%
	39,675	Builders FirstSource, Inc.*		1,202,152
	47,565	Masonite International Corp.*		4,185,720
	105,744	Simpson Manufacturing Co., Inc.		9,381,608
	148,242	UFP Industries, Inc.		7,398,758
				22,168,238

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – 1.5%
	30,615	Artisan Partners Asset Management, Inc., Class A	$	1,226,437
	16,228	Cohen & Steers, Inc.		913,798
	61,245	Cowen, Inc., Class A		1,314,318
	86,592	Federated Hermes, Inc.		2,069,549
	20,947	Hamilton Lane, Inc., Class A		1,460,006
	105,411	PJT Partners, Inc., Class A		7,132,108
	2,562	Virtus Investment Partners, Inc.		408,767
				14,524,983
Chemicals – 2.2%
	64,681	Balchem Corp.		6,464,866
	3,014	Chase Corp.		286,812
	361,546	Ferro Corp.*		4,649,482
	102,255	Ingevity Corp.*		5,611,754
	55,542	Koppers Holdings, Inc.*		1,245,807
	44,856	Kraton Corp.*		1,269,425
	31,087	Minerals Technologies, Inc.		1,700,148
				21,228,294
Commercial Services & Supplies – 1.1%
	94,452	HNI Corp.		3,074,413
	89,449	McGrath RentCorp		5,105,749
	19,096	Steelcase, Inc., Class A		199,362
	13,517	UniFirst Corp.		2,214,220
				10,593,744
Communications Equipment – 0.7%
	56,203	Calix, Inc.*		1,315,712
	41,257	Harmonic, Inc.*		245,067
	94,117	NETGEAR, Inc.*		2,900,686
	195,981	Viavi Solutions, Inc.*		2,420,365
				6,881,830
Construction & Engineering – 0.2%
	25,294	EMCOR Group, Inc.		1,724,798
	37,009	Primoris Services Corp.		698,360
				2,423,158
Construction Materials – 0.4%
	19,759	Forterra, Inc.*		257,855
	209,684	Summit Materials, Inc., Class A*		3,709,310
				3,967,165
Consumer Finance – 0.7%
	153,975	Enova International, Inc.*		2,363,516
	87,182	FirstCash, Inc.		4,536,952
				6,900,468
Containers & Packaging – 0.1%
	42,853	Myers Industries, Inc.		614,512
	84,552	O-I Glass, Inc.		797,325
				1,411,837
Diversified Consumer Services – 0.8%
	64,663	Collectors Universe, Inc.		3,551,938
Common Stocks – (continued)
Diversified Consumer Services – (continued)
	8,956	K12, Inc.*		213,780
	305,389	Perdoceo Education Corp.*		3,447,842
	12,948	Strategic Education, Inc.		1,075,461
				8,289,021
Diversified Telecommunication Services – 1.9%
	15,468	Bandwidth, Inc., Class A*		2,480,371
	118,308	Cogent Communications Holdings, Inc.		6,601,586
	168,029	Iridium Communications, Inc.*		4,437,646
	51,361	Ooma, Inc.*		724,704
	538,564	ORBCOMM, Inc.*		2,315,825
	233,369	Vonage Holdings Corp.*		2,469,044
				19,029,176
Electrical Equipment – 1.5%
	138,773	Atkore International Group, Inc.*		2,871,213
	9,683	Encore Wire Corp.		447,452
	97,790	Sunrun, Inc.*		5,087,036
	84,872	Vicor Corp.*		6,620,016
				15,025,717
Electronic Equipment, Instruments & Components – 3.2%
	39,648	Belden, Inc.		1,224,330
	60,199	Fabrinet (Thailand)*		3,613,144
	208,916	Knowles Corp.*		2,977,053
	80,142	Novanta, Inc.*		8,713,038
	35,609	Plexus Corp.*		2,476,250
	2,830	Rogers Corp.*		343,053
	447,276	TTM Technologies, Inc.*		5,309,166
	267,437	Vishay Intertechnology, Inc.		4,337,828
	88,995	Vishay Precision Group, Inc.*		2,126,091
				31,119,953
Energy Equipment & Services – 0.4%
	19,077	Cactus, Inc., Class A		324,309
	82,277	Matrix Service Co.*		625,305
	93,213	SEACOR Holdings, Inc.*		2,855,114
				3,804,728
Entertainment – 0.6%
	822,645	Glu Mobile, Inc.*		5,890,138
Equity Real Estate Investment Trusts (REITs) – 4.4%
	115,588	American Assets Trust, Inc. REIT		2,419,257
	248,269	CareTrust REIT, Inc. REIT		4,245,400
	20,329	City Office REIT, Inc. REIT		128,479
	60,973	Community Healthcare Trust, Inc. REIT		2,823,050
	35,845	EastGroup Properties, Inc. REIT		4,770,252
	146,245	Four Corners Property Trust, Inc. REIT		3,705,848
	228,583	National Storage Affiliates Trust REIT		7,746,678
	151,134	NexPoint Residential Trust, Inc. REIT		6,698,259
	114,829	PotlatchDeltic Corp. REIT		4,771,145
	279,927	Sabra Health Care REIT, Inc. REIT		3,683,839
	40,270	Terreno Realty Corp. REIT		2,266,396
				43,258,603

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 1.2%
	278,859	BJ’s Wholesale Club Holdings, Inc.*	$	10,677,511
	21,160	Ingles Markets, Inc., Class A		758,798
	18,018	Natural Grocers by Vitamin Cottage, Inc.		191,711
				11,628,020
Food Products – 0.5%
	3,415	Freshpet, Inc.*		391,017
	50,452	John B. Sanfilippo & Son, Inc.		3,670,888
	3,607	Lancaster Colony Corp.		599,267
	10,441	Seneca Foods Corp., Class A*		384,751
				5,045,923
Gas Utilities – 0.1%
	16,704	Northwest Natural Holding Co.		742,326
Health Care Equipment & Supplies – 5.2%
	367,715	Antares Pharma, Inc.*		1,003,862
	18,824	Axonics Modulation Technologies, Inc.*		882,657
	30,658	Cantel Medical Corp.		1,466,679
	45,207	CONMED Corp.		3,524,790
	101,027	CytoSorbents Corp.*		772,856
	275,527	GenMark Diagnostics, Inc.*		3,366,940
	65,459	Inogen, Inc.*		1,912,057
	111,808	Integer Holdings Corp.*		6,535,178
	15,196	iRhythm Technologies, Inc.*		3,213,194
	99,342	Meridian Bioscience, Inc.*		1,703,715
	66,429	Merit Medical Systems, Inc.*		3,324,771
	233,899	Natus Medical, Inc.*		4,259,301
	128,647	Neogen Corp.*		8,971,842
	42,749	Shockwave Medical, Inc.*		2,920,612
	39,760	STAAR Surgical Co.*		2,882,600
	95,300	Surmodics, Inc.*		3,502,275
	9,724	Utah Medical Products, Inc.		807,092
				51,050,421
Health Care Providers & Services – 3.0%
	25,070	Addus HomeCare Corp.*		2,446,080
	15,755	BioTelemetry, Inc.*		670,848
	76,525	Castle Biosciences, Inc.*		3,553,056
	12,383	Hanger, Inc.*		216,331
	11,030	HealthEquity, Inc.*		567,935
	32,912	LHC Group, Inc.*		7,127,093
	1,800	National HealthCare Corp.		113,940
	16,350	National Research Corp.		846,930
	34,297	Option Care Health, Inc.*		457,179
	367,751	Select Medical Holdings Corp.*		7,715,416
	198,015	Tenet Healthcare Corp.*		4,859,288
	8,378	US Physical Therapy, Inc.		664,627
				29,238,723
Health Care Technology – 0.9%
	130,944	Inovalon Holdings, Inc., Class A*		2,486,627
	125,230	NextGen Healthcare, Inc.*		1,703,128
	8,668	Phreesia, Inc.*		320,456
	26,059	Schrodinger, Inc.*		1,271,158
Common Stocks – (continued)
Health Care Technology – (continued)
	51,022	Simulations Plus, Inc.		3,307,246
				9,088,615
Hotels, Restaurants & Leisure – 4.3%
	106,554	Bloomin’ Brands, Inc.		1,489,625
	78,536	Caesars Entertainment, Inc.*		3,519,983
	6,893	Churchill Downs, Inc.		1,028,091
	24,489	Dine Brands Global, Inc.		1,259,959
	57,243	El Pollo Loco Holdings, Inc.*		808,271
	21,141	Everi Holdings, Inc.*		182,024
	43,320	Fiesta Restaurant Group, Inc.*		374,285
	76,233	Papa John’s International, Inc.		5,839,448
	92,124	Penn National Gaming, Inc.*		4,972,854
	301,641	Red Rock Resorts, Inc., Class A		5,767,376
	115,037	Texas Roadhouse, Inc.		8,056,041
	75,746	Wingstop, Inc.		8,811,532
				42,109,489
Household Durables – 1.3%
	28,889	KB Home		931,670
	2,213	LGI Homes, Inc.*		236,525
	57,856	M/I Homes, Inc.*		2,367,468
	33,244	Meritage Homes Corp.*		2,895,220
	106,451	Sonos, Inc.*		1,554,185
	2,572	TopBuild Corp.*		394,056
	190,997	TRI Pointe Group, Inc.*		3,138,081
	37,134	Universal Electronics, Inc.*		1,376,186
				12,893,391
Household Products – 0.1%
	10,856	Central Garden & Pet Co., Class A*		384,194
	3,200	WD-40 Co.		778,816
				1,163,010
Insurance – 2.0%
	106,287	American Equity Investment Life Holding Co.		2,638,043
	36,190	Goosehead Insurance, Inc., Class A		4,434,723
	3,481	James River Group Holdings Ltd.		162,667
	36,595	Kinsale Capital Group, Inc.		6,860,465
	24,224	Stewart Information Services Corp.		1,026,855
	69,947	Trupanion, Inc.*		5,004,008
				20,126,761
Interactive Media & Services – 0.7%
	151,887	Cargurus, Inc.*		3,027,108
	197,850	Cars.com, Inc.*		1,462,111
	52,448	EverQuote, Inc., Class A*		1,756,484
	34,943	QuinStreet, Inc.*		559,263
				6,804,966
Internet & Direct Marketing Retail – 0.8%
	33,685	Stamps.com, Inc.*		7,519,839
IT Services – 1.9%
	162,085	Brightcove, Inc.*		2,050,375
	16,993	Hackett Group, Inc. (The)		219,550

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	27,492	I3 Verticals, Inc., Class A*	$	567,160
	83,599	Limelight Networks, Inc.*		295,105
	13,916	LiveRamp Holdings, Inc.*		919,708
	155,540	Perficient, Inc.*		6,090,946
	220,455	Perspecta, Inc.		3,952,758
	116,340	Sykes Enterprises, Inc.*		3,983,482
	16,645	TTEC Holdings, Inc.		911,813
				18,990,897
Leisure Products – 1.3%
	99,011	Sturm Ruger & Co., Inc.		6,619,875
	27,013	Vista Outdoor, Inc.*		534,047
	106,189	YETI Holdings, Inc.*		5,254,232
				12,408,154
Life Sciences Tools & Services – 0.2%
	12,332	Medpace Holdings, Inc.*		1,368,112
	9,419	NanoString Technologies, Inc.*		345,206
	38,388	Pacific Biosciences of California, Inc.*		503,267
				2,216,585
Machinery – 2.8%
	34,416	Albany International Corp., Class A		1,753,151
	52,743	Columbus McKinnon Corp.		1,787,460
	100,395	Federal Signal Corp.		2,879,329
	129,884	Franklin Electric Co., Inc.		7,757,971
	63,359	Mueller Industries, Inc.		1,832,976
	48,232	RBC Bearings, Inc.*		5,742,020
	165,912	Rexnord Corp.		5,322,457
				27,075,364
Media – 0.8%
	11,277	Cardlytics, Inc.*		832,468
	37,544	Gray Television, Inc.*		476,058
	14,045	Loral Space & Communications, Inc.		244,524
	149,780	TechTarget, Inc.*		6,560,364
				8,113,414
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
	111,793	PennyMac Mortgage Investment Trust REIT		1,673,541
Multiline Retail – 0.6%
	118,658	Big Lots, Inc.		5,648,121
Multi-Utilities – 0.3%
	65,856	NorthWestern Corp.		3,433,073
Oil, Gas & Consumable Fuels – 0.4%
	146,904	Ardmore Shipping Corp. (Ireland)		411,331
	262,482	DHT Holdings, Inc.		1,262,539
	66,894	Green Plains, Inc.*		1,010,099
	14,244	Scorpio Tankers, Inc. (Monaco)		125,632
	64,182	World Fuel Services Corp.		1,351,031
				4,160,632
Paper & Forest Products – 1.5%
	138,960	Boise Cascade Co.		5,333,285
Common Stocks – (continued)
Paper & Forest Products – (continued)
	321,877	Louisiana-Pacific Corp.		9,199,244
				14,532,529
Personal Products – 0.3%
	16,784	Lifevantage Corp.*		185,463
	9,515	Medifast, Inc.		1,336,762
	22,864	USANA Health Sciences, Inc.*		1,729,662
				3,251,887
Pharmaceuticals – 3.6%
	113,778	Amneal Pharmaceuticals, Inc.*		473,316
	225,664	Amphastar Pharmaceuticals, Inc.*		4,420,758
	92,204	ANI Pharmaceuticals, Inc.*		2,350,280
	44,624	Axsome Therapeutics, Inc.*		2,959,017
	471,004	BioDelivery Sciences International, Inc.*		1,488,373
	166,686	Corcept Therapeutics, Inc.*		2,796,991
	421,223	Innoviva, Inc.*		4,553,421
	25,127	MyoKardia, Inc.*		5,616,638
	53,624	Pacira BioSciences, Inc.*		2,804,535
	153,256	Phibro Animal Health Corp., Class A		2,519,529
	169,832	Prestige Consumer Healthcare, Inc.*		5,609,551
				35,592,409
Professional Services – 0.8%
	2,227	ASGN, Inc.*		148,497
	46,997	Exponent, Inc.		3,270,521
	35,324	Huron Consulting Group, Inc.*		1,337,367
	11,935	Insperity, Inc.		913,982
	61,273	Kforce, Inc.		2,126,173
				7,796,540
Real Estate Management & Development – 0.6%
	143,440	Redfin Corp.*		5,991,489
Road & Rail – 1.7%
	352,005	Marten Transport Ltd.		5,401,517
	23,641	Saia, Inc.*		3,490,830
	5,999	Universal Logistics Holdings, Inc.		118,360
	198,592	Werner Enterprises, Inc.		7,550,468
				16,561,175
Semiconductors & Semiconductor Equipment – 3.7%
	75,460	Ambarella, Inc.*		4,125,398
	77,765	Amkor Technology, Inc.*		921,515
	210,276	Axcelis Technologies, Inc.*		4,640,791
	17,869	CEVA, Inc.*		720,478
	7,219	Cohu, Inc.		156,869
	75,640	FormFactor, Inc.*		2,144,394
	111,536	Lattice Semiconductor Corp.*		3,892,606
	123,889	MACOM Technology Solutions Holdings, Inc.*		4,521,949
	41,116	MaxLinear, Inc.*		1,087,107
	370,908	NeoPhotonics Corp.*		2,525,884
	146,422	Power Integrations, Inc.		8,816,069
	4,767	SiTime Corp.*		397,997
	24,937	SunPower Corp.*(a)		398,743

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	2,212	Synaptics, Inc.*	$	169,594
	70,212	Ultra Clean Holdings, Inc.*		1,494,813
				36,014,207
Software – 7.9%
	100,834	ACI Worldwide, Inc.*		2,941,328
	41,575	Avaya Holdings Corp.*		715,090
	59,006	Blackline, Inc.*		5,763,706
	490,852	Box, Inc., Class A*		7,608,206
	214,762	ChannelAdvisor Corp.*		3,479,145
	601,398	Cloudera, Inc.*		5,845,589
	123,655	Domo, Inc., Class B*		3,928,519
	54,741	J2 Global, Inc.*		3,715,819
	19,656	MicroStrategy, Inc., Class A*		3,283,928
	58,062	Model N, Inc.*		2,045,524
	71,210	Sailpoint Technologies Holdings, Inc.*		2,955,927
	56,076	SPS Commerce, Inc.*		4,799,545
	368,270	SVMK, Inc.*		7,707,891
	114,388	Telenav, Inc.*		465,559
	148,274	Tenable Holdings, Inc.*		5,057,626
	25,092	Upland Software, Inc.*		1,046,838
	69,290	Varonis Systems, Inc.*		8,007,845
	70,727	Verint Systems, Inc.*		3,431,674
	18,438	Workiva, Inc.*		1,019,806
	368,222	Zuora, Inc., Class A*		3,542,296
				77,361,861
Specialty Retail – 2.8%
	329,815	Abercrombie & Fitch Co., Class A		4,689,970
	12,007	At Home Group, Inc.*		195,594
	143,248	Camping World Holdings, Inc., Class A		3,787,477
	4,389	Hibbett Sports, Inc.*		165,948
	20,166	Lithia Motors, Inc., Class A		4,629,509
	52,486	MarineMax, Inc.*		1,573,530
	37,189	Rent-A-Center, Inc.		1,149,140
	17,174	RH*		5,757,240
	419,161	Sportsman’s Warehouse Holdings, Inc.*		5,457,476
				27,405,884
Textiles, Apparel & Luxury Goods – 0.8%
	22,931	Crocs, Inc.*		1,199,979
	27,643	Deckers Outdoor Corp.*		7,003,907
				8,203,886
Thrifts & Mortgage Finance – 0.3%
	57,745	PennyMac Financial Services, Inc.		2,934,601
Tobacco – 0.2%
	178,216	Vector Group Ltd.		1,637,805
Trading Companies & Distributors – 1.4%
	165,915	Foundation Building Materials, Inc.*		2,415,722
	94,491	H&E Equipment Services, Inc.		1,988,091
	275,311	MRC Global, Inc.*		1,172,825
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	60,261	Rush Enterprises, Inc., Class A		2,159,754
	48,439	SiteOne Landscape Supply, Inc.*		5,787,976
				13,524,368
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $937,772,448)		$	977,743,742

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,156,338	0.028%	$	11,156,338
	(Cost $11,156,338)
	TOTAL INVESTMENTS – 100.7%
	(Cost $948,928,786)		$	988,900,080
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%			(7,303,921	)
	NET ASSETS – 100.0%		$	981,596,159

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

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 98.3%
Aerospace & Defense – 0.4%
	5,095	AAR Corp.	$	99,148
	86,440	Astronics Corp.*		553,216
	30,070	Maxar Technologies, Inc.		774,904
	32,428	Moog, Inc., Class A		2,023,183
				3,450,451
Air Freight & Logistics – 0.9%
	93,775	Echo Global Logistics, Inc.*		2,529,112
	78,095	Hub Group, Inc., Class A*		3,914,902
	34,604	Radiant Logistics, Inc.*		177,865
				6,621,879
Airlines – 0.3%
	89,284	SkyWest, Inc.		2,591,915
Auto Components – 2.1%
	323,769	American Axle & Manufacturing Holdings, Inc.*		2,175,728
	37,313	Cooper Tire & Rubber Co.		1,283,194
	445,882	Goodyear Tire & Rubber Co. (The)		3,691,903
	18,952	Patrick Industries, Inc.		1,056,574
	101,566	Standard Motor Products, Inc.		4,651,723
	35,641	Visteon Corp.*		3,195,215
				16,054,337
Banks – 14.2%
	82,127	1st Source Corp.		2,750,433
	93,716	Amalgamated Bank, Class A		1,040,248
	11,049	Ameris Bancorp		323,736
	89,633	Atlantic Capital Bancshares, Inc.*		1,244,106
	8,376	Atlantic Union Bankshares Corp.		211,829
	283,915	Bancorp, Inc. (The)*		2,725,584
	32,138	Bank of Marin Bancorp		968,639
	15,300	Banner Corp.		564,111
	9,857	BayCom Corp.*		109,413
	387,572	Boston Private Financial Holdings, Inc.		2,395,195
	15,644	Bridge Bancorp, Inc.		305,684
	449,550	Cadence BanCorp		5,043,951
	25,543	Capital City Bank Group, Inc.		544,321
	239,191	Cathay General Bancorp		5,628,164
	160,206	Central Pacific Financial Corp.		2,206,037
	8,791	Civista Bancshares, Inc.		125,360
	11,755	Columbia Banking System, Inc.		333,960
	342,237	CVB Financial Corp.		5,989,147
	19,936	Eagle Bancorp, Inc.		596,485
	7,396	Equity Bancshares, Inc., Class A*		135,938
	27,578	Financial Institutions, Inc.		488,958
	585,452	First BanCorp. (Puerto Rico)		3,799,583
	19,042	First Bancshares, Inc. (The)		453,961
	90,484	First BankCorp		2,179,760
	385,623	First Commonwealth Financial Corp.		3,324,070
	203,322	First Foundation, Inc.		3,023,398
	25,551	First Internet Bancorp		549,858
	4,352	First Mid Bancshares, Inc.		120,812
	13,140	Flushing Financial Corp.		168,061
	14,837	Fulton Financial Corp.		163,059
	137,251	Glacier Bancorp, Inc.		4,913,586
	26,652	Hancock Whitney Corp.		609,531
Common Stocks – (continued)
Banks – (continued)
	224,398	Hanmi Financial Corp.		2,017,338
	22,100	HBT Financial, Inc.		272,714
	110,178	Heartland Financial USA, Inc.		3,629,263
	261,520	Hilltop Holdings, Inc.		5,965,271
	55,405	Home BancShares, Inc.		919,723
	537,110	Hope Bancorp, Inc.		4,334,478
	48,468	Independent Bank Corp.		725,566
	186,055	International Bancshares Corp.		5,150,002
	215,533	Investors Bancorp, Inc.		1,823,409
	94,856	Lakeland Bancorp, Inc.		1,055,747
	14,805	Mercantile Bank Corp.		323,637
	14,616	Metropolitan Bank Holding Corp.*		437,749
	5,297	MidWestOne Financial Group, Inc.		106,735
	135,789	National Bank Holdings Corp., Class A		4,094,038
	12,115	Northeast Bank		232,487
	49,023	Old Second Bancorp, Inc.		419,147
	61,063	Preferred Bank		2,065,761
	14,140	QCR Holdings, Inc.		438,764
	7,938	Republic Bancorp, Inc., Class A		264,574
	51,531	Sierra Bancorp		1,022,375
	232,152	Simmons First National Corp., Class A		3,944,262
	4,912	Southside Bancshares, Inc.		132,428
	153,637	TriCo Bancshares		4,444,718
	159,770	TriState Capital Holdings, Inc.*		2,011,504
	156,271	Trustmark Corp.		3,655,179
	20,479	UMB Financial Corp.		1,246,557
	45,887	United Bankshares, Inc.		1,203,616
	28,128	Washington Trust Bancorp, Inc.		949,883
	62,998	Westamerica BanCorp		3,299,205
				109,223,108
Biotechnology – 2.8%
	38,075	Akebia Therapeutics, Inc.*		84,526
	19,988	Arena Pharmaceuticals, Inc.*		1,713,371
	59,535	Atara Biotherapeutics, Inc.*		768,597
	81,913	Catalyst Pharmaceuticals, Inc.*		243,282
	15,906	Emergent BioSolutions, Inc.*		1,431,063
	13,932	Enanta Pharmaceuticals, Inc.*		607,853
	36,506	G1 Therapeutics, Inc.*		401,201
	9,664	Immunovant, Inc.*		421,544
	8,423	Kura Oncology, Inc.*		263,219
	12,796	MacroGenics, Inc.*		248,370
	55,620	Minerva Neurosciences, Inc.*		178,540
	1,652	Mirati Therapeutics, Inc.*		358,715
	175,185	Myriad Genetics, Inc.*		2,177,550
	16,068	Natera, Inc.*		1,080,734
	31,010	Novavax, Inc.*		2,502,817
	800,785	OPKO Health, Inc.*(a)		2,818,763
	52,887	Prothena Corp. PLC (Ireland)*		576,997
	12,273	Sangamo Therapeutics, Inc.*		126,903
	14,704	Twist Bioscience Corp.*		1,126,915
	11,782	Vericel Corp.*		218,320
	107,111	Xencor, Inc.*		4,110,920
				21,460,200
Building Products – 1.2%
	61,472	Apogee Enterprises, Inc.		1,468,566
	5,739	Griffon Corp.		123,044

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Building Products – (continued)
	42,605	JELD-WEN Holding, Inc.*	$	895,983
	148,329	Quanex Building Products Corp.		2,699,588
	6,269	Simpson Manufacturing Co., Inc.		556,186
	77,470	UFP Industries, Inc.		3,866,528
				9,609,895
Capital Markets – 2.3%
	24,999	Artisan Partners Asset Management, Inc., Class A		1,001,460
	9,303	Cohen & Steers, Inc.		523,852
	127,035	Cowen, Inc., Class A		2,726,171
	159,235	Donnelley Financial Solutions, Inc.*		2,011,138
	197,957	Federated Hermes, Inc.		4,731,172
	73,417	Oppenheimer Holdings, Inc., Class A		1,839,830
	2,183	Piper Sandler Cos.		182,171
	29,658	PJT Partners, Inc., Class A		2,006,660
	16,866	Stifel Financial Corp.		985,987
	9,587	Virtus Investment Partners, Inc.		1,529,606
				17,538,047
Chemicals – 2.5%
	41,939	Avient Corp.		1,303,045
	25,167	Balchem Corp.		2,515,442
	194,974	Ferro Corp.*		2,507,366
	28,003	Ingevity Corp.*		1,536,805
	93,606	Koppers Holdings, Inc.*		2,099,582
	91,371	Kraton Corp.*		2,585,799
	18,545	Kronos Worldwide, Inc.		247,019
	75,811	Minerals Technologies, Inc.		4,146,104
	146,524	Orion Engineered Carbons SA (Germany)		2,149,507
	31,990	Tronox Holdings PLC, Class A		312,542
				19,403,211
Commercial Services & Supplies – 2.7%
	100,733	BrightView Holdings, Inc.*		1,231,965
	19,024	Ennis, Inc.		289,926
	83,810	HNI Corp.		2,728,015
	336,570	KAR Auction Services, Inc.		4,900,459
	54,582	Kimball International, Inc., Class B		562,195
	82,880	Matthews International Corp., Class A		1,809,270
	71,682	McGrath RentCorp		4,091,608
	163,788	Steelcase, Inc., Class A		1,709,947
	109,544	Team, Inc.*		587,156
	18,443	UniFirst Corp.		3,021,148
				20,931,689
Communications Equipment – 0.8%
	233,922	Harmonic, Inc.*		1,389,497
	150,269	NETGEAR, Inc.*		4,631,290
				6,020,787
Construction & Engineering – 1.5%
	42,364	Aegion Corp.*		597,756
	2,117	Argan, Inc.		87,199
	68,347	EMCOR Group, Inc.		4,660,582
	122,956	Great Lakes Dredge & Dock Corp.*		1,270,136
Common Stocks – (continued)
Construction & Engineering – (continued)
	158,514	Primoris Services Corp.		2,991,159
	126,042	Tutor Perini Corp.*		1,702,827
				11,309,659
Construction Materials – 0.8%
	334,168	Summit Materials, Inc., Class A*		5,911,432
Consumer Finance – 1.4%
	31,523	Curo Group Holdings Corp.		236,107
	52,431	Encore Capital Group, Inc.*		1,674,122
	113,453	Enova International, Inc.*		1,741,504
	16,302	FirstCash, Inc.		848,356
	618,690	Navient Corp.		4,955,707
	18,614	Oportun Financial Corp.*		247,566
	11,702	PRA Group, Inc.*		399,389
	26,885	Regional Management Corp.*		546,303
				10,649,054
Containers & Packaging – 0.3%
	201,348	O-I Glass, Inc.		1,898,712
	6,460	UFP Technologies, Inc.*		239,407
				2,138,119
Diversified Consumer Services – 0.9%
	58,001	American Public Education, Inc.*		1,639,688
	11,460	Carriage Services, Inc.		295,783
	53,239	Collectors Universe, Inc.		2,924,418
	49,569	K12, Inc.*		1,183,212
	88,461	Perdoceo Education Corp.*		998,725
				7,041,826
Diversified Financial Services – 0.3%
	166,444	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		2,128,819
Diversified Telecommunication Services – 0.8%
	193,861	Consolidated Communications Holdings, Inc.*		905,331
	70,626	Iridium Communications, Inc.*		1,865,233
	465,254	ORBCOMM, Inc.*		2,000,592
	105,359	Vonage Holdings Corp.*		1,114,698
				5,885,854
Electric Utilities – 0.6%
	114,931	Portland General Electric Co.		4,516,788
Electrical Equipment – 0.6%
	14,555	Atkore International Group, Inc.*		301,143
	66,403	Encore Wire Corp.		3,068,483
	43,235	Powell Industries, Inc.		1,021,643
				4,391,269
Electronic Equipment, Instruments & Components – 3.0%
	122,706	Belden, Inc.		3,789,161
	77,700	Benchmark Electronics, Inc.		1,618,491
	24,904	CTS Corp.		688,347
	321,920	Knowles Corp.*		4,587,360
	1,741	Rogers Corp.*		211,044
	437,795	TTM Technologies, Inc.*		5,196,627

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	342,604	Vishay Intertechnology, Inc.	$	5,557,037
	44,179	Vishay Precision Group, Inc.*		1,055,436
				22,703,503
Energy Equipment & Services – 1.0%
	95,940	Cactus, Inc., Class A		1,630,980
	166,479	ChampionX Corp.*		1,453,362
	90,954	Matrix Service Co.*		691,250
	214,555	Oil States International, Inc.*		534,242
	237,416	Patterson-UTI Energy, Inc.		607,785
	57,211	SEACOR Holdings, Inc.*		1,752,373
	97,014	Solaris Oilfield Infrastructure, Inc., Class A		575,293
	78,812	US Silica Holdings, Inc.		214,369
				7,459,654
Entertainment – 0.2%
	42,754	Gaia, Inc.*		433,526
	140,194	Glu Mobile, Inc.*		1,003,789
				1,437,315
Equity Real Estate Investment Trusts (REITs) – 9.2%
	157,053	American Assets Trust, Inc. REIT		3,287,119
	12,452	Armada Hoffler Properties, Inc. REIT		112,193
	289,419	CareTrust REIT, Inc. REIT		4,949,065
	324,981	City Office REIT, Inc. REIT		2,053,880
	47,853	Community Healthcare Trust, Inc. REIT		2,215,594
	20,420	EastGroup Properties, Inc. REIT		2,717,494
	6,723	Essential Properties Realty Trust, Inc. REIT		111,064
	101,827	Four Corners Property Trust, Inc. REIT		2,580,296
	57,884	Franklin Street Properties Corp. REIT		243,113
	119,030	Gladstone Commercial Corp. REIT		1,934,237
	16,847	Gladstone Land Corp. REIT		233,668
	282,245	Independence Realty Trust, Inc. REIT		3,429,277
	170,464	Industrial Logistics Properties Trust REIT		3,269,500
	63,892	Kite Realty Group Trust REIT		661,921
	468,511	Lexington Realty Trust REIT		4,652,314
	112,925	National Storage Affiliates Trust REIT		3,827,028
	66,175	New Senior Investment Group, Inc. REIT		258,744
	126,132	NexPoint Residential Trust, Inc. REIT		5,590,170
	12,942	Office Properties Income Trust REIT		238,262
	333,789	Physicians Realty Trust REIT		5,627,683
	147,712	PotlatchDeltic Corp. REIT		6,137,434
	301,988	Retail Opportunity Investments Corp. REIT		2,938,343
	187,006	Retail Properties of America, Inc., Class A REIT		979,911
	127,470	Retail Value, Inc. REIT		1,593,375
	164,732	RPT Realty REIT		805,539
	447,851	Sabra Health Care REIT, Inc. REIT		5,893,719
	19,625	Terreno Realty Corp. REIT		1,104,495
	23,512	Universal Health Realty Income Trust REIT		1,257,187
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	147,412	Urban Edge Properties REIT		1,385,673
	85,183	Whitestone REIT		507,691
				70,595,989
Food & Staples Retailing – 1.6%
	35,047	Andersons, Inc. (The)		760,170
	88,604	BJ’s Wholesale Club Holdings, Inc.*		3,392,647
	105,941	Ingles Markets, Inc., Class A		3,799,044
	47,638	Natural Grocers by Vitamin Cottage, Inc.		506,868
	64,202	SpartanNash Co.		1,181,959
	50,692	Weis Markets, Inc.		2,301,924
				11,942,612
Food Products – 1.1%
	134,480	Darling Ingredients, Inc.*		5,782,640
	50,053	Fresh Del Monte Produce, Inc.		1,077,641
	4,991	John B. Sanfilippo & Son, Inc.		363,145
	28,073	Seneca Foods Corp., Class A*		1,034,490
				8,257,916
Gas Utilities – 1.2%
	58,352	Northwest Natural Holding Co.		2,593,163
	26,862	Southwest Gas Holdings, Inc.		1,765,371
	85,202	Spire, Inc.		4,774,720
				9,133,254
Health Care Equipment & Supplies – 1.2%
	15,378	Inogen, Inc.*		449,192
	74,822	Integer Holdings Corp.*		4,373,346
	18,285	Invacare Corp.		148,291
	130,363	Natus Medical, Inc.*		2,373,910
	27,119	Neogen Corp.*		1,891,279
	3,405	Utah Medical Products, Inc.		282,615
				9,518,633
Health Care Providers & Services – 1.3%
	44,728	Covetrus, Inc.*		1,104,334
	29,698	Hanger, Inc.*		518,824
	19,194	National HealthCare Corp.		1,214,980
	3,742	Owens & Minor, Inc.		93,999
	127,018	Select Medical Holdings Corp.*		2,664,838
	192,622	Tenet Healthcare Corp.*		4,726,944
				10,323,919
Health Care Technology – 0.1%
	14,899	Computer Programs and Systems, Inc.		415,533
	42,288	NextGen Healthcare, Inc.*		575,117
				990,650
Hotels, Restaurants & Leisure – 3.2%
	30,503	Bloomin’ Brands, Inc.		426,432
	23,732	Caesars Entertainment, Inc.*		1,063,668
	33,859	Carrols Restaurant Group, Inc.*		198,075
	29,506	Chuy’s Holdings, Inc.*		619,331
	92,764	Del Taco Restaurants, Inc.*		687,845
	37,872	Denny’s Corp.*		339,333
	54,864	Dine Brands Global, Inc.		2,822,753
	69,374	El Pollo Loco Holdings, Inc.*		979,561

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	60,354	Everi Holdings, Inc.*	$	519,648
	100,686	Fiesta Restaurant Group, Inc.*		869,927
	168,519	International Game Technology PLC		1,383,541
	24,145	Jack in the Box, Inc.		1,933,049
	24,913	Papa John’s International, Inc.		1,908,336
	60,306	Penn National Gaming, Inc.*		3,255,318
	214,838	Red Rock Resorts, Inc., Class A		4,107,702
	32,602	Wingstop, Inc.		3,792,591
				24,907,110
Household Durables – 2.2%
	16,513	Century Communities, Inc.*		641,365
	42,750	KB Home		1,378,687
	87,571	M/I Homes, Inc.*		3,583,405
	12,132	MDC Holdings, Inc.		527,985
	30,693	Meritage Homes Corp.*		2,673,053
	64,303	Taylor Morrison Home Corp.*		1,388,945
	327,621	TRI Pointe Group, Inc.*		5,382,813
	33,894	Universal Electronics, Inc.*		1,256,112
				16,832,365
Household Products – 0.2%
	35,575	Central Garden & Pet Co., Class A*		1,258,999
Independent Power and Renewable Electricity Producers – 0.1%
	266,741	Atlantic Power Corp.*		530,815
Insurance – 3.5%
	177,363	American Equity Investment Life Holding Co.		4,402,150
	21,950	AMERISAFE, Inc.		1,294,611
	79,252	Argo Group International Holdings Ltd.		2,827,711
	14,231	Enstar Group Ltd.*		2,445,882
	697,156	Genworth Financial, Inc., Class A*		2,739,823
	24,769	Goosehead Insurance, Inc., Class A		3,035,193
	27,091	HCI Group, Inc.		1,272,735
	1,728	Investors Title Co.		230,722
	7,001	National Western Life Group, Inc., Class A		1,187,580
	7,993	State Auto Financial Corp.		98,634
	120,284	Stewart Information Services Corp.		5,098,839
	19,833	Trupanion, Inc.*		1,418,853
	51,070	Universal Insurance Holdings, Inc.		636,843
				26,689,576
Interactive Media & Services – 0.3%
	16,209	Cargurus, Inc.*		323,045
	212,408	Cars.com, Inc.*		1,569,695
	2,614	EverQuote, Inc., Class A*		87,543
	17,029	QuinStreet, Inc.*		272,549
				2,252,832
Internet & Direct Marketing Retail – 0.2%
	5,518	Stamps.com, Inc.*		1,231,838
IT Services – 1.1%
	24,700	Brightcove, Inc.*		312,455
	446,523	Conduent, Inc.*		1,556,133
	60,361	Hackett Group, Inc. (The)		779,864
Common Stocks – (continued)
IT Services – (continued)
	116,303	Perspecta, Inc.		2,085,313
	103,819	Sykes Enterprises, Inc.*		3,554,762
				8,288,527
Leisure Products – 0.8%
	52,119	Nautilus, Inc.*		1,130,461
	61,565	Smith & Wesson Brands, Inc.		1,021,363
	38,859	Sturm Ruger & Co., Inc.		2,598,113
	89,365	Vista Outdoor, Inc.*		1,766,746
				6,516,683
Machinery – 2.9%
	5,969	Albany International Corp., Class A		304,061
	65,549	Barnes Group, Inc.		2,405,648
	36,094	Columbus McKinnon Corp.		1,223,226
	52,591	Federal Signal Corp.		1,508,310
	64,221	Franklin Electric Co., Inc.		3,835,920
	63,543	Miller Industries, Inc.		1,902,477
	44,378	Mueller Industries, Inc.		1,283,856
	35,674	Navistar International Corp.*		1,537,906
	9,573	RBC Bearings, Inc.*		1,139,666
	217,405	Rexnord Corp.		6,974,352
				22,115,422
Marine – 0.1%
	173,279	Costamare, Inc. (Monaco)		985,957
Media – 1.0%
	12,957	EW Scripps Co. (The), Class A		117,649
	217,426	Gray Television, Inc.*		2,756,962
	17,308	Loral Space & Communications, Inc.		301,332
	149,738	MSG Networks, Inc., Class A*		1,338,658
	110,474	National CineMedia, Inc.		219,291
	25,390	Scholastic Corp.		501,706
	41,486	TechTarget, Inc.*		1,817,087
	124,726	WideOpenWest, Inc.*		622,383
				7,675,068
Metals & Mining – 2.6%
	483,832	Alcoa Corp.*		6,251,110
	119,434	Allegheny Technologies, Inc.*		1,099,987
	7,986	Carpenter Technology Corp.		139,595
	13,062	Century Aluminum Co.*		85,948
	207,018	Coeur Mining, Inc.*		1,463,617
	128,539	Commercial Metals Co.		2,654,330
	65,505	Haynes International, Inc.		1,061,836
	659,349	Hecla Mining Co.		3,019,819
	22,441	Kaiser Aluminum Corp.		1,412,212
	26,846	Ryerson Holding Corp.*		211,278
	34,214	TimkenSteel Corp.*		132,408
	45,899	Worthington Industries, Inc.		2,258,690
				19,790,830
Mortgage Real Estate Investment Trusts (REITs) – 2.2%
	663,048	Anworth Mortgage Asset Corp. REIT		1,087,399
	90,881	Arlington Asset Investment Corp., Class A REIT		223,567
	180,159	ARMOUR Residential REIT, Inc. REIT		1,718,717
	429,520	Capstead Mortgage Corp. REIT		2,194,847

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
	11,742	Cherry Hill Mortgage Investment Corp. REIT	$	107,557
	261,378	Chimera Investment Corp. REIT		2,182,506
	86,152	Great Ajax Corp. REIT		661,647
	377,132	Ladder Capital Corp. REIT		2,828,490
	333,738	PennyMac Mortgage Investment Trust REIT		4,996,058
	133,295	TPG RE Finance Trust, Inc. REIT		1,042,367
				17,043,155
Multiline Retail – 0.7%
	114,025	Big Lots, Inc.		5,427,590
Multi-Utilities – 0.9%
	17,377	Black Hills Corp.		984,581
	121,021	NorthWestern Corp.		6,308,825
				7,293,406
Oil, Gas & Consumable Fuels – 2.2%
	266,972	Ardmore Shipping Corp. (Ireland)		747,522
	93,904	Brigham Minerals, Inc., Class A		828,233
	237,074	Clean Energy Fuels Corp.*		587,944
	405,528	DHT Holdings, Inc.		1,950,590
	78,060	Diamond S Shipping, Inc.*		441,820
	98,552	Dorian LPG Ltd.*		808,126
	25,266	Frontline Ltd. (Norway)(a)		136,689
	17,588	Golar LNG Ltd. (Cameroon)*		132,789
	172,942	Green Plains, Inc.*		2,611,424
	57,937	International Seaways, Inc.		784,467
	214,086	Magnolia Oil & Gas Corp., Class A*		929,133
	10,456	Ovintiv, Inc.		96,195
	18,757	Renewable Energy Group, Inc.*		1,057,895
	188,317	Scorpio Tankers, Inc. (Monaco)		1,660,956
	154,280	SM Energy Co.		248,391
	169,641	World Fuel Services Corp.		3,570,943
				16,593,117
Paper & Forest Products – 1.7%
	125,391	Boise Cascade Co.		4,812,507
	29,662	Clearwater Paper Corp.*		1,101,943
	148,079	Glatfelter Corp.		2,113,087
	158,190	Louisiana-Pacific Corp.		4,521,070
	24,466	Neenah, Inc.		920,656
				13,469,263
Pharmaceuticals – 1.1%
	23,737	Amneal Pharmaceuticals, Inc.*		98,746
	61,134	ANI Pharmaceuticals, Inc.*		1,558,305
	77,661	BioDelivery Sciences International, Inc.*		245,409
	57,233	Endo International PLC*		261,555
	43,247	Innoviva, Inc.*		467,500
	46,213	Phibro Animal Health Corp., Class A		759,742
	143,314	Prestige Consumer Healthcare, Inc.*		4,733,661
				8,124,918
Professional Services – 0.3%
	12,985	Franklin Covey Co.*		219,706
Common Stocks – (continued)
Professional Services – (continued)
	50,773	Huron Consulting Group, Inc.*		1,922,266
				2,141,972
Real Estate Management & Development – 0.2%
	5,845	Forestar Group, Inc.*		97,261
	3,089	FRP Holdings, Inc.*		124,981
	35,372	Redfin Corp.*		1,477,488
				1,699,730
Road & Rail – 1.1%
	10,940	Heartland Express, Inc.		200,312
	279,513	Marten Transport Ltd.		4,289,127
	10,714	Universal Logistics Holdings, Inc.		211,387
	102,505	Werner Enterprises, Inc.		3,897,240
				8,598,066
Semiconductors & Semiconductor Equipment – 0.8%
	34,290	Ambarella, Inc.*		1,874,634
	23,348	Amkor Technology, Inc.*		276,674
	97,067	Axcelis Technologies, Inc.*		2,142,269
	236,340	NeoPhotonics Corp.*		1,609,475
	8,717	Photronics, Inc.*		84,991
	38,062	Rambus, Inc.*		524,875
				6,512,918
Software – 1.0%
	228,361	Box, Inc., Class A*		3,539,595
	112,479	ChannelAdvisor Corp.*		1,822,160
	265,739	Cloudera, Inc.*		2,582,983
				7,944,738
Specialty Retail – 4.6%
	317,701	Abercrombie & Fitch Co., Class A		4,517,708
	9,521	Asbury Automotive Group, Inc.*		980,473
	126,839	At Home Group, Inc.*		2,066,207
	164,610	Bed Bath & Beyond, Inc.		3,259,278
	26,756	Buckle, Inc. (The)		641,074
	87,304	Caleres, Inc.		670,495
	86,074	Camping World Holdings, Inc., Class A		2,275,797
	33,853	Conn’s, Inc.*		317,203
	1,314	Group 1 Automotive, Inc.		139,389
	84,262	Haverty Furniture Cos., Inc.		2,108,235
	40,239	Hibbett Sports, Inc.*		1,521,437
	22,914	Lithia Motors, Inc., Class A		5,260,367
	18,954	Lumber Liquidators Holdings, Inc.*		419,262
	109,171	MarineMax, Inc.*		3,272,947
	19,050	Rent-A-Center, Inc.		588,645
	7,062	Sleep Number Corp.*		447,448
	36,840	Sonic Automotive, Inc., Class A		1,328,450
	281,214	Sportsman’s Warehouse Holdings, Inc.*		3,661,406
	69,661	Zumiez, Inc.*		1,950,508
				35,426,329
Textiles, Apparel & Luxury Goods – 0.5%
	4,217	Crocs, Inc.*		220,675
	170,727	G-III Apparel Group Ltd.*		2,301,400

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	7,910	Movado Group, Inc.	$	86,298
	59,552	Wolverine World Wide, Inc.		1,588,252
				4,196,625
Thrifts & Mortgage Finance – 2.2%
	11,648	Essent Group Ltd.		464,173
	41,013	Flagstar Bancorp, Inc.		1,203,732
	14,463	HomeStreet, Inc.		449,365
	148,622	Meridian Bancorp, Inc.		1,850,344
	83,228	Mr. Cooper Group, Inc.*		1,754,446
	103,933	PennyMac Financial Services, Inc.		5,281,875
	66,258	Radian Group, Inc.		1,189,331
	238,090	Washington Federal, Inc.		5,068,936
				17,262,202
Tobacco – 0.3%
	242,458	Vector Group Ltd.		2,228,189
Trading Companies & Distributors – 3.0%
	55,112	Beacon Roofing Supply, Inc.*		1,691,938
	6,360	DXP Enterprises, Inc.*		99,470
	103,567	Foundation Building Materials, Inc.*		1,507,936
	85,253	GMS, Inc.*		1,926,718
	206,941	H&E Equipment Services, Inc.		4,354,039
	32,240	Herc Holdings, Inc.*		1,430,166
	401,091	MRC Global, Inc.*		1,708,648
	227,299	NOW, Inc.*		925,107
	159,861	Rush Enterprises, Inc., Class A		5,729,418
	6,351	Titan Machinery, Inc.*		95,201
	105,436	Triton International Ltd. (Bermuda)		3,888,480
				23,357,121
	TOTAL COMMON STOCKS
	(Cost $782,511,746)		$	755,637,145

Shares		Dividend Rate	Value
Investment Company – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	699,934	0.028%	$	699,934
	(Cost $699,934)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $783,211,680)		$	756,337,079
Securities Lending Reinvestment Vehicle – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,369,422	0.028%	$	3,369,422
	(Cost $3,369,422)
	TOTAL INVESTMENTS – 98.8%
	(Cost $786,581,102)		$	759,706,501
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%			9,022,132
	NET ASSETS – 100.0%		$	768,728,633

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		140		12/18/20	$	11,085,044	$	(327,444	)

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 0.4%
	860	General Dynamics Corp.	$	112,944
	40,716	Raytheon Technologies Corp.		2,211,693
	5,554	Teledyne Technologies, Inc.*		1,717,019
				4,041,656
Air Freight & Logistics – 2.7%
	43,973	FedEx Corp.		11,409,674
	86,818	United Parcel Service, Inc., Class B		13,639,976
	12,961	XPO Logistics, Inc.*		1,166,490
				26,216,140
Auto Components – 0.2%
	66,993	Gentex Corp.		1,853,696
Automobiles – 0.1%
	54,651	Ford Motor Co.		422,452
	1,736	Tesla, Inc.*		673,638
				1,096,090
Banks – 1.9%
	207,455	Bank of America Corp.		4,916,683
	58,709	Citigroup, Inc.		2,431,727
	8,413	JPMorgan Chase & Co.		824,811
	11,739	Signature Bank		947,807
	402,573	Wells Fargo & Co.		8,635,191
				17,756,219
Beverages – 1.1%
	137,833	Monster Beverage Corp.*		10,553,873
Biotechnology – 2.8%
	170,072	AbbVie, Inc.		14,473,127
	16,347	Biogen, Inc.*		4,120,588
	40,294	Vertex Pharmaceuticals, Inc.*		8,395,658
				26,989,373
Building Products – 1.5%
	11,458	Lennox International, Inc.		3,112,680
	187,579	Masco Corp.		10,054,234
	8,062	Trane Technologies PLC		1,070,231
				14,237,145
Capital Markets – 3.9%
	174,900	Bank of New York Mellon Corp. (The)		6,009,564
	77,031	CME Group, Inc.		11,610,112
	10,444	MarketAxess Holdings, Inc.		5,627,749
	19,492	Northern Trust Corp.		1,525,639
	38,228	S&P Global, Inc.		12,337,323
				37,110,387
Chemicals – 3.2%
	251,144	Axalta Coating Systems Ltd.*		6,306,226
	22,217	CF Industries Holdings, Inc.		613,411
	38,667	Corteva, Inc.		1,275,238
	111,911	Dow, Inc.		5,090,831
	24,088	Linde PLC (United Kingdom)		5,307,550
Common Stocks – (continued)
Chemicals – (continued)
	3,585	RPM International, Inc.		303,542
	17,079	Sherwin-Williams Co. (The)		11,750,011
				30,646,809
Commercial Services & Supplies – 0.1%
	1,593	Cintas Corp.		501,078
Communications Equipment – 0.0%
	682	Arista Networks, Inc.*		142,470
Construction Materials – 0.0%
	548	Martin Marietta Materials, Inc.		145,960
Consumer Finance – 1.1%
	19,017	Capital One Financial Corp.		1,389,763
	351,809	Synchrony Financial		8,802,261
				10,192,024
Diversified Consumer Services – 0.3%
	24,904	Chegg, Inc.*		1,828,949
	2,869	frontdoor, Inc.*		113,670
	57,388	H&R Block, Inc.		990,517
				2,933,136
Diversified Financial Services – 1.5%
	22,133	Berkshire Hathaway, Inc., Class B*		4,468,653
	72,083	Jefferies Financial Group, Inc.		1,406,339
	183,819	Voya Financial, Inc.		8,810,445
				14,685,437
Electric Utilities – 0.3%
	28,049	Entergy Corp.		2,839,120
Electrical Equipment – 0.2%
	21,305	AMETEK, Inc.		2,092,151
Energy Equipment & Services – 0.2%
	112,021	Schlumberger NV		1,673,594
Entertainment – 2.7%
	34,831	Netflix, Inc.*		16,570,500
	5,658	Roku, Inc.*		1,145,179
	11,490	Spotify Technology SA*		2,756,336
	25,965	Take-Two Interactive Software, Inc.*		4,022,498
	113,088	Zynga, Inc., Class A*		1,016,661
				25,511,174
Equity Real Estate Investment Trusts (REITs) – 5.6%
	57,133	American Tower Corp. REIT		13,120,593
	84,978	Equity LifeStyle Properties, Inc. REIT		5,029,848
	33,054	First Industrial Realty Trust, Inc. REIT		1,315,880
	348,432	Invitation Homes, Inc. REIT		9,498,256
	14,431	Mid-America Apartment Communities, Inc. REIT		1,683,088
	96,291	Prologis, Inc. REIT		9,552,067
	32,920	SBA Communications Corp. REIT		9,558,980
	17,895	Sun Communities, Inc. REIT		2,462,889
	266,269	VEREIT, Inc. REIT		1,650,868
				53,872,469

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 3.3%
	42,011	Costco Wholesale Corp.	$	15,023,974
	117,919	Walmart, Inc.		16,361,261
				31,385,235
Food Products – 0.1%
	13,787	Tyson Foods, Inc., Class A		789,030
Health Care Equipment & Supplies – 3.1%
	3,264	Align Technology, Inc.*		1,390,725
	13,025	Cooper Cos., Inc. (The)		4,155,626
	12,513	Danaher Corp.		2,872,234
	1,998	DexCom, Inc.*		638,521
	15,154	Edwards Lifesciences Corp.*		1,086,390
	124,321	Hologic, Inc.*		8,555,771
	1,044	Quidel Corp.*		280,095
	5,136	STERIS PLC		910,048
	36,943	West Pharmaceutical Services, Inc.		10,051,082
				29,940,492
Health Care Providers & Services – 4.3%
	40,786	Anthem, Inc.		11,126,421
	40,938	Cigna Corp.		6,835,418
	85,359	HCA Healthcare, Inc.		10,579,394
	11,815	Humana, Inc.		4,717,493
	8,713	UnitedHealth Group, Inc.		2,658,685
	49,358	Universal Health Services, Inc., Class B		5,407,169
				41,324,580
Hotels, Restaurants & Leisure – 1.1%
	8,482	Chipotle Mexican Grill, Inc.*		10,190,953
	2,655	Darden Restaurants, Inc.		244,048
				10,435,001
Household Durables – 0.5%
	18,713	D.R. Horton, Inc.		1,250,216
	84,494	PulteGroup, Inc.		3,443,975
				4,694,191
Household Products – 0.3%
	18,393	Procter & Gamble Co. (The)		2,521,680
Insurance – 3.0%
	95,002	Allstate Corp. (The)		8,431,428
	27,728	American Financial Group, Inc.		2,077,936
	36,649	Aon PLC, Class A		6,743,782
	123,722	Arch Capital Group Ltd.*		3,737,642
	48,963	Athene Holding Ltd., Class A*		1,570,733
	4,379	Chubb Ltd.		568,876
	40,268	First American Financial Corp.		1,795,550
	31,843	Globe Life, Inc.		2,582,149
	52,668	Old Republic International Corp.		857,435
	2,797	Primerica, Inc.		308,341
				28,673,872
Interactive Media & Services – 7.6%
	8,542	Alphabet, Inc., Class A*		13,804,812
	16,103	Alphabet, Inc., Class C*		26,103,124
Common Stocks – (continued)
Interactive Media & Services – (continued)
	112,864	Facebook, Inc., Class A*		29,695,647
	53,170	Pinterest, Inc., Class A*		3,134,371
				72,737,954
Internet & Direct Marketing Retail – 7.2%
	18,136	Amazon.com, Inc.*		55,063,616
	139,732	eBay, Inc.		6,655,435
	18,547	Etsy, Inc.*		2,255,130
	17,826	Wayfair, Inc., Class A*		4,421,383
				68,395,564
IT Services – 5.6%
	1,172	Black Knight, Inc.*		103,078
	92,553	Fidelity National Information Services, Inc.		11,531,178
	73,799	International Business Machines Corp.		8,240,396
	91,423	PayPal Holdings, Inc.*		17,016,563
	19,150	VeriSign, Inc.*		3,651,905
	70,682	Visa, Inc., Class A		12,843,626
	27,909	Western Union Co. (The)		542,551
				53,929,297
Life Sciences Tools & Services – 2.5%
	2,011	Illumina, Inc.*		588,620
	3,841	IQVIA Holdings, Inc.*		591,476
	6,305	Mettler-Toledo International, Inc.*		6,291,823
	28,744	PerkinElmer, Inc.		3,723,785
	26,345	Thermo Fisher Scientific, Inc.		12,464,346
				23,660,050
Machinery – 0.6%
	2,316	Dover Corp.		256,404
	8,360	Illinois Tool Works, Inc.		1,637,557
	40,579	PACCAR, Inc.		3,464,635
	3,419	Parker-Hannifin Corp.		712,383
				6,070,979
Media – 1.0%
	23,565	Liberty Broadband Corp., Class C*		3,339,396
	132,822	Omnicom Group, Inc.		6,269,199
				9,608,595
Metals & Mining – 0.1%
	52,739	Freeport-McMoRan, Inc.		914,494
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
	152,982	Starwood Property Trust, Inc. REIT		2,137,159
Multiline Retail – 1.3%
	79,724	Target Corp.		12,135,587
Oil, Gas & Consumable Fuels – 0.1%
	44,063	Kinder Morgan, Inc.		524,350
Personal Products – 0.2%
	31,780	Herbalife Nutrition Ltd.*		1,434,549

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals – 3.2%
	13,701	Horizon Therapeutics PLC*	$	1,026,616
	8,960	Jazz Pharmaceuticals PLC*		1,291,136
	101,381	Johnson & Johnson		13,900,349
	149,770	Mylan NV*		2,177,656
	77,462	Zoetis, Inc.		12,281,600
				30,677,357
Road & Rail – 1.1%
	54,944	Old Dominion Freight Line, Inc.		10,459,689
Semiconductors & Semiconductor Equipment – 4.2%
	56,490	Advanced Micro Devices, Inc.*		4,253,132
	66,448	Applied Materials, Inc.		3,935,715
	27,099	Lam Research Corp.		9,270,026
	3,870	NVIDIA Corp.		1,940,263
	52,884	NXP Semiconductors NV (Netherlands)		7,145,686
	94,978	Texas Instruments, Inc.		13,732,869
				40,277,691
Software – 9.3%
	38,056	Adobe, Inc.*		17,014,837
	32,874	Dropbox, Inc., Class A*		600,279
	7,791	Intuit, Inc.		2,451,672
	295,127	Microsoft Corp.		59,754,364
	6,238	ServiceNow, Inc.*		3,103,842
	11,958	Workday, Inc., Class A*		2,512,615
	7,129	Zoom Video Communications, Inc., Class A*		3,285,827
				88,723,436
Specialty Retail – 2.4%
	155,345	Dick’s Sporting Goods, Inc.		8,800,294
	2,523	Home Depot, Inc. (The)		672,909
	86,385	Lowe’s Cos., Inc.		13,657,469
				23,130,672
Technology Hardware, Storage & Peripherals – 5.5%
	484,941	Apple, Inc.		52,790,677
	5,880	Western Digital Corp.		221,853
				53,012,530
Textiles, Apparel & Luxury Goods – 0.6%
	1,685	Lululemon Athletica, Inc.*		538,004
	46,991	NIKE, Inc., Class B		5,642,679
				6,180,683
	TOTAL COMMON STOCKS
	(Cost $773,377,234)		$	938,864,718
Shares		Dividend Rate	Value
Investment Company – 0.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,919,683	0.028%	$	2,919,683
	(Cost $2,919,683)
	TOTAL INVESTMENTS – 98.5%
	(Cost $776,296,917)		$	941,784,401
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			14,400,826
	NET ASSETS – 100.0%		$	956,185,227

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

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

October 31, 2020

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,302,882,306, $309,676,390 and $553,803,160, respectively)(a)	$	1,868,087,658	$	317,333,574		$	539,142,024
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0, $0 and $5,113,213, respectively)		—		—			5,113,213
Cash		15,290,089		3,093,097			4,873,506
Receivables:
Investments sold		54,235,968		—			9,244,269
Fund shares sold		1,457,018		503,252			532,618
Dividends		890,401		382,630			241,287
Reimbursement from investment adviser		55,264		4,226			32,581
Collateral on certain derivative contracts(b)		49,600		—			—
Foreign tax reclaims		1,192		—			—
Securities lending income		189		—			35,472
Other assets		70,290		42,759			61,835
Total assets		1,940,137,669		321,359,538			559,276,805
Liabilities:
Variation margin on futures contracts		5,640		—			—
Payables:
Investments purchased		49,377,207		—			8,738,695
Fund shares redeemed		3,662,088		420,786			390,260
Management fees		841,334		148,310			390,467
Distribution and Service fees and Transfer Agency fees		270,298		47,468			51,101
Upon return of securities loaned		—		—			5,113,213
Accrued expenses		340,099		177,428			223,908
Total liabilities		54,496,666		793,992			14,907,644
Net Assets:
Paid-in capital		1,149,841,582		343,490,263			581,582,622
Total distributable earnings (loss)		735,799,421		(22,924,717	)		(37,213,461	)
NET ASSETS	$	1,885,641,003	$	320,565,546		$	544,369,161
Net Assets:
Class A	$	286,777,421	$	47,125,384		$	34,070,793
Class C		41,838,252		8,773,416			5,951,379
Institutional		741,893,138		88,472,050			216,274,151
Service		47,346,128		5,230,227			2,866,755
Investor		308,107,081		70,302,285			64,724,255
Class R6		373,079,365		65,691,598			119,495,526
Class R		27,313,750		4,884,549			13,816,627
Class P		59,285,868		30,086,037			87,169,675
Total Net Assets	$	1,885,641,003	$	320,565,546		$	544,369,161
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,620,723		2,450,761			1,483,634
Class C		1,272,978		460,464			306,982
Institutional		18,946,917		4,608,018			9,019,100
Service		1,280,154		270,778			127,103
Investor		8,300,292		3,671,034			2,832,072
Class R6		9,532,855		3,421,672			4,982,443
Class R		746,633		255,805			617,809
Class P		1,515,582		1,567,950			3,635,327
Net asset value, offering and redemption price per share:(c)
Class A		$37.63		$19.23			$22.96
Class C		32.87		19.05			19.39
Institutional		39.16		19.20			23.98
Service		36.98		19.32			22.55
Investor		37.12		19.15			22.85
Class R6		39.14		19.20			23.98
Class R		36.58		19.09			22.36
Class P		39.12		19.19			23.98

(a) Includes loaned securities having a market value of $4,356,310 for the Small Cap Equity Insights Fund.

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

Fund	Futures
Large Cap Growth Insights	$	49,600

(c) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $39.82, $20.35 and $24.30, 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. 53

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities (continued)

October 31, 2020

	Small Cap Growth Insights Fund		Small Cap Value Insights Fund			U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $937,772,448, $782,511,746 and $773,377,234, respectively)(a)	$	977,743,742	$	755,637,145		$	938,864,718
Investments in affiliated issuers, at value (cost $0, $699,934 and $2,919,683, respectively)		—		699,934			2,919,683
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $11,156,338, $3,369,422 and $0, respectively)		11,156,338		3,369,422			—
Cash		158,421		12,191,260			14,610,034
Receivables:
Investments sold		7,090,437		—			26,661,245
Fund shares sold		1,486,023		1,355,198			1,009,071
Dividends		246,084		567,369			665,884
Securities lending income		115,190		2,858			—
Reimbursement from investment adviser		109,192		102,908			15,995
Collateral on certain derivative contracts(b)		—		1,011,000			—
Foreign tax reclaims		—		—			916
Other assets		49,806		67,827			54,354
Total assets		998,155,233		775,004,921			984,801,900
Liabilities:
Variation margin on futures contracts		—		151,200			—
Payables:
Upon return of securities loaned		11,156,338		3,369,422			—
Fund shares redeemed		3,177,716		1,590,133			1,007,832
Investments purchased		1,008,154		286,765			26,678,352
Management fees		719,493		538,330			440,952
Distribution and Service fees and Transfer Agency fees		108,867		97,549			179,591
Accrued expenses		388,506		242,889			309,946
Total liabilities		16,559,074		6,276,288			28,616,673
Net Assets:
Paid-in capital		910,954,044		814,350,403			757,788,943
Total distributable earnings (loss)		70,642,115		(45,621,770	)		198,396,284
NET ASSETS	$	981,596,159	$	768,728,633		$	956,185,227
Net Assets:
Class A	$	50,864,935	$	98,493,328		$	294,540,151
Class C		6,439,158		5,312,629			16,275,161
Institutional		200,116,145		190,490,636			255,177,130
Service		—		—			5,761,086
Investor		442,743,243		273,560,338			88,924,423
Class R6		263,023,490		158,329,659			8,870,521
Class R		8,167,952		14,038,263			41,005,196
Class P		10,241,236		28,503,780			245,631,559
Total Net Assets	$	981,596,159	$	768,728,633		$	956,185,227
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,483,504		2,991,233			5,482,489
Class C		254,944		236,370			341,115
Institutional		4,855,404		4,261,324			4,589,153
Service		—		—			107,927
Investor		12,491,208		8,346,883			1,677,189
Class R6		6,377,583		3,542,433			159,660
Class R		249,681		435,886			779,170
Class P		248,334		637,825			4,421,075
Net asset value, offering and redemption price per share:(c)
Class A		$34.29		$32.93			$53.72
Class C		25.26		22.48			47.71
Institutional		41.22		44.70			55.60
Service		—		—			53.38
Investor		35.44		32.77			53.02
Class R6		41.24		44.70			55.56
Class R		32.71		32.21			52.63
Class P		41.24		44.69			55.56

(a) Includes loaned securities having a market value of $9,792,044 and $2,655,438 for the Small Cap Growth Insights Fund and Small Cap Value Insights Fund, respectively.

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

Fund	Futures
Small Cap Value Insights	$	1,011,000

(c) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $36.29, $34.85 and $56.85, 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.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2020

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $7,955, $9,345 and $18,065, respectively)	$	16,974,080		$	8,382,949		$	7,149,017
Securities lending income — affiliated issuer		60,951			1,794			205,240
Dividends — affiliated issuers		1,262			1,558			41,763
Total investment income		17,036,293			8,386,301			7,396,020
Expenses:
Management fees		9,339,577			1,977,747			4,969,932
Transfer Agency fees(a)		1,615,647			361,295			396,609
Distribution and Service (12b-1) fees(a)		1,299,447			261,413			236,923
Printing and mailing costs		289,872			106,525			144,996
Custody, accounting and administrative services		258,843			82,913			116,917
Professional fees		120,145			119,193			120,757
Shareholder Administration fees — Service Shares		116,627			15,924			7,159
Service fees — Class C		103,338			27,132			16,759
Trustee fees		23,464			21,250			21,658
Registration fees		—			72,047			71,204
Other		52,555			14,432			34,964
Total expenses		13,219,515			3,059,871			6,137,878
Less — expense reductions		(672,657	)		(401,867	)		(491,039	)
Net expenses		12,546,858			2,658,004			5,646,839
NET INVESTMENT INCOME		4,489,435			5,728,297			1,749,181
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		176,603,228			(23,147,309	)		(12,187,726	)
Futures		1,151,295			299,068			(2,606,855	)
Foreign currency transactions		170			31			—
Net change in unrealized gain (loss) on:
Investments		209,194,579			(18,638,685	)		(58,560,361	)
Futures		6,645			—			141,112
Foreign currency translations		51			—			—
Net realized and unrealized gain (loss)		386,955,968			(41,486,895	)		(73,213,830	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	391,445,403		$	(35,758,598	)	$	(71,464,649	)

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Large Cap Growth Insights	$	728,887	$	310,013	$	116,627	$	143,920	$	485,418	$	68,803	$	291,548	$	18,661	$	585,144	$	101,541	$	47,994	$	16,538
Large Cap Value Insights		139,285		81,397		15,924		24,807		93,018		18,128		40,838		2,548		168,621		20,493		8,267		9,382
Small Cap Equity Insights		106,678		50,277		7,159		72,809		71,331		11,185		104,261		1,145		117,406		39,204		24,269		27,808

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended October 31, 2020

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $1,593, $29,411 and $16,108, respectively)	$	7,088,361		$	11,495,779		$	14,354,959
Securities lending income — affiliated issuer		538,882			119,174			4,607
Dividends — affiliated issuers		31,922			71,062			7,986
Total investment income		7,659,165			11,686,015			14,367,552
Expenses:
Management fees		8,627,577			5,298,115			4,979,341
Transfer Agency fees(a)		1,005,874			629,142			922,023
Printing and mailing costs		490,362			182,002			178,705
Distribution and Service (12b-1) fees(a)		264,466			360,494			1,076,254
Custody, accounting and administrative services		168,969			121,624			174,317
Professional fees		119,172			119,163			119,172
Registration fees		24,147			137,244			37,346
Trustee fees		22,333			21,713			22,097
Service fees — Class C		18,455			15,981			39,622
Shareholder Administration fees — Service Shares		—			—			15,414
Other		70,466			46,147			42,206
Total expenses		10,811,821			6,931,625			7,606,497
Less — expense reductions		(857,613	)		(611,902	)		(537,643	)
Net expenses		9,954,208			6,319,723			7,068,854
NET INVESTMENT INCOME (LOSS)		(2,295,043	)		5,366,292			7,298,698
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		31,697,603			(17,367,764	)		43,376,791
Futures		4,724,182			(1,174,911	)		255,674
Foreign currency transactions		—			—			130
Net change in unrealized gain (loss) on:
Investments		(35,561,959	)		(59,093,357	)		36,827,612
Futures		234,858			(735,645	)		—
Foreign currency translations		—			—			40
Net realized and unrealized gain (loss)		1,094,684			(78,371,677	)		80,460,247
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,200,359	)	$	(73,005,385	)	$	87,758,945

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Small Cap Growth Insights	$	152,471	$	55,365	$	—	$	56,630	$	101,857	$	12,313	$	119,215	$	—	$	662,914	$	87,253	$	18,973	$	3,349
Small Cap Value Insights		273,867		47,944		—		38,683		182,774		10,680		71,761		—		297,487		42,674		12,881		10,885
U.S. Equity Insights		732,541		118,867		15,414		209,432		487,805		26,378		106,000		2,466		156,656		2,493		69,773		70,452

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Large Cap Growth Insights Fund						Large Cap Value Insights Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	4,489,435		$	12,022,707		$	5,728,297		$	8,266,546
Net realized gain (loss)		177,754,693			67,769,530			(22,848,210	)		(5,618,538	)
Net change in unrealized gain (loss)		209,201,275			147,817,520			(18,638,685	)		24,942,599
Net increase (decrease) in net assets resulting from operations		391,445,403			227,609,757			(35,758,598	)		27,590,607
Distributions to shareholders:
Total distributable earnings:
Class A Shares		(11,437,017	)		(27,564,725	)		(721,696	)		(4,045,532	)
Class C Shares		(1,652,223	)		(4,973,355	)		(57,654	)		(634,798	)
Institutional Shares		(30,583,438	)		(67,332,090	)		(1,709,480	)		(8,978,283	)
Service Shares		(1,907,093	)		(4,268,995	)		(72,282	)		(592,566	)
Investor Shares		(16,644,105	)		(35,840,025	)		(1,570,378	)		(6,499,108	)
Class R6 Shares		(12,792,716	)		(30,834,650	)		(1,156,248	)		(10,049,072	)
Class R Shares		(1,215,415	)		(2,118,839	)		(52,688	)		(346,593	)
Class P Shares		(2,075,071	)		(3,340,204	)		(534,539	)		(1,984,309	)
Total distributions to shareholders		(78,307,078	)		(176,272,883	)		(5,874,965	)		(33,130,261	)
From share transactions:
Proceeds from sales of shares		499,794,164			674,755,517			87,609,068			313,186,552
Reinvestment of distributions		69,749,290			159,092,941			5,573,203			30,462,643
Cost of shares redeemed		(949,944,612	)		(990,901,692	)		(184,044,568	)		(357,980,026	)
Net decrease in net assets resulting from share transactions		(380,401,158	)		(157,053,234	)		(90,862,297	)		(14,330,831	)
TOTAL DECREASE		(67,262,833	)		(105,716,360	)		(132,495,860	)		(19,870,485	)
Net assets:
Beginning of year		1,952,903,836			2,058,620,196			453,061,406			472,931,891
End of year	$	1,885,641,003		$	1,952,903,836		$	320,565,546		$	453,061,406

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Equity Insights Fund						Small Cap Growth Insights Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	1,749,181		$	3,000,138		$	(2,295,043	)	$	(896,597	)
Net realized gain (loss)		(14,794,581	)		(8,624,564	)		36,421,785			12,785,720
Net change in unrealized gain (loss)		(58,419,249	)		53,942,051			(35,327,101	)		61,026,644
Net increase (decrease) in net assets resulting from operations		(71,464,649	)		48,317,625			(1,200,359	)		72,915,767
Distributions to shareholders:
Total distributable earnings:
Class A Shares		(108,619	)		(2,973,498	)		(1,157,729	)		(8,979,679	)
Class C Shares		—			(464,085	)		(152,869	)		(1,069,015	)
Institutional Shares		(1,626,736	)		(11,437,346	)		(3,974,277	)		(27,575,852	)
Service Shares		(3,071	)		(124,376	)		—			—
Investor Shares		(374,689	)		(2,425,323	)		(5,138,376	)		(31,017,003	)
Class R6 Shares		(850,889	)		(9,476,064	)		(3,615,584	)		(14,097,427	)
Class R Shares		—			(786,446	)		(284,681	)		(2,101,140	)
Class P Shares		(596,984	)		(3,278,915	)		(145,698	)		(778,940	)
Total distributions to shareholders		(3,560,988	)		(30,966,053	)		(14,469,214	)		(85,619,056	)
From share transactions:
Proceeds from sales of shares		198,765,373			382,161,015			346,717,657			549,336,651
Reinvestment of distributions		3,490,560			30,650,153			14,049,097			84,301,544
Cost of shares redeemed		(288,552,551	)		(300,885,593	)		(524,576,347	)		(321,356,916	)
Net increase (decrease) in net assets resulting from share transactions		(86,296,618	)		111,925,575			(163,809,593	)		312,281,279
TOTAL INCREASE (DECREASE)		(161,322,255	)		129,277,147			(179,479,166	)		299,577,990
Net assets:
Beginning of year		705,691,416			576,414,269			1,161,075,325			861,497,335
End of year	$	544,369,161		$	705,691,416		$	981,596,159		$	1,161,075,325

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Value Insights Fund						U.S. Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	5,366,292		$	3,524,458		$	7,298,698		$	17,119,702
Net realized gain (loss)		(18,542,675	)		(3,519,243	)		43,632,595			(12,531,144	)
Net change in unrealized gain (loss)		(59,829,002	)		37,195,393			36,827,652			112,092,449
Net increase (decrease) in net assets resulting from operations		(73,005,385	)		37,200,608			87,758,945			116,681,007
Distributions to shareholders:
Total distributable earnings:
Class A Shares		(827,588	)		(10,543,077	)		(4,157,727	)		(11,514,034	)
Class C Shares		(32,365	)		(844,101	)		(140,002	)		(572,348	)
Institutional Shares		(1,458,393	)		(4,776,734	)		(4,700,529	)		(34,531,169	)
Service Shares		—			—			(95,840	)		(218,665	)
Investor Shares		(694,092	)		(1,907,349	)		(1,879,914	)		(4,499,108	)
Class R6 Shares		(897,586	)		(1,908,993	)		(169,754	)		(1,352,886	)
Class R Shares		(61,450	)		(225,486	)		(507,892	)		(1,722,455	)
Class P Shares		(358,606	)		(2,877,391	)		(4,032,946	)		(6,101,132	)
Total distributions to shareholders		(4,330,080	)		(23,083,131	)		(15,684,604	)		(60,511,797	)
From share transactions:
Proceeds from sales of shares		543,633,517			372,978,518			166,576,705			475,796,540
Reinvestment of distributions		4,217,944			22,702,592			15,415,026			59,440,795
Cost of shares redeemed		(270,076,116	)		(106,350,529	)		(314,438,554	)		(1,128,321,651	)
Net increase (decrease) in net assets resulting from share transactions		277,775,345			289,330,581			(132,446,823	)		(593,084,316	)
TOTAL INCREASE (DECREASE)		200,439,880			303,448,058			(60,372,482	)		(536,915,106	)
Net assets:
Beginning of year		568,288,753			264,840,695			1,016,557,709			1,553,472,815
End of year	$	768,728,633		$	568,288,753		$	956,185,227		$	1,016,557,709

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	31.54		$	31.05		$	30.36		$	23.44		$	23.13
Net investment income(a)		—	(b)		0.10			0.10			0.10			0.11
Net realized and unrealized gain		7.31			3.00			1.96			6.93			0.33
Total from investment operations		7.31			3.10			2.06			7.03			0.44
Distributions to shareholders from net investment income		(0.10	)		(0.09	)		(0.08	)		(0.11	)		(0.13	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.22	)		(2.61	)		(1.37	)		(0.11	)		(0.13	)
Net asset value, end of year	$	37.63		$	31.54		$	31.05		$	30.36		$	23.44
Total Return(c)		23.84	%		11.28	%		6.95	%		30.11	%		1.93	%
Net assets, end of year (in 000’s)	$	286,777		$	301,506		$	317,418		$	316,689		$	254,036
Ratio of net expenses to average net assets		0.92	%		0.93	%		0.92	%		0.95	%		0.96	%
Ratio of total expenses to average net assets		0.95	%		0.97	%		0.95	%		1.10	%		1.15	%
Ratio of net investment income to average net assets		(0.01	)%		0.33	%		0.32	%		0.38	%		0.49	%
Portfolio turnover rate(e)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

(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.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	27.79		$	27.78		$	27.42		$	21.23		$	21.02
Net investment loss(a)		(0.23	)		(0.10	)		(0.12	)		(0.09	)		(0.05	)
Net realized and unrealized gain		6.43			2.63			1.77			6.28			0.30
Total from investment operations		6.20			2.53			1.65			6.19			0.25
Distributions to shareholders from net investment income		—			—			—			—			(0.04	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.12	)		(2.52	)		(1.29	)		—			(0.04	)
Net asset value, end of year	$	32.87		$	27.79		$	27.78		$	27.42		$	21.23
Total Return(b)		22.97	%		10.42	%		6.18	%		29.16	%		1.18	%
Net assets, end of year (in 000’s)	$	41,838		$	42,004		$	56,046		$	63,500		$	48,610
Ratio of net expenses to average net assets		1.67	%		1.68	%		1.67	%		1.70	%		1.71	%
Ratio of total expenses to average net assets		1.70	%		1.72	%		1.70	%		1.85	%		1.90	%
Ratio of net investment loss to average net assets		(0.76	)%		(0.40	)%		(0.42	)%		(0.37	)%		(0.25	)%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	32.77		$	32.17		$	31.39		$	24.21		$	23.86
Net investment income(a)		0.13			0.23			0.23			0.22			0.21
Net realized and unrealized gain		7.61			3.09			2.02			7.15			0.34
Total from investment operations		7.74			3.32			2.25			7.37			0.55
Distributions to shareholders from net investment income		(0.23	)		(0.20	)		(0.18	)		(0.19	)		(0.20	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.35	)		(2.72	)		(1.47	)		(0.19	)		(0.20	)
Net asset value, end of year	$	39.16		$	32.77		$	32.17		$	31.39		$	24.21
Total Return(b)		24.33	%		11.70	%		7.38	%		30.63	%		2.35	%
Net assets, end of year (in 000’s)	$	741,893		$	760,316		$	806,091		$	897,009		$	448,961
Ratio of net expenses to average net assets		0.54	%		0.54	%		0.53	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.58	%		0.58	%		0.56	%		0.70	%		0.75	%
Ratio of net investment income to average net assets		0.36	%		0.72	%		0.71	%		0.78	%		0.89	%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	31.02		$	30.53		$	29.94		$	23.15		$	22.89
Net investment income (loss)(a)		(0.05	)		0.07			0.07			0.04			0.08
Net realized and unrealized gain		7.20			2.95			1.92			6.88			0.33
Total from investment operations		7.15			3.02			1.99			6.92			0.41
Distributions to shareholders from net investment income		(0.07	)		(0.01	)		(0.11	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.19	)		(2.53	)		(1.40	)		(0.13	)		(0.15	)
Net asset value, end of year	$	36.98		$	31.02		$	30.53		$	29.94		$	23.15
Total Return(b)		23.68	%		11.15	%		6.82	%		30.04	%		1.82	%
Net assets, end of year (in 000’s)	$	47,346		$	50,445		$	53,347		$	67,450		$	12,517
Ratio of net expenses to average net assets		1.04	%		1.04	%		1.03	%		1.05	%		1.06	%
Ratio of total expenses to average net assets		1.08	%		1.08	%		1.06	%		1.19	%		1.26	%
Ratio of net investment income (loss) to average net assets		(0.13	)%		0.22	%		0.21	%		0.17	%		0.34	%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	31.13		$	30.69		$	30.03		$	23.19		$	22.88
Net investment income(a)		0.09			0.17			0.18			0.16			0.17
Net realized and unrealized gain		7.21			2.95			1.93			6.86			0.32
Total from investment operations		7.30			3.12			2.11			7.02			0.49
Distributions to shareholders from net investment income		(0.19	)		(0.16	)		(0.16	)		(0.18	)		(0.18	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.31	)		(2.68	)		(1.45	)		(0.18	)		(0.18	)
Net asset value, end of year	$	37.12		$	31.13		$	30.69		$	30.03		$	23.19
Total Return(b)		24.17	%		11.56	%		7.23	%		30.43	%		2.18	%
Net assets, end of year (in 000’s)	$	308,107		$	401,677		$	415,757		$	365,836		$	48,133
Ratio of net expenses to average net assets		0.67	%		0.68	%		0.67	%		0.70	%		0.71	%
Ratio of total expenses to average net assets		0.70	%		0.72	%		0.70	%		0.84	%		0.90	%
Ratio of net investment income to average net assets		0.26	%		0.58	%		0.56	%		0.59	%		0.74	%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	32.75		$	32.15		$	31.38		$	24.21		$	23.86
Net investment income(a)		0.13			0.23			0.24			0.21			0.18
Net realized and unrealized gain		7.61			3.10			2.01			7.16			0.38
Total from investment operations		7.74			3.33			2.25			7.37			0.56
Distributions to shareholders from net investment income		(0.23	)		(0.21	)		(0.19	)		(0.20	)		(0.21	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.35	)		(2.73	)		(1.48	)		(0.20	)		(0.21	)
Net asset value, end of year	$	39.14		$	32.75		$	32.15		$	31.38		$	24.21
Total Return(b)		24.36	%		11.72	%		7.37	%		30.64	%		2.38	%
Net assets, end of year (in 000’s)	$	373,079		$	313,461		$	344,129		$	133,877		$	8,208
Ratio of net expenses to average net assets		0.53	%		0.53	%		0.52	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.57	%		0.57	%		0.55	%		0.67	%		0.74	%
Ratio of net investment income to average net assets		0.36	%		0.75	%		0.71	%		0.74	%		0.72	%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Growth Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	30.73		$	30.30		$	29.67		$	22.93		$	22.71
Net investment income (loss)(a)		(0.08	)		0.02			0.02			0.04			0.05
Net realized and unrealized gain		7.12			2.93			1.92			6.78			0.32
Total from investment operations		7.04			2.95			1.94			6.82			0.37
Distributions to shareholders from net investment income		(0.07	)		—			(0.02	)		(0.08	)		(0.15	)
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(1.19	)		(2.52	)		(1.31	)		(0.08	)		(0.15	)
Net asset value, end of year	$	36.58		$	30.73		$	30.30		$	29.67		$	22.93
Total Return(b)		23.55	%		10.98	%		6.69	%		29.81	%		1.66	%
Net assets, end of year (in 000’s)	$	27,314		$	34,397		$	25,893		$	29,734		$	20,635
Ratio of net expenses to average net assets		1.17	%		1.18	%		1.17	%		1.20	%		1.21	%
Ratio of total expenses to average net assets		1.20	%		1.22	%		1.20	%		1.35	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.25	)%		0.05	%		0.08	%		0.14	%		0.22	%
Portfolio turnover rate(c)		218	%		192	%		188	%		196	%		254	%

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

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

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	32.74		$	32.15		$	32.07
Net investment income(b)		0.13			0.22			0.12
Net realized and unrealized gain (loss)		7.61			3.10			(0.04	)
Total from investment operations		7.74			3.32			0.08
Distributions to shareholders from net investment income		(0.24	)		(0.21	)		—
Distributions to shareholders from net realized gains		(1.12	)		(2.52	)		—
Total distributions		(1.36	)		(2.73	)		—
Net asset value, end of period	$	39.12		$	32.74		$	32.15
Total Return(c)		24.34	%		11.71	%		0.25	%
Net assets, end of period (in 000’s)	$	59,286		$	49,099		$	39,938
Ratio of net expenses to average net assets		0.53	%		0.53	%		0.52	%(d)
Ratio of total expenses to average net assets		0.57	%		0.57	%		0.56	%(d)
Ratio of net investment income to average net assets		0.36	%		0.71	%		0.66	%(d)
Portfolio turnover rate(e)		218	%		192	%		188	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.27		$	21.59		$	21.01		$	17.27		$	16.92
Net investment income(a)		0.25			0.28			0.25			0.27			0.23
Net realized and unrealized gain (loss)		(2.03	)		0.75			0.56			3.77			0.33
Total from investment operations		(1.78	)		1.03			0.81			4.04			0.56
Distributions to shareholders from net investment income		(0.26	)		(0.29	)		(0.23	)		(0.30	)		(0.21	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.26	)		(1.35	)		(0.23	)		(0.30	)		(0.21	)
Net asset value, end of year	$	19.23		$	21.27		$	21.59		$	21.01		$	17.27
Total Return(b)		(8.34	)%		5.30	%		3.82	%		23.51	%		3.35	%
Net assets, end of year (in 000’s)	$	47,125		$	65,556		$	62,349		$	63,848		$	60,942
Ratio of net expenses to average net assets		0.94	%		0.95	%		0.95	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		1.05	%		1.07	%		1.03	%		1.10	%		1.15	%
Ratio of net investment income to average net assets		1.26	%		1.36	%		1.13	%		1.37	%		1.36	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.06		$	21.39		$	20.82		$	17.12		$	16.78
Net investment income(a)		0.10			0.12			0.08			0.11			0.10
Net realized and unrealized gain (loss)		(2.01	)		0.75			0.55			3.75			0.33
Total from investment operations		(1.91	)		0.87			0.63			3.86			0.43
Distributions to shareholders from net investment income		(0.10	)		(0.14	)		(0.06	)		(0.16	)		(0.09	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.10	)		(1.20	)		(0.06	)		(0.16	)		(0.09	)
Net asset value, end of year	$	19.05		$	21.06		$	21.39		$	20.82		$	17.12
Total Return(b)		(9.02	)%		4.53	%		3.00	%		22.59	%		2.56	%
Net assets, end of year (in 000’s)	$	8,773		$	12,694		$	10,058		$	10,601		$	13,437
Ratio of net expenses to average net assets		1.69	%		1.70	%		1.70	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.80	%		1.82	%		1.78	%		1.85	%		1.90	%
Ratio of net investment income to average net assets		0.52	%		0.61	%		0.37	%		0.59	%		0.61	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.24		$	21.57		$	20.99		$	17.25		$	16.91
Net investment income(a)		0.33			0.36			0.33			0.35			0.29
Net realized and unrealized gain (loss)		(2.04	)		0.74			0.56			3.77			0.32
Total from investment operations		(1.71	)		1.10			0.89			4.12			0.61
Distributions to shareholders from net investment income		(0.33	)		(0.37	)		(0.31	)		(0.38	)		(0.27	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.33	)		(1.43	)		(0.31	)		(0.38	)		(0.27	)
Net asset value, end of year	$	19.20		$	21.24		$	21.57		$	20.99		$	17.25
Total Return(b)		(7.98	)%		5.68	%		4.22	%		24.02	%		3.69	%
Net assets, end of year (in 000’s)	$	88,472		$	120,417		$	122,587		$	261,684		$	341,830
Ratio of net expenses to average net assets		0.56	%		0.57	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.67	%		0.68	%		0.64	%		0.70	%		0.75	%
Ratio of net investment income to average net assets		1.64	%		1.74	%		1.52	%		1.78	%		1.73	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.36		$	21.67		$	21.09		$	17.34		$	16.99
Net investment income(a)		0.23			0.27			0.22			0.25			0.21
Net realized and unrealized gain (loss)		(2.04	)		0.75			0.56			3.79			0.33
Total from investment operations		(1.81	)		1.02			0.78			4.04			0.54
Distributions to shareholders from net investment income		(0.23	)		(0.27	)		(0.20	)		(0.29	)		(0.19	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.23	)		(1.33	)		(0.20	)		(0.29	)		(0.19	)
Net asset value, end of year	$	19.32		$	21.36		$	21.67		$	21.09		$	17.34
Total Return(b)		(8.44	)%		5.19	%		3.70	%		23.37	%		3.22	%
Net assets, end of year (in 000’s)	$	5,230		$	7,554		$	10,199		$	8,403		$	6,014
Ratio of net expenses to average net assets		1.06	%		1.07	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.17	%		1.18	%		1.14	%		1.20	%		1.24	%
Ratio of net investment income to average net assets		1.13	%		1.28	%		1.00	%		1.28	%		1.27	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.18		$	21.51		$	20.94		$	17.22		$	16.88
Net investment income(a)		0.31			0.32			0.29			0.34			0.26
Net realized and unrealized gain (loss)		(2.03	)		0.76			0.57			3.74			0.33
Total from investment operations		(1.72	)		1.08			0.86			4.08			0.59
Distributions to shareholders from net investment income		(0.31	)		(0.35	)		(0.29	)		(0.36	)		(0.25	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.31	)		(1.41	)		(0.29	)		(0.36	)		(0.25	)
Net asset value, end of year	$	19.15		$	21.18		$	21.51		$	20.94		$	17.22
Total Return(b)		(8.09	)%		5.55	%		4.07	%		23.79	%		3.57	%
Net assets, end of year (in 000’s)	$	70,302		$	134,069		$	84,895		$	29,871		$	9,947
Ratio of net expenses to average net assets		0.69	%		0.70	%		0.70	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.80	%		0.82	%		0.78	%		0.84	%		0.90	%
Ratio of net investment income to average net assets		1.54	%		1.58	%		1.33	%		1.70	%		1.56	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.24		$	21.56		$	20.99		$	17.25		$	16.90
Net investment income(a)		0.32			0.40			0.33			0.36			0.29
Net realized and unrealized gain (loss)		(2.02	)		0.72			0.55			3.77			0.34
Total from investment operations		(1.70	)		1.12			0.88			4.13			0.63
Distributions to shareholders from net investment income		(0.34	)		(0.38	)		(0.31	)		(0.39	)		(0.28	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.34	)		(1.44	)		(0.31	)		(0.39	)		(0.28	)
Net asset value, end of year	$	19.20		$	21.24		$	21.56		$	20.99		$	17.25
Total Return(b)		(7.97	)%		5.73	%		4.19	%		24.05	%		3.76	%
Net assets, end of year (in 000’s)	$	65,692		$	73,981		$	149,225		$	75		$	10
Ratio of net expenses to average net assets		0.55	%		0.55	%		0.55	%		0.55	%		0.54	%
Ratio of total expenses to average net assets		0.66	%		0.66	%		0.62	%		0.67	%		0.74	%
Ratio of net investment income to average net assets		1.63	%		1.84	%		1.47	%		1.81	%		1.77	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Large Cap Value Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.12		$	21.45		$	20.88		$	17.18		$	16.84
Net investment income(a)		0.19			0.23			0.19			0.24			0.18
Net realized and unrealized gain (loss)		(2.01	)		0.74			0.56			3.73			0.33
Total from investment operations		(1.82	)		0.97			0.75			3.97			0.51
Distributions to shareholders from net investment income		(0.21	)		(0.24	)		(0.18	)		(0.27	)		(0.17	)
Distributions to shareholders from net realized gains		—			(1.06	)		—			—			—
Total distributions		(0.21	)		(1.30	)		(0.18	)		(0.27	)		(0.17	)
Net asset value, end of year	$	19.09		$	21.12		$	21.45		$	20.88		$	17.18
Total Return(b)		(8.58	)%		5.01	%		3.56	%		23.19	%		3.08	%
Net assets, end of year (in 000’s)	$	4,885		$	5,189		$	5,651		$	5,240		$	1,877
Ratio of net expenses to average net assets		1.19	%		1.20	%		1.20	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.30	%		1.32	%		1.28	%		1.34	%		1.40	%
Ratio of net investment income to average net assets		0.99	%		1.12	%		0.88	%		1.22	%		1.07	%
Portfolio turnover rate(c)		212	%		225	%		202	%		208	%		229	%

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

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

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	21.23		$	21.55		$	21.87
Net investment income(b)		0.32			0.36			0.17
Net realized and unrealized gain (loss)		(2.02	)		0.76			(0.33	)
Total from investment operations		(1.70	)		1.12			(0.16	)
Distributions to shareholders from net investment income		(0.34	)		(0.38	)		(0.16	)
Distributions to shareholders from net realized gains		—			(1.06	)		—
Total distributions		(0.34	)		(1.44	)		(0.16	)
Net asset value, end of period	$	19.19		$	21.23		$	21.55
Total Return(c)		(7.97	)%		5.74	%		(0.77	)%
Net assets, end of period (in 000’s)	$	30,086		$	33,601		$	27,967
Ratio of net expenses to average net assets		0.55	%		0.56	%		0.55	%(d)
Ratio of total expenses to average net assets		0.66	%		0.67	%		0.65	%(d)
Ratio of net investment income to average net assets		1.63	%		1.75	%		1.38	%(d)
Portfolio turnover rate(e)		212	%		225	%		202	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	25.62		$	25.74		$	24.77		$	19.73		$	19.10
Net investment income (loss)(a)		(0.01	)		0.05			0.01	(b)		0.04			0.08
Net realized and unrealized gain (loss)		(2.60	)		1.23			0.96			5.06			0.58
Total from investment operations		(2.61	)		1.28			0.97			5.10			0.66
Distributions to shareholders from net investment income		(0.05	)		—			—			(0.06	)		(0.03	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		(0.05	)		(1.40	)		—			(0.06	)		(0.03	)
Net asset value, end of year	$	22.96		$	25.62		$	25.74		$	24.77		$	19.73
Total Return(c)		(10.18	)%		5.64	%		3.92	%		25.87	%		3.44	%
Net assets, end of year (in 000’s)	$	34,071		$	53,503		$	55,472		$	41,945		$	31,733
Ratio of net expenses to average net assets		1.22	%		1.23	%		1.23	%		1.24	%		1.25	%
Ratio of total expenses to average net assets		1.30	%		1.34	%		1.31	%		1.43	%		1.49	%
Ratio of net investment income to average net assets		(0.02	)%		0.19	%		0.04	%(b)		0.16	%		0.43	%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

(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 SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.75		$	22.23		$	21.56		$	17.25		$	16.81
Net investment loss(a)		(0.15	)		(0.12	)		(0.17	)(b)		(0.11	)		(0.05	)
Net realized and unrealized gain (loss)		(2.21	)		1.04			0.84			4.42			0.49
Total from investment operations		(2.36	)		0.92			0.67			4.31			0.44
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Net asset value, end of year	$	19.39		$	21.75		$	22.23		$	21.56		$	17.25
Total Return(c)		(10.82	)%		4.86	%		3.16	%		24.93	%		2.61	%
Net assets, end of year (in 000’s)	$	5,951		$	7,785		$	7,139		$	9,439		$	12,133
Ratio of net expenses to average net assets		1.97	%		1.98	%		1.98	%		1.99	%		2.00	%
Ratio of total expenses to average net assets		2.05	%		2.09	%		2.06	%		2.18	%		2.24	%
Ratio of net investment loss to average net assets		(0.78	)%		(0.57	)%		(0.72	)%(b)		(0.56	)%		(0.32	)%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Net investment income(a)		0.08			0.14			0.12	(b)		0.13			0.17
Net realized and unrealized gain (loss)		(2.69	)		1.29			0.99			5.27			0.57
Total from investment operations		(2.61	)		1.43			1.11			5.40			0.74
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		(0.07	)		(0.14	)		(0.11	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		(0.15	)		(1.46	)		(0.07	)		(0.14	)		(0.11	)
Net asset value, end of year	$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Total Return(c)		(9.82	)%		6.03	%		4.32	%		26.44	%		3.77	%
Net assets, end of year (in 000’s)	$	216,274		$	290,652		$	212,229		$	231,226		$	176,644
Ratio of net expenses to average net assets		0.84	%		0.85	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets		0.92	%		0.96	%		0.93	%		1.03	%		1.08	%
Ratio of net investment income to average net assets		0.34	%		0.54	%		0.43	%(b)		0.56	%		0.84	%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	25.17		$	25.34		$	24.41		$	19.44		$	18.82
Net investment income (loss)(a)		(0.03	)		0.01			(0.02	)(b)		0.01			0.06
Net realized and unrealized gain (loss)		(2.56	)		1.22			0.95			5.00			0.56
Total from investment operations		(2.59	)		1.23			0.93			5.01			0.62
Distributions to shareholders from net investment income		(0.03	)		—			—			(0.04	)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		(0.03	)		(1.40	)		—			(0.04	)		—
Net asset value, end of year	$	22.55		$	25.17		$	25.34		$	24.41		$	19.44
Total Return(c)		(10.29	)%		5.52	%		3.81	%		25.77	%		3.29	%
Net assets, end of year (in 000’s)	$	2,867		$	3,141		$	2,031		$	769		$	651
Ratio of net expenses to average net assets		1.34	%		1.35	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets		1.42	%		1.45	%		1.42	%		1.53	%		1.59	%
Ratio of net investment income (loss) to average net assets		(0.15	)%		0.04	%		(0.06	)%(b)		0.06	%		0.31	%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

(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. 79

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	25.50		$	25.62		$	24.61		$	19.61		$	19.02
Net investment income(a)		0.05			0.09			0.08	(b)		0.14			0.09
Net realized and unrealized gain (loss)		(2.58	)		1.24			0.95			4.99			0.59
Total from investment operations		(2.53	)		1.33			1.03			5.13			0.68
Distributions to shareholders from net investment income		(0.12	)		(0.05	)		(0.02	)		(0.13	)		(0.09	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		(0.12	)		(1.45	)		(0.02	)		(0.13	)		(0.09	)
Net asset value, end of year	$	22.85		$	25.50		$	25.62		$	24.61		$	19.61
Total Return(c)		(9.95	)%		5.90	%		4.19	%		26.22	%		3.63	%
Net assets, end of year (in 000’s)	$	64,724		$	74,881		$	44,984		$	2,684		$	7,462
Ratio of net expenses to average net assets		0.97	%		0.99	%		0.98	%		0.99	%		0.99	%
Ratio of total expenses to average net assets		1.05	%		1.09	%		1.06	%		1.17	%		1.22	%
Ratio of net investment income to average net assets		0.22	%		0.40	%		0.31	%(b)		0.60	%		0.45	%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

(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.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Net investment income(a)		0.09			0.16			0.13	(b)		0.11			0.17
Net realized and unrealized gain (loss)		(2.70	)		1.27			0.99			5.29			0.58
Total from investment operations		(2.61	)		1.43			1.12			5.40			0.75
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		(0.08	)		(0.14	)		(0.12	)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		(0.15	)		(1.46	)		(0.08	)		(0.14	)		(0.12	)
Net asset value, end of year	$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Total Return(c)		(9.81	)%		6.05	%		4.35	%		26.45	%		3.81	%
Net assets, end of year (in 000’s)	$	119,496		$	153,129		$	173,112		$	337		$	35
Ratio of net expenses to average net assets		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.91	%		0.94	%		0.89	%		1.02	%		1.06	%
Ratio of net investment income to average net assets		0.36	%		0.63	%		0.45	%(b)		0.47	%		0.85	%
Portfolio turnover rate(d)		141	%		140	%		111	%		137	%		144	%

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

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

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

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Equity Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	24.96		$	25.18		$	24.29		$	19.36		$	18.78
Net investment income (loss)(a)		(0.06	)		(0.02	)		(0.06	)(c)		(0.02	)		0.03
Net realized and unrealized gain (loss)		(2.54	)		1.20			0.95			4.98			0.55
Total from investment operations		(2.60	)		1.18			0.89			4.96			0.58
Distributions to shareholders from net investment income		—			—			—			(0.03	)		—	(b)
Distributions to shareholders from net realized gains		—			(1.40	)		—			—			—
Total distributions		—			(1.40	)		—			(0.03	)		—
Net asset value, end of year	$	22.36		$	24.96		$	25.18		$	24.29		$	19.36
Total Return(d)		(10.39	)%		5.35	%		3.66	%		25.60	%		3.11	%
Net assets, end of year (in 000’s)	$	13,817		$	16,562		$	14,625		$	15,284		$	9,954
Ratio of net expenses to average net assets		1.47	%		1.48	%		1.48	%		1.49	%		1.50	%
Ratio of total expenses to average net assets		1.55	%		1.59	%		1.56	%		1.68	%		1.74	%
Ratio of net investment income (loss) to average net assets		(0.28	)%		(0.08	)%		(0.22	)%(c)		(0.10	)%		0.18	%
Portfolio turnover rate(f)		141	%		140	%		111	%		137	%		144	%

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

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

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

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

(e) Amount is less than 0.005% per share.

(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.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	26.74		$	26.77		$	27.21
Net investment income(b)		0.09			0.13			0.08	(c)
Net realized and unrealized gain (loss)		(2.70	)		1.30			(0.52	)
Total from investment operations		(2.61	)		1.43			(0.44	)
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		—			(1.40	)		—
Total distributions		(0.15	)		(1.46	)		—
Net asset value, end of period	$	23.98		$	26.74		$	26.77
Total Return(d)		(9.81	)%		6.06	%		(1.62	)%
Net assets, end of period (in 000’s)	$	87,170		$	106,039		$	66,823
Ratio of net expenses to average net assets		0.83	%		0.84	%		0.83	%(e)
Ratio of total expenses to average net assets		0.91	%		0.94	%		0.92	%(e)
Ratio of net investment income to average net assets		0.36	%		0.53	%		0.48	%(c)(e)
Portfolio turnover rate(f)		141	%		140	%		111	%

(a) Commenced operations on April 16, 2018.

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	35.08		$	37.25		$	36.71		$	28.34		$	31.15
Net investment loss(a)		(0.17	)		(0.12	)		(0.13	)(b)		(0.07	)		—	(c)
Net realized and unrealized gain (loss)		(0.13	)		1.76			2.20			8.44			(0.12	)(d)
Total from investment operations		(0.30	)		1.64			2.07			8.37			(0.12	)
Distributions to shareholders from net investment income		—	(c)		—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of year	$	34.29		$	35.08		$	37.25		$	36.71		$	28.34
Total Return(e)		(0.95	)%		5.65	%		5.87	%		29.53	%		(0.37	)%
Net assets, end of year (in 000’s)	$	50,865		$	84,557		$	88,316		$	77,969		$	65,195
Ratio of net expenses to average net assets		1.22	%		1.24	%		1.22	%		1.22	%		1.25	%
Ratio of total expenses to average net assets		1.30	%		1.32	%		1.32	%		1.40	%		1.51	%
Ratio of net investment loss to average net assets		(0.51	)%		(0.36	)%		(0.35	)%(b)		(0.21	)%		—	%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	26.16		$	28.98		$	29.12		$	22.64		$	25.61
Net investment loss(a)		(0.31	)		(0.28	)		(0.33	)(b)		(0.25	)		(0.16	)
Net realized and unrealized gain (loss)		(0.10	)		1.27			1.72			6.73			(0.12	)(c)
Total from investment operations		(0.41	)		0.99			1.39			6.48			(0.28	)
Distributions to shareholders from net investment income		—	(d)		—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of year	$	25.26		$	26.16		$	28.98		$	29.12		$	22.64
Total Return(e)		(1.70	)%		4.92	%		5.03	%		28.62	%		(1.14	)%
Net assets, end of year (in 000’s)	$	6,439		$	8,303		$	8,179		$	9,852		$	7,420
Ratio of net expenses to average net assets		1.97	%		1.99	%		1.97	%		1.97	%		2.00	%
Ratio of total expenses to average net assets		2.05	%		2.07	%		2.07	%		2.15	%		2.26	%
Ratio of net investment loss to average net assets		(1.26	)%		(1.11	)%		(1.09	)%(b)		(0.95	)%		(0.74	)%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

(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. 85

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	41.92		$	43.56		$	42.53		$	32.76		$	35.46
Net investment income (loss)(a)		(0.05	)		0.01			0.02	(b)		0.05			0.13
Net realized and unrealized gain (loss)		(0.16	)		2.16			2.54			9.79			(0.14	)(c)
Total from investment operations		(0.21	)		2.17			2.56			9.84			(0.01	)
Distributions to shareholders from net investment income		—	(d)		—			—			(0.07	)		—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.07	)		(2.69	)
Net asset value, end of year	$	41.22		$	41.92		$	43.56		$	42.53		$	32.76
Total Return(e)		(0.57	)%		6.08	%		6.26	%		30.04	%		0.01	%
Net assets, end of year (in 000’s)	$	200,116		$	349,348		$	307,032		$	265,199		$	91,248
Ratio of net expenses to average net assets		0.84	%		0.85	%		0.84	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.92	%		0.93	%		0.93	%		1.01	%		1.11	%
Ratio of net investment income to average net assets		(0.13	)%		0.02	%		0.03	%(b)		0.13	%		0.40	%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	36.16		$	38.18		$	37.50		$	28.93		$	31.68
Net investment income (loss)(a)		(0.09	)		(0.04	)		(0.04	)(b)		—	(c)		0.01
Net realized and unrealized gain (loss)		(0.14	)		1.83			2.25			8.63			(0.07	)(d)
Total from investment operations		(0.23	)		1.79			2.21			8.63			(0.06	)
Distributions to shareholders from net investment income		—	(c)		—			—			(0.06	)		—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.06	)		(2.69	)
Net asset value, end of year	$	35.44		$	36.16		$	38.18		$	37.50		$	28.93
Total Return(e)		(0.72	)%		5.93	%		6.13	%		29.87	%		(0.15	)%
Net assets, end of year (in 000’s)	$	442,743		$	378,807		$	308,366		$	192,860		$	47,826
Ratio of net expenses to average net assets		0.97	%		0.99	%		0.97	%		0.96	%		1.00	%
Ratio of total expenses to average net assets		1.05	%		1.07	%		1.07	%		1.16	%		1.23	%
Ratio of net investment income (loss) to average net assets		(0.26	)%		(0.12	)%		(0.10	)%(b)		0.01	%		0.04	%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	41.95		$	43.58		$	42.54		$	32.78		$	35.46
Net investment income (loss)(a)		(0.05	)		—			0.02	(b)		0.04			0.13
Net realized and unrealized gain (loss)		(0.17	)		2.18			2.55			9.80			(0.12	)(c)
Total from investment operations		(0.22	)		2.18			2.57			9.84			0.01
Distributions to shareholders from net investment income		—	(d)		—			—			(0.08	)		—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		(0.08	)		(2.69	)
Net asset value, end of year	$	41.24		$	41.95		$	43.58		$	42.54		$	32.78
Total Return(e)		(0.57	)%		6.08	%		6.25	%		30.05	%		0.07	%
Net assets, end of year (in 000’s)	$	263,023		$	307,820		$	118,729		$	42,042		$	6,667
Ratio of net expenses to average net assets		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.91	%		0.93	%		0.92	%		1.00	%		1.06	%
Ratio of net investment income (loss) to average net assets		(0.12	)%		(0.01	)%		0.04	%(b)		0.09	%		0.40	%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Growth Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	33.58		$	35.90		$	35.53		$	27.49		$	30.37
Net investment loss(a)		(0.25	)		(0.20	)		(0.22	)(b)		(0.16	)		(0.06	)
Net realized and unrealized gain (loss)		(0.13	)		1.69			2.12			8.20			(0.13	)(c)
Total from investment operations		(0.38	)		1.49			1.90			8.04			(0.19	)
Distributions to shareholders from net investment income		—	(d)		—			—			—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of year	$	32.71		$	33.58		$	35.90		$	35.53		$	27.49
Total Return(e)		(1.23	)%		5.42	%		5.58	%		29.25	%		(0.63	)%
Net assets, end of year (in 000’s)	$	8,168		$	19,707		$	19,998		$	12,113		$	3,689
Ratio of net expenses to average net assets		1.47	%		1.49	%		1.47	%		1.46	%		1.50	%
Ratio of total expenses to average net assets		1.55	%		1.57	%		1.57	%		1.66	%		1.76	%
Ratio of net investment loss to average net assets		(0.77	)%		(0.61	)%		(0.59	)%(b)		(0.50	)%		(0.21	)%
Portfolio turnover rate(f)		144	%		140	%		127	%		136	%		139	%

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

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

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

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

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

(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 SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	41.94		$	43.58		$	44.33
Net investment income (loss)(b)		(0.05	)		0.01			0.03	(c)
Net realized and unrealized gain (loss)		(0.16	)		2.16			(0.78	)
Total from investment operations		(0.21	)		2.17			(0.75	)
Distributions to shareholders from net investment income		—	(d)		—			—
Distributions to shareholders from net realized gains		(0.49	)		(3.81	)		—
Total distributions		(0.49	)		(3.81	)		—
Net asset value, end of period	$	41.24		$	41.94		$	43.58
Total Return(e)		(0.57	)%		6.08	%		(1.69	)%
Net assets, end of period (in 000’s)	$	10,241		$	12,534		$	10,878
Ratio of net expenses to average net assets		0.83	%		0.84	%		0.83	%(f)
Ratio of total expenses to average net assets		0.91	%		0.93	%		0.93	%(f)
Ratio of net investment income (loss) to average net assets		(0.12	)%		0.02	%		0.12	%(c)(f)
Portfolio turnover rate(g)		144	%		140	%		127	%

(a) Commenced operations on April 16, 2018.

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

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

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

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	39.69		$	42.30		$	46.29		$	38.86		$	38.37
Net investment income(a)		0.19			0.25			0.20			0.23	(b)		0.28
Net realized and unrealized gain (loss)		(6.70	)		1.17			0.70			9.04			2.55
Total from investment operations		(6.51	)		1.42			0.90			9.27			2.83
Distributions to shareholders from net investment income		(0.25	)		(0.19	)		(0.17	)		(0.25	)		(0.29	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.25	)		(4.03	)		(4.89	)		(1.84	)		(2.34	)
Net asset value, end of year	$	32.93		$	39.69		$	42.30		$	46.29		$	38.86
Total Return(c)		(16.49	)%		4.40	%		2.08	%		23.98	%		7.99	%
Net assets, end of year (in 000’s)	$	98,493		$	132,886		$	112,219		$	102,127		$	91,210
Ratio of net expenses to average net assets		1.22	%		1.25	%		1.23	%		1.24	%		1.25	%
Ratio of total expenses to average net assets		1.31	%		1.39	%		1.40	%		1.49	%		1.54	%
Ratio of net investment income to average net assets		0.56	%		0.67	%		0.44	%		0.53	%(b)		0.78	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	27.24		$	30.35		$	34.65		$	29.53		$	29.75
Net investment income (loss)(a)		(0.04	)		(0.02	)		(0.10	)		(0.07	)(b)		0.01
Net realized and unrealized gain (loss)		(4.61	)		0.75			0.52			6.85			1.92
Total from investment operations		(4.65	)		0.73			0.42			6.78			1.93
Distributions to shareholders from net investment income		(0.11	)		—			—			(0.07	)		(0.10	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.11	)		(3.84	)		(4.72	)		(1.66	)		(2.15	)
Net asset value, end of year	$	22.48		$	27.24		$	30.35		$	34.65		$	29.53
Total Return(c)		(17.11	)%		3.67	%		1.31	%		23.09	%		7.15	%
Net assets, end of year (in 000’s)	$	5,313		$	7,961		$	6,903		$	17,037		$	15,224
Ratio of net expenses to average net assets		1.97	%		2.00	%		1.98	%		1.99	%		2.00	%
Ratio of total expenses to average net assets		2.06	%		2.14	%		2.14	%		2.24	%		2.29	%
Ratio of net investment income (loss) to average net assets		(0.19	)%		(0.07	)%		(0.31	)%		(0.22	)%(b)		0.03	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	53.74		$	55.71		$	59.38		$	49.35		$	48.06
Net investment income(a)		0.43			0.47			0.48			0.50	(b)		0.55
Net realized and unrealized gain (loss)		(9.07	)		1.73			0.90			11.53			3.23
Total from investment operations		(8.64	)		2.20			1.38			12.03			3.78
Distributions to shareholders from net investment income		(0.40	)		(0.33	)		(0.33	)		(0.41	)		(0.44	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.40	)		(4.17	)		(5.05	)		(2.00	)		(2.49	)
Net asset value, end of year	$	44.70		$	53.74		$	55.71		$	59.38		$	49.35
Total Return(c)		(16.19	)%		4.81	%		2.47	%		24.49	%		8.41	%
Net assets, end of year (in 000’s)	$	190,491		$	192,820		$	60,516		$	56,191		$	21,717
Ratio of net expenses to average net assets		0.84	%		0.87	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets		0.93	%		1.02	%		1.00	%		1.09	%		1.14	%
Ratio of net investment income to average net assets		0.93	%		0.96	%		0.82	%		0.90	%(b)		1.19	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	39.53		$	42.18		$	46.17		$	38.78		$	38.31
Net investment income(a)		0.25			0.30			0.31			0.31	(b)		0.37
Net realized and unrealized gain (loss)		(6.64	)		1.20			0.69			9.05			2.54
Total from investment operations		(6.39	)		1.50			1.00			9.36			2.91
Distributions to shareholders from net investment income		(0.37	)		(0.31	)		(0.27	)		(0.38	)		(0.39	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.37	)		(4.15	)		(4.99	)		(1.97	)		(2.44	)
Net asset value, end of year	$	32.77		$	39.53		$	42.18		$	46.17		$	38.78
Total Return(c)		(16.32	)%		4.69	%		2.33	%		24.30	%		8.26	%
Net assets, end of year (in 000’s)	$	273,560		$	59,800		$	18,257		$	5,695		$	1,925
Ratio of net expenses to average net assets		0.97	%		1.01	%		0.98	%		0.99	%		1.00	%
Ratio of total expenses to average net assets		1.06	%		1.15	%		1.17	%		1.24	%		1.29	%
Ratio of net investment income to average net assets		0.77	%		0.83	%		0.70	%		0.72	%(b)		1.02	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	53.73		$	55.71		$	59.38		$	49.35		$	48.07
Net investment income(a)		0.43			0.45			0.50			0.46	(b)		0.55
Net realized and unrealized gain (loss)		(9.06	)		1.75			0.90			11.56			3.23
Total from investment operations		(8.63	)		2.20			1.40			12.02			3.78
Distributions to shareholders from net investment income		(0.40	)		(0.34	)		(0.35	)		(0.40	)		(0.45	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.40	)		(4.18	)		(5.07	)		(1.99	)		(2.50	)
Net asset value, end of year	$	44.70		$	53.73		$	55.71		$	59.38		$	49.35
Total Return(c)		(16.17	)%		4.83	%		2.49	%		24.49	%		8.41	%
Net assets, end of year (in 000’s)	$	158,330		$	118,331		$	22,460		$	4,542		$	11
Ratio of net expenses to average net assets		0.83	%		0.86	%		0.83	%		0.83	%		0.84	%
Ratio of total expenses to average net assets		0.93	%		1.00	%		1.02	%		1.11	%		1.14	%
Ratio of net investment income to average net assets		0.94	%		0.91	%		0.85	%		0.83	%(b)		1.18	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Small Cap Value Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	38.96		$	41.63		$	45.57		$	38.32		$	37.99
Net investment income(a)		0.10			0.08			0.09			0.14	(b)		0.20
Net realized and unrealized gain (loss)		(6.56	)		1.22			0.69			8.89			2.50
Total from investment operations		(6.46	)		1.30			0.78			9.03			2.70
Distributions to shareholders from net investment income		(0.29	)		(0.13	)		—			(0.19	)		(0.32	)
Distributions to shareholders from net realized gains		—			(3.84	)		(4.72	)		(1.59	)		(2.05	)
Total distributions		(0.29	)		(3.97	)		(4.72	)		(1.78	)		(2.37	)
Net asset value, end of year	$	32.21		$	38.96		$	41.63		$	45.57		$	38.32
Total Return(c)		(16.70	)%		4.14	%		1.83	%		23.67	%		7.72	%
Net assets, end of year (in 000’s)	$	14,038		$	8,514		$	2,320		$	1,621		$	5,762
Ratio of net expenses to average net assets		1.47	%		1.53	%		1.48	%		1.49	%		1.50	%
Ratio of total expenses to average net assets		1.56	%		1.69	%		1.66	%		1.73	%		1.79	%
Ratio of net investment income to average net assets		0.30	%		0.23	%		0.20	%		0.33	%(b)		0.55	%
Portfolio turnover rate(d)		153	%		142	%		130	%		138	%		129	%

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

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

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

(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 SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	53.72		$	55.70		$	57.05
Net investment income(b)		0.44			0.54			0.30
Net realized and unrealized gain (loss)		(9.07	)		1.66			(1.65	)
Total from investment operations		(8.63	)		2.20			(1.35	)
Distributions to shareholders from net investment income		(0.40	)		(0.34	)		—
Distributions to shareholders from net realized gains		—			(3.84	)		—
Total distributions		(0.40	)		(4.18	)		—
Net asset value, end of period	$	44.69		$	53.72		$	55.70
Total Return(c)		(16.18	)%		4.82	%		(2.37	)%
Net assets, end of period (in 000’s)	$	28,504		$	47,977		$	42,165
Ratio of net expenses to average net assets		0.83	%		0.85	%		0.83	%(d)
Ratio of total expenses to average net assets		0.92	%		0.99	%		1.06	%(d)
Ratio of net investment income to average net assets		0.94	%		1.07	%		0.93	%(d)
Portfolio turnover rate(e)		153	%		142	%		130	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	49.48		$	47.72		$	49.73		$	40.76		$	41.46
Net investment income(a)		0.28			0.44			0.36			0.49			0.38
Net realized and unrealized gain		4.67			3.14			2.46			10.17			0.49
Total from investment operations		4.95			3.58			2.82			10.66			0.87
Distributions to shareholders from net investment income		(0.71	)		(0.17	)		(0.45	)		(0.31	)		(0.38	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.71	)		(1.82	)		(4.83	)		(1.69	)		(1.57	)
Net asset value, end of year	$	53.72		$	49.48		$	47.72		$	49.73		$	40.76
Total Return(b)		10.04	%		7.98	%		5.93	%		26.89	%		2.25	%
Net assets, end of year (in 000’s)	$	294,540		$	299,440		$	301,934		$	278,516		$	251,466
Ratio of net expenses to average net assets		0.94	%		0.94	%		0.95	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		1.00	%		1.01	%		1.00	%		1.14	%		1.18	%
Ratio of net investment income to average net assets		0.55	%		0.93	%		0.73	%		1.08	%		0.96	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	44.04		$	42.80		$	45.08		$	37.10		$	37.88
Net investment income (loss)(a)		(0.09	)		0.08			0.01			0.13			0.08
Net realized and unrealized gain		4.16			2.81			2.22			9.25			0.44
Total from investment operations		4.07			2.89			2.23			9.38			0.52
Distributions to shareholders from net investment income		(0.40	)		—			(0.13	)		(0.02	)		(0.11	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.40	)		(1.65	)		(4.51	)		(1.40	)		(1.30	)
Net asset value, end of year	$	47.71		$	44.04		$	42.80		$	45.08		$	37.10
Total Return(b)		9.25	%		7.20	%		5.15	%		25.93	%		1.48	%
Net assets, end of year (in 000’s)	$	16,275		$	15,854		$	14,277		$	28,756		$	31,377
Ratio of net expenses to average net assets		1.69	%		1.69	%		1.70	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.75	%		1.76	%		1.75	%		1.89	%		1.93	%
Ratio of net investment income (loss) to average net assets		(0.20	)%		0.18	%		0.01	%		0.31	%		0.21	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	51.16		$	49.30		$	51.21		$	41.92		$	42.60
Net investment income(a)		0.50			0.72			0.54			0.70			0.54
Net realized and unrealized gain		4.82			3.14			2.56			10.45			0.52
Total from investment operations		5.32			3.86			3.10			11.15			1.06
Distributions to shareholders from net investment income		(0.88	)		(0.35	)		(0.63	)		(0.48	)		(0.55	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.88	)		(2.00	)		(5.01	)		(1.86	)		(1.74	)
Net asset value, end of year	$	55.60		$	51.16		$	49.30		$	51.21		$	41.92
Total Return(b)		10.47	%		8.39	%		6.34	%		27.40	%		2.66	%
Net assets, end of year (in 000’s)	$	255,177		$	295,408		$	842,673		$	249,034		$	177,412
Ratio of net expenses to average net assets		0.56	%		0.55	%		0.55	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.62	%		0.60	%		0.62	%		0.74	%		0.78	%
Ratio of net investment income to average net assets		0.94	%		1.40	%		1.07	%		1.50	%		1.33	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	49.19		$	47.41		$	49.47		$	40.60		$	41.37
Net investment income(a)		0.22			0.38			0.30			0.43			0.33
Net realized and unrealized gain		4.64			3.13			2.45			10.14			0.50
Total from investment operations		4.86			3.51			2.75			10.57			0.83
Distributions to shareholders from net investment income		(0.67	)		(0.08	)		(0.43	)		(0.32	)		(0.41	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.67	)		(1.73	)		(4.81	)		(1.70	)		(1.60	)
Net asset value, end of year	$	53.38		$	49.19		$	47.41		$	49.47		$	40.60
Total Return(b)		9.93	%		7.86	%		5.81	%		26.76	%		2.15	%
Net assets, end of year (in 000’s)	$	5,761		$	6,700		$	5,925		$	6,739		$	5,473
Ratio of net expenses to average net assets		1.06	%		1.05	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.12	%		1.13	%		1.11	%		1.24	%		1.28	%
Ratio of net investment income to average net assets		0.44	%		0.81	%		0.61	%		0.96	%		0.83	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Investor Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	48.84		$	47.17		$	49.22		$	40.39		$	41.13
Net investment income(a)		0.42			0.54			0.46			0.61			0.45
Net realized and unrealized gain		4.59			3.09			2.45			10.05			0.50
Total from investment operations		5.01			3.63			2.91			10.66			0.95
Distributions to shareholders from net investment income		(0.83	)		(0.31	)		(0.58	)		(0.45	)		(0.50	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.83	)		(1.96	)		(4.96	)		(1.83	)		(1.69	)
Net asset value, end of year	$	53.02		$	48.84		$	47.17		$	49.22		$	40.39
Total Return(b)		10.33	%		8.25	%		6.20	%		27.21	%		2.48	%
Net assets, end of year (in 000’s)	$	88,924		$	116,633		$	103,230		$	43,290		$	18,322
Ratio of net expenses to average net assets		0.69	%		0.69	%		0.70	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.75	%		0.76	%		0.76	%		0.89	%		0.93	%
Ratio of net investment income to average net assets		0.84	%		1.17	%		0.95	%		1.36	%		1.13	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	51.13		$	49.27		$	51.19		$	41.91		$	42.60
Net investment income(a)		0.50			0.76			0.42			0.82			0.56
Net realized and unrealized gain		4.83			3.10			2.68			10.33			0.50
Total from investment operations		5.33			3.86			3.10			11.15			1.06
Distributions to shareholders from net investment income		(0.90	)		(0.35	)		(0.64	)		(0.49	)		(0.56	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.90	)		(2.00	)		(5.02	)		(1.87	)		(1.75	)
Net asset value, end of year	$	55.56		$	51.13		$	49.27		$	51.19		$	41.91
Total Return(b)		10.49	%		8.38	%		6.37	%		27.41	%		2.66	%
Net assets, end of year (in 000’s)	$	8,871		$	12,068		$	31,916		$	2,557		$	60
Ratio of net expenses to average net assets		0.55	%		0.54	%		0.54	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.61	%		0.59	%		0.63	%		0.71	%		0.77	%
Ratio of net investment income to average net assets		0.95	%		1.49	%		0.82	%		1.70	%		1.36	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Equity Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	48.47		$	46.74		$	48.89		$	40.12		$	40.91
Net investment income(a)		0.16			0.32			0.23			0.37			0.27
Net realized and unrealized gain		4.57			3.08			2.42			10.01			0.49
Total from investment operations		4.73			3.40			2.65			10.38			0.76
Distributions to shareholders from net investment income		(0.57	)		(0.02	)		(0.42	)		(0.23	)		(0.36	)
Distributions to shareholders from net realized gains		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(0.57	)		(1.67	)		(4.80	)		(1.61	)		(1.55	)
Net asset value, end of year	$	52.63		$	48.47		$	46.74		$	48.89		$	40.12
Total Return(b)		9.79	%		7.72	%		5.65	%		26.58	%		1.99	%
Net assets, end of year (in 000’s)	$	41,005		$	44,555		$	49,993		$	51,263		$	30,341
Ratio of net expenses to average net assets		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.25	%		1.26	%		1.25	%		1.39	%		1.43	%
Ratio of net investment income to average net assets		0.31	%		0.69	%		0.48	%		0.84	%		0.70	%
Portfolio turnover rate(c)		213	%		199	%		168	%		193	%		213	%

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

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

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class P Shares
	Year Ended October 31,						Period Ended October 31, 2018(a)
	2020			2019
Per Share Data
Net asset value, beginning of period	$	51.14		$	49.28		$	49.09
Net investment income(b)		0.50			0.65			0.26
Net realized and unrealized gain (loss)		4.83			3.21			(0.07	)
Total from investment operations		5.33			3.86			0.19
Distributions to shareholders from net investment income		(0.91	)		(0.35	)		—
Distributions to shareholders from net realized gains		—			(1.65	)		—
Total distributions		(0.91	)		(2.00	)		—
Net asset value, end of period	$	55.56		$	51.14		$	49.28
Total Return(c)		10.49	%		8.40	%		0.39	%
Net assets, end of period (in 000’s)	$	245,632		$	225,899		$	203,525
Ratio of net expenses to average net assets		0.55	%		0.54	%		0.54	%(d)
Ratio of total expenses to average net assets		0.61	%		0.62	%		0.62	%(d)
Ratio of net investment income to average net assets		0.94	%		1.33	%		0.93	%(d)
Portfolio turnover rate(e)		213	%		199	%		168	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

October 31, 2020

1. ORGANIZATION

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

106

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price

107

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

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

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

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an

108

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2020:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	6,490,894	$	—	$	—
North America		1,861,596,764		—		—
Total	$	1,868,087,658	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	6,645	$	—	$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	6,492,159	$	—	$	—
North America		310,780,387		—		—
South America		61,028		—		—
Total	$	317,333,574	$	—	$	—

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

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

109

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	534,958		$	—	$	—
Europe		2,447,513			—		—
North America		536,159,553			—		—
Securities Lending Reinvestment Vehicle		5,113,213			—		—
Total	$	544,255,237		$	—	$	—
SMALL CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,613,144		$	—	$	—
Europe		1,272,308			—		—
North America		972,858,290			—		—
Securities Lending Reinvestment Vehicle		11,156,338			—		—
Total	$	988,900,080		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	132,789		$	—	$	—
Europe		6,257,628			—		—
North America		749,246,728			—		—
Investment Company		699,934			—		—
Securities Lending Reinvestment Vehicle		3,369,422			—		—
Total	$	759,706,501		$	—	$	—
Derivative Type
Liabilities(c)
Futures Contracts	$	(327,444	)	$	—	$	—

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

(c) Amount shown represents unrealized loss at fiscal year end.

110

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	12,453,236	$	—	$	—
North America		926,411,482		—		—
Investment Company		2,919,683		—		—
Total	$	941,784,401	$	—	$	—

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

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 October 31, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets (Liabilities)(a)
Equity	Large Cap Growth Insights		Variation Margin on Futures Contracts	$	6,645
Equity	Small Cap Value Insights		Variation Margin on Futures Contracts		(327,444	)

(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 October 31, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts			Average Number of Contracts(a)
Equity	Large Cap Growth Insights	$	1,151,295		$	6,645			20
Equity	Large Cap Value Insights		299,068			—			3
Equity	Small Cap Equity Insights		(2,606,855	)		141,112			65
Equity	Small Cap Growth Insights		4,724,182			234,858			102
Equity	Small Cap Value Insights		(1,174,911	)		(735,645	)		130
Equity	U.S. Equity Insights		255,674			—			10

(a) Average number of contracts is based on the month end balances for the fiscal year ended October 31, 2020.

111

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended October 31, 2020, contractual and effective net management fees with GSAM were at the following rates:

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

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

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Government Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Underlying Fund. For the fiscal year ended October 31, 2020, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	995
Large Cap Value Insights		215
Small Cap Equity Insights		5,044
Small Cap Growth Insights		3,980
Small Cap Value Insights		9,568
U.S. Equity Insights		755

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service 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. For the fiscal year ended October 31, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	22,982	$	74
Large Cap Value Insights		4,324		590
Small Cap Equity Insights		2,844		365
Small Cap Growth Insights		4,649		54
Small Cap Value Insights		5,900		13
U.S. Equity Insights		11,322		755

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1, 2020, the fee rate for such transfer agency services was 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and

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Notes to Financial Statements (continued)

October 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	995	$	671,662	$	672,657
Large Cap Value Insights		215		401,652		401,867
Small Cap Equity Insights		5,044		485,995		491,039
Small Cap Growth Insights		3,980		853,633		857,613
Small Cap Value Insights		9,568		602,334		611,902
U.S. Equity Insights		755		536,888		537,643

G.  Line of Credit Facility — As of October 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the fiscal year ended October 31, 2020, Goldman Sachs earned $84 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Small Cap Value Insights Fund.

As of October 31, 2020, the following Goldman Sachs Dynamic Global Equity Fund and Goldman Sachs Enhanced Dividend Global Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Dynamic Global Equity			Goldman Sachs Enhanced Dividend Global Equity
Large Cap Value Insights		14	%		—	%
Small Cap Equity Insights		—			6

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Underlying Fund as of and for the fiscal year ended October 31, 2020:

Fund	Market Value as of October 31, 2019		Purchased at Cost		Proceeds from Sales			Market Value as of October 31, 2020		Shares as of October 31, 2020		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	—	$	105,234,208	$	(105,234,208	)	$	—		—	$	1,262
Large Cap Value Insights		—		6,916,772		(6,916,772	)		—		—		1,558
Small Cap Equity Insights		7,203,961		55,890,011		(63,093,972	)		—		—		41,763
Small Cap Growth Insights		10,845,477		55,947,309		(66,792,786	)		—				31,922
Small Cap Value Insights		10,633,890		193,845,356		(203,779,312	)		699,934		699,934		71,062
U.S. Equity Insights		—		37,296,467		(34,376,784	)		2,919,683		2,919,683		7,986

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2020 were as follows:

Fund	Purchases	Sales and Maturities
Large Cap Growth Insights	$4,077,576,294	$	4,539,896,989
Large Cap Value Insights	793,522,724		882,849,996
Small Cap Equity Insights	862,973,909		936,311,097
Small Cap Growth Insights	1,527,333,504		1,676,207,655
Small Cap Value Insights	1,278,398,179		992,251,645
U.S. Equity Insights	2,018,124,371		2,166,655,236

7. SECURITIES LENDING

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

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Notes to Financial Statements (continued)

October 31, 2020

7. SECURITIES LENDING (continued)

may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The U.S. Equity Insights Fund did not have securities on loan as of October 31, 2020.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2020, are reported under Investment Income on the Statements of Operations.

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

	For the Fiscal Year Ended October 31, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of October 31, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	6,772	$	11,806	$	—
Large Cap Value Insights		199		57		—
Small Cap Equity Insights		22,900		29,591		872,100
Small Cap Growth Insights		60,577		94,478		1,740,876
Small Cap Value Insights		13,230		14,363		—
U.S. Equity Insights		512		—		—

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7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended October 31, 2020.

Fund	Beginning value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of October 31, 2020
Large Cap Growth Insights	$	—	$	57,526,763	$	(57,526,763	)	$	—
Large Cap Value Insights		—		7,445,584		(7,445,584	)		—
Small Cap Equity Insights		1,732,225		65,288,745		(61,907,757	)		5,113,213
Small Cap Growth Insights		—		130,446,448		(119,290,110	)		11,156,338
Small Cap Value Insights		2,300,481		74,455,138		(73,386,197	)		3,369,422
U.S. Equity Insights		—		23,080,625		(23,080,625	)		—

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2020 were as follows:

	Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
Distributions paid from:
Ordinary Income	$	11,521,608	$	5,874,965	$	3,560,988	$	—	$	4,330,080	$	15,684,604
Net long-term capital gains		66,785,470		—		—		14,469,214		—		—
Total taxable distributions	$	78,307,078	$	5,874,965	$	3,560,988	$	14,469,214	$	4,330,080	$	15,684,604

The tax character of distributions paid during the fiscal year ended October 31, 2019 were as follows:

	Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
Distributions paid from:
Ordinary Income	$	123,336,193	$	28,355,963	$	15,104,381	$	46,614,425	$	10,386,975	$	38,805,040
Net long-term capital gains		52,936,690		4,774,298		15,861,672		39,004,631		12,696,156		21,706,757
Total taxable distributions	$	176,272,883	$	33,130,261	$	30,966,053	$	85,619,056	$	23,083,131	$	60,511,797

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Notes to Financial Statements (continued)

October 31, 2020

8. TAX INFORMATION (continued)

As of October 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Large Cap Growth Insights		Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Undistributed ordinary income — net	$	62,112,810	$	161,025		$	1,281,002		$	3,088,011		$	3,905,911		$	5,511,957
Undistributed long-term capital gains		122,310,677		—			—			31,999,566			—			39,248,969
Total undistributed earnings	$	184,423,487	$	161,025		$	1,281,002		$	35,087,577		$	3,905,911		$	44,760,926
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	(23,316,941	)	$	(21,895,922	)	$	—		$	(10,349,273	)	$	—
Perpetual Long-Term		—		(3,524,388	)		—			—			(7,285,429	)		—
Timing differences (Qualified Late Year Loss Deferral)	$	—	$	—		$	—		$	(1,517,473	)	$	—		$	—
Unrealized gains (losses) — net		551,375,934		3,755,587			(16,598,541	)		37,072,011			(31,892,979	)		153,635,358
Total accumulated earnings (losses) — net	$	735,799,421	$	(22,924,717	)	$	(37,213,461	)	$	70,642,115		$	(45,621,770	)	$	198,396,284

As of October 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	1,316,718,421		$	313,577,987		$	560,853,778		$	951,828,069		$	791,272,036		$	788,149,083
Gross unrealized gain		584,203,748			17,329,359			55,241,352			135,891,168			69,354,702			180,880,337
Gross unrealized loss		(32,827,815	)		(13,573,772	)		(71,839,893	)		(98,819,157	)		(101,247,681	)		(27,244,979	)
Net unrealized gain (loss)	$	551,375,933		$	3,755,587		$	(16,598,541	)	$	37,072,011		$	(31,892,979	)	$	153,635,358

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and passive foreign investment companies.

During the year ended October 31, 2020 the U.S. Equity Insights Fund utilized $8,094,808 in prior year capital loss carryforwards.

The Small Cap Growth Insights Fund reclassed $392,366 from distributable earnings to paid in capital for the year ending October 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund’s and result primarily from net operating losses and redemptions utilized as distributions.

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

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9. OTHER RISKS (continued)

techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign 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.

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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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Notes to Financial Statements (continued)

October 31, 2020

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

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

12. 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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13. SUMMARY OF SHARE TRANSACTIONS

	Large Cap Growth Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,526,224		$	50,423,999			2,578,365		$	76,171,954
Reinvestment of distributions		290,606			9,214,122			839,624			22,972,444
Shares redeemed		(3,754,917	)		(124,491,810	)		(4,081,407	)		(121,582,504	)
		(1,938,087	)		(64,853,689	)		(663,418	)		(22,438,106	)
Class C Shares
Shares sold		194,519			5,763,740			353,072			8,870,934
Reinvestment of distributions		55,088			1,529,789			171,082			4,147,030
Shares redeemed		(487,899	)		(14,149,700	)		(1,030,728	)		(26,741,128	)
		(238,292	)		(6,856,171	)		(506,574	)		(13,723,164	)
Institutional Shares
Shares sold		5,627,401			193,729,922			8,260,634			249,994,999
Reinvestment of distributions		774,752			25,568,185			2,021,752			57,355,849
Shares redeemed		(10,656,739	)		(358,525,610	)		(12,141,151	)		(372,578,159	)
		(4,254,586	)		(139,227,503	)		(1,858,765	)		(65,227,311	)
Service Shares
Shares sold		397,977			13,315,866			706,347			19,913,545
Reinvestment of distributions		47,340			1,474,770			158,528			4,265,164
Shares redeemed		(791,476	)		(25,198,611	)		(986,078	)		(28,691,006	)
		(346,159	)		(10,407,975	)		(121,203	)		(4,512,297	)
Investor Shares
Shares sold		2,308,187			73,989,672			4,093,644			116,918,081
Reinvestment of distributions		531,837			16,642,893			1,328,599			35,834,532
Shares redeemed		(7,442,672	)		(238,975,464	)		(6,065,761	)		(177,715,416	)
		(4,602,648	)		(148,342,899	)		(643,518	)		(24,962,803	)
Class R6 Shares
Shares sold		4,074,176			145,115,420			5,501,572			166,533,446
Reinvestment of distributions		375,798			12,394,764			1,076,243			30,512,669
Shares redeemed		(4,487,194	)		(156,333,132	)		(7,710,537	)		(238,369,630	)
		(37,220	)		1,177,052			(1,132,722	)		(41,323,515	)
Class R Shares
Shares sold		280,165			9,203,859			778,072			23,164,660
Reinvestment of distributions		27,541			849,696			24,918			665,049
Shares redeemed		(680,301	)		(21,864,855	)		(538,455	)		(15,874,791	)
		(372,595	)		(11,811,300	)		264,535			7,954,918
Class P Shares
Shares sold		269,182			8,251,686			457,690			13,187,898
Reinvestment of distributions		62,937			2,075,071			117,890			3,340,204
Shares redeemed		(316,163	)		(10,405,430	)		(318,316	)		(9,349,058	)
		15,956			(78,673	)		257,264			7,179,044
NET DECREASE		(11,773,631	)	$	(380,401,158	)		(4,404,401	)	$	(157,053,234	)

121

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Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		405,990		$	7,834,859			1,078,518		$	21,990,268
Reinvestment of distributions		33,200			630,382			183,901			3,664,612
Shares redeemed		(1,070,789	)		(20,722,483	)		(1,068,564	)		(21,978,819	)
		(631,599	)	$	(12,257,242	)		193,855			3,676,061
Class C Shares
Shares sold		94,196			1,804,205			349,252			6,992,702
Reinvestment of distributions		2,745			51,295			30,361			597,860
Shares redeemed		(239,161	)		(4,555,034	)		(247,041	)		(5,052,720	)
		(142,220	)		(2,699,534	)		132,572			2,537,842
Institutional Shares
Shares sold		1,495,342			29,655,521			5,286,811			107,719,818
Reinvestment of distributions		82,753			1,573,573			351,295			7,006,599
Shares redeemed		(2,638,882	)		(51,782,152	)		(5,653,571	)		(114,141,291	)
		(1,060,787	)		(20,553,058	)		(15,465	)		585,126
Service Shares
Shares sold		68,790			1,358,700			79,120			1,644,632
Reinvestment of distributions		3,777			72,153			29,623			591,853
Shares redeemed		(155,484	)		(3,130,168	)		(225,687	)		(4,695,199	)
		(82,917	)		(1,699,315	)		(116,944	)		(2,458,714	)
Investor Shares
Shares sold		1,640,678			32,282,857			3,812,155			78,553,524
Reinvestment of distributions		82,792			1,570,377			326,191			6,496,411
Shares redeemed		(4,381,056	)		(85,637,629	)		(1,755,954	)		(35,924,975	)
		(2,657,586	)		(51,784,395	)		2,382,392			49,124,960
Class R6 Shares
Shares sold		357,095			6,929,811			3,956,938			80,014,855
Reinvestment of distributions		57,418			1,088,196			492,877			9,780,671
Shares redeemed		(475,699	)		(9,584,792	)		(7,888,267	)		(162,215,118	)
		(61,186	)		(1,566,785	)		(3,438,452	)		(72,419,592	)
Class R Shares
Shares sold		54,674			1,016,484			50,087			1,018,472
Reinvestment of distributions		2,806			52,688			17,212			340,328
Shares redeemed		(47,341	)		(873,801	)		(85,122	)		(1,731,114	)
		10,139			195,371			(17,823	)		(372,314	)
Class P Shares
Shares sold		387,576			6,726,631			798,187			15,252,281
Reinvestment of distributions		28,230			534,539			99,454			1,984,309
Shares redeemed		(430,537	)		(7,758,509	)		(612,512	)		(12,240,790	)
		(14,731	)		(497,339	)		285,129			4,995,800
NET DECREASE		(4,640,887	)	$	(90,862,297	)		(594,736	)	$	(14,330,831	)

122

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		376,203		$	8,465,614			568,989		$	13,714,526
Reinvestment of distributions		3,912			104,831			125,799			2,866,956
Shares redeemed		(984,978	)		(21,441,662	)		(761,578	)		(18,374,675	)
		(604,863	)		(12,871,217	)		(66,790	)		(1,793,193	)
Class C Shares
Shares sold		73,308			1,463,071			177,041			3,568,562
Reinvestment of distributions		–			–			23,381			455,454
Shares redeemed		(124,274	)		(2,383,566	)		(163,619	)		(3,359,695	)
		(50,966	)		(920,495	)		36,803			664,321
Institutional Shares
Shares sold		3,188,221			74,302,685			5,235,766			131,485,651
Reinvestment of distributions		57,789			1,611,728			476,089			11,287,686
Shares redeemed		(5,096,069	)		(122,869,653	)		(2,771,991	)		(69,865,556	)
		(1,850,059	)		(46,955,240	)		2,939,864			72,907,781
Service Shares
Shares sold		97,493			2,072,484			91,926			2,205,781
Reinvestment of distributions		109			2,866			4,673			104,730
Shares redeemed		(95,305	)		(2,121,367	)		(51,949	)		(1,230,710	)
		2,297			(46,017	)		44,650			1,079,801
Investor Shares
Shares sold		1,915,020			42,756,096			2,111,112			51,466,887
Reinvestment of distributions		14,081			374,689			107,128			2,425,323
Shares redeemed		(2,033,871	)		(42,194,190	)		(1,037,135	)		(25,425,896	)
		(104,770	)		936,595			1,181,105			28,466,314
Class R6 Shares
Shares sold		1,120,145			25,078,093			4,301,945			106,589,803
Reinvestment of distributions		28,665			799,462			399,759			9,476,064
Shares redeemed		(1,891,989	)		(42,708,570	)		(5,443,120	)		(138,390,631	)
		(743,179	)		(16,831,015	)		(741,416	)		(22,324,764	)
Class R Shares
Shares sold		194,580			4,286,190			271,701			6,483,888
Reinvestment of distributions		–			–			33,918			755,025
Shares redeemed		(240,251	)		(5,518,059	)		(223,024	)		(5,325,434	)
		(45,671	)		(1,231,869	)		82,595			1,913,479
Class P Shares
Shares sold		2,037,782			40,341,140			2,896,062			66,645,917
Reinvestment of distributions		21,405			596,984			138,422			3,278,915
Shares redeemed		(2,389,514	)		(49,315,484	)		(1,565,207	)		(38,912,996	)
		(330,327	)		(8,377,360	)		1,469,277			31,011,836
NET INCREASE (DECREASE)		(3,727,538	)	$	(86,296,618	)		4,946,088		$	111,925,575

123

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Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		306,649		$	9,891,218			592,484		$	20,113,595
Reinvestment of distributions		31,355			1,142,271			281,405			8,799,530
Shares redeemed		(1,264,717	)		(43,192,152	)		(834,841	)		(28,043,840	)
		(926,713	)		(32,158,663	)		39,048			869,285
Class C Shares
Shares sold		51,837			1,229,438			73,157			1,836,124
Reinvestment of distributions		5,520			149,101			44,452			1,043,280
Shares redeemed		(119,799	)		(2,842,443	)		(82,422	)		(2,101,668	)
		(62,442	)		(1,463,904	)		35,187			777,736
Institutional Shares
Shares sold		1,978,454			75,168,576			3,227,816			127,361,435
Reinvestment of distributions		89,256			3,895,156			718,806			26,768,316
Shares redeemed		(5,545,375	)		(219,431,392	)		(2,661,680	)		(106,449,391	)
		(3,477,665	)		(140,367,660	)		1,284,942			47,680,360
Investor Shares
Shares sold		4,890,826			161,785,147			3,840,487			134,252,383
Reinvestment of distributions		136,767			5,138,365			964,429			31,016,030
Shares redeemed		(3,011,559	)		(101,466,885	)		(2,406,524	)		(83,691,568	)
		2,016,034			65,456,627			2,398,392			81,576,845
Class R6 Shares
Shares sold		2,469,112			93,553,475			6,482,593			253,736,476
Reinvestment of distributions		76,050			3,321,119			378,454			14,097,427
Shares redeemed		(3,506,052	)		(139,512,618	)		(2,246,884	)		(88,998,158	)
		(960,890	)		(42,638,024	)		4,614,163			178,835,745
Class R Shares
Shares sold		91,999			2,952,427			191,155			6,202,346
Reinvestment of distributions		7,390			257,387			59,954			1,798,021
Shares redeemed		(436,624	)		(14,364,619	)		(221,227	)		(7,312,754	)
		(337,235	)		(11,154,805	)		29,882			687,613
Class P Shares
Shares sold		55,270			2,137,376			146,086			5,834,292
Reinvestment of distributions		3,337			145,698			20,911			778,940
Shares redeemed		(109,095	)		(3,766,238	)		(117,790	)		(4,759,537	)
		(50,488	)		(1,483,164	)		49,207			1,853,695
NET INCREASE (DECREASE)		(3,799,399	)	$	(163,809,593	)		8,450,821		$	312,281,279

124

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13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		577,824		$	18,546,458			1,050,768		$	38,541,580
Reinvestment of distributions		19,063			787,894			287,947			10,340,127
Shares redeemed		(953,407	)		(32,328,215	)		(644,168	)		(24,334,368	)
		(356,520	)		(12,993,863	)		694,547			24,547,339
Class C Shares
Shares sold		49,527			1,234,005			127,462			3,310,457
Reinvestment of distributions		1,135			32,225			33,399			826,636
Shares redeemed		(106,526	)		(2,331,115	)		(96,061	)		(2,520,272	)
		(55,864	)		(1,064,885	)		64,800			1,616,821
Institutional Shares
Shares sold		2,934,092			133,075,373			3,054,255			151,801,030
Reinvestment of distributions		24,938			1,394,771			97,074			4,698,255
Shares redeemed		(2,285,652	)		(98,004,673	)		(649,663	)		(32,690,060	)
		673,378			36,465,471			2,501,666			123,809,225
Investor Shares
Shares sold		8,990,233			264,507,680			1,447,937			53,566,402
Reinvestment of distributions		16,896			693,587			53,407			1,907,349
Shares redeemed		(2,173,164	)		(70,697,436	)		(421,221	)		(15,930,853	)
		6,833,965			194,503,831			1,080,123			39,542,898
Class R6 Shares
Shares sold		2,188,196			101,489,097			2,033,658			99,067,064
Reinvestment of distributions		15,950			891,762			39,496			1,908,993
Shares redeemed		(864,093	)		(38,945,495	)		(273,958	)		(14,003,900	)
		1,340,053			63,435,364			1,799,196			86,972,157
Class R Shares
Shares sold		299,488			10,183,998			193,683			7,197,157
Reinvestment of distributions		1,459			59,099			4,075			143,841
Shares redeemed		(83,592	)		(2,877,443	)		(34,966	)		(1,291,159	)
		217,355			7,365,654			162,792			6,049,839
Class P Shares
Shares sold		356,779			14,596,906			393,971			19,494,828
Reinvestment of distributions		6,414			358,606			59,484			2,877,391
Shares redeemed		(618,388	)		(24,891,739	)		(317,399	)		(15,579,917	)
		(255,195	)		(9,936,227	)		136,056			6,792,302
NET INCREASE		8,397,172		$	277,775,345			6,439,180		$	289,330,581

125

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Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		310,371		$	15,097,613			496,152		$	22,850,037
Reinvestment of distributions		77,068			3,932,787			247,236			10,881,031
Shares redeemed		(957,270	)		(48,175,749	)		(1,018,418	)		(47,836,906	)
		(569,831	)		(29,145,349	)		(275,030	)		(14,105,838	)
Class C Shares
Shares sold		84,868			3,811,053			148,922			5,994,935
Reinvestment of distributions		2,946			134,360			13,896			548,621
Shares redeemed		(106,681	)		(4,780,882	)		(136,446	)		(5,655,834	)
		(18,867	)		(835,469	)		26,372			887,722
Institutional Shares
Shares sold		872,840			45,446,386			5,561,162			252,475,763
Reinvestment of distributions		88,673			4,667,759			755,380			34,167,885
Shares redeemed		(2,146,316	)		(112,593,380	)		(17,635,422	)		(854,571,457	)
		(1,184,803	)		(62,479,235	)		(11,318,880	)		(567,927,809	)
Service Shares
Shares sold		26,719			1,326,671			30,525			1,372,352
Reinvestment of distributions		1,819			92,349			4,689			205,533
Shares redeemed		(56,824	)		(2,853,936	)		(23,962	)		(1,120,436	)
		(28,286	)		(1,434,916	)		11,252			457,449
Investor Shares
Shares sold		435,432			22,519,991			1,320,028			60,005,258
Reinvestment of distributions		37,411			1,879,914			103,871			4,499,108
Shares redeemed		(1,183,792	)		(56,624,715	)		(1,224,326	)		(56,455,932	)
		(710,949	)		(32,224,810	)		199,573			8,048,434
Class R6 Shares
Shares sold		80,970			4,450,947			189,729			8,892,870
Reinvestment of distributions		3,227			169,754			29,892			1,352,886
Shares redeemed		(160,557	)		(8,178,893	)		(631,325	)		(30,710,320	)
		(76,360	)		(3,558,192	)		(411,704	)		(20,464,564	)
Class R Shares
Shares sold		233,270			11,676,345			219,851			10,041,364
Reinvestment of distributions		10,083			505,157			38,936			1,684,599
Shares redeemed		(383,387	)		(19,038,149	)		(409,091	)		(18,891,773	)
		(140,034	)		(6,856,647	)		(150,304	)		(7,165,810	)
Class P Shares
Shares sold		1,222,980			62,247,699			2,522,934			114,163,961
Reinvestment of distributions		76,672			4,032,946			135,300			6,101,132
Shares redeemed		(1,295,558	)		(62,192,850	)		(2,371,343	)		(113,078,993	)
		4,094			4,087,795			286,891			7,186,100
NET DECREASE		(2,725,036	)	$	(132,446,823	)		(11,631,830	)	$	(593,084,316	)

126

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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Voting Results of Special Meeting of Shareholders (Unaudited)

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

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

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

128

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended October 31, 2020 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 through October 31, 2020, which represents a period of 184 days in a 366 day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund
Share Class	Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*		Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*		Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*
Class A
Actual	$	1,000.00	$	1,206.86		$	5.05	$	1,000.00	$	1,070.94		$	4.89	$	1,000.00	$	1,124.94		$	6.52
Hypothetical 5% return		1,000.00		1,020.56	+		4.62		1,000.00		1,020.41	+		4.77		1,000.00		1,019.00	+		6.19
Class C
Actual		1,000.00		1,202.27			9.19		1,000.00		1,066.93			8.78		1,000.00		1,121.46			10.51
Hypothetical 5% return		1,000.00		1,016.79	+		8.42		1,000.00		1,016.64	+		8.57		1,000.00		1,015.23	+		9.98
Institutional
Actual		1,000.00		1,209.02			3.00		1,000.00		1,073.11			2.92		1,000.00		1,127.41			4.49
Hypothetical 5% return		1,000.00		1,022.42	+		2.75		1,000.00		1,022.32	+		2.85		1,000.00		1,020.91	+		4.27
Service
Actual		1,000.00		1,205.74			5.77		1,000.00		1,070.50			5.52		1,000.00		1,124.13			7.15
Hypothetical 5% return		1,000.00		1,019.91	+		5.28		1,000.00		1,019.81	+		5.38		1,000.00		1,018.40	+		6.80
Investor
Actual		1,000.00		1,208.33			3.66		1,000.00		1,072.56			3.59		1,000.00		1,126.73			5.19
Hypothetical 5% return		1,000.00		1,021.82	+		3.35		1,000.00		1,021.67	+		3.51		1,000.00		1,020.26	+		4.93
Class R6
Actual		1,000.00		1,209.14			2.94		1,000.00		1,073.16			2.87		1,000.00		1,127.41			4.44
Hypothetical 5% return		1,000.00		1,022.47	+		2.69		1,000.00		1,022.37	+		2.80		1,000.00		1,020.96	+		4.22
Class R
Actual		1,000.00		1,205.27			6.43		1,000.00		1,069.70			6.19		1,000.00		1,123.62			7.85
Hypothetical 5% return		1,000.00		1,019.30	+		5.89		1,000.00		1,019.15	+		6.04		1,000.00		1,017.75	+		7.46
Class P
Actual		1,000.00		1,209.27			2.94		1,000.00		1,073.21			2.87		1,000.00		1,127.41			4.44
Hypothetical 5% return		1,000.00		1,022.47	+		2.69		1,000.00		1,022.37	+		2.80		1,000.00		1,020.96	+		4.22

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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Fund Expenses — Six Month Period Ended October 31, 2020 (Unaudited) (continued)

	Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*		Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*		Beginning Account Value 5/1/20		Ending Account Value 10/31/20			Expenses Paid for the 6 months ended 10/31/2020*
Class A
Actual	$	1,000.00	$	1,156.10		$	6.61	$	1,000.00	$	1,110.25		$	6.47	$	1,000.00	$	1,137.17		$	5.05
Hypothetical 5% return		1,000.00		1,019.00	+		6.19		1,000.00		1,019.00	+		6.19		1,000.00		1,020.41	+		4.77
Class C
Actual		1,000.00		1,151.85			10.66		1,000.00		1,106.30			10.43		1,000.00		1,132.72			9.06
Hypothetical 5% return		1,000.00		1,015.23	+		9.98		1,000.00		1,015.23	+		9.98		1,000.00		1,016.64	+		8.57
Institutional
Actual		1,000.00		1,158.19			4.56		1,000.00		1,112.22			4.46		1,000.00		1,139.11			3.01
Hypothetical 5% return		1,000.00		1,020.91	+		4.27		1,000.00		1,020.91	+		4.27		1,000.00		1,022.32	+		2.85
Service
Actual		—		—			—		—		—			—		1,000.00		1,136.47			5.69
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,019.81	+		5.38
Investor
Actual		1,000.00		1,157.41			5.26		1,000.00		1,111.60			5.15		1,000.00		1,138.50			3.71
Hypothetical 5% return		1,000.00		1,020.26	+		4.93		1,000.00		1,020.26	+		4.93		1,000.00		1,021.67	+		3.51
Class R6
Actual		1,000.00		1,209.14			2.94		1,000.00		1,073.16			2.87		1,000.00		1,127.41			4.44
Hypothetical 5% return		1,000.00		1,022.47	+		2.69		1,000.00		1,022.37	+		2.80		1,000.00		1,020.96	+		4.22
Class R
Actual		1,000.00		1,205.27			6.43		1,000.00		1,069.70			6.19		1,000.00		1,123.62			7.85
Hypothetical 5% return		1,000.00		1,019.30	+		5.89		1,000.00		1,019.15	+		6.04		1,000.00		1,017.75	+		7.46
Class P
Actual		1,000.00		1,209.27			2.94		1,000.00		1,073.21			2.87		1,000.00		1,127.41			4.44
Hypothetical 5% return		1,000.00		1,022.47	+		2.69		1,000.00		1,022.37	+		2.80		1,000.00		1,020.96	+		4.22

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Large Cap Growth Insights		0.91	%		1.66	%		0.54	%		1.04	%		0.66	%		0.53	%		1.16	%		0.53	%
Large Cap Value Insights		0.94			1.69			0.56			1.06			0.69			0.55			1.19			0.55
Small Cap Equity Insights		1.22			1.97			0.84			1.34			0.97			0.83			1.47			0.83
Small Cap Growth Insights		1.22			1.97			0.84			N/A			0.97			0.83			1.47			0.83
Small Cap Value Insights		1.22			1.97			0.84			N/A			0.97			0.83			1.47			0.83
U.S. Equity Insights		0.94			1.69			0.56			1.06			0.69			0.55			1.19			0.55

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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights 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, 2021 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 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Large Cap Growth Insights Fund, Small Cap Growth Insights Fund, and U.S. Equity Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

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

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

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

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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 Fund to the Investment Adviser and its affiliates;

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

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

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

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

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

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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 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, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. 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 performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Large Cap Growth Insights Fund’s, Small Cap Growth Insights Fund’s, and U.S. Equity Insights Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees noted that the Large Cap Growth Insights Fund’s Institutional Shares had placed in the top half of the Fund’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 Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They observed that the Large Cap Value Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the three- and five-year periods, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020. The Trustees noted that the Small Cap Equity Insights 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 in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020. They observed that the Small Cap Growth Insights Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three- and ten-year periods and in the fourth quartile for the one- and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that the Small Cap Value Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2020. They observed that the U.S. Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. 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.

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

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 2019 and 2018, 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:

Average Daily Net Assets	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
First $1 billion		0.52	%		0.52	%		0.80	%		0.80	%		0.80	%		0.52	%
Next $1 billion		0.47			0.47			0.80			0.80			0.80			0.47
Next $3 billion		0.44			0.44			0.72			0.72			0.72			0.44
Next $3 billion		0.44			0.44			0.68			0.68			0.68			0.44
Over $8 billion		0.43			0.43			0.67			0.67			0.67			0.43

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Growth Insights 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; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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

(k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2021.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con- Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

136

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	170	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of October 31, 2020.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Trust — Domestic Equity Insights Funds — Tax Information (Unaudited)

For the year ended October 31, 2020, 93.37%, 100%, 100%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2020, 100%, 100%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Growth Insights and Small Cap Growth Insights Funds designate $66,785,470 and $14,457,173 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2020.

During the fiscal year ended October 31, 2020, the Small Cap Growth Insights Fund designates $12,041 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

138

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

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

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

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

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

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

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

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

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

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

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2020 Goldman Sachs. All rights reserved. 224091-OTU-1322328 DOMINSAR-20

Goldman Sachs Funds

Annual Report	October 31, 2020
	Fundamental Equity International Funds
	China Equity*
	Emerging Markets Equity
	ESG Emerging Markets Equity
	Imprint Emerging Markets Opportunities
	International Equity ESG
	International Equity Income

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

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

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

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

Goldman Sachs Fundamental Equity International Funds

∎ CHINA EQUITY

∎ EMERGING MARKETS EQUITY

∎ ESG EMERGING MARKETS EQUITY

∎ IMPRINT EMERGING MARKETS OPPORTUNITIES

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Market Review	1
Portfolio Management Discussions and Performance Summaries	7
Schedules of Investments	38
Financial Statements	50
Financial Highlights	57
China Equity	57
Emerging Markets Equity	63
ESG Emerging Markets Equity	70
Imprint Emerging Markets Opportunities	77
International Equity ESG	83
International Equity Income	90
Notes to the Financial Statements	97
Report of Independent Registered Public Accounting Firm	117
Other Information	119

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Fundamental Equity International Funds

Market Review

International Equities

International equities struggled during the 12-month period ended October 31, 2020 (the “Reporting Period”). The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) posted a return of -6.85%.*

As the Reporting Period began in November 2019, international equities were rallying, mainly driven by the accommodative stance of various central banks. Also supporting international equities toward the end of 2019 was anticipation of a resolution to the U.S.-China trade war, as each of the two countries reached an agreement in principle on a “Phase One” trade deal in mid-December 2019. Additionally, Brexit negotiations took a turn for the better when the Conservative party won a comfortable majority in the mid-December 2019 U.K. Parliamentary elections, clearing the way for the U.K. Prime Minister’s Brexit deal to be ratified before a January 31, 2020 deadline. (Brexit indicates the U.K.’s path out of the European Union.) Japanese equities were supported by a recovering economy, stronger capital spending and an increase in domestic demand. In a bid to ensure fair and reciprocal trade, the U.S. and Japan had signed a limited trade deal on agriculture and digital trade in October 2019, just before the start of the Reporting Period.

While international equities continued to rally in January 2020, the MSCI EAFE Index ended the first quarter of 2020 with a return of -22.83%.* From mid-February through March 2020, we saw COVID-19 wreak havoc across countries, communities and industries alike, potentially on the path to bring about a global recession. By the end of the first quarter, the pandemic was on its way to becoming the worst health care crisis the world had seen since the Spanish flu in 1918, as it disrupted global supply chains, international trade and private consumption patterns across the world. While different countries took varied degrees of measures in an effort to combat the pandemic, containment through social distancing and lockdowns was the broader theme of the season. Seen from an economic standpoint, the remedy was widely viewed to be as bad as the disease. With more than 100 countries closing borders in March, the movement of people, tourism flows and virtually all economic activities came to a screeching halt. Amid these conditions, March 2020 was a historic month for all asset classes and for equities in particular, with all leading markets across the world experiencing one of the largest single-month declines since October 2008. Many equity markets — in economies large and small — went into a tailspin, enduring declines of 30% or more at the trough. Exacerbating matters was the failure of OPEC+ to agree to oil production cuts, which resulted in Saudi Arabia ramping up supply, and thereby applying downward pressure on oil prices. (OPEC is the Organization of the Petroleum Exporting Countries. OPEC+ is composed of OPEC countries and non-OPEC oil producing countries, most notably Russia.) Volatility spiked, in some cases to levels last seen during the global financial crisis of 2008-2009, with market liquidity deteriorating significantly. Dispersion among industry returns skyrocketed in March 2020.

In yet another sharp reversal, international equities rebounded strongly in the second quarter of 2020, with the MSCI EAFE Index up 14.88%* for the quarter. Equity markets around the world gained on optimism around a global economic recovery, as lockdown measures began to ease, even as many markets faced some headwinds from weak macroeconomic data, fear of a second wave of COVID-19 and a bleak U.S. economic outlook from the U.S. Federal Reserve (the “Fed”). Investors largely looked past first quarter 2020 earnings, as company outlooks for then-upcoming quarters amid COVID-19 took precedent. The European equity market was supported by a larger than consensus expected stimulus boost from the European Central Bank’s (“ECB”) Pandemic Emergency Purchase Programme (“PEPP”) and the European Union’s proposed €750 billion COVID-19 recovery plan. In June 2020, the ECB increased its PEPP to €1.35 trillion and extended purchases through June 2021. The ECB also announced it would begin offering euro liquidity to non-euro area central banks in response to the COVID-19 crisis. In Europe, June’s composite Purchasing Managers’ Index rebounded 15.5 points to 47.5, consistent with the easing of lockdown measures and improvements in high frequency activity data. Japanese equity markets rallied in April and May, recovering from the downturn that had started in February 2020. Its market recovery was driven by a rebound in valuations, particularly in cyclical sectors that bore most of the brunt during the prior quarter’s sell-off.

* All index returns are expressed in U.S. dollar terms.

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International equity markets continued to rally in July and August before declining in September. For the third quarter of 2020, the MSCI EAFE Index posted a return of 4.80%.* In July and August, international equity market performance was buoyed by supporting industrial and labor data, optimism surrounding COVID-19 vaccine testing and ongoing policy support from governments and central banks. September’s decline was based largely on a spike in COVID-19 cases globally, a pullback in information technology sector performance and the U.S. Fed’s perspective on further policy support. European equities ended the third quarter rather flat. While major earnings beats of consensus expectations provided some support, European stock markets were pressured by rising worries around a second wave of COVID-19. The direction of Brexit negotiations also remained a key concern. In Europe, the composite Purchasing Managers’ Index fell to a three-month low in September. The region’s manufacturing sector, however, saw growth, led by Germany’s surge in manufacturing output. The U.K. presented an Internal Market Bill to its Parliament containing provisions that conflicted with the European Union-U.K. Withdrawal Agreement reached earlier in 2020. Still, in September, the U.K. and Japan finalized a free-trade agreement, the U.K.’s first major post-Brexit accord. The Japanese equity market slowed in September from its calendar year-to-date high in August 2020 amidst increasing U.S.-China tensions and ongoing strength of the yen. However, the downside was limited by better than consensus expected Japan Gross Domestic Product numbers, lowering of the COVID-19 alert in Tokyo and easing of restrictions in Japan broadly. Yoshihide Suga was elected as Japan’s Prime Minister in mid-September, becoming the country’s first new leader in nearly eight years following Shinzo Abe’s abrupt resignation. In September, the Bank of Japan upgraded its assessment of Japan’s economy, stating it had started to pick up after a difficult span caused by the pandemic.

In October 2020, the MSCI EAFE Index returned -1.68%.* International equity markets declined, as the then-upcoming U.S. elections and rising COVID-19 cases in many countries, most notably across Europe, were the main focus for investors. A number of countries, including France, Germany and Belgium, were forced to reintroduce national lockdown measures. Japan’s equity market also declined. Though Japan had been rather successful in containing the virus, its equity market was affected by renewed uncertainty in other regions around the world. These concerns around much of the globe outweighed the fact that corporate earnings releases in October for the third quarter of 2020 were largely positive, with many companies beating consensus expectations.

For the Reporting Period as a whole, information technology was the strongest performing sector in the MSCI EAFE Index, followed by health care and materials, each producing a positive absolute return. The weakest performing sector in the MSCI EAFE Index was energy, followed at some distance by real estate and financials, with each generating a double-digit negative absolute return during the Reporting Period.

From a country perspective, Denmark, New Zealand and Sweden were the strongest performing constituents of the MSCI EAFE Index during the Reporting Period, each posting a strong gain. Spain, Singapore and the U.K. were the weakest individual country constituents of the MSCI EAFE Index during the Reporting Period, each of which posted a double-digit negative absolute return.

Emerging Markets Equities

Emerging markets equities rallied during the 12-month period ended October 31, 2020 (the “Reporting Period”). The MSCI Emerging Markets Index (Net, USD, Unhedged) (the “MSCI EM Index”) posted a return of 8.23%.* Emerging markets equities significantly outperformed developed markets equities on a relative basis, as measured by the MSCI Europe, Australasia, Far East (EAFE) Index, which returned -6.85% for the same time period.

As the Reporting Period began in the last two months of 2019, emerging markets equities advanced, supported by accommodative global monetary policy and improved trade developments. In Asia, Chinese equities surged amid renewed trade optimism. The U.S. had agreed to halt new tariffs in exchange for larger Chinese purchases of U.S. goods — most notably, agricultural products — and the U.S. President announced in December that the U.S. and China had agreed in principle to a “Phase One” trade deal. Although the details of the agreement were unclear, emerging markets equities were encouraged. South Korea also advanced, with companies broadly benefiting from interest rate cuts. Taiwan gained on strength in semiconductors. Despite faltering growth and lingering unrest surrounding India’s controversial citizenship law, its equity market rallied amid cuts in interest rates and lower

* All index returns are expressed in U.S. dollar terms.

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corporate taxes. In Latin America, Argentina was the top performer, bolstered by greater transparency into its new government’s plan to renegotiate public debt and alleviate pressing social issues. Brazilian equities advanced on signs of declining inflation and accommodative monetary policy. Elsewhere, Hungary and Russia performed especially well. Hungary benefited from robust growth in domestic demand, double-digit wage growth and declining unemployment, while Russia advanced amid improving inflation expectations and rising oil prices.

In a sharp reversal, emerging markets equities fell dramatically during the first quarter of 2020, with the MSCI EM Index returning -23.60%*. Emerging markets equities declined as global equity markets were overtaken by the fear of a global recession as a consequence of the COVID-19 outbreak. The extent of the spread of what had clearly become a pandemic caused global equity markets to reprice to reflect lower expectations for global economic growth and corporate earnings. Countries around the world implemented lockdowns to try and flatten the curve of new infections, with largely all but essential businesses being forced to close. Aside from COVID-19, equities also faced adverse effects from the start of an oil price dispute between Russia and Saudi Arabia. On March 8, 2020, a week after the Organization of the Petroleum Exporting Countries (“OPEC”) failed to strike a deal with its allies about production cuts, Saudi Arabia announced it would ramp up its production, which caused global oil prices to drop approximately 25% in a single day. China was the best performing country among the emerging markets equity markets in March, with the MSCI China Index dropping only 6.59%*, as it continued to benefit from the first-in/first-out effect with regard to the COVID-19 outbreak. Economic activity in China was able to somewhat normalize throughout the month, as the number of daily new local cases fell to nearly zero. Elsewhere, Indian equities dropped sharply in March, as its economy, which had been showing strong signs of recovery in the two prior months, was set back by growing concerns about COVID-19 cases in that country.

The MSCI EM Index then rose 18.08%* in the second quarter of 2020. Emerging markets equities rebounded significantly, as markets saw improved economic conditions even as the COVID-19 pandemic persisted. During the quarter, many governments bolstered their respective economic recoveries through large stimulus packages. Several emerging markets countries made progress in re-opening their economies, as the strict lockdowns implemented earlier had helped in slowing the spread of new cases. China continued to be on the forefront of the recovery, with the MSCI China Index returning 8.98%* in June 2020 alone and 22.72%* for the second calendar quarter, as its economic activity largely returned to normal levels. In fact, industrial activity in China rebounded meaningfully, though its consumer sentiment remained volatile due to the threat of a second wave of infections. In May 2020, the National People’s Congress, which is the highest organ of state power and the national legislature of China, called for a targeted stimulus package, with potential for further adjustments. In India, normalization seemed somewhat further out, as the country had yet to hit its peak in new cases. However, the country started to lift its strict lockdown measures in June in an attempt to get its economy back on its feet. In contrast to emerging markets’ healthy rebound, many developed market countries were having to reverse the opening of their economies in the wake of a second wave of COVID-19 cases.

The MSCI EM Index fell 1.60%* in September 2020 but rose 9.56%* for the third quarter of 2020. Overall, emerging markets equities maintained their recovery during the quarter, as investor optimism grew around the potential discovery and distribution of a viable vaccine against COVID-19. In September, however, emerging markets equities saw a slight drawback following an uptick in global COVID-19 cases and increased uncertainty around the then-upcoming U.S. elections. Still, parts of emerging Asia continued to be the bright spot of the emerging markets equities universe, with the equity markets of South Korea and Taiwan being the top performing countries for the quarter. South Korea had handled the outbreak of the pandemic comparatively well, partially due to extensive testing efforts. The country subsequently benefited from a strong economic recovery, and the MSCI Korea Index returned 3.08%* in September. Taiwan, somewhat insulated from the full impact of the pandemic due to its geographical location, strengthened ties with the U.S. via a new bilateral economic dialogue that has a focus on technology. India’s equity market was also a strong performer during the quarter, as it saw lower levels of unemployment and positive economic implications from its government’s sizeable stimulus package. While COVID-19 cases rose significantly in India, its government was moving ahead with some long-awaited reforms and initiatives in an effort to further propel its economic recovery. With elevated volatility linked to the then-upcoming U.S. elections, China’s equity market fell in September but remained a top

* All index returns are expressed in U.S. dollar terms.

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performing country during the quarter, with a 12.50%* return for the MSCI China Index. Brazil’s equity market also declined in September, as it continued to struggle to contain the spread of the coronavirus.

The MSCI EM Index rose 2.06%* in October 2020, bringing total year-to-date returns to 0.87%*. Overall, emerging markets equities resumed their recovery during October, as investor optimism grew around the potential discovery and distribution of a viable vaccine, despite an uptick in global COVID-19 cases and heightened uncertainty around the then-upcoming U.S. elections. China’s equity market rose, with the MSCI China Index returning 5.29%*. During the month, the Communist Party of China met to discuss its 14^th Five-Year Plan, including key policies designed to support domestic consumption, innovation, sustainability and the continued opening of Chinese financial markets. China’s corporate earnings growth was expected, according to the Five-Year Plan, to be in the high teens for 2021, with valuations attractive relative to developed markets and its own history, all of which to be supported by the ongoing opening and growth of the Chinese economy. Elsewhere in Asia, the equity markets of Taiwan and South Korea were also top performers, as each continued to benefit from relative insulation from the U.S.-China trade tensions and the COVID-19 pandemic. India’s equity market performed strongly, as its government continued to prioritize economic recovery through stimulus and factor market reforms. Though the number of COVID-19 cases in India continued to rise, the recovery rate there was comparatively good. The equity markets of eastern Europe countries, including Poland and Russia, struggled in October, as COVID-19 cases rose and geopolitical conflict came to a head in the region. In Latin America, Brazil’s equity market was rather weak, as the nation dealt with a large wildfire, the end of emergency government payments and an increase in COVID-19 cases.

For the Reporting Period as a whole, consumer discretionary, information technology, communication services and health care were the strongest sectors in the MSCI EM Index during the Reporting Period. Energy, utilities, financials and real estate were the worst performing sectors in the MSCI EM Index during the Reporting Period.

From a country perspective, China was the best performing individual constituent of the MSCI EM Index for the Reporting Period, followed by Taiwan, South Korea and Argentina, each of which posted a robust double-digit absolute gain — and the only constituents of the MSCI EM Index to post positive returns for the Reporting Period overall. Conversely, Greece was the weakest individual country constituent of the MSCI EM Index, followed by Colombia, Brazil, Poland and Turkey, each of which posted a double-digit decline during the Reporting Period.

Looking Ahead

International Equities

At the end of the Reporting Period, we expected a modest recovery in global economic growth during the remainder of 2020. Investors appeared to have largely looked past first half of the calendar year corporate earnings, as company outlooks for upcoming quarters amid the COVID-19 pandemic took precedent. While risks of rising COVID-19 cases and renewed volatility around the U.S. elections and its potential outcomes continued to pose risks at the end of the Reporting Period, economic optimism around stabilizing manufacturing data and early signs of recovery in cyclical industries buoyed investor sentiment. Even with the dip in October 2020, we expected this trend to continue, especially should optimism persist that there may be a viable COVID-19 vaccine ready by early 2021.

Still, we can be reasonably confident that volatility is here to stay. In our opinion, volatility may ultimately provide opportunity. We are always cognizant of the fact that the companies the Funds own will have to face challenging economic times at some point, predictable or not. We selected those companies because of our confidence in their ability to grow and prosper relative to their competitors — over the long term.

As always, we maintain our focus on seeking companies with durable businesses that we believe will generate long-term growth in today’s ever-changing market conditions.

* All index returns are expressed in U.S. dollar terms.

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Emerging Markets Equities

With the world still fighting the COVID-19 pandemic, most emerging markets economies either had already found themselves in or were nearing a technical recession at the end of the Reporting Period. However, some countries had proven that an orderly reversal of the draconian lockdown measures was achievable and could lead to a strong bounce in business activity. In this context, China was leading the pack, not only among emerging markets countries but globally, as its domestic economy was approaching normal levels of activity. Further, central banks were continuing to drive monetary stimulus in the highest gear to combat the negative economic implications of COVID-19. In our view, this backdrop provided a supportive environment for corporate earnings growth to recover once more countries follow China to a certain level of normalization. In fact, we remained constructive at the end of the Reporting Period on the economic fundamentals for the vast majority of emerging markets countries, especially when contrasted against the challenges of the post-Taper Tantrum period. (Taper Tantrum refers to the 2013 collective reactionary panic that triggered a spike in U.S. Treasury yields, after investors learned that the U.S. Federal Reserve was slowly putting the brakes on its quantitative easing program. The tapering of the Fed’s quantitative easing program led to a significant sell-off in some emerging markets equities markets, as many felt those economies with the largest balance sheet imbalances and who had become most reliant on foreign capital, i.e., emerging markets, would not see the level of investing they sought.) Also, at the end of the Reporting Period, markets appeared to believe in a recovery of corporate earnings in 2021, with consensus estimates pointing to 20% to 30% earnings per share growth. This is important, we believe, as company earnings are ultimately the long-term driver of public equity returns.

In being the first affected country, China led the charge in introducing new ways to 1) constrain the outbreak of COVID-19 and 2) prevent and de-escalate a potential second wave, while 3) thoughtfully lifting lockdown measures to gradually open its economy. China’s industrial sector was first to reach normalization back in late March/early April 2020, and its service sector also since picked up as well, with China’s economy operating at the end of the Reporting Period close to full capacity. Still, in the run-up to the U.S. elections in November 2020, we expected elevated volatility in Chinese equities. It is important to note that having had an on-the-ground presence in China since 2004, we have seen many of these episodes. While markets can be choppy over the short term, more pointed rhetoric typically does not interfere with China’s bigger picture growth trajectory. Over the next five years or so, we believe equity earnings in China will likely be driven by three main trends — 1) the consolidation of “old economy” sectors; 2) online/offline fusion; and 3) technological catch-up via genuine innovation. Regardless of U.S.-China tensions, China will rely, in our opinion, on these key areas to boost economic growth for the foreseeable future. This gives us confidence that these secular themes can survive potential short-term headwinds.

As the emerging markets equities universe is typically highly diverse, we saw significant divergence with respect to economic recovery at the country level at the end of the Reporting Period. In addition to China, South Korea and Taiwan also were making good progress in constraining the COVID-19 outbreak and reopening their economies, while Latin America appeared to have somewhat mixed results. Brazil and Mexico were struggling to contain the spread of the pandemic compared to some smaller economies that have been more centralized and decisive in their actions. The Latin America region has also been negatively affected by the steep drop in oil prices earlier in 2020, as many countries here are net exporters. This compares to many Asian economies being net importers and, hence, net beneficiaries of lower crude oil prices, which, in turn, helps to finance large stimulus packages. At the same time, we note that disadvantaged economies seen at the end of the Reporting Period can serve as crucial diversifiers from an investment perspective if the tide turns. Indeed, generally speaking, mismanagement of today’s crisis at the country level does not imply a lack of investment opportunities, in our view. Quite the contrary, in our opinion, a difficult operating environment tends to widen the gap between winners and losers, potentially shaping an investment landscape where picking the right stock really matters.

As such, in our role as active investors, it is apparent to us that dispersion within countries, sectors and industries has returned with a vengeance. During the last several years, investors have grown accustomed, perhaps, to talk about countries or sectors as homogenous parts of the broader market. But we believe we have entered a new paradigm where this way of thinking no longer applies. The S&P 500 Index, a broad measure of U.S. equities, has become the “poster child” of this evolution, wherein a small number of big information technology stocks were single-handedly driving market returns. The picture in the emerging markets equities markets is somewhat less extreme, but we found it best not to lose ourselves in the exuberance around certain pockets of

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the market and rather to approach each investment decision on a company-by-company basis. That said, there were certain themes we have identified, which we believe may structurally benefit from changes in consumption patterns as a result of the COVID-19 pandemic. These include adoption of automation, millennial consumption, environmental sustainability and genomics and personalized health care, the latter preferably offered online.

Turning to valuations, the emerging markets equities complex as a whole was screening as attractive versus developed markets equities, in our view, at the end of the Reporting Period, trading at a discount of more than 30%. We would argue that emerging markets equities were also trading relatively inexpensively compared to their own history when adjusted for structural changes at the sector level. The emerging markets equities universe used to be dominated by the “old economy,” but this has changed dramatically, with technology and consumer-centric sectors crowding out commodity-heavy industries. As the global recovery unfolds and the gap in economic growth between emerging markets and developed markets widens, this represents, in our view, a potentially compelling entry point into a multi-year growth story for emerging markets equities.

As always, we maintain our focus on seeking high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to achieve long-term capital appreciation and navigate potentially volatile markets ahead.

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PORTFOLIO RESULTS

Goldman Sachs China Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund and certain changes were made to its principal investment strategy and benchmark. The Fund’s investment objective did not change. Below, the Goldman Sachs Fundamental Asia ex-Japan Equity Portfolio Management Team discusses the Goldman Sachs China Equity Fund’s (the “Fund”) performance for the 12-month period ended October 31, 2020 and its positioning for the period from its shift in strategy through October 31, 2020 (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 R6 and Class P Shares generated average annual total returns, without sales charges, of 43.67%, 42.60%, 44.13%, 44.01%, 44.15% and 44.17%, respectively. These returns compare to the 34.28% average annual total return of the Fund’s new benchmark, the MSCI China All Shares Index (Net, USD, Unhedged) (the “Index”). The Fund’s former benchmark, the MSCI All Country Asia ex-Japan Index (Net, USD, Unhedged), returned 15.81% during the same time period.

Q What changes were made to the Fund’s investment strategy effective after the close of business on November 20, 2019?

A Effective after the close of business on November 20, 2019, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in issuers economically tied to China. The Fund expects to invest primarily in common stocks, but may also invest in preferred stocks, securities convertible into common or preferred stocks, and depositary receipts. This may include securities that trade in local Chinese, Hong Kong or other foreign exchanges and securities that trade in renminbi, the official currency of China.

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

A The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. Sector allocation also contributed positively to the Fund’s relative results during the Reporting Period.

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

A The Fund benefited most relative to the Index from holdings in Shenzhen Inovance Technology, Contemporary Amperex Technology and Xinyi Solar Holdings, each a new position in the Fund’s portfolio during the Reporting Period.

Shenzhen Inovance Technology, of the industrials sector, develops, manufactures and sells automation control products. Its strong growth during the Reporting Period was mainly driven by a robust general automation business segment and margin expansion driven by an improved product mix.

Contemporary Amperex Technology operates as a battery products manufacturing company within the renewable energy industry. Its stock performed well during the Reporting Period as the market viewed the company as a well-positioned pure electric vehicle (“EV”) lithium-ion battery maker supplying the global markets. The company was the largest EV batter producer in terms of shipments in 2019 with a 52% share of the market in China.

Xinyi Solar Holdings is a manufacturer of renewable energy products, including various types of solar glass. Its shares rose as tight solar glass supply led the average selling price of the product to reach a historical high. At the end of the Reporting Period, we continued to expect solid demand growth for solar glass over the long term.

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PORTFOLIO RESULTS

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

A Detracting most from the Fund’s results relative to the Index were positions in China Vanke, NARI Technology and Jiangsu Changshu Rural Commercial Bank.

China Vanke, a new position in the Fund during the Reporting Period, operates real estate development businesses. Its shares gained only modestly during the Reporting Period. Though the company has been relatively steady in its property development and land replenishment process, it lagged its peers in recovering from the nation’s COVID-19-driven economic slowdown. At the end of the Reporting Period, we believed the company remained a good value given what we view as its steady operations, strong balance sheet and undervalued non-development business segments.

NARI Technology, of the industrials sector, develops and manufactures power grid automation and industrial control products. Its shares declined, as the annual investment target of State Grid, for which NARI Technology supplies products, was set lower than market expectations. (The State Grid Corporation of China, commonly known as the State Grid, is a Chinese state-owned electric utility corporation and is the largest utility company in the world.) We eliminated the Fund’s position in NARI Technology by the end of the Reporting Period.

Jiangsu Changshu Rural Commercial Bank was a new position in the Fund during the Reporting Period. The commercial bank is a leading local bank in the Jiangsu province, which has one of the most active private-owned economies in China. The bank specializes in micro-lending, which has been a niche market overlooked by large national banks, in our view. With its proprietary customer acquisition model, risk management system and extensive local branches, we believe the bank has devised a profitable model to service local small-to-medium-sized enterprise clients. However, its shares declined during the Reporting Period given the persistent impact of COVID-19 on the province’s economy.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that contributed most positively to the Fund’s performance relative to the Index were industrials, health care and financials, where stock selection in each boosted relative results most. Only one sector detracted from the Fund’s relative results during the Reporting Period — consumer discretionary, wherein stock selection was weak. Having an allocation to cash, albeit modest, during a Reporting Period when the Index rallied, also dampened the Fund’s relative results.

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

A The Fund did not use derivatives or similar instruments during the Reporting Period.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, there were a number of new purchases and sales made as the Fund transitioned to its new investment strategy.

To name just a couple, in addition to those new positions mentioned earlier, we initiated a Fund position in Alibaba Group Holding, the multinational technology company specializing in e-commerce, retail, Internet and technology. We added the position because we see faster offline to online migration of retailers and faster digital transformation in China, which, in our view, is favorable to the company’s long-term growth potential in e-commerce, cloud and other services.

We also established a Fund position in Meituan, which operates as a web-based shopping platform for local consumer products and retail services businesses. Meituan offers deals of the day by selling vouchers for local services and entertainment, dining, delivery and more. During the Reporting Period, Meituan proved to be a top contributor to the Fund’s relative results, enjoying especially strong demand recovery for both food delivery and in-store services.

Conversely, in addition to the sale of NARI Technology already mentioned, we eliminated the Fund’s position in AIA Group, the Hong Kong-based insurance and financial services company. The company reported weak operating performance during the Reporting Period, as disruptions from COVID-19 and social distancing measures weighed on its new sales. We also sold the Fund’s position in Taiwan Semiconductor Manufacturing, as the Fund transitioned to a China-focused portfolio and this company is a Taiwan-listed company.

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PORTFOLIO RESULTS

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

A Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, relative to the Index, the Fund’s exposure to industrials, health care and consumer staples increased, and its allocations to information technology and financials decreased. Exposure was newly-established in the real estate and energy sectors during the Reporting Period. The Fund’s allocation to cash decreased during the Reporting Period.

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

A In light of the changes made to the Fund, Shao Ping Guan, Vice President, and Christine Pu, CFA, Vice President, became portfolio managers for the Fund. Basak Yavuz, Managing Director, and Hiren Dasani, CFA, Managing Director, also continued to manage the Fund. Sumit Mangal no longer serves as a portfolio manager for the Fund.

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 had overweighted positions relative to the Index in the industrials and health care sectors. On the same date, the Fund had underweighted positions compared to the Index in the communication services and financials sectors and was relatively neutrally weighted compared to the Index in information technology, consumer staples, consumer discretionary, materials, real estate and energy. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector positioning being a secondary, closely-monitored effect.

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FUND BASICS

China Equity Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2,3
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		10.7	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		6.9		Retailing	China
Alibaba Group Holding Ltd.		6.8		Retailing	China
Kweichow Moutai Co. Ltd. Class A		4.3		Food Products	China
Meituan Class B		4.2		Retailing	China
China Merchants Bank Co. Ltd. Class H		2.7		Banks	China
Contemporary Amperex Technology Co. Ltd. Class A		2.6		Capital Goods	China
Ping An Insurance Group Co. of China Ltd. Class H		2.5		Insurance	China
Shenzhen Inovance Technology Co. Ltd. Class A		2.0		Capital Goods	China
China Life Insurance Co. Ltd. Class H		2.0		Insurance	China

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 2.5% of the Fund’s net assets as of 10/31/20.

³  The line of business for each holding is reported at the industry or sub-industry level.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of October 31, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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

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GOLDMAN SACHS CHINA EQUITY FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current and former benchmarks, the MSCI^® China All Shares Index (Net, USD, Unhedged), and MSCI All Country Asia ex-Japan Index (Net, USD, Unhedged; reflects no deduction for fees or expenses), are shown. The MSCI^® China All Shares Index commenced operations in 2014. Since the MSCI^® China All Shares Index has not been in existence for 10 full calendar years as of the end of the Reporting Period, 10 year returns are not available. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	43.67%	14.71%	8.02%	—
Including sales charges	35.77%	13.42%	7.41%	—
Class C
Excluding contingent deferred sales charges	42.60%	13.86%	7.22%	—
Including contingent deferred sales charges	41.60%	13.86%	7.22%	—
Institutional	44.13%	15.14%	8.44%	—
Investor (Commenced February 28, 2014)	44.01%	15.00%	N/A	11.50%
Class R6 (Commenced February 28, 2018)	44.15%	N/A	N/A	12.77%
Class P (Commenced April 16, 2018)	44.17%	N/A	N/A	13.79%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

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PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6 and Class P Shares generated average annual total returns, without sales charges, of 17.77%, 16.85%, 18.11%, 17.55%, 18.02%, 18.13% and 18.14%, respectively. These returns compare to the 8.23% average annual total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

A The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, effective stock selection in China, Taiwan and Brazil contributed most positively to the Fund’s performance. These positive contributors were only partially offset by a combination of weaker stock selection and allocation positioning in Peru, Indonesia and the Czech Republic, which detracted. The Fund’s relative results were further dampened by having an exposure, albeit modest, to cash during a Reporting Period when the Index posted a solid positive return.

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

A The strongest contributors to the Fund’s performance during the Reporting Period were MercadoLibre, Tencent Holdings and Sea Ltd.

MercadoLibre, an out-of-Index holding, is an e-commerce marketplace and financial technology platform in Brazil. As such, the company benefited from the accelerated shift from physical to digital commerce. New users and sales on its marketplace grew at a strong pace during the Reporting Period. Additionally, the company has been building out its own logistics network in the delivery mix, which helped support a more efficient cost structure and shopping experience for buyers. MercadoLibre has also been capitalizing on the shift to more online commerce through its digital payments and wallet offerings. By using the company’s financial technology arm, wallet holders can conduct almost all day-to-day transactions, such as bill payments, peer-to-peer transfers and credit from the convenience of their phones. While it is fair to say the environment brought on by the COVID-19 pandemic boosted the demand for MercadoLibre’s offerings, we believed at the end of the Reporting Period that these changes in consumption patterns are here to stay and MercadoLibre’s penetration of the market would likely continue to grow.

Tencent Holdings, a Chinese Internet company, saw its share price increase during the Reporting Period, as the company benefited from robust revenue growth driven by multiple catalysts, including a strong gaming pipeline, online advertising and digital payments. The COVID-19 pandemic pushed China into a nationwide lockdown and triggered the extension of the Chinese New Year. Both events proved favorable for the performance of Tencent Holdings’ various business segments. At the end of the Reporting Period, we remained positive on the long-term investment case for Tencent Holdings, partially driven by the expectation of improving advertising revenues and partly by the monetization of the multipurpose chat app WeChat, which Tencent Holdings owns.

Sea Ltd., an out-of-Index holding, is a Singapore-based information technology services provider. Its gaming division, Garena, surprised investors during the Reporting Period with the large base of gamers it had built, now more than 500 million players on average per quarter. Its community-building capabilities around Free Fire, one of its most successful games; its deepening penetration in the emerging markets; and its improved monetization power

12

PORTFOLIO RESULTS

have transformed the company into a franchise game developer in the emerging markets. On the e-commerce side of its business, its subsidiary Shopee, the leading e-commerce online shopping platform in Southeast Asia and Taiwan, has widened its leadership in terms of orders and users, boosted by the stay-at-home environment generated by the COVID-19 pandemic, as more consumers and merchants have been forced to go online for their shopping needs. The company has also been making inroads in the financial technology business through payments, or e-wallet, and consumer lending services. In our view, financial technology represents an upside opportunity for Sea Ltd., given its presence in such large unbanked regions.

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

A Detracting most from the Fund’s results relative to the Index were positions in three banks — Axis Bank, Banco Bradesco and Intercorp Financial Services.

Axis Bank is the third largest private bank in India, as measured by loans and profitability. However, during the Reporting Period, it was struggling due to corporate loan quality issues, with its earnings being impacted by increases in the provisions for estimated loan losses. We had initiated a position in Axis Bank in early 2019 on the basis of factors such as expectations for the asset quality cycle to bottom, expected management changes in the near term and what we considered to be a strong liability franchise trading at attractive valuations. During the Reporting Period, the bank did report sharp improvements across profitability metrics along with healthy loan growth. However, a higher slippage rate and related provisioning, as well as some exposure to Yes Bank, proved headwinds to its stock’s performance. (Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Yes Bank is an Indian private sector bank and one of the country’s biggest banks, which was taken over by the Reserve Bank of India in March 2020 to shore up confidence in the financial system, citing a “serious deterioration” in its financial position. India’s central bank indicated it had to act quickly to restore confidence in Yes Bank, as its customers had been withdrawing their deposits.) As such, we ultimately decided to exit the Fund’s position in Axis Bank and allocate the proceeds to what we saw as more compelling opportunities from a risk/return perspective.

Banco Bradesco is a Brazilian bank. At the end of 2019, its stock had recovered from previously weaker performance and reached its highest price of the calendar year. There was no incremental news flow specific to Banco Bradesco, but its shares subsequently declined along with the broad financials sector. The banking industry in particular was largely affected by policy measures, such as social distancing and domestic lockdowns, directed to fight the COVID-19 pandemic.

Intercorp Financial Services, an out-of-Index holding, is a Peru-based bank. Its weak performance during the Reporting Period was due to two primary factors. First, COVID-19 significantly affected the Peruvian economy. The country’s second quarter 2020 Gross Domestic Product (“GDP”) was approximately -16% and its calendar year 2020 GDP was expected by many economists to be approximately -11%. Second, there were more than 20 proposals in Peru’s Congress to discuss additional help to borrowers affected by COVID-19, such as extension of relief for an additional 90 days without charging interest. Other proposals were looking at a cap on loans. Its shares also fell on the fact that Intercorp Financial Services has more exposure to the retail sector, mainly via credit cards, than some of its peers.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, strong stock selection within the communication services, industrials and consumer staples sectors contributed most positively to the Fund’s performance. Having underweighted allocations to energy, real estate and financials and no exposure to utilities, each of which underperformed the Index during the Reporting Period, also proved beneficial. Conversely, weak stock selection in consumer discretionary and information technology detracted from the Fund’s performance. To a more modest degree, having underweighted exposures to materials and health care also dampened the Fund’s relative results.

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 our active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we added to the Fund’s position in Alibaba Group Holding within the consumer discretionary sector. Alibaba Group Holding is a China-based technology company specializing in e-commerce,

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PORTFOLIO RESULTS

retail, Internet and technology. We added to the position because we see faster offline to online migration of retailers and faster digital transformation in China, which, in our view, is favorable to the company’s long-term growth potential in e-commerce, cloud and other services.

We initiated a Fund position in Kotak Mahindra Bank, one of the private sector banks in India, within the financials sector. We believed that Kotak Mahindra Bank’s conservatism and improving liability franchise, coupled with what we see as a strong capital position, made it a compelling investment, especially in the environment seen in India’s financial sector during the Reporting Period.

Conversely, we eliminated the Fund’s position in LG Chem, a South Korean chemical company in the materials sector. The company’s share price was approaching our target price estimate, which gave us the opportunity to sell the position and allocate the proceeds toward companies within the materials sector with a higher exposure to the electric vehicle industry and less legacy business in traditional chemical segments. Against this backdrop, our decision to lock in long-term profits was triggered in May 2020 when LG Chem reported a gas leak incident at one of its plants in India.

We trimmed the Fund’s position in AIA Group, a Hong Kong-based insurance and financial services company. We like AIA Group’s well diversified Asian footprint and what we consider to be its strong management. Its onshore China business has shown sustained growth momentum with a niche premium agent model targeting high-end customers. In our view, its growth opportunity has been enhanced by its expectations of full license across all provinces in China. Its southeast Asia local businesses have also been rather steadily improving with expanded distribution capabilities and better margins, reinforcing its positive earnings and value creation outlook for the medium term. All that said, the company saw weaker operating performance during the Reporting Period due to disruptions from COVID-19 and social distancing measures. This weighed on its new sales in the first half of 2020. Thus, we trimmed some exposure to hedge against downside risk. However, we maintained exposure to AIA Group because we still viewed the firm at the end of the Reporting Period as a long-term quality holding in the life insurance industry in China specifically and in Asia more broadly.

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

A Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer discretionary and communication services increased, and its allocations relative to the Index to financials decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in Taiwan increased. Its allocation to China also increased largely in line with the Index’s increased exposure to China during the Reporting Period and for risk management purposes.

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 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 had overweighted exposure to India and Brazil and underweighted exposure to Taiwan, Thailand and South Africa relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Pakistan, Egypt, Argentina, Colombia, Hungary, Chile, United Arab Emirates, Qatar, Malaysia and Saudi Arabia, where the Fund had no exposure at the end of the Reporting Period. The Fund also had exposure to equity markets that are not components of the Index, including Vietnam and Singapore.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in consumer staples, communication services, consumer discretionary, information technology and industrials at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the materials, financials, energy and real estate sectors at the end of the Reporting Period. The Fund was relatively neutral on the health care sector at the end of the Reporting Period. The Fund had no allocation to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

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FUND BASICS

Emerging Markets Equity Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		9.2	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		9.0		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd.		6.7		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.7		Technology Hardware & Equipment	South Korea
Kweichow Moutai Co. Ltd. Class A		2.9		Food Products	China
Meituan Class B		2.4		Retailing	China
MercadoLibre, Inc.		2.0		Retailing	China
China Merchants Bank Co. Ltd. Class H		1.7		Banks	Argentina
Ping An Insurance Group Co. of China Ltd. Class H		1.7		Insurance	China
SK Hynix, Inc.		1.6		Semiconductors & Semiconductor Equipment	South Korea

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The line of business for each holding is reported at the industry or sub-industry level.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). 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 0.8% of the Fund’s net assets at October 31, 2020.

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

15

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® Emerging Markets Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Emerging Markets Equity Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	17.77%	10.60%	4.18%	—
Including sales charges	11.34%	9.36%	3.60%	—
Class C
Excluding contingent deferred sales charges	16.85%	9.77%	3.40%	—
Including contingent deferred sales charges	15.85%	9.77%	3.40%	—
Institutional	18.11%	11.02%	4.59%	—
Service	17.55%	10.47%	4.07%	—
Investor	18.02%	10.87%	4.43%	—
Class R6 (Commenced July 31, 2015)	18.13%	11.05%	N/A	9.23%
Class P (Commenced April 16, 2018)	18.14%	N/A	N/A	4.35%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

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PORTFOLIO RESULTS

Goldman Sachs ESG Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs ESG Emerging Markets Equity Fund (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6 and Class R Shares generated average annual total returns, without sales charges, of 18.46%, 17.58%, 18.91%, 18.79%, 18.92% and 18.11%, respectively. These returns compare to the 8.23% average annual total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period. During the period from their inception on January 21, 2020 through October 31, 2020, the Fund’s Class P Shares generated a cumulative total return, without sales charge, of 8.28%. This return compares to the -0.24% cumulative total return of the Index during the same period.

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

A The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, effective stock selection in China, Taiwan and Brazil contributed most positively to the Fund’s relative performance. These positive contributors were only partially offset by a combination of weaker stock selection and allocation positioning in India, Peru and the Czech Republic, which detracted. The Fund’s relative results were further dampened by having an exposure, albeit modest, to cash during a Reporting Period when the Index posted a solid positive return.

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

A The strongest contributors to the Fund’s performance during the Reporting Period were MercadoLibre, Tencent Holdings and Sea Ltd.

MercadoLibre, an out-of-Index holding, is an e-commerce marketplace and financial technology platform in Brazil. As such, the company benefited from the accelerated shift from physical to digital commerce. New users and sales on its marketplace grew at a strong pace during the Reporting Period. Additionally, the company has been building out its own logistics network in the delivery mix, which helped support a more efficient cost structure and shopping experience for buyers. MercadoLibre has also been capitalizing on the shift to more online commerce through its digital payments and wallet offerings. By using the company’s financial technology arm, wallet holders can conduct almost all day-to-day transactions, such as bill payments, peer-to-peer transfers and credit from the convenience of their phones. While it is fair to say the environment brought on by the COVID-19 pandemic boosted the demand for MercadoLibre’s offerings, we believed at the end of the Reporting Period that these changes in consumption patterns are here to stay and MercadoLibre’s penetration of the market would likely continue to grow.

Tencent Holdings, a Chinese Internet company, saw its share price increase during the Reporting Period, as the company benefited from robust revenue growth driven by multiple catalysts, including a strong gaming pipeline, online advertising and digital payments. The COVID-19 pandemic pushed China into a nationwide lockdown and triggered the extension of the Chinese New Year. Both events proved favorable for the performance of Tencent Holdings’ various business segments. At the end of the Reporting Period, we remained positive on the long-term investment case for Tencent Holdings, partially driven by the expectation of improving advertising revenues and partly by the monetization of the multipurpose chat app WeChat, which Tencent Holdings owns.

Sea Ltd., an out-of-Index holding, is a Singapore-based information technology services provider. Its gaming

17

PORTFOLIO RESULTS

division, Garena, surprised investors during the Reporting Period with the large base of gamers it had built, now more than 500 million players on average per quarter. Its community-building capabilities around Free Fire, one of its most successful games; its deepening penetration in the emerging markets; and its improved monetization power have transformed the company into a franchise game developer in the emerging markets. On the e-commerce side of its business, its subsidiary Shopee, the leading e-commerce online shopping platform in Southeast Asia and Taiwan, has widened its leadership in terms of orders and users, boosted by the stay-at-home environment generated by the COVID-19 pandemic, as more consumers and merchants have been forced to go online for their shopping needs. The company has also been making inroads in the financial technology business through payments, or e-wallet, and consumer lending services. In our view, financial technology represents an upside opportunity for Sea Ltd., given its presence in such large unbanked regions.

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

A Among those stocks detracting most from the Fund’s results relative to the Index were positions in three financials companies — Axis Bank, Banco Bradesco and IRB Brazil Resseguros.

Axis Bank is the third largest private bank in India, as measured by loans and profitability. However, during the Reporting Period, it was struggling due to corporate loan quality issues, with its earnings being impacted by loan loss provisions. (A loan loss provision is an income statement expense set aside as an allowance for uncollected loans and loan payments.) We had initiated a position in Axis Bank in early 2019 on the basis of factors such as expectations for the asset quality cycle to bottom, expected management changes in the near term and what we considered to be a strong liability franchise trading at attractive valuations. During the Reporting Period, the bank did report sharp improvements across profitability metrics along with healthy loan growth. However, a higher slippage rate and related provisioning, as well as some exposure to Yes Bank, proved headwinds to its stock’s performance. (Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Yes Bank is an Indian private sector bank and one of the country’s biggest banks, which was taken over by the Reserve Bank of India in March 2020 to shore up confidence in the financial system, citing a “serious deterioration” in its financial position. India’s central bank indicated it had to act quickly to restore confidence in Yes Bank, as its customers had been withdrawing their deposits.) As such, we ultimately decided to exit the Fund’s position in Axis Bank and allocate the proceeds to what we saw as more compelling opportunities from a risk/return perspective.

Banco Bradesco is a Brazilian bank. At the end of 2019, its stock had recovered from previously weaker performance and reached its highest price of the calendar year. There was no incremental news flow specific to Banco Bradesco, but its shares subsequently declined along with the broad financials sector. The banking industry in particular was largely affected by policy measures, such as social distancing and domestic lockdowns, directed to fight the COVID-19 pandemic.

IRB Brasil Resseguros is a Brazilian reinsurance company. Its shares declined significantly during the Reporting Period as accusations over financial irregularities by a short seller led to volatilities in its share price. (Short selling is an investment or trading strategy that speculates on the decline in a stock or other securities price.) The hedge fund doing the short selling questioned the sustainability of IRB Brasil Resseguros’ profitability and specifically criticized the reinsurance company’s estimates around recovery of past claims as well as the accounting of capital gains from real estate sales as recurring items. Despite the company publishing detailed financial notes and disclosures audited by high profile accounting firms, its share price suffered. Further, some reshuffling of top leadership took place during the Reporting Period, which also dampened investor sentiment. On a conference call on which the firm was set to explain the reasoning behind the personnel changes, IRB Brasil Resseguros claimed Berkshire Hathaway to be an investor and in the process of appointing a new member to its Board. Berkshire Hathaway denied this the next day, which undermined, in our view, IRB Brasil Resseguros’ credibility and prompted us to sell the Fund’s position in its stock.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, strong stock selection in communication services and industrials contributed most positively to the Fund’s relative results. Having overweighted allocations to information technology and consumer discretionary, each of which outperformed the Index during the Reporting Period, also boosted the Fund’s relative performance.

Conversely, weaker stock selection in consumer staples, materials and financials detracted from the Fund’s relative results during the Reporting Period. Having an overweighted allocation, on average, to financials during the Reporting Period, also dampened results, as the sector substantially underperformed the Index.

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PORTFOLIO RESULTS

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 our active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we added to the Fund’s position in Alibaba Group Holding within the consumer discretionary sector. Alibaba Group Holding is a China-based technology company specializing in e-commerce, retail, Internet and technology. We added to the position because we see faster offline to online migration of retailers and faster digital transformation in China, which, in our view, is favorable to the company’s long-term growth potential in e-commerce, cloud and other services.

We initiated a Fund position in Kotak Mahindra Bank, one of the private sector banks in India, within the financials sector. We believed that Kotak Mahindra Bank’s conservatism and improving liability franchise, coupled with what we see as a strong capital position, made it a compelling investment, especially in the environment seen in India’s financial sector during the Reporting Period.

Conversely, we eliminated the Fund’s position in LG Chem, a South Korean chemical company in the materials sector. The company’s share price was approaching our target price estimate, which gave us the opportunity to sell the position and allocate the proceeds toward companies within the materials sector with a higher exposure to the electric vehicle industry and less legacy business in traditional chemical segments. Against this backdrop, our decision to lock in long-term profits was triggered in May 2020 when LG Chem reported a gas leak incident at one of its plants in India.

We exited the Fund’s position in Orange Life Insurance, a South Korean financials company, early in the Reporting Period. On November 14, 2019, Shihan Financial Group announced its acquisition of the remaining shares of Orange Life Insurance. Based on the announced share swap ratio, we saw limited upside potential in the stock and thus sold the Fund’s position. (A share swap ratio is a ratio at which an acquiring company will offer its own shares in exchange for the target company’s shares during a merger or acquisition.)

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

A Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer discretionary and communication services increased, and its allocations relative to the Index to materials and financials decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in China increased and in Brazil decreased, largely in line with the Index’s moves in these weights during the Reporting Period and for risk management purposes.

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 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 had overweighted exposures to India and Brazil and underweighted exposures to South Africa and Thailand relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Pakistan, Egypt, Argentina, Colombia, Hungary, Chile, United Arab Emirates, Qatar, Malaysia and Saudi Arabia, where the Fund had no exposure at all.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in communication services, information technology, consumer discretionary and financials at the end of the Reporting Period. The Fund had an underweighted position compared to the Index in the health care sector at the end of the Reporting Period. The Fund had rather neutral exposure to the consumer staples and industrials sectors and no allocations to the utilities, real estate, energy and materials sectors at the end of the Reporting Period.

We remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. We believe our ongoing engagement efforts with companies in the Fund’s portfolio is helping to drive improvements in environmental, social and corporate governance practices for these businesses, which may not only help unlock shareholder value over time, but may also help encourage these businesses to operate in an even more sustainable fashion in the future.

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FUND BASICS

ESG Emerging Markets Equity Fund

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		9.7	%	Retailing	China
Tencent Holdings Ltd.		9.2		Media & Entertainment	China
Taiwan Semiconductor Manufacturing Co. Ltd.		7.4		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.6		Technology Hardware & Equipment	South Korea
MercadoLibre, Inc.		2.9		Retailing	Argentina
Meituan Class B		2.8		Retailing	China
Ping An Insurance Group Co. of China Ltd. Class H		2.4		Insurance	China
China Merchants Bank Co. Ltd. Class H		2.1		Banks	China
AIA Group Ltd.		2.0		Insurance	Hong Kong
NAVER Corp.		1.9		Media & Entertainment	South Korea

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The line of business for each holding is reported at the industry or sub-industry level.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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

20

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on May 31, 2018 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® Emerging Markets Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

ESG Emerging Markets Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from May 31, 2018 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Since Inception
Class A (Commenced May 31, 2018)
Excluding sales charges	18.46%	7.14%
Including sales charges	11.95%	4.68%
Class C (Commenced May 31, 2018)
Excluding contingent deferred sales charges	17.58%	6.35%
Including contingent deferred sales charges	16.58%	6.35%
Institutional (Commenced May 31, 2018)	18.91%	7.56%
Investor (Commenced May 31, 2018)	18.79%	7.42%
Class R6 (Commenced May 31, 2018)	18.92%	7.56%
Class R (Commenced May 31, 2018)	18.11%	6.90%
Class P** (Commenced January 21, 2020)	N/A	8.28%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

** Total return for periods of less than one year represents cumulative total return.

21

PORTFOLIO RESULTS

Goldman Sachs Imprint Emerging Markets Opportunities Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Imprint Emerging Markets Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6 and Class P Shares generated average annual total returns, without sales charges, of 5.95%, 5.09%, 6.31%, 6.10%, 6.24% and 6.38%, respectively. These returns compare to the 8.23% average annual total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the Reporting Period.

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

A While the Fund generated solid positive absolute returns, it underperformed the Index on a relative basis during the Reporting Period, attributable primarily to individual stock selection and country allocation. Sector allocation contributed positively. From a country perspective, stock selection and allocation positioning in the United Arab Emirates, Slovenia and Egypt detracted most. Having a position in cash, albeit modest, during a Reporting Period when the Index rose, also dampened the Fund’s relative results. These detractors were partially offset by effective stock selection in South Africa, Russia, South Korea, Poland and Taiwan, which contributed positively to the Fund’s relative results during the Reporting Period.

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

A Detracting most from the Fund’s results relative to the Index during the Reporting Period were NMC Health, a diversified health care company based in the United Arab Emirates; IRB Brasil Resseguros, a Brazilian reinsurance company; and Emirates NBD Bank, Dubai, United Arab Emirate’s largest and highest quality bank and one of the largest banking groups in the Middle East. The share price of each of these companies fell during the time they were held in the Fund’s portfolio, and each was sold out of the Fund’s portfolio by the end of the Reporting Period.

Q What were the Fund’s best-performing individual stocks during the Reporting Period?

A The strongest contributors to the Fund’s performance during the Reporting Period were Naspers, a South Africa-based media communications company; Haier Smart Home, a China-based appliances manufacturer; and LG Chem, a South Korean chemical manufacturer. Each of these companies experienced a robust share price increase during the Reporting Period, and each was still held in the Fund’s portfolio at the end of the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, weak stock selection in health care, financials and consumer discretionary detracted most from the Fund’s performance during the Reporting Period. Having underweights to communication services and information technology, which each outperformed the Index during the Reporting Period, and having an overweight, on average, to financials, which underperformed the Index during the Reporting Period, also hurt. Conversely, effective stock selection within the materials, industrials, consumer staples and information technology sectors contributed most positively to the Fund’s relative performance. Having no exposure to the energy, utilities and real estate sectors, each of which underperformed the Index during the Reporting Period, and having an overweight to consumer discretionary, which outperformed the Index during the Reporting Period, also helped.

22

PORTFOLIO RESULTS

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

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A The Board of Trustees of the Goldman Sachs Trust (“Board”) has approved an Agreement and Plan of Reorganization (the “Plan”), which contemplates the reorganization of the Fund with and into the Goldman Sachs ESG Emerging Markets Equity Fund (the “Surviving Fund” and, together with the Fund, the “Funds”). The reorganization was recommended by the Funds’ investment adviser, Goldman Sachs Asset Management, L.P. (the “Investment Adviser”), because it believes that the reorganization: (i) would rationalize Funds that have the same investment objective and similar investment strategies (albeit with some notable differences): (ii) may provide enhanced opportunities to realize greater efficiencies in the form of lower total operating expenses over time; and (iii) would enable the combined Fund to be better positioned for asset growth.

As of the close of business on October 16, 2020, the Fund was able to and did depart from its stated investment objectives and policies as it prepared to reorganize with and into the Surviving Fund. Thus, given the repositioning of the Fund under way toward the end of the Reporting Period, the number of purchases and sales, i.e. trading activity, was higher than usual as we implemented the changes to the Fund’s investment strategy.

The reorganization is expected to close during January 2021 or on such other date as the parties to the reorganization shall agree.

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

A Fund weightings at a sector level are driven by bottom-up stock selection as are allocations to countries. That said, during the Reporting Period, the Fund’s changes in sector and country weightings were directly the result of the repositioning of the Fund to its new investment strategy.

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

A Effective September 30, 2020, Basak Yavuz, Managing Director, and Hiren Dasani, CFA, Managing Director, became co-portfolio managers of the Fund. Effective October 31, 2020, Jamieson Odell, Vice President, and Lee Gao, Vice President, will no longer serve as portfolio managers for the Fund. Ms. Yavuz is the co-head of GSAM’s Emerging Markets Equity team and a portfolio manager for GSAM’s Emerging Markets Equity strategy. Ms. Yavuz joined the Investment Adviser in September 2011. Mr. Dasani is the co-head of GSAM’s Emerging Markets Equity team and a portfolio manager for GSAM’s Emerging Markets Equity and India Equity strategies. Mr. Dasani joined GSAM’s India Equity Research team in January 2007. Ms. Yavuz and Mr. Dasani also serve as portfolio managers of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs ESG Emerging Markets Equity Fund. We believe the repositioning of the Fund and of our portfolio management talent will help to further broaden our already strong range of emerging market equity capabilities and enhance our approach to Environmental, Social and Governance integration across our Fundamental Equity Funds.

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

A As of October 16, 2020 through the end of the Reporting Period, repositioning of the Fund was underway given the Plan discussed above. That said, at the end of the Reporting Period, the Fund was overweight relative to the Index in South Africa and the Philippines and was underweight relative to the Index in China, South Korea, Brazil and Saudi Arabia. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining country constituents of the Index, with the exceptions of Pakistan, Czech Republic, Greece, Argentina, Colombia, Hungary, Peru, Turkey, Chile, United Arab Emirates, Qatar, Mexico, Malaysia and Thailand, where the Fund held no exposure at all. The Fund also had exposure to the U.S., South Vietnam and Bangladesh, which are not constituents of the Index, at the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in consumer discretionary and had underweighted positions compared to the Index in communication services, materials, information technology, health care and financials at the end of the Reporting Period. The Fund was relatively neutrally weighted to the Index in consumer staples and industrials and had no exposure at all to the utilities, real estate and energy sectors at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

23

FUND BASICS

Imprint Emerging Markets Opportunities

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Naspers Ltd. Class N		11.6	%	Retailing	South Africa
Alibaba Group Holding Ltd. ADR		8.1		Retailing	China
iShares, Inc. iShares ESG Aware MSCI EM ETF		6.6		Exchange Traded Fund	United States
Delta Electronics, Inc.		4.9		Technology Hardware & Equipment	Taiwan
FPT Corp.		4.1		Technology Hardware & Equipment	Vietnam
HDFC Bank Ltd. ADR		4.0		Banks	India
ICICI Bank Ltd. ADR		3.9		Banks	India
Merida Industry Co. Ltd.		3.9		Consumer Durables & Apparel	Taiwan
Flat Glass Group Co. Ltd. Class H		3.8		Semiconductors & Semiconductor Equipment	China
Taiwan Semiconductor Manufacturing Co. Ltd.		3.4		Semiconductors & Semiconductor Equipment	Taiwan

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 5.9% of the Fund’s net assets as of 10/31/20.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). 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 5.9% of the Fund’s net assets at October 31, 2020.    

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

24

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on February 28, 2011 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Imprint Emerging Markets Opportunities Fund’s Lifetime Performance

Performance of a $1,000,000 Investment from February 28, 2011 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced February 28, 2011)
Excluding sales charges	5.95%	-0.51%	-0.99%
Including sales charges	0.15%	-1.63%	-1.57%
Class C (Commenced February 28, 2011)
Excluding contingent deferred sales charges	5.09%	-1.26%	-1.74%
Including contingent deferred sales charges	4.06%	-1.26%	-1.74%
Institutional (Commenced February 28, 2011)	6.31%	-0.13%	-0.61%
Investor (Commenced February 28, 2011)	6.10%	-0.28%	-0.76%
Class R6 (Commenced February 28, 2018)	6.24%	N/A	-4.75%
Class P (Commenced April 16, 2018)	6.38%	N/A	-4.47%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

25

PORTFOLIO RESULTS

Goldman Sachs International Equity ESG Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Equity Team discusses Goldman Sachs International Equity ESG Fund (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (the “Reporting Period”).

The Fund uses a proprietary framework to identify and invest in a selective portfolio of companies that satisfy the Fund’s Environmental, Social and Governance (“ESG”) criteria. By incorporating ESG criteria and an active ownership approach, the Fund seeks to manage risk from an ESG perspective and invest in sustainable businesses trading at attractive valuations that may generate excess returns over the benchmark.

Q How did the Fund perform during Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 3.30%, 2.53%, 3.62%, 3.16%, 3.56%, 3.63% and 3.67%, respectively. These returns compare to the -6.85% average annual total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

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

A The Fund outperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Country allocation and sector allocation also contributed positively, albeit more modestly, to the Fund’s relative performance during the Reporting Period.

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

A Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were Taiwan Semiconductor, Cellnex Telcom and Infineon Technologies.

Taiwan Semiconductor is an out-of-MSCI EAFE Index position that outperformed the MSCI EAFE Index during the Reporting Period. Its revenue growth was strong year-to-date through October 2020, driven by continuing fifth-generation (“5G”) penetration and increasing high-performance computer demand. Also, investor concerns regarding its loss of technology company Huawei as a customer were reduced given its strong performance in the third quarter of 2020 as other customers quickly replaced Huawei. Further, volume production of its five-nanometer node solidified Taiwan Semiconductor’s position as the leading process technology provider, which should translate, in our view, to increased market share and higher pricing power going forward. Its shares also rose as higher capacity utilization from elevated demand led to an impressive uptick in its margins. At the end of the Reporting Period, we believed Taiwan Semiconductor’s leadership in process technology may well give the company the ability to maintain its margins at elevated levels in the months ahead.

Cellnex Telecom, based in Spain, operates infrastructure for wireless telecommunications in Spain, Italy, the Netherlands, France, Switzerland and elsewhere. During the Reporting Period, Cellnex Telecom delivered on its strategy of consolidating and optimizing the telecommunications tower infrastructure market in Europe. This market remains under-developed compared to that of the U.S., with phone carriers still largely owning their mobile towers. However, financial pressures and strategic decisions have been pushing operators to sell their infrastructure, and Cellnex Telecom has been one of the main beneficiaries of this trend given its existing position as the largest independent mast owner in Europe. In October 2019, just before the start of the Reporting Period, Cellnex Telecom had announced a $2.5 billion deal to acquire 7,400 mobile towers in the U.K.

Infineon Technologies is a German semiconductor company. Its acquisition of California-based Cypress Semiconductor, completed in April 2020, was widely seen as adding to Infineon Technologies’ margin growth potential. The

26

PORTFOLIO RESULTS

acquisition also provides scale and enables Infineon Technologies to be a full system supplier of power semiconductors, thus widening its total addressable market. We believe Infineon Technologies, along with Cypress Semiconductor, has the scale to profitably invest and manufacture new technology power semiconductors, potentially leading to sustainable market share growth going forward. Further boosting sentiment around Infineon Technologies was the improved outlook for the auto industry, where the company has a significant exposure, following a severe hit from the pandemic. In our view, Infineon Technologies is well placed to benefit from higher power semiconductor content in electric vehicles and advanced driver assistance systems. Subsidies on electric vehicles, especially in Europe and China, should be supportive, in our opinion, of Infineon Technologies’ auto revenue growth.

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

A Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Compass Group, Informa and Banco Bilbao Vizcaya Argentaria (“BBVA”).

Compass Group is a U.K. catering and food support services provider, mostly to business/industry, health care, education, sports and leisure sites. Its stock fell sharply in the COVID-19-induced sell-off, primarily due to heavy exposure to the away-from-home economy. At the end of the Reporting Period, we believed most of the company’s end-markets would come back strongly once the economy reopens in the post-COVID-19 era and its business impairment would be limited mostly to its exposure in the business/industry segment. We also believed its stock was trading below its fundamental value at levels seen at the end of the Reporting Period. Finally, in our view, Compass Group, with what we consider to be a strong balance sheet, industry leading competitive positioning and good management team, is likely to emerge as a stronger company coming out of the crisis, able to create value for its shareholders over the long term.

Informa, a U.K. communication services company, engages in publishing, business intelligence and business events/exhibitions services. Informa’s shares declined dramatically during the Reporting Period due to the pandemic’s impact on the occurrence of physical exhibitions and conventions. At the end of the Reporting Period, we were encouraged by the performance of the company’s other business segments and its progress on the monetization of virtual events and found its outlook and valuation to be relatively attractive.

BBVA, a new position for the Fund during the Reporting Period, is a Spanish bank. BBVA experienced a double-digit share price decline during the Reporting Period primarily due to the effects of the pandemic’s impact on the economy. Because of the pandemic, central banks have cut interest rates, and loan growth has declined. This, in turn, put pressure on BBVA’s revenues. Also, the bank had to take higher precautionary loan loss provisions due to worsening economic conditions. Lower revenue and higher provisioning caused BBVA’s profits to decline year over year. Finally, regulators have prohibited banks, including BBVA, from distributing dividends in 2020, even though BBVA has sufficient capital to do so. This put further pressure on BBVA’s share price as well as on the broad banking industry during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that contributed most positively to the Fund’s relative results during the Reporting Period were information technology, energy and consumer staples, each due primarily to effective stock selection.

The sectors that detracted most from the Fund’s relative results were consumer discretionary and financials, each hurt by weak stock selection. Having an underweighted allocation to utilities, which outperformed the Index during the Reporting Period, also detracted.

Q Which countries most affected the Fund’s performance during the Reporting Period?

A Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, effective stock selection in the U.K., Japan and Spain boosted the Fund’s relative returns most. Having exposure to Taiwan, which is not a constituent of the MSCI EAFE Index but which outperformed the MSCI EAFE Index during the Reporting Period, also helped. Conversely, the countries that detracted most from the Fund’s relative results during the Reporting Period were France and Switzerland, where stock selection overall hurt. Also, having no exposure

27

PORTFOLIO RESULTS

to Ireland, which outperformed the MSCI EAFE Index during the Reporting Period, dampened the Fund’s relative results.

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

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in Genmab, a Danish biotechnology company. Genmab is a competitive oncology platform company that specializes in differentiated antibody therapeutics. In our view, Genmab’s base business and market franchise have not yet been fully appreciated but offer compelling upside potential. Among the factors we like about Genmab are what we consider to be its growing opportunities for royalties through its market franchises and its significant pipeline opportunities through its partnerships with other industry-leading innovators that may support its free cash flow. At the time of purchase, we believed Genmab had an attractive valuation profile and potential for long-term growth.

We established a Fund position in Intercontinental Hotels Group (“IHG”), which operates a predominantly franchised hotel network. Its biggest brands include Holiday Inn, InterContinental and Crown Plaza. Travel is a structural growth industry, and while the pandemic has disrupted the travel industry short term, we do not believe this changes the landscape with a three- to five-year view. We expect IHG to benefit from consumers’ move from unbranded to branded hotels, as small independent hotels struggle to compete and see the benefits of belonging to a branded hotel network. IHG operates an asset-light model, which means approximately 95% of its earnings before interest and taxes comes from franchise fees. This model, in our view, is scalable, results in higher margins, high returns on capital and high free cash flow generation. IHG’s management has, in our opinion, successfully executed a $125 million savings program, which it used to fund new concepts, such as Voco, an international lifestyle hotel brand, and Avid, a midscale hotel brand. Both of these brands had performed well, pre-COVID, which, we see as demonstration of the company’s ability to innovate and fund that innovation organically.

Conversely, we exited the Fund’s position in Novartis, a Swiss health care company. We liked the pharmaceutical company’s diversified growth story as well as its potential for margin expansion. Those factors drove both top- and bottom-line growth, which, in turn, served as catalysts for its stock’s strong performance through mid-2019. From that point on, however, Novartis experienced increased execution risk following the disappointment and delay of its new product pipeline, driving downward revision of its earnings. Against this backdrop, we believed Novartis had appreciated in valuation, and we felt there were better opportunities elsewhere in the sector.

We eliminated the Fund’s position in Grifols, a Spanish pharmaceutical company that produces blood plasma-based products and operates as a supplier of devices, instruments and reagents for clinical testing. Our investment thesis on Grifols had been centered around its top-line growth acceleration due to a tight supply and a resilient demand for its products. However, its stock performed poorly amid fallout from COVID-19, which hurt its supply chain. Grifols also experienced increased competition for some its best-selling products in areas where it derives much of its competitive differentiation. As a result, these factors hurt both the company’s top-line revenue sustainability and growth outlook. Heightened investor skepticism and its challenged price/earnings ratio also hurt our conviction in the company, and so we sold the position.

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

A In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology, industrials, energy, utilities, financials, materials and consumer discretionary increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to communication services, health care, consumer staples and real estate decreased. The Fund’s position in cash increased during the Reporting Period.

From a country perspective, the Fund’s exposure to the U.K., Switzerland and Denmark increased relative to the MSCI EAFE Index, while its relative exposure to Japan, France,

28

PORTFOLIO RESULTS

New Zealand and Norway decreased during the Reporting Period.

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

A At the end of the Reporting Period, the Fund had more exposure to the U.K., Spain, Denmark and the Netherlands and less exposure to Japan, France and Germany relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund held a rather neutral position relative to the MSCI EAFE Index in Switzerland, Sweden, Finland and Singapore and held no exposure to the remaining components of the MSCI EAFE Index. The Fund also had positions in Taiwan and China, which are not constituents of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in information technology, industrials and communication services at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in consumer discretionary and consumer staples. The Fund was rather neutrally weighted relative to the MSCI EAFE Index in health care, materials, financials, energy and utilities and had no exposure to the real estate sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

29

FUND BASICS

International Equity ESG Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		4.7	%	Food Products	Switzerland
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		4.3		Semiconductors & Semiconductor Equipment	Taiwan
Zurich Insurance Group AG		4.0		Insurance	Switzerland
Ferguson plc		3.6		Capital Goods	United States
Infineon Technologies AG		3.3		Semiconductors & Semiconductor Equipment	Germany
AstraZeneca plc		3.3		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Koninklijke DSM NV		3.2		Materials	Netherlands
DS Smith plc		3.2		Materials	United Kingdom
Cellnex Telecom SA		3.1		Telecommunication Services	Spain
Rentokil Initial plc		3.1		Commercial & Professional Services	United Kingdom

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The line of business for each holding is reported at the industry or sub-industry level.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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

30

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® EAFE Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Equity ESG Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	3.30%	4.88%	4.28%	—
Including sales charges	-2.36%	3.69%	3.69%	—
Class C
Excluding contingent deferred sales charges	2.53%	4.10%	3.50%	—
Including contingent deferred sales charges	1.52%	4.10%	3.50%	—
Institutional	3.62%	5.26%	4.68%	—
Service	3.16%	4.77%	4.17%	—
Investor	3.56%	5.13%	4.52%	—
Class R6 (Commenced February 26, 2016)	3.63%	N/A	N/A	8.59%
Class P (Commenced April 16, 2018)	3.67%	N/A	N/A	2.61%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

31

PORTFOLIO RESULTS

Goldman Sachs International Equity Income Fund

Investment Objective

The Fund seeks long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Equity Team discusses Goldman Sachs International Equity Income Fund (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -11.23%, -11.88%, -10.86%, -10.99%, -10.93%, -11.44% and -10.89%, respectively. These returns compare to the -6.85% average annual total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

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

A The Fund underperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to sector and country allocation, which detracted. Individual stock selection contributed positively to relative results during the Reporting Period.

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

A Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were Taiwan Semiconductor, Schneider Electric and Rio Tinto.

Taiwan Semiconductor is an out-of-MSCI EAFE Index position that outperformed the MSCI EAFE Index during the Reporting Period. Its revenue growth was strong year-to-date through October 2020, driven by continuing fifth-generation (“5G”) penetration and increasing high-performance computer demand. Also, investor concerns regarding its loss of technology company Huawei as a customer were reduced given its strong performance in the third quarter of 2020 as other customers quickly replaced Huawei. Further, volume production of its five-nanometer node solidified Taiwan Semiconductor’s position as the leading process technology provider, which should translate, in our view, to increased market share and higher pricing power going forward. Its shares also rose as higher capacity utilization from elevated demand led to an impressive uptick in its margins. At the end of the Reporting Period, we believed Taiwan Semiconductor’s leadership in process technology may well give the company the ability to maintain its margins at elevated levels in the months ahead.

Schneider Electric, a French information technology company, is exposed to structural growth trends through leading positions in both of its end-markets — energy management and industrial automation. Schneider Electric has built a strong software portfolio, which, in our view, should enable it to benefit from secular themes, like industrial Internet of Things and digitalization across its end markets. (The Internet of things describes the network of physical objects — “things” — that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet.) Schneider Electric also has strong Environmental, Social and Governance (“ESG”) credentials, as its offerings help customers to achieve higher energy efficiency and cost savings. During the Reporting Period, the company demonstrated strong cost execution through portfolio rationalization and improved productivity. At the end of the Reporting Period, we believed it could continue to deliver margin expansion. We also continued to like Schneider Electric with a long term perspective given what we see as its exposure to attractive growth opportunities and good execution capabilities.

Rio Tinto, a British mineral resources company, remained a leader within the global mining industry during the Reporting Period. Operationally, its focus on Tier 1 assets and leadership within automation drove a span of strong profitability and free cash flow generation even with a weak commodity market and the difficulties COVID-19 brought to many of Rio Tinto’s peers. From a product portfolio perspective, we believed, at the end of the Reporting Period,

32

PORTFOLIO RESULTS

that Rio Tinto had an attractive mix of base metals that should benefit from the global trend of electrification and no exposure to carbon fuels following its 2018 exit from the coal business. These base metals saw a larger and faster recovery in price and demand than many carbon-based energy commodities during the Reporting Period, given the stronger supply/demand dynamics for those products.

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

A Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Klepierre, BP and Royal Dutch Shell.

Klepierre, a French real estate company, is a leader across European ownership, management and development of shopping malls. Its stock detracted from Fund results during the Reporting Period due to the impact of the COVID-19 pandemic on real estate broadly and on the retail sector especially. At the end of the Reporting Period, we felt the quality of Klepierre’s portfolio was resilient and the company would prove a long-term competitor as the growth of e-commerce leads retailers to become more selective in their store footprints. We were also encouraged by what we considered to be the company’s strong fundamentals and improving sales and activity quarter over quarter through the third quarter of 2020.

BP is a U.K.-based international energy company with expertise in the exploration and production of oil and natural gas, and Royal Dutch Shell is a Netherlands-based integrated energy company with expertise in the exploration and production of oil and natural gas. During the Reporting Period, the energy sector broadly underperformed the MSCI EAFE Index significantly, largely due to weakened oil demand amid the COVID-19-induced lockdowns, acceleration of electric vehicle adoption and ESG considerations. More specific to BP and Royal Dutch Shell, each company was negatively affected by its need to cut its dividend distributions as a result of lower oil prices and the resulting reduced cash flows. Given that both energy companies are largely held by dividend-focused investors, the dividend cuts caused share price weakness.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that detracted from the Fund’s results most during the Reporting Period were energy, health care and real estate. Weak stock selection in energy and health care hurt. Having overweighted allocations to energy and real estate, each of which underperformed the MSCI EAFE Index during the Reporting Period, also dampened the Fund’s relative results.

The sectors that contributed most positively to the Fund’s performance relative to the MSCI EAFE Index were consumer staples, utilities and information technology. Stock selection in all three sectors proved effective during the Reporting Period.

Q Which countries most affected the Fund’s performance during the Reporting Period?

A Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, the countries that detracted most from the Fund’s relative performance were Japan, France and the Netherlands, where stock selection overall hurt. Having an underweighted allocation to Japan, which outpaced the MSCI EAFE Index during the Reporting Period, also dampened the Fund’s relative results. Conversely, effective stock selection in Germany and Spain and having exposure to Taiwan, which is not a constituent of the MSCI EAFE but which outperformed the MSCI EAFE Index during the Reporting Period, contributed most positively to the Fund’s results relative to the MSCI EAFE Index 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 did not use derivatives or similar instruments.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in National Grid. National Grid operates regulated utilities businesses in the U.K. and in the U.S. It is the systems operator in the U.K., operating the electricity and gas transmission networks, where it gets compensated based on a regulated return on its asset base. In the U.S., it operates gas and electricity distribution networks in the northeast. In the U.S., it gets compensated on a regulated return on equity invested basis. National Grid’s businesses are highly regulated and its earnings are, in our view, quite predictable.

33

PORTFOLIO RESULTS

Based on our analysis, its earnings are growing amid improved investor sentiment, which is, in turn, being driven by the increasing robustness of its networks and the energy transition toward less carbon intensive sources. We also like National Grid because given the predictable nature of its cash flows, National Grid has historically paid out a significant portion of its growing earnings as dividends.

We established a Fund position in Trend Micro. Trend Micro is a Japan-based company that develops and sells consumer and enterprise antivirus and other security software worldwide. We purchased its shares primarily because we are optimistic on market growth of global security software, particularly in cloud security where Trend Micro is relatively competitive.

Conversely, we exited the Fund’s position in Inditex. While Inditex remained, in our view, a best-in-class apparel retailer with Zara as its biggest brand, we became concerned about the health of the apparel industry as COVID-19-induced lockdowns forced store closures around the world. Inditex has, in our opinion, a strong liquidity position, especially relative to its peers, but we felt this would cause long-lasting disruption to the apparel industry, likely leading to substantial discounts by others, which would, in turn, be disruptive to the Inditex business for some time. Given the volatility in the market, we felt we had better opportunities for the capital elsewhere, and so we sold the position.

We eliminated the Fund’s position in Sumitomo Mitsui Financial Group, a Japanese financials firm. We decided to sell the position as the ongoing low interest environment in Japan has not been helpful to the financials sector.

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

A In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to utilities, financials and consumer staples increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to health care, communication services and consumer discretionary decreased. The Fund’s position in cash also decreased during the Reporting Period.

From a country perspective, the Fund’s exposure to the U.K., Switzerland and Italy increased relative to the MSCI EAFE Index, while its relative exposure to Japan, Spain and Denmark decreased during the Reporting Period.

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

A At the end of the Reporting Period, the Fund had more exposure to the U.K., Switzerland, France, Spain, Italy, and Singapore relative to the MSCI EAFE Index and less exposure to Japan, Germany and Australia relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund had neutral exposure relative to the MSCI EAFE Index in the Netherlands, Denmark and Sweden and had no exposure to several other components of the MSCI EAFE Index, including Austria, Belgium, Finland, Hong Kong, Ireland, Israel, New Zealand, Norway and Portugal. The Fund also held a position in Taiwan, which is not a component of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in real estate, utilities, financials and energy at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in communication services, information technology and industrials and rather neutral positions relative to the MSCI EAFE Index in consumer staples, health care and materials. The Fund had no exposure to the consumer discretionary sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

34

FUND BASICS

International Equity Income Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		5.6	%	Food Products	Switzerland
AstraZeneca plc		4.3		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Rio Tinto plc		4.3		Materials	Australia
Vonovia SE		4.1		Real Estate	Germany
Zurich Insurance Group AG		4.1		Insurance	Switzerland
Enel SpA		4.1		Utilities	Italy
Taiwan Semiconductor Manufacturing Co. Ltd.		4.0		Semiconductors & Semiconductor Equipment	Taiwan
Schneider Electric SE		4.0		Capital Goods	France
Gecina SA (REIT)		3.8		Real Estate	France
Ferguson plc		3.5		Capital Goods	United States

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The line of business for each holding is reported at the industry or sub-industry level.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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

35

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® EAFE Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Equity Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-11.23%	2.13%	3.21%	—
Including sales charges	-16.12%	0.99%	2.63%	—
Class C
Excluding contingent deferred sales charges	-11.88%	1.38%	2.45%	—
Including contingent deferred sales charges	-12.76%	1.38%	2.45%	—
Institutional	-10.86%	2.53%	3.62%	—
Investor	-10.99%	2.40%	3.53%	—
Class R6 (Commenced February 26, 2016)	-10.93%	N/A	N/A	5.45%
Class R	-11.44%	1.87%	2.95%	—
Class P (Commenced April 16, 2018)	-10.89%	N/A	N/A	-2.69%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

36

FUND BASICS

Index Definition

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

The MSCI^® All Country Asia ex-Japan Index (Net, USD, Unhedged) is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of November 30, 2020, the MSCI All Country Asia ex-Japan Index consisted of the following 11 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, and Thailand. The series of returns reflected by the MSCI All Country Asia ex-Japan Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.

The MSCI China All Shares Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. It is not possible to invest directly in an index.

The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 30, 2020 the MSCI^® Emerging Markets Index consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

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

37

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 96.8%
China – 92.5%
	108,204	Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)	$	1,007,909
	158,400	Alibaba Group Holding Ltd. (Retailing)*		6,002,389
	20,040	Alibaba Group Holding Ltd. ADR (Retailing)*		6,105,988
	70,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		183,570
	148,300	Anhui Conch Cement Co. Ltd. Class H (Materials)		927,689
	270,256	Bank of Ningbo Co. Ltd. Class A (Banks)		1,373,187
	175,300	Budweiser Brewing Co. APAC Ltd. (Food Products)(a)		516,979
	815,000	China Life Insurance Co. Ltd. Class H (Insurance)		1,778,269
	348,000	China Mengniu Dairy Co. Ltd. (Food Products)*		1,640,582
	81,000	China Merchants Bank Co. Ltd. Class A (Banks)		482,020
	455,500	China Merchants Bank Co. Ltd. Class H (Banks)		2,372,670
	560,000	China Resources Cement Holdings Ltd. (Materials)		733,281
	170,000	China Resources Land Ltd. (Real Estate)		695,243
	34,725	China Tourism Group Duty Free Corp. Ltd. Class A (Retailing)		1,035,185
	265,400	China Vanke Co. Ltd. Class A (Real Estate)		1,094,440
	195,600	China Vanke Co. Ltd. Class H (Real Estate)		607,136
	102,059	CITIC Securities Co. Ltd. Class A (Diversified Financials)		437,774
	63,198	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		2,321,015
	422,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		867,150
	40,965	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		359,141
	86,800	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		475,191
	35,300	Hangzhou Tigermed Consulting Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		566,895
	774,247	Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks)		783,907
	110,645	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		1,471,637
	71,536	Juewei Food Co. Ltd. Class A (Food Products)		866,221
	387,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		1,021,780
	15,040	Kweichow Moutai Co. Ltd. Class A (Food Products)		3,757,700
	176,174	Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)		1,443,030
Common Stocks – (continued)
China – (continued)
	99,200	Meituan Class B (Retailing)*		3,698,095
	64,600	Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)		753,895
	386,000	Minth Group Ltd. (Automobiles & Components)		1,597,268
	5,207	Pinduoduo, Inc. ADR (Retailing)*		468,526
	277,960	Ping An Bank Co. Ltd. Class A (Banks)		737,636
	10,200	Ping An Insurance Group Co. of China Ltd. Class A (Insurance)		118,703
	216,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		2,233,370
	325,201	Sany Heavy Industry Co. Ltd. Class A (Capital Goods)		1,263,788
	70,100	SF Holding Co. Ltd. Class A (Transportation)		868,315
	18,829	Shanghai Putailai New Energy Technology Co. Ltd. Class A (Materials)		314,319
	186,452	Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods)		1,792,412
	38,900	Shenzhen Kangtai Biological Products Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		1,055,949
	17,700	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)		1,024,582
	104,174	Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment)		740,513
	178,165	Songcheng Performance Development Co. Ltd. Class A (Consumer Services)		442,520
	73,900	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		1,226,970
	15,571	TAL Education Group ADR (Consumer Services)*		1,034,849
	123,600	Tencent Holdings Ltd. (Media & Entertainment)		9,443,739
	619,000	Topsports International Holdings Ltd. (Retailing)(a)		848,767
	52,000	Tsingtao Brewery Co. Ltd. Class H (Food Products)		430,881
	270,706	Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment)		886,363
	431,000	Weichai Power Co. Ltd. Class H (Capital Goods)		817,298
	84,540	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,351,651
	47,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		1,319,935
	786,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		1,435,901
	41,224	XPeng, Inc. ADR (Automobiles & Components)*		798,921

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

GOLDMAN SACHS CHINA EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	148,278	Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy)	$	594,498
	36,480	Yifeng Pharmacy Chain Co. Ltd. Class A (Food & Staples Retailing)		555,633
	71,320	Yunnan Energy New Material Co. Ltd. (Materials)		1,066,731
	456,419	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		1,672,663
				81,522,669
Hong Kong – 2.8%
	23,901	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,145,305
	628,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		636,667
	53,000	Techtronic Industries Co. Ltd. (Capital Goods)		713,875
				2,495,847
Taiwan – 1.5%
	54,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		1,283,595
Vietnam – 0.0%
	7	Vietnam Dairy Products JSC (Food Products)		33
	TOTAL COMMON STOCKS
	(Cost $58,073,146)		$	85,302,144

Shares	Dividend Rate	Value
Investment Company(b) – 2.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,236,989	0.028%	$	2,236,989
(Cost $2,236,989)
TOTAL INVESTMENTS – 99.3%
(Cost $60,310,135)		$	87,539,133
OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.7%			613,130
NET ASSETS – 100.0%		$	88,152,263

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 98.3%
Argentina – 2.0%
	40,885	MercadoLibre, Inc. (Retailing)*	$	49,636,434
Brazil – 3.7%
	3,311,000	Atacadao SA (Food & Staples Retailing)*		10,646,302
	1,058,800	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		9,420,044
	304,430	Banco Bradesco SA ADR (Banks)		1,065,505
	3,006,768	Banco Bradesco SA (Preference) (Banks)(a)		10,564,129
	4,774,462	Banco Pan SA (Preference) (Banks)(a)		6,207,354
	5,121,024	Boa Vista Servicos SA (Commercial & Professional Services)*		12,110,997
	2,234,100	Fleury SA (Health Care Equipment & Services)		10,648,861
	1,913,000	Iochpe Maxion SA (Capital Goods)		4,427,477
	195,670	Pagseguro Digital Ltd. Class A (Software & Services)*		7,163,479
	1,563,500	Qualicorp Consultoria e Corretora de Seguros SA (Health Care Equipment & Services)		8,673,168
	1,177,800	TOTVS SA (Software & Services)		5,542,154
	2,895,783	Wiz Solucoes e Corretagem de Seguros SA (Insurance)		4,511,768
				90,981,238
China – 39.9%
	725,802	Alibaba Group Holding Ltd. ADR (Retailing)*		221,144,611
	2,281,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		14,268,776
	1,580,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		17,539,821
	3,272,000	China Mengniu Dairy Co. Ltd. (Food Products)*		15,425,246
	8,161,000	China Merchants Bank Co. Ltd. Class H (Banks)		42,510,114
	848,232	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		31,152,232
	1,119,977	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		9,818,860
	2,529,578	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		13,848,305
	527,311	Huami Corp. ADR (Technology Hardware & Equipment)*		6,158,993
	284,281	Kweichow Moutai Co. Ltd. Class A (Food Products)		71,026,784
	1,552,900	Meituan Class B (Retailing)*		57,890,850
	3,958,000	Minth Group Ltd. (Automobiles & Components)		16,378,199
	98,398	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		15,781,071
	4,915,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		4,104,529
Common Stocks – (continued)
China – (continued)
	4,876,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		50,390,046
	1,004,369	SF Holding Co. Ltd. Class A (Transportation)		12,440,927
	372,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		22,965,513
	1,174,400	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		19,498,694
	366,631	TAL Education Group ADR (Consumer Services)*		24,366,296
	2,948,400	Tencent Holdings Ltd. (Media & Entertainment)		225,274,430
	7,527,000	Topsports International Holdings Ltd. (Retailing)(b)		10,320,957
	1,534,312	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)		24,531,040
	12,470,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		22,780,777
	602,037	XPeng, Inc. ADR (Automobiles & Components)*		11,667,477
	4,321,002	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		15,835,410
				977,119,958
Czech Republic – 0.4%
	4,310,014	Moneta Money Bank A/S (Banks)(b)		9,784,158
Greece – 1.0%
	979,358	Hellenic Exchanges – Athens Stock Exchange SA (Diversified Financials)*		2,916,768
	668,719	JUMBO SA (Retailing)		9,372,992
	1,222,711	Sarantis SA (Household & Personal Products)		12,033,057
				24,322,817
Hong Kong – 4.2%
	3,718,800	AIA Group Ltd. (Insurance)		35,392,476
	679,313	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		32,551,807
	14,746,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		14,938,124
	1,444,000	Techtronic Industries Co. Ltd. (Capital Goods)		19,449,730
				102,332,137
India – 11.5%
	28,850	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,953,491
	400,891	AIA Engineering Ltd. (Capital Goods)		9,178,704
	505,742	Amber Enterprises India Ltd. (Consumer Durables & Apparel)		14,878,103

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	97,517	Atul Ltd. (Materials)	$	7,901,807
	487,147	Avenue Supermarts Ltd. (Food & Staples Retailing)*(b)		14,727,774
	2,019,597	Bharti Airtel Ltd. (Telecommunication Services)		11,808,648
	345,552	Computer Age Management Services Ltd. (Software & Services)*		6,047,014
	2,146,286	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)*		8,667,235
	334,649	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		14,181,731
	826,579	ICICI Lombard General Insurance Co. Ltd. (Insurance)*(b)		13,776,913
	487,330	Info Edge India Ltd. (Media & Entertainment)		23,326,766
	1,667,757	Infosys Ltd. (Software & Services)		23,894,209
	403,559	Infosys Ltd. ADR (Software & Services)		5,758,787
	1,303,470	Kotak Mahindra Bank Ltd. (Banks)*		27,201,527
	257,852	Larsen & Toubro Infotech Ltd. (Software & Services)(b)		10,174,361
	220,964	Maruti Suzuki India Ltd. (Automobiles & Components)		20,753,784
	639,054	Navin Fluorine International Ltd. (Materials)		19,312,449
	2,449,458	Prestige Estates Projects Ltd. (Real Estate)		8,272,503
	800,908	Route Mobile Ltd. (Software & Services)*		10,777,121
	838,224	SBI Life Insurance Co. Ltd. (Insurance)*(b)		8,695,397
	731,874	Tata Consumer Products Ltd. (Food Products)		4,863,031
	342,202	TeamLease Services Ltd. (Commercial & Professional Services)*		10,282,824
				280,434,179
Indonesia – 2.1%
	14,904,800	Bank Central Asia Tbk. PT (Banks)		29,327,516
	242,783,900	BFI Finance Indonesia Tbk. PT (Diversified Financials)		6,311,698
	11,974,200	Map Aktif Adiperkasa PT (Retailing)*		1,681,046
	203,560,200	Pakuwon Jati Tbk. PT (Real Estate)*		5,690,613
	12,387,700	Semen Indonesia Persero Tbk. PT (Materials)		8,024,903
				51,035,776
Mexico – 1.5%
	2,216,700	Arca Continental SAB de CV (Food Products)		9,651,003
Common Stocks – (continued)
Mexico – (continued)
	3,605,910	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		7,330,308
	3,323,199	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		4,939,795
	5,722,700	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		13,826,857
				35,747,963
Peru – 0.8%
	2,416,454	Alicorp SAA (Food Products)		4,678,517
	5,276,613	Banco BBVA Peru SA (Banks)		3,006,451
	30,896	Credicorp Ltd. (Banks)		3,543,153
	425,560	Intercorp Financial Services, Inc. (Banks)		8,843,298
				20,071,419
Philippines – 0.4%
	2,988,300	Jollibee Foods Corp. (Consumer Services)		10,480,414
Poland – 1.0%
	47,866	Allegro.eu SA (Retailing)*(b)		972,773
	326,004	Dino Polska SA (Food & Staples Retailing)*(b)		17,923,516
	1,014,240	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		4,865,515
				23,761,804
Russia – 3.2%
	9,287,200	Detsky Mir PJSC (Retailing)(b)		12,879,001
	334,779	LUKOIL PJSC (Energy)		17,114,264
	3,424,947	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		5,784,508
	7,800,843	Sberbank of Russia PJSC (Banks)		19,770,909
	413,770	Yandex NV Class A (Media & Entertainment)*		23,820,739
				79,369,421
Singapore – 0.3%
	3,171,593	Nanofilm Technologies International Ltd. (Capital Goods)*		6,756,716
South Africa – 1.5%
	310,633	Bid Corp. Ltd. (Food & Staples Retailing)		4,276,745
	708,270	Clicks Group Ltd. (Food & Staples Retailing)		10,269,072
	1,387,591	JSE Ltd. (Diversified Financials)		9,268,370
	350,472	Santam Ltd. (Insurance)		5,287,112
	6,796,685	Transaction Capital Ltd. (Diversified Financials)		8,300,373
				37,401,672
South Korea – 12.2%
	211,955	Fila Holdings Corp. (Consumer Durables & Apparel)		7,232,280
	373,363	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		10,459,475

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	266,687	LG Electronics, Inc. (Consumer Durables & Apparel)	$	19,825,371
	144,379	NAVER Corp. (Media & Entertainment)		36,942,397
	48,109	NCSoft Corp. (Media & Entertainment)		33,054,932
	170,958	Orion Corp. (Food Products)		16,380,981
	40,588	Pearl Abyss Corp. (Media & Entertainment)*		7,218,366
	109,967	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		13,070,469
	2,296,932	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		115,456,730
	537,543	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		38,134,847
				297,775,848
Taiwan – 10.8%
	2,773,680	Chailease Holding Co. Ltd. (Diversified Financials)		13,474,230
	13,901,203	FIT Hon Teng Ltd. (Technology Hardware & Equipment)*(b) (c)		5,452,686
	144,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		15,292,645
	323,000	momo.com, Inc. (Retailing)		7,729,843
	713,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		8,038,458
	119,592	Sea Ltd. ADR (Media & Entertainment)*		18,859,658
	10,908,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		165,047,854
	1,417,000	Taiwan Union Technology Corp. (Technology Hardware & Equipment)		4,721,130
	2,207,390	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)		9,743,416
	1,539,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		16,789,414
				265,149,334
Thailand – 0.4%
	6,579,100	Airports of Thailand PCL (Transportation)		10,908,425
Turkey – 0.4%
	1,062,973	Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b)		4,782,395
	3,414,508	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		4,607,634
				9,390,029
Common Stocks – (continued)
Vietnam – 1.0%
	5,017,083	Vietnam Dairy Products JSC (Food Products)		23,441,348
	TOTAL COMMON STOCKS
	(Cost $1,879,984,346)		$	2,405,901,090
Exchange-Traded Funds – 1.5%
	388,120	iShares MSCI Emerging Markets ETF	$	17,352,845
	536,820	iShares, Inc. iShares ESG Aware MSCI EM ETF(c)		19,454,357
	TOTAL EXCHANGE-TRADED FUNDS
	(Cost $37,148,116)		$	36,807,202

Shares	Dividend Rate	Value
Investment Company(d) – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,529,663	0.028%	$	12,529,663
(Cost $12,529,663)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,929,662,125)		$	2,455,237,955
Securities Lending Reinvestment Vehicle(d) – 0.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
20,507,250	0.028%	$	20,507,250
(Cost $20,507,250)
TOTAL INVESTMENTS – 101.1%
(Cost $1,950,169,375)		$	2,475,745,205
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%			(25,867,387	)
NET ASSETS – 100.0%		$	2,449,877,818

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 97.6%
Argentina – 2.9%
	224	MercadoLibre, Inc. (Retailing)*	$	271,947
Brazil – 3.2%
	23,200	Atacadao SA (Food & Staples Retailing)*		74,598
	5,900	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		52,492
	18,283	Banco Bradesco SA ADR (Banks)		63,990
	8,100	Fleury SA (Health Care Equipment & Services)		38,609
	1,697	Pagseguro Digital Ltd. Class A (Software & Services)*		62,127
				291,816
China – 39.1%
	2,943	Alibaba Group Holding Ltd. ADR (Retailing)*		896,704
	7,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		77,708
	18,000	China Mengniu Dairy Co. Ltd. (Food Products)*		84,858
	36,500	China Merchants Bank Co. Ltd. Class H (Banks)		190,126
	4,300	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		157,922
	4,500	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		39,452
	9,600	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		52,556
	6,900	Meituan Class B (Retailing)*		257,226
	621	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		99,596
	20,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		16,702
	21,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		222,303
	4,100	SF Holding Co. Ltd. Class A (Transportation)		50,786
	1,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		61,653
	6,600	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		109,580
	1,454	TAL Education Group ADR (Consumer Services)*		96,633
	11,100	Tencent Holdings Ltd. (Media & Entertainment)		848,103
	33,000	Topsports International Holdings Ltd. (Retailing)(a)		45,249
	6,424	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		102,709
	60,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		109,611
	2,251	XPeng, Inc. ADR (Automobiles & Components)*		43,624
	14,950	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		54,788
				3,617,889
Common Stocks – (continued)
Czech Republic – 0.5%
	22,231	Moneta Money Bank A/S (Banks)(a)		50,467
Greece – 0.9%
	6,245	JUMBO SA (Retailing)		87,532
Hong Kong – 5.2%
	19,800	AIA Group Ltd. (Insurance)		188,440
	2,967	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		142,175
	69,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		69,897
	6,000	Techtronic Industries Co. Ltd. (Capital Goods)		80,816
				481,328
India – 10.6%
	2,095	Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)		63,338
	9,051	Bharti Airtel Ltd. (Telecommunication Services)		52,921
	1,273	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		53,947
	5,610	ICICI Lombard General Insurance Co. Ltd. (Insurance)*(a)		93,504
	2,383	Info Edge India Ltd. (Media & Entertainment)		114,066
	8,862	Infosys Ltd. (Software & Services)		126,967
	4,438	Infosys Ltd. ADR (Software & Services)		63,330
	7,325	Kotak Mahindra Bank Ltd. (Banks)*		152,862
	1,859	Larsen & Toubro Infotech Ltd. (Software & Services)(a)		73,353
	1,410	Maruti Suzuki India Ltd. (Automobiles & Components)		132,433
	5,163	SBI Life Insurance Co. Ltd. (Insurance)*(a)		53,559
				980,280
Indonesia – 1.5%
	69,700	Bank Central Asia Tbk. PT (Banks)		137,146
Mexico – 2.1%
	10,800	Arca Continental SAB de CV (Food Products)		47,021
	21,865	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		32,501
	46,300	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		111,867
				191,389
Peru – 0.8%
	336	Credicorp Ltd. (Banks)		38,532
	1,753	Intercorp Financial Services, Inc. (Banks)		36,410
				74,942
Philippines – 0.3%
	8,820	Jollibee Foods Corp. (Consumer Services)		30,933

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Poland – 0.4%
	178	Allegro.eu SA (Retailing)*(a)	$	3,618
	7,470	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		35,835
				39,453
Russia – 3.6%
	28,650	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		48,388
	11,875	Sberbank of Russia PJSC ADR (Banks)		120,056
	2,800	Yandex NV Class A (Media & Entertainment)*		161,196
				329,640
South Africa – 1.6%
	2,286	Bid Corp. Ltd. (Food & Staples Retailing)		31,473
	5,096	Clicks Group Ltd. (Food & Staples Retailing)		73,886
	2,646	Santam Ltd. (Insurance)		39,917
				145,276
South Korea – 12.3%
	1,216	LG Electronics, Inc. (Consumer Durables & Apparel)		90,397
	698	NAVER Corp. (Media & Entertainment)		178,598
	199	NCSoft Corp. (Media & Entertainment)		136,730
	751	Orion Corp. (Food Products)		71,960
	196	Pearl Abyss Corp. (Media & Entertainment)*		34,857
	379	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		45,047
	8,530	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		428,766
	2,074	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		147,135
				1,133,490
Taiwan – 11.6%
	15,440	Chailease Holding Co. Ltd. (Diversified Financials)		75,006
	1,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		106,199
	3,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		33,822
	680	Sea Ltd. ADR (Media & Entertainment)*		107,236
	45,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		680,835
	6,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		65,456
				1,068,554
Thailand – 0.5%
	27,000	Airports of Thailand PCL (Transportation)		44,767
Common Stocks – (continued)
Turkey – 0.5%
	31,596	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		42,636
	TOTAL COMMON STOCKS
	(Cost $7,101,669)		$	9,019,485

Shares	Dividend Rate	Value
Investment Company(b) – 1.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
122,590	0.028%	$	122,590
(Cost $122,590)
TOTAL INVESTMENTS – 98.9%
(Cost $7,224,259)		$	9,142,075
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			105,376
NET ASSETS – 100.0%		$	9,247,451

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 88.8%
Bangladesh – 1.5%
	653,285	BRAC Bank Ltd. (Banks)	$	321,738
Brazil – 1.7%
	112,600	Atacadao SA (Food & Staples Retailing)*		362,058
China – 28.7%
	5,747	Alibaba Group Holding Ltd. ADR (Retailing)*		1,751,053
	132,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		346,161
	14,627	Baozun, Inc. ADR (Retailing)*(a)		535,202
	275,000	Flat Glass Group Co. Ltd. Class H (Semiconductors & Semiconductor Equipment)		821,574
	162,800	Haier Smart Home Co. Ltd. Class A (Consumer Durables & Apparel)		605,768
	116,500	Li Ning Co. Ltd. (Consumer Durables & Apparel)		607,191
	104,000	Minth Group Ltd. (Automobiles & Components)		430,352
	7,453	TAL Education Group ADR (Consumer Services)*		495,326
	11,367	XPeng, Inc. ADR (Automobiles & Components)*		220,293
	118,800	Zhuzhou CRRC Times Electric Co. Ltd. Class H (Capital Goods)		365,844
				6,178,764
Egypt – 0.6%
	467,953	Cleopatra Hospital (Health Care Equipment & Services)*		141,876
Hong Kong – 3.4%
	76,200	AIA Group Ltd. (Insurance)		725,209
India – 7.9%
	15,083	HDFC Bank Ltd. ADR (Banks)*		866,367
	79,069	ICICI Bank Ltd. ADR (Banks)*		834,178
				1,700,545
Indonesia – 0.5%
	55,600	Bank Central Asia Tbk. PT (Banks)		109,402
Philippines – 2.3%
	320,730	Bank of the Philippine Islands (Banks)		486,439
Poland – 1.1%
	4,346	Dino Polska SA (Food & Staples Retailing)*(b)		238,941
Russia – 2.8%
	10,520	Yandex NV Class A (Media & Entertainment)*		605,636
Saudi Arabia – 1.7%
	21,659	Leejam Sports Co. JSC (Consumer Services)		357,489
South Africa – 11.6%
	12,817	Naspers Ltd. Class N (Retailing)*		2,502,232
Common Stocks – (continued)
South Korea – 8.3%
	7,291	Cosmax, Inc. (Household & Personal Products)		679,096
	1,084	LG Chem Ltd. (Materials)		591,085
	8,559	LG Corp. (Capital Goods)		512,505
				1,782,686
Taiwan – 12.6%
	159,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		1,057,894
	85,000	Merida Industry Co. Ltd. (Consumer Durables & Apparel)		828,707
	577	Sea Ltd. ADR (Media & Entertainment)*		90,993
	49,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		741,354
				2,718,948
Vietnam – 4.1%
	396,613	FPT Corp. (Technology Hardware & Equipment)		882,682
	TOTAL COMMON STOCKS
	(Cost $16,295,035)		$	19,114,645
Exchange Traded Fund(a) – 6.6%
	39,040	iShares, Inc. iShares ESG Aware MSCI EM ETF	$	1,414,810
	(Cost $1,455,015)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $17,750,050)		$	20,529,455

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 5.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,270,175	0.028%	$	1,270,175
(Cost $1,270,175)
TOTAL INVESTMENTS – 101.3%
(Cost $19,020,225)		$	21,799,630
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.3)%			(284,633	)
NET ASSETS – 100.0%		$	21,514,997

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Schedule of Investments (continued)

October 31, 2020

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 95.6%
China – 2.2%
	152,464	XPeng, Inc. ADR (Automobiles & Components)*	$	2,954,752
Denmark – 5.2%
	11,919	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		3,981,245
	47,799	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		3,047,935
				7,029,180
Finland – 1.9%
	49,997	Neste OYJ (Energy)		2,607,521
France – 5.2%
	105,376	BNP Paribas SA (Banks)*		3,674,965
	41,215	Vinci SA (Capital Goods)		3,255,372
				6,930,337
Germany – 5.4%
	63,002	CTS Eventim AG & Co. KGaA (Media & Entertainment)*		2,792,714
	161,034	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		4,483,377
				7,276,091
Japan – 15.8%
	33,200	Hoya Corp. (Health Care Equipment & Services)		3,746,850
	6,700	Keyence Corp. (Technology Hardware & Equipment)		3,040,611
	38,200	Nidec Corp. (Capital Goods)		3,858,279
	14,600	Obic Co. Ltd. (Software & Services)		2,584,828
	197,500	ORIX Corp. (Diversified Financials)		2,309,809
	45,200	Shiseido Co. Ltd. (Household & Personal Products)		2,798,198
	92,973	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,873,109
				21,211,684
Netherlands – 6.0%
	112,708	Aalberts NV (Capital Goods)		3,781,253
	27,200	Koninklijke DSM NV (Materials)		4,350,028
				8,131,281
Singapore – 1.6%
	142,480	DBS Group Holdings Ltd. (Banks)		2,122,362
Spain – 8.5%
	1,051,637	Banco Bilbao Vizcaya Argentaria SA (Banks)		3,034,134
	65,850	Cellnex Telecom SA (Telecommunication Services)(a)		4,226,974
	348,851	Iberdrola SA (Utilities)		4,119,085
				11,380,193
Common Stocks – (continued)
Sweden – 3.9%
	114,340	Assa Abloy AB Class B (Capital Goods)		2,450,588
	37,252	Hexagon AB Class B (Technology Hardware & Equipment)		2,730,467
				5,181,055
Switzerland – 10.8%
	308,086	Credit Suisse Group AG (Registered) (Diversified Financials)		2,905,676
	56,451	Nestle SA (Registered) (Food Products)		6,349,492
	15,991	Zurich Insurance Group AG (Insurance)		5,311,341
				14,566,509
Taiwan – 4.3%
	68,795	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		5,769,837
United Kingdom – 21.2%
	44,284	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		4,446,357
	172,358	Compass Group plc (Consumer Services)		2,359,193
	1,167,073	DS Smith plc (Materials)		4,281,059
	74,131	Experian plc (Commercial & Professional Services)		2,715,708
	522,383	Informa plc (Media & Entertainment)		2,834,261
	78,517	InterContinental Hotels Group plc (Consumer Services)		3,989,466
	42,411	Reckitt Benckiser Group plc (Household & Personal Products)		3,735,923
	611,164	Rentokil Initial plc (Commercial & Professional Services)		4,160,934
				28,522,901
United States – 3.6%
	49,193	Ferguson plc (Capital Goods)		4,885,897
	TOTAL COMMON STOCKS
	(Cost $124,933,746)		$	128,569,600

Shares	Dividend Rate	Value
Investment Company(b) – 0.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,007,817	0.028%	$	1,007,817
(Cost $1,007,817)
TOTAL INVESTMENTS – 96.3%
(Cost $125,941,563)		$	129,577,417
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.7%			4,976,929
NET ASSETS – 100.0%		$	134,554,346

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

October 31, 2020

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 99.5%
Australia – 6.2%
	43,559	Rio Tinto plc (Materials)	$	2,463,759
	291,144	Sydney Airport (Transportation)		1,116,270
				3,580,029
Denmark – 2.6%
	22,994	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,466,228
Finland – 2.3%
	177,589	Nordea Bank Abp (Banks)		1,332,853
France – 14.4%
	43,458	BNP Paribas SA (Banks)*		1,515,588
	17,542	Gecina SA (REIT)		2,177,717
	52,596	Klepierre SA (REIT)		666,397
	18,992	Schneider Electric SE (Capital Goods)		2,307,652
	20,578	Vinci SA (Capital Goods)		1,625,356
				8,292,710
Germany – 4.1%
	37,261	Vonovia SE (Real Estate)		2,379,619
Italy – 4.1%
	293,556	Enel SpA (Utilities)		2,333,919
Japan – 6.5%
	84,800	ORIX Corp. (Diversified Financials)		991,756
	49,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,523,499
	21,800	Trend Micro, Inc. (Software & Services)		1,221,130
				3,736,385
Netherlands – 5.6%
	712,728	Koninklijke KPN NV (Telecommunication Services)		1,924,923
	100,202	Royal Dutch Shell plc Class A (Energy)		1,260,490
				3,185,413
Singapore – 3.4%
	64,000	DBS Group Holdings Ltd. (Banks)		953,335
	159,800	Singapore Exchange Ltd. (Diversified Financials)		1,013,508
				1,966,843
Spain – 4.7%
	41,895	Ferrovial SA (Capital Goods)		907,343
	151,629	Iberdrola SA (Utilities)		1,790,371
				2,697,714
Switzerland – 18.3%
	28,395	Nestle SA (Registered) (Food Products)		3,193,811
	20,603	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,605,439
Common Stocks – (continued)
Switzerland – (continued)
	23,170	Swiss Re AG (Insurance)		1,662,693
	142,382	UBS Group AG (Registered) (Diversified Financials)		1,657,608
	7,163	Zurich Insurance Group AG (Insurance)		2,379,159
				10,498,710
Taiwan – 4.0%
	153,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,314,840
United Kingdom – 19.8%
	24,726	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		2,482,626
	364,901	BP plc (Energy)		930,748
	31,019	Coca-Cola European Partners plc (Food Products)		1,107,688
	442,361	DS Smith plc (Materials)		1,622,669
	62,919	GlaxoSmithKline plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,050,653
	101,354	National Grid plc (Utilities)		1,205,656
	13,294	Reckitt Benckiser Group plc (Household & Personal Products)		1,171,049
	31,528	Unilever plc (Household & Personal Products)		1,796,745
				11,367,834
United States – 3.5%
	20,362	Ferguson plc (Capital Goods)		2,022,374
	TOTAL INVESTMENTS – 99.5%
	(Cost $63,087,760)		$	57,175,471
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			293,880
	NET ASSETS – 100.0%		$	57,469,351

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities

October 31, 2020

	China Equity Fund		Emerging Markets Equity Fund		ESG Emerging Markets Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $58,073,146, $1,917,132,462 and $7,101,669)(a)	$	85,302,144	$	2,442,708,292	$	9,019,485
Investments in affiliated issuers, at value (cost $2,236,989, $12,529,663 and $122,590)		2,236,989		12,529,663		122,590
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $20,507,250 and $0)		—		20,507,250		—
Cash		508,422		5,000,149		63,594
Foreign currencies, at value (cost $71,235, $5,948,507 and $40,369)		69,758		5,942,235		39,788
Receivables:
Fund shares sold		874,135		3,395,759		264
Reimbursement from investment adviser		50,273		123,880		53,270
Dividends		42,620		1,418,344		4,620
Investments sold		—		205,450		—
Foreign tax reclaims		—		153,521		1,610
Securities lending income		—		10,614		—
Other assets		30,632		74,719		31,384
Total assets		89,114,973		2,492,069,876		9,336,605
Liabilities:
Payables:
Investments purchased		769,247		12,673,726		—
Management fees		72,309		2,079,795		7,658
Distribution and Service fees and Transfer Agency fees		7,464		175,077		509
Fund shares redeemed		117		2,191,269		—
Payable upon return of securities loaned		—		20,507,250		—
Foreign capital gains taxes		—		3,936,781		1,209
Accrued expenses		113,573		628,160		79,778
Total liabilities		962,710		42,192,058		89,154
Net Assets:
Paid-in capital		55,890,720		2,145,751,429		7,758,996
Total distributable earnings (loss)		32,261,543		304,126,389		1,488,455
NET ASSETS	$	88,152,263	$	2,449,877,818	$	9,247,451
Net Assets:
Class A	$	18,617,149	$	247,764,847	$	92,402
Class C		973,093		23,424,552		58,050
Institutional		10,824,245		1,479,859,098		8,630,976
Service		—		26,329,372		—
Investor		761,850		147,385,920		59,467
Class R6		631,343		53,424,465		65,221
Class R		—		—		254,861
Class P		56,344,583		471,689,564		86,474
Total Net Assets	$	88,152,263	$	2,449,877,818	$	9,247,451
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		503,353		10,425,919		7,879
Class C		29,460		1,106,949		5,000
Institutional		273,910		57,952,313		733,562
Service		—		1,146,266		—
Investor		19,396		5,818,465		5,058
Class R6		16,029		2,082,884		5,542
Class R		—		—		21,824
Class P		1,430,019		18,390,436		7,348
Net asset value, offering and redemption price per share:(b)
Class A		$36.99		$23.76		$11.73
Class C		33.03		21.16		11.61
Institutional		39.52		25.54		11.77
Service		—		22.97		—
Investor		39.28		25.33		11.76
Class R6		39.39		25.65		11.77
Class R		—		—		11.68
Class P		39.40		25.65		11.77

(a) Includes loaned securities having a market value of $19,709,784 for the Emerging Markets Equity Fund.

(b) Maximum public offering price per share for Class A Shares of the China Equity, Emerging Markets Equity and ESG Emerging Markets Equity Funds is $39.14, $25.14 and 12.41, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities (continued)

October 31, 2020

	Imprint Emerging Markets Opportunities Fund			International Equity ESG Fund			International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $17,750,050, $124,933,746 and $63,087,760)(a)	$	20,529,455		$	128,569,600		$	57,175,471
Investments in affiliated issuers, at value (cost $0, $1,007,817 and $0)		—			1,007,817			—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,270,175, $0 and $0)		1,270,175			—			—
Cash		—			500,000			4,266
Foreign currencies, at value (cost $720,650, $29,520 and $23,001)		721,521			27,565			22,747
Receivables:
Investments sold		998,401			3,937,941			—
Reimbursement from investment adviser		59,945			62,121			44,844
Dividends		16,937			209,283			145,524
Foreign tax reclaims		7,963			478,871			308,003
Securities lending income		5,025			31			501
Fund shares sold		—			172,285			26,907
Other assets		21,181			54,330			44,004
Total assets		23,630,603			135,019,844			57,772,267
Liabilities:
Payables:
Payable upon return of securities loaned		1,270,175			—			—
Due to custodian		662,444			—			—
Management fees		19,455			97,483			43,090
Foreign capital gains taxes		7,465			—			—
Distribution and Service fees and Transfer Agency fees		2,535			21,593			9,448
Investments purchased		204			51			—
Fund shares redeemed		—			78,028			87,354
Accrued expenses		153,328			268,343			163,024
Total liabilities		2,115,606			465,498			302,916
Net Assets:
Paid-in capital		79,751,044			136,413,899			66,380,751
Total distributable earnings (loss)		(58,236,047	)		(1,859,553	)		(8,911,400	)
NET ASSETS	$	21,514,997		$	134,554,346		$	57,469,351
Net Assets:
Class A	$	3,256,143		$	33,927,268		$	13,669,475
Class C		782,082			9,369,241			1,513,708
Institutional		3,407,614			23,137,174			10,050,950
Service		—			4,256			—
Investor		1,021,229			1,298,167			8,958,379
Class R6		8,783			1,980,683			2,304,310
Class R		—			—			173,386
Class P		13,039,146			64,837,557			20,799,143
Total Net Assets	$	21,514,997		$	134,554,346		$	57,469,351
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		381,021			1,614,470			1,184,445
Class C		96,288			481,925			149,228
Institutional		397,246			1,074,471			824,000
Service		—			193			—
Investor		118,822			60,632			777,958
Class R6		1,024			92,498			189,202
Class R		—			—			14,950
Class P		1,522,286			3,027,631			1,708,935
Net asset value, offering and redemption price per share:(b)
Class A		$8.55			$21.01			$11.54
Class C		8.12			19.44			10.14
Institutional		8.58			21.53			12.20
Service		—			22.00	(c)		—
Investor		8.59			21.41			11.52
Class R6		8.57	(c)		21.41			12.18
Class R		—			—			11.60
Class P		8.57			21.42			12.17

(a) Includes loaned securities having a market value of $1,222,885 for the Imprint Emerging Markets Opportunities Fund.

(b) Maximum public offering price per share for Class A Shares of the Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income Funds is $9.05, $22.22 and $12.21, 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.

(c) Net asset value may not recalculate due to rounding of fractional shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2020

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $71,255, $4,793,274 and $14,861)	$	860,705		$	41,562,890		$	109,499
Dividends — affiliated issuers		2,620			121,109			92
Securities lending income — affiliated issuer		1,666			150,780			—
Interest		—			2,155			—
Total investment income		864,991			41,836,934			109,591
Expenses:
Management fees		717,697			20,748,819			76,743
Professional fees		166,102			118,433			137,922
Custody, accounting and administrative services		100,745			1,491,187			74,001
Registration fees		88,276			219,899			96,243
Printing and mailing costs		49,429			292,525			26,039
Distribution and Service (12b-1) fees(a)		44,800			836,980			1,553
Transfer Agency fees(a)		44,425			1,281,933			3,598
Trustee fees		20,003			22,934			19,909
Service fees — Class C		2,444			64,390			129
Shareholder administration fees — Service Shares		—			60,786			—
Other		68,738			124,896			23,253
Total expenses		1,302,659			25,262,782			459,390
Less — expense reductions		(423,399	)		(340,438	)		(367,874	)
Net expenses		879,260			24,922,344			91,516
NET INVESTMENT INCOME (LOSS)		(14,269	)		16,914,590			18,075
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		6,777,741			(68,017,428	)		(164,155	)
Foreign currency transactions		(66,475	)		(11,374,385	)		(9,067	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $411,517, $939,193 and $11,902)		20,502,820			437,571,065			1,651,794
Foreign currency translation		(156,025	)		(1,458,627	)		(7,098	)
Net realized and unrealized gain		27,058,061			356,720,625			1,471,474
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	27,043,792		$	373,635,215		$	1,489,549

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
China Equity	$	37,467	$	7,333	$	—	$	—	$	24,896	$	1,630	$	3,084	$	—	$	472	$	122	$	—	$	14,221
Emerging Markets Equity		583,024		193,170		60,786		—		388,083		43,035		475,205		9,697		235,892		7,108		—		122,913
ESG Emerging Markets Equity		190		384		—		979		126		85		2,955		—		87		16		325		4	(b)

(b) Commenced operations on January 21, 2020.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended October 31, 2020

	Imprint Emerging Markets Opportunities Fund			International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $26,280, $254,744 and $292,252)	$	225,545		$	1,804,068		$	2,095,384
Securities lending income — affiliated issuer		14,700			847			2,594
Interest		2,786			—			—
Dividends — affiliated issuers		135			21,136			14,109
Total investment income		243,166			1,826,051			2,112,087
Expenses:
Management fees		218,296			1,081,563			530,237
Professional fees		215,395			145,205			131,436
Custody, accounting and administrative services		113,800			109,174			112,338
Registration fees		86,714			117,924			107,868
Printing and mailing costs		32,571			93,364			65,574
Trustee fees		19,926			20,082			19,998
Distribution and Service (12b-1) fees(a)		14,993			156,354			51,738
Transfer Agency fees(a)		13,685			100,116			57,760
Service fees — Class C		2,390			24,064			4,282
Shareholder administration fees — Service Shares		—			9			—
Other		71,925			52,272			27,522
Total expenses		789,695			1,900,127			1,108,753
Less — expense reductions		(506,714	)		(585,593	)		(457,984	)
Net expenses		282,981			1,314,534			650,769
NET INVESTMENT INCOME (LOSS)		(39,815	)		511,517			1,461,318
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,542,061	)		8,240,437			(518,987	)
Foreign currency transactions		(26,475	)		32,813			8,463
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		2,573,642			(2,547,120	)		(9,068,687	)
Foreign currency translation		1,335			18,716			18,017
Net realized and unrealized gain (loss)		6,441			5,744,846			(9,561,194	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(33,374	)	$	6,256,363		$	(8,099,876	)

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Imprint Emerging Markets Opportunities	$	7,822	$	7,171	$	—	$	—	$	5,213	$	1,599	$	1,338	$	1,860	$	4	$	—	$	3,671
International Equity ESG		84,150		72,193		11		—		56,052		16,058		7,152		1,264		351		—		19,239
International Equity Income		38,139		12,846		—		753		25,436		2,856		4,129		16,417		397		250		8,275

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets

	China Equity Fund						Emerging Markets Equity Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	(14,269	)	$	331,276		$	16,914,590		$	11,647,844
Net realized gain (loss)		6,711,266			(1,370,912	)		(79,391,813	)		(45,923,674	)
Net change in unrealized gain		20,346,795			13,831,545			436,112,438			301,566,373
Net increase in net assets resulting from operations		27,043,792			12,791,909			373,635,215			267,290,543
Distributions to shareholders:
From distributable earnings:
Class A Shares		(80,753	)		(889,921	)		(2,087,916	)		(673,495	)
Class C Shares		—			(72,137	)		(31,816	)		—
Institutional Shares		(54,582	)		(433,817	)		(11,063,936	)		(5,268,709	)
Service Shares		—			—			(191,831	)		(49,751	)
Investor Shares		(1,881	)		(17,126	)		(1,412,911	)		(901,707	)
Class R6 Shares		(3,753	)		(539	)		(290,245	)		(296,454	)
Class P Shares		(459,995	)		(3,162,940	)		(4,624,350	)		(2,644,053	)
Total distributions to shareholders		(600,964	)		(4,576,480	)		(19,703,005	)		(9,834,169	)
From share transactions:
Proceeds from sales of shares		13,135,019			5,319,738			1,041,975,752			780,205,137
Reinvestment of distributions		595,251			4,525,522			17,567,215			8,902,639
Cost of shares redeemed		(25,971,258	)		(14,323,926	)		(738,651,137	)		(644,514,588	)
Net increase (decrease) in net assets resulting from share transactions		(12,240,988	)		(4,478,666	)		320,891,830			144,593,188
TOTAL INCREASE		14,201,840			3,736,763			674,824,040			402,049,562
Net Assets:
Beginning of year		73,950,423			70,213,660			1,775,053,778			1,373,004,216
End of year	$	88,152,263		$	73,950,423		$	2,449,877,818		$	1,775,053,778

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	ESG Emerging Markets Equity Fund						Imprint Emerging Markets Opportunities Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income (loss)	$	18,075		$	59,539		$	(39,815	)	$	1,290,158
Net realized gain (loss)		(173,222	)		(138,804	)		(2,568,536	)		2,721,312
Net change in unrealized gain (loss)		1,644,696			1,276,626			2,574,977			(1,640,699	)
Net increase (decrease) in net assets resulting from operations		1,489,549			1,197,361			(33,374	)		2,370,771
Distributions to shareholders:
From distributable earnings:
Class A Shares		(280	)		(100	)		(164,432	)		(43,316	)
Class C Shares		—			—			(46,762	)		—
Institutional Shares		(64,061	)		(27,540	)		(204,776	)		(148,258	)
Investor Shares		(400	)		(167	)		(72,847	)		(18,320	)
Class R6 Shares		(471	)		(206	)		(446	)		(117	)
Class R Shares		(1,009	)		(34	)		—			—
Class P Shares		—	(a)		—			(733,414	)		(211,532	)
Total distributions to shareholders		(66,221	)		(28,047	)		(1,222,677	)		(421,543	)
From share transactions:
Proceeds from sales of shares		728,979			1,219,951			5,681,621			1,128,191
Reinvestment of distributions		66,221			28,047			1,214,908			414,427
Cost of shares redeemed		(249,783	)		(1,027,311	)		(7,867,646	)		(20,612,037	)
Net increase (decrease) in net assets resulting from share transactions		545,417			220,687			(971,117	)		(19,069,419	)
TOTAL INCREASE (DECREASE)		1,968,745			1,390,001			(2,227,168	)		(17,120,191	)
Net Assets:
Beginning of year		7,278,706			5,888,705			23,742,165			40,862,356
End of year	$	9,247,451		$	7,278,706		$	21,514,997		$	23,742,165

(a) Commenced operations on January 21, 2020.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	International Equity ESG Fund						International Equity Income Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	511,517		$	2,251,874		$	1,461,318		$	1,651,593
Net realized gain (loss)		8,273,250			(5,757,963	)		(510,524	)		(2,811,033	)
Net change in unrealized gain (loss)		(2,528,404	)		24,154,912			(9,050,670	)		9,472,790
Net increase (decrease) in net assets resulting from operations		6,256,363			20,648,823			(8,099,876	)		8,313,350
Distributions to shareholders:
From distributable earnings:
Class A Shares		(607,729	)		(465,302	)		(609,078	)		(1,987,104	)
Class C Shares		(117,372	)		(23,970	)		(54,686	)		(225,027	)
Institutional Shares		(161,245	)		(86,276	)		(341,933	)		(318,215	)
Service Shares		(65	)		(43	)		—			—
Investor Shares		(12,522	)		(5,613	)		(303,964	)		(47,321	)
Class R6 Shares		(9,509	)		(196	)		(32,808	)		(8,522	)
Class R Shares		—			—			(3,596	)		(10,840	)
Class P Shares		(1,391,936	)		(1,603,197	)		(1,237,682	)		(3,790,562	)
Total distributions to shareholders		(2,300,378	)		(2,184,597	)		(2,583,747	)		(6,387,591	)
From share transactions:
Proceeds from sales of shares		30,746,192			29,120,933			40,928,620			9,295,378
Reinvestment of distributions		2,269,283			2,160,928			2,561,342			6,309,522
Cost of shares redeemed		(25,612,098	)		(73,381,271	)		(35,481,004	)		(9,001,452	)
Net increase (decrease) in net assets resulting from share transactions		7,403,377			(42,099,410	)		8,008,958			6,603,448
TOTAL INCREASE (DECREASE)		11,359,362			(23,635,184	)		(2,674,665	)		8,529,207
Net Assets:
Beginning of year		123,194,984			146,830,168			60,144,016			51,614,809
End of year	$	134,554,346		$	123,194,984		$	57,469,351		$	60,144,016

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs China Equity Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	25.87		$	23.13		$	27.69		$	21.08		$	20.28
Net investment income (loss)(a)		(0.07	)		0.04			0.05			(0.02	)(b)		(0.02	)
Net realized and unrealized gain (loss)		11.35			4.23			(4.22	)		6.63			0.82
Total from investment operations		11.28			4.27			(4.17	)		6.61			0.80
Distributions to shareholders from net investment income		(0.16	)		(0.04	)		—			—			—
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—
Total distributions		(0.16	)		(1.53	)		(0.39	)		—			—
Net asset value, end of year	$	36.99		$	25.87		$	23.13		$	27.69		$	21.08
Total return(c)		43.67	%		19.54	%		(15.32	)%		31.36	%		3.93	%
Net assets, end of year (in 000s)	$	18,617		$	13,397		$	13,598		$	16,860		$	14,975
Ratio of net expenses to average net assets		1.47	%		1.51	%		1.54	%		1.55	%		1.60	%
Ratio of total expenses to average net assets		2.11	%		2.10	%		1.91	%		2.03	%		2.18	%
Ratio of net investment income (loss) to average net assets		(0.24	)%		0.17	%		0.17	%		(0.09	)%(b)		(0.08	)%
Portfolio turnover rate(d)		106	%		20	%		39	%		89	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(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. 57

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs China Equity Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	23.14		$	20.95		$	25.31		$	19.41		$	18.81
Net investment loss(a)		(0.26	)		(0.14	)		(0.13	)		(0.17	)(b)		(0.15	)
Net realized and unrealized gain (loss)		10.15			3.82			(3.84	)		6.07			0.75
Total from investment operations		9.89			3.68			(3.97	)		5.90			0.60
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—
Net asset value, end of year	$	33.03		$	23.14		$	20.95		$	25.31		$	19.41
Total return(c)		42.60	%		18.66	%		(15.94	)%		30.35	%		3.18	%
Net assets, end of year (in 000s)	$	973		$	896		$	1,318		$	1,732		$	1,810
Ratio of net expenses to average net assets		2.21	%		2.27	%		2.29	%		2.30	%		2.35	%
Ratio of total expenses to average net assets		2.85	%		2.85	%		2.66	%		2.78	%		2.93	%
Ratio of net investment loss to average net assets		(0.98	)%		(0.63	)%		(0.52	)%		(0.79	)%(b)		(0.83	)%
Portfolio turnover rate(d)		106	%		20	%		39	%		89	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(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.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs China Equity Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	27.63		$	24.56		$	29.28		$	22.20		$	21.27
Net investment income(a)		0.05			0.14			0.19			0.09	(b)		0.07
Net realized and unrealized gain (loss)		12.09			4.50			(4.51	)		6.99			0.86
Total from investment operations		12.14			4.64			(4.32	)		7.08			0.93
Distributions to shareholders from net investment income		(0.25	)		(0.08	)		(0.01	)		—			—
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—
Total distributions		(0.25	)		(1.57	)		(0.40	)		—			—
Net asset value, end of year	$	39.52		$	27.63		$	24.56		$	29.28		$	22.20
Total return(c)		44.13	%		19.98	%		(14.98	)%		31.91	%		4.31	%
Net assets, end of year (in 000s)	$	10,824		$	6,327		$	6,997		$	62,843		$	56,077
Ratio of net expenses to average net assets		1.15	%		1.15	%		1.15	%		1.15	%		1.20	%
Ratio of total expenses to average net assets		1.74	%		1.71	%		1.47	%		1.63	%		1.78	%
Ratio of net investment income to average net assets		0.17	%		0.54	%		0.63	%		0.36	%(b)		0.32	%
Portfolio turnover rate(d)		106	%		20	%		39	%		89	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(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. 59

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs China Equity Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	27.46		$	24.41		$	29.14		$	22.12		$	21.23
Net investment income(b)		0.01			0.09			0.15			0.06	(c)		0.06
Net realized and unrealized gain (loss)		12.03			4.50			(4.48	)		6.96			0.83
Total from investment operations		12.04			4.59			(4.33	)		7.02			0.89
Distributions to shareholders from net investment income		(0.22	)		(0.05	)		(0.01	)		—			—
Distributions to shareholders from net realized gains		—			(1.49	)		(0.39	)		—			—
Total distributions		(0.22	)		(1.54	)		(0.40	)		—			—
Net asset value, end of year	$	39.28		$	27.46		$	24.41		$	29.14		$	22.12
Total return(d)		44.01	%		19.86	%		(15.11	)%		31.74	%		4.18	%
Net assets, end of year (in 000s)	$	762		$	226		$	392		$	136		$	57
Ratio of net expenses to average net assets		1.22	%		1.27	%		1.29	%		1.30	%		1.34	%
Ratio of total expenses to average net assets		1.86	%		1.85	%		1.63	%		1.78	%		1.93	%
Ratio of net investment income to average net assets		0.04	%		0.35	%		0.52	%		0.24	%(c)		0.27	%
Portfolio turnover rate(e)		106	%		20	%		39	%		89	%		111	%

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

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

(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.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class R6 Shares
	Year Ended October 31,						February 28, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	27.54		$	24.56		$	30.83
Net investment income (loss)(a)		(0.02	)		0.15			0.19
Net realized and unrealized gain (loss)		12.13			4.48			(6.46	)
Total from investment operations		12.11			4.63			(6.27	)
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(1.49	)		—
Total distributions		(0.26	)		(1.65	)		—
Net asset value, end of period	$	39.39		$	27.54		$	24.56
Total return(b)		44.15	%		19.96	%		(20.34	)%
Net assets, end of period (in 000s)	$	631		$	432		$	8
Ratio of net expenses to average net assets		1.14	%		1.15	%		1.15	%(c)
Ratio of total expenses to average net assets		1.71	%		1.70	%		1.55	%(c)
Ratio of net investment income (loss) to average net assets		(0.07	)%		0.57	%		1.00	%(c)
Portfolio turnover rate(d)		106	%		20	%		39	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	27.55		$	24.57		$	30.61
Net investment income(a)		0.01			0.14			0.09
Net realized and unrealized gain (loss)		12.10			4.49			(6.13	)
Total from investment operations		12.11			4.63			(6.04	)
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(1.49	)		—
Total distributions		(0.26	)		(1.65	)		—
Net asset value, end of period	$	39.40		$	27.55		$	24.57
Total return(b)		44.17	%		19.98	%		(19.73	)%
Net assets, end of period (in 000s)	$	56,345		$	52,673		$	47,901
Ratio of net expenses to average net assets		1.14	%		1.15	%		1.14	%(c)
Ratio of total expenses to average net assets		1.71	%		1.70	%		1.77	%(c)
Ratio of net investment income to average net assets		0.04	%		0.55	%		0.59	%(c)
Portfolio turnover rate(d)		106	%		20	%		39	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	20.35		$	17.18		$	20.91		$	16.23		$	14.75
Net investment income(a)		0.11			0.07			0.10			0.05	(b)		0.04
Net realized and unrealized gain (loss)		3.49			3.18			(3.69	)		4.74			1.44
Total from investment operations		3.60			3.25			(3.59	)		4.79			1.48
Distributions to shareholders from net investment income		(0.19	)		(0.08	)		(0.14	)		(0.11	)		—
Net asset value, end of year	$	23.76		$	20.35		$	17.18		$	20.91		$	16.23
Total return(c)		17.77	%		19.03	%		(17.32	)%		29.78	%		10.01	%
Net assets, end of year (in 000s)	$	247,765		$	230,234		$	152,596		$	85,679		$	59,593
Ratio of net expenses to average net assets		1.49	%		1.55	%		1.56	%		1.57	%		1.65	%
Ratio of total expenses to average net assets		1.54	%		1.58	%		1.64	%		1.75	%		1.90	%
Ratio of net investment income to average net assets		0.51	%		0.39	%		0.46	%		0.29	%(b)		0.27	%
Portfolio turnover rate(d)		31	%		33	%		52	%		113	%		92	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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. 63

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	18.12		$	15.34		$	18.72		$	14.53		$	13.31
Net investment loss(a)		(0.06	)		(0.06	)		(0.05	)		(0.09	)(b)		(0.06	)
Net realized and unrealized gain (loss)		3.12			2.84			(3.30	)		4.28			1.28
Total from investment operations		3.06			2.78			(3.35	)		4.19			1.22
Distributions to shareholders from net investment income		(0.02	)		—			(0.03	)		—			—
Net asset value, end of year	$	21.16		$	18.12		$	15.34		$	18.72		$	14.53
Total return(c)		16.85	%		18.12	%		(17.91	)%		28.84	%		9.14	%
Net assets, end of year (in 000s)	$	23,425		$	30,115		$	33,252		$	36,286		$	30,104
Ratio of net expenses to average net assets		2.24	%		2.30	%		2.31	%		2.32	%		2.40	%
Ratio of total expenses to average net assets		2.29	%		2.33	%		2.39	%		2.50	%		2.65	%
Ratio of net investment loss to average net assets		(0.34	)%		(0.33	)%		(0.25	)%		(0.55	)%(b)		(0.48	)%
Portfolio turnover rate(d)		31	%		33	%		52	%		113	%		92	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.85		$	18.43		$	22.40		$	17.38		$	15.75
Net investment income(a)		0.21			0.17			0.20			0.12	(b)		0.11
Net realized and unrealized gain (loss)		3.73			3.40			(3.96	)		5.07			1.54
Total from investment operations		3.94			3.57			(3.76	)		5.19			1.65
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		(0.21	)		(0.17	)		(0.02	)
Net asset value, end of year	$	25.54		$	21.85		$	18.43		$	22.40		$	17.38
Total return(c)		18.11	%		19.51	%		(16.99	)%		30.31	%		10.43	%
Net assets, end of year (in 000s)	$	1,479,859		$	940,632		$	678,197		$	664,085		$	445,019
Ratio of net expenses to average net assets		1.16	%		1.17	%		1.17	%		1.18	%		1.25	%
Ratio of total expenses to average net assets		1.17	%		1.19	%		1.24	%		1.36	%		1.50	%
Ratio of net investment income to average net assets		0.93	%		0.84	%		0.91	%		0.63	%(b)		0.69	%
Portfolio turnover rate(d)		31	%		33	%		52	%		113	%		92	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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. 65

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	19.68		$	16.60		$	20.21		$	15.71		$	14.29
Net investment income(a)		0.07			0.06			0.07			0.02	(b)		0.02
Net realized and unrealized gain (loss)		3.38			3.06			(3.56	)		4.59			1.40
Total from investment operations		3.45			3.12			(3.49	)		4.61			1.42
Distributions to shareholders from net investment income		(0.16	)		(0.04	)		(0.12	)		(0.11	)		—
Net asset value, end of year	$	22.97		$	19.68		$	16.60		$	20.21		$	15.71
Total return(c)		17.55	%		18.85	%		(17.38	)%		29.65	%		9.91	%
Net assets, end of year (in 000s)	$	26,329		$	24,183		$	19,922		$	26,049		$	19,069
Ratio of net expenses to average net assets		1.65	%		1.67	%		1.67	%		1.68	%		1.75	%
Ratio of total expenses to average net assets		1.67	%		1.69	%		1.75	%		1.86	%		2.00	%
Ratio of net investment income to average net assets		0.35	%		0.32	%		0.36	%		0.11	%(b)		0.17	%
Portfolio turnover rate(d)		31	%		33	%		52	%		113	%		92	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.66		$	18.28		$	22.24		$	17.27		$	15.67
Net investment income(b)		0.16			0.12			0.17			0.13	(c)		0.08
Net realized and unrealized gain (loss)		3.73			3.38			(3.94	)		5.01			1.53
Total from investment operations		3.89			3.50			(3.77	)		5.14			1.61
Distributions to shareholders from net investment income		(0.22	)		(0.12	)		(0.19	)		(0.17	)		(0.01	)
Net asset value, end of year	$	25.33		$	21.66		$	18.28		$	22.24		$	17.27
Total return(d)		18.02	%		19.31	%		(17.07	)%		30.11	%		10.26	%
Net assets, end of year (in 000s)	$	147,386		$	135,484		$	139,726		$	62,974		$	5,263
Ratio of net expenses to average net assets		1.24	%		1.30	%		1.31	%		1.31	%		1.40	%
Ratio of total expenses to average net assets		1.29	%		1.33	%		1.38	%		1.49	%		1.64	%
Ratio of net investment income to average net assets		0.70	%		0.58	%		0.79	%		0.67	%(c)		0.52	%
Portfolio turnover rate(e)		31	%		33	%		52	%		113	%		92	%

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

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

(c) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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. 67

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.94		$	18.51		$	22.41		$	17.38		$	15.74
Net investment income(a)		0.16			0.17			0.21			0.16	(b)		0.10
Net realized and unrealized gain (loss)		3.80			3.41			(4.00	)		5.05			1.56
Total from investment operations		3.96			3.58			(3.79	)		5.21			1.66
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		(0.11	)		(0.18	)		(0.02	)
Net asset value, end of year	$	25.65		$	21.94		$	18.51		$	22.41		$	17.38
Total return(c)		18.13	%		19.52	%		(16.96	)%		30.35	%		10.52	%
Net assets, end of year (in 000s)	$	53,424		$	25,387		$	37,865		$	245		$	5,012
Ratio of net expenses to average net assets		1.15	%		1.16	%		1.16	%		1.17	%		1.23	%
Ratio of total expenses to average net assets		1.16	%		1.18	%		1.21	%		1.35	%		1.44	%
Ratio of net investment income to average net assets		0.71	%		0.82	%		0.99	%		0.88	%(b)		0.57	%
Portfolio turnover rate(d)		31	%		33	%		52	%		113	%		92	%

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

(b) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

(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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	21.94		$	18.51		$	23.46
Net investment income(a)		0.19			0.17			0.10
Net realized and unrealized gain (loss)		3.77			3.41			(5.05	)
Total from investment operations		3.96			3.58			(4.95	)
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		—
Net asset value, end of period	$	25.65		$	21.94		$	18.51
Total return(b)		18.14	%		19.47	%		(21.06	)%
Net assets, end of period (in 000s)	$	471,690		$	389,019		$	311,447
Ratio of net expenses to average net assets		1.15	%		1.16	%		1.15	%(c)
Ratio of total expenses to average net assets		1.15	%		1.18	%		1.24	%(c)
Ratio of net investment income to average net assets		0.86	%		0.82	%		0.94	%(c)
Portfolio turnover rate(d)		31	%		33	%		52	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class A Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.95		$	8.40		$	10.00
Net investment income(a)		—	(b)		0.04			0.03
Net realized and unrealized gain (loss)		1.84			1.53			(1.63	)
Total from investment operations		1.84			1.57			(1.60	)
Distributions to shareholders from net investment income		(0.06	)		(0.02	)		—
Net asset value, end of period	$	11.73		$	9.95		$	8.40
Total return(c)		18.46	%		18.74	%		(16.00	)%
Net assets, end of period (in 000s)	$	92		$	50		$	42
Ratio of net expenses to average net assets		1.49	%		1.60	%		1.53	%(d)
Ratio of total expenses to average net assets		6.33	%		7.73	%		10.28	%(d)
Ratio of net investment income to average net assets		0.02	%		0.44	%		0.64	%(d)
Portfolio turnover rate(e)		28	%		57	%		23	%

 * Commencement of operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class C Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.87		$	8.37		$	10.00
Net investment loss(a)		(0.09	)		(0.03	)		—	(b)
Net realized and unrealized gain (loss)		1.83			1.53			(1.63	)
Total from investment operations		1.74			1.50			(1.63	)
Net asset value, end of period	$	11.61		$	9.87		$	8.37
Total return(c)		17.58	%		17.92	%		(16.30	)%
Net assets, end of period (in 000s)	$	58		$	49		$	42
Ratio of net expenses to average net assets		2.24	%		2.35	%		2.28	%(d)
Ratio of total expenses to average net assets		6.94	%		8.49	%		11.03	%(d)
Ratio of net investment loss to average net assets		(0.84	)%		(0.31	)%		(0.11	)%(d)
Portfolio turnover rate(e)		28	%		57	%		23	%

 * Commencement of operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Institutional Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.98		$	8.41		$	10.00
Net investment income(a)		0.03			0.08			0.04
Net realized and unrealized gain (loss)		1.85			1.53			(1.63	)
Total from investment operations		1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.09	)		(0.04	)		—
Net asset value, end of period	$	11.77		$	9.98		$	8.41
Total return(b)		18.91	%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	8,631		$	6,912		$	5,679
Ratio of net expenses to average net assets		1.14	%		1.21	%		1.14	%(c)
Ratio of total expenses to average net assets		5.83	%		7.31	%		9.89	%(c)
Ratio of net investment income to average net assets		0.26	%		0.85	%		1.03	%(c)
Portfolio turnover rate(d)		28	%		57	%		23	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Investor Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.97		$	8.41		$	10.00
Net investment income(a)		0.02			0.06			0.03
Net realized and unrealized gain (loss)		1.85			1.53			(1.62	)
Total from investment operations		1.87			1.59			(1.59	)
Distributions to shareholders from net investment income		(0.08	)		(0.03	)		—
Net asset value, end of period	$	11.76		$	9.97		$	8.41
Total return(b)		18.79	%		19.03	%		(15.90	)%
Net assets, end of period (in 000s)	$	59		$	50		$	42
Ratio of net expenses to average net assets		1.24	%		1.35	%		1.28	%(c)
Ratio of total expenses to average net assets		5.94	%		7.49	%		10.03	%(c)
Ratio of net investment income to average net assets		0.15	%		0.69	%		0.89	%(c)
Portfolio turnover rate(d)		28	%		57	%		23	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R6 Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.98		$	8.41		$	10.00
Net investment income(a)		0.03			0.08			0.04
Net realized and unrealized gain (loss)		1.85			1.53			(1.63	)
Total from investment operations		1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.09	)		(0.04	)		—
Net asset value, end of period	$	11.77		$	9.98		$	8.41
Total return(b)		18.92	%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	65		$	50		$	42
Ratio of net expenses to average net assets		1.13	%		1.20	%		1.13	%(c)
Ratio of total expenses to average net assets		5.84	%		7.34	%		9.88	%(c)
Ratio of net investment income to average net assets		0.26	%		0.84	%		1.04	%(c)
Portfolio turnover rate(d)		28	%		57	%		23	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R Shares
	Year Ended October 31,						May 31, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.94		$	8.39		$	10.00
Net investment income (loss)(a)		(0.03	)		0.01			0.02
Net realized and unrealized gain (loss)		1.83			1.55			(1.63	)
Total from investment operations		1.80			1.56			(1.61	)
Distributions to shareholders from net investment income		(0.06	)		(0.01	)		—
Net asset value, end of period	$	11.68		$	9.94		$	8.39
Total return(b)		18.11	%		18.57	%		(16.10	)%
Net assets, end of period (in 000s)	$	255		$	167		$	42
Ratio of net expenses to average net assets		1.74	%		1.92	%		1.78	%(c)
Ratio of total expenses to average net assets		6.53	%		7.68	%		10.53	%(c)
Ratio of net investment income (loss) to average net assets		(0.34	)%		0.06	%		0.39	%(c)
Portfolio turnover rate(d)		28	%		57	%		23	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs ESG Emerging Markets Equity Fund
	Class P Shares
	January 21, 2020* to October 31, 2020
Per Share Data
Net asset value, beginning of period	$	10.87
Net investment income(a)		0.03
Net realized and unrealized gain		0.87
Total from investment operations		0.90
Net asset value, end of period	$	11.77
Total return(b)		8.28	%
Net assets, end of period (in 000s)	$	86
Ratio of net expenses to average net assets		1.08	%(c)
Ratio of total expenses to average net assets		6.51	%(c)
Ratio of net investment income to average net assets		0.30	%(c)
Portfolio turnover rate(d)		28	%

 * 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.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	8.44		$	8.04		$	9.93		$	8.98		$	9.26
Net investment income (loss)(a)		(0.03	)		0.28	(b)		0.07			0.05			0.06
Net realized and unrealized gain (loss)		0.54			0.18			(1.96	)		0.90			(0.32	)
Total from investment operations		0.51			0.46			(1.89	)		0.95			(0.26	)
Distributions to shareholders from net investment income		(0.40	)		(0.06	)		—	(c)		—			(0.02	)
Net asset value, end of year	$	8.55		$	8.44		$	8.04		$	9.93		$	8.98
Total return(d)		5.95	%		5.72	%		(19.03	)%		10.58	%		(2.84	)%
Net assets, end of year (in 000s)	$	3,256		$	3,563		$	6,345		$	16,496		$	25,955
Ratio of net expenses to average net assets		1.63	%		1.73	%		1.72	%		1.73	%		1.74	%
Ratio of total expenses to average net assets		4.10	%		3.12	%		2.33	%		2.11	%		2.39	%
Ratio of net investment income (loss) to average net assets		(0.41	)%		3.24	%(b)		0.68	%		0.50	%		0.66	%
Portfolio turnover rate(e)		91	%		85	%		11	%		26	%		27	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

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

(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. 77

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	8.02		$	7.64		$	9.51		$	8.66		$	8.98
Net investment income (loss)(a)		(0.09	)		0.23	(b)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		0.51			0.15			(1.86	)		0.86			(0.31	)
Total from investment operations		0.42			0.38			(1.87	)		0.85			(0.32	)
Distributions to shareholders from net investment income		(0.32	)		—			—			—			—
Net asset value, end of year	$	8.12		$	8.02		$	7.64		$	9.51		$	8.66
Total return(c)		5.09	%		4.97	%		(19.66	)%		9.82	%		(3.55	)%
Net assets, end of year (in 000s)	$	782		$	1,249		$	2,082		$	3,854		$	5,642
Ratio of net expenses to average net assets		2.37	%		2.48	%		2.47	%		2.48	%		2.49	%
Ratio of total expenses to average net assets		4.78	%		3.87	%		3.10	%		2.84	%		3.14	%
Ratio of net investment income (loss) to average net assets		(1.18	)%		2.84	%(b)		(0.11	)%		(0.15	)%		(0.07	)%
Portfolio turnover rate(d)		91	%		85	%		11	%		26	%		27	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

(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.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	8.49		$	8.12		$	10.02		$	9.02		$	9.33
Net investment income (loss)(a)		(0.01	)		0.28	(b)		0.12			0.09			0.10
Net realized and unrealized gain (loss)		0.55			0.20			(1.99	)		0.91			(0.33	)
Total from investment operations		0.54			0.48			(1.87	)		1.00			(0.23	)
Distributions to shareholders from net investment income		(0.45	)		(0.11	)		(0.03	)		—	(c)		(0.08	)
Net asset value, end of year	$	8.58		$	8.49		$	8.12		$	10.02		$	9.02
Total return(d)		6.31	%		6.02	%		(18.62	)%		11.02	%		(2.46	)%
Net assets, end of year (in 000s)	$	3,408		$	4,082		$	12,270		$	50,730		$	58,958
Ratio of net expenses to average net assets		1.25	%		1.34	%		1.33	%		1.33	%		1.33	%
Ratio of total expenses to average net assets		3.70	%		2.71	%		1.91	%		1.67	%		1.99	%
Ratio of net investment income (loss) to average net assets		(0.06	)%		3.29	%(b)		1.24	%		0.94	%		1.08	%
Portfolio turnover rate(e)		91	%		85	%		11	%		26	%		27	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

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

(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. 79

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	8.50		$	8.09		$	9.98		$	9.00		$	9.30
Net investment income (loss)(b)		(0.02	)		0.27	(c)		0.08			0.08			0.08
Net realized and unrealized gain (loss)		0.55			0.21			(1.95	)		0.90			(0.32	)
Total from investment operations		0.53			0.48			(1.87	)		0.98			(0.24	)
Distributions to shareholders from net investment income		(0.44	)		(0.07	)		(0.02	)		—			(0.06	)
Net asset value, end of year	$	8.59		$	8.50		$	8.09		$	9.98		$	9.00
Total return(d)		6.10	%		6.00	%		(18.82	)%		10.89	%		(2.59	)%
Net assets, end of year (in 000s)	$	1,021		$	1,465		$	5,633		$	8,613		$	9,436
Ratio of net expenses to average net assets		1.38	%		1.49	%		1.47	%		1.48	%		1.48	%
Ratio of total expenses to average net assets		3.77	%		2.85	%		2.11	%		1.80	%		2.14	%
Ratio of net investment income (loss) to average net assets		(0.23	)%		3.21	%(c)		0.86	%		0.91	%		0.90	%
Portfolio turnover rate(e)		91	%		85	%		11	%		26	%		27	%

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

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

(c) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

(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.

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class R6 Shares
	Year Ended October 31,						February 28, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	8.49		$	8.12		$	10.43
Net investment income(a)		—	(b)		0.44	(c)		0.08
Net realized and unrealized gain (loss)		0.54			0.05			(2.39	)
Total from investment operations		0.54			0.49			(2.31	)
Distributions to shareholders from net investment income		(0.46	)		(0.12	)		—
Net asset value, end of period	$	8.57		$	8.49		$	8.12
Total return(d)		6.24	%		6.12	%		(22.15	)%
Net assets, end of period (in 000s)	$	9		$	8		$	8
Ratio of net expenses to average net assets		1.25	%		1.35	%		1.34	%(e)
Ratio of total expenses to average net assets		3.75	%		2.76	%		2.00	%(e)
Ratio of net investment income (loss) to average net assets		(0.03	)%		5.05	%(c)		1.33	%(e)
Portfolio turnover rate(f)		91	%		85	%		11	%

 * Commencement of operations.

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

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

(c) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

(e) Annualized.

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

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

GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Imprint Emerging Markets Opportunities Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	8.48		$	8.11		$	10.29
Net investment income (loss)(a)		(0.01	)		0.41	(b)		(0.01	)
Net realized and unrealized gain (loss)		0.56			0.08			(2.17	)
Total from investment operations		0.55			0.49			(2.18	)
Distributions to shareholders from net investment income		(0.46	)		(0.12	)		—
Net asset value, end of period	$	8.57		$	8.48		$	8.11
Total return(c)		6.38	%		6.15	%		(21.19	)%
Net assets, end of period (in 000s)	$	13,039		$	13,375		$	14,524
Ratio of net expenses to average net assets		1.24	%		1.34	%		1.32	%(d)
Ratio of total expenses to average net assets		3.68	%		2.74	%		2.28	%(d)
Ratio of net investment income (loss) to average net assets		(0.09	)%		4.79	%(b)		(0.18	)%(d)
Portfolio turnover rate(e)		91	%		85	%		11	%

 * Commencement of operations.

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

(b) Reflects income recognized from a corporate action which amounted to $0.25 per share and 2.90% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity ESG Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	20.67		$	17.88		$	19.92		$	16.61		$	17.98
Net investment income(a)		0.04			0.28			0.22			0.14			0.48	(b)
Net realized and unrealized gain (loss)		0.66			2.76			(2.01	)		3.63			(1.65	)
Total from investment operations		0.70			3.04			(1.79	)		3.77			(1.17	)
Distributions to shareholders from net investment income		(0.36	)		(0.25	)		(0.25	)		(0.46	)		(0.20	)
Net asset value, end of year	$	21.01		$	20.67		$	17.88		$	19.92		$	16.61
Total return(c)		3.30	%		17.33	%		(9.11	)%		23.29	%		(6.54	)%
Net assets, end of year (in 000s)	$	33,927		$	35,181		$	34,602		$	38,330		$	38,152
Ratio of net expenses to average net assets		1.20	%		1.26	%		1.29	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.69	%		1.69	%		1.58	%		1.63	%		1.62	%
Ratio of net investment income to average net assets		0.21	%		1.52	%		1.11	%		0.78	%		2.86	%(b)
Portfolio turnover rate(d)		55	%		41	%		38	%		116	%		78	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(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. 83

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity ESG Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	19.16		$	16.49		$	18.39		$	15.37		$	16.67
Net investment income (loss)(a)		(0.10	)		0.13			0.07			0.02			0.32	(b)
Net realized and unrealized gain (loss)		0.60			2.58			(1.86	)		3.35			(1.53	)
Total from investment operations		0.50			2.71			(1.79	)		3.37			(1.21	)
Distributions to shareholders from net investment income		(0.22	)		(0.04	)		(0.11	)		(0.35	)		(0.09	)
Net asset value, end of year	$	19.44		$	19.16		$	16.49		$	18.39		$	15.37
Total return(c)		2.53	%		16.49	%		(9.79	)%		22.40	%		(7.27	)%
Net assets, end of year (in 000s)	$	9,369		$	10,400		$	9,985		$	15,681		$	15,577
Ratio of net expenses to average net assets		1.95	%		2.01	%		2.04	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.44	%		2.44	%		2.33	%		2.37	%		2.37	%
Ratio of net investment income (loss) to average net assets		(0.54	)%		0.78	%		0.40	%		0.12	%		2.05	%(b)
Portfolio turnover rate(d)		55	%		41	%		38	%		116	%		78	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity ESG Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.17		$	18.23		$	20.30		$	16.93		$	18.34
Net investment income(a)		0.15			0.29			0.40			0.22			0.47	(b)
Net realized and unrealized gain (loss)		0.63			2.89			(2.14	)		3.69			(1.60	)
Total from investment operations		0.78			3.18			(1.74	)		3.91			(1.13	)
Distributions to shareholders from net investment income		(0.42	)		(0.24	)		(0.33	)		(0.54	)		(0.28	)
Net asset value, end of year	$	21.53		$	21.17		$	18.23		$	20.30		$	16.93
Total return(c)		3.62	%		17.76	%		(8.76	)%		23.78	%		(6.21	)%
Net assets, end of year (in 000s)	$	23,137		$	7,660		$	6,835		$	127,403		$	201,746
Ratio of net expenses to average net assets		0.86	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.33	%		1.31	%		1.17	%		1.22	%		1.21	%
Ratio of net investment income to average net assets		0.72	%		1.49	%		1.94	%		1.22	%		2.76	%(b)
Portfolio turnover rate(d)		55	%		41	%		38	%		116	%		78	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(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. 85

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity ESG Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.63		$	18.70		$	20.68		$	16.79		$	18.05
Net investment income(a)		0.01			0.28			0.22			0.13			0.47	(b)
Net realized and unrealized gain (loss)		0.70			2.88			(2.10	)		3.76			(1.67	)
Total from investment operations		0.71			3.16			(1.88	)		3.89			(1.20	)
Distributions to shareholders from net investment income		(0.34	)		(0.23	)		(0.10	)		—			(0.06	)
Net asset value, end of year	$	22.00		$	21.63		$	18.70		$	20.68		$	16.79
Total return(c)		3.16	%		17.20	%		(9.14	)%		23.17	%		(6.66	)%
Net assets, end of year (in 000s)	$	4		$	4		$	4		$	4		$	32
Ratio of net expenses to average net assets		1.34	%		1.36	%		1.34	%		1.39	%		1.41	%
Ratio of total expenses to average net assets		1.79	%		1.75	%		1.58	%		1.66	%		1.72	%
Ratio of net investment income to average net assets		0.07	%		1.44	%		1.07	%		0.71	%		2.77	%(b)
Portfolio turnover rate(d)		55	%		41	%		38	%		116	%		78	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity ESG Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	21.06		$	18.20		$	20.23		$	16.86		$	18.25
Net investment income(b)		0.09			0.36			0.24			0.27			0.45	(c)
Net realized and unrealized gain (loss)		0.68			2.78			(2.02	)		3.60			(1.60	)
Total from investment operations		0.77			3.14			(1.78	)		3.87			(1.15	)
Distributions to shareholders from net investment income		(0.42	)		(0.28	)		(0.25	)		(0.50	)		(0.24	)
Net asset value, end of year	$	21.41		$	21.06		$	18.20		$	20.23		$	16.86
Total return(d)		3.56	%		17.64	%		(8.92	)%		23.63	%		(6.34	)%
Net assets, end of year (in 000s)	$	1,298		$	492		$	421		$	1,009		$	749
Ratio of net expenses to average net assets		0.95	%		1.00	%		1.04	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.44	%		1.44	%		1.34	%		1.39	%		1.36	%
Ratio of net investment income to average net assets		0.44	%		1.87	%		1.20	%		1.50	%		2.62	%(c)
Portfolio turnover rate(e)		55	%		41	%		38	%		116	%		78	%

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

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

(c) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(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. 87

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class R6 Shares
	Year Ended October 31,												February 26, 2016* to October 31, 2016
	2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	21.06		$	18.23		$	20.30		$	16.93		$	15.87
Net investment income(a)		0.14			0.45			0.31			0.22			0.21	(b)
Net realized and unrealized gain (loss)		0.64			2.71			(2.05	)		3.69			0.85
Total from investment operations		0.78			3.16			(1.74	)		3.91			1.06
Distributions to shareholders from net investment income		(0.43	)		(0.33	)		(0.33	)		(0.54	)		—
Net asset value, end of period	$	21.41		$	21.06		$	18.23		$	20.30		$	16.93
Total return(c)		3.63	%		17.76	%		(8.74	)%		23.80	%		6.68	%
Net assets, end of period (in 000s)	$	1,981		$	470		$	11		$	12		$	11
Ratio of net expenses to average net assets		0.85	%		0.90	%		0.89	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		1.32	%		1.31	%		1.18	%		1.22	%		1.19	%(d)
Ratio of net investment income to average net assets		0.69	%		2.35	%		1.53	%		1.21	%		1.83	%(b)(d)
Portfolio turnover rate(e)		55	%		41	%		38	%		116	%		78	%

 * Commencement of operations.

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

(b) Reflects income recognized from a corporate action which amounted to $0.28 per share and 1.63% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	21.05		$	18.23		$	20.84
Net investment income(a)		0.11			0.36			0.06
Net realized and unrealized gain (loss)		0.69			2.79			(2.67	)
Total from investment operations		0.80			3.15			(2.61	)
Distributions to shareholders from net investment income		(0.43	)		(0.33	)		—
Net asset value, end of period	$	21.42		$	21.05		$	18.23
Total return(b)		3.67	%		17.73	%		(12.52	)%
Net assets, end of period (in 000s)	$	64,838		$	68,987		$	94,972
Ratio of net expenses to average net assets		0.86	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.30	%		1.29	%		1.22	%(c)
Ratio of net investment income to average net assets		0.55	%		1.88	%		0.59	%(c)
Portfolio turnover rate(d)		55	%		41	%		38	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Income Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	13.50		$	13.25		$	14.50		$	11.99		$	12.95
Net investment income(a)		0.23			0.37			0.37			0.17			0.18
Net realized and unrealized gain (loss)		(1.69	)		1.53			(1.36	)		2.58			(1.04	)
Total from investment operations		(1.46	)		1.90			(0.99	)		2.75			(0.86	)
Distributions to shareholders from net investment income		(0.50	)		(0.36	)		(0.26	)		(0.24	)		(0.10	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.50	)		(1.65	)		(0.26	)		(0.24	)		(0.10	)
Net asset value, end of year	$	11.54		$	13.50		$	13.25		$	14.50		$	11.99
Total return(b)		(11.23	)%		16.95	%		(6.98	)%		23.38	%		(6.69	)%
Net assets, end of year (in 000s)	$	13,669		$	16,711		$	15,844		$	17,937		$	18,301
Ratio of net expenses to average net assets		1.23	%		1.25	%		1.26	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.92	%		2.16	%		1.90	%		1.88	%		1.76	%
Ratio of net investment income to average net assets		1.87	%		2.99	%		2.54	%		1.32	%		1.47	%
Portfolio turnover rate(c)		51	%		27	%		87	%		32	%		68	%

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

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Income Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.89		$	11.88		$	12.98		$	10.75		$	11.62
Net investment income(a)		0.13			0.25			0.25			0.07			0.08
Net realized and unrealized gain (loss)		(1.50	)		1.34			(1.22	)		2.31			(0.94	)
Total from investment operations		(1.37	)		1.59			(0.97	)		2.38			(0.86	)
Distributions to shareholders from net investment income		(0.38	)		(0.29	)		(0.13	)		(0.15	)		(0.01	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.38	)		(1.58	)		(0.13	)		(0.15	)		(0.01	)
Net asset value, end of year	$	10.14		$	11.89		$	11.88		$	12.98		$	10.75
Total return(b)		(11.88	)%		16.01	%		(7.59	)%		22.44	%		(7.37	)%
Net assets, end of year (in 000s)	$	1,514		$	1,638		$	1,673		$	3,770		$	3,974
Ratio of net expenses to average net assets		1.97	%		2.00	%		2.01	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.67	%		2.91	%		2.63	%		2.63	%		2.51	%
Ratio of net investment income to average net assets		1.19	%		2.24	%		1.89	%		0.58	%		0.74	%
Portfolio turnover rate(c)		51	%		27	%		87	%		32	%		68	%

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

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Income Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	14.26		$	13.88		$	15.20		$	12.56		$	13.56
Net investment income(a)		0.31			0.42			0.49			0.23			0.23
Net realized and unrealized gain (loss)		(1.80	)		1.63			(1.46	)		2.70			(1.08	)
Total from investment operations		(1.49	)		2.05			(0.97	)		2.93			(0.85	)
Distributions to shareholders from net investment income		(0.57	)		(0.38	)		(0.35	)		(0.29	)		(0.15	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.57	)		(1.67	)		(0.35	)		(0.29	)		(0.15	)
Net asset value, end of year	$	12.20		$	14.26		$	13.88		$	15.20		$	12.56
Total return(b)		(10.86	)%		17.29	%		(6.59	)%		23.88	%		(6.31	)%
Net assets, end of year (in 000s)	$	10,051		$	5,232		$	2,666		$	40,667		$	42,191
Ratio of net expenses to average net assets		0.85	%		0.88	%		0.87	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.55	%		1.79	%		1.42	%		1.49	%		1.36	%
Ratio of net investment income to average net assets		2.36	%		3.13	%		3.19	%		1.71	%		1.84	%
Portfolio turnover rate(c)		51	%		27	%		87	%		32	%		68	%

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

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Income Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	13.51		$	13.25		$	14.51		$	12.00		$	12.97
Net investment income(b)		0.29			0.34			0.40			0.24			0.21
Net realized and unrealized gain (loss)		(1.72	)		1.59			(1.35	)		2.54			(1.04	)
Total from investment operations		(1.43	)		1.93			(0.95	)		2.78			(0.83	)
Distributions to shareholders from net investment income		(0.56	)		(0.38	)		(0.31	)		(0.27	)		(0.14	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.56	)		(1.67	)		(0.31	)		(0.27	)		(0.14	)
Net asset value, end of year	$	11.52		$	13.51		$	13.25		$	14.51		$	12.00
Total return(c)		(10.99	)%		17.21	%		(6.74	)%		23.75	%		(6.43	)%
Net assets, end of year (in 000s)	$	8,958		$	3,515		$	349		$	426		$	471
Ratio of net expenses to average net assets		0.98	%		1.09	%		1.01	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.71	%		1.98	%		1.65	%		1.64	%		1.51	%
Ratio of net investment income to average net assets		2.39	%		2.67	%		2.78	%		1.85	%		1.71	%
Portfolio turnover rate(d)		51	%		27	%		87	%		32	%		68	%

(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 year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(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. 93

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class R6 Shares
	Year Ended October 31,												February 26, 2016* to October 31, 2016
	2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.25		$	13.87		$	15.20		$	12.56		$	11.85
Net investment income(a)		0.28			0.49			0.45			0.16			0.20
Net realized and unrealized gain (loss)		(1.78	)		1.57			(1.43	)		2.77			0.51
Total from investment operations		(1.50	)		2.06			(0.98	)		2.93			0.71
Distributions to shareholders from net investment income		(0.57	)		(0.39	)		(0.35	)		(0.29	)		—
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.57	)		(1.68	)		(0.35	)		(0.29	)		—
Net asset value, end of period	$	12.18		$	14.25		$	13.87		$	15.20		$	12.56
Total return(b)		(10.93	)%		17.41	%		(6.62	)%		23.91	%		5.99	%
Net assets, end of period (in 000s)	$	2,304		$	332		$	68		$	72		$	11
Ratio of net expenses to average net assets		0.84	%		0.86	%		0.86	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.59	%		1.80	%		1.51	%		1.43	%		1.35	%(c)
Ratio of net investment income to average net assets		2.22	%		3.74	%		2.99	%		1.16	%		2.33	%(c)
Portfolio turnover rate(d)		51	%		27	%		87	%		32	%		68	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Income Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	13.55		$	13.32		$	14.59		$	12.08		$	13.00
Net investment income(a)		0.24			0.36			0.34			0.14			0.12
Net realized and unrealized gain (loss)		(1.74	)		1.52			(1.37	)		2.59			(1.01	)
Total from investment operations		(1.50	)		1.88			(1.03	)		2.73			(0.89	)
Distributions to shareholders from net investment income		(0.45	)		(0.36	)		(0.24	)		(0.22	)		(0.03	)
Distributions to shareholders from net realized gains		—			(1.29	)		—			—			—
Total distributions		(0.45	)		(1.65	)		(0.24	)		(0.22	)		(0.03	)
Net asset value, end of year	$	11.60		$	13.55		$	13.32		$	14.59		$	12.08
Total return(b)		(11.44	)%		16.63	%		(7.19	)%		22.99	%		(6.87	)%
Net assets, end of year (in 000s)	$	173		$	73		$	84		$	44		$	28
Ratio of net expenses to average net assets		1.48	%		1.50	%		1.51	%		1.55	%		1.55	%
Ratio of total expenses to average net assets		2.19	%		2.40	%		2.18	%		2.12	%		2.01	%
Ratio of net investment income to average net assets		1.96	%		2.90	%		2.38	%		1.05	%		0.99	%
Portfolio turnover rate(c)		51	%		27	%		87	%		32	%		68	%

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

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

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	14.23		$	13.86		$	15.62
Net investment income(a)		0.30			0.44			0.16
Net realized and unrealized gain (loss)		(1.79	)		1.61			(1.84	)
Total from investment operations		(1.49	)		2.05			(1.68	)
Distributions to shareholders from net investment income		(0.57	)		(0.39	)		(0.08	)
Distributions to shareholders from net realized gains		—			(1.29	)		—
Total distributions		(0.57	)		(1.68	)		(0.08	)
Net asset value, end of period	$	12.17		$	14.23		$	13.86
Total return(b)		(10.89	)%		17.34	%		(10.76	)%
Net assets, end of period (in 000s)	$	20,799		$	32,643		$	30,930
Ratio of net expenses to average net assets		0.84	%		0.85	%		0.84	%(c)
Ratio of total expenses to average net assets		1.51	%		1.76	%		1.84	%(c)
Ratio of net investment income to average net assets		2.33	%		3.37	%		2.00	%(c)
Portfolio turnover rate(d)		51	%		27	%		87	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements

October 31, 2020

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
China Equity(a)	A, C, Institutional, Investor, R6 and P	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor, R6 and P	Diversified
ESG Emerging Markets Equity	A, C, Institutional, Investor, R6, R and P(b)	Diversified
Imprint Emerging Markets Opportunities	A, C, Institutional, Investor, R6 and P	Diversified
International Equity ESG	A, C, Institutional, Service, Investor, R6 and P	Diversified
International Equity Income	A, C, Institutional, Investor, R6, R and P	Diversified

(a) Formerly, the Goldman Sachs Asia Equity Fund. Effective at the close of business on November 20, 2019, the Fund’s name changed to Goldman Sachs China Equity Fund.

(b) Commenced operations on January 21, 2020.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

97

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
China Equity	Annually	Annually
Emerging Markets Equity	Annually	Annually
ESG Emerging Markets Equity	Annually	Annually
Imprint Emerging Markets Opportunities	Annually	Annually
International Equity ESG	Annually	Annually
International Equity Income	Semi-Annually	Annually

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

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

99

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of October 31, 2020:

CHINA EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	8,975,179	$	76,326,965	$	—
Investment Company		2,236,989		—		—
Total	$	11,212,168	$	76,326,965	$	—
EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	19,537,442	$	17,864,230	$	—
Asia		355,920,878		1,758,272,707		—
Europe		13,005,830		44,862,949		—
North America		35,747,963		—		—
South America		143,917,608		16,771,483		—
Exchange Traded Funds		36,807,202		—		—
Investment Company		12,529,663		—		—
Securities Lending Reinvestment Vehicle		20,507,250		—		—
Total	$	637,973,836	$	1,837,771,369	$	—
ESG EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	73,886	$	71,390	$	—
Asia		1,588,375		6,278,288		—
Europe		3,618		173,834		—
North America		191,389		—		—
South America		638,705		—		—
Investment Company		122,590		—		—
Total	$	2,618,563	$	6,523,512	$	—

(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.

100

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

IMPRINT EMERGING MARKETS OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	141,876	$	2,502,232	$	—
Asia		5,756,537		10,113,001		—
Europe		—		238,941		—
South America		362,058		—		—
Exchange Traded Fund		1,414,810		—		—
Securities Lending Reinvestment Vehicle		1,270,175		—		—
Total	$	8,945,456	$	12,854,174	$	—
INTERNATIONAL EQUITY ESG
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	8,724,589	$	23,334,046	$	—
Europe		—		91,625,068		—
North America		—		4,885,897		—
Investment Company		1,007,817		—		—
Total	$	9,732,406	$	119,845,011	$	—
INTERNATIONAL EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	8,018,068	$	—
Australia and Oceania		—		3,580,029		—
Europe		1,107,688		42,447,312		—
North America		—		2,022,374		—
Total	$	1,107,688	$	56,067,783	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

101

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

October 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
China Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.02			1.02			0.92			0.87			0.85			1.01			1.01
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.98			0.98
Imprint Emerging Markets Opportunities		1.05			1.05			0.95			0.90			0.88			1.05			1.05
International Equity ESG		0.85			0.77			0.73			0.71			0.70			0.85			0.83	(1)
International Equity Income		0.80			0.72			0.68			0.67			0.66			0.80			0.80

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

(1) GSAM agreed to waive a portion of its management fee equal to 0.03% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2020, GSAM waived $889, $24,640, $43, $95, $5,156 and $2,296 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income Funds’ management fees, respectively.

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity	$	912	$	—
Emerging Markets Equity		7,410		2
Imprint Emerging Markets Opportunities		3		—
International Equity ESG		1,051		309
International Equity Income		690		18

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1, 2020, such fee was 0.17% of the average daily net assets of the Class A, Class C, Investor and Class R Shares. Effective February 28, 2020, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.07%, 0.06% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the China Equity Fund, Emerging Markets Equity Fund and ESG Emerging Markets Equity Fund, respectively. Goldman Sachs also agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity ESG Fund through at least February 28, 2021, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to February 28, 2020, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the China Equity Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and

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Notes to Financial Statements (continued)

October 31, 2020

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.164%, 0.004% and 0.014%, respectively. Prior to February 28, 2020, the other expense limitation was 0.014% for the International Equity ESG Fund. These Other Expense limitations will remain in place through at least February 28, 2021 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
China Equity	$	889	$	1,140	$	9,885	$	411,485	$	423,399
Emerging Markets Equity		24,640		13,559		157,615		144,624		340,438
ESG Emerging Markets Equity		43		65		107		367,659		367,874
Imprint Emerging Markets Opportunities		95		312		—		506,307		506,714
International Equity ESG		30,863		1,175		22,030		531,525		585,593
International Equity Income		2,296		147		—		455,541		457,984

G.  Line of Credit Facility — As of October 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates —The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of October 31, 2020		Shares as of October 31, 2020		Dividend Income From Affiliated Investment Company
China Equity	$	461,147	$	25,178,499	$	(23,402,657	)	$	2,236,989		2,236,989	$	2,620
Emerging Markets Equity		6,059,064		588,093,874		(581,623,275	)		12,529,663		12,529,663		121,109
ESG Emerging Markets Equity		—		1,308,144		(1,185,554	)		122,590		122,590		92
Imprint Emerging Markets Opportunities		—		3,260,059		(3,260,059	)		—		—		135
International Equity ESG		992,989		44,272,464		(44,257,636	)		1,007,817		1,007,817		21,136
International Equity Income		1,609,740		31,006,032		(32,615,772	)		—		—		14,109

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of October 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
China Equity		—	%		—	%		—	%		—	%		7	%		—	%		—	%		—	%
ESG Emerging Markets Equity		64			100			93			—			100			91			23			13
Imprint Emerging Markets Opportunities		—			—			—			—			—			100			—			—
International Equity ESG		—			—			—			32			—			—			—			—
International Equity Income		—			—			—			—			—			—			5			—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2020, were as follows:

Fund	Purchases		Sales and Maturities
China Equity	$	74,367,468	$	89,223,872
Emerging Markets Equity		926,177,970		615,314,948
ESG Emerging Markets Equity		2,448,575		2,108,596
Imprint Emerging Markets Opportunities		18,496,932		21,148,392
International Equity ESG		69,538,649		67,397,606
International Equity Income		41,248,636		32,202,023

6. SECURITIES LENDING

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

The China Equity, Emerging Markets Equity, Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income 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

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Notes to Financial Statements (continued)

October 31, 2020

6. SECURITIES LENDING (continued)

Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the China Equity, Emerging Markets Equity, Imprint Emerging Markets Opportunities, International Equity ESG and International Equity Income Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2020, are reported under Investment Income on the Statements of Operations.

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

	For the fiscal year ended October 31, 2020				Amount Payable to Goldman Sachs upon Return of Securities Loaned as of October 31, 2020
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
China Equity	$	190	$	—	$	—
Emerging Markets Equity		16,982		55,404		—
Imprint Emerging Markets Opportunities		1,641		1,967		170,375
International Equity ESG		69		—		—
International Equity Income		288		1,097		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended October 31, 2020.

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of October 31, 2020
China Equity	$	1,018,700	$	6,761,425	$	(7,780,125	)	$	—
Emerging Markets Equity		43,343,504		541,382,807		(564,219,061	)		20,507,250
Imprint Emerging Markets Opportunities		—		10,265,182		(8,995,007	)		1,270,175
International Equity ESG		—		9,079,872		(9,079,872	)		—
International Equity Income		—		5,156,101.00		(5,156,101.00	)		—

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7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows:

	China Equity		Emerging Markets Equity		ESG Emerging Markets Equity		Imprint Emerging Markets Opportunities		International Equity ESG		International Equity Income
Distributions paid from:
Ordinary income	$	600,964	$	19,703,005	$	66,221	$	1,222,677	$	2,300,378	$	2,583,747

The tax character of distributions paid during the fiscal year ended October 31, 2019 was as follows:

	China Equity		Emerging Markets Equity		ESG Emerging Markets Equity		Imprint Emerging Markets Opportunities		International Equity ESG		International Equity Income
Distributions paid from:
Ordinary income	$	362,857	$	9,834,169	$	28,047	$	421,543	$	2,184,597	$	2,158,291
Net long-term capital gains		4,213,623		—		—		—		—		4,229,300
Total	$	4,576,480	$	9,834,169	$	28,047	$	421,543	$	2,184,597	$	6,387,591

As of October 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	China Equity		Emerging Markets Equity			ESG Emerging Markets Equity			Imprint Emerging Markets Opportunities			International Equity ESG			International Equity Income
Undistributed ordinary income — net	$	1,494,882	$	8,231,673		$	22,918		$	—		$	311,482		$	354,905
Undistributed long-term capital gains		3,548,949		—			—			—			—			—
Total undistributed earnings	$	5,043,831	$	8,231,673		$	22,918		$	—		$	311,482		$	354,905
Capital loss carryforwards(1):
Perpetual long-term	$	—	$	(96,750,777	)	$	(25,954	)	$	(27,116,250	)	$	(5,741,444	)	$	(739,157	)
Perpetual short-term		—		(121,438,569	)		(404,822	)		(33,678,788	)		—			(2,526,997	)
Total capital loss carryforwards	$	—	$	(218,189,346	)	$	(430,776	)	$	(60,795,038	)	$	(5,741,444	)	$	(3,266,154	)
Timing differences (Post October Loss Deferral)		—		—			—			(20,023	)		—			—
Unrealized gains (losses) — net		27,217,712		514,084,062			1,896,313			2,579,014			3,570,409			(6,000,151	)
Total accumulated earnings (losses) — net	$	32,261,543	$	304,126,389		$	1,488,455		$	(58,236,047	)	$	(1,859,553	)	$	(8,911,400	)

(1) The China Equity and International Equity ESG Funds utilized $1,379,153 and $8,184,962, respectively, of capital loss carryforwards during the fiscal year.

As of October 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			Imprint Emerging Markets Opportunities			International Equity ESG			International Equity Income
Tax cost	$	60,336,915		$	1,957,518,580		$	7,243,991		$	19,382,309		$	126,019,835		$	63,188,980
Gross unrealized gain		28,058,528			675,908,290			2,380,978			3,103,839			19,216,704			4,538,196
Gross unrealized loss		(840,816	)		(161,824,228	)		(484,665	)		(524,825	)		(15,646,295	)		(10,538,347	)
Net unrealized gain (loss)	$	27,217,712		$	514,084,062		$	1,896,313		$	2,579,014		$	3,570,409		$	(6,000,151	)

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Notes to Financial Statements (continued)

October 31, 2020

7. TAX INFORMATION (continued)

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

The Imprint Emerging Markets Opportunities Fund reclassified $4,989 from paid in capital to distributable earnings for the year ending October 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from taxable overdistributions and net operating losses.

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

8. OTHER RISKS

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’ performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

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

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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8. OTHER RISKS (continued)

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Issuer Concentration Risk— The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

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

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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Notes to Financial Statements (continued)

October 31, 2020

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

At a meeting held on September 16, 2020, the Trustees approved a change to the Goldman Sachs Emerging Markets Equity Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and the elimination of any related fundamental investment restrictions. This change is subject to approval by the shareholders of the Goldman Sachs Emerging Markets Equity Fund at a meeting to be held on or about January 8, 2021.

On October 16, 2020, the Trustees approved an Agreement and Plan of Reorganization which contemplates the reorganization of the Goldman Sachs Imprint Emerging Markets Opportunities Fund (the “Acquired Fund”) with and into the Goldman Sachs ESG Emerging Markets Equity Fund (the “Surviving Fund”). The reorganization is expected to close during January 2021 or on such other date as the parties to the reorganization shall agree. The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.

As of the close of business on October 16, 2020, the Acquired Fund may depart from its stated investment objectives and policies as it prepares to reorganize with and into the Surviving Fund. After the close of business on November 13, 2020, the Acquired Fund discontinued accepting orders for the purchase of Acquired Fund shares or exchanges into the Acquired Fund from other Goldman Sachs Funds; however, existing shareholders of the Acquired Fund may continue to reinvest dividends and distributions, if any.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

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:

	China Equity Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		126,767		$	3,726,193			100,472		$	2,465,209
Reinvestment of distributions		2,829			77,404			38,407			858,528
Shares redeemed		(144,100	)		(4,115,802	)		(208,987	)		(5,053,525	)
		(14,504	)		(312,205	)		(70,108	)		(1,729,788	)
Class C Shares
Shares sold		7,071			201,260			6,183			131,992
Reinvestment of distributions		—			—			3,328			66,890
Shares redeemed		(16,327	)		(473,003	)		(33,688	)		(735,710	)
		(9,256	)		(271,743	)		(24,177	)		(536,828	)
Institutional Shares
Shares sold		171,199			5,264,520			56,003			1,438,836
Reinvestment of distributions		1,791			52,218			17,609			419,499
Shares redeemed		(128,069	)		(3,966,257	)		(129,539	)		(3,261,359	)
		44,921			1,350,481			(55,927	)		(1,403,024	)
Investor Shares
Shares sold		13,372			508,441			2,795			74,498
Reinvestment of distributions		65			1,881			724			17,126
Shares redeemed		(2,262	)		(75,838	)		(11,360	)		(283,760	)
		11,175			434,484			(7,841	)		(192,136	)
Class R6 Shares
Shares sold		11,308			379,882			24,436			597,278
Reinvestment of distributions		129			3,753			23			539
Shares redeemed		(11,089	)		(320,448	)		(9,102	)		(237,071	)
		348			63,187			15,357			360,746
Class P Shares
Shares sold		86,171			3,054,723			23,591			611,925
Reinvestment of distributions		15,824			459,995			132,977			3,162,940
Shares redeemed		(583,781	)		(17,019,910	)		(194,578	)		(4,752,501	)
		(481,786	)		(13,505,192	)		(38,010	)		(977,636	)
NET DECREASE		(449,102	)	$	(12,240,988	)		(180,706	)	$	(4,478,666	)

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Notes to Financial Statements (continued)

October 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Emerging Markets Equity Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,462,958		$	48,455,389			6,814,401		$	132,500,133
Reinvestment of distributions		93,742			2,010,764			37,945			644,306
Shares redeemed		(3,442,074	)		(71,345,232	)		(4,421,848	)		(82,650,999	)
		(885,374	)		(20,879,079	)		2,430,498			50,493,440
Class C Shares
Shares sold		167,066			3,138,281			475,915			7,954,572
Reinvestment of distributions		1,430			27,481			—			—
Shares redeemed		(723,449	)		(13,083,010	)		(981,996	)		(16,512,774	)
		(554,953	)		(9,917,248	)		(506,081	)		(8,558,202	)
Institutional Shares
Shares sold		35,242,475			734,989,856			21,184,595			429,740,047
Reinvestment of distributions		392,564			9,021,135			240,543			4,370,669
Shares redeemed		(20,736,403	)		(433,521,965	)		(15,168,077	)		(301,279,401	)
		14,898,636			310,489,026			6,257,061			132,831,315
Service Shares
Shares sold		113,209			2,233,782			265,718			4,913,041
Reinvestment of distributions		9,144			189,825			2,995			49,234
Shares redeemed		(204,734	)		(4,190,686	)		(240,524	)		(4,530,984	)
		(82,381	)		(1,767,079	)		28,189			431,291
Investor Shares
Shares sold		3,533,113			78,698,214			4,372,238			87,269,385
Reinvestment of distributions		61,914			1,412,269			49,984			901,707
Shares redeemed		(4,030,866	)		(84,519,615	)		(5,812,117	)		(118,938,935	)
		(435,839	)		(4,409,132	)		(1,389,895	)		(30,767,843	)
Class R6 Shares
Shares sold		1,428,465			36,234,602			456,009			9,148,907
Reinvestment of distributions		12,192			281,391			16,045			292,670
Shares redeemed		(514,852	)		(11,661,753	)		(1,360,524	)		(26,616,360	)
		925,805			24,854,240			(888,470	)		(17,174,783	)
Class P Shares
Shares sold		6,573,745			138,225,628			5,473,674			108,679,052
Reinvestment of distributions		200,362			4,624,350			144,959			2,644,053
Shares redeemed		(6,114,209	)		(120,328,876	)		(4,710,104	)		(93,985,135	)
		659,898			22,521,102			908,529			17,337,970
NET INCREASE		14,525,792		$	320,891,830			6,839,831		$	144,593,188

112

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	ESG Emerging Markets Equity Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		10,017		$	98,475			22		$	209
Reinvestment of distributions		26			280			12			100
Shares redeemed		(7,198	)		(80,289	)		—			—
		2,845			18,466			34			309
Institutional Shares
Shares sold		52,136			490,982			118,634			1,104,801
Reinvestment of distributions		6,049			64,061			3,343			27,540
Shares redeemed		(17,033	)		(168,319	)		(104,567	)		(1,027,258	)
		41,152			386,724			17,410			105,083
Investor Shares
Reinvestment of distributions		38			400			20			167
		38			400			20			167
Class R6 Shares
Shares sold		475			5,046			—			—
Reinvestment of distributions		44			471			25			206
Shares redeemed		(2	)		(23	)		—			—
		517			5,494			25			206
Class R Shares
Shares sold		4,997			50,471			11,843			114,941
Reinvestment of distributions		96			1,009			4			34
Shares redeemed		(110	)		(1,147	)		(6	)		(53	)
		4,983			50,333			11,841			114,922
Class P Shares(a)
Shares sold		7,349			84,005			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		(1	)		(5	)		—			—
		7,348			84,000			—			—
NET INCREASE		56,883		$	545,417			29,330		$	220,687

(a) Commenced operations on January 21, 2020.

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Notes to Financial Statements (continued)

October 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Imprint Emerging Markets Opportunities Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		29,004		$	231,285			54,373		$	462,086
Reinvestment of distributions		18,647			162,419			5,314			43,152
Shares redeemed		(88,592	)		(713,102	)		(426,689	)		(3,637,862	)
		(40,941	)		(319,398	)		(367,002	)		(3,132,624	)
Class C Shares
Shares sold		1,956			15,474			871			7,085
Reinvestment of distributions		5,595			46,603			—			—
Shares redeemed		(66,888	)		(494,120	)		(117,652	)		(964,642	)
		(59,337	)		(432,043	)		(116,781	)		(957,557	)
Institutional Shares
Shares sold		49,812			410,262			43,062			384,696
Reinvestment of distributions		22,841			199,179			17,360			141,306
Shares redeemed		(156,103	)		(1,234,571	)		(1,091,629	)		(9,349,452	)
		(83,450	)		(625,130	)		(1,031,207	)		(8,823,450	)
Investor Shares
Shares sold		624			4,800			6,747			56,324
Reinvestment of distributions		8,335			72,847			2,245			18,320
Shares redeemed		(62,498	)		(488,836	)		(532,724	)		(4,404,839	)
		(53,539	)		(411,189	)		(523,732	)		(4,330,195	)
Class R6 Shares
Reinvestment of distributions		51			446			14			117
		51			446			14			117
Class P Shares
Shares sold		600,833			5,019,800			25,721			218,000
Reinvestment of distributions		84,204			733,414			26,019			211,532
Shares redeemed		(739,056	)		(4,937,017	)		(265,388	)		(2,255,242	)
		(54,019	)		816,197			(213,648	)		(1,825,710	)
NET DECREASE		(291,235	)	$	(971,117	)		(2,252,356	)	$	(19,069,419	)

114

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Equity ESG Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		133,274		$	2,734,925			64,610		$	1,182,838
Reinvestment of distributions		27,677			588,138			27,075			449,717
Shares redeemed		(248,525	)		(4,878,188	)		(325,180	)		(6,007,245	)
		(87,574	)		(1,555,125	)		(233,495	)		(4,374,690	)
Class C Shares
Shares sold		19,627			367,338			46,331			788,954
Reinvestment of distributions		5,908			116,869			1,542			23,885
Shares redeemed		(86,523	)		(1,656,334	)		(110,589	)		(1,926,146	)
		(60,988	)		(1,172,127	)		(62,716	)		(1,113,307	)
Institutional Shares
Shares sold		1,052,903			19,020,799			1,084,979			20,862,777
Reinvestment of distributions		6,917			150,244			4,615			78,277
Shares redeemed		(347,165	)		(7,495,026	)		(1,102,693	)		(22,012,585	)
		712,655			11,676,017			(13,099	)		(1,071,531	)
Service Shares
Reinvestment of distributions		2			65			3			43
		2			65			3			43
Investor Shares
Shares sold		66,005			1,397,732			18,990			370,134
Reinvestment of distributions		580			12,522			332			5,613
Shares redeemed		(29,298	)		(530,767	)		(19,093	)		(366,160	)
		37,287			879,487			229			9,587
Class R6 Shares
Shares sold		84,465			1,603,333			25,890			469,704
Reinvestment of distributions		441			9,509			12			196
Shares redeemed		(14,745	)		(302,157	)		(4,165	)		(82,165	)
		70,161			1,310,685			21,737			387,735
Class P Shares
Shares sold		270,153			5,622,065			293,748			5,446,526
Reinvestment of distributions		64,471			1,391,936			95,089			1,603,197
Shares redeemed		(583,528	)		(10,749,626	)		(2,322,307	)		(42,986,970	)
		(248,904	)		(3,735,625	)		(1,933,470	)		(35,937,247	)
NET INCREASE (DECREASE)		422,639		$	7,403,377			(2,220,811	)	$	(42,099,410	)

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Notes to Financial Statements (continued)

October 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Equity Income Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		182,716		$	2,311,853			125,432		$	1,595,783
Reinvestment of distributions		45,006			589,936			167,381			1,917,576
Shares redeemed		(281,009	)		(3,466,530	)		(250,762	)		(3,126,327	)
		(53,287	)		(564,741	)		42,051			387,032
Class C Shares
Shares sold		71,007			804,995			14,593			159,836
Reinvestment of distributions		4,588			52,816			21,731			220,807
Shares redeemed		(64,144	)		(659,312	)		(39,466	)		(432,297	)
		11,451			198,499			(3,142	)		(51,654	)
Institutional Shares
Shares sold		896,612			12,181,396			220,491			2,992,011
Reinvestment of distributions		25,127			341,008			26,135			315,581
Shares redeemed		(464,524	)		(5,770,660	)		(71,950	)		(902,125	)
		457,215			6,751,744			174,676			2,405,467
Investor Shares
Shares sold		1,087,266			13,736,169			247,942			3,267,774
Reinvestment of distributions		24,347			303,964			4,131			47,320
Shares redeemed		(593,946	)		(7,217,787	)		(18,145	)		(229,025	)
		517,667			6,822,346			233,928			3,086,069
Class R6 Shares
Shares sold		193,200			2,347,482			21,177			275,372
Reinvestment of distributions		2,506			32,808			708			8,522
Shares redeemed		(29,776	)		(375,534	)		(3,528	)		(46,349	)
		165,930			2,004,756			18,357			237,545
Class R Shares
Shares sold		16,916			181,068			2,282			28,441
Reinvestment of distributions		249			3,128			794			9,154
Shares redeemed		(7,586	)		(83,968	)		(4,006	)		(50,618	)
		9,579			100,228			(930	)		(13,023	)
Class P Shares
Shares sold		829,756			9,365,657			76,129			976,161
Reinvestment of distributions		89,109			1,237,682			314,791			3,790,562
Shares redeemed		(1,503,307	)		(17,907,213	)		(329,004	)		(4,214,711	)
		(584,442	)		(7,303,874	)		61,916			552,012
NET INCREASE		524,113		$	8,008,958			526,856		$	6,603,448

116

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs China Equity Fund (formerly Goldman Sachs Asia Equity Fund), Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs Imprint Emerging Markets Opportunities Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs China Equity Fund (formerly Goldman Sachs Asia Equity Fund), Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs Imprint Emerging Markets Opportunities Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

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

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

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

118

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Fund Expenses — Six Month Period Ended  October 31, 2020 (Unaudited)    

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 through Ocotber 31, 2020, which represents a period of 184 days of a 366 day year.

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

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

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

	China Equity Fund							Emerging Markets Equity Fund							ESG Emerging Markets Equity Fund							Imprint Emerging Markets Opportunities							International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*
Class A
Actual	$	1,000	$	1,394.30		$	8.73	$	1,000	$	1,298.20		$	8.61	$	1,000	$	1,294.70		$	8.48	$	1,000	$	1,291.50		$	9.33	$	1,000	$	1,168.60		$	6.43	$	1,000	$	1,057.30		$	6.31
Hypothetical 5% return		1,000		1,017.85	+		7.35		1,000		1,017.65	+		7.56		1,000		1,017.75	+		7.46		1,000		1,016.99	+		8.21		1,000		1,019.20	+		5.99		1,000		1,019.00	+		6.19
Class C
Actual		1,000		1,389.00			13.15		1,000		1,293.40			12.86		1,000		1,290.00			12.72		1,000		1,284.80			13.55		1,000		1,164.20			10.44		1,000		1,052.30			10.11
Hypothetical 5% return		1,000		1,014.13	+		11.09		1,000		1,013.93	+		11.29		1,000		1,014.03	+		11.19		1,000		1,013.27	+		11.94		1,000		1,015.48	+		9.73		1,000		1,015.28	+		9.93
Institutional
Actual		1,000		1,396.00			6.93		1,000		1,300.40			6.77		1,000		1,297.70			6.58		1,000		1,292.20			7.20		1,000		1,170.20			4.69		1,000		1,059.60			4.40
Hypothetical 5% return		1,000		1,019.36	+		5.84		1,000		1,019.25	+		5.94		1,000		1,019.41	+		5.79		1,000		1,018.85	+		6.34		1,000		1,020.81	+		4.37		1,000		1,020.86	+		4.32
Service
Actual		N/A		N/A			N/A		1,000		1,297.00			9.58		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,167.30			7.14		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.79	+		8.42		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.55	+		6.65		N/A		N/A			N/A
Investor
Actual		1,000		1,395.90			7.23		1,000		1,299.60			7.17		1,000		1,296.60			7.10		1,000		1,291.70			7.89		1,000		1,169.40			5.07		1,000		1,059.00			5.02
Hypothetical 5% return		1,000		1,019.10	+		6.09		1,000		1,018.90	+		6.29		1,000		1,018.95	+		6.24		1,000		1,018.25	+		6.95		1,000		1,020.46	+		4.72		1,000		1,020.26	+		4.93
Class R6
Actual		1,000		1,396.30			6.87		1,000		1,300.10			6.71		1,000		1,297.70			6.53		1,000		1,292.60			7.20		1,000		1,170.00			4.64		1,000		1,058.90			4.35
Hypothetical 5% return		1,000		1,019.41	+		5.79		1,000		1,019.30	+		5.89		1,000		1,019.46	+		5.74		1,000		1,018.85	+		6.34		1,000		1,020.86	+		4.32		1,000		1,020.91	+		4.27
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,293.50			9.92		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,056.30			7.60
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,016.49	+		8.72		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,017.75	+		7.46
Class P
Actual		1,000		1,396.50			6.87		1,000		1,300.10			6.71		1,000		1,297.70			7.68		1,000		1,292.60			7.15		1,000		1,170.00			4.58		1,000		1,058.80			4.35
Hypothetical 5% return		1,000		1,019.41	+		5.79		1,000		1,019.30	+		5.89		1,000		1,018.45	+		6.75		1,000		1,018.90	+		6.29		1,000		1,020.91	+		4.27		1,000		1,020.91	+		4.27

+ 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 year ended October 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
China Equity		1.45	%		2.19	%		1.15	%		N/A			1.20	%		1.14	%		N/A			1.14	%
Emerging Markets Equity		1.49			2.23			1.17			1.66	%		1.24			1.16			N/A			1.16
ESG Emerging Markets Equity		1.47			2.21			1.14			N/A			1.23			1.13			1.72	%		1.33
Imprint Emerging Markets Opportunities		1.62			2.36			1.25			N/A			1.37			1.25			N/A			1.24
International Equity ESG		1.18			1.92			0.86			1.31			0.93			0.85			N/A			0.84
International Equity Income		1.22			1.96			0.85			N/A			0.97			0.84			1.47			0.84

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs Imprint Emerging Markets Opportunities Fund, Goldman Sachs International Equity ESG Fund, and Goldman Sachs International Equity Income 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, 2021 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 16-17, 2020 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Emerging Markets Equity Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and (except in the case of the ESG Emerging Markets Equity Fund) ratings

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Equity Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the China Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They observed that in November 2019, the Fund had been repositioned from the Goldman Sachs Asia Equity Fund, which involved changes to the Fund’s principal investment strategy and benchmark index. The Trustees also noted that the China Equity Fund had experienced certain portfolio management changes in the first half of 2019. They observed that the Emerging Markets Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that the ESG Emerging Markets Equity Fund had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2020. They observed that the Imprint Emerging Markets Opportunities Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020. The Trustees noted that the Fund had been repositioned from the Goldman Sachs N-11 Equity Fund in August 2019, which involved changes to the Fund’s investment strategy and benchmark index. They further observed that the Fund had experienced certain portfolio management changes in the second half of 2019. The Trustees noted that the International Equity ESG Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2020. They also observed that in February 2018, the Fund had been repositioned from the Goldman Sachs Focused International Equity Fund, which involved changes to the Fund’s investment strategy. The Trustees noted that the International Equity Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They also observed that in February 2018 the Fund had been repositioned from the Goldman Sachs Strategic International Equity Fund, which involved changes to the Fund’s investment objective and investment strategy.

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 Emerging Markets Equity Fund, Imprint Emerging Markets Opportunities Fund, and International Equity Income Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with each Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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 2019 and 2018, 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:

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund			Imprint Emerging Markets Opportunities Fund			International Equity ESG Fund			International Equity Income Fund
First $1 billion		1.00	%		1.02	%		0.98	%		1.05	%		0.85	%		0.80	%
Next $1 billion		0.90			1.02			0.98			1.05			0.77			0.72
Next $3 billion		0.86			0.92			0.88			0.95			0.73			0.68
Next $3 billion		0.84			0.87			0.84			0.90			0.71			0.67
Over $8 billion		0.82			0.85			0.82			0.88			0.70			0.66

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the China Equity and International Equity ESG Fund’s Class A, Class C, and Investor Shares. 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; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures 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) 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’

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (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, 2021.

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Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)

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Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	170	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of October 31, 2020.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

128

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Goldman Sachs Trust — Fundamental Equity International Funds — Tax Information (Unaudited)

From distributions paid during the year ended October 31, 2020, the total amount of income received by the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities Funds, International Equity ESG and International Equity Income Funds from sources within foreign countries and possessions of the United States was $0.2242, $0.2019, $0.1050, $0.5050, $0.3637 and $0.3739 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities Funds, International Equity ESG and International Equity Income Funds was 78.15%, 75.17%, 93.92%, 99.74%, 86.76% and 88.06%. The total amount of taxes paid by the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities Funds, International Equity ESG and International Equity Income Funds to such countries was $0.0532, $0.0343, $0.0211, 0.0636, $0.0387 and $0.0306 per share.

For the year ended October 31, 2020, 97.12%, 74.32%, 100%, 56.15%, 100% and 100% of the dividends paid from net investment company taxable income by the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, Imprint Emerging Markets Opportunities Funds, International Equity ESG and International Equity Income Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

129

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are as of October 31, 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).

© 2020 Goldman Sachs. All rights reserved. 224113-OTU-1321754 EQINTEMEAR-20

Goldman Sachs Funds

Annual Report	October 31, 2020
	International Equity Insights Funds
	Emerging Markets Equity Insights
	International Equity Insights
	International Small Cap Insights

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs International Equity

Insights Funds

∎ EMERGING MARKETS EQUITY INSIGHTS

∎ INTERNATIONAL EQUITY INSIGHTS

∎ INTERNATIONAL SMALL CAP INSIGHTS

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	6
Schedules of Investments	21
Financial Statements	42
Financial Highlights	46
Emerging Markets Equity Insights	46
International Equity Insights	53
International Small Cap Insights	61
Notes to the Financial Statements	67
Report of Independent Registered Public Accounting Firm	83
Other Information	85

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the 12-Month Period Ended October 31, 2020

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the 12-month period ended October 31, 2020 (the “Reporting Period”).

During the last months of 2019, in most investment regions, we introduced a new metric within our High-Quality Business Models investment theme that identifies companies with longer executive management tenure, as we believe this is indicative of sustainable, high-quality business models. Within our Sentiment Analysis investment theme, we added a signal in the Japan investment region that uses natural language processing and machine learning techniques to help capture sell-side research analyst sentiment in Japanese language reports. We also added a contrarian signal in the European, U.K. and emerging markets investment regions that uses market microstructure data to help predict short-term stock reversals. Within our country selection models, we introduced a signal within our Momentum investment theme where we use linkages derived from news articles to identify common trends. We also introduced a signal within the Macro investment theme where we use current account forecasts and short-term external debt to assess external vulnerability in the emerging markets.

During the first half of 2020, in all investment regions, we introduced a signal within our Fundamental Mispricings investment theme that seeks to test investors’ under-reaction to a company’s short-term deviation in its fundamentals by simultaneously looking at a set of key profitability metrics that could point to a company’s long-term growth prospects. Within our country selection models, we introduced a signal within our Momentum investment theme that seeks to identify which countries have strong business relationships and may grow together. The signal uses linkages inferred from company-level supply chain data. Within developed markets regions, we introduced an additional new signal within our Momentum investment theme that parses through news articles about central bank activity or statements, seeking information that may impact the attractiveness of markets.

1

MARKET REVIEW

Goldman Sachs International Equity

Insights Funds

Market Review

During the 12-month period ended October 31, 2020 (the “Reporting Period”), emerging markets equities and international equities were most influenced by the spread of COVID-19, contraction in global economic growth and historic financial stimulus by central banks and governments around the world. Emerging markets equities generated positive absolute returns, while international equities recorded negative absolute returns.

Emerging Markets Equities

Emerging markets equities rallied during the Reporting Period, with the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “MSCI EM Index”) posting a positive absolute return of 8.23%.¹

As the Reporting Period began in the last two months of 2019, emerging markets equities advanced, supported by accommodative global monetary policy and improved trade developments. In Asia, Chinese equities surged amid renewed trade optimism. The U.S. had agreed to halt new tariffs in exchange for larger Chinese purchases of U.S. goods — most notably, agricultural products — and the U.S. President announced in December that the U.S. and China had agreed in principle to a “Phase One” trade deal. Although the details of the agreement were unclear, emerging markets equities strengthened on the news. South Korean stocks rose, as companies broadly benefited from interest rate cuts. Taiwanese stocks gained on strength in semiconductors. Despite faltering economic growth and lingering unrest surrounding a controversial citizenship law, India’s equity market rallied amid cuts in interest rates and lower corporate taxes. In Latin America, Argentina was the top performer, bolstered by the greater transparency offered by its new government’s plan to renegotiate public debt and alleviate pressing social issues. Brazilian equities advanced on signs of declining inflation and accommodative monetary policy. Elsewhere, Hungarian and Russian equities performed especially well. Hungary benefited from robust growth in domestic demand, double-digit wage growth and declining unemployment, while Russia advanced amid improving inflation expectations and rising crude oil prices.

In a sharp reversal, emerging markets equities fell dramatically during the first quarter of 2020, with the MSCI EM Index returning -23.60%. Emerging markets equities declined as global equity markets were overtaken by the fear of a global recession as a consequence of the COVID-19 outbreak. The extent of the spread of what had clearly become a pandemic caused global equity markets to reprice to reflect lower investor expectations for global economic growth and corporate earnings. Countries around the world implemented lockdowns to try and flatten the curve of new infections, with largely all but essential businesses being forced to close. Aside from COVID-19, equities also faced adverse effects from the start of an oil price dispute between Russia and Saudi Arabia. On March 8, 2020, a week after the Organization of the Petroleum Exporting Countries failed to strike a deal with its allies about production cuts, Saudi Arabia announced it would ramp up its production, which caused global oil prices to drop approximately 25% in a single day. China was the best performing country within emerging markets equities during March, with the MSCI China Index dropping only 6.59%, as it continued to benefit from the first-in/first-out effect with regard to the COVID-19 outbreak. Economic activity in China was able to normalize somewhat throughout the month, as the number of daily new local cases fell to nearly zero. Elsewhere, Indian equities dropped sharply in March, as that country’s economy, which had been showing strong signs of recovery in the two prior months, was set back by growing concerns about domestic COVID-19 cases.

During the second quarter of 2020, the MSCI EM Index rose 18.08%. Emerging markets equities rebounded significantly as markets saw improved economic conditions even as the COVID-19 pandemic persisted. Many governments bolstered their respective economic recoveries through large stimulus packages. Several emerging markets countries made progress in reopening their economies, as the strict lockdowns implemented earlier had helped in slowing the number of new cases. China continued to be at the forefront of the recovery, with the MSCI China Index returning 8.98% in June 2020 alone and 22.72% for the second calendar quarter, as the country’s economic activity largely returned to normal levels. In fact, industrial activity in China rebounded meaningfully, though its consumer sentiment remained volatile due to the threat of a second wave of infections. In May 2020, the National People’s Congress, which is the highest organ of state power and the national legislature of China, called for a targeted stimulus package, with potential for further adjustments. In India, normalization seemed somewhat further out, as the country had yet to hit its peak in new cases. However, the country started to lift its strict lockdown measures in June in an attempt

¹  All Index returns are expressed in U.S. dollar terms.

2

MARKET REVIEW

to get its economy back on track. In contrast to the healthy rebound in emerging countries, many developed markets countries were having to reverse the reopening of their economies in the wake of a second wave of COVID-19 cases.

The MSCI EM Index declined modestly during September 2020 but rose 9.56% for the third calendar quarter overall, as investor optimism grew around the potential discovery and distribution of a viable vaccine against COVID-19. In September, emerging markets equities retreated following an uptick in global COVID-19 cases and increased uncertainty around the then-upcoming U.S. elections. Still, emerging Asia continued to be a bright spot, with the equity markets of South Korea and Taiwan being the top performers for the quarter overall. South Korea had handled the outbreak of the pandemic comparatively well, partially due to extensive testing efforts. The country subsequently benefited from a strong economic recovery. Taiwan, somewhat insulated from the full impact of the pandemic due to its geographical location, strengthened ties with the U.S. via a new bilateral economic dialogue that has a focus on technology. India’s equity market was also a strong performer during the third quarter of 2020, as it saw lower levels of unemployment and positive economic implications from its government’s sizeable stimulus package. While COVID-19 cases rose significantly in India, its government was moving ahead with some long-awaited reforms and initiatives in an effort to further propel its economic recovery. With elevated volatility linked to the then-upcoming U.S. elections, China’s equity market fell in September but remained a top performing country during the third calendar quarter overall, with a 12.50% return for the MSCI China Index. Brazil’s equity market also declined in September, as it continued to struggle to contain the spread of the coronavirus.

The MSCI EM Index rose 2.06% in October 2020, benefiting from continuing investor optimism about a potential COVID-19 vaccine, despite rising global COVID-19 cases and ongoing uncertainty around the then-upcoming November U.S. elections. Chinese equities appreciated, with the MSCI China Index returning 5.29% in October. That month, the Communist Party of China met to discuss its 14th Five-Year Plan, including key policies designed to support domestic consumption, innovation, sustainability and the continued opening of Chinese financial markets. China’s corporate earnings growth was expected, according to the Five-Year Plan, to be in the high teens for 2021, with valuations attractive relative to developed markets and China’s own history, and were to be supported by the ongoing opening and growth of the Chinese economy. Elsewhere in Asia, the equity markets of Taiwan and South Korea were also top performers, as each continued to benefit from relative insulation from U.S.-China trade tensions and the COVID-19 pandemic. India’s equity market performed strongly, as its government continued to prioritize the country’s economic recovery. Though the number of COVID-19 cases in India continued to rise, the recovery rate there was comparatively good. The equity markets of eastern European countries, including Poland and Russia, struggled in October, as COVID-19 cases rose and geopolitical conflict came to a head in the region. In Latin America, Brazil’s equity market was rather weak, as the nation dealt with a large wildfire, the end of emergency government payments and an increase in COVID-19 cases.

For the Reporting Period as a whole, consumer discretionary, information technology, communication services and health care were the strongest performing sectors in the MSCI EM Index. Energy, utilities, financials and real estate were the worst performing sectors in the MSCI EM Index during the Reporting Period.

From a country perspective, China was the best performing individual constituent of the MSCI EM Index for the Reporting Period, followed by Taiwan, South Korea and Argentina, each of which posted a robust double-digit gain — and the only constituents of the MSCI EM Index to post positive absolute returns for the Reporting Period overall. Greece was the weakest individual country constituent of the MSCI EM Index, followed by Colombia, Brazil, Poland and Turkey, each of which posted a double-digit decline during the Reporting Period.

International Equities

International equities retreated during the Reporting Period, with the MSCI Europe, Australasia, Far East (EAFE) Standard Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) returning -6.85%.¹

As the Reporting Period began in November 2019, international equities were rallying, mainly driven by the accommodative stance of various central banks. Also supporting international equities toward the end of 2019 was anticipation of a resolution to the U.S.-China trade war, as each of the two countries reached an agreement in principle on a “Phase One” trade deal in

¹  All Index returns are expressed in U.S. dollar terms.

3

MARKET REVIEW

mid-December 2019. Additionally, Brexit negotiations took a turn for the better when the Conservative party won a comfortable majority in the mid-December U.K. Parliamentary elections, clearing the way for the U.K. Prime Minister’s Brexit deal to be ratified before a January 31, 2020 deadline. (Brexit indicates the U.K.’s path out of the European Union.) Japanese equities were supported by a recovering economy, stronger capital spending and an increase in domestic demand. In a bid to ensure fair and reciprocal trade, the U.S. and Japan had signed a limited trade deal on agriculture and digital trade in October 2019, just before the start of the Reporting Period.

While international equities continued to rally in January 2020, the MSCI EAFE Index ended the first quarter of 2020 with a return of -22.83%. From mid-February through March 2020, investors saw COVID-19 wreak havoc across countries, communities and industries alike, which had the potential to bring about a global recession. By the end of the first quarter, the pandemic was on its way to becoming the worst health care crisis the world had seen since the 1918 flu pandemic, as it disrupted global supply chains, international trade and private consumption patterns across the world. While different countries took varied degrees of measures in an effort to combat the pandemic, containment through social distancing and lockdowns was the broader theme. Seen from an economic standpoint, the remedy was widely viewed to be as bad as the disease. With more than 100 countries closing borders in March 2020, the movement of people, tourism flows and virtually all economic activities came to a screeching halt. Amid these conditions, March was a historic month for all asset classes and for equities in particular, with all leading markets across the world experiencing one of their largest single-month declines since October 2008. Many equity markets — in economies large and small — went into a tailspin, enduring declines of 30% or more at the trough. Exacerbating matters was the failure of OPEC+ to agree to oil production cuts, which resulted in Saudi Arabia ramping up supply, and thereby applying downward pressure on oil prices. (OPEC is the Organization of the Petroleum Exporting Countries. OPEC+ is composed of OPEC countries and non-OPEC oil producing countries, most notably Russia.) Volatility spiked, in some cases to levels last seen during the global financial crisis of 2008-2009, with market liquidity deteriorating significantly. Dispersion among industry returns skyrocketed in March 2020.

In a sharp reversal, international equities rebounded strongly in the second quarter of 2020, with the MSCI EAFE Index up 14.88% for the quarter. Equity markets around the world gained on investor optimism around a global economic recovery, as lockdown measures began to ease, even as many markets faced some headwinds from weak macroeconomic data, fear of a second wave of COVID-19 and a bleak U.S. economic outlook from the U.S. Fed. Investors largely looked past first quarter 2020 earnings, as company outlooks for then-upcoming quarters amid COVID-19 took precedent. The European equity market was supported by a larger than consensus expected stimulus boost from the European Central Bank’s (“ECB”) Pandemic Emergency Purchase Programme (“PEPP”) and the European Union’s proposed €750 billion COVID-19 recovery plan. In June 2020, the ECB increased its PEPP to €1.35 trillion and extended purchases through June 2021. The ECB also announced it would begin offering euro liquidity to non-euro area central banks in response to the COVID-19 crisis. In Europe, June’s composite Purchasing Managers’ Index rebounded 15.5 points to 47.5, consistent with the easing of lockdown measures and improvements in high frequency activity data. Japanese equity markets rallied in April and May, recovering from the downturn that had started in February 2020. The recovery was driven by a rebound in valuations, particularly in cyclical sectors that bore most of the brunt during the first calendar quarter sell-off.

International equity markets continued to rally in July and August 2020 before declining in September. For the third calendar quarter, the MSCI EAFE Index posted a return of 4.80%. In July and August, international equity market performance was buoyed by industrial and labor data, optimism surrounding COVID-19 vaccine testing and ongoing policy support from governments and central banks. September’s decline was based largely on a spike in COVID-19 cases globally, a pullback in information technology sector performance and the U.S. Fed’s perspective on further policy support. European equities ended the third calendar quarter rather flat. While major earnings beats of consensus expectations provided some support, European stock markets were pressured by rising worries around a second wave of COVID-19. The direction of Brexit negotiations also remained a key concern. In Europe, the composite Purchasing Managers’ Index fell to a three-month low in September. The region’s manufacturing sector, however, saw growth, led by Germany’s surge in manufacturing output. The U.K. presented an Internal Market Bill to its Parliament containing provisions that conflicted with the European Union-U.K. Withdrawal Agreement reached earlier in 2020. Still, in September, the U.K. and Japan finalized a free-trade agreement, the U.K.’s first major post-Brexit accord. The Japanese equity market slowed in September from its calendar year-to-date high in August 2020 amidst increasing U.S.-China tensions and the ongoing strength of the Japanese yen. However, the downside was limited by better than consensus expected Japan Gross

4

MARKET REVIEW

Domestic Product numbers, lowering of the COVID-19 alert in Tokyo and easing of restrictions in Japan broadly. The country elected a new Prime Minister in mid-September, the first new leader in nearly eight years, following the previous Prime Minister’s abrupt resignation. In September, the Bank of Japan upgraded its assessment of Japan’s economy, stating it had started to pick up after a difficult span caused by the pandemic.

In October 2020, the MSCI EAFE Index returned -1.68%. International equity markets declined, as investors focused on the then-upcoming November U.S. elections and the rising COVID-19 cases in many countries, most notably across Europe. A number of countries, including France, Germany and Belgium, were forced to reintroduce national lockdown measures. Meanwhile, though Japan had been rather successful in containing COVID-19, its equity market retreated on the renewed uncertainty about other regions in the world. These concerns around much of the globe outweighed the fact that third quarter 2020 corporate earnings, released in October, were largely positive, with many companies beating consensus expectations.

For the Reporting Period as a whole, information technology was the strongest performing sector in the MSCI EAFE Index, followed by health care and materials, each producing a positive absolute return. The weakest performing sector in the MSCI EAFE Index was energy, followed at some distance by real estate and financials, with each recording a double-digit loss during the Reporting Period.

From a country perspective, Denmark, New Zealand and Sweden were the strongest performing constituents of the MSCI EAFE Index during the Reporting Period, each generating a strong gain. Spain, Singapore and the U.K. were the weakest individual country constituents of the MSCI EAFE Index during the Reporting Period, each posting a double-digit negative absolute return.

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with what we view as sustainable earnings and a track record of using their capital to enhance shareholder value. As such, 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 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.

5

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity

Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 11.56%, 10.65%, 11.90%, 11.76%, 11.81%, 11.19% and 11.80%, respectively. These returns compare to the 8.23% average annual total return of the Fund’s benchmark, the MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the “Index”), during the same 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 and country/currency selection, careful portfolio construction and efficient implementation. To manage the Fund, we use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio.

During the Reporting Period, the Fund outperformed the Index, with our stock selection strategy adding to results. Our country/currency strategy detracted slightly from relative returns.

Q Which investment themes helped and which hurt within the Team’s stock selection strategy?

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, two of our investment themes contributed positively to the Fund’s relative performance. Market Themes & Trends was our best-performing investment theme, adding significantly to the Fund’s returns. The Sentiment Analysis investment also bolstered returns, albeit to a much lesser extent. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

Our Fundamental Mispricings investment theme detracted from relative results during the Reporting Period, followed at a distance by High Quality Business Models. 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.

Q How did the Fund’s sector and industry allocations affect relative results?

A In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently,

6

PORTFOLIO RESULTS

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 returns.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, stock selection added to the Fund’s relative returns, led by holdings in the real estate, information technology and financials sectors. Selection in two sectors — consumer discretionary and consumer staples — dampened relative performance.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund benefited from its overweight positions versus the Index in Taiwan Semiconductor Manufacturing, a Taiwan-based integrated circuits manufacturer; NAVER, a South Korean online platform; and NetEase, a China-based Internet technology company. Our Market Themes & Trends and High Quality Business Models investment themes led to the overweights in all three stocks.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund was hindered by its overweights in Petrobras Distribuidora and PICC Property & Casualty. An underweight in Meituan-Dianping also detracted from relative performance. We established the overweight in Petrobras Distribuidora, the largest distributor and marketer of petroleum derivatives and biofuels in Brazil and Latin America, based on our Fundamental Mispricings, Market Themes & Trends and High Quality Business Models investment themes. The overweight in China-based insurance company PICC Property & Casualty was largely the result of our Fundamental Mispricings investment theme. Our Fundamental Mispricings and High Quality Business Models investment themes resulted in the Fund’s underweight in Meituan-Dianping, a China-based on-line shopping platform for locally found consumer products and retail services, including entertainment, dining, delivery, travel and other services.

Q What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

A Our country/currency strategy detracted modestly from the Fund’s relative returns. During the Reporting Period, the Fund’s performance was held back by its overweight compared to the Index in China and, to a lesser extent, by its overweight in Indonesia and its underweight in South Africa. On the positive side, the Fund benefited from an underweight in Taiwan and from its overweights in Brazil and Thailand.

We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy — Valuation, Risk Premium and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A During the Reporting Period, we shifted the Fund from an overweight position relative to the Index in China to an underweight position. We reduced the size of the Fund’s overweight in Indonesia and increased the size of its overweight in South Korea. Compared to the Index, we changed within the Fund from rather neutral positions in Peru and India to overweight positions. We also moved the Fund from overweight positions in Mexico and Turkey to relatively neutral positions compared to the Index.

7

PORTFOLIO RESULTS

Q What were the Fund’s sector and country weightings 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 communication services, consumer discretionary, information technology, materials and health care sectors. Compared to the Index, the Fund was underweight the energy, consumer staples, financials, real estate and utilities sectors. It was rather neutral versus the Index in the industrials sector at the conclusion of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in South Korea, Indonesia, India, Peru and Taiwan at the end of the Reporting Period. Compared to the Index, the Fund was underweight Saudi Arabia, Malaysia, China and South Africa. The Fund was relatively neutral in Brazil, the Philippines, Turkey, Mexico, Russia, Chile, United Arab Emirates, Qatar, Poland, Hungary, Thailand, Pakistan, Greece, Czech Republic, Egypt, Argentina and Colombia at the end of the Reporting Period.

8

FUND BASICS

Emerging Markets Equity Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		10.1	%	Retailing	China
Tencent Holdings Ltd.		8.1		Media & Entertainment	China
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6.4		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.0		Technology Hardware & Equipment	South Korea
JD.com, Inc. ADR		2.6		Retailing	China
Meituan Class B		2.3		Retailing	China
LG Chem Ltd.		1.8		Materials	South Korea
Sberbank of Russia PJSC		1.8		Banks	Russia
Vipshop Holdings Ltd. ADR		1.7		Retailing	China
NAVER Corp.		1.7		Media & Entertainment	South Korea

¹  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

²  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.0% of the Fund’s net assets at October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

9

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® Emerging Markets Standard Index (the “MSCI^® EM Index”) (Net, USD, unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Emerging Markets Equity Insights Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	11.56%	7.48%	3.15%	—
Including sales charges	5.47%	6.28%	2.56%	—
Class C
Excluding contingent deferred sales charges	10.65%	6.69%	2.37%	—
Including contingent deferred sales charges	9.64%	6.69%	2.37%	—
Institutional	11.90%	7.91%	3.54%	—
Investor	11.76%	7.76%	3.38%	—
Class R6 (Commenced July 31, 2015)	11.81%	7.91%	N/A	6.29%
Class R (Commenced February 28, 2014)	11.19%	7.22%	N/A	4.94%
Class P (Commenced April 16, 2018)	11.80%	N/A	N/A	-0.59%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

10

PORTFOLIO RESULTS

Goldman Sachs International Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -6.44%, -7.08%, -6.07%, -6.50%, -6.21%, -6.06%, -6.69% and -6.06%, respectively. These returns compare to the -6.85% average annual total return of the Fund’s benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged) (the “Index”), during the same 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 and country/currency selection, careful portfolio construction and efficient implementation. To manage the Fund, we use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio.

During the Reporting Period, the Fund generated mixed results versus the Index, with some share classes outperforming and others underperforming. Within our stock selection strategy, certain individual investments detracted from relative performance. Our country/currency strategy added marginally to results.

Q Which investment themes helped and which hurt within the Team’s stock selection strategy?

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 added to the Fund’s relative performance. Market Themes & Trends was our best performing theme, followed at some distance by Sentiment Analysis and High Quality Business Models. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

Our Fundamental Mispricings theme detracted from the Fund’s relative returns during the Reporting Period. 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.

Q How did the Fund’s sector and industry allocations affect relative results?

A In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently,

11

PORTFOLIO RESULTS

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 returns.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, the Fund was hurt by certain individual stock positions. Investments in the consumer discretionary, utilities and industrials sectors detracted from relative performance. On the positive side, the Fund benefited from stock selection in the health care, information technology and energy sectors during the Reporting Period.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was hindered during the Reporting Period by underweights versus the Index in U.K.-headquartered tobacco company British American Tobacco and French luxury goods company LVMH Moet Hennessy Louis Vuitton and by an overweight in Italian investment bank Mediobanca Banca di Credito Finanziario. The underweight in British American Tobacco was largely due to our Market Themes & Trends and High Quality Business Models investment themes. The Fund was underweight LVMH Moet Hennessy Louis Vuitton mostly because of our Fundamental Mispricings and High Quality Business Models investment themes. We established the overweight in Mediobanca Banca di Credito Finanziario based on our High Quality Business Models and Market Themes & Trends investment themes.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund was helped by underweight positions in U.K.-based BP and Netherlands-based Royal Dutch Shell, both integrated oil and gas companies. An overweight position in Schneider Electric, a France-based provider of energy and automation digital solutions, also added to relative performance. We adopted the underweight in BP primarily because of our Market Themes & Trends investment theme, while the underweight in Royal Dutch Shell was mainly because of our Market Themes & Trends and Sentiment Analysis investment themes. Our High Quality Business Models investment theme drove our decision to overweight Schneider Electric.

Q What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

A Our country/currency selection strategy added slightly to the Fund’s relative returns during the Reporting Period. Compared to the Index, the Fund was aided by underweights in the U.K. and France as well as by a modest overweight in Australia. Conversely, overweight positions in Italy, Japan and Switzerland detracted from the Fund’s relative performance during the Reporting Period.

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy—Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A During the Reporting Period, we moved the Fund from an underweight position relative to the Index in Japan to an overweight position. We reduced the size of the Fund’s overweight in the Netherlands and increased the size of its

12

PORTFOLIO RESULTS

overweight position in Switzerland. In addition, we increased the Fund’s underweight in the U.K. We changed within the Fund from an overweight in Sweden and an underweight in Hong Kong to a rather neutral position in each versus the Index. We also shifted the Fund from a rather neutral position in France to an underweight position during the Reporting Period.

Q What were the Fund’s sector and country weightings 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 health care, information technology, consumer discretionary and industrials sectors. Compared to the Index, the Fund was underweight the utilities, financials and energy sectors. The Fund was relatively neutral versus the Index in the consumer staples, communication services, real estate and materials sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in Switzerland, the Netherlands, Japan, Italy and Norway at the end of the Reporting Period. Compared to the Index, the Fund was underweight the U.K., France and Spain. The Fund was relatively neutral versus the Index in Ireland, Hong Kong, Israel, Belgium, Germany, Sweden, Singapore, Denmark, Finland, Austria, Portugal, New Zealand and Australia at the end of the Reporting Period.

13

FUND BASICS

International Equity Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201,2
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		3.3	%	Food, Beverage & Tobacco	Switzerland
Roche Holding AG		2.6		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Novartis AG (Registered)		2.1		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Toyota Motor Corp.		1.7		Automobiles & Components	Japan
Schneider Electric SE		1.4		Capital Goods	France
ASML Holding NV		1.3		Semiconductors & Semiconductor Equipment	Netherlands
Novo Nordisk A/S Class B		1.3		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Rio Tinto plc ADR		1.2		Materials	Australia
Deutsche Post AG (Registered)		1.2		Transportation	Germany
Zurich Insurance Group AG		1.1		Insurance	Switzerland

¹  The top 10 holdings may not be representative of the Fund’s future investments.

²  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.2% of the Fund’s net assets as of 10/31/20.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of October 31, 2020

³  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets at October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

14

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® EAFE Standard Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Equity Insights Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-6.44%	3.31%	3.71%	—
Including sales charges	-11.61%	2.15%	3.13%	—
Class C
Excluding contingent deferred sales charges	-7.08%	2.54%	2.94%	—
Including contingent deferred sales charges	-8.01%	2.54%	2.94%	—
Institutional	-6.07%	3.69%	4.12%	—
Service	-6.50%	3.17%	3.60%	—
Investor	-6.21%	3.57%	3.98%	—
Class R6 (Commenced July 31, 2015)	-6.06%	3.70%	N/A	2.81%
Class R	-6.69%	3.04%	3.47%	—
Class P (Commenced April 16, 2018)	-6.06%	N/A	N/A	-4.47%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

15

PORTFOLIO RESULTS

Goldman Sachs International Small Cap Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2020 (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 R6 and Class P Shares generated average annual total returns, without sales charges, of -3.98%, -4.71%, -3.61%, -3.72%, -3.60% and -3.60%, respectively. These returns compare to the -1.36% average annual total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (Net, USD, Unhedged) (the “Index”), during the same 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 two of our quantitative model’s four investment themes detracting from results. Stock selection driven by these investment themes diminished 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, two of our investment themes detracted from the Fund’s relative performance. Fundamental Mispricings was our worst-performing investment theme, followed at some distance by High Quality Business Models. 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.

Our Market Themes & Trends and Sentiment Analysis investment themes added to the Fund’s relative returns during the Reporting Period. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. 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 results?

A In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected

16

PORTFOLIO RESULTS

using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Index.

During the Reporting Period, stock selection hurt the Fund’s relative performance. The negative results were led by investments in the materials, real estate and consumer discretionary sectors. Contributing positively were the Fund’s holdings in the energy, financials and health care sectors.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was hampered during the Reporting Period by overweight positions relative to the Index in MERLIN Properties SOCIMI, a Spain-based real estate investment trust; Beach Energy, an Australian oil and gas exploration company; and NET One Systems, a Japanese information technology service management company. The overweight in MERLIN Properties SOCIMI was largely due to our High Quality Business Models and Fundamental Mispricings investment themes. Our High Quality Business Models and Market Themes & Trends drove the Fund’s overweight in Beach Energy. We chose to overweight NET One Systems mainly because of our Market Themes & Trends and Fundamental Mispricings investment themes.

Q Which individual stock positions contributed most to the Fund’s relative results during the Reporting Period?

A During the Reporting Period, the Fund was helped by its overweight positions in Plus500, a British international financial firm providing online trading services in contracts for differences; Tecan Group, a Swiss company providing laboratory instruments and solutions; and ASM International, a Netherlands-based supplier of semiconductor process equipment for wafer processing. (A contract for differences is an agreement between two parties to exchange the difference in the value of a financial product between the time the contract opens and closes.) The Fund’s overweight in Plus500 was primarily due to our High Quality Business Models investment theme. Our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes led us to overweight Tecan Group. The overweight in ASM International was largely the result of our Market Themes & Trends and High Quality Business Models investment themes.

Q What impact did country selection have on the Fund’s relative performance during the Reporting Period?

A To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A As mentioned previously, changes in the Fund’s country weightings are generally the result of our stock picking. During the Reporting Period, the Fund’s overweight in Japan compared to the Index decreased, and its overweight in the Netherlands increased. Its neutral position relative to the Index in Italy changed to an overweight position, while its overweight in Germany became a rather neutral position. In addition, the Fund’s underweights in the U.K. and Israel increased during the Reporting Period.

Q What were the Fund’s sector and country weightings 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 consumer discretionary, health care, information technology and materials sectors. Compared to the Index, the Fund was underweight the real estate, financials, industrials, utilities and energy sectors. The Fund was relatively neutral compared to the Index in the consumer staples and communication services sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight the Netherlands, Japan and Italy relative to the Index at the end of the Reporting Period. Compared to the Index, the Fund was underweight the U.K., Israel, Denmark, Sweden, New Zealand and Singapore. It was relatively neutral compared to the Index in Finland, Norway, France, Germany, Belgium, Ireland, Portugal, Australia, Austria, Switzerland and Spain. The Fund had no exposure to Hong Kong at the end of the Reporting Period.

17

FUND BASICS

International Small Cap Insights Fund

as of October 31, 2020

TOP TEN HOLDINGS AS OF 10/31/201
Holding	% of Net Assets			Line of Business	Country
Kesko OYJ Class B		1.4	%	Food & Staples Retailing	Finland
Tecan Group AG (Registered)		1.3		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
ASM International NV		1.3		Semiconductors & Semiconductor Equipment	Netherlands
Signify NV		1.1		Capital Goods	Netherlands
DeNA Co. Ltd.		1.1		Media & Entertainment	Japan
Plus500 Ltd.		1.1		Diversified Financials	Israel
IG Group Holdings plc		1.1		Diversified Financials	United Kingdom
Warehouses De Pauw CVA (REIT)		1.1		Real Estate	Belgium
JB Hi-Fi Ltd.		1.1		Retailing	Australia
Interpump Group SpA		1.0		Capital Goods	Italy

¹  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of October 31, 2020

² The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.0% of the Fund’s net assets at October 31, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

18

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Performance Summary

October 31, 2020

The following graph shows the value, as of October 31, 2020, of a $1,000,000 investment made on November 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Small Cap Insights Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 1, 2010 through October 31, 2020.

Average Annual Total Return through October 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-3.98%	4.24%	6.32%	—
Including sales charges	-9.28%	3.06%	5.71%	—
Class C
Excluding contingent deferred sales charges	-4.71%	3.46%	5.53%	—
Including contingent deferred sales charges	-5.66%	3.46%	5.53%	—
Institutional	-3.61%	4.64%	6.75%	—
Investor	-3.72%	4.51%	6.60%	—
Class R6 (Commenced July 31, 2015)	-3.60%	4.70%	N/A	3.88%
Class P (Commenced April 16, 2018)	-3.60%	N/A	N/A	-4.69%

* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Returns.

19

FUND BASICS

Index Definitions

MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips, P chips and foreign listings.

The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of October 31, 2020, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization weighted composite of securities in 21 developed markets. As of October 31, 2020, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI^® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.

It is not possible to invest directly in an unmanaged index.

20

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 98.5%
Brazil – 3.6%
	87,600	AES Tiete Energia SA (Utilities)*	$	224,422
	3,104,400	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		27,619,554
	150,600	Cia Paranaense de Energia (Preference) (Utilities)*(a)		1,620,972
	769,400	Duratex SA (Materials)*		2,570,500
	442,200	Klabin SA (Materials)		1,829,543
	224,300	Lojas Americanas SA (Preference) (Retailing)*(a)		908,075
	4,190,928	Petrobras Distribuidora SA (Retailing)		14,008,836
	522,400	Sao Martinho SA (Food, Beverage & Tobacco)		1,916,454
	906,700	WEG SA (Capital Goods)		11,982,513
				62,680,869
China – 40.9%
	569,500	Alibaba Group Holding Ltd. ADR (Retailing)*		173,520,955
	100,787	Anhui Conch Cement Co. Ltd. Class A (Materials)		767,501
	795,500	Anhui Conch Cement Co. Ltd. Class H (Materials)		4,976,244
	216,700	Baidu, Inc. ADR (Media & Entertainment)*		28,831,935
	86,000	Bank of Communications Co. Ltd. Class H (Banks)		42,311
	3,088,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)		2,665,599
	166,326	BYD Co. Ltd. Class A (Automobiles & Components)		3,968,441
	7,049,000	China Lesso Group Holdings Ltd. (Capital Goods)		11,428,026
	2,070,000	China Life Insurance Co. Ltd. Class H (Insurance)		4,516,586
	723,000	China Longyuan Power Group Corp. Ltd. Class H (Utilities)		495,552
	10,305,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,836,511
	20,500	China Minsheng Banking Corp. Ltd. Class H (Banks)		11,219
	368,347	China Shenhua Energy Co. Ltd. Class A (Energy)		917,099
	2,282,500	China Shenhua Energy Co. Ltd. Class H (Energy)		3,954,753
	2,086,975	China South Publishing & Media Group Co. Ltd. Class A (Media & Entertainment)		3,273,393
	1,113,000	China Yongda Automobiles Services Holdings Ltd. (Retailing)		1,585,855
	13,107,652	Chinese Universe Publishing and Media Group Co. Ltd. Class A (Media & Entertainment)		22,682,430
Common Stocks – (continued)
China – (continued)
	2,026,436	Chongqing Changan Automobile Co. Ltd. Class A (Automobiles & Components)*		5,014,730
	2,308,500	COSCO SHIPPING Holdings Co. Ltd. Class A (Transportation)*		2,259,391
	464,000	COSCO SHIPPING Holdings Co. Ltd. Class H (Transportation)*		296,907
	48,000	Far East Horizon Ltd. (Diversified Financials)		47,344
	4,267,215	Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment)		5,967,888
	136,141	Foshan Haitian Flavouring & Food Co. Ltd. Class A (Food, Beverage & Tobacco)		3,258,348
	5,753,000	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)		9,314,513
	158,400	Guangzhou Wondfo Biotech Co. Ltd. Class A (Health Care Equipment & Services)		1,803,010
	120,000	Hisense Home Appliances Group Co. Ltd. Class H (Consumer Durables & Apparel)		172,562
	26,277,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		14,921,777
	540,800	JD.com, Inc. ADR (Retailing)*		44,086,016
	2,772,163	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health Care Equipment & Services)		12,798,527
	563,500	Liaoning Cheng Da Co. Ltd. Class A (Retailing)		1,902,881
	1,063,000	Logan Group Co. Ltd. (Real Estate)		1,667,830
	1,078,800	Meituan Class B (Retailing)*		40,216,788
	318,500	NetEase, Inc. ADR (Media & Entertainment)		27,642,615
	117,600	NIO, Inc. ADR (Automobiles & Components)*		3,596,208
	27,200	Pinduoduo, Inc. ADR (Retailing)*		2,447,456
	1,977,000	Powerlong Real Estate Holdings Ltd. (Real Estate)		1,331,073
	381,981	SF Holding Co. Ltd. Class A (Transportation)		4,731,526
	259,511	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)		15,022,049
	3,832,500	Sinotruk Hong Kong Ltd. (Capital Goods)		9,802,973
	3,439,000	SITC International Holdings Co. Ltd. (Transportation)		5,312,071
	128,200	Suofeiya Home Collection Co. Ltd. Class A (Consumer Durables & Apparel)		541,204
	600	TAL Education Group ADR (Consumer Services)*		39,876

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,816,300	Tencent Holdings Ltd. (Media & Entertainment)	$	138,775,589
	668,000	Tianneng Power International Ltd. (Automobiles & Components)(b)		1,088,282
	1,363,300	Vipshop Holdings Ltd. ADR (Retailing)*		29,174,620
	1,558,788	Weichai Power Co. Ltd. Class A (Capital Goods)		3,527,590
	2,961,000	Weichai Power Co. Ltd. Class H (Capital Goods)		5,614,897
	1,422,453	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A (Media & Entertainment)		6,305,728
	2,321,000	Zhongsheng Group Holdings Ltd. (Retailing)		16,549,297
	17,412,000	Zijin Mining Group Co. Ltd. Class H (Materials)		12,693,576
				702,399,552
Greece – 0.1%
	21,083	JUMBO SA (Retailing)		295,506
	52,070	Terna Energy SA (Utilities)		693,760
				989,266
Hong Kong – 0.1%
	2,023,000	China High Speed Transmission Equipment Group Co. Ltd. (Capital Goods)		1,500,451
Hungary – 0.4%
	113,713	OTP Bank Nyrt. (Banks)*		3,547,228
	132,591	Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences)		2,707,173
				6,254,401
India – 9.5%
	201,109	Adani Ports & Special Economic Zone Ltd. (Transportation)		975,508
	5,893	Atul Ltd. (Materials)		477,510
	610,694	Aurobindo Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,364,276
	40,454	Bajaj Holdings & Investment Ltd. (Diversified Financials)		1,258,510
	33,194	Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		337,752
	274,590	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,636,555
	12,990	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)(c)		402,357
	164,810	Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		10,681,336
Common Stocks – (continued)
India – (continued)
	41,455	Escorts Ltd. (Capital Goods)		671,165
	197,306	FDC Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		917,938
	386,340	Gujarat State Petronet Ltd. (Utilities)		1,006,391
	1,285,111	HCL Technologies Ltd. (Software & Services)		14,621,490
	317,701	Hero MotoCorp Ltd. (Automobiles & Components)		11,986,095
	220,286	ICICI Lombard General Insurance Co. Ltd. (Insurance)*(c)		3,671,592
	476,360	ICICI Securities Ltd. (Diversified Financials)(c)		2,976,895
	1,828,299	Infosys Ltd. ADR (Software & Services)		26,089,827
	5,885	Ipca Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		183,629
	468,446	Jindal Steel & Power Ltd. (Materials)*		1,214,043
	21,763	Larsen & Toubro Infotech Ltd. (Software & Services)(c)		858,728
	142,186	LIC Housing Finance Ltd. (Banks)		542,402
	1,000,208	Manappuram Finance Ltd. (Diversified Financials)		2,095,512
	193,170	Mindtree Ltd. (Software & Services)		3,469,155
	23,709	Mphasis Ltd. (Software & Services)		441,721
	590,242	Muthoot Finance Ltd. (Diversified Financials)		9,799,675
	6,445	Pfizer Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		433,371
	6,521,335	Power Finance Corp. Ltd. (Diversified Financials)		7,661,275
	6,235,167	REC Ltd. (Diversified Financials)		8,648,508
	1,754	Reliance Industries Ltd. (Energy)		48,629
	3,062	Sanofi India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		330,452
	78,306	Sun TV Network Ltd. (Media & Entertainment)		445,625
	678,313	Tata Consultancy Services Ltd. (Software & Services)		24,446,721
	169,621	Tata Steel Ltd. (Materials)		942,218
	1,762,916	Torrent Power Ltd. (Utilities)		7,424,769
				163,061,630
Indonesia – 2.9%
	54,604,900	Adaro Energy Tbk. PT (Energy)		4,139,247
	9,281,300	Bank Central Asia Tbk. PT (Banks)		18,262,404
	11,924,100	Bank Mandiri Persero Tbk. PT (Banks)		4,644,805
	63,789,900	Bank Rakyat Indonesia Persero Tbk. PT (Banks)		14,440,246
	44,397,900	Bukit Asam Tbk. PT (Energy)		5,817,196
	1,380,500	United Tractors Tbk. PT (Energy)		1,972,309
				49,276,207

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Mexico – 2.1%
	1,035,813	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)	$	2,105,662
	931,164	Gruma SAB de CV Class B (Food, Beverage & Tobacco)		9,904,057
	4,549,371	Grupo Mexico SAB de CVSeries B (Materials)		12,922,217
	5,590,774	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		8,310,450
	107,158	Orbia Advance Corp. SAB de CV (Materials)		189,496
	798,258	Qualitas Controladora SAB de CV (Insurance)		3,187,914
				36,619,796
Peru – 1.6%
	514,700	Southern Copper Corp. (Materials)		26,939,398
Philippines – 0.1%
	724,490	International Container Terminal Services, Inc. (Transportation)		1,718,168
Poland – 0.2%
	206,341	Asseco Poland SA (Software & Services)		3,344,220
	651	CD Projekt SA (Media & Entertainment)*		55,277
	138,171	Powszechny Zaklad Ubezpieczen SA (Insurance)*		755,186
				4,154,683
Qatar – 0.3%
	123,750	Commercial Bank PSQC (The) (Banks)		145,032
	2,227,201	Masraf Al Rayan QSC (Banks)		2,624,863
	1,359,933	Qatar Gas Transport Co. Ltd. (Energy)		1,004,730
	122,512	Qatar Islamic Bank SAQ (Banks)		545,619
	251,429	Qatar National Bank QPSC (Banks)		1,220,722
				5,540,966
Russia – 3.2%
	184,853	LUKOIL PJSC ADR (Energy)		9,444,140
	398,080	MMC Norilsk Nickel PJSC ADR (Materials)		9,454,400
	2,227,300	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		3,761,761
	40,469,000	RusHydro PJSC (Utilities)		368,431
	12,116,410	Sberbank of Russia PJSC (Banks)		30,708,531
	29,631	Severstal PAO GDR (Materials)		405,041
				54,142,304
Saudi Arabia – 0.7%
	20,371	Abdullah Al Othaim Markets Co. (Food & Staples Retailing)		708,087
Common Stocks – (continued)
Saudi Arabia – (continued)
	95,665	Advanced Petrochemical Co. (Materials)		1,475,131
	420,972	Al Rajhi Bank (Banks)		7,386,065
	24,980	Bupa Arabia for Cooperative Insurance Co. (Insurance)*		760,350
	19,087	National Agriculture Development Co. (The) (Food, Beverage & Tobacco)*		143,874
	27,755	Samba Financial Group (Banks)		203,895
	78,280	Saudi Ceramic Co. (Capital Goods)*		808,856
	28,768	Savola Group (The) (Food, Beverage & Tobacco)		351,231
				11,837,489
Singapore – 0.2%
	3,842,000	IGG, Inc. (Media & Entertainment)		4,158,928
South Africa – 2.1%
	110,189	African Rainbow Minerals Ltd. (Materials)		1,549,883
	239,668	Anglo American Platinum Ltd. (Materials)		15,869,610
	58,637	Naspers Ltd. Class N (Retailing)*		11,447,559
	32,514	Remgro Ltd. (Diversified Financials)		173,445
	1,160,850	Standard Bank Group Ltd. (Banks)		7,590,672
				36,631,169
South Korea – 14.1%
	15,673	Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		2,118,887
	12,503	Chongkundang Holdings Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		1,076,668
	11,408	Coway Co. Ltd. (Consumer Durables & Apparel)*		698,541
	43,473	COWELL FASHION Co. Ltd. (Consumer Durables & Apparel)		222,366
	160,055	Daou Data Corp. (Diversified Financials)		1,530,704
	290,999	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,262,162
	128,396	DongKook Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,746,996
	313,826	Hana Financial Group, Inc. (Banks)		8,477,219
	28,436	Hancom, Inc. (Software & Services)*		432,170
	38,931	Hanjin Transportation Co. Ltd. (Transportation)		1,625,164
	46,668	Hansol Chemical Co. Ltd. (Materials)		5,822,147
	28,758	Huons Global Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		717,255

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	195,713	KB Financial Group, Inc. (Banks)	$	7,000,616
	39,164	Kginicis Co. Ltd. (Software & Services)		654,539
	27,397	Kia Motors Corp. (Automobiles & Components)		1,228,733
	18,882	KIWOOM Securities Co. Ltd. (Diversified Financials)		1,727,240
	35,475	LabGenomics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		928,534
	44,682	LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment)		4,806,146
	57,769	LG Chem Ltd. (Materials)		31,500,355
	3,214,268	Mirae Asset Daewoo Co. Ltd. (Diversified Financials)		23,947,598
	435,126	Mirae Asset Daewoo Co. Ltd. (Preference) (Diversified Financials)(a)		1,742,908
	113,072	NAVER Corp. (Media & Entertainment)		28,931,844
	34,290	Neowiz (Media & Entertainment)*		636,617
	19,035	NICE Information Service Co. Ltd. (Commercial & Professional Services)		327,747
	68,731	Posco International Corp. (Capital Goods)		811,765
	10,842	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(c)		6,551,788
	1,350,930	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		67,905,345
	232,051	Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)(a)		10,322,768
	78,937	Samsung Life Insurance Co. Ltd. (Insurance)		4,418,276
	12,805	SK Chemicals Co. Ltd. (Materials)		3,929,168
	21,884	SK Gas Ltd. (Energy)		2,038,671
	7,088	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		502,843
	92,800	Suheung Co. Ltd. (Health Care Equipment & Services)		4,029,951
	2,920	Tokai Carbon Korea Co. Ltd. (Semiconductors & Semiconductor Equipment)		238,803
	70,907	Yuhan Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		3,731,491
				241,644,025
Taiwan – 13.6%
	126,000	Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment)		2,138,235
	2,798,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		3,274,975
Common Stocks – (continued)
Taiwan – (continued)
	5,082,000	Cheng Loong Corp. (Materials)		6,038,024
	1,671,000	Chicony Power Technology Co. Ltd. (Capital Goods)		3,908,435
	667,000	ChipMOS Technologies, Inc. (Semiconductors & Semiconductor Equipment)		657,343
	3,466,000	CTBC Financial Holding Co. Ltd. (Banks)		2,188,814
	209,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		1,390,565
	616,000	Dynapack International Technology Corp. (Technology Hardware & Equipment)		1,719,555
	68,000	Elan Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		321,214
	1,773,000	Everlight Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,354,183
	225,000	Fubon Financial Holding Co. Ltd. (Insurance)		320,525
	69,000	Giant Manufacturing Co. Ltd. (Consumer Durables & Apparel)		681,642
	2,605,000	Gigabyte Technology Co. Ltd. (Technology Hardware & Equipment)		6,554,734
	145,000	Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment)		757,125
	413,000	Ho Tung Chemical Corp. (Materials)*		152,557
	13,000	Hotai Motor Co. Ltd. (Retailing)		273,994
	329,000	International Games System Co. Ltd. (Media & Entertainment)		8,657,580
	160,000	momo.com, Inc. (Retailing)		3,829,025
	194,000	Pan Jit International, Inc. (Semiconductors & Semiconductor Equipment)		244,913
	6,000	Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment)		229,283
	1,540,000	Quanta Computer, Inc. (Technology Hardware & Equipment)		3,885,824
	529,000	Sanyang Motor Co. Ltd. (Automobiles & Components)		417,121
	873,000	Simplo Technology Co. Ltd. (Technology Hardware & Equipment)		9,737,762
	275,000	Soft-World International Corp. (Media & Entertainment)		782,639
	514,000	Sonix Technology Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,199,869
	4,707,000	Synnex Technology International Corp. (Technology Hardware & Equipment)		6,995,508

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	374,000	Systex Corp. (Software & Services)	$	1,060,698
	179,000	TaiDoc Technology Corp. (Health Care Equipment & Services)		1,449,352
	1,342,200	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		112,570,314
	6,572,000	Teco Electric and Machinery Co. Ltd. (Capital Goods)		6,873,398
	982,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,937,079
	6,414,000	Tung Ho Steel Enterprise Corp. (Materials)		6,782,082
	19,210,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		20,645,961
	259,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		846,165
	2,449,000	Walsin Lihwa Corp. (Capital Goods)		1,521,803
	3,682,000	Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment)		6,766,113
	1,123,000	YungShin Global Holding Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		1,685,324
				232,849,733
Thailand – 1.8%
	11,849,700	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)		9,591,993
	5,673,000	Com7 PCL Class F (Retailing)		7,432,000
	69,500	Polyplex Thailand PCL (Materials)		53,696
	912,100	RS PCL (Media & Entertainment)		538,103
	237,500	Siam Cement PCL (The) (Registered) (Materials)		2,573,476
	278,200	Siam Commercial Bank PCL (The) (Banks)		579,249
	107,900	Siam Global House PCL (Retailing)		54,974
	269,800	SPCG PCL (Utilities)		171,387
	6,299,800	Sri Trang Agro-Industry PCL (Automobiles & Components)*		7,219,811
	3,389,100	Thanachart Capital PCL (Banks)		2,988,409
				31,203,098
Turkey – 0.9%
	1,678,844	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		13,273,727
	127,086	Enka Insaat ve Sanayi A/S (Capital Goods)		109,759
	63,217	Ford Otomotiv Sanayi A/S (Automobiles & Components)		817,867
Common Stocks – (continued)
Turkey – (continued)
	310,097	Haci Omer Sabanci Holding A/S (Diversified Financials)		305,103
	76,133	Turk Traktor ve Ziraat Makineleri A/S (Capital Goods)		1,030,188
				15,536,644
United Arab Emirates – 0.1%
	457,936	Emirates NBD Bank PJSC (Banks)		1,173,743
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,329,211,212)		$	1,690,312,520
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	500,400	0.028%	$	500,400
	(Cost $500,400)
	TOTAL INVESTMENTS – 98.5%
	(Cost $1,329,711,612)		$	1,690,812,920
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			25,321,001
	NET ASSETS – 100.0%		$	1,716,133,921

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	All or a portion of security is on loan.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index		159		12/18/2020	$	8,760,105	$	32,269

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 98.6%
Australia – 7.6%
	1,358,446	Adairs Ltd. (Retailing)	$	3,627,612
	53,157	Ansell Ltd. (Health Care Equipment & Services)		1,503,125
	15,003	ASX Ltd. (Diversified Financials)		840,087
	2,262,663	Brambles Ltd. (Commercial & Professional Services)		15,260,122
	49,182	Breville Group Ltd. (Consumer Durables & Apparel)		911,211
	16,926	Commonwealth Bank of Australia (Banks)		821,783
	1,501,784	Fortescue Metals Group Ltd. (Materials)		18,372,058
	66,081	Genworth Mortgage Insurance Australia Ltd. (Banks)		79,285
	1,341,726	Goodman Group (REIT)		17,366,164
	386,226	JB Hi-Fi Ltd. (Retailing)		12,905,921
	211,652	Mineral Resources Ltd. (Materials)		3,716,568
	78,381	Premier Investments Ltd. (Retailing)		1,175,566
	21,487	Pro Medicus Ltd. (Health Care Equipment & Services)		490,460
	18,791	REA Group Ltd. (Media & Entertainment)		1,562,697
	269,785	Rio Tinto Ltd. (Materials)		17,550,559
	464,825	Rio Tinto plc ADR (Materials)(a)		26,388,115
	2,540,327	Santos Ltd. (Energy)		8,445,029
	672,548	Sonic Healthcare Ltd. (Health Care Equipment & Services)		16,472,744
	664,696	Wesfarmers Ltd. (Retailing)		21,515,963
				169,005,069
Belgium – 0.6%
	168,323	bpost SA (Transportation)		1,491,576
	9,435	D’ieteren SA/NV (Retailing)		472,693
	232,123	KBC Group NV (Banks)		11,468,457
				13,432,726
Cambodia – 0.1%
	1,370,000	NagaCorp Ltd. (Consumer Services)		1,417,055
China – 0.8%
	950,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		2,491,310
	2,593,000	Chow Tai Fook Jewellery Group Ltd. (Retailing)		3,313,987
	370,700	ENN Energy Holdings Ltd. (Utilities)		4,691,619
	264,000	SITC International Holdings Co. Ltd. (Transportation)		407,789
	3,762,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		6,884,165
				17,788,870
Denmark – 2.3%
	168	AP Moller – Maersk A/S Class B (Transportation)		269,243
Common Stocks – (continued)
Denmark – (continued)
	117,751	DSV PANALPINA A/S (Transportation)		19,104,098
	455,080	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		29,018,476
	43,801	Pandora A/S (Consumer Durables & Apparel)		3,474,710
				51,866,527
Finland – 0.8%
	538,400	Kesko OYJ Class B (Food & Staples Retailing)		13,815,660
	186,089	Valmet OYJ (Capital Goods)		4,441,374
				18,257,034
France – 7.0%
	5,765	Albioma SA (Utilities)		268,773
	44,515	Arkema SA (Materials)		4,359,791
	587,253	BNP Paribas SA (Banks)*		20,480,320
	71,170	Capgemini SE (Software & Services)		8,217,849
	99,002	Cie de Saint-Gobain (Capital Goods)*		3,856,477
	22,006	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		2,376,671
	95,782	Gecina SA (REIT)		11,890,671
	189,863	Legrand SA (Capital Goods)		14,053,531
	9,776	Nexans SA (Capital Goods)*		474,747
	960,173	Rexel SA (Capital Goods)*		10,109,340
	165,344	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		14,929,471
	38,032	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		14,422,116
	260,241	Schneider Electric SE (Capital Goods)		31,620,977
	59,424	Teleperformance (Commercial & Professional Services)		17,838,081
	5,284	Trigano SA (Automobiles & Components)		702,173
				155,600,988
Germany – 8.3%
	133,466	Allianz SE (Registered) (Insurance)		23,510,652
	69,992	Aurubis AG (Materials)		4,477,633
	17,660	Bechtle AG (Software & Services)		3,032,518
	23,073	Daimler AG (Registered) (Automobiles & Components)		1,192,609
	19,181	Deutsche Boerse AG (Diversified Financials)		2,826,389
	583,063	Deutsche Post AG (Registered) (Transportation)		25,851,836
	366,040	Deutsche Telekom AG (Registered) (Telecommunication Services)		5,563,349
	285,284	Deutsche Wohnen SE (Real Estate)		14,399,125
	83,098	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		6,345,543

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	165,699	Fresenius SE & Co. KGaA (Health Care Equipment & Services)	$	6,146,346
	53,640	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		5,392,130
	77,869	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)		7,577,477
	143,575	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(b)		7,691,651
	77,501	SAP SE (Software & Services)		8,268,167
	187,403	Scout24 AG (Media & Entertainment)(c)		15,118,858
	130,536	Siemens AG (Registered) (Capital Goods)		15,313,972
	82,092	Siemens Energy AG (Capital Goods)*		1,797,439
	29,646	Siemens Healthineers AG (Health Care Equipment & Services)(c)		1,272,667
	75,677	Siltronic AG (Semiconductors & Semiconductor Equipment)		7,161,720
	141,709	Software AG (Software & Services)		5,076,673
	114,300	Volkswagen AG (Preference) (Automobiles & Components)(b)		16,649,412
	1,758	zooplus AG (Retailing)*		282,549
				184,948,715
Hong Kong – 1.9%
	54,400	AIA Group Ltd. (Insurance)		517,734
	378,500	CLP Holdings Ltd. (Utilities)		3,487,708
	321,200	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		15,391,492
	1,509,600	Man Wah Holdings Ltd. (Consumer Durables & Apparel)		2,106,855
	1,284,500	Sun Hung Kai Properties Ltd. (Real Estate)		16,533,853
	318,500	Techtronic Industries Co. Ltd. (Capital Goods)		4,289,985
				42,327,627
Ireland – 0.4%
	34,043	Flutter Entertainment plc (Consumer Services)		5,897,981
	57,682	Smurfit Kappa Group plc (Materials)		2,173,407
				8,071,388
Israel – 0.2%
	256,249	Plus500 Ltd. (Diversified Financials)		4,910,937
Italy – 3.0%
	351,374	Azimut Holding SpA (Diversified Financials)		5,922,857
	273,027	Buzzi Unicem SpA (Materials)		5,907,701
	16,693	De’ Longhi SpA (Consumer Durables & Apparel)*		533,871
Common Stocks – (continued)
Italy – (continued)
	1,776,125	Enel SpA (Utilities)		14,121,091
	43,044	Ferrari NV (Automobiles & Components)		7,678,701
	12,067,798	Intesa Sanpaolo SpA (Banks)*		20,033,811
	440,128	Prysmian SpA (Capital Goods)		11,976,945
				66,174,977
Japan – 28.1%
	187,700	AGC, Inc. (Capital Goods)		5,861,113
	17,800	Aisin Seiki Co. Ltd. (Automobiles & Components)		539,306
	84,700	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		1,221,996
	21,800	ASKUL Corp. (Retailing)		837,258
	947,600	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		12,994,383
	400,200	Benesse Holdings, Inc. (Consumer Services)		9,435,039
	53,500	Bridgestone Corp. (Automobiles & Components)		1,743,833
	103,200	Chubu Electric Power Co., Inc. (Utilities)		1,156,027
	527,100	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		9,819,571
	398,900	Dai-ichi Life Holdings, Inc. (Insurance)		5,957,742
	39,500	DCM Holdings Co. Ltd. (Retailing)		489,432
	1,000,400	DeNA Co. Ltd. (Media & Entertainment)		17,068,930
	352,500	Dentsu Group, Inc. (Media & Entertainment)		10,161,877
	9,200	Dowa Holdings Co. Ltd. (Materials)		263,294
	37,100	Ebara Corp. (Capital Goods)		1,031,249
	68,100	EDION Corp. (Retailing)		670,770
	32,900	Eiken Chemical Co. Ltd. (Health Care Equipment & Services)		629,418
	48,500	FANUC Corp. (Capital Goods)		10,244,405
	190,500	Fujitsu Ltd. (Software & Services)		22,538,938
	56,600	Gumi, Inc. (Media & Entertainment)		461,249
	25,600	H.U. Group Holdings, Inc. (Health Care Equipment & Services)		651,323
	23,500	Hikari Tsushin, Inc. (Retailing)		5,511,801
	31,700	Hitachi Metals Ltd. (Materials)		420,382
	889,900	Honda Motor Co. Ltd. (Automobiles & Components)		21,048,756
	28,900	Hoya Corp. (Health Care Equipment & Services)		3,261,566
	164,900	Ibiden Co. Ltd. (Technology Hardware & Equipment)		6,723,550
	89,000	Inpex Corp. (Energy)		422,074
	27,300	Izumi Co. Ltd. (Retailing)		925,846

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,880	Japan Retail Fund Investment Corp. (REIT)	$	2,709,847
	735,200	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		13,841,740
	215,500	Kansai Electric Power Co., Inc. (The) (Utilities)		1,961,132
	61,400	KDDI Corp. (Telecommunication Services)		1,661,176
	29,600	Kohnan Shoji Co. Ltd. (Retailing)		1,010,721
	492,300	Konami Holdings Corp. (Media & Entertainment)		19,267,786
	743,000	K’s Holdings Corp. (Retailing)		9,488,751
	339,700	M3, Inc. (Health Care Equipment & Services)		22,941,887
	1,010,900	Marubeni Corp. (Capital Goods)		5,278,121
	26,800	McDonald’s Holdings Co. Japan Ltd. (Consumer Services)		1,270,893
	1,199,000	Mitsubishi Chemical Holdings Corp. (Materials)		6,748,162
	1,420,000	Mitsubishi Electric Corp. (Capital Goods)		18,288,017
	147,000	Mitsubishi Materials Corp. (Materials)		2,697,340
	526,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		2,074,230
	345,800	NEC Corp. (Software & Services)		17,418,013
	489,200	Nexon Co. Ltd. (Media & Entertainment)		13,634,450
	28,500	Nihon M&A Center, Inc. (Commercial & Professional Services)		1,673,565
	506,600	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		10,656,760
	60,200	Nitori Holdings Co. Ltd. (Retailing)		12,374,512
	238,400	Nitto Denko Corp. (Materials)		16,748,981
	239,900	Nomura Research Institute Ltd. (Software & Services)		7,071,653
	199,000	Omron Corp. (Technology Hardware & Equipment)		14,369,002
	1,557,200	ORIX Corp. (Diversified Financials)		18,211,823
	236,100	Pan Pacific International Holdings Corp. (Retailing)		5,009,674
	13,300	PeptiDream, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*		614,634
	181,500	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		13,954,977
	32,200	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)		1,006,668
	121,000	Sankyo Co. Ltd. (Consumer Durables & Apparel)		3,083,952
	34,500	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,662,887
	1,474,800	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		18,481,574
Common Stocks – (continued)
Japan – (continued)
	26,400	Seino Holdings Co. Ltd. (Transportation)		341,150
	508,100	Sekisui House Ltd. (Consumer Durables & Apparel)		8,441,224
	230,900	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		7,018,132
	22,700	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		396,021
	119,900	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,655,677
	11,700	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		555,193
	178,800	SoftBank Group Corp. (Telecommunication Services)		11,645,925
	27,500	Square Enix Holdings Co. Ltd. (Media & Entertainment)		1,597,827
	855,800	Subaru Corp. (Automobiles & Components)		15,706,483
	269,000	Sumitomo Corp. (Capital Goods)		2,943,015
	62,600	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		733,736
	93,500	Sumitomo Electric Industries Ltd. (Automobiles & Components)		1,032,247
	19,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		550,870
	32,300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		868,464
	544,700	T&D Holdings, Inc. (Insurance)		5,443,776
	698,500	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		21,585,475
	383,200	Teijin Ltd. (Materials)		5,869,843
	656,500	TIS, Inc. (Software & Services)		12,555,656
	63,900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		17,151,455
	731,400	Toppan Printing Co. Ltd. (Commercial & Professional Services)		9,300,778
	36,300	Toyo Seikan Group Holdings Ltd. (Materials)		339,130
	583,900	Toyota Motor Corp. (Automobiles & Components)		38,331,229
	15,700	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		575,082
	3,143,600	Yamada Holdings Co. Ltd. (Retailing)		15,327,553
	20,700	Yamaha Motor Co. Ltd. (Automobiles & Components)		295,969
	170,400	Yamato Holdings Co. Ltd. (Transportation)		4,510,567
	2,888,500	Z Holdings Corp. (Media & Entertainment)		20,141,684
				626,218,217

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Luxembourg – 0.8%
	54,257	Aperam SA (Materials)	$	1,456,077
	21,223	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*		16,900,311
				18,356,388
Netherlands – 5.7%
	16,819	Akzo Nobel NV (Materials)		1,617,791
	122,484	ASM International NV (Semiconductors & Semiconductor Equipment)		17,494,504
	81,297	ASML Holding NV (Semiconductors & Semiconductor Equipment)		29,413,508
	161,260	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		6,497,765
	48,376	Flow Traders (Diversified Financials)(c)		1,585,655
	800,840	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		21,955,649
	645,412	PostNL NV (Transportation)*		2,140,655
	190,760	Randstad NV (Commercial & Professional Services)*		9,518,263
	484,238	Signify NV (Capital Goods)*(c)		17,188,194
	234,277	Wolters Kluwer NV (Commercial & Professional Services)		18,968,625
				126,380,609
New Zealand – 0.7%
	34,366	a2 Milk Co. Ltd. (The) (Food, Beverage & Tobacco)*		332,772
	164,792	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		3,812,362
	140,943	Meridian Energy Ltd. (Utilities)		493,981
	136,874	Xero Ltd. (Software & Services)*		10,618,477
				15,257,592
Norway – 1.5%
	594,657	DNB ASA (Banks)		8,030,717
	1,843,862	Norsk Hydro ASA (Materials)*		5,181,929
	1,639,623	Orkla ASA (Food, Beverage & Tobacco)		15,477,733
	109,703	Salmar ASA (Food, Beverage & Tobacco)*		5,570,766
				34,261,145
Portugal – 0.0%
	202,764	EDP – Energias de Portugal SA (Utilities)		1,000,168
Singapore – 0.8%
	1,125,700	DBS Group Holdings Ltd. (Banks)		16,768,268
	254,000	Singapore Exchange Ltd. (Diversified Financials)		1,610,958
				18,379,226
Common Stocks – (continued)
South Africa – 0.7%
	715,715	Anglo American plc (Materials)		16,792,959
Spain – 1.2%
	73,026	Acerinox SA (Materials)*		579,701
	383,657	ACS Actividades de Construccion y Servicios SA (Capital Goods)		9,119,803
	1,207,787	Banco Santander SA (Banks)		2,418,663
	152,514	Cellnex Telecom SA (Telecommunication Services)(c)		9,790,019
	49,233	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,330,482
	140,298	Siemens Gamesa Renewable Energy SA (Capital Goods)		3,981,559
				27,220,227
Sweden – 3.0%
	109,099	Betsson AB (Consumer Services)*		831,281
	548,567	Boliden AB (Materials)		14,958,935
	530,806	Essity AB Class B (Household & Personal Products)(d)		15,363,286
	86,399	Evolution Gaming Group AB (Consumer Services)(c)		6,408,236
	318,717	Husqvarna AB Class B (Consumer Durables & Apparel)		3,286,484
	33,235	Investor AB Class A (Diversified Financials)		1,987,305
	360,227	Investor AB Class B (Diversified Financials)		21,591,635
	178,022	Nobia AB (Consumer Durables & Apparel)*		1,073,012
	105,109	Volvo AB Class B (Capital Goods)*		2,043,024
				67,543,198
Switzerland – 14.3%
	299,168	Adecco Group AG (Registered) (Commercial & Professional Services)		14,669,391
	10,383	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		4,197,323
	90	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		713,562
	25,534	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		15,471,311
	645,959	Nestle SA (Registered) (Food, Beverage & Tobacco)		72,656,134
	591,632	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		46,101,497
	180,832	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		58,107,024
	36,198	Sika AG (Registered) (Materials)		8,904,887

30 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	75,844	Sonova Holding AG (Registered) (Health Care Equipment & Services)*	$	18,002,941
	339,509	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		10,357,432
	31,407	Swiss Life Holding AG (Registered) (Insurance)*		10,564,960
	34,939	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		16,579,559
	1,698,159	UBS Group AG (Registered) (Diversified Financials)		19,769,923
	71,703	Zurich Insurance Group AG (Insurance)		23,815,841
				319,911,785
United Kingdom – 8.8%
	367,824	3i Group plc (Diversified Financials)		4,594,013
	111,133	Associated British Foods plc (Food, Beverage & Tobacco)		2,444,009
	11,550	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		579,348
	4,786,086	Aviva plc (Insurance)		15,964,358
	822,429	Barratt Developments plc (Consumer Durables & Apparel)		5,140,665
	1,393,336	boohoo Group plc (Retailing)*		4,883,231
	539,511	BP plc ADR (Energy)		8,351,630
	2,804,014	BT Group plc (Telecommunication Services)		3,682,654
	481,391	CNH Industrial NV (Capital Goods)*		3,732,550
	449,604	Diageo plc (Food, Beverage & Tobacco)		14,530,248
	194,115	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		7,400,421
	2,347,819	Direct Line Insurance Group plc (Insurance)		8,023,457
	593,727	Experian plc (Commercial & Professional Services)		21,750,535
	34,890	Games Workshop Group plc (Consumer Durables & Apparel)		4,690,489
	109,770	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		3,668,513
	649,433	GVC Holdings plc (Consumer Services)		8,135,471
	91,420	IG Group Holdings plc (Diversified Financials)		902,179
	893,972	Imperial Brands plc (Food, Beverage & Tobacco)		14,149,526
	466,209	JD Sports Fashion plc (Retailing)		4,485,156
	360,109	Kingfisher plc (Retailing)*		1,339,241
	2,067,795	Legal & General Group plc (Insurance)		4,957,761
	32,838	London Stock Exchange Group plc (Diversified Financials)		3,539,868
Common Stocks – (continued)
United Kingdom – (continued)
	358,823	Moneysupermarket.com Group plc (Retailing)		1,133,321
	12,034	Reckitt Benckiser Group plc (Household & Personal Products)		1,060,058
	778,451	RELX plc (Commercial & Professional Services)		15,403,922
	561,475	Rentokil Initial plc (Commercial & Professional Services)		3,822,641
	151,139	Tate & Lyle plc (Food, Beverage & Tobacco)		1,165,098
	279,380	Unilever NV (Household & Personal Products)		15,749,698
	181,521	Unilever plc ADR (Household & Personal Products)(d)		10,315,838
				195,595,899
United States – 0.0%
	10,954	Ferguson plc (Capital Goods)		1,087,962
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,086,125,309)		$	2,201,807,288
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(e) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,795,600	0.028%	$	25,795,600
	(Cost $25,795,600)
	TOTAL INVESTMENTS – 99.8%
	(Cost $2,111,920,909)		$	2,227,602,888
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			4,502,060
	NET ASSETS – 100.0%		$	2,232,104,948

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	All or a portion of security is on loan.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		6		12/18/2020	$	206,772	$	(15,440	)
FTSE 100 Index		1		12/18/2020		72,075		(2,981	)
Total Futures Contracts							$	(18,421	)

32 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

October 31, 2020

Shares		Description	Value
Common Stocks – 97.2%
Australia – 8.0%
	69,110	Accent Group Ltd. (Retailing)	$	81,139
	171,609	Ansell Ltd. (Health Care Equipment & Services)		4,852,601
	85,035	ARB Corp. Ltd. (Automobiles & Components)		1,841,945
	1,139,147	Breville Group Ltd. (Consumer Durables & Apparel)		21,105,344
	1,122,851	BWP Trust (REIT)		3,165,405
	1,806,712	carsales.com Ltd. (Media & Entertainment)		26,395,666
	3,435,999	Charter Hall Group (REIT)		29,791,923
	259,033	Credit Corp. Group Ltd. (Diversified Financials)		3,335,902
	1,978,165	Data#3 Ltd. (Software & Services)		8,681,807
	1,110,717	Genworth Mortgage Insurance Australia Ltd. (Banks)		1,332,654
	1,198,172	Harvey Norman Holdings Ltd. (Retailing)		3,748,178
	1,128,520	IPH Ltd. (Commercial & Professional Services)		5,230,528
	925,129	JB Hi-Fi Ltd. (Retailing)		30,913,614
	47,217	Kogan.com Ltd. (Retailing)		683,515
	69,376	McMillan Shakespeare Ltd. (Commercial & Professional Services)		456,368
	1,677,852	Mineral Resources Ltd. (Materials)		29,462,752
	173,220	Netwealth Group Ltd. (Diversified Financials)		2,103,856
	496,328	OZ Minerals Ltd. (Materials)		5,184,834
	2,025,840	Pendal Group Ltd. (Diversified Financials)		9,216,586
	450,846	Perseus Mining Ltd. (Materials)*		389,929
	390,303	Premier Investments Ltd. (Retailing)		5,853,804
	792,574	Pro Medicus Ltd. (Health Care Equipment & Services)		18,091,198
	4,579,478	Regis Resources Ltd. (Materials)		13,441,343
	814,834	Sandfire Resources Ltd. (Materials)		2,535,661
	211,762	Seven Group Holdings Ltd. (Capital Goods)		2,891,586
	315,557	SmartGroup Corp. Ltd. (Commercial & Professional Services)		1,207,507
	41,968	Super Retail Group Ltd. (Retailing)		330,292
				232,325,937
Austria – 0.7%
	366,421	BAWAG Group AG (Banks)(a)		13,456,885
	159,795	Oesterreichische Post AG (Transportation)(b)		5,074,754
	35,503	Semperit AG Holding (Capital Goods)*		911,551
	29,414	Zumtobel Group AG (Capital Goods)*		164,434
				19,607,624
Common Stocks – (continued)
Belgium – 1.9%
	91,881	Bekaert SA (Materials)		1,954,334
	747,666	bpost SA (Transportation)		6,625,359
	186,060	D’ieteren SA/NV (Retailing)		9,321,593
	39,560	Gimv NV (Diversified Financials)		2,065,832
	44,811	KBC Ancora (Diversified Financials)*		1,270,078
	69,617	Orange Belgium SA (Telecommunication Services)		1,160,165
	23,220	Tessenderlo Group SA (Materials)*		790,396
	923,309	Warehouses De Pauw CVA (REIT)		30,933,880
				54,121,637
China – 1.1%
	15,175,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		4,820,459
	4,000,000	Kerry Logistics Network Ltd. (Transportation)		8,353,945
	8,771,000	SITC International Holdings Co. Ltd. (Transportation)		13,548,176
	7,948,710	Yanlord Land Group Ltd. (Real Estate)		6,112,933
				32,835,513
Denmark – 0.5%
	74,949	Chemometec A/S (Pharmaceuticals, Biotechnology & Life Sciences)		4,342,815
	162,955	Per Aarsleff Holding A/S (Capital Goods)		6,233,182
	81,757	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(a)		1,154,803
	30,465	Schouw & Co. A/S (Food, Beverage & Tobacco)		2,652,952
				14,383,752
Finland – 2.5%
	34,033	Huhtamaki OYJ (Materials)		1,662,428
	1,528,598	Kesko OYJ Class B (Food & Staples Retailing)		39,224,724
	344,745	Rovio Entertainment OYJ (Media & Entertainment)(a)(b)		2,060,033
	149,947	Tokmanni Group Corp. (Retailing)		2,385,525
	390,949	Uponor OYJ (Capital Goods)		7,289,096
	878,104	Valmet OYJ (Capital Goods)		20,957,649
				73,579,455
France – 2.6%
	172,084	Albioma SA (Utilities)		8,022,801
	16,793	Alten SA (Software & Services)*		1,344,591
	14,075	Chargeurs SA (Consumer Durables & Apparel)		274,349
	773,538	Coface SA (Insurance)*		6,043,790
	476,147	Elis SA (Commercial & Professional Services)*		5,222,296

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	25,468	Gaztransport Et Technigaz SA (Energy)	$	2,441,279
	41,218	IPSOS (Media & Entertainment)		1,013,080
	82,182	Kaufman & Broad SA (Consumer Durables & Apparel)		2,928,695
	56,226	Mersen SA (Capital Goods)*		1,458,767
	163,353	Nexans SA (Capital Goods)*		7,932,829
	32,204	Nexity SA (Real Estate)		903,904
	303,484	Quadient SA (Technology Hardware & Equipment)		3,955,135
	2,517,594	Rexel SA (Capital Goods)*		26,506,905
	89,596	Rubis SCA (Utilities)		2,945,901
	17,954	Sopra Steria Group (Software & Services)*		2,134,940
	10,998	Trigano SA (Automobiles & Components)		1,461,486
	32,577	Vicat SA (Materials)		1,001,637
	885	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)*		205,937
				75,798,322
Germany – 4.2%
	166,674	ADVA Optical Networking SE (Technology Hardware & Equipment)*		1,279,628
	334,235	Aurubis AG (Materials)		21,382,180
	3,340	Cewe Stiftung & Co. KGAA (Commercial & Professional Services)		318,378
	102,121	Duerr AG (Capital Goods)		2,936,835
	216,529	Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services)		9,910,694
	38,092	Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment)		842,479
	288,962	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		29,047,735
	215,922	Hamburger Hafen und Logistik AG (Transportation)		3,619,704
	11,901	Hornbach Baumarkt AG (Retailing)		469,871
	7,292	Hornbach Holding AG & Co. KGaA (Retailing)		702,340
	108,418	Jungheinrich AG (Preference) (Capital Goods)(c)		3,941,767
	18,599	New Work SE (Media & Entertainment)		4,841,306
	119,521	Siltronic AG (Semiconductors & Semiconductor Equipment)		11,310,913
	33,800	Sixt SE (Preference) (Transportation)(c)		1,600,328
	442,260	Software AG (Software & Services)		15,843,803
	143	STO SE & Co. KGaA (Preference) (Materials)(c)		17,887
	108,483	TAG Immobilien AG (Real Estate)*		3,196,954
	526,261	Takkt AG (Retailing)		5,592,482
Common Stocks – (continued)
Germany – (continued)
	20,608	zooplus AG (Retailing)*		3,312,153
				120,167,437
Hong Kong – 1.5%
	1,771,000	Hang Lung Group Ltd. (Real Estate)		3,931,285
	670,500	Johnson Electric Holdings Ltd. (Automobiles & Components)		1,387,335
	9,933,000	K Wah International Holdings Ltd. (Real Estate)		4,713,748
	1,182,000	Luk Fook Holdings International Ltd. (Retailing)		2,890,186
	17,590,400	Man Wah Holdings Ltd. (Consumer Durables & Apparel)		24,549,832
	5,217,000	Pacific Basin Shipping Ltd. (Transportation)		762,089
	80,500	Stella International Holdings Ltd. (Consumer Durables & Apparel)		82,492
	653,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		254,053
	4,002,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		3,441,249
	2,560,000	VPower Group International Holdings Ltd. (Capital Goods)(a)		918,812
				42,931,081
India – 0.0%
	34,908	RHI Magnesita NV (Materials)		1,158,267
Ireland – 0.2%
	598,478	C&C Group plc (Food, Beverage & Tobacco)*		1,253,918
	4,372,789	Greencore Group plc (Food, Beverage & Tobacco)		5,119,408
				6,373,326
Israel – 1.1%
	1,617	Blue Square Real Estate Ltd. (Real Estate)		65,965
	1,631,211	Plus500 Ltd. (Diversified Financials)		31,261,679
				31,327,644
Italy – 4.6%
	294,773	Anima Holding SpA (Diversified Financials)(a)		1,104,447
	130,617	Arnoldo Mondadori Editore SpA (Media & Entertainment)*		168,295
	220,805	ASTM SpA (Transportation)*		4,109,456
	1,609,088	Azimut Holding SpA (Diversified Financials)		27,123,229
	774,476	Banca Mediolanum SpA (Diversified Financials)		5,291,308
	441,280	Biesse SpA (Capital Goods)*		7,626,290
	1,082,783	Buzzi Unicem SpA (Materials)		23,429,030

34 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	121,357	De’ Longhi SpA (Consumer Durables & Apparel)*	$	3,881,207
	59,045	ERG SpA (Utilities)		1,337,203
	944,722	Falck Renewables SpA (Utilities)		5,123,020
	790,806	Interpump Group SpA (Capital Goods)		29,869,914
	144,104	Reply SpA (Software & Services)		15,482,073
	39,275	Sesa SpA (Technology Hardware & Equipment)*		3,679,714
	268,374	Tinexta Spa (Commercial & Professional Services)*		5,766,760
				133,991,946
Japan – 33.1%
	2,818	Activia Properties, Inc. (REIT)		10,181,483
	1,800	ADEKA Corp. (Materials)		23,277
	6,100	Aichi Steel Corp. (Materials)		146,830
	1,157,400	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		16,698,205
	32,900	Altech Corp. (Commercial & Professional Services)		607,809
	295,400	Arcland Sakamoto Co. Ltd. (Retailing)		5,691,056
	100,600	Arcs Co. Ltd. (Food & Staples Retailing)		2,227,035
	36,800	Argo Graphics, Inc. (Software & Services)		1,132,014
	260,600	ASKUL Corp. (Retailing)		10,008,687
	209,800	Autobacs Seven Co. Ltd. (Retailing)		2,685,748
	68,300	BayCurrent Consulting, Inc. (Commercial & Professional Services)		8,837,358
	30,900	Belc Co. Ltd. (Food & Staples Retailing)		1,896,810
	28,700	Bic Camera, Inc. (Retailing)		316,976
	349,000	Bunka Shutter Co. Ltd. (Capital Goods)		2,740,128
	98,200	Cawachi Ltd. (Food & Staples Retailing)		2,785,253
	54,600	Central Glass Co. Ltd. (Capital Goods)		1,171,637
	14,300	Chiyoda Integre Co. Ltd. (Capital Goods)		210,993
	152,700	Chugoku Marine Paints Ltd. (Materials)		1,457,742
	34,300	CI Takiron Corp. (Materials)		219,143
	228,800	CKD Corp. (Capital Goods)		3,808,114
	92,600	cocokara fine, Inc. (Food & Staples Retailing)		6,083,480
	277,800	Computer Engineering & Consulting Ltd. (Software & Services)		3,963,261
	97,000	CONEXIO Corp. (Technology Hardware & Equipment)		1,167,749
	57,100	Cosel Co. Ltd. (Capital Goods)		546,605
	33,900	Create SD Holdings Co. Ltd. (Food & Staples Retailing)		1,093,273
	76,900	Cybozu, Inc. (Software & Services)		2,219,032
Common Stocks – (continued)
Japan – (continued)
	6,300	Dai-Dan Co. Ltd. (Capital Goods)		154,411
	30,500	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		1,085,529
	17,400	Daikyonishikawa Corp. (Automobiles & Components)		96,447
	2,099,700	DCM Holdings Co. Ltd. (Retailing)		26,016,698
	131,000	Demae-Can Co. Ltd. (Retailing)*		3,884,305
	1,836,500	DeNA Co. Ltd. (Media & Entertainment)		31,334,556
	365,900	DIC Corp. (Materials)		8,908,140
	209,800	Dip Corp. (Media & Entertainment)		4,030,962
	146,100	Doshisha Co. Ltd. (Retailing)		2,688,289
	269,800	Dowa Holdings Co. Ltd. (Materials)		7,721,369
	410,500	DTS Corp. (Software & Services)		7,983,817
	102,800	Earth Corp. (Household & Personal Products)		6,529,997
	199,200	Ebara Corp. (Capital Goods)		5,537,058
	793,800	EDION Corp. (Retailing)		7,818,757
	393,600	Eiken Chemical Co. Ltd. (Health Care Equipment & Services)		7,530,059
	5,100	Eizo Corp. (Technology Hardware & Equipment)		192,498
	299,700	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		2,715,074
	13,100	Exedy Corp. (Automobiles & Components)		165,152
	135,100	FAN Communications, Inc. (Media & Entertainment)		605,013
	601,100	Financial Products Group Co. Ltd. (Diversified Financials)		2,613,774
	87,000	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		3,024,005
	207,900	Fujimi, Inc. (Materials)		7,401,873
	5,306	Fukuoka REIT Corp. (REIT)		6,432,202
	31,500	Fuyo General Lease Co. Ltd. (Diversified Financials)		1,808,671
	120,400	Gakken Holdings Co. Ltd. (Media & Entertainment)		1,626,429
	775,500	Glory Ltd. (Capital Goods)		16,346,335
	289,900	GMO internet, Inc. (Software & Services)		7,732,287
	11,600	Godo Steel Ltd. (Materials)		212,317
	430,900	Goldcrest Co. Ltd. (Real Estate)		5,505,781
	2,315,600	Gree, Inc. (Media & Entertainment)		12,074,724
	531,200	H.U. Group Holdings, Inc. (Health Care Equipment & Services)		13,514,943
	33,300	Hachijuni Bank Ltd. (The) (Banks)		122,979
	57,600	Hamakyorex Co. Ltd. (Transportation)		1,634,241
	3,671	Hankyu Hanshin REIT, Inc. (REIT)		4,056,386
	45,700	Hanwa Co. Ltd. (Capital Goods)		886,017
	13,259	Heiwa Real Estate REIT, Inc. (REIT)		14,334,899
	329,300	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		9,662,032
	1,684,700	Hokuetsu Corp. (Materials)		5,565,057

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	179,100	Hokuto Corp. (Food, Beverage & Tobacco)	$	3,766,761
	31,100	Horiba Ltd. (Technology Hardware & Equipment)		1,529,853
	830	Hoshino Resorts REIT, Inc. (REIT)		3,917,818
	32,200	Hosiden Corp. (Technology Hardware & Equipment)		285,466
	11,860	Ichigo Office REIT Investment Corp. (REIT)		7,669,427
	4,500	Inaba Denki Sangyo Co. Ltd. (Capital Goods)		108,331
	317,900	Ines Corp. (Software & Services)		4,539,020
	5,400	Internet Initiative Japan, Inc. (Telecommunication Services)		241,599
	16,267	Invesco Office J-Reit, Inc. (REIT)		2,018,046
	700	IR Japan Holdings Ltd. (Commercial & Professional Services)		77,502
	14,600	Itoham Yonekyu Holdings, Inc. (Food, Beverage & Tobacco)		97,748
	44,100	Itokuro, Inc. (Media & Entertainment)*		629,742
	68,000	Izumi Co. Ltd. (Retailing)		2,306,137
	100,300	JAC Recruitment Co. Ltd. (Commercial & Professional Services)		1,200,800
	75,600	JAFCO Group Co. Ltd. (Diversified Financials)		3,419,087
	34,000	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		468,231
	667	Japan Excellent, Inc. (REIT)		733,891
	8,786	Japan Hotel REIT Investment Corp. (REIT)		4,254,729
	478,700	Japan Investment Adviser Co. Ltd. (Diversified Financials)(b)		5,750,778
	361,700	Japan Lifeline Co. Ltd. (Health Care Equipment & Services)		4,667,436
	5,292	Japan Logistics Fund, Inc. (REIT)		14,871,979
	17,100	J-Oil Mills, Inc. (Food, Beverage & Tobacco)		604,025
	18,700	JSP Corp. (Materials)		266,209
	31,500	Justsystems Corp. (Software & Services)		2,060,215
	4,457,600	JVCKenwood Corp. (Consumer Durables & Apparel)		6,031,011
	69,800	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		1,349,720
	573,300	Kandenko Co. Ltd. (Capital Goods)		4,302,208
	106,600	Kaneka Corp. (Materials)		2,983,119
	157,900	Kanematsu Corp. (Capital Goods)		1,872,277
	80,900	Kanematsu Electronics Ltd. (Software & Services)		3,270,359
	3,373	Kenedix Retail REIT Corp. (REIT)		6,455,602
	27,600	Kenedix, Inc. (Real Estate)		143,025
Common Stocks – (continued)
Japan – (continued)
	222,100	Kintetsu World Express, Inc. (Transportation)		4,721,416
	45,500	Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		895,397
	7,500	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		366,424
	757,700	Kohnan Shoji Co. Ltd. (Retailing)		25,872,397
	478,000	Kokuyo Co. Ltd. (Commercial & Professional Services)		6,494,902
	279,900	Komeri Co. Ltd. (Retailing)		8,240,783
	49,700	Konoike Transport Co. Ltd. (Transportation)		519,584
	113,300	Koshidaka Holdings Co. Ltd. (Consumer Services)		423,836
	1,744,700	K’s Holdings Corp. (Retailing)		22,281,325
	50,700	Kurabo Industries Ltd. (Consumer Durables & Apparel)		912,703
	209,500	Kureha Corp. (Materials)		8,893,355
	65,700	Kyoei Steel Ltd. (Materials)		827,189
	163,200	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		2,013,294
	12,300	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		222,437
	425,200	LIFULL Co. Ltd. (Media & Entertainment)		1,598,389
	43,200	Lintec Corp. (Materials)		957,650
	460,100	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		8,228,289
	20,300	Makino Milling Machine Co. Ltd. (Capital Goods)		698,733
	5,300	Mani, Inc. (Health Care Equipment & Services)		132,589
	3,600	Maruzen Showa Unyu Co. Ltd. (Transportation)		105,536
	59,300	Marvelous, Inc. (Media & Entertainment)		445,545
	790,800	Matsui Securities Co. Ltd. (Diversified Financials)		6,329,965
	125,800	Maxell Holdings Ltd. (Technology Hardware & Equipment)		1,315,194
	709,900	MCJ Co. Ltd. (Technology Hardware & Equipment)		6,542,381
	4,800	Medley, Inc. (Health Care Equipment & Services)*		269,614
	288,600	Megachips Corp. (Semiconductors & Semiconductor Equipment)		7,677,481
	235,700	Meiko Network Japan Co. Ltd. (Consumer Services)		1,363,581
	3,015	Mirai Corp. (REIT)		1,041,931
	53,100	Mirait Holdings Corp. (Capital Goods)		755,939

36 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	8,700	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)	$	111,998
	74,700	Mitsubishi Research Institute, Inc. (Software & Services)		2,708,364
	146,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		2,538,167
	698,800	Mixi, Inc. (Media & Entertainment)		19,231,580
	205,400	Nagase & Co. Ltd. (Capital Goods)		2,678,444
	992,700	NEC Networks & System Integration Corp. (Software & Services)		17,213,815
	158,200	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)		2,555,937
	358,500	Nihon Unisys Ltd. (Software & Services)		10,567,305
	466,800	Nikkon Holdings Co. Ltd. (Transportation)		8,933,936
	524,400	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		10,313,887
	284,600	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		4,564,935
	205,800	Nippon Kayaku Co. Ltd. (Materials)		1,771,060
	1,233,220	Nippon Light Metal Holdings Co. Ltd. (Materials)		19,477,945
	2,502	NIPPON REIT Investment Corp. (REIT)		8,033,459
	1,029,000	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		3,963,910
	106,000	Nipro Corp. (Health Care Equipment & Services)		1,115,351
	73,000	Nishio Rent All Co. Ltd. (Capital Goods)		1,416,793
	120,700	Nissha Co. Ltd. (Technology Hardware & Equipment)		1,421,103
	383,200	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		11,015,055
	22,700	Nitta Corp. (Capital Goods)		478,658
	61,700	Nitto Kogyo Corp. (Capital Goods)		1,139,773
	177,200	Nojima Corp. (Retailing)		4,973,122
	13,100	Noritake Co. Ltd. (Capital Goods)		385,363
	354,700	NSD Co. Ltd. (Software & Services)		6,230,183
	215,617	Okinawa Electric Power Co., Inc. (The) (Utilities)		3,146,214
	119,000	Okuwa Co. Ltd. (Food & Staples Retailing)		1,594,117
	873	One REIT, Inc. (REIT)		2,017,964
	522,500	Open House Co. Ltd. (Real Estate)		17,792,253
	54,200	Osaka Soda Co. Ltd. (Materials)		1,291,106
	74,900	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		2,885,736
	129,100	Pasona Group, Inc. (Commercial & Professional Services)		1,976,789
	6,371	Premier Investment Corp. (REIT)		7,007,937
	230,300	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)		6,571,190
Common Stocks – (continued)
Japan – (continued)
	23,200	Proto Corp. (Media & Entertainment)		249,853
	303,700	Rakus Co. Ltd. (Software & Services)		5,968,216
	2,063,000	Riso Kyoiku Co. Ltd. (Consumer Services)		6,030,135
	199,500	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)		6,236,968
	4,700	RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment)		158,512
	12,900	Sakata Seed Corp. (Food, Beverage & Tobacco)		455,194
	49,800	SanBio Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		794,497
	170,600	Sankyu, Inc. (Transportation)		6,111,172
	8,100	Sanyo Special Steel Co. Ltd. (Materials)		79,420
	23,000	Sapporo Holdings Ltd. (Food, Beverage & Tobacco)		375,566
	82,500	Sato Holdings Corp. (Commercial & Professional Services)		1,570,936
	364,300	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		17,559,124
	271,800	SBS Holdings, Inc. (Transportation)		6,194,670
	394,300	Seiko Holdings Corp. (Consumer Durables & Apparel)		4,966,542
	1,344,700	Seino Holdings Co. Ltd. (Transportation)		17,376,702
	970,400	Senko Group Holdings Co. Ltd. (Transportation)		8,678,349
	10,200	Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		194,387
	169,600	Shin-Etsu Polymer Co. Ltd. (Materials)		1,510,065
	576,400	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		10,055,787
	14,800	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		702,295
	54,400	Sintokogio Ltd. (Capital Goods)		375,423
	1,856,200	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		7,924,098
	9,100	ST Corp. (Household & Personal Products)		174,199
	162,200	St Marc Holdings Co. Ltd. (Consumer Services)		2,311,856
	3,881	Star Asia Investment Corp. (REIT)		1,646,325
	79,700	Starts Corp., Inc. (Real Estate)		1,853,820
	13,700	Strike Co. Ltd. (Diversified Financials)		735,961
	15,000	Studio Alice Co. Ltd. (Consumer Services)		276,791
	25,100	Sumitomo Seika Chemicals Co. Ltd. (Materials)		799,019

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	264,200	Sumitomo Warehouse Co. Ltd. (The) (Transportation)	$	3,090,336
	44,800	Sun Frontier Fudousan Co. Ltd. (Real Estate)		360,113
	183,500	Taiko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,295,923
	1,277,400	Takara Leben Co. Ltd. (Real Estate)		3,565,836
	11,900	Tatsuta Electric Wire and Cable Co. Ltd. (Capital Goods)		64,149
	7,500	Tenma Corp. (Materials)		131,148
	60,500	T-Gaia Corp. (Retailing)		1,112,306
	149,400	Toa Corp. (Capital Goods)		2,667,261
	273,600	Tokyo Ohka Kogyo Co. Ltd. (Materials)		16,199,780
	56,200	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,896,271
	23,200	Tokyotokeiba Co. Ltd. (Consumer Services)		1,154,903
	2,748	Tokyu REIT, Inc. (REIT)		3,736,505
	217,200	Tosei Corp. (Real Estate)		2,176,492
	153,200	Tosho Co. Ltd. (Consumer Services)		1,778,602
	432,400	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		8,008,353
	33,800	Toyo Ink SC Holdings Co. Ltd. (Materials)		628,013
	1,238,300	Toyo Seikan Group Holdings Ltd. (Materials)		11,568,720
	381,600	Toyo Tanso Co. Ltd. (Capital Goods)		6,438,531
	359,600	Transcosmos, Inc. (Software & Services)		9,809,904
	12,600	UACJ Corp. (Materials)		199,597
	1,300	Uchida Yoko Co. Ltd. (Commercial & Professional Services)		64,169
	154,600	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		5,662,908
	148,300	United Super Markets Holdings, Inc. (Food & Staples Retailing)		1,595,300
	28,600	UNITED, Inc. (Software & Services)		393,114
	393,300	Universal Entertainment Corp. (Consumer Durables & Apparel)*		6,707,181
	129,900	Ushio, Inc. (Capital Goods)		1,451,067
	451,700	Valor Holdings Co. Ltd. (Food & Staples Retailing)		11,127,615
	341,500	Wakita & Co. Ltd. (Capital Goods)		3,535,145
	5,600	Warabeya Nichiyo Holdings Co. Ltd. (Food, Beverage & Tobacco)		80,107
	7,200	Weathernews, Inc. (Commercial & Professional Services)		380,274
	27,100	World Holdings Co. Ltd. (Commercial & Professional Services)		550,072
Common Stocks – (continued)
Japan – (continued)
	33,900	YAMABIKO Corp. (Capital Goods)		425,306
	136,900	Yellow Hat Ltd. (Retailing)		2,246,842
	16,200	Yokogawa Bridge Holdings Corp. (Capital Goods)		286,748
	8,900	Yokowo Co. Ltd. (Technology Hardware & Equipment)		225,143
	132,400	Yumeshin Holdings Co. Ltd. (Commercial & Professional Services)		929,117
	136,700	Zenkoku Hosho Co. Ltd. (Diversified Financials)		5,391,168
	25,700	Zuken, Inc. (Software & Services)		650,705
				957,586,846
Jersey – 0.0%
	95,717	Sanne Group plc (Diversified Financials)		752,160
Kazakhstan – 0.3%
	929,696	KAZ Minerals plc (Materials)		7,585,492
Luxembourg – 0.3%
	358,415	Aperam SA (Materials)		9,618,665
Netherlands – 5.0%
	76,355	Aalberts NV (Capital Goods)		2,561,642
	254,545	ASM International NV (Semiconductors & Semiconductor Equipment)		36,356,901
	320,446	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		12,911,960
	14,291	Brunel International NV (Commercial & Professional Services)*		101,362
	47,354	Euronext NV (Diversified Financials)(a)		4,930,572
	695,686	Flow Traders (Diversified Financials)(a)		22,803,001
	8,505,002	PostNL NV (Transportation)*		28,208,765
	897,798	Signify NV (Capital Goods)*(a)		31,867,647
	181,599	TKH Group NV CVA (Capital Goods)		5,847,266
				145,589,116
Norway – 2.6%
	258,438	Atea ASA (Software & Services)*		3,002,742
	423,422	Austevoll Seafood ASA (Food, Beverage & Tobacco)		2,884,140
	7,267	Borregaard ASA (Materials)		97,347
	4,505,240	Elkem ASA (Materials)(a)		9,582,153
	338,825	Entra ASA (Real Estate)(a)		4,429,461
	2,013,539	Europris ASA (Retailing)(a)		10,466,058
	178,092	Fjordkraft Holding ASA (Utilities)(a)		1,466,730
	14,641	Kongsberg Gruppen ASA (Capital Goods)		237,907
	430,041	Salmar ASA (Food, Beverage & Tobacco)*		21,837,669

38 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Norway – (continued)
	422,050	Scatec Solar ASA (Utilities)(a)	$	9,336,457
	237,953	Selvaag Bolig ASA (Real Estate)		1,185,197
	516,071	SpareBank 1 SMN (Banks)		4,451,880
	121,942	Storebrand ASA (Insurance)*		643,531
	15,855	TOMRA Systems ASA (Commercial & Professional Services)		640,331
	362,110	Veidekke ASA (Capital Goods)*		4,173,296
	173,742	Wallenius Wilhelmsen ASA (Transportation)		331,518
				74,766,417
Portugal – 0.1%
	396,629	CTT-Correios de Portugal SA (Transportation)*		970,442
	1,650,561	Sonae SGPS SA (Food & Staples Retailing)		972,891
				1,943,333
Singapore – 0.6%
	90,500	AIMS APAC REIT (REIT)		78,263
	1,387,900	China Aviation Oil Singapore Corp. Ltd. (Energy)		934,748
	4,005,200	ESR-REIT (REIT)		1,028,512
	1,126,861	Frasers Logistics & Commercial Trust (REIT)		1,016,131
	3,384,500	Keppel DC REIT (REIT)		7,186,027
	1,794,500	Parkway Life REIT (REIT)		5,319,746
	556,300	Sabana Shari’ah Compliant Industrial REIT (REIT)		142,601
	4,340,800	Singapore Post Ltd. (Transportation)		2,116,402
				17,822,430
South Africa – 0.0%
	118,446	Investec plc (Diversified Financials)		220,415
Spain – 1.6%
	1,189,040	Acerinox SA (Materials)*		9,438,934
	1,583,593	Applus Services SA (Commercial & Professional Services)*		12,412,981
	625,167	Cia de Distribucion Integral Logista Holdings SA (Transportation)		10,554,980
	16,468	Euskaltel SA (Telecommunication Services)(a)		156,696
	192,559	Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences)		725,674
	261,673	Global Dominion Access SA (Software & Services)*(a)		931,034
	161,835	Merlin Properties Socimi SA (REIT)		1,089,319
	53,664	Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences)		7,204,236
	196,128	Solaria Energia y Medio Ambiente SA (Utilities)*		3,815,814
	19,096	Viscofan SA (Food, Beverage & Tobacco)		1,288,817
				47,618,485
Common Stocks – (continued)
Sweden – 6.1%
	1,711,546	Arjo AB Class B (Health Care Equipment & Services)		12,165,702
	215,467	Atrium Ljungberg AB Class B (Real Estate)		3,480,896
	37,867	Avanza Bank Holding AB (Diversified Financials)		721,227
	2,122,902	Betsson AB (Consumer Services)*		16,175,480
	404,207	Bilia AB Class A (Retailing)		5,376,601
	181,944	BillerudKorsnas AB (Materials)*		2,842,160
	670,975	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)*		11,182,414
	72,090	Bravida Holding AB (Commercial & Professional Services)(a)		832,020
	41,473	Castellum AB (Real Estate)		863,495
	306,885	Clas Ohlson AB Class B (Retailing)*(b)		2,715,406
	130,687	Coor Service Management Holding AB (Commercial & Professional Services)*(a)		839,717
	855,795	Dustin Group AB (Retailing)(a)		5,442,574
	1,143,437	Fabege AB (Real Estate)		14,438,068
	914,911	Getinge AB Class B (Health Care Equipment & Services)		17,913,940
	234,016	Granges AB (Materials)*(b)		2,110,860
	1,814,049	Hexpol AB (Materials)		15,977,012
	929,592	Inwido AB (Capital Goods)*		9,836,901
	290,624	Kungsleden AB (Real Estate)		2,466,178
	361,122	LeoVegas AB (Consumer Services)(a)		1,208,167
	635,386	Lindab International AB (Capital Goods)		9,808,814
	339,614	Loomis AB (Commercial & Professional Services)*		7,583,532
	922,553	Nobia AB (Consumer Durables & Apparel)*		5,560,607
	944,879	Nobina AB (Transportation)*(a)		5,181,381
	148,741	Nolato AB Class B (Capital Goods)*		12,371,692
	30,737	Paradox Interactive AB (Media & Entertainment)		952,578
	591,647	Resurs Holding AB (Diversified Financials)(a)		2,704,743
	253,861	Wihlborgs Fastigheter AB (Real Estate)		4,575,706
				175,327,871
Switzerland – 5.4%
	10,336	Allreal Holding AG (Registered) (Real Estate)		2,189,159
	81,766	ALSO Holding AG (Registered) (Technology Hardware & Equipment)*		19,130,522
	9,017	Ascom Holding AG (Registered) (Health Care Equipment & Services)*		108,110
	49,440	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		19,986,095

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

October 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	429	Belimo Holding AG (Registered) (Capital Goods)	$	3,190,349
	32,342	Bucher Industries AG (Registered) (Capital Goods)		12,468,559
	436	Conzzeta AG (Registered) (Capital Goods)		439,479
	236	Forbo Holding AG (Registered) (Consumer Durables & Apparel)		361,338
	388,780	Galenica AG (Health Care Equipment & Services)(a)		24,517,225
	3,473	Gurit Holding AG (Materials)		7,273,625
	222,521	Huber + Suhner AG (Registered) (Capital Goods)		16,047,096
	4,041	Interroll Holding AG (Registered) (Capital Goods)		10,857,477
	3,335	Kardex Holding AG (Registered) (Capital Goods)		588,828
	205	Schweiter Technologies AG (Capital Goods)		279,984
	79,063	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		37,517,664
	40,917	Zehnder Group AG (Capital Goods)		1,956,930
				156,912,440
Ukraine – 0.1%
	931,354	Ferrexpo plc (Materials)		2,298,404
United Kingdom – 12.8%
	2,202,535	Assura plc (REIT)		2,174,279
	52,489	Big Yellow Group plc (REIT)		748,017
	5,470,948	boohoo Group plc (Retailing)*(b)		19,174,056
	492,147	Central Asia Metals plc (Materials)*		1,074,514
	105,952	Civitas Social Housing plc (REIT)		142,763
	450,229	Computacenter plc (Software & Services)		13,298,384
	29,653	Cranswick plc (Food, Beverage & Tobacco)		1,236,088
	120,264	Derwent London plc (REIT)		4,141,472
	331,433	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		12,635,519
	345,053	Diploma plc (Capital Goods)		9,935,966
	25,045	DS Smith plc (Materials)		91,870
	379,791	Dunelm Group plc (Retailing)		6,420,720
	22,707	EMIS Group plc (Health Care Equipment & Services)		292,992
	34,517	Frasers Group plc (Retailing)*		167,448
	4,678	Frontier Developments plc (Media & Entertainment)*		158,175
	170,524	Games Workshop Group plc (Consumer Durables & Apparel)		22,924,646
	20,323	GB Group plc (Software & Services)*		234,060
	239,274	GCP Student Living plc (REIT)		347,203
	564,288	Grainger plc (Real Estate)		2,044,317
	637,298	Greggs plc (Consumer Services)*		10,643,429
Common Stocks – (continued)
United Kingdom – (continued)
	126,119	Halfords Group plc (Retailing)		392,946
	546,628	Hays plc (Commercial & Professional Services)		754,818
	14,984	Hill & Smith Holdings plc (Materials)		233,031
	355,680	HomeServe plc (Commercial & Professional Services)		5,097,399
	1,061,360	Howden Joinery Group plc (Capital Goods)		8,762,430
	3,162,024	IG Group Holdings plc (Diversified Financials)		31,204,449
	1,083,944	IMI plc (Capital Goods)		14,534,128
	2,317,915	Inchcape plc (Retailing)		14,868,782
	26,872	ITM Power plc (Capital Goods)*(b)		80,453
	22,581,798	ITV plc (Media & Entertainment)*		21,104,150
	1,442	Judges Scientific plc (Capital Goods)		100,878
	877,519	Jupiter Fund Management plc (Diversified Financials)		2,639,710
	226,291	Just Group plc (Insurance)*		123,533
	392,058	Kainos Group plc (Software & Services)		6,288,130
	13,629,552	Man Group plc (Diversified Financials)		19,019,576
	964,348	Marshalls plc (Materials)*		8,354,973
	6,371,204	Moneysupermarket.com Group plc (Retailing)		20,123,062
	105,887	Morgan Sindall Group plc (Capital Goods)		1,512,953
	191,780	NCC Group plc (Software & Services)		455,119
	474,413	Ninety One plc (Diversified Financials)*		1,275,327
	380,361	OneSavings Bank plc (Banks)		1,517,242
	1,161,925	Pagegroup plc (Commercial & Professional Services)		5,382,928
	1,429,163	Paragon Banking Group plc (Banks)		5,483,891
	115,865	Picton Property Income Ltd. (The) (REIT)		93,514
	619,379	Playtech plc (Consumer Services)		2,731,080
	161,396	Provident Financial plc (Diversified Financials)		486,017
	1,273,232	Rightmove plc (Media & Entertainment)		10,189,911
	1,558,644	Royal Mail plc (Transportation)		4,587,742
	1,464,751	Safestore Holdings plc (REIT)		15,248,028
	62,970	Savills plc (Real Estate)		678,205
	523,703	Softcat plc (Software & Services)		7,634,357
	239,244	Spectris plc (Technology Hardware & Equipment)		7,678,607
	3,290,878	Spirent Communications plc (Technology Hardware & Equipment)		12,354,762
	2,903,658	Tate & Lyle plc (Food, Beverage & Tobacco)		22,383,678

40 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	124,619	TP ICAP plc (Diversified Financials)	$	308,591
	6,858	Travis Perkins plc (Capital Goods)*		94,190
	595,048	UNITE Group plc (The) (REIT)		6,421,589
	101,620	Vesuvius plc (Capital Goods)		525,638
	186,404	Watkin Jones plc (Real Estate)		323,109
	79,449	Workspace Group plc (REIT)		635,128
				369,569,972
United States – 0.3%
	3,413,034	Reliance Worldwide Corp. Ltd. (Capital Goods)		9,852,530
	TOTAL COMMON STOCKS
	(Cost $2,617,126,993)		$	2,816,066,517

Units	Description	Expiration Month		Value
Right* – 0.0%
United Kingdom – 0.0%
167	ITM Power plc (Capital Goods)		11/2020	$	—
(Cost $0)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,617,126,993)				$	2,816,066,517

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
29,274,156	0.028%	$	29,274,156
(Cost $29,274,156)
TOTAL INVESTMENTS – 98.2%
(Cost $2,646,401,149)		$	2,845,340,673
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			51,655,673
NET ASSETS – 100.0%		$	2,896,996,346

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		398		12/18/2020	$	13,715,873	$	(1,052,615	)
FTSE 100 Index		89		12/18/2020		6,414,688		(273,618	)
Hang Seng Index		5		11/27/2020		779,007		(16,999	)
MSCI Singapore Index		33		11/27/2020		665,943		(25,633	)
SPI 200 Index		32		12/17/2020		3,312,065		(155,138	)
TOPIX Index		74		12/10/2020		11,118,200		(344,793	)
Total Futures Contracts							$	(1,868,796	)

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

October 31, 2020

	Emerging Markets Equity Insights Fund		International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,329,211,212, $2,086,125,309 and $2,617,126,993)(a)	$	1,690,312,520	$	2,201,807,288		$	2,816,066,517
Investments in affiliated securities lending reinvestment vehicle, at value (cost $500,400, $25,795,600 and $29,274,156)		500,400		25,795,600			29,274,156
Cash		24,863,000		9,632,037			36,739,441
Foreign currencies, at value (cost $1,882,691, $14,980,117 and $25,859,027)		1,884,990		14,918,832			25,843,596
Receivables:
Investments sold		29,543,282		22,313			42,385,386
Dividends		3,354,244		6,139,446			8,861,686
Collateral on certain derivative contracts(b)		758,430		—			3,390,903
Fund shares sold		427,800		1,990,771			3,937,212
Foreign tax reclaims		92,358		5,041,497			6,494,215
Reimbursement from investment adviser		20,192		175,754			217,402
Securities lending income		4,050		5,049			46,201
Due from custodian		—		2,727,672			7,338,742
Variation margin on futures		—		643			—
Other assets		50,849		74,293			60,232
Total assets		1,751,812,115		2,268,331,195			2,980,655,689
Liabilities:
Variation margin on futures		109,710		—			262,084
Payables:
Investments purchased		30,649,423		2,727,672			47,673,684
Management fees		1,459,900		1,528,285			2,132,140
Foreign capital gains taxes		1,379,813		—			—
Fund shares redeemed		904,153		5,538,403			3,219,871
Payable upon return of securities loaned		500,400		25,795,600			29,274,156
Distribution and Service fees and Transfer Agency fees		100,684		197,875			178,609
Accrued expenses		574,111		438,412			918,799
Total liabilities		35,678,194		36,226,247			83,659,343
Net Assets:
Paid-in capital		1,585,039,965		2,456,091,798			3,239,221,681
Total distributable earnings (loss)		131,093,956		(223,986,850	)		(342,225,335	)
NET ASSETS	$	1,716,133,921	$	2,232,104,948		$	2,896,996,346
Net Assets:
Class A	$	52,067,879	$	204,087,140		$	120,602,011
Class C		5,905,139		13,483,779			29,189,999
Institutional		961,138,097		810,509,503			1,608,195,146
Service		—		3,675,267			—
Investor		89,555,543		311,445,654			131,558,140
Class R6		465,603,687		522,706,897			963,820,525
Class R		29,634,823		8,321,356			—
Class P		112,228,753		357,875,352			43,630,525
Total Net Assets	$	1,716,133,921	$	2,232,104,948		$	2,896,996,346
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		5,081,669		17,896,054			11,001,771
Class C		584,891		1,211,511			2,763,872
Institutional		93,860,160		68,933,311			146,588,704
Service		—		319,101			—
Investor		8,761,744		27,829,768			12,048,915
Class R6		45,506,435		44,489,028			87,664,406
Class R		2,939,931		751,363			—
Class P		10,968,354		30,483,358			3,968,401
Net asset value, offering and redemption price per share:(c)
Class A		$10.25		$11.40			$10.96
Class C		10.10		11.13			10.56
Institutional		10.24		11.76			10.97
Service		—		11.52			—
Investor		10.22		11.19			10.92
Class R6		10.23		11.75			10.99
Class R		10.08		11.08			—
Class P		10.23		11.74			10.99

(a) Includes loaned securities having a market value of $452,493, $24,400,279 and $28,131,035, for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b) Includes amount segregated for initial margin and/or collateral on futures transactions for Emerging Markets Equity Insights and International Small Cap Insights Funds, respectively.

(c) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $10.85, $12.06 and $11.60, 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.

42 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2020

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $4,982,542, $5,705,154 and $6,922,848)	$	43,052,697		$	58,717,399		$	65,520,330
Securities lending income — affiliated issuer		66,802			260,752			610,019
Dividends — affiliated issuers		13,155			26,937			456
Income from non-cash dividends		—			3,185,344			—
Total investment income		43,132,654			62,190,432			66,130,805
Expenses:
Management fees		16,506,328			19,782,283			26,892,347
Custody, accounting and administrative services		1,214,501			831,916			1,181,261
Transfer Agency fees(a)		847,740			1,894,768			1,655,933
Distribution and Service (12b-1) fees(a)		334,164			768,142			630,999
Printing and mailing costs		220,586			328,949			815,113
Registration fees		156,663			216,218			159,417
Professional fees		121,816			115,527			114,088
Trustee fees		22,224			23,816			24,783
Service fees — Class C		16,781			43,706			96,926
Shareholder administration fees — Service Shares		—			10,704			—
Other		196,721			99,954			130,569
Total expenses		19,637,524			24,115,983			31,701,436
Less — expense reductions		(1,067,343	)		(1,563,602	)		(1,981,293	)
Net expenses		18,570,181			22,552,381			29,720,143
NET INVESTMENT INCOME		24,562,473			39,638,051			36,410,662
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(62,500,009	)		(146,510,347	)		(212,747,666	)
Futures contracts		5,971,537			6,902,118			4,353,779
Foreign currency transactions		(2,690,576	)		1,398,436			(1,429,786	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $1,758,072, $0 and $0)		200,548,171			(66,882,378	)		(34,125,254	)
Futures contracts		32,269			(18,421	)		(1,877,027	)
Foreign currency translation		573,351			163,277			75,751
Net realized and unrealized gain (loss)		141,934,743			(204,947,315	)		(245,750,203	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	166,497,216		$	(165,309,264	)	$	(209,339,541	)

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Equity Insights	$	147,566	$	50,342	$	—	$	136,256	$	98,559	$	11,214	$	367,299	$	—	$	162,762	$	130,329	$	45,347	$	32,230
International Equity Insights		583,069		131,120		10,704		43,249		389,100		29,244		391,837		1,708		793,395		168,405		14,405		106,674
International Small Cap Insights		340,223		290,776		—		—		227,062		64,884		714,886		—		307,454		324,929		—		16,718

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Emerging Markets Equity Insights Fund						International Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019			For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	24,562,473		$	37,179,379		$	39,638,051		$	68,116,968
Net realized loss		(59,219,048	)		(155,271,349	)		(138,209,793	)		(211,846,876	)
Net change in unrealized gain (loss)		201,153,791			228,850,921			(66,737,522	)		344,013,406
Net increase (decrease) in net assets resulting from operations		166,497,216			110,758,951			(165,309,264	)		200,283,498
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,170,011	)		(1,382,695	)		(6,053,941	)		(2,441,498	)
Class C Shares		(56,474	)		(82,497	)		(273,424	)		(230,590	)
Institutional Shares		(19,988,850	)		(21,025,697	)		(30,508,959	)		(21,903,837	)
Service Shares		—			—			(105,545	)		(64,202	)
Investor Shares		(2,202,457	)		(2,145,536	)		(14,717,983	)		(7,168,724	)
Class R6 Shares		(9,800,344	)		(11,923,948	)		(15,101,395	)		(8,467,600	)
Class R Shares		(438,620	)		(318,449	)		(176,443	)		(107,227	)
Class P Shares		(2,563,794	)		(3,090,275	)		(9,256,226	)		(5,642,654	)
Total distributions to shareholders		(36,220,550	)		(39,969,097	)		(76,193,916	)		(46,026,332	)
From share transactions:
Proceeds from sales of shares		518,724,358			878,269,720			948,110,037			1,976,021,453
Reinvestment of distributions		33,859,109			37,448,911			61,919,453			36,692,122
Cost of shares redeemed		(749,322,930	)		(1,146,688,181	)		(1,585,726,253	)		(1,724,995,996	)
Net increase (decrease) in net assets resulting from share transactions		(196,739,463	)		(230,969,550	)		(575,696,763	)		287,717,579
TOTAL INCREASE (DECREASE)		(66,462,797	)		(160,179,696	)		(817,199,943	)		441,974,745
Net Assets:
Beginning of year		1,782,596,718			1,942,776,414			3,049,304,891			2,607,330,146
End of year	$	1,716,133,921		$	1,782,596,718		$	2,232,104,948		$	3,049,304,891

44 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	International Small Cap Insights Fund
	For the Fiscal Year Ended October 31, 2020			For the Fiscal Year Ended October 31, 2019
From operations:
Net investment income	$	36,410,662		$	75,247,934
Net realized loss		(209,823,673	)		(264,294,218	)
Net change in unrealized gain (loss)		(35,926,530	)		427,695,952
Net increase (decrease) in net assets resulting from operations		(209,339,541	)		238,649,668
Distributions to shareholders:
From distributable earnings:
Class A Shares		(5,023,326	)		(1,847,569	)
Class C Shares		(1,160,269	)		(140,227	)
Institutional Shares		(75,418,332	)		(35,596,707	)
Investor Shares		(8,589,904	)		(5,911,450	)
Class R6 Shares		(41,125,645	)		(16,511,878	)
Class P Shares		(2,779,660	)		(1,347,821	)
Total distributions to shareholders		(134,097,136	)		(61,355,652	)
From share transactions:
Proceeds from sales of shares		839,452,474			1,411,878,385
Reinvestment of distributions		123,448,591			56,353,633
Cost of shares redeemed		(1,619,152,181	)		(1,960,823,746	)
Net decrease in net assets resulting from share transactions		(656,251,116	)		(492,591,728	)
TOTAL DECREASE		(999,687,793	)		(315,297,712	)
Net Assets:
Beginning of year		3,896,684,139			4,211,981,851
End of year	$	2,896,996,346		$	3,896,684,139

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.34		$	8.98		$	11.00		$	8.54		$	7.92
Net investment income(a)		0.10			0.15			0.18			0.13			0.10
Net realized and unrealized gain (loss)		0.96			0.36			(1.66	)		2.41			0.59
Total from investment operations		1.06			0.51			(1.48	)		2.54			0.69
Distributions to shareholders from net investment income		(0.15	)		(0.15	)		(0.12	)		(0.08	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.15	)		(0.15	)		(0.54	)		(0.08	)		(0.07	)
Net asset value, end of year	$	10.25		$	9.34		$	8.98		$	11.00		$	8.54
Total return(b)		11.56	%		5.74	%		(14.11	)%		30.15	%		8.79	%
Net assets, end of year (in 000s)	$	52,068		$	72,886		$	82,726		$	95,930		$	50,289
Ratio of net expenses to average net assets		1.47	%		1.48	%		1.48	%		1.52	%		1.56	%
Ratio of total expenses to average net assets		1.53	%		1.56	%		1.54	%		1.55	%		1.63	%
Ratio of net investment income to average net assets		1.13	%		1.61	%		1.72	%		1.36	%		1.24	%
Portfolio turnover rate(c)		178	%		165	%		147	%		172	%		216	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

46 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.19		$	8.83		$	10.88		$	8.45		$	7.84
Net investment income(a)		0.04			0.08			0.10			0.07			0.04
Net realized and unrealized gain (loss)		0.94			0.36			(1.64	)		2.39			0.58
Total from investment operations		0.98			0.44			(1.54	)		2.46			0.62
Distributions to shareholders from net investment income		(0.07	)		(0.08	)		(0.09	)		(0.03	)		(0.01	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.07	)		(0.08	)		(0.51	)		(0.03	)		(0.01	)
Net asset value, end of year	$	10.10		$	9.19		$	8.83		$	10.88		$	8.45
Total return(b)		10.65	%		5.09	%		(14.80	)%		29.20	%		7.97	%
Net assets, end of year (in 000s)	$	5,905		$	8,303		$	8,975		$	7,563		$	1,132
Ratio of net expenses to average net assets		2.21	%		2.23	%		2.23	%		2.26	%		2.31	%
Ratio of total expenses to average net assets		2.28	%		2.31	%		2.29	%		2.29	%		2.39	%
Ratio of net investment income to average net assets		0.41	%		0.85	%		0.98	%		0.72	%		0.47	%
Portfolio turnover rate(c)		178	%		165	%		147	%		172	%		216	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.33		$	8.99		$	11.01		$	8.54		$	7.91
Net investment income(a)		0.14			0.19			0.19			0.17			0.13
Net realized and unrealized gain (loss)		0.96			0.35			(1.64	)		2.41			0.60
Total from investment operations		1.10			0.54			(1.45	)		2.58			0.73
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.15	)		(0.11	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.19	)		(0.20	)		(0.57	)		(0.11	)		(0.10	)
Net asset value, end of year	$	10.24		$	9.33		$	8.99		$	11.01		$	8.54
Total return(b)		11.90	%		6.18	%		(13.83	)%		30.67	%		9.35	%
Net assets, end of year (in 000s)	$	961,138		$	938,157		$	981,091		$	1,488,246		$	852,853
Ratio of net expenses to average net assets		1.09	%		1.10	%		1.10	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.16	%		1.18	%		1.14	%		1.15	%		1.22	%
Ratio of net investment income to average net assets		1.53	%		2.01	%		1.84	%		1.74	%		1.70	%
Portfolio turnover rate(c)		178	%		165	%		147	%		172	%		216	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

48 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.32		$	8.97		$	10.99		$	8.53		$	7.91
Net investment income(b)		0.13			0.18			0.21			0.18			0.12
Net realized and unrealized gain (loss)		0.95			0.36			(1.66	)		2.38			0.59
Total from investment operations		1.08			0.54			(1.45	)		2.56			0.71
Distributions to shareholders from net investment income		(0.18	)		(0.19	)		(0.15	)		(0.10	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.18	)		(0.19	)		(0.57	)		(0.10	)		(0.09	)
Net asset value, end of year	$	10.22		$	9.32		$	8.97		$	10.99		$	8.53
Total return(c)		11.76	%		6.06	%		(13.90	)%		30.47	%		9.13	%
Net assets, end of year (in 000s)	$	89,556		$	118,727		$	96,779		$	67,068		$	2,565
Ratio of net expenses to average net assets		1.22	%		1.23	%		1.23	%		1.26	%		1.31	%
Ratio of total expenses to average net assets		1.28	%		1.31	%		1.29	%		1.29	%		1.37	%
Ratio of net investment income to average net assets		1.39	%		1.92	%		1.99	%		1.81	%		1.53	%
Portfolio turnover rate(d)		178	%		165	%		147	%		172	%		216	%

(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 year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.33		$	8.98		$	11.00		$	8.53		$	7.91
Net investment income(a)		0.14			0.17			0.29			0.19			0.10
Net realized and unrealized gain (loss)		0.95			0.38			(1.73	)		2.39			0.62
Total from investment operations		1.09			0.55			(1.44	)		2.58			0.72
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.16	)		(0.11	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.19	)		(0.20	)		(0.58	)		(0.11	)		(0.10	)
Net asset value, end of year	$	10.23		$	9.33		$	8.98		$	11.00		$	8.53
Total return(b)		11.81	%		6.32	%		(13.84	)%		30.74	%		9.27	%
Net assets, end of year (in 000s)	$	465,604		$	491,306		$	621,590		$	13,164		$	1,637
Ratio of net expenses to average net assets		1.08	%		1.09	%		1.08	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.15	%		1.17	%		1.15	%		1.13	%		1.16	%
Ratio of net investment income to average net assets		1.53	%		1.89	%		2.78	%		1.87	%		1.26	%
Portfolio turnover rate(c)		178	%		165	%		147	%		172	%		216	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

50 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	9.20		$	8.86		$	10.87		$	8.44		$	7.84
Net investment income(a)		0.08			0.12			0.15			0.10			0.08
Net realized and unrealized gain (loss)		0.95			0.36			(1.64	)		2.40			0.59
Total from investment operations		1.03			0.48			(1.49	)		2.50			0.67
Distributions to shareholders from net investment income		(0.15	)		(0.14	)		(0.10	)		(0.07	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.42	)		—			—
Total distributions		(0.15	)		(0.14	)		(0.52	)		(0.07	)		(0.07	)
Net asset value, end of year	$	10.08		$	9.20		$	8.86		$	10.87		$	8.44
Total return(b)		11.19	%		5.52	%		(14.34	)%		29.86	%		8.57	%
Net assets, end of year (in 000s)	$	29,635		$	27,790		$	20,852		$	19,243		$	9,363
Ratio of net expenses to average net assets		1.72	%		1.73	%		1.73	%		1.77	%		1.81	%
Ratio of total expenses to average net assets		1.78	%		1.82	%		1.79	%		1.79	%		1.88	%
Ratio of net investment income to average net assets		0.91	%		1.27	%		1.46	%		1.06	%		1.01	%
Portfolio turnover rate(c)		178	%		165	%		147	%		172	%		216	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	9.33		$	8.98		$	10.84
Net investment income(a)		0.14			0.18			0.18
Net realized and unrealized gain (loss)		0.95			0.37			(2.04	)
Total from investment operations		1.09			0.55			(1.86	)
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		—
Net asset value, end of period	$	10.23		$	9.33		$	8.98
Total return(b)		11.80	%		6.33	%		(17.16	)%
Net assets, end of period (in 000s)	$	112,229		$	125,429		$	130,763
Ratio of net expenses to average net assets		1.08	%		1.09	%		1.08	%(c)
Ratio of total expenses to average net assets		1.15	%		1.17	%		1.17	%(c)
Ratio of net investment income to average net assets		1.48	%		1.96	%		3.36	%(c)
Portfolio turnover rate(d)		178	%		165	%		147	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

52 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.46		$	11.88		$	13.19		$	10.53		$	10.54
Net investment income(a)		0.14			0.23			0.23			0.18			0.18
Net realized and unrealized gain (loss)		(0.92	)		0.52			(1.36	)		2.71			(0.08	)
Total from investment operations		(0.78	)		0.75			(1.13	)		2.89			0.10
Distributions to shareholders from net investment income		(0.28	)		(0.17	)		(0.18	)		(0.23	)		(0.11	)
Net asset value, end of year	$	11.40		$	12.46		$	11.88		$	13.19		$	10.53
Total return(b)		(6.44	)%		6.58	%		(8.71	)%		28.07	%		0.97	%
Net assets, end of year (in 000s)	$	204,087		$	237,898		$	184,222		$	138,267		$	104,736
Ratio of net expenses to average net assets		1.17	%		1.16	%		1.14	%		1.21	%		1.25	%
Ratio of total expenses to average net assets		1.23	%		1.24	%		1.26	%		1.35	%		1.39	%
Ratio of net investment income to average net assets		1.22	%		1.97	%		1.76	%		1.54	%		1.77	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.13		$	11.56		$	12.91		$	10.32		$	10.36
Net investment income(a)		0.05			0.14			0.14			0.09			0.10
Net realized and unrealized gain (loss)		(0.90	)		0.52			(1.34	)		2.66			(0.08	)
Total from investment operations		(0.85	)		0.66			(1.20	)		2.75			0.02
Distributions to shareholders from net investment income		(0.15	)		(0.09	)		(0.15	)		(0.16	)		(0.06	)
Net asset value, end of year	$	11.13		$	12.13		$	11.56		$	12.91		$	10.32
Total return(b)		(7.08	)%		5.79	%		(9.45	)%		27.11	%		0.22	%
Net assets, end of year (in 000s)	$	13,484		$	22,427		$	32,338		$	14,886		$	6,164
Ratio of net expenses to average net assets		1.92	%		1.91	%		1.89	%		1.95	%		2.00	%
Ratio of total expenses to average net assets		1.98	%		1.99	%		2.01	%		2.09	%		2.14	%
Ratio of net investment income to average net assets		0.42	%		1.25	%		1.11	%		0.79	%		1.02	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

54 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.83		$	12.22		$	13.57		$	10.82		$	10.83
Net investment income(a)		0.18			0.29			0.28			0.23			0.24
Net realized and unrealized gain (loss)		(0.93	)		0.54			(1.41	)		2.79			(0.10	)
Total from investment operations		(0.75	)		0.83			(1.13	)		3.02			0.14
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.15	)
Net asset value, end of year	$	11.76		$	12.83		$	12.22		$	13.57		$	10.82
Total return(b)		(6.07	)%		7.07	%		(8.48	)%		28.57	%		1.34	%
Net assets, end of year (in 000s)	$	810,510		$	1,256,782		$	1,323,745		$	1,012,010		$	500,930
Ratio of net expenses to average net assets		0.79	%		0.79	%		0.81	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.85	%		0.85	%		0.87	%		0.94	%		0.99	%
Ratio of net investment income to average net assets		1.54	%		2.41	%		2.08	%		1.92	%		2.25	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.57		$	11.98		$	13.32		$	10.63		$	10.64
Net investment income(a)		0.12			0.23			0.21			0.18			0.17
Net realized and unrealized gain (loss)		(0.91	)		0.52			(1.38	)		2.73			(0.08	)
Total from investment operations		(0.79	)		0.75			(1.17	)		2.91			0.09
Distributions to shareholders from net investment income		(0.26	)		(0.16	)		(0.17	)		(0.22	)		(0.10	)
Net asset value, end of year	$	11.52		$	12.57		$	11.98		$	13.32		$	10.63
Total return(b)		(6.50	)%		6.45	%		(8.92	)%		27.89	%		0.87	%
Net assets, end of year (in 000s)	$	3,675		$	5,386		$	4,538		$	4,073		$	1,898
Ratio of net expenses to average net assets		1.29	%		1.29	%		1.31	%		1.35	%		1.35	%
Ratio of total expenses to average net assets		1.35	%		1.35	%		1.37	%		1.45	%		1.49	%
Ratio of net investment income to average net assets		1.03	%		1.93	%		1.57	%		1.51	%		1.60	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

56 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.23		$	11.67		$	12.97		$	10.36		$	10.38
Net investment income(b)		0.16			0.27			0.27			0.23			0.17
Net realized and unrealized gain (loss)		(0.89	)		0.50			(1.35	)		2.64			(0.05	)
Total from investment operations		(0.73	)		0.77			(1.08	)		2.87			0.12
Distributions to shareholders from net investment income		(0.31	)		(0.21	)		(0.22	)		(0.26	)		(0.14	)
Net asset value, end of year	$	11.19		$	12.23		$	11.67		$	12.97		$	10.36
Total return(c)		(6.21	)%		6.90	%		(8.52	)%		28.44	%		1.22	%
Net assets, end of year (in 000s)	$	311,446		$	549,732		$	393,993		$	147,186		$	6,639
Ratio of net expenses to average net assets		0.92	%		0.91	%		0.89	%		0.94	%		1.00	%
Ratio of total expenses to average net assets		0.98	%		0.99	%		1.01	%		1.07	%		1.14	%
Ratio of net investment income to average net assets		1.42	%		2.29	%		2.09	%		1.87	%		1.65	%
Portfolio turnover rate(d)		160	%		136	%		124	%		161	%		176	%

(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 year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(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 INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.82		$	12.22		$	13.56		$	10.82		$	10.83
Net investment income(a)		0.19			0.30			0.33			0.23			0.14
Net realized and unrealized gain (loss)		(0.94	)		0.52			(1.45	)		2.78			0.01
Total from investment operations		(0.75	)		0.82			(1.12	)		3.01			0.15
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.16	)
Net asset value, end of year	$	11.75		$	12.82		$	12.22		$	13.56		$	10.82
Total return(b)		(6.06	)%		7.10	%		(8.48	)%		28.51	%		1.37	%
Net assets, end of year (in 000s)	$	522,707		$	595,264		$	415,327		$	80,686		$	46,707
Ratio of net expenses to average net assets		0.78	%		0.78	%		0.79	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.84	%		0.84	%		0.86	%		0.93	%		0.96	%
Ratio of net investment income to average net assets		1.61	%		2.49	%		2.45	%		1.96	%		1.32	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

58 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Equity Insights Fund
	Class R Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	12.10		$	11.54		$	12.85		$	10.29		$	10.34
Net investment income(a)		0.11			0.21			0.19			0.16			0.13
Net realized and unrealized gain (loss)		(0.89	)		0.50			(1.33	)		2.64			(0.06	)
Total from investment operations		(0.78	)		0.71			(1.14	)		2.80			0.07
Distributions to shareholders from net investment income		(0.24	)		(0.15	)		(0.17	)		(0.24	)		(0.12	)
Net asset value, end of year	$	11.08		$	12.10		$	11.54		$	12.85		$	10.29
Total return(b)		(6.69	)%		6.36	%		(9.01	)%		27.81	%		0.67	%
Net assets, end of year (in 000s)	$	8,321		$	9,281		$	7,548		$	7,071		$	2,152
Ratio of net expenses to average net assets		1.42	%		1.41	%		1.40	%		1.45	%		1.50	%
Ratio of total expenses to average net assets		1.48	%		1.49	%		1.51	%		1.59	%		1.64	%
Ratio of net investment income to average net assets		0.99	%		1.79	%		1.49	%		1.39	%		1.28	%
Portfolio turnover rate(c)		160	%		136	%		124	%		161	%		176	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	12.81		$	12.21		$	13.79
Net investment income(a)		0.19			0.30			0.12
Net realized and unrealized gain (loss)		(0.94	)		0.52			(1.70	)
Total from investment operations		(0.75	)		0.82			(1.58	)
Distributions to shareholders from net investment income		(0.32	)		(0.22	)		—
Net asset value, end of period	$	11.74		$	12.81		$	12.21
Total return(b)		(6.06	)%		7.03	%		(11.46	)%
Net assets, end of period (in 000s)	$	357,875		$	372,536		$	245,618
Ratio of net expenses to average net assets		0.78	%		0.78	%		0.78	%(c)
Ratio of total expenses to average net assets		0.84	%		0.84	%		0.87	%(c)
Ratio of net investment income to average net assets		1.62	%		2.43	%		1.65	%(c)
Portfolio turnover rate(d)		160	%		136	%		124	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

60 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Small Cap Insights Fund
	Class A Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.77		$	11.16		$	13.39		$	10.71		$	10.42
Net investment income(a)		0.08			0.17			0.17			0.14			0.16
Net realized and unrealized gain (loss)		(0.52	)		0.55			(1.39	)		2.79			0.27
Total from investment operations		(0.44	)		0.72			(1.22	)		2.93			0.43
Distributions to shareholders from net investment income		(0.37	)		(0.11	)		(0.18	)		(0.25	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—
Total distributions		(0.37	)		(0.11	)		(1.01	)		(0.25	)		(0.14	)
Net asset value, end of year	$	10.96		$	11.77		$	11.16		$	13.39		$	10.71
Total return(b)		(3.98	)%		6.68	%		(9.88	)%		28.01	%		4.17	%
Net assets, end of year (in 000s)	$	120,602		$	163,427		$	193,465		$	211,268		$	242,383
Ratio of net expenses to average net assets		1.25	%		1.26	%		1.26	%		1.29	%		1.30	%
Ratio of total expenses to average net assets		1.31	%		1.33	%		1.31	%		1.34	%		1.39	%
Ratio of net investment income to average net assets		0.76	%		1.52	%		1.34	%		1.18	%		1.55	%
Portfolio turnover rate(c)		149	%		131	%		110	%		129	%		140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Small Cap Insights Fund
	Class C Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.34		$	10.73		$	12.95		$	10.35		$	10.11
Net investment income(a)		—	(b)		0.09			0.08			0.07			0.08
Net realized and unrealized gain (loss)		(0.51	)		0.54			(1.35	)		2.70			0.25
Total from investment operations		(0.51	)		0.63			(1.27	)		2.77			0.33
Distributions to shareholders from net investment income		(0.27	)		(0.02	)		(0.12	)		(0.17	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—
Total distributions		(0.27	)		(0.02	)		(0.95	)		(0.17	)		(0.09	)
Net asset value, end of year	$	10.56		$	11.34		$	10.73		$	12.95		$	10.35
Total return(c)		(4.71	)%		5.94	%		(10.59	)%		27.20	%		3.27	%
Net assets, end of year (in 000s)	$	29,190		$	51,728		$	68,767		$	65,194		$	44,643
Ratio of net expenses to average net assets		2.00	%		2.01	%		2.01	%		2.04	%		2.05	%
Ratio of total expenses to average net assets		2.06	%		2.08	%		2.06	%		2.09	%		2.14	%
Ratio of net investment income (loss) to average net assets		(0.01	)%		0.82	%		0.61	%		0.60	%		0.83	%
Portfolio turnover rate(d)		149	%		131	%		110	%		129	%		140	%

(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 year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(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 SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Small Cap Insights Fund
	Institutional Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.78		$	11.19		$	13.42		$	10.73		$	10.44
Net investment income(a)		0.12			0.22			0.21			0.21			0.21
Net realized and unrealized gain (loss)		(0.52	)		0.54			(1.38	)		2.77			0.26
Total from investment operations		(0.40	)		0.76			(1.17	)		2.98			0.47
Distributions to shareholders from net investment income		(0.41	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—
Total distributions		(0.41	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)
Net asset value, end of year	$	10.97		$	11.78		$	11.19		$	13.42		$	10.73
Total return(b)		(3.61	)%		7.10	%		(9.53	)%		28.59	%		4.50	%
Net assets, end of year (in 000s)	$	1,608,195		$	2,134,382		$	2,250,288		$	1,796,887		$	1,118,478
Ratio of net expenses to average net assets		0.87	%		0.87	%		0.87	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		0.93	%		0.95	%		0.92	%		0.94	%		0.98	%
Ratio of net investment income to average net assets		1.13	%		1.96	%		1.67	%		1.77	%		1.98	%
Portfolio turnover rate(c)		149	%		131	%		110	%		129	%		140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Small Cap Insights Fund
	Investor Shares(a)
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.72		$	11.12		$	13.36		$	10.68		$	10.40
Net investment income(b)		0.10			0.19			0.21			0.21			0.19
Net realized and unrealized gain (loss)		(0.51	)		0.56			(1.40	)		2.75			0.26
Total from investment operations		(0.41	)		0.75			(1.19	)		2.96			0.45
Distributions to shareholders from net investment income		(0.39	)		(0.15	)		(0.22	)		(0.28	)		(0.17	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—
Total distributions		(0.39	)		(0.15	)		(1.05	)		(0.28	)		(0.17	)
Net asset value, end of year	$	10.92		$	11.72		$	11.12		$	13.36		$	10.68
Total return(c)		(3.72	)%		7.01	%		(9.72	)%		28.48	%		4.33	%
Net assets, end of year (in 000s)	$	131,558		$	274,079		$	532,484		$	344,700		$	99,365
Ratio of net expenses to average net assets		1.00	%		1.01	%		1.01	%		1.04	%		1.05	%
Ratio of total expenses to average net assets		1.06	%		1.08	%		1.06	%		1.09	%		1.13	%
Ratio of net investment income to average net assets		0.95	%		1.74	%		1.68	%		1.76	%		1.83	%
Portfolio turnover rate(d)		149	%		131	%		110	%		129	%		140	%

(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 year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(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 INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs International Small Cap Insights Fund
	Class R6 Shares
	Year Ended October 31,
	2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	11.80		$	11.21		$	13.45		$	10.75		$	10.44
Net investment income(a)		0.13			0.22			0.22			0.20			0.26
Net realized and unrealized gain (loss)		(0.52	)		0.54			(1.40	)		2.79			0.23
Total from investment operations		(0.39	)		0.76			(1.18	)		2.99			0.49
Distributions to shareholders from net investment income		(0.42	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			(0.83	)		—			—
Total distributions		(0.42	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)
Net asset value, end of year	$	10.99		$	11.80		$	11.21		$	13.45		$	10.75
Total return(b)		(3.60	)%		7.11	%		(9.57	)%		28.67	%		4.72	%
Net assets, end of year (in 000s)	$	963,821		$	1,192,142		$	1,076,035		$	116,788		$	18,566
Ratio of net expenses to average net assets		0.86	%		0.86	%		0.85	%		0.88	%		0.88	%
Ratio of total expenses to average net assets		0.92	%		0.94	%		0.92	%		0.92	%		0.97	%
Ratio of net investment income to average net assets		1.19	%		2.01	%		1.72	%		1.58	%		2.39	%
Portfolio turnover rate(c)		149	%		131	%		110	%		129	%		140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Class P Shares
	Year Ended October 31,						April 16, 2018* to October 31, 2018
	2020			2019
Per Share Data
Net asset value, beginning of period	$	11.80		$	11.21		$	13.08
Net investment income(a)		0.12			0.22			0.08
Net realized and unrealized gain (loss)		(0.51	)		0.54			(1.95	)
Total from investment operations		(0.39	)		0.76			(1.87	)
Distributions to shareholders from net investment income		(0.42	)		(0.17	)		—
Net asset value, end of period	$	10.99		$	11.80		$	11.21
Total return(b)		(3.60	)%		7.11	%		(14.30	)%
Net assets, end of period (in 000s)	$	43,631		$	80,926		$	90,943
Ratio of net expenses to average net assets		0.86	%		0.86	%		0.85	%(c)
Ratio of total expenses to average net assets		0.92	%		0.94	%		0.93	%(c)
Ratio of net investment income to average net assets		1.08	%		1.96	%		1.20	%(c)
Portfolio turnover rate(d)		149	%		131	%		110	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

66 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

October 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Emerging Markets Equity Insights	A, C, Institutional, Investor, R6, R and P	Diversified
International Equity Insights	A, C, Institutional, Service, Investor, R6, R and P	Diversified
International Small Cap Insights	A, C, Institutional, Investor, R6 and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

67

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety .The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by

68

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation

69

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2020:

EMERGING MARKETS EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	36,631,169	$	—
Asia		488,399,478			1,027,643,460		—
Europe		693,760			10,704,590		—
North America		36,619,796			—		—
South America		87,091,220			2,529,047		—
Securities Lending Reinvestment Vehicle		500,400			—		—
Total	$	613,304,654		$	1,077,508,266	$	—
Derivative Type
Assets(b)
Futures Contracts	$	32,269		$	—	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	16,792,959	$	—
Asia		—			711,041,932		—
Australia and Oceania		26,388,115			157,874,546		—
Europe		45,196,279			1,243,425,495		—
North America		—			1,087,962		—
Securities Lending Reinvestment Vehicle		25,795,600			—		—
Total	$	97,379,994		$	2,130,222,894	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(18,421	)	$	—	$	—

(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 fiscal year end.

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL SMALL CAP INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	220,415	$	—
Asia		—			1,091,247,273		—
Australia and Oceania		—			232,325,937		—
Europe		93,227,844			1,389,192,518		—
North America		—			9,852,530		—
Securities Lending Reinvestment Vehicle		29,274,156			—		—
Total	$	122,502,000		$	2,722,838,673	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(1,868,796	)	$	—	$	—

(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 Fund utilizes 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 fiscal year 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 October 31, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Emerging Markets Equity Insights	Equity	Variation margin on futures contracts	$	32,269	—	$	—
International Equity Insights	Equity	—		—	Variation margin on futures contracts		(18,421)
International Small Cap Insights	Equity	—		—	Variation margin on futures contracts		(1,868,796)

(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 October 31, 2020 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 fiscal year ended October 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

71

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

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)
Emerging Markets Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	5,971,537	$	32,269			323
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		6,902,118		(18,421	)		200
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		4,353,779		(1,877,027	)		260

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended October 31, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.75			0.75
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.82			0.82

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2020, GSAM waived $3,092, $3,894 and $336 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%		0.50	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	2,537	$	—
International Equity Insights		4,214		21
International Small Cap Insights		1,550		—

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1, 2020, such fee was 0.17% of the average daily net assets of the Class A, Class C, Investor and Class R Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity

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Notes to Financial Statements (continued)

October 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	3,092	$	22,509	$	1,041,742	$	1,067,343
International Equity Insights		3,894		47,822		1,511,886		1,563,602
International Small Cap Insights		336		13,791		1,967,166		1,981,293

G.  Line of Credit Facility — As of October 31, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the fiscal year ended October 31, 2020, Goldman Sachs earned $800 and $1,046 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights and International Small Cap Insights Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of October 31, 2020		Shares as of October 31, 2020		Dividend Income from Affiliated Investment Company
Emerging Markets Equity Insights	$	—	$	233,938,341	$	(233,938,341	)	$	—		—	$	13,155
International Equity Insights		—		141,962,756		(141,962,756	)		—		—		26,937
International Small Cap Insights		—		53,306,217		(53,306,217	)		—		—		456

As of October 31, 2020, the following Goldman Sachs Global Tax-Aware Equity Portfolio was a beneficial owner of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		8	%

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2020, were as follows:

Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	2,886,816,534	$	3,115,706,193
International Equity Insights		4,117,664,129		4,709,272,083
International Small Cap Insights		4,811,865,850		5,593,644,970

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2020, are reported under Investment Income on the Statements of Operations.

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Notes to Financial Statements (continued)

October 31, 2020

7. SECURITIES LENDING (continued)

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the ficsal year ended October 31, 2020				Amount Payable to Goldman Sachs upon Return of Securities Loaned as of October 31, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	7,523	$	6,372	$	—
International Equity Insights		29,108		4,167		—
International Small Cap Insights		68,329		85,236		1,255,325

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended October 31, 2020:

Fund	Beginning Value as of October 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of October 31, 2020
Emerging Markets Equity Insights	$	121,709	$	137,619,519	$	(137,240,828	)	$	500,400
International Equity Insights		30,387,872		362,958,212		(367,550,484	)		25,795,600
International Small Cap Insights		32,107,743		426,896,528		(429,730,115	)		29,274,156

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2020, was as follows:

	Emerging Markets Equity Insights		International Equity Insights		International Small Cap Insights
Distributions paid from:
Ordinary income	$	36,220,550	$	76,193,916	$	134,097,136

The tax character of distributions paid during the fiscal year ended October 31, 2019, was as follows:

	Emerging Markets Equity Insights		International Equity Insights		International Small Cap Insights
Distributions paid from:
Ordinary income	$	39,969,097	$	46,026,332	$	61,355,652

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

8. TAX INFORMATION (continued)

As of October 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Undistributed ordinary income — net	$	20,816,972		$	37,956,237		$	47,361,524
Capital loss carryforwards:
Perpetual long-term	$	(3,908,312	)	$	(74,057,447	)	$	(102,120,936	)
Perpetual short-term		(231,483,761	)		(287,762,244	)		(434,432,928	)
Total capital loss carryforwards	$	(235,392,073	)	$	(361,819,691	)	$	(536,553,864	)
Unrealized gains — net		345,669,057			99,876,604			146,967,005
Total accumulated earnings (losses) — net	$	131,093,956		$	(223,986,850	)	$	(342,225,335	)

As of October 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	1,344,008,927		$	2,127,921,883		$	2,696,762,881
Gross unrealized gain		410,409,030			222,977,277			327,189,361
Gross unrealized loss		(64,739,973	)		(123,100,673	)		(180,222,356	)
Net unrealized gain	$	345,669,057		$	99,876,604		$	146,967,005

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

9. OTHER RISKS (continued)

invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

9. OTHER RISKS (continued)

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. OTHER MATTERS

On October 16, 2020, a definitive proxy statement (“proxy”) was filed with the U.S. Securities and Exchange Commission to change the Emerging Markets Equity Insights Fund’s sub-classification under the Act from “diversified” to “non-diversified” and to eliminate any related fundamental investment restriction. GSAM has agreed to pay the expenses associated with the proxy, shareholder solicitation and other related costs.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

12. 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.

79

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,401,438		$	12,758,250			2,966,653		$	27,441,781
Reinvestment of distributions		118,920			1,159,473			158,620			1,368,888
Shares redeemed		(4,245,371	)		(38,963,400	)		(4,534,826	)		(41,438,386	)
		(2,725,013	)		(25,045,677	)		(1,409,553	)		(12,627,717	)
Class C Shares
Shares sold		48,145			455,875			256,648			2,349,700
Reinvestment of distributions		5,799			56,079			9,579			81,900
Shares redeemed		(372,569	)		(3,394,246	)		(379,019	)		(3,461,810	)
		(318,625	)		(2,882,292	)		(112,792	)		(1,030,210	)
Institutional Shares
Shares sold		38,269,703			338,251,447			52,061,873			482,572,337
Reinvestment of distributions		1,872,307			18,180,104			2,189,583			18,830,413
Shares redeemed		(46,792,105	)		(409,780,368	)		(62,919,172	)		(577,944,922	)
		(6,650,095	)		(53,348,817	)		(8,667,716	)		(76,542,172	)
Investor Shares
Shares sold		2,339,668			20,910,745			10,841,603			100,200,063
Reinvestment of distributions		226,625			2,198,257			249,709			2,145,005
Shares redeemed		(6,550,280	)		(57,883,865	)		(9,135,724	)		(84,201,328	)
		(3,983,987	)		(34,774,863	)		1,955,588			18,143,740
Class R6 Shares
Shares sold		11,869,424			108,770,757			21,229,915			194,592,630
Reinvestment of distributions		954,926			9,262,782			1,352,035			11,613,981
Shares redeemed		(19,995,919	)		(178,540,794	)		(39,121,967	)		(360,316,512	)
		(7,171,569	)		(60,507,255	)		(16,540,017	)		(154,109,901	)
Class R Shares
Shares sold		673,190			5,988,282			1,277,600			11,619,066
Reinvestment of distributions		45,642			438,620			37,333			318,449
Shares redeemed		(798,602	)		(7,249,768	)		(649,444	)		(5,943,448	)
		(79,770	)		(822,866	)		665,489			5,994,067
Class P Shares
Shares sold		3,768,611			31,589,002			6,605,230			59,494,143
Reinvestment of distributions		264,309			2,563,794			359,752			3,090,275
Shares redeemed		(6,512,741	)		(53,510,489	)		(8,075,477	)		(73,381,775	)
		(2,479,821	)		(19,357,693	)		(1,110,495	)		(10,797,357	)
NET DECREASE		(23,408,880	)	$	(196,739,463	)		(25,219,496	)	$	(230,969,550	)

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		7,926,994		$	89,401,590			13,259,688		$	159,153,653
Reinvestment of distributions		440,242			5,547,046			204,537			2,186,506
Shares redeemed		(9,566,000	)		(103,652,103	)		(9,882,575	)		(116,821,278	)
		(1,198,764	)		(8,703,467	)		3,581,650			44,518,881
Class C Shares
Shares sold		143,956			1,656,858			456,513			5,141,424
Reinvestment of distributions		19,114			236,629			19,962			209,198
Shares redeemed		(800,332	)		(8,829,816	)		(1,425,650	)		(16,400,371	)
		(637,262	)		(6,936,329	)		(949,175	)		(11,049,749	)
Institutional Shares
Shares sold		23,320,158			271,120,005			54,720,178			657,831,323
Reinvestment of distributions		1,453,083			18,817,424			1,221,357			13,398,286
Shares redeemed		(53,834,133	)		(629,253,649	)		(66,250,331	)		(798,357,316	)
		(29,060,892	)		(339,316,220	)		(10,308,796	)		(127,127,707	)
Service Shares
Shares sold		48,006			557,250			142,546			1,698,529
Reinvestment of distributions		7,944			101,205			5,670			61,236
Shares redeemed		(165,325	)		(1,972,728	)		(98,679	)		(1,177,739	)
		(109,375	)		(1,314,273	)		49,537			582,026
Investor Shares
Shares sold		18,708,329			204,405,376			38,817,614			453,063,492
Reinvestment of distributions		1,192,705			14,717,983			684,659			7,168,380
Shares redeemed		(37,036,531	)		(417,050,165	)		(28,303,390	)		(326,016,478	)
		(17,135,497	)		(197,926,806	)		11,198,883			134,215,394
Class R6 Shares
Shares sold		12,481,283			149,814,870			34,080,931			412,901,400
Reinvestment of distributions		1,011,031			13,082,737			724,784			7,943,638
Shares redeemed		(15,450,179	)		(185,491,737	)		(22,360,220	)		(272,988,934	)
		(1,957,865	)		(22,594,130	)		12,445,495			147,856,104
Class R Shares
Shares sold		264,386			2,684,056			363,618			4,188,056
Reinvestment of distributions		13,067			160,204			7,899			82,224
Shares redeemed		(293,188	)		(3,307,807	)		(258,509	)		(2,987,023	)
		(15,735	)		(463,547	)		113,008			1,283,257
Class P Shares
Shares sold		22,761,785			228,470,032			24,463,775			282,043,576
Reinvestment of distributions		715,872			9,256,225			514,841			5,642,654
Shares redeemed		(22,083,845	)		(236,168,248	)		(16,007,445	)		(190,246,857	)
		1,393,812			1,558,009			8,971,171			97,439,373
NET INCREASE (DECREASE)		(48,721,578	)	$	(575,696,763	)		25,101,773		$	287,717,579

81

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

October 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Fiscal Year Ended October 31, 2020						For the Fiscal Year Ended October 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,509,564		$	25,278,690			5,084,350		$	57,542,690
Reinvestment of distributions		391,583			4,659,839			174,144			1,724,026
Shares redeemed		(5,785,416	)		(59,662,985	)		(8,714,983	)		(95,912,370	)
		(2,884,269	)		(29,724,456	)		(3,456,489	)		(36,645,654	)
Class C Shares
Shares sold		67,454			728,845			166,083			1,768,839
Reinvestment of distributions		96,844			1,117,582			14,011			134,359
Shares redeemed		(1,963,466	)		(20,056,232	)		(2,026,719	)		(21,560,049	)
		(1,799,168	)		(18,209,805	)		(1,846,625	)		(19,656,851	)
Institutional Shares
Shares sold		54,461,158			554,649,638			88,905,949			988,567,614
Reinvestment of distributions		5,638,318			66,926,830			3,192,108			31,506,109
Shares redeemed		(94,722,054	)		(932,342,859	)		(112,062,966	)		(1,226,702,768	)
		(34,622,578	)		(310,766,391	)		(19,964,909	)		(206,629,045	)
Investor Shares
Shares sold		1,891,399			19,680,694			6,007,193			66,017,326
Reinvestment of distributions		726,038			8,589,026			601,289			5,910,668
Shares redeemed		(13,956,319	)		(145,994,812	)		(31,099,022	)		(340,121,004	)
		(11,338,882	)		(117,725,092	)		(24,490,540	)		(268,193,010	)
Class R6 Shares
Shares sold		22,721,529			235,744,909			26,323,470			291,256,574
Reinvestment of distributions		3,311,662			39,375,654			1,590,561			15,730,650
Shares redeemed		(39,367,794	)		(427,706,335	)		(22,908,629	)		(255,148,086	)
		(13,334,603	)		(152,585,772	)		5,005,402			51,839,138
Class P Shares
Shares sold		294,571			3,369,698			593,597			6,725,342
Reinvestment of distributions		233,781			2,779,660			136,281			1,347,821
Shares redeemed		(3,416,736	)		(33,388,958	)		(1,986,467	)		(21,379,469	)
		(2,888,384	)		(27,239,600	)		(1,256,589	)		(13,306,306	)
NET DECREASE		(66,867,884	)	$	(656,251,116	)		(46,009,750	)	$	(492,591,728)

82

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds have amortized their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0
Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0
Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0
Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended October 31, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 01, 2020 through October 31, 2020, which represents a period of 184 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.

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*		Beginning Account Value 05/01/2020		Ending Account Value 10/31/2020			Expenses Paid for the 6 Months Ended 10/31/2020*
Class A
Actual	$	1,000	$	1,262.30		$	8.36	$	1,000	$	1,114.40		$	6.22	$	1,000	$	1,157.30		$	6.78
Hypothetical 5% return		1,000		1,017.75	+		7.46		1,000		1,019.25	+		5.94		1,000		1,018.85	+		6.34
Class C
Actual		1,000		1,257.80			12.49		1,000		1,110.80			10.13		1,000		1,154.10			10.78
Hypothetical 5% return		1,000		1,014.08	+		11.14		1,000		1,015.53	+		9.68		1,000		1,015.13	+		10.08
Institutional
Actual		1,000		1,264.20			6.20		1,000		1,116.80			4.26		1,000		1,159.60			4.78
Hypothetical 5% return		1,000		1,019.66	+		5.53		1,000		1,021.11	+		4.06		1,000		1,020.71	+		4.47
Service
Actual		N/A		N/A			N/A		1,000		1,114.10			6.86		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.65	+		6.55		N/A		N/A			N/A
Investor
Actual		1,000		1,263.30			6.94		1,000		1,115.70			4.89		1,000		1,159.20			5.43
Hypothetical 5% return		1,000		1,019.00	+		6.19		1,000		1,020.51	+		4.67		1,000		1,020.11	+		5.08
Class R6
Actual		1,000		1,264.50			6.15		1,000		1,116.90			4.20		1,000		1,159.30			4.72
Hypothetical 5% return		1,000		1,019.71	+		5.48		1,000		1,021.17	+		4.01		1,000		1,020.76	+		4.42
Class R
Actual		1,000		1,260.00			9.71		1,000		1,112.60			7.54		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.54	+		8.67		1,000		1,018.00	+		7.20		N/A		N/A			N/A
Class P
Actual		1,000		1,264.50			6.15		1,000		1,116.00			4.20		1,000		1,159.30			4.72
Hypothetical 5% return		1,000		1,019.71	+		5.48		1,000		1,021.17	+		4.01		1,000		1,020.76	+		4.42

+ 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 October 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Equity Insights		1.47	%		2.20	%		1.09	%		N/A			1.22	%		1.08	%		1.71	%		1.08	%
International Equity Insights		1.17			1.91			0.80			1.29	%		0.92			0.79			1.42			0.79
International Small Cap Insights		1.25			1.99			0.88			N/A			1.00			0.87			N/A			0.87

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights 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, 2021 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 16-17, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

87

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Provider as of March 31, 2020. 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 performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Equity Insights Fund’s and International Small Cap Insights Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Emerging Markets Equity Insights 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 in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020. They noted that the International Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, in the third quartile for the three-year period, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2020. The Trustees observed that the International Small Cap Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods and outperformed for the ten-year period ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. 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

88

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2019 and 2018, 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:

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
First $1 billion		1.00	%		0.81	%		0.85	%
Next $1 billion		1.00			0.73			0.85
Next $3 billion		0.90			0.69			0.77
Next $3 billion		0.86			0.68			0.73
Over $8 billion		0.84			0.67			0.72

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 Funds, each of 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; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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

89

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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, 2021.

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None
Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Stepan Company (a specialty chemical manufacturer)

91

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

92

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	170	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2020.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 31, 2020, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

93

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of October 31, 2020.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Trust — International Equity Insights Funds — Tax Information (Unaudited)

From distributions paid during the year ended October 31, 2020, the total amount of income received by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds from sources within foreign countries and possessions of the United States was $0.2197, $0.2785, and $0.2568 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds were 93.01%, 80.47%, and 58.01%, respectively. The total amount of taxes paid by the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds to such countries was $0.0407, $0.0287, and $0.0276 per share, respectively.

For the year ended October 31, 2020, 70.37%, 89.40%, and 60.24% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

94

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission web site at http://www.sec.gov.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Diversification does not protect an investor from market risk and does not ensure a profit.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 224223-OTU-1322329 INTINSAR-20

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) 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.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.

	2020			2019			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,805,935		$	4,119,730	Financial Statement audits.
Audit-Related Fees:
• PwC		$	201,647		$	262,194	Other attest services.
Tax Fees:
• PwC		$	58,347		$	1,171,431	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns and certain other tax-related services.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2020			2019			Description of Services Rendered
Audit-Related Fees:
• PwC		$	2,000,617		$	2,000,617	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi annual updates relating to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended October 31, 2020 and October 31, 2019 were approximately $259,994 and $1,433,614, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2019 and December 31, 2018 were approximately $14.7 million and $12.3 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2020. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2019 and 2018 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	January 7, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	January 7, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	January 7, 2021

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: January 7, 2021

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: January 7, 2021

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2020 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Joseph F. DiMaria
James A. McNamara	Joseph F. DiMaria
Date: January 7, 2021	January 7, 2021

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.