N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	April 30, 2021
	Dividend Focus Funds
	Income Builder
	Rising Dividend Growth

Goldman Sachs Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS
Portfolio Management Team Changes	1
Fund Basics	2
Schedules of Investments	7
Financial Statements	27
Financial Highlights	30
Income Builder	30
Rising Dividend Growth	36
Notes to Financial Statements	43
Other Information	64

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Portfolio Management Team Changes for the

Goldman Sachs Dividend Focus Funds

Effective May 24, 2021, after the close of the Reporting Period, Christopher Lvoff no longer served as a portfolio manager of the Goldman Sachs Income Builder Fund and Goldman Sachs Rising Dividend Growth Fund (the “Funds”). Effective the same date, Neill Nuttall, Managing Director and Chief Investment Officer in the Multi-Asset Solutions (“MAS”) Group in Goldman Sachs Asset Management, began serving as a portfolio manager for the Goldman Sachs Income Builder Fund, and Siwen Wu, Vice President in the MAS Group, began serving as a portfolio manager for the Goldman Sachs Rising Dividend Growth Fund. Ashish Shah, Ron Arons, Collin Bell and Charles “Brook” Dane continue to serve as portfolio managers for the Goldman Sachs Income Builder Fund. Monali Vora, Aron Kershner and Kyri Loupis continue to serve as portfolio managers for the Goldman Sachs Rising Dividend Growth Fund. By design, all investment decisions for the Funds are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Funds.

1

FUND BASICS

Income Builder Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 1000® Value  Index2			ICE BofAML BB to B U.S. High Yield Constrained  Index3
Class A		14.48	%		36.30	%		6.63	%
Class C		14.01			36.30			6.63
Institutional		14.66			36.30			6.63
Investor		14.62			36.30			6.63
Class R6		14.66			36.30			6.63
Class P		14.66			36.30			6.63

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

²  The Russell 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.

³  The 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.

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

2

FUND BASICS

TOP TEN EQUITY HOLDINGS AS OF 4/30/214
Holding	% of Net Assets			Line of Business
Johnson & Johnson		1.0	%	Pharmaceuticals
Comcast Corp. Class A		0.9		Media
Linde PLC		0.9		Chemicals
Cisco Systems, Inc.		0.9		Communications Equipment
Schneider Electric SE ADR		0.9		Electrical Equipment
Deere & Co.		0.9		Machinery
Medtronic PLC		0.8		Health Care Equipment & Supplies
Honeywell International, Inc.		0.8		Industrial Conglomerates
JPMorgan Chase & Co.		0.8		Banks
Bristol-Myers Squibb Co.		0.8		Pharmaceuticals

⁴  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’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK⁵

As of April 30, 2021

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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 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.

3

FUND BASICS

FUND’S FIXED INCOME COMPOSITION⁶

⁶  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.

4

FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		36.14	%		28.85	%
Class C		35.58			28.85
Institutional		36.23			28.85
Investor		36.26			28.85
Class R6		36.37			28.85
Class R		35.91			28.85
Class P		36.23			28.85

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

²  The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged 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 returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/213
Holding	% of Net Assets			Line of Business
Comcast Corp. Class A		2.5	%	Media
Activision Blizzard, Inc.		1.9		Entertainment
MPLX LP		1.9		Oil, Gas & Consumable Fuels
Enterprise Products Partners LP		1.7		Oil, Gas & Consumable Fuels
Energy Transfer LP		1.7		Oil, Gas & Consumable Fuels
ViacomCBS, Inc. Class B		1.6		Media
Danaher Corp.		1.5		Health Care Equipment & Supplies
Omnicom Group, Inc.		1.5		Media
UnitedHealth Group, Inc.		1.5		Health Care Providers & Services
The Interpublic Group of Cos., Inc.		1.3		Media

³  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of April 30, 2021

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

6

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 38.0%
Aerospace & Defense – 0.6%
	33,940	Northrop Grumman Corp.	$	12,029,694
Banks – 2.8%
	401,014	BNP Paribas SA ADR(a)		12,860,519
	110,410	JPMorgan Chase & Co.		16,982,162
	89,304	M&T Bank Corp.		14,082,348
	246,698	Truist Financial Corp.		14,631,658
				58,556,687
Beverages – 0.7%
	278,431	The Coca-Cola Co.		15,029,705
Biotechnology – 0.4%
	31,136	Amgen, Inc.		7,461,431
Capital Markets – 1.5%
	12,057	BlackRock, Inc.		9,878,300
	37,255	CME Group, Inc.		7,525,138
	100,104	Morgan Stanley		8,263,585
	54,793	Singapore Exchange Ltd. ADR		6,449,136
				32,116,159
Chemicals – 1.2%
	22,290	Ecolab, Inc.		4,995,635
	67,449	Linde PLC		19,279,622
				24,275,257
Commercial Services & Supplies – 0.5%
	94,610	Republic Services, Inc.		10,057,043
Communications Equipment – 1.1%
	368,793	Cisco Systems, Inc.		18,775,252
	143,937	Juniper Networks, Inc.		3,654,560
				22,429,812
Construction & Engineering – 0.3%
	262,424	Vinci SA ADR		7,179,921
Consumer Finance – 0.4%
	49,840	American Express Co.		7,642,964
Containers & Packaging – 0.7%
	262,027	International Paper Co.		15,197,566
Diversified Telecommunication Services – 0.7%
	262,770	Verizon Communications, Inc.		15,185,478
Electric Utilities – 1.1%
	923,410	Enel SpA ADR		9,132,525
	128,296	NextEra Energy, Inc.		9,944,223
	68,465	Xcel Energy, Inc.		4,881,554
				23,958,302
Electrical Equipment – 1.6%
	110,479	Eaton Corp. PLC		15,790,763
	581,783	Schneider Electric SE ADR		18,532,698
				34,323,461
Electronic Equipment, Instruments & Components – 0.4%
	59,657	TE Connectivity Ltd.		8,022,077
Common Stocks – (continued)
Entertainment(a) – 0.3%
	29,565	The Walt Disney Co.		5,499,681
Equity Real Estate Investment Trusts (REITs) – 2.7%
	45,375	Alexandria Real Estate Equities, Inc.		8,217,412
	34,381	American Tower Corp.		8,759,247
	43,129	AvalonBay Communities, Inc.		8,280,768
	36,026	Boston Properties, Inc.		3,939,443
	53,000	Camden Property Trust		6,385,440
	167,134	Hudson Pacific Properties, Inc.		4,698,137
	60,024	Prologis, Inc.		6,994,597
	160,584	Ventas, Inc.		8,905,989
				56,181,033
Food Products – 1.0%
	70,561	Archer-Daniels-Midland Co.		4,454,516
	94,234	Mondelez International, Inc. Class A		5,730,370
	98,097	Nestle SA ADR		11,725,534
				21,910,420
Health Care Equipment & Supplies – 1.3%
	131,272	Medtronic PLC		17,186,130
	59,020	Zimmer Biomet Holdings, Inc.		10,455,983
				27,642,113
Health Care Providers & Services – 0.8%
	80,301	CVS Health Corp.		6,134,996
	27,311	UnitedHealth Group, Inc.		10,891,627
				17,026,623
Hotels, Restaurants & Leisure – 1.4%
	255,076	Aramark		9,914,804
	59,731	McDonald’s Corp.		14,101,295
	46,655	Starbucks Corp.		5,341,531
				29,357,630
Household Products – 0.7%
	47,498	Kimberly-Clark Corp.		6,332,434
	68,877	The Procter & Gamble Co.		9,189,569
				15,522,003
Industrial Conglomerates – 0.8%
	76,228	Honeywell International, Inc.		17,001,893
Insurance – 1.2%
	69,298	Chubb Ltd.		11,890,844
	35,068	The Travelers Cos., Inc.		5,423,617
	177,145	Zurich Insurance Group AG ADR		7,282,431
				24,596,892
IT Services – 1.4%
	21,587	Accenture PLC Class A		6,259,582
	96,554	Cognizant Technology Solutions Corp. Class A		7,762,942
	54,430	Fidelity National Information Services, Inc.		8,322,347

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	52,010	International Business Machines Corp.	$	7,379,179
				29,724,050
Machinery – 1.5%
	49,521	Deere & Co.		18,364,863
	56,859	Illinois Tool Works, Inc.		13,103,725
				31,468,588
Media – 0.9%
	194,739	Bright Pattern Holding Co.(b)		486,846
	346,719	Comcast Corp. Class A		19,468,272
				19,955,118
Metals & Mining – 0.7%
	166,549	Rio Tinto PLC ADR		14,166,658
Multi-Utilities – 1.3%
	93,765	Ameren Corp.		7,955,022
	63,892	CMS Energy Corp.		4,114,006
	111,510	National Grid PLC ADR		7,022,900
	67,842	Public Service Enterprise Group, Inc.		4,284,901
	29,137	Sempra Energy		4,008,377
				27,385,206
Oil, Gas & Consumable Fuels – 1.1%
	782	Chesapeake Energy Corp.(a)		35,636
	141,487	Chevron Corp.		14,583,065
	100,649	Noble Corp. (Oil, Gas & Consumable Fuels)		1,892,201
	4,759	Noble Corp.(b) (Oil, Gas & Consumable Fuels)		89,469
	183,398	Royal Dutch Shell PLC ADR Class A		6,969,124
	17,730	Summit Midstream Partners LP(a)		418,606
				23,988,101
Pharmaceuticals – 3.2%
	100,887	AstraZeneca PLC ADR(c)		5,354,073
	258,320	Bristol-Myers Squibb Co.		16,124,334
	87,212	Eli Lilly & Co.		15,939,737
	125,517	Johnson & Johnson		20,425,382
	120,117	Novartis AG ADR		10,238,773
				68,082,299
Road & Rail – 0.9%
	35,120	Norfolk Southern Corp.		9,806,909
	37,757	Union Pacific Corp.		8,385,452
				18,192,361
Semiconductors & Semiconductor Equipment – 1.3%
	23,687	KLA Corp.		7,469,695
	47,244	QUALCOMM, Inc.		6,557,467
	77,921	Texas Instruments, Inc.		14,065,520
				28,092,682
Common Stocks – (continued)
Software – 0.2%
	17,095	Microsoft Corp.		4,311,017
Specialty Retail – 0.7%
	45,640	The Home Depot, Inc.		14,772,299
Water Utilities – 0.6%
	82,964	American Water Works Co., Inc.		12,941,554
	TOTAL COMMON STOCKS
	(Cost $579,258,184)		$	801,283,778

Shares	Dividend Rate	Value
Preferred Stocks(d) – 0.5%
Capital Markets(a)(e) – 0.2%
Morgan Stanley, Inc. (3M USD LIBOR + 3.708%)
183,597	6.375%	$	5,204,975
Diversified Telecommunication Services – 0.1%
Qwest Corp.
43,276	6.500		1,104,404
Insurance(a)(e) – 0.2%
Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
143,849	3.388		3,200,640
TOTAL PREFERRED STOCKS
(Cost $8,780,987)		$	9,510,019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 45.9%
Advertising(d)(f) – 0.2%
	Terrier Media Buyer, Inc.
$	2,850,000		8.875%			12/15/27	$	3,088,688
Aerospace & Defense(d) – 0.6%
	The Boeing Co.
	3,432,000		5.150			05/01/30		3,994,505
	1,652,000		5.805			05/01/50		2,119,879
	TransDigm, Inc.
	365,000		6.500			05/15/25		371,460
	3,300,000		5.500			11/15/27		3,432,000
	315,000		4.625(f)			01/15/29		309,488
	266,000		4.875	(f)		05/01/29		262,010
	Triumph Group, Inc.
	2,885,000		7.750			08/15/25		2,856,150
								13,345,492
Agriculture – 0.5%
	BAT Capital Corp.(d)
	10,000,000		4.390			08/15/37		10,302,700
	MHP SE
	670,000		7.750			05/10/24		705,091
								11,007,791

8 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)
Airlines(f) – 0.5%
	Air Canada Pass Through Trust Series 2013-1, Class B
$	1,386,667		5.375 %			05/15/21	$	1,387,249
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	522,000		5.500			04/20/26		548,100
	1,717,000		5.750			04/20/29		1,839,336
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(d)
	2,155,000		5.750			01/20/26		2,270,831
	United Airlines, Inc.(d)
	1,625,000		4.375			04/15/26		1,685,938
	2,080,000		4.625			04/15/29		2,160,600
								9,892,054
Automotive – 1.4%
	American Axle & Manufacturing, Inc.(d)
	1,000		6.250			04/01/25		1,034
	BorgWarner, Inc.(f)
	4,100,000		5.000			10/01/25		4,731,072
	Clarios Global LP/Clarios US Finance Co.(d)(f)
	1,850,000		8.500			05/15/27		1,995,687
	Dana, Inc.(d)
	2,075,000		4.250			09/01/30		2,103,531
	Dealer Tire LLC/DT Issuer LLC(d)(f)
	4,342,000		8.000			02/01/28		4,591,665
	Ford Motor Co.
	1,464,000		8.500			04/21/23		1,639,676
	Ford Motor Credit Co. LLC(d)
	1,600,000		4.140			02/15/23		1,657,830
	400,000		4.687			06/09/25		428,505
	1,543,000		5.125			06/16/25		1,684,302
	4,260,000		3.375			11/13/25		4,356,370
	General Motors Co.(d)
	3,000,000		6.600			04/01/36		3,993,390
	Meritor, Inc.(d)(f)
	450,000		6.250			06/01/25		479,250
	Real Hero Merger Sub 2, Inc.(d)(f)
	360,000		6.250			02/01/29		373,050
	Tupy Overseas SA(d)(f)
	200,000		4.500			02/16/31		197,500
	Wheel Pros, Inc.(d)(f)
	1,420,000		6.500			05/15/29		1,420,000
								29,652,862
Banks – 3.7%
	Akbank T.A.S.(d)(e) (5 Year USD Swap + 5.026%)
	320,000		7.200			03/16/27		321,260
	Alfa Bank AO Via Alfa Bond Issuance PLC(d)(e) (5 year CMT + 4.546%)
	360,000		5.950			04/15/30		369,967
	Banco Davivienda SA(d)(e)(f) (10 year CMT + 5.097%)
	220,000		6.650			04/22/49		223,641
	Banco de Bogota SA
	330,000		6.250			05/12/26		369,435
	Banco do Brasil SA(d)(e) (10 Year CMT + 4.398%)
	200,000		6.250			04/15/49		197,750
	Banco Industrial SA/Guatemala(d)(e)(f) (5 Year CMT + 4.442%)
	460,000		4.875			01/29/31		473,455
Corporate Obligations – (continued)
Banks – (continued)
	Banco Mercantil del Norte SA(d)(e) (5 year CMT + 4.967%)
	690,000		6.750			09/27/49		721,826
	Banco Santander SA
	2,000,000		3.490			05/28/30		2,115,160
	Bank of America Corp.(d)(e) (3M USD LIBOR + 3.898%)
	4,000,000		6.100			03/17/49		4,511,160
	BBVA Bancomer SA(d)(e) (5 Year CMT + 2.650%)
	530,000		5.125			01/18/33		549,312
	BNP Paribas SA(f)
	2,700,000		4.375			05/12/26		3,006,396
	CIT Group, Inc.(d)
	4,025,000		5.250			03/07/25		4,543,219
	Citigroup, Inc.(d)(e)
	(3M USD LIBOR + 4.517%)
	1,890,000		6.250			08/15/49		2,204,212
	(SOFR + 3.914%)
	900,000		4.412			03/31/31		1,030,374
	Credit Bank of Moscow Via CBOM Finance PLC
	260,000		4.700	(f)		01/29/25		263,055
	(5 Year USD Swap + 5.416%)
	280,000		7.500	(d)(e)		10/05/27		281,313
	Credit Suisse Group AG(d)(e)(f) (5 Year USD Swap + 4.598%)
	1,702,000		7.500			12/11/49		1,876,455
	Deutsche Bank AG(d)(e)
	(5 Year CMT + 4.524%)
	800,000		6.000			10/30/49		835,000
	(5 Year USD Swap + 2.248%)
	2,000,000		4.296			05/24/28		2,074,000
	First Bank of Nigeria, Ltd. Via FBN Finance Co. BV(f)
	200,000		8.625			10/27/25		209,310
	FirstRand Bank Ltd.(d)(e) (5 Year USD Swap + 3.561%)
	320,000		6.250			04/23/28		338,660
	Freedom Mortgage Corp.(d)(f)
	3,225,000		7.625			05/01/26		3,362,062
	Grupo Aval Ltd.(d)
	340,000		4.375	(f)		02/04/30		340,382
	200,000		4.375			02/04/30		200,225
	ING Groep NV(d)(e) (5 Year USD Swap + 4.446%)
	5,000,000		6.500			04/16/49		5,562,500
	Intesa Sanpaolo SpA(f)
	8,000,000		5.017			06/26/24		8,670,000
	Itau Unibanco Holding SA(d)(e) (5 Year CMT + 3.981%)
	500,000		6.125			12/12/49		505,875
	JPMorgan Chase & Co.(d)(e)
	(3M USD LIBOR + 3.330%)
	4,000,000		6.125			04/30/49		4,341,600
	(3M USD LIBOR + 3.800%)
	2,700,000		3.976			08/01/49		2,710,665
	(SOFR + 2.515%)
	441,000		2.956			05/13/31		453,895
	Morgan Stanley, Inc.(d)(e) (3M USD LIBOR + 3.610%)
	2,731,000		3.794			07/15/49		2,737,827
	Natwest Group PLC
	2,675,000		3.875			09/12/23		2,871,131
	2,975,000		6.000			12/19/23		3,355,910

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	OTP Bank Nyrt(d)(e) (-1x 5M EURIBOR ICE Swap + 3.200%)
EUR	390,000		2.875 %			07/15/29	$	479,281
	Standard Bank Group, Ltd.(d)(e) (5 year USD ICE Swap + 3.754%)
$	200,000		5.950			05/31/29		212,225
	Standard Chartered PLC(d)(e)(f) (5 Year CMT + 3.805%)
	4,255,000		4.750			01/14/49		4,313,506
	Tinkoff Bank JSC Via TCS Finance, Ltd.(d)(e) (5 year CMT + 7.592%)
	550,000		9.250			09/15/49		575,197
	Truist Financial Corp.(d)(e) (10 Year CMT + 4.349%)
	2,237,000		5.100			03/01/49		2,495,284
	Turkiye Vakiflar Bankasi TAO
	200,000		6.000			11/01/22		200,663
	220,000		6.500(f)			01/08/26		219,381
	UBS Group AG(d)(e) (5 Year USD Swap + 4.590%)
	4,000,000		6.875			08/07/49		4,545,000
	UniCredit SpA(d)(e)(f) (5 Year CMT + 4.750%)
	1,525,000		5.459			06/30/35		1,624,958
	United Bank for Africa PLC
	670,000		7.750			06/08/22		691,641
	Uzbek Industrial and Construction Bank ATB
	370,000		5.750			12/02/24		382,557
	Yapi ve Kredi Bankasi A/S(d)(e)
	(5 year CMT + 7.415%)
	340,000		7.875	(f)		01/22/31		340,744
	(5 Year USD Swap + 11.245%)
	260,000		13.875			01/15/49		291,769
								77,999,238
Beverages – 0.7%
	Anadolu Efes Biracilik Ve Malt Sanayii A/S
	350,000		3.375			11/01/22		353,238
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(d)
	8,050,000		4.700			02/01/36		9,521,621
	Central American Bottling Corp.(d)
	480,000		5.750			01/31/27		505,200
	Constellation Brands, Inc.(d)
	2,275,000		2.875			05/01/30		2,346,685
	Keurig Dr Pepper, Inc.(d)
	1,055,000		3.200			05/01/30		1,124,788
	308,000		3.800			05/01/50		328,186
								14,179,718
Building Materials(d) – 0.4%
	Builders FirstSource, Inc.(f)
	1,347,000		6.750			06/01/27		1,444,657
	940,000		5.000			03/01/30		997,575
	Cemex SAB de CV
	670,000		7.375			06/05/27		757,268
	CP Atlas Buyer, Inc.(f)
	2,160,000		7.000			12/01/28		2,235,600
	Masonite International Corp.(f)
	2,075,000		5.375			02/01/28		2,202,094
								7,637,194
Corporate Obligations – (continued)
Chemicals(d) – 0.9%
	Air Products & Chemicals, Inc.
	200,000		2.800			05/15/50		189,676
	Axalta Coating Systems LLC(f)
	3,100,000		3.375			02/15/29		3,007,000
	HB Fuller Co.
	1,060,000		4.250			10/15/28		1,075,900
	Herens Holdco S.a.r.l.(f)(g)
	1,795,000		4.750			05/15/28		1,795,000
	INEOS Quattro Finance 2 PLC(f)
	780,000		3.375			01/15/26		778,050
	Ingevity Corp.(f)
	2,775,000		4.500			02/01/26		2,833,969
	1,305,000		3.875			11/01/28		1,303,369
	Minerals Technologies, Inc.(f)
	1,695,000		5.000			07/01/28		1,767,037
	OCI NV(f)
	1,125,000		5.250			11/01/24		1,164,375
	Rayonier AM Products, Inc.(f)
	296,000		7.625			01/15/26		314,130
	Sasol Financing USA LLC
	280,000		4.375			09/18/26		284,200
	Valvoline, Inc.(f)
	885,000		3.625			06/15/31		862,875
	WR Grace & Co-Conn(f)
	2,938,000		4.875			06/15/27		3,055,520
								18,431,101
Commercial Services – 1.1%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)(f)
	2,557,000		6.625			07/15/26		2,704,027
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(d)(f)
	1,605,000		5.375			03/01/29		1,673,213
	Bright Scholar Education Holdings, Ltd.
	360,000		7.450			07/31/22		373,500
	IHS Markit Ltd.(d)(f)
	5,675,000		4.750			02/15/25		6,378,303
	Metis Merger Sub LLC(d)(f)
	1,209,000		6.500			05/15/29		1,209,000
	MPH Acquisition Holdings LLC(d)(f)
	1,915,000		5.750			11/01/28		1,879,094
	NESCO Holdings II, Inc.(d)(f)
	664,000		5.500			04/15/29		683,090
	Rent-A-Center, Inc.(d)(f)
	850,000		6.375			02/15/29		918,000
	Sabre GLBL, Inc.(d)(f)
	2,405,000		9.250			04/15/25		2,876,981
	Techem Verwaltungsgesellschaft 674 MBH(d)
EUR	760,000		6.000			07/30/26		945,708
	Verisure Holding AB(d)(f)
	725,000		3.250			02/15/27		877,253
	Verisure Midholding AB(d)
	600,000		5.250			02/15/29		744,332
	800,000		5.250(f)			02/15/29		993,010
								22,255,511

10 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)
Computers(d) – 1.3%
	Austin BidCo, Inc.(f)
$	2,371,000		7.125 %			12/15/28	$	2,412,493
	Banff Merger Sub, Inc.(f)
	1,000,000		9.750			09/01/26		1,063,750
	Booz Allen Hamilton, Inc.(f)
	2,513,000		3.875			09/01/28		2,519,282
	Dell International LLC/EMC Corp.(f)
	5,000,000		8.100			07/15/36		7,397,150
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,985,410
	Presidio Holdings, Inc.(f)
	2,095,000		8.250			02/01/28		2,288,788
	Seagate HDD Cayman(f)
	3,979,000		3.125			07/15/29		3,829,787
	Unisys Corp.(f)
	1,060,000		6.875			11/01/27		1,166,000
	Western Digital Corp.
	3,000,000		4.750			02/15/26		3,322,500
								27,985,160
Cosmetics/Personal Care(d) – 0.2%
	Coty, Inc.
EUR	3,650,000		4.000			04/15/23		4,342,354
Distribution & Wholesale(d)(f) – 0.9%
	American Builders & Contractors Supply Co, Inc.
$	2,760,000		3.875			11/15/29		2,756,550
	BCPE Empire Holdings, Inc.
	2,446,000		7.625			05/01/27		2,433,770
	Core & Main Holdings LP(h) (PIK 9.375%, Cash 8.625%)
	3,000,000		8.625			09/15/24		3,067,500
	IAA, Inc.
	750,000		5.500			06/15/27		787,500
	Performance Food Group, Inc.
	2,150,000		5.500			06/01/24		2,152,687
	1,150,000		5.500			10/15/27		1,213,250
	Univar Solutions USA, Inc.
	3,200,000		5.125			12/01/27		3,344,000
	Wolverine Escrow LLC
	3,118,000		8.500			11/15/24		3,040,050
	250,000		9.000			11/15/26		243,750
								19,039,057
Diversified Financial Services – 2.6%
	AerCap Holdings NV(d)(e) (5 Year CMT + 4.535%)
	1,825,000		5.875			10/10/79		1,888,875
	Air Lease Corp.(d)
	2,750,000		3.750			06/01/26		2,970,220
	(5 year CMT + 4.076%)
	1,315,000		4.650	(e)		06/15/49		1,341,300
	Ally Financial, Inc.
	4,000,000		8.000			11/01/31		5,622,120
	Aviation Capital Group LLC(d)(f)
	800,000		1.950			01/30/26		785,680
	Avolon Holdings Funding Ltd.(d)(f)
	3,450,000		5.250			05/15/24		3,767,055
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Compass Group Diversified Holdings LLC(d)(f)
	1,418,000		5.250			04/15/29		1,495,990
	Curo Group Holdings Corp.(d)(f)
	2,125,000		8.250			09/01/25		2,164,844
	GE Capital Funding LLC(d)(f)
	2,350,000		3.450			05/15/25		2,549,303
	Global Aircraft Leasing Co. Ltd.(d)(f)(h) (PIK 7.250%, Cash 6.500%)
	1,879,174		6.500			09/15/24		1,874,476
	Huarong Finance 2017 Co., Ltd.(d)(e) (-1X 5 year CMT + 7.773%)
	230,000		4.500			01/24/49		147,488
	LD Holdings Group LLC(d)(f)
	1,910,000		6.500			11/01/25		2,012,662
	1,765,000		6.125			04/01/28		1,771,619
	Midcap Financial Issuer Trust(d)(f)
	1,617,000		6.500			05/01/28		1,671,574
	Nationstar Mortgage Holdings, Inc.(d)(f)
	2,651,000		5.500			08/15/28		2,678,963
	Navient Corp.
	3,000,000		5.500			01/25/23		3,138,750
	NFP Corp.(d)(f)
	1,505,000		6.875			08/15/28		1,578,369
	Oilflow SPV 1 DAC
	338,803		12.000			01/13/22		342,191
	OneMain Finance Corp.
	1,602,000		7.125			03/15/26		1,866,330
	OneMain Finance Corp.(d)
	1,643,000		4.000			09/15/30		1,585,495
	Park Aerospace Holdings Ltd.(d)(f)
	2,235,000		5.250			08/15/22		2,335,575
	Raymond James Financial, Inc.(d)
	900,000		4.650			04/01/30		1,065,726
	The Charles Schwab Corp.(d)(e)
	(3M USD LIBOR + 3.315%)
	2,195,000		4.625			03/01/49		2,243,553
	(5 year CMT + 3.168%)
	2,875,000		4.000			06/01/49		2,965,361
	(5 Year CMT + 4.971%)
	1,250,000		5.375			06/01/49		1,397,437
	Unifin Financiera SAB de CV(d)
	400,000		7.000			01/15/25		380,325
	United Wholesale Mortgage LLC(d)(f)
	3,195,000		5.500			04/15/29		3,135,094
	Visa, Inc.(d)
	450,000		2.700			04/15/40		447,030
								55,223,405
Electrical – 0.8%
	Calpine Corp.(d)(f)
	4,215,000		3.750			03/01/31		4,014,787
	Cikarang Listrindo PT(d)
	520,000		4.950			09/14/26		534,235
	Eskom Holdings SOC Ltd.(i)
	630,000		6.350			08/10/28		684,928
	LLPL Capital Pte Ltd.
	419,520		6.875			02/04/39		489,606

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Minejesa Capital B.V.
$	260,000		4.625 %		08/10/30	$	273,299
	Mong Duong Finance Holdings B.V.
	530,000		5.125		05/07/29		533,909
	NRG Energy, Inc.(d)
	2,800,000		3.750(f)		06/15/24		2,993,592
	115,000		5.750		01/15/28		122,188
	448,000		3.375(f)		02/15/29		439,040
	1,198,000		3.625(f)		02/15/31		1,169,548
	Pacific Gas & Electric Co.(d)
	1,470,000		3.500		08/01/50		1,270,947
	Sempra Energy(d)(e) (5 Year CMT + 4.550%)
	3,335,000		4.875		10/15/49		3,631,548
							16,157,627
Electrical Components & Equipment(d)(f) – 0.1%
	Wesco Distribution, Inc.
	1,473,000		7.250		06/15/28		1,631,348
Electronics(d)(f) – 0.1%
	Imola Merger Corp.
	1,803,000		4.750		05/15/29		1,872,867
	TTM Technologies, Inc.
	799,000		4.000		03/01/29		798,001
							2,670,868
Engineering & Construction(d) – 0.3%
	Aeropuertos Dominicanos Siglo XXI SA
	630,000		6.750		03/30/29		663,469
	Arcosa, Inc.(f)
	1,221,000		4.375		04/15/29		1,245,420
	ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par(f)
	290,000		4.050		04/27/26		284,925
	Dycom Industries, Inc.(f)
	2,764,000		4.500		04/15/29		2,798,550
	IHS Netherlands Holdco B.V.(f)
	200,000		7.125		03/18/25		208,075
	International Airport Finance SA
	199,537		12.000		03/15/33		201,657
	KBR, Inc.(f)
	1,161,000		4.750		09/30/28		1,166,805
	Mexico City Airport Trust
	520,000		5.500		10/31/46		525,135
							7,094,036
Entertainment(d) – 0.6%
	Banijay Entertainment SASU(f)
	1,800,000		5.375		03/01/25		1,854,000
	Boyne USA, Inc.(f)
	1,275,000		4.750		05/15/29		1,310,062
	Live Nation Entertainment, Inc.(f)
	970,000		3.750		01/15/28		965,150
	Motion Bondco DAC(f)
	3,250,000		6.625		11/15/27		3,306,875
	Scientific Games International, Inc.(f)
	500,000		7.000		05/15/28		537,500
Corporate Obligations – (continued)
Entertainment(d) – (continued)
	Seaworld Parks & Entertainment, Inc.
	3,084,000		9.500		08/01/25		3,346,140
	Six Flags Entertainment Corp.(f)
	1,854,000		5.500		04/15/27		1,914,255
							13,233,982
Environmental(d) – 0.3%
	Covanta Holding Corp.
	670,000		5.000		09/01/30		688,425
	GFL Environmental, Inc.(f)
	730,000		5.125		12/15/26		766,500
	858,000		8.500		05/01/27		940,583
	2,624,000		4.000		08/01/28		2,502,640
	Stericycle, Inc.(f)
	1,950,000		5.375		07/15/24		2,010,937
							6,909,085
Food & Drug Retailing(d) – 1.4%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(f)
	2,595,000		4.625		01/15/27		2,692,312
	1,995,000		5.875		02/15/28		2,127,169
	502,000		4.875		02/15/30		521,453
	Arcor SAIC
	110,000		6.000		07/06/23		105,036
	B&G Foods, Inc.
	4,020,000		5.250		04/01/25		4,130,550
	Bellis Acquisition Co. PLC(f)
GBP	475,000		3.250		02/16/26		657,540
	BRF SA
$	360,000		5.750		09/21/50		351,621
	H-Food Holdings LLC/Hearthside Finance Co., Inc.(f)
	2,820,000		8.500		06/01/26		2,901,075
	Kraft Heinz Foods Co.
	3,198,000		5.000		07/15/35		3,718,612
	2,592,000		4.375		06/01/46		2,768,183
	Post Holdings, Inc.(f)
	5,984,000		4.625		04/15/30		6,028,880
	United Natural Foods, Inc.(f)
	1,455,000		6.750		10/15/28		1,567,763
	US Foods, Inc.(f)
	2,690,000		4.750		02/15/29		2,716,900
							30,287,094
Gaming(d) – 0.4%
	Boyd Gaming Corp.
	2,950,000		4.750		12/01/27		3,012,688
	Genting New York LLC/GENNY Capital, Inc.(f)
	915,000		3.300		02/15/26		917,205
	Melco Resorts Finance Ltd.(f)
	280,000		5.375		12/04/29		296,660
	MGM China Holdings Ltd.(f)
	915,000		4.750		02/01/27		941,306
	MGM Resorts International
	1,832,000		4.750		10/15/28		1,928,180

12 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)
Gaming(d) – (continued)
	Wynn Macau Ltd.(f)
$	330,000		5.625 %		08/26/28	$	346,088
	550,000		5.125		12/15/29		563,578
							8,005,705
Gas(d) – 0.2%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,125,000		5.875		08/20/26		4,614,844
	China Oil & Gas Group, Ltd.
	360,000		5.500		01/25/23		370,530
							4,985,374
Healthcare Providers & Services – 1.5%
	CAB SELAS(d)(f)
EUR	1,175,000		3.375		02/01/28		1,404,620
	Catalent Pharma Solutions, Inc.(d)(f)
$	1,005,000		3.125		02/15/29		972,337
	CHS/Community Health Systems, Inc.(d)(f)
	2,170,000		4.750		02/15/31		2,153,725
	DaVita, Inc.(d)(f)
	3,800,000		3.750		02/15/31		3,610,000
	Encompass Health Corp.(d)
	1,200,000		4.500		02/01/28		1,242,000
	HCA, Inc.
	8,870,000		5.000		03/15/24		9,883,664
	250,000		5.875(d)		02/15/26		287,188
	Laboratoire Eimer Selas(d)(f)
EUR	500,000		5.000		02/01/29		609,913
	Lifepoint Health, Inc.(d)(f)
$	2,635,000		5.375		01/15/29		2,631,706
	ModivCare, Inc.(d)(f)
	751,000		5.875		11/15/25		796,999
	Rede D’or Finance S.a.r.l.(d)
	200,000		4.500		01/22/30		197,000
	Select Medical Corp.(d)(f)
	1,700,000		6.250		08/15/26		1,806,250
	Tenet Healthcare Corp.(d)(f)
	2,000,000		6.250		02/01/27		2,095,000
	Universal Health Services, Inc.(d)(f)
	2,650,000		5.000		06/01/26		2,721,523
							30,411,925
Holding Companies-Diversified(d) – 0.0%
	KOC Holding A/S
	700,000		6.500		03/11/25		748,913
Home Builders – 0.7%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(d)(f)
	1,642,000		4.875		02/15/30		1,639,947
	Forestar Group, Inc.(d)(f)
	1,505,000		3.850		05/15/26		1,520,050
	Installed Building Products, Inc.(d)(f)
	800,000		5.750		02/01/28		842,000
	Lennar Corp.(d)
	1,825,000		4.125		01/15/22		1,853,143
	PulteGroup, Inc.
	3,000,000		7.875		06/15/32		4,248,750
Corporate Obligations – (continued)
Home Builders – (continued)
	Taylor Morrison Communities, Inc.(d)(f)
	1,301,000		5.125		08/01/30		1,427,848
	Tri Pointe Homes, Inc.(d)
	1,850,000		5.250		06/01/27		1,988,750
	413,000		5.700		06/15/28		458,934
							13,979,422
Household Products(d) – 0.2%
	Central Garden & Pet Co.
	1,380,000		4.125		10/15/30		1,416,225
	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.(f)
	1,988,000		7.000		12/31/27		1,923,390
	Spectrum Brands, Inc.
	108,000		5.750		07/15/25		111,105
							3,450,720
Housewares(d) – 0.1%
	CD&R Smokey Buyer, Inc.(f)
	1,094,000		6.750		07/15/25		1,167,845
	Turkiye Sise ve Cam Fabrikalari A/S
	530,000		6.950		03/14/26		584,424
							1,752,269
Insurance – 0.9%
	Acrisure LLC/Acrisure Finance, Inc.(d)(f)
	2,230,000		4.250		02/15/29		2,177,037
	Acrisure LLC/Acrisure Finance, Inc.(d)(f)
	1,550,000		10.125		08/01/26		1,768,938
	Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(d)(f)
	1,666,000		6.750		10/15/27		1,757,630
	American International Group, Inc.(d)
	2,250,000		3.400		06/30/30		2,405,610
	BroadStreet Partners, Inc.(d)(f)
	2,940,000		5.875		04/15/29		2,962,050
	Fidelity & Guaranty Life Holdings, Inc.(d)(f)
	2,850,000		5.500		05/01/25		3,273,624
	HUB International Ltd.(d)(f)
	1,760,000		7.000		05/01/26		1,823,800
	Transatlantic Holdings, Inc.
	75,000		8.000		11/30/39		113,569
	USI, Inc.(d)(f)
	1,850,000		6.875		05/01/25		1,884,687
							18,166,945
Internet – 1.6%
	21Vianet Group, Inc.
	400,000		7.875		10/15/21		403,450
	Booking Holdings, Inc.(d)
	2,850,000		4.625		04/13/30		3,339,316
	Endure Digital, Inc.(d)(f)
	6,473,000		6.000		02/15/29		6,197,897
	Expedia Group, Inc.(d)(f)
	1,160,000		6.250		05/01/25		1,349,846
	1,382,000		4.625		08/01/27		1,554,847
	Getty Images, Inc.(d)(f)
	2,260,000		9.750		03/01/27		2,406,900

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Obligations – (continued)
Internet – (continued)
	Go Daddy Operating Co. LLC/GD Finance Co., Inc.(d)(f)
$	1,305,000		5.250 %		12/01/27	$	1,366,988
	GrubHub Holdings, Inc.(d)(f)
	3,400,000		5.500		07/01/27		3,565,750
	NortonLifeLock, Inc.(d)(f)
	4,000,000		5.000		04/15/25		4,045,000
	Uber Technologies, Inc.(d)(f)
	3,200,000		7.500		05/15/25		3,448,000
	1,800,000		6.250		01/15/28		1,953,000
	VeriSign, Inc.(d)
	4,000,000		5.250		04/01/25		4,524,080
							34,155,074
Iron/Steel – 0.3%
	ABJA Investment Co. Pte Ltd.
	650,000		5.950		07/31/24		704,153
	CAP SA(d)(f)
	200,000		3.900		04/27/31		195,500
	Cleveland-Cliffs, Inc.(d)
	1,038,000		5.750		03/01/25		1,066,545
	2,250,000		5.875		06/01/27		2,356,875
	1,620,000		4.875(f)		03/01/31		1,648,350
	Metinvest B.V.(d)
	200,000		7.750		04/23/23		209,850
	200,000		8.500		04/23/26		219,600
	Samarco Mineracao SA
	200,000		4.125		11/01/22		155,500
							6,556,373
Leisure Time – 0.3%
	NCL Corp., Ltd.(d)(f)
	3,550,000		3.625		12/15/24		3,385,813
	282,000		5.875		03/15/26		294,690
	Royal Caribbean Cruises Ltd.
	955,000		5.250		11/15/22		982,456
	1,815,000		5.500(d)(f)		04/01/28		1,903,481
							6,566,440
Lodging(d) – 0.2%
	Hilton Domestic Operating Co., Inc.(f)
	1,014,000		4.000		05/01/31		1,024,140
	Marriott International, Inc.
	1,664,000		4.625		06/15/30		1,867,707
	Travel + Leisure Co.(f)
	598,000		6.625		07/31/26		685,457
							3,577,304
Machinery – Construction & Mining(d)(f) – 0.1%
	BWX Technologies, Inc.
	1,023,000		4.125		06/30/28		1,040,903
Machinery-Diversified(d)(f) – 0.0%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	588,000		7.750		04/15/26		610,050
Media(d) – 3.3%
	Altice Financing SA
	200,000		7.500		05/15/26		207,000
Corporate Obligations – (continued)
Media(d) – (continued)
	AMC Networks, Inc.
	1,800,000		4.750		08/01/25		1,854,000
	CCO Holdings LLC/CCO Holdings Capital Corp.(f)
	3,000,000		5.875		05/01/27		3,093,750
	4,980,000		4.750		03/01/30		5,179,200
	Charter Communications Operating LLC/Charter Communications Operating Capital
	12,000,000		6.384		10/23/35		15,632,400
	Comcast Corp.
	2,827,000		2.800		01/15/51		2,622,127
	CSC Holdings LLC(f)
	2,298,000		4.625		12/01/30		2,246,295
	5,372,000		5.000		11/15/31		5,372,000
	Cumulus Media New Holdings, Inc.(f)
	2,421,000		6.750		07/01/26		2,490,604
	Diamond Sports Group LLC/Diamond Sports Finance Co.(f)
	1,590,000		5.375		08/15/26		1,156,725
	3,345,000		6.625		08/15/27		1,806,300
	DISH DBS Corp.
	1,700,000		7.375		07/01/28		1,829,625
	Gray Television, Inc.(f)
	2,125,000		7.000		05/15/27		2,313,594
	iHeartCommunications, Inc.(f)
	550,000		4.750		01/15/28		559,625
	News Corp.(f)
	2,470,000		3.875		05/15/29		2,516,312
	Nexstar Broadcasting, Inc.(f)
	1,500,000		5.625		07/15/27		1,584,375
	Radiate Holdco LLC/Radiate Finance, Inc.(f)
	1,211,000		6.500		09/15/28		1,262,468
	Scripps Escrow II, Inc.(f)
	1,305,000		5.375		01/15/31		1,321,312
	Scripps Escrow, Inc.(f)
	1,050,000		5.875		07/15/27		1,101,188
	Sinclair Television Group, Inc.(f)
	2,100,000		5.875		03/15/26		2,160,375
	Sirius XM Radio, Inc.(f)
	1,085,000		4.625		07/15/24		1,113,481
	TEGNA, Inc.
	2,300,000		4.625		03/15/28		2,346,000
	The E.W. Scripps Co.(f)
	1,875,000		5.125		05/15/25		1,923,937
	Townsquare Media, Inc.(f)
	2,038,000		6.875		02/01/26		2,139,900
	Urban One, Inc.(f)
	1,690,000		7.375		02/01/28		1,749,150
	Ziggo B.V.(f)
	1,628,000		4.875		01/15/30		1,672,770
	Ziggo Bond Co. B.V.(f)
EUR	675,000		3.375		02/28/30		801,951
$	500,000		5.125		02/28/30		511,875
							68,568,339
Mining – 0.8%
	Constellium SE(d)(f)
	2,585,000		3.750		04/15/29		2,530,069

14 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)
Mining – (continued)
	First Quantum Minerals Ltd.(d)(f)
$	4,000,000		7.250 %			04/01/23	$	4,065,000
	Freeport-McMoRan, Inc.(d)
	2,000,000		5.400			11/14/34		2,405,000
	Glencore Finance Canada Ltd.(f)
	3,000,000		5.550			10/25/42		3,690,060
	Novelis Corp.(d)(f)
	2,100,000		5.875			09/30/26		2,189,250
	2,400,000		4.750			01/30/30		2,499,000
	Vedanta Resources Finance II PLC(d)(f)
	200,000		9.250			04/23/26		179,225
								17,557,604
Miscellaneous Manufacturing(d) – 0.4%
	Bombardier, Inc.(f)
	1,125,000		7.500			12/01/24		1,139,063
	1,152,000		7.500			03/15/25		1,149,120
	General Electric Co.(e) (3M USD LIBOR + 3.330%)
	4,477,000		3.514			06/15/49		4,249,345
	Hillenbrand, Inc.
	1,349,000		3.750			03/01/31		1,332,137
								7,869,665
Multi-National – 0.0%
	The Eastern & Southern African Trade & Development Bank
	370,000		5.375			03/14/22		378,628
Office & Business Equipment(d) – 0.1%
	CDW LLC/CDW Finance Corp.
	1,440,000		4.125			05/01/25		1,503,000
	Xerox Holdings Corp.(f)
	1,055,000		5.000			08/15/25		1,107,750
								2,610,750
Oil Field Services – 2.2%
	California Resources Corp.(d)(f)
	2,135,000		7.125			02/01/26		2,183,037
	Cenovus Energy, Inc.(d)
	153,000		3.000			08/15/22		156,525
	1,412,000		3.800			09/15/23		1,491,270
	1,780,000		5.375			07/15/25		2,022,650
	Chesapeake Energy Corp.(g)
	2,000,000		5.500			09/15/26		47,500
	Cia General de Combustibles SA(f)
	560,000		9.500			03/08/25		435,050
	Continental Resources, Inc.(d)(f)
	1,306,000		5.750			01/15/31		1,514,960
	DNO ASA(d)(f)
	420,000		8.375			05/29/24		430,500
	Genel Energy Finance 4 PLC(d)(f)
	200,000		9.250			10/14/25		208,000
	Geopark Ltd.(d)(f)
	200,000		5.500			01/17/27		204,825
	Guara Norte S.a.r.l.(f)
	340,000		5.198			06/15/34		341,275
	Indigo Natural Resources LLC(d)(f)
	2,695,000		5.375			02/01/29		2,674,787
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Kosmos Energy Ltd.(d)
	500,000		7.125			04/04/26		485,156
	Leviathan Bond Ltd.(d)(f)
	470,000		5.750			06/30/23		491,679
	Lukoil Securities B.V.(f)
	500,000		3.875			05/06/30		525,100
	MEG Energy Corp.(d)(f)
	2,480,000		7.125			02/01/27		2,635,000
	1,250,000		5.875			02/01/29		1,281,250
	Nabors Industries Ltd.(d)(f)
	840,000		7.250			01/15/26		743,400
	Nabors Industries, Inc.(d)(f)
	2,645,000		9.000			02/01/25		2,737,575
	Noble Finance Co.(d)(h)
	(PIK 15.000%, Cash 11.000%)
	63,401		11.000	(f)		02/15/28		68,156
	(PIK 15.000%, Cash 11.000%)
	566,469		11.000			02/15/28		608,954
	Occidental Petroleum Corp.(d)
	2,180,000		8.000			07/15/25		2,539,700
	2,550,000		6.625			09/01/30		2,907,000
	Petrobras Global Finance B.V.(j)
	270,000		6.850			06/05/15		284,405
	Petroleos Mexicanos
EUR	220,000		2.500			08/21/21		265,040
$	200,000		6.375			01/23/45		171,625
	Range Resources Corp.(d)
	1,470,000		5.000			03/15/23		1,503,075
	SEPLAT Petroleum Development Co. PLC(d)(f)
	630,000		7.750			04/01/26		642,789
	Sunoco LP/Sunoco Finance Corp.(d)
	545,000		5.500			02/15/26		559,988
	1,720,000		4.500(f)			05/15/29		1,732,900
	TechnipFMC PLC(d)(f)
	2,905,000		6.500			02/01/26		3,093,825
	Tecpetrol SA(d)
	390,000		4.875			12/12/22		382,029
	Tiger Holdco Pte Ltd.(d)(f)(h)
	200,000		13.000			06/10/23		201,102
	Transocean Poseidon Ltd.(d)(f)
	1,041,000		6.875			02/01/27		983,745
	Transocean, Inc.(d)(f)
	8,190,000		11.500			01/30/27		7,882,875
	USA Compression Partners LP/USA Compression Finance Corp.(d)
	1,300,000		6.875			04/01/26		1,358,500
								45,795,247
Packaging – 1.2%
	ARD Finance SA(d)(h) (PIK 5.750%, Cash 5.000%)
EUR	1,850,000		5.000			06/30/27		2,274,628
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(d)(f)
$	3,088,000		4.000			09/01/29		3,068,700
	Berry Global, Inc.(d)(f)
	2,200,000		4.500			02/15/26		2,252,250
	2,000,000		5.625			07/15/27		2,127,500

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Packaging – (continued)
	Graphic Packaging International LLC(f)
$	646,000		3.500 %			03/15/28	$	642,770
	Kleopatra Finco S.a.r.l.(d)(f)
EUR	950,000		4.250			03/01/26		1,120,711
	Kleopatra Holdings 2 SCA(d)(f)
	950,000		6.500			09/01/26		1,063,341
	LABL Escrow Issuer LLC(d)(f)
$	1,750,000		6.750			07/15/26		1,876,875
	Owens-Brockway Glass Container, Inc.(f)
	1,750,000		5.875			08/15/23		1,896,562
	Pactiv LLC
	2,845,000		8.375			04/15/27		3,243,300
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(d)(f)
	1,410,000		4.000			10/15/27		1,394,138
	Sealed Air Corp.(f)
	1,843,000		6.875			07/15/33		2,306,054
	Trivium Packaging Finance B.V.(d)(f)
	1,075,000		5.500			08/15/26		1,122,031
	1,300,000		8.500			08/15/27		1,400,750
								25,789,610
Pharmaceuticals(d) – 1.9%
	AbbVie, Inc.
	6,650,000		3.200			11/21/29		7,104,594
	AdaptHealth LLC(f)
	1,445,000		6.125			08/01/28		1,524,475
	670,000		4.625			08/01/29		668,325
	Bausch Health Cos., Inc.(f)
	1,350,000		5.000			01/30/28		1,370,250
	1,350,000		5.250			01/30/30		1,356,750
	Becton Dickinson & Co.
	3,200,000		2.823			05/20/30		3,303,552
	Cheplapharm Arzneimittel GmbH(f)
	1,268,000		5.500			01/15/28		1,320,305
	CVS Health Corp.
	4,715,000		3.750			04/01/30		5,178,862
	Herbalife Nutrition Ltd./HLF Financing, Inc.(f)
	1,312,000		7.875			09/01/25		1,426,800
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(f)
	2,745,000		7.250			08/15/26		2,861,662
	Jazz Securities DAC(f)
	5,665,000		4.375			01/15/29		5,766,896
	Organon Finance 1 LLC(f)
	725,000		4.125			04/30/28		740,943
	1,950,000		5.125			04/30/31		2,018,250
	Prestige Brands, Inc.(f)
	1,855,000		3.750			04/01/31		1,773,844
	Utah Acquisition Sub, Inc.
	3,000,000		3.950			06/15/26		3,315,390
	Vizient, Inc.(f)
	580,000		6.250			05/15/27		611,900
								40,342,798
Pipelines – 3.3%
	Buckeye Partners LP(d)
	2,100,000		4.350			10/15/24		2,186,625
	4,636,000		3.950			12/01/26		4,659,180
Corporate Obligations – (continued)
Pipelines – (continued)
	929,000		4.125			12/01/27		919,710
	1,217,000		4.500(f)			03/01/28		1,221,564
	Cheniere Energy Partners LP(d)
	1,800,000		4.500			10/01/29		1,874,250
	DCP Midstream Operating LP(f)
	4,000,000		6.750			09/15/37		4,620,000
	Energy Transfer LP
	4,000,000		4.250	(d)		03/15/23		4,213,560
	2,985,000		6.625			10/15/36		3,717,041
	Enterprise Products Operating LLC(d)(e) (3M USD LIBOR + 2.778%)
	1,000,000		2.968			06/01/67		885,170
	Genesis Energy LP/Genesis Energy Finance Corp.(d)
	2,010,000		7.750			02/01/28		2,025,075
	Global Partners LP/GLP Finance Corp.(d)
	2,055,000		6.875			01/15/29		2,219,400
	Kinder Morgan Energy Partners LP
	7,000,000		7.300			08/15/33		9,616,600
	NGL Energy Operating LLC/NGL Energy Finance Corp.(d)(f)
	2,345,000		7.500			02/01/26		2,456,387
	NGPL PipeCo LLC(d)(f)
	1,315,000		4.375			08/15/22		1,362,051
	NuStar Logistics LP(d)
	2,569,000		6.375			10/01/30		2,819,477
	Plains All American Pipeline LP/PAA Finance Corp.(d)
	3,000,000		3.600			11/01/24		3,195,240
	Sabine Pass Liquefaction LLC(d)
	2,275,000		4.200			03/15/28		2,518,425
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(d)
	1,135,000		5.500			08/15/22		1,112,300
	3,260,000		5.750			04/15/25		2,771,000
	Summit Midstream Partners LP(a)(d) (3M USD LIBOR + 7.430%)
	3,029,000		9.500			12/15/49		1,908,270
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(d)(f)
	1,608,000		5.500			09/15/24		1,636,140
	525,000		6.000			12/31/30		526,313
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(d)(f)
	1,910,000		4.875			02/01/31		1,995,950
	The Williams Cos., Inc.
	7,000,000		7.500			01/15/31		9,382,590
								69,842,318
Real Estate Investment Trust – 1.3%
	American Tower Corp.(d)
	2,125,000		3.950			03/15/29		2,357,517
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(d)(f)
	600,000		5.750			05/15/26		627,157
	Country Garden Holdings Co. Ltd.(d)
	650,000		6.500			04/08/24		690,138
	Crown Castle International Corp.(d)
	300,000		4.150			07/01/50		325,806
	Growthpoint Properties International Pty Ltd.
	270,000		5.872			05/02/23		288,023

16 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)
	IRSA Propiedades Comerciales SA(d)
$	540,000		8.750 %		03/23/23	$	476,145
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(d)(f)
	1,306,000		4.625		06/15/25		1,384,360
	MPT Operating Partnership LP/MPT Finance Corp.(d)
	3,000,000		5.000		10/15/27		3,163,500
	2,680,000		3.500		03/15/31		2,672,630
	NE Property B.V.(d)
EUR	470,000		1.750		11/23/24		578,301
	Realogy Group LLC/Realogy Co-Issuer Corp.(d)(f)
$	1,600,000		4.875		06/01/23		1,662,000
	748,000		7.625		06/15/25		817,190
	1,950,000		9.375		04/01/27		2,188,875
	2,080,000		5.750		01/15/29		2,158,000
	SBA Communications Corp.(d)
	2,637,000		3.875		02/15/27		2,689,740
	Starwood Property Trust, Inc.(d)
	2,700,000		4.750		03/15/25		2,811,375
	The Howard Hughes Corp.(d)(f)
	1,096,000		4.125		02/01/29		1,080,930
	Trust Fibra Uno(d)
	200,000		6.390		01/15/50		227,000
	VICI Properties LP/VICI Note Co., Inc.(d)(f)
	1,526,000		3.500		02/15/25		1,558,427
							27,757,114
Retailing – 1.9%
	AutoNation, Inc.(d)
	961,000		4.750		06/01/30		1,121,525
	BCPE Ulysses Intermediate, Inc.(d)(f)(h) (PIK 8.500%, Cash 7.750%)
	3,800,000		7.750		04/01/27		3,923,500
	Beacon Roofing Supply, Inc.(d)(f)
	2,560,000		4.125		05/15/29		2,553,600
	Burlington Coat Factory Warehouse Corp.(d)(f)
	684,000		6.250		04/15/25		726,750
	Carvana Co.(d)(f)
	850,000		5.500		04/15/27		858,500
	eG Global Finance PLC(d)(f)
	3,800,000		6.750		02/07/25		3,899,750
	Eurotorg LLC Via Bonitron DAC(f)
	560,000		9.000		10/22/25		609,105
	Foundation Building Materials, Inc.(d)(f)
	820,000		6.000		03/01/29		810,775
	GYP Holdings III Corp.(d)(f)
	1,160,000		4.625		05/01/29		1,160,454
	IRB Holding Corp.(d)(f)
	2,710,000		6.750		02/15/26		2,804,850
	JSM Global Sarl(d)(f)
	200,000		4.750		10/20/30		201,913
	Kohl S Corp.(d)
	1,125,000		3.375		05/01/31		1,149,176
	LBM Acquisition LLC(d)(f)
	1,945,000		6.250		01/15/29		1,993,625
	LCM Investments Holdings II LLC(d)(f)
	2,315,000		4.875		05/01/29		2,367,087
Corporate Obligations – (continued)
Retailing – (continued)
	Magic Mergeco, Inc.(d)(f)
	4,444,000		7.875		05/01/29		4,566,210
	Park River Holdings, Inc.(d)(f)
	740,000		5.625		02/01/29		718,725
	Specialty Building Products Holdings LLC/SBP Finance Corp.(d)(f)
	3,446,000		6.375		09/30/26		3,622,607
	Suburban Propane Partners LP/Suburban Energy Finance Corp.(d)
	550,000		5.500		06/01/24		555,500
	Superior Plus LP/Superior General Partner, Inc.(d)(f)
	2,605,000		4.500		03/15/29		2,653,844
	The Home Depot, Inc.(d)
	1,170,000		3.350		04/15/50		1,231,121
	Yum! Brands, Inc.(d)(f)
	63,000		7.750		04/01/25		68,828
	3,064,000		4.750		01/15/30		3,278,480
							40,875,925
Semiconductors – 0.9%
	Amkor Technology, Inc.(d)(f)
	1,398,000		6.625		09/15/27		1,506,345
	AMS AG(d)(f)
	1,682,000		7.000		07/31/25		1,791,330
	Broadcom Corp./Broadcom Cayman Finance Ltd.(d)
	1,856,000		3.875		01/15/27		2,033,489
	Broadcom, Inc.(d)
	3,117,000		5.000		04/15/30		3,587,604
	3,925,000		4.150		11/15/30		4,288,730
	2,069,000		3.469(f)		04/15/34		2,091,180
	Microchip Technology, Inc.
	2,000,000		3.922		06/01/21		2,005,194
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(d)(f)
	982,000		3.400		05/01/30		1,049,051
	Qorvo, Inc.(d)
	750,000		4.375		10/15/29		811,875
							19,164,798
Software(d) – 0.7%
	Brunello Bidco SpA(f)
EUR	3,100,000		3.500		02/15/28		3,730,216
	Castle US Holding Corp.(f)
$	2,824,000		9.500		02/15/28		2,880,480
	Nuance Communications, Inc.
	3,000,000		5.625		12/15/26		3,150,000
	Oracle Corp.
	1,405,000		3.600		04/01/50		1,384,796
	Playtika Holding Corp.(f)
	2,034,000		4.250		03/15/29		2,018,745
	PTC, Inc.(f)
	4,000		3.625		02/15/25		4,080
	SS&C Technologies, Inc.(f)
	850,000		5.500		09/30/27		899,938
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(f)
	1,450,000		3.875		02/01/29		1,435,500
							15,503,755

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Sovereign(d)(e) – 0.3%
	CoBank ACB (3M USD LIBOR + 4.660%)
$	5,350,000		6.250 %			10/01/49	$	5,947,381
Telecommunication Services – 2.2%
	Altice France SA(d)(f)
	5,000,000		7.375			05/01/26		5,181,250
	AT&T, Inc.(d)
	3,000,000		5.250			03/01/37		3,651,600
	CommScope, Inc.(d)(f)
	1,100,000		6.000			03/01/26		1,159,125
	1,430,000		7.125			07/01/28		1,540,825
	Digicel Group Holdings Ltd.(d)(f)(h) (PIK 3.000%, Cash 5.000%)
	627,387		8.000			04/01/25		524,464
	Frontier Communications Corp.(d)(f)
	873,000		5.000			05/01/28		891,551
	Intelsat Jackson Holdings SA(d)
	708,000		5.500			08/01/23		428,340
	4,800,000		8.000(f)			02/15/24		4,962,000
	3,000,000		8.500	(f)		10/15/24		1,852,500
	Lumen Technologies, Inc.
	1,450,000		5.125	(d)(f)		12/15/26		1,518,875
	2,870,000		7.650			03/15/42		3,271,800
	MTN Mauritius Investments Ltd.
	420,000		6.500			10/13/26		475,073
	Network i2i, Ltd.(d)(e) (5 year CMT + 4.274%)
	360,000		5.650			01/15/49		382,455
	Nokia of America Corp.
	3,000,000		6.450			03/15/29		3,375,000
	Sprint Capital Corp.
	1,150,000		8.750			03/15/32		1,702,000
	Sprint Corp.
	4,269,000		7.875			09/15/23		4,866,660
	T-Mobile USA, Inc.(d)(f)
	1,896,000		4.500			04/15/50		2,138,707
	Telecom Argentina SA(f)
	238,000		8.500			08/06/25		215,881
	Telecom Italia Capital SA
	3,025,000		7.200			07/18/36		3,751,000
	1,000,000		7.721			06/04/38		1,305,000
	Verizon Communications, Inc.
	3,000,000		5.250			03/16/37		3,819,450
								47,013,556
Toys/Games/Hobbies(d) – 0.2%
	Mattel, Inc.
	2,475,000		3.150			03/15/23		2,524,500
	2,185,000		3.375(f)			04/01/26		2,261,475
								4,785,975
Transportation – 0.1%
	Cargo Aircraft Management, Inc.(d)(f)
	785,000		4.750			02/01/28		801,681
	Global Liman Isletmeleri A/S(d)
	200,000		8.125			11/14/21		179,438
	MV24 Capital B.V.(f)
	321,749		6.748			06/01/34		340,249
Corporate Obligations – (continued)
Transportation – (continued)
	Rumo Luxembourg S.a.r.l.(d)
	240,000		5.875			01/18/25		253,080
								1,574,448
	TOTAL CORPORATE OBLIGATIONS
	(Cost $920,680,747)						$	967,448,993
Mortgage-Backed Obligations(e) – 0.0%
Collateralized Mortgage Obligation – 0.0%
Sequential Floating Rate – 0.0%
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M LIBOR + 0.190%)
$	190,575		0.296%			07/25/47	$	175,940
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $73,848)						$	175,940
Foreign Debt Obligations – 0.1%
Sovereign – 0.1%
	Republic of Ecuador(f)(k)
$	57,283		0.000%			07/31/30	$	31,362
	Republic of Egypt
EUR	590,000		4.750			04/11/25		736,725
	Republic of Nigeria
$	690,000		6.500			11/28/27		727,433
	Republic of Turkey
	760,000		6.125			10/24/28		749,217
	Ukraine Government Bond
	680,000		7.750			09/01/23		723,903
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $2,695,284)						$	2,968,640
Bank Loans(l) – 7.8%
Aerospace & Defense(e) – 0.3%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	2,800,000		6.750%			02/09/28	$	2,777,264
	TransDigm, Inc. (1M LIBOR + 2.250%)
	4,218,789		2.363			12/09/25		4,164,156
								6,941,420
Apparel(e) – 0.0%
	Canada Goose, Inc. (3M LIBOR + 3.500%)
	847,875		3.694			10/07/27		848,935
Automotive – 0.3%
	Adient US LLC(e) (3M LIBOR + 3.500%)
	2,825,000		3.610			04/08/28		2,820,762
	First Brands
	2,150,000		0.000	(m)		03/30/27		2,158,966
	(3M LIBOR + 8.500%)
	2,250,000		9.500	(b)(e)		03/22/28		2,238,750
								7,218,478

18 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(l) – (continued)
Automotive – Parts – 0.2%
	Garrett LX I S.a.r.l.(m)
$	2,800,000		0.000 %			03/05/28	$	2,782,500
	Tenneco, Inc.(e) (1M LIBOR + 3.000%)
	2,458,536		3.113			10/01/25		2,397,072
								5,179,572
Building Materials(e) – 0.0%
	Foundation Building Materials Holding Co. LLC (3M LIBOR + 3.250%)
	625,000		3.750			02/03/28		619,400
Chemicals(e) – 0.2%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,112,375		3.370			05/15/24		2,086,857
	Starfruit Finco B.V. (1M LIBOR + 2.750%)
	2,863,963		2.865			10/01/25		2,828,164
								4,915,021
Consumer Discretionary(b)(m) – 0.1%
	Hunter Fan Co.
	2,800,000		0.000			04/09/28		2,765,000
Diversified Financial Services(e) – 0.3%
	Edelman Financial Center LLC (1M LIBOR + 3.500%)
	3,564,150		4.250			04/07/28		3,546,793
	Fiserv Investment Solutions, Inc. (3M LIBOR + 4.000%)
	645,125		4.189			02/18/27		645,396
	Syncapay, Inc. (3M LIBOR + 6.500%)
	2,136,563		7.500			12/10/27		2,135,900
								6,328,089
Electronic Equipment & Instruments(m) – 0.2%
	Ingram Micro, Inc.
	3,375,000		0.000			03/31/28		3,375,000
Entertainment(m) – 0.0%
	Scientific Games International, Inc. (1M LIBOR + 2.750%)
	1,000,000		0.000			08/14/24		984,810
Environmental(e) – 0.1%
	Packers Holdings LLC (3M LIBOR + 3.250%)
	2,200,000		4.000			03/09/28		2,175,712
Food & Beverage(b)(e) – 0.1%
	City Brewing Co. LLC (3M LIBOR + 3.500%)
	1,450,000		4.250			04/05/28		1,451,812
Food & Drug Retailers(e) – 0.0%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	619,375		2.613			10/10/26		618,087
Health Care – Pharmaceuticals(m) – 0.1%
	Jazz Financing Lux S.a.r.l.
	2,700,000		0.000			04/22/28		2,705,616
Health Care – Services – 0.3%
	MPH Acquisition Holdings LLC(e) (3M LIBOR + 2.750%)
	1,666,192		3.750			06/07/23		1,656,828
	U.S. Renal Care, Inc.
	250,000		0.000	(m)		06/26/26		245,625
	(1M LIBOR + 5.000%)
	2,167,000		5.125	(e)		06/26/26		2,117,571
Bank Loans(l) – (continued)
Health Care – Services – (continued)
	Verscend Holding Corp.(e) (3M LIBOR + 4.000%)
	1,364,994		4.177			08/27/25		1,363,710
								5,383,734
Health Care Products(m) – 0.1%
	Insulet Corp.
	1,400,000		0.000			04/29/28		1,401,750
Industrial Services(m) – 0.1%
	LaserShip, Inc.
	1,175,000		0.000			04/30/28		1,175,000
Machinery(m) – 0.0%
	Brown Group Holding LLC
	850,000		0.000			04/27/28		845,487
Media(e) – 0.1%
	Syndigo LLC
	(3M LIBOR + 4.500%)
	2,075,000		5.250			12/15/27		2,054,250
	(6M LIBOR + 8.000%)
	625,000		8.750			12/15/28		621,875
								2,676,125
Media – Broadcasting & Radio(e) – 0.1%
	Cumulus Media New Holdings, Inc. (3M LIBOR + 3.750%)
	824,746		4.750			03/31/26		814,230
	Getty Images, Inc. (1M LIBOR + 4.500%)
	1,933,846		4.613			02/19/26		1,915,649
								2,729,879
Media – Cable(e) – 0.3%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,685,250		2.365			07/17/25		1,664,235
	(1M LIBOR + 2.500%)
	3,754,352		2.615			04/15/27		3,729,310
								5,393,545
Media – Non Cable(e) – 0.1%
	Terrier Media Buyer, Inc. (1M LIBOR + 3.500%)
	1,185,030		3.613			12/17/26		1,175,028
Oil Field Services(m) – 0.2%
	Apergy Corp.
	3,313,379		0.000			06/03/27		3,377,593
Packaging(e) – 0.2%
	Flex Acquisition Co., Inc. (3M LIBOR + 3.250%)
	2,767,223		3.452			06/29/25		2,722,616
	Reynolds Group Holdings, Inc.
	(1M LIBOR + 2.750%)
	1,115,652		2.863			02/05/23		1,112,707
	(1M LIBOR + 3.250%)
	1,072,313		3.363			02/05/26		1,062,125
								4,897,448
Pharmaceuticals(e) – 0.8%
	Alphabet Holding Co., Inc. (1M LIBOR + 7.750%)
	5,000,000		7.863			09/26/25		5,018,750

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Bank Loans(l) – (continued)
Pharmaceuticals(e) – (continued)
	Bausch Health Cos., Inc. (1M LIBOR + 3.000%)
$	6,238,359		3.113 %		06/02/25	$	6,226,257
	Gainwell Acquisition Corp. (3M LIBOR + 4.000%)
	6,384,000		4.750		10/01/27		6,384,000
							17,629,007
Real Estate Investment Trust(e) – 0.1%
	Brookfield Property REIT, Inc. (1M LIBOR + 3.000%)
	1,988,838		3.113		08/28/23		1,941,603
Retailers – 0.3%
	OEConnection LLC(e) (1M LIBOR + 4.000%)
	2,560,075		4.113		09/25/26		2,541,950
	The Hillman Group, Inc.(m)
	706,540		0.000		02/24/28		702,301
	143,460		0.000		02/24/28		142,599
	TruGreen LP(e) (3M LIBOR + 8.500%)
	2,650,000		9.250		11/02/28		2,729,500
							6,116,350
Semiconductors(b)(e) – 0.0%
	Allegro Microsystems, Inc. (3M LIBOR + 3.750%)
	73,077		4.250		09/30/27		72,894
Services Cyclical – Business Services(e) – 0.2%
	EVO Payments International LLC (1M LIBOR + 3.250%)
	2,695,966		3.370		12/22/23		2,685,182
	Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 1.500%)
	1,493,749		6.500		02/28/25		1,522,324
							4,207,506
Services Cyclical – Consumer Services(e) – 0.2%
	Asurion LLC (1M LIBOR + 3.250%)
	3,316,824		3.363		12/23/26		3,292,479
Technology – Software/Services – 2.0%
	AppLovin Corp.(e) (1M LIBOR + 3.250%)
	847,832		3.359		08/15/25		844,957
	Banff Merger Sub, Inc.(e) (1M LIBOR + 3.750%)
	4,367,484		3.863		10/02/25		4,342,284
	Ceridian HCM Holding, Inc.(e) (1 Week LIBOR + 2.500%)
	2,925,000		2.587		04/30/25		2,874,719
	DCert Buyer, Inc.(e)
	(1M LIBOR + 4.000%)
	2,081,431		4.113		10/16/26		2,078,247
	(1M LIBOR + 7.000%)
	2,700,000		7.113		02/16/29		2,710,125
	Endure Digital, Inc.(e) (3M LIBOR + 3.500%)
	2,025,000		4.250		02/10/28		2,003,495
	Epicor Software Corp.(e)
	(1M LIBOR + 3.250%)
	4,079,500		4.000		07/30/27		4,071,137
	(1M LIBOR + 7.750%)
	1,275,000		8.750		07/31/28		1,306,875
	Grab Holdings, Inc.(e) (6M LIBOR + 4.500%)
	3,050,000		5.500		01/29/26		3,105,296
	Idera, Inc.(e)
	(3M LIBOR + 3.750%)
	2,075,000		4.500		03/02/28		2,057,279
Bank Loans(l) – (continued)
Technology – Software/Services – (continued)
	Idera, Inc.(e) – (continued)
	(3M LIBOR + 6.750%)
	405,000		7.500		03/02/29		402,299
	MedAssets Software Intermediate Holdings, Inc.(e) (6M LIBOR + 3.750%)
	1,150,000		4.500		01/28/28		1,143,779
	Mitchell International, Inc.(e) (1M LIBOR + 4.250%)
	5,024,750		4.750		11/29/24		5,026,860
	The Dun & Bradstreet Corp.(e) (1M LIBOR + 3.250%)
	3,517,933		3.361		02/06/26		3,497,037
	The Ultimate Software Group, Inc.(e)
	(1M LIBOR + 3.750%)
	1,625,250		3.863		05/04/26		1,625,087
	(3M LIBOR + 3.250%)
	174,126		4.000		05/04/26		174,180
	(3M LIBOR + 6.750%)
	100,000		7.500		05/03/27		102,813
	Virtusa Corp.(m) (1M LIBOR + 4.250%)
	3,795,000		0.000		02/11/28		3,816,366
							41,182,835
Telecommunication Services(e) – 0.5%
	Hoya Midco LLC (1M LIBOR + 3.500%)
	7,543,237		4.500		06/30/24		7,472,557
	Level 3 Financing, Inc. (1M LIBOR + 1.750%)
	2,023,967		1.863		03/01/27		1,998,668
							9,471,225
Wireless Telecommunications(e) – 0.3%
	Intelsat Jackson Holdings SA
	(1M PRIME + 4.750%)
	3,000,000		8.000		11/27/23		3,045,390
	(3M LIBOR + 5.500%)
	1,482,446		6.500		07/13/22		1,497,270
	Sorenson Communications LLC (3M LIBOR + 5.500%)
	875,000		6.250		03/12/26		875,000
							5,417,660
	TOTAL BANK LOANS
	(Cost $163,400,126)					$	164,514,100

Units	Description	Expiration Date	Value
Warrants(a) – 0.0%
Aspect Software, Inc. Class B(b)
194,739			$	48,685
Chesapeake Energy Corp.
1,476		02/09/26		28,679
Noble Corp.
5,288		02/05/28		31,564
TOTAL WARRANTS
(Cost $424,400)			$	108,928

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares	Dividend Rate	Value
Investment Companies(n) – 7.4%
Goldman Sachs Emerging Markets Equity Fund – Class R6
2,524	0.312%	$	79,179
Goldman Sachs Financial Square Government Fund – Class R6
69,296,149	0.026		69,296,149
Goldman Sachs Financial Square Government Fund – Institutional Shares
58,042,544	0.026		58,042,544
Goldman Sachs High Yield Fund – Class R6
9,065	4.901		58,652
Goldman Sachs MLP Energy Infrastructure Fund – Class R6
1,276,612	6.707		29,234,411
TOTAL INVESTMENT COMPANIES
(Cost $149,596,026)		$	156,710,935
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,824,909,602)		$	2,102,721,333
Securities Lending Reinvestment Vehicle(n) – 0.2%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,243,595	0.026%	$	5,243,595
(Cost $5,243,595)
TOTAL INVESTMENTS – 99.9%
(Cost $1,830,153,197)		$	2,107,964,928
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			1,715,937
NET ASSETS – 100.0%		$	2,109,680,865

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)	All or a portion of security is on loan.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	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 April 30, 2021.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on April 30, 2021.
(h)	Pay-in-kind securities.
(i)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $684,928, which represents approximately 0.0% of the Fund’s net assets as of April 30, 2021.
(j)	Actual maturity date is June 5, 2115.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.

(l)	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 April 30, 2021. 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.
(m)	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.
(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
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Funding Rate
WR	—Withdrawn Rating

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS – At April 30, 2021, 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 Loss
OEConnection LLC, due 09/25/26	$	8,125	$	8,068	$	(26	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased	Currency Sold	Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD  709,939	GBP  510,129		05/20/21	$	5,395

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased	Currency Sold	Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD  20,358,961	EUR  17,092,587		06/25/21	$	(214,895	)

FUTURES CONTRACTS — At April 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx Index		2,163			06/18/21	$	11,858,125		$	471,179
S&P 500 E-Mini Index		161			06/18/21		33,603,920			2,021,292
Ultra Long U.S. Treasury Bonds		432			06/21/21		80,311,500			(1,144,076	)
2 Year U.S. Treasury Notes		130			06/30/21		28,698,516			(6,844	)
20 Year U.S. Treasury Bonds		30			06/21/21		4,717,500			(94,139	)
Total									$	1,247,412
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(220	)		06/21/21		(32,020,313	)		680,097
5 Year U.S. Treasury Notes		(109	)		06/30/21		(13,509,188	)		100,286
10 Year U.S. Treasury Notes		(11	)		06/21/21		(1,452,344	)		(536	)
Total									$	779,847
TOTAL FUTURES CONTRACTS									$	2,027,259

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

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 2021, 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)
1.000(c)		3M LIBOR(b)	06/16/41	$	290	$	50,429		$	52,824		$	(2,395	)
(0.500%)(d)		6M EURO(c)	06/16/24	EUR	460		1,599			1,440			159
(0.250) (d)		6M EURO(c)	06/16/26		650		173			(1,347	)		1,520
3M LIBOR(c)		0.500%(d)	06/16/26	$	14,450		(346,262	)		(327,027	)		(19,235	)
3M LIBOR(c)		0.250(d)	06/16/24		830		(6,592	)		(6,728	)		136
3M LIBOR(c)		0.750(d)	06/16/31		23,050		(1,977,923	)		(1,840,195	)		(137,728	)
3M LIBOR(c)		0.250(d)	06/16/23		270		(280	)		(172	)		(108	)
3M LIBOR(c)		0.500(d)	06/16/28		2,250		(129,040	)		(121,977	)		(7,063	)
TOTAL						$	(2,407,896	)	$	(2,243,182	)	$	(164,714	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2021.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at April 30, 2021(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.00%, 02/01/27	(1.000)%	12.327%		12/20/22	$	550	$	91,998	$	72,858	$	19,140

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
A basket (MSGSHBC) of common stocks	0.050%	MS & Co. Int. PLC	08/26/21	$	325	$	(231,963	)

 * There is no upfront payment on the swap contract, therefore the unrealized gain (loss) of the swap contract is equal to its market value.

(a) Payments made quarterly.

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.7%
Automobiles – 0.4%
	15,885	Thor Industries, Inc.	$	2,249,157
Building Products – 1.2%
	45,700	A.O. Smith Corp.		3,096,175
	10,315	Lennox International, Inc.		3,459,032
				6,555,207
Capital Markets – 6.5%
	17,280	Ameriprise Financial, Inc.		4,465,152
	7,150	BlackRock, Inc.		5,857,995
	15,452	Evercore, Inc. Class A		2,165,289
	9,760	FactSet Research Systems, Inc.		3,281,507
	16,725	Moody’s Corp.		5,464,225
	15,315	S&P Global, Inc.		5,978,823
	43,230	SEI Investments Co.		2,656,051
	26,249	T. Rowe Price Group, Inc.		4,703,821
				34,572,863
Chemicals – 1.8%
	20,825	Ecolab, Inc.		4,667,299
	17,231	The Sherwin-Williams Co.		4,719,054
				9,386,353
Commercial Services & Supplies – 0.6%
	85,937	Rollins, Inc.		3,203,731
Communications Equipment – 1.2%
	124,600	Cisco Systems, Inc.		6,343,386
Consumer Finance – 0.9%
	43,829	Discover Financial Services		4,996,506
Distributors – 0.8%
	9,895	Pool Corp.		4,180,835
Electric Utilities – 1.4%
	73,565	NextEra Energy, Inc.		5,702,023
	32,525	PNM Resources, Inc.		1,605,434
				7,307,457
Electrical Equipment – 0.8%
	15,810	Rockwell Automation, Inc.		4,177,951
Electronic Equipment, Instruments & Components – 4.1%
	74,395	Amphenol Corp. Class A		5,009,760
	104,930	Corning, Inc.		4,638,955
	45,890	FLIR Systems, Inc.		2,752,023
	9,005	Littelfuse, Inc.		2,388,486
	51,777	National Instruments Corp.		2,144,086
	38,743	TE Connectivity Ltd.		5,209,771
				22,143,081
Entertainment – 1.9%
	110,245	Activision Blizzard, Inc.		10,053,242
Equity Real Estate Investment Trusts (REITs) – 2.1%
	15,155	CoreSite Realty Corp.		1,841,181
	45,025	Equity LifeStyle Properties, Inc.		3,124,735
	24,060	Extra Space Storage, Inc.		3,577,481
	67,210	Iron Mountain, Inc.		2,696,465
				11,239,862
Common Stocks – (continued)
Food & Staples Retailing – 1.7%
	13,375	Costco Wholesale Corp.		4,976,704
	110,430	The Kroger Co.		4,035,112
				9,011,816
Food Products – 2.2%
	86,340	Hormel Foods Corp.		3,988,908
	23,370	Ingredion, Inc.		2,182,992
	8,955	J&J Snack Foods Corp.		1,474,083
	51,670	Tyson Foods, Inc. Class A		4,001,841
				11,647,824
Gas Utilities – 0.0%
	14,188	Suburban Propane Partners LP		215,658
Health Care Equipment & Supplies – 2.8%
	31,270	Danaher Corp.		7,940,704
	26,210	Stryker Corp.		6,883,532
				14,824,236
Health Care Providers & Services – 7.5%
	42,405	AmerisourceBergen Corp.		5,122,524
	18,440	Anthem, Inc.		6,995,952
	89,281	CVS Health Corp.		6,821,069
	14,560	Humana, Inc.		6,482,694
	35,090	Quest Diagnostics, Inc.		4,627,669
	26,566	The Ensign Group, Inc.		2,280,691
	19,675	UnitedHealth Group, Inc.		7,846,390
				40,176,989
Hotels, Restaurants & Leisure – 1.2%
	86,155	The Wendy’s Co.		1,944,519
	37,835	Yum! Brands, Inc.		4,522,039
				6,466,558
Independent Power and Renewable Electricity Producers – 0.5%
	18,624	Atlantica Sustainable Infrastructure PLC		717,955
	11,494	Brookfield Renewable Corp. Class A		476,771
	15,132	Clearway Energy, Inc. Class A		402,209
	12,594	NextEra Energy Partners LP		938,883
				2,535,818
Industrial Conglomerates – 1.0%
	26,415	3M Co.		5,207,453
Insurance – 2.1%
	20,725	Aon PLC Class A		5,211,094
	14,255	Primerica, Inc.		2,277,521
	59,500	Principal Financial Group, Inc.		3,800,265
				11,288,880
IT Services – 7.9%
	21,722	Accenture PLC Class A		6,298,728
	29,390	Automatic Data Processing, Inc.		5,495,636
	27,372	Broadridge Financial Solutions, Inc.		4,342,020
	38,900	Fidelity National Information Services, Inc.		5,947,810
	20,735	Jack Henry & Associates, Inc.		3,376,280

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	17,490	Mastercard, Inc. Class A	$	6,682,230
	123,340	The Western Union Co.		3,177,239
	29,575	Visa, Inc. Class A		6,907,537
				42,227,480
Leisure Products – 1.0%
	24,505	Brunswick Corp.		2,625,221
	18,574	Polaris, Inc.		2,600,917
				5,226,138
Machinery – 1.1%
	40,725	Donaldson Co., Inc.		2,560,788
	28,550	The Toro Co.		3,271,830
				5,832,618
Media – 6.9%
	235,070	Comcast Corp. Class A		13,199,181
	95,635	Omnicom Group, Inc.		7,866,935
	222,940	The Interpublic Group of Cos., Inc.		7,078,345
	215,854	ViacomCBS, Inc. Class B		8,854,331
				36,998,792
Metals & Mining – 0.5%
	15,675	Reliance Steel & Aluminum Co.		2,512,859
Multi-Utilities – 0.8%
	43,540	WEC Energy Group, Inc.		4,230,782
Multiline Retail – 0.2%
	13,020	Dillard’s, Inc. Class A		1,287,808
Oil, Gas & Consumable Fuels – 15.7%
	131,028	Antero Midstream Corp.		1,132,082
	45,109	BP Midstream Partners LP		589,124
	61,857	Cheniere Energy Partners LP		2,603,561
	93,889	Crestwood Equity Partners LP		2,858,920
	175,150	DCP Midstream LP		3,940,875
	15,240	Delek Logistics Partners LP		633,984
	97,803	Enable Midstream Partners LP		722,764
	1,035,325	Energy Transfer LP		8,914,148
	389,608	Enterprise Products Partners LP		8,964,880
	51,257	Genesis Energy LP		471,052
	29,118	Hess Midstream LP Class A		650,205
	80,099	Holly Energy Partners LP		1,639,627
	38,213	Kinder Morgan, Inc.		651,532
	138,618	Magellan Midstream Partners LP		6,483,164
	371,772	MPLX LP		10,034,126
	13,893	Noble Midstream Partners LP		199,642
	190,403	NuStar Energy LP		3,648,122
	24,623	ONEOK, Inc.		1,288,768
	34,348	PBF Logistics LP		528,959
	35,994	Pembina Pipeline Corp.		1,110,775
	76,071	Phillips 66 Partners LP		2,628,253
	774,199	Plains All American Pipeline LP		7,029,727
	55,555	Rattler Midstream LP		630,549
	123,101	Shell Midstream Partners LP		1,899,448
	27,153	Sunoco LP		953,070
	80,359	Targa Resources Corp.		2,787,654
	18,596	TC Energy Corp.		919,944
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	127,029	The Williams Cos., Inc.		3,094,426
	350,497	Western Midstream Partners LP		6,883,761
				83,893,142
Personal Products – 1.0%
	17,410	The Estee Lauder Cos., Inc. Class A		5,463,258
Pharmaceuticals – 0.5%
	62,535	Perrigo Co. PLC		2,603,332
Professional Services – 0.8%
	17,570	Insperity, Inc.		1,538,078
	34,140	Robert Half International, Inc.		2,991,005
				4,529,083
Semiconductors & Semiconductor Equipment – 4.5%
	33,855	Analog Devices, Inc.		5,185,232
	14,910	KLA Corp.		4,701,868
	24,907	Power Integrations, Inc.		2,062,549
	45,325	QUALCOMM, Inc.		6,291,110
	32,150	Texas Instruments, Inc.		5,803,396
				24,044,155
Software – 2.6%
	18,895	InterDigital, Inc.		1,311,691
	25,655	Microsoft Corp.		6,469,678
	83,740	Oracle Corp.		6,346,654
				14,128,023
Specialty Retail – 4.9%
	35,670	Best Buy Co., Inc.		4,147,351
	27,920	Dick’s Sporting Goods, Inc.		2,305,634
	28,630	Lowe’s Cos., Inc.		5,618,637
	19,245	The Home Depot, Inc.		6,229,029
	23,120	Tractor Supply Co.		4,360,432
	20,120	Williams-Sonoma, Inc.		3,435,490
				26,096,573
Technology Hardware, Storage & Peripherals – 1.9%
	152,060	HP, Inc.		5,186,767
	52,905	Seagate Technology PLC		4,911,700
				10,098,467
Textiles, Apparel & Luxury Goods – 1.9%
	43,995	NIKE, Inc. Class B		5,834,617
	52,573	VF Corp.		4,608,549
				10,443,166
Trading Companies & Distributors – 1.8%
	82,765	Fastenal Co.		4,326,954
	21,148	MSC Industrial Direct Co., Inc. Class A		1,906,704
	10,854	Watsco, Inc.		3,178,702
				9,412,360
	TOTAL COMMON STOCKS
	(Cost $335,932,713)		$	516,812,899

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Investment Companies(a) – 2.9%
Goldman Sachs Financial Square Government Fund – Class R6
15,015,892	0.026%	$	15,015,892
Goldman Sachs Financial Square Government Fund – Institutional Shares
236,615	0.026		236,615
TOTAL INVESTMENT COMPANIES
(Cost $15,252,507)		$	15,252,507
TOTAL INVESTMENTS – 99.6%
(Cost $351,185,220)		$	532,065,406
OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.4%			2,262,528
NET ASSETS – 100.0%		$	534,327,934

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		73		06/18/21	$	15,236,560	$	914,918

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2021 (Unaudited)

	Income Builder Fund		Rising Dividend Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,675,313,576 and $335,932,713, respectively)(a)	$	1,946,010,398	$	516,812,899
Foreign currencies, at value (cost $418,943 and $0, respectively)		481,259		—
Investments of affiliated issuers, at value (cost $149,596,026 and $15,252,507, respectively)		156,710,935		15,252,507
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $5,243,595 and 0, respectively)		5,243,595		—
Cash		27,525,569		1,118,711
Variation margin on futures contracts		204,480		—
Variation margin on swaps contracts		85,474		—
Unrealized gain on forward foreign currency exchange contracts		5,395		—
Receivables:
Dividends and interest		13,444,279		975,606
Collateral on certain derivative contracts(b)		8,313,653		883,300
Investments sold		7,503,820		—
Fund shares sold		4,226,680		92,196
Investments sold on an extended settlement basis		1,072,214		—
Foreign tax reclaims		404,009		423,230
Reimbursement from investment adviser		79,309		47,477
Securities lending income		522		15
Other assets		53,275		56,733
Total assets		2,171,364,866		535,662,674
Liabilities:
Unrealized loss on swap contracts		231,963		—
Unrealized loss on forward foreign currency exchange contracts		214,895		—
Unrealized loss on unfunded loan commitment		26		—
Variation margin on swaps contracts		529		—
Variation margin on futures contracts		—		105,907
Payables:
Investments purchased		35,743,713		303
Investments purchased on an extended settlement basis		17,179,080		—
Payable upon return of securities loaned		5,243,595		—
Fund shares redeemed		1,210,288		422,897
Management fees		737,358		286,639
Distribution and service fees and transfer agency fees		550,553		184,130
Accrued expenses		572,001		334,864
Total liabilities		61,684,001		1,334,740
Net Assets:
Paid-in capital		1,825,986,247		343,637,897
Total distributable earnings		283,694,618		190,690,037
NET ASSETS	$	2,109,680,865	$	534,327,934
Net Assets:
Class A	$	424,553,580	$	231,522,720
Class C		393,942,907		98,134,233
Institutional		942,637,183		117,039,955
Investor		307,194,309		72,243,548
Class R6		20,136,498		2,632,722
Class R		—		1,385,522
Class P		21,216,388		11,369,234
Total Net Assets	$	2,109,680,865	$	534,327,934
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		16,095,404		17,932,016
Class C		15,212,920		7,449,087
Institutional		34,888,979		8,549,049
Investor		11,405,600		5,285,694
Class R6		745,480		192,363
Class R		—		107,799
Class P		785,264		830,351
Net asset value, offering and redemption price per share:(c)
Class A		$26.38		$12.91
Class C		25.90		13.17
Institutional		27.02		13.69
Investor		26.93		13.67
Class R6		27.01		13.69
Class R		—		12.85
Class P		27.02		13.69

(a) Includes loaned securities having a market value of $5,130,733 and $0, respectively.

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

Fund	Futures		Swaps		Forwards
Income Builder	$	6,550,752	$	1,472,901	$	290,000
Rising Dividend Growth		883,300		—		—

(c) Maximum public offering price per share for Class A shares of the Income Builder and the Rising Dividend Growth Funds is $27.92 and $13.66, 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.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

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

	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Interest	$	26,878,283		$	173
Dividends — unaffiliated issuers (net of foreign withholding taxes of $232,306 and $6,975)		9,104,222			3,467,289
Dividends — affiliated issuers		909,432			1,141
Securities lending income — unaffiliated issuer		15,010			—
Securities lending income — affiliated issuer		—			100,384
Total investment income		36,906,947			3,568,987
Expenses:
Management fees		4,963,312			1,857,724
Distribution and Service (12b-1) fees(a)		1,955,458			662,495
Transfer Agency fees(a)		807,796			326,186
Service fees — Class C		496,866			137,480
Custody, accounting and administrative services		154,442			64,060
Printing and mailing costs		134,550			77,747
Professional fees		79,793			90,485
Registration fees		57,520			42,122
Trustee fees		10,778			9,769
Other		43,357			17,737
Total expenses		8,703,872			3,285,805
Less — expense reductions		(1,235,844	)		(591,994	)
Net expenses		7,468,028			2,693,811
NET INVESTMENT INCOME		29,438,919			875,176
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		22,938,681			43,227,116
Futures contracts		4,491,213			1,621,078
Swap contracts		(2,167,999	)		—
Forward foreign currency exchange contracts		671			—
Foreign currency transactions		82,054			429
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		185,302,184			104,395,720
Investments — affiliated issuers		7,651,815			—
Futures contracts		5,445,479			1,242,052
Unfunded loan commitments		(7,338	)		—
Swap contracts		418,848			—
Forward foreign currency exchange contracts		(246,381	)		—
Foreign currency translation		31,146			106
Net realized and unrealized gain		223,940,373			150,486,501
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	253,379,292		$	151,361,677

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

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Income Builder	$	472,963	$	1,482,495	$	—	$	227,022	$	237,199	$	164,575	$	172,892	$	3,257	$	—	$	2,851
Rising Dividend Growth		249,192		410,036		3,267		159,483		87,474		20,777		55,607		341		1,045		1,459

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets

	Income Builder Fund						Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	29,438,919		$	54,721,757		$	875,176		$	4,030,187
Net realized gain		25,344,620			2,922,420			44,848,623			9,793,823
Net change in unrealized gain (loss)		198,595,753			(35,522,416	)		105,637,878			(35,117,978	)
Net increase (decrease) in net assets resulting from operations		253,379,292			22,121,761			151,361,677			(21,293,968	)
Distributions to shareholders:
From distributable earnings
Class A Shares		(5,983,305	)		(10,209,770	)		(6,210,988	)		(22,041,864	)
Class C Shares		(4,729,099	)		(11,069,448	)		(3,210,036	)		(18,275,200	)
Institutional Shares		(14,078,579	)		(23,450,042	)		(3,269,547	)		(18,751,099	)
Investor Shares		(4,771,338	)		(9,135,582	)		(2,221,271	)		(10,452,379	)
Class R6 Shares		(293,486	)		(1,888,374	)		(70,787	)		(239,578	)
Class R Shares		—			—			(40,030	)		(237,072	)
Class P Shares		(322,085	)		(555,182	)		(310,515	)		(1,854,725	)
From return of capital
Class A Shares		—			(376,178	)		—			—
Class C Shares		—			(407,853	)		—			—
Institutional Shares		—			(864,015	)		—			—
Investor Shares		—			(336,600	)		—			—
Administration Shares		—			(69,577	)		—			—
Class P Shares		—			(20,455	)		—			—
Total distributions to shareholders		(30,177,892	)		(58,383,076	)		(15,333,174	)		(71,851,917	)
From share transactions:
Proceeds from sales of shares		412,461,358			598,390,032			57,004,531			61,008,232
Reinvestment of distributions		26,765,392			51,956,624			14,437,367			65,123,455
Cost of shares redeemed		(269,840,082	)		(572,473,130	)		(122,223,899	)		(309,614,281	)
Net increase (decrease) in net assets resulting from share transactions		169,386,668			77,873,526			(50,782,001	)		(183,482,594	)
TOTAL INCREASE (DECREASE)		392,588,068			41,612,211			85,246,502			(276,628,479	)
Net assets:
Beginning of period		1,717,092,797			1,675,480,586			449,081,432			725,709,911
End of period	$	2,109,680,865		$	1,717,092,797		$	534,327,934		$	449,081,432

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.40		$	23.67		$	21.67		$	22.72		$	21.60		$	21.77
Net investment income(a)		0.38			0.73			0.82			0.80			0.79			0.79
Net realized and unrealized gain (loss)		3.00			(0.21	)		2.02			(1.02	)		1.17			(0.16	)
Total from investment operations		3.38			0.52			2.84			(0.22	)		1.96			0.63
Distributions to shareholders from net investment income		(0.40	)		(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		(0.40	)		(0.79	)		(0.84	)		(0.83	)		(0.84	)		(0.80	)
Net asset value, end of period	$	26.38		$	23.40		$	23.67		$	21.67		$	22.72		$	21.60
Total return(b)		14.48	%		2.29	%		13.34	%		(1.03	)%		9.21	%		3.04	%
Net assets, end of period (in 000s)	$	424,554		$	328,039		$	314,951		$	309,719		$	387,349		$	574,574
Ratio of net expenses to average net assets		0.81	%(c)		0.92	%		0.95	%		0.97	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		0.94	%(c)		0.98	%		1.00	%		1.02	%		1.10	%		1.10	%
Ratio of net investment income to average net assets		3.03	%(c)		3.15	%		3.63	%		3.54	%		3.55	%		3.75	%
Portfolio turnover rate(d)		25	%		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 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.

(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.

30 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 Period

	Goldman Sachs Income Builder Fund
	Class C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.98		$	23.26		$	21.31		$	22.35		$	21.26		$	21.45
Net investment income(a)		0.28			0.55			0.64			0.62			0.61			0.62
Net realized and unrealized gain (loss)		2.94			(0.21	)		1.98			(1.00	)		1.16			(0.16	)
Total from investment operations		3.22			0.34			2.62			(0.38	)		1.77			0.46
Distributions to shareholders from net investment income		(0.30	)		(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		(0.30	)		(0.62	)		(0.67	)		(0.66	)		(0.68	)		(0.65	)
Net asset value, end of period	$	25.90		$	22.98		$	23.26		$	21.31		$	22.35		$	21.26
Total return(b)		14.01	%		1.57	%		12.44	%		(1.74	)%		8.41	%		2.25	%
Net assets, end of period (in 000s)	$	393,943		$	380,590		$	463,483		$	475,897		$	619,357		$	682,819
Ratio of net expenses to average net assets		1.56	%(c)		1.67	%		1.70	%		1.72	%		1.73	%		1.73	%
Ratio of total expenses to average net assets		1.69	%(c)		1.73	%		1.75	%		1.77	%		1.85	%		1.85	%
Ratio of net investment income to average net assets		2.28	%(c)		2.41	%		2.88	%		2.79	%		2.79	%		2.98	%
Portfolio turnover rate(d)		25	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.96		$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Net investment income(a)		0.44			0.84			0.93			0.90			0.90			0.89
Net realized and unrealized gain (loss)		3.06			(0.21	)		2.06			(1.03	)		1.19			(0.17	)
Total from investment operations		3.50			0.63			2.99			(0.13	)		2.09			0.72
Distributions to shareholders from net investment income		(0.44	)		(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		(0.44	)		(0.88	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)
Net asset value, end of period	$	27.02		$	23.96		$	24.21		$	22.15		$	23.20		$	22.04
Total return(b)		14.66	%		2.68	%		13.76	%		(0.63	)%		9.64	%		3.42	%
Net assets, end of period (in 000s)	$	942,637		$	669,848		$	609,414		$	680,661		$	818,309		$	740,182
Ratio of net expenses to average net assets		0.48	%(c)		0.56	%		0.57	%		0.58	%		0.58	%		0.58	%
Ratio of total expenses to average net assets		0.61	%(c)		0.62	%		0.61	%		0.63	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		3.35	%(c)		3.52	%		4.03	%		3.93	%		3.93	%		4.13	%
Portfolio turnover rate(d)		25	%		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 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.

(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.

32 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 Period

	Goldman Sachs Income Builder Fund
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.89		$	24.14		$	22.09		$	23.14		$	21.98		$	22.14
Net investment income(a)		0.42			0.81			0.89			0.87			0.86			0.85
Net realized and unrealized gain (loss)		3.05			(0.21	)		2.05			(1.03	)		1.20			(0.16	)
Total from investment operations		3.47			0.60			2.94			(0.16	)		2.06			0.69
Distributions to shareholders from net investment income		(0.43	)		(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		(0.43	)		(0.85	)		(0.89	)		(0.89	)		(0.90	)		(0.85	)
Net asset value, end of period	$	26.93		$	23.89		$	24.14		$	22.09		$	23.14		$	21.98
Total return(b)		14.62	%		2.53	%		13.59	%		(0.77	)%		9.51	%		3.28	%
Net assets, end of period (in 000s)	$	307,194		$	256,919		$	263,228		$	239,226		$	302,778		$	142,813
Ratio of net expenses to average net assets		0.56	%(c)		0.67	%		0.70	%		0.72	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.69	%(c)		0.73	%		0.75	%		0.77	%		0.85	%		0.85	%
Ratio of net investment income to average net assets		3.27	%(c)		3.40	%		3.87	%		3.79	%		3.77	%		3.96	%
Portfolio turnover rate(d)		25	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.95		$	24.21		$	22.15		$	23.20		$	22.04		$	22.20
Net investment income(a)		0.44			0.83			0.93			0.85			0.90			0.89
Net realized and unrealized gain (loss)		3.06			(0.21	)		2.06			(0.98	)		1.19			(0.17	)
Total from investment operations		3.50			0.62			2.99			(0.13	)		2.09			0.72
Distributions to shareholders from net investment income		(0.44	)		(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		(0.44	)		(0.88	)		(0.93	)		(0.92	)		(0.93	)		(0.88	)
Net asset value, end of period	$	27.01		$	23.95		$	24.21		$	22.15		$	23.20		$	22.04
Total return(b)		14.66	%		2.70	%		13.72	%		(0.62	)%		9.69	%		3.38	%
Net assets, end of period (in 000s)	$	20,136		$	65,293		$	10,486		$	130		$	11		$	10
Ratio of net expenses to average net assets		0.47	%(c)		0.54	%		0.56	%		0.57	%		0.57	%		0.58	%
Ratio of total expenses to average net assets		0.60	%(c)		0.61	%		0.61	%		0.61	%		0.69	%		0.70	%
Ratio of net investment income to average net assets		3.44	%(c)		3.51	%		3.96	%		3.72	%		3.93	%		4.12	%
Portfolio turnover rate(d)		25	%		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 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.

(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.

34 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 Period

	Goldman Sachs Income Builder Fund
	Class P Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	23.96		$	24.21		$	22.15		$	22.95
Net investment income(b)		0.44			0.84			0.94			0.45
Net realized and unrealized gain (loss)		3.06			(0.21	)		2.05			(0.71	)
Total from investment operations		3.50			0.63			2.99			(0.26	)
Distributions to shareholders from net investment income		(0.44	)		(0.85	)		(0.93	)		(0.51	)
Distributions to shareholders from return of capital		—			(0.03	)		—			(0.03	)
Total distributions		(0.44	)		(0.88	)		(0.93	)		(0.54	)
Net asset value, end of period	$	27.02		$	23.96		$	24.21		$	22.15
Total return(c)		14.66	%		2.70	%		13.77	%		(1.18	)%
Net assets, end of period (in 000s)	$	21,216		$	16,404		$	13,919		$	16,122
Ratio of net expenses to average net assets		0.47	%(d)		0.55	%		0.56	%		0.58	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.61	%		0.61	%		0.58	%(d)
Ratio of net investment income to average net assets		3.36	%(d)		3.51	%		4.04	%		3.60	%(d)
Portfolio turnover rate(e)		25	%		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.

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

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.81		$	11.18		$	19.56		$	22.54		$	19.66		$	20.68
Net investment income(a)		0.02			0.08			0.10			0.09			0.11			0.07
Net realized and unrealized gain (loss)		3.45			(0.23	)		0.78			1.25			3.48			(0.83	)
Total from investment operations		3.47			(0.15	)		0.88			1.34			3.59			(0.76	)
Distributions to shareholders from net investment income		(0.33	)		(0.24	)		(0.22	)		(0.28	)		(0.25	)		(0.12	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.14	)
Total distributions		(0.37	)		(1.22	)		(9.26	)		(4.32	)		(0.71	)		(0.26	)
Net asset value, end of period	$	12.91		$	9.81		$	11.18		$	19.56		$	22.54		$	19.66
Total return(b)		36.14	%		(1.80	)%		10.41	%		6.27	%		18.59	%		(3.71	)%
Net assets, end of period (in 000s)	$	231,523		$	167,765		$	208,416		$	297,772		$	370,204		$	697,430
Ratio of net expenses to average net assets		1.03	%(c)		1.09	%		1.15	%		1.17	%		1.16	%		1.14	%
Ratio of total expenses to average net assets		1.28	%(c)		1.29	%		1.27	%		1.20	%		1.19	%		1.16	%
Ratio of net investment income (loss) to average net assets		0.40	%(c)		0.81	%		0.86	%		0.42	%		0.52	%		0.35	%
Portfolio turnover rate(d)		27	%		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 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.

(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.

36 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.99		$	11.36		$	19.71		$	22.69		$	19.79		$	20.84
Net investment income (loss)(a)		(0.02	)		—	(b)		0.01			(0.07	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss)		3.52			(0.23	)		0.80			1.26			3.50			(0.84	)
Total from investment operations		3.50			(0.23	)		0.81			1.19			3.45			(0.92	)
Distributions to shareholders from net investment income		(0.28	)		(0.16	)		(0.12	)		(0.13	)		(0.13	)		(0.06	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.42	)		(0.07	)
Total distributions		(0.32	)		(1.14	)		(9.16	)		(4.17	)		(0.55	)		(0.13	)
Net asset value, end of period	$	13.17		$	9.99		$	11.36		$	19.71		$	22.69		$	19.79
Total return(c)		35.58	%		(2.50	)%		9.55	%		5.49	%		17.68	%		(4.43	)%
Net assets, end of period (in 000s)	$	98,134		$	108,840		$	194,302		$	348,220		$	463,110		$	571,438
Ratio of net expenses to average net assets		1.78	%(d)		1.84	%		1.90	%		1.92	%		1.91	%		1.89	%
Ratio of total expenses to average net assets		2.03	%(d)		2.03	%		2.02	%		1.95	%		1.94	%		1.91	%
Ratio of net investment income (loss) to average net assets		(0.32	)%(d)		0.03	%		0.12	%		(0.33	)%		(0.23	)%		(0.40	)%
Portfolio turnover rate(e)		27	%		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 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. 37

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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.38		$	11.76		$	20.08		$	23.02		$	20.08		$	21.12
Net investment income(a)		0.05			0.12			0.15			0.18			0.20			0.15
Net realized and unrealized gain (loss)		3.65			(0.24	)		0.83			1.28			3.55			(0.85	)
Total from investment operations		3.70			(0.12	)		0.98			1.46			3.75			(0.70	)
Distributions to shareholders from net investment income		(0.35	)		(0.28	)		(0.26	)		(0.36	)		(0.31	)		(0.15	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.19	)
Total distributions		(0.39	)		(1.26	)		(9.30	)		(4.40	)		(0.81	)		(0.34	)
Net asset value, end of period	$	13.69		$	10.38		$	11.76		$	20.08		$	23.02		$	20.08
Total return(b)		36.23	%		(1.47	)%		10.85	%		6.75	%		19.01	%		(3.35	)%
Net assets, end of period (in 000s)	$	117,040		$	97,358		$	191,509		$	425,555		$	759,274		$	958,317
Ratio of net expenses to average net assets		0.72	%(c)		0.78	%		0.80	%		0.78	%		0.76	%		0.74	%
Ratio of total expenses to average net assets		0.91	%(c)		0.90	%		0.88	%		0.81	%		0.79	%		0.76	%
Ratio of net investment income to average net assets		0.74	%(c)		1.10	%		1.25	%		0.83	%		0.92	%		0.74	%
Portfolio turnover rate(d)		27	%		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 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.

(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.

38 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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.36		$	11.75		$	20.07		$	23.01		$	20.07		$	21.10
Net investment income(a)		0.04			0.11			0.14			0.14			0.17			0.12
Net realized and unrealized gain (loss)		3.66			(0.25	)		0.83			1.29			3.54			(0.84	)
Total from investment operations		3.70			(0.14	)		0.97			1.43			3.71			(0.72	)
Distributions to shareholders from net investment income		(0.35	)		(0.27	)		(0.25	)		(0.33	)		(0.27	)		(0.14	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.50	)		(0.17	)
Total distributions		(0.39	)		(1.25	)		(9.29	)		(4.37	)		(0.77	)		(0.31	)
Net asset value, end of period	$	13.67		$	10.36		$	11.75		$	20.07		$	23.01		$	20.07
Total return(b)		36.26	%		(1.55	)%		10.73	%		6.56	%		18.85	%		(3.45	)%
Net assets, end of period (in 000s)	$	72,244		$	64,328		$	105,498		$	227,158		$	362,752		$	272,442
Ratio of net expenses to average net assets		0.78	%(c)		0.84	%		0.90	%		0.92	%		0.91	%		0.89	%
Ratio of total expenses to average net assets		1.03	%(c)		1.03	%		1.02	%		0.95	%		0.94	%		0.91	%
Ratio of net investment income to average net assets		0.66	%(c)		1.04	%		1.13	%		0.68	%		0.79	%		0.59	%
Portfolio turnover rate(d)		27	%		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 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.

(c) Annualized.

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

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

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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.37		$	11.76		$	20.08		$	20.18
Net investment income(b)		0.04			0.12			0.14			0.02
Net realized and unrealized gain (loss)		3.67			(0.25	)		0.85			0.29
Total from investment operations		3.71			(0.13	)		0.99			0.31
Distributions to shareholders from net investment income		(0.35	)		(0.28	)		(0.27	)		(0.28	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(0.13	)
Total distributions		(0.39	)		(1.26	)		(9.31	)		(0.41	)
Net asset value, end of period	$	13.69		$	10.37		$	11.76		$	20.08
Total return(c)		36.37	%		(1.47	)%		10.78	%		1.54	%
Net assets, end of period (in 000s)	$	2,633		$	1,868		$	2,240		$	10
Ratio of net expenses to average net assets		0.71	%(d)		0.76	%		0.80	%		0.77	%(d)
Ratio of total expenses to average net assets		0.90	%(d)		0.90	%		0.89	%		0.80	%(d)
Ratio of net investment income to average net assets		0.71	%(d)		1.11	%		1.19	%		0.16	%(d)
Portfolio turnover rate(e)		27	%		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.

40 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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.76		$	11.13		$	19.51		$	22.49		$	19.63		$	20.66
Net investment income(a)		0.01			0.06			0.07			0.04			0.06			0.02
Net realized and unrealized gain (loss)		3.44			(0.24	)		0.78			1.25			3.47			(0.84	)
Total from investment operations		3.45			(0.18	)		0.85			1.29			3.53			(0.82	)
Distributions to shareholders from net investment income		(0.32	)		(0.21	)		(0.19	)		(0.23	)		(0.21	)		(0.08	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(4.04	)		(0.46	)		(0.13	)
Total distributions		(0.36	)		(1.19	)		(9.23	)		(4.27	)		(0.67	)		(0.21	)
Net asset value, end of period	$	12.85		$	9.76		$	11.13		$	19.51		$	22.49		$	19.63
Total return(b)		35.91	%		(2.01	)%		10.08	%		6.07	%		18.27	%		(3.96	)%
Net assets, end of period (in 000s)	$	1,386		$	1,131		$	2,575		$	3,484		$	4,506		$	4,749
Ratio of net expenses to average net assets		1.28	%(c)		1.35	%		1.40	%		1.42	%		1.41	%		1.39	%
Ratio of total expenses to average net assets		1.53	%(c)		1.53	%		1.52	%		1.45	%		1.44	%		1.41	%
Ratio of net investment income to average net assets		0.15	%(c)		0.57	%		0.61	%		0.18	%		0.27	%		0.10	%
Portfolio turnover rate(d)		27	%		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 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.

(c) Annualized.

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

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

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.38		$	11.76		$	20.08		$	20.21
Net investment income (loss)(b)		0.04			0.12			0.15			(0.04	)
Net realized and unrealized gain (loss)		3.66			(0.24	)		0.84			0.25
Total from investment operations		3.70			(0.12	)		0.99			0.21
Distributions to shareholders from net investment income		(0.35	)		(0.28	)		(0.27	)		(0.21	)
Distributions to shareholders from net realized gains		(0.04	)		(0.98	)		(9.04	)		(0.13	)
Total distributions		(0.39	)		(1.26	)		(9.31	)		(0.34	)
Net asset value, end of period	$	13.69		$	10.38		$	11.76		$	20.08
Total return(c)		36.23	%		(1.46	)%		10.86	%		1.03	%
Net assets, end of period (in 000s)	$	11,369		$	7,791		$	21,171		$	41,067
Ratio of net expenses to average net assets		0.71	%(d)		0.77	%		0.79	%		0.77	%(d)
Ratio of total expenses to average net assets		0.90	%(d)		0.89	%		0.87	%		0.81	%(d)
Ratio of net investment income to average net assets		0.69	%(d)		1.10	%		1.24	%		(0.37	)%(d)
Portfolio turnover rate(e)		27	%		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.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
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 Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

43

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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;

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;

44

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

Equity Securities — Equity securities traded on a 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 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 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

45

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

The Income Builder Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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

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

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

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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  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.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

47

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement. The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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. 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

INCOME BUILDER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,449,136		$	—		$	—
Europe		173,103,411			—			—
North America		619,262,715			11,402,220			576,315
Fixed Income
Corporate Obligations		—			967,448,993			—
Mortgage-Backed Obligations		—			175,940			—
Foreign Debt Obligations		—			2,968,640			—
Bank Loans		—			157,985,644			6,528,456
Warrants		—			60,243			48,685
Investment Companies		156,710,935			—			—
Securities Lending Reinvestment Vehicle		5,243,595			—			—
Total	$	960,769,792		$	1,140,041,680		$	7,153,456
Liabilities(b)
Fixed Income
Unfunded Loan Commitment	$	—		$	—		$	(26	)
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	5,395		$	—
Futures Contracts		3,272,854			—			—
Interest Rate Swap Contracts		—			1,815			—
Credit Default Swap Contracts		—			19,140			—
Total	$	3,272,854		$	26,350		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(214,895	)	$	—
Futures Contracts		(1,245,595	)		—			—
Interest Rate Swap Contracts		—			(166,529	)		—
Total Return Swap Contracts		—			(231,963	)		—
Total	$	(1,245,595	)	$	(613,387	)	$	—

(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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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

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	$	20,040,880	$	—	$	—
North America		496,772,019		—		—
Investment Companies		15,252,507		—		—
Total	$	532,065,406	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	914,918	$	—	$	—

(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 April 30, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts;	$	19,140		—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		5,395		Payable for unrealized loss on forward foreign currency exchange contracts		(214,895)
Equity	Variation margin on futures contracts		2,492,471	(a)	Payable for unrealized loss on swap contracts		(231,963)	(b)
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts		782,198	(a)	Variation margin on swap contracts; Variation margin on futures contracts		(1,412,124)	(a)
Total		$	3,299,204			$	(1,858,982)
Rising Dividend Growth
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	914,918	(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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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

(b) Aggregate of amounts include $231,963 for the Income Builder Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Income Builder
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net unrealized gain (loss) swap contracts	$	(6,994)	$	19,140
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain(loss) on forward foreign currency exchange contracts		671		(246,381)
Equity	Net realized gain from futures and swap contracts/Net unrealized gain (loss) on futures and swap contracts		12,653,592		4,281,114
Interest	Net realized gain from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		(10,324,675)		1,564,073
Total		$	2,322,594	$	5,617,946
Rising Dividend Growth
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts	$	1,621,078	$	1,242,052

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

	Average Number of Contracts or Notional Amount(a)
Fund	Futures contracts		Forwards contracts		Swap Agreements
Income Builder		3,432	$	16,489,984	$	76,170,746
Rising Dividend Growth		64		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts or notional amounts for forward contracts and swap agreements, based on absolute values, which is indicative of volume for this derivative type, for the months that the Funds held such derivatives during the six months ended April 30, 2021.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Income Builder		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.52	%		0.44	%*
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.75			0.67	**

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

* 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 February 28, 2022, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** 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 February 28, 2022, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

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 six months ended April 30, 2021, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Income Builder	$	62,008
Rising Dividend Growth		6,263

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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During For the six months ended April 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Income Builder	$	35,305	$	—
Rising Dividend Growth		5,824		—

D.  Service Plan— The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor 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.

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 February 28, 2022, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each 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. These Other Expense limitations will remain in place through at least February 28, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2021, 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	$	789,333	$	—	$	446,511	$	1,235,844
Rising Dividend Growth		204,420		113,854		273,720		591,994

53

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of April 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021 the facility was $700,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2021, Goldman Sachs earned $9,637 in brokerage commissions from portfolio transactions, on behalf of the Income Builder Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2021:

Fund	Underlying Fund	Beginning Value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)		Ending Value as of April 30, 2021		Shares as of April 30, 2021		Dividend Income
Income Builder	Goldman Sachs Emerging Markets Equity Fund — Class R6	$	64,528	$	246	$	—		$	14,405	$	79,179		2,524	$	246
	Goldman Sachs Financial Square Government Fund — Institutional Shares		6,480,207		295,123,710		(243,561,373	)		—		58,042,544		58,042,544		5,294
	Goldman Sachs Financial Square Government Fund — Class R6		20,500,074		217,698,542		(168,902,467	)		—		69,296,149		69,296,149		6,240
	Goldman Sachs High Yield Fund — Class R6		54,358		1,462		—			2,832		58,652		9,065		1,462
	Goldman Sachs MLP Energy Infrastructure Fund — Class R6		11,446,384		10,153,449		—			7,634,578		29,234,411		1,276,612		896,190
Total		$	38,545,551	$	522,977,409	$	(412,463,840	)	$	7,651,815	$	156,710,935			$	909,432
Rising Dividend Growth	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	151,784	$	8,893,152	$	(8,808,321	)	$	—	$	236,615		236,615	$	40
	Goldman Sachs Financial Square Government Fund — Class R6		4,494,394		85,925,562		(75,404,064	)		—		15,015,892		15,015,892		1,101
Total		$	4,646,178	$	94,818,714	$	(84,212,385	)	$	—	$	15,252,507			$	1,141

54

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

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

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Income Builder	$	—	$	574,450,393	$	1,730,000	$	458,971,661
Rising Dividend Growth		—		128,565,141		—		193,815,965

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 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 April 30, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

55

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

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 six months ended April 30, 2021, are reported under Investment Income on the Statements of Operations.

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

	For the Six Months Ended April 30, 2021				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Rising Dividend Growth	$	11,155	$	—	$	—

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

Fund	Beginning value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2021		Shares as of April 30, 2021
Income Builder	$	—	$	51,567,581	$	(46,323,986	)	$	5,243,595		5,243,595
Rising Dividend Growth		1,243,550		18,864,871		(20,108,421	)		—		—

8. TAX INFORMATION

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

	Income Builder			Rising Dividend Growth
Capital loss carryforwards:
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	)

As of April 30, 2021, 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	$	1,829,745,098		$	371,320,028
Gross unrealized gain		291,193,439			187,979,808
Gross unrealized loss		(12,973,609	)		(27,234,430	)
Net unrealized gains (losses)	$	278,219,830		$	160,745,378

56

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

8. TAX INFORMATION (continued)

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.

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

9. OTHER RISKS

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

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

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

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 problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations,

57

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

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.

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. 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

58

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

9. OTHER RISKS (continued)

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.

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.

59

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

11. OTHER MATTERS

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 period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

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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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,309,531		$	84,987,043			3,444,417		$	81,075,795
Reinvestment of distributions		206,893			5,314,329			425,053			9,849,705
Shares redeemed		(1,438,049	)		(36,874,763	)		(3,157,946	)		(72,889,213	)
		2,078,375			53,426,609			711,524			18,036,287
Class C Shares
Shares sold		933,831			23,496,113			1,789,841			41,157,194
Reinvestment of distributions		182,103			4,588,853			465,379			10,575,196
Shares redeemed		(2,464,251	)		(62,030,325	)		(5,623,116	)		(127,931,312	)
		(1,348,317	)		(33,945,359	)		(3,367,896	)		(76,198,922	)
Institutional Shares
Shares sold		9,030,580			236,045,531			12,873,547			308,323,535
Reinvestment of distributions		437,132			11,501,297			825,771			19,554,766
Shares redeemed		(2,534,370	)		(66,361,087	)		(10,911,901	)		(251,978,866	)
		6,933,342			181,185,741			2,787,417			75,899,435
Investor Shares
Shares sold		2,247,947			58,334,114			4,058,729			96,589,681
Reinvestment of distributions		182,053			4,771,095			400,544			9,472,182
Shares redeemed		(1,780,066	)		(46,424,990	)		(4,607,546	)		(105,650,306	)
		649,934			16,680,219			(148,273	)		411,557
Class R6 Shares
Shares sold		175,566			4,632,311			2,479,595			60,768,260
Reinvestment of distributions		10,175			267,733			81,840			1,929,138
Shares redeemed		(2,166,442	)		(55,517,849	)		(268,437	)		(5,872,640	)
		(1,980,701	)		(50,617,805	)		2,292,998			56,824,758
Class P Shares
Shares sold		187,914			4,966,246			432,334			10,475,567
Reinvestment of distributions		12,244			322,085			24,175			575,637
Shares redeemed		(99,501	)		(2,631,068	)		(346,748	)		(8,150,793	)
		100,657			2,657,263			109,761			2,900,411
NET INCREASE		6,433,290		$	169,386,668			2,385,531		$	77,873,526

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,872,563		$	34,375,125			3,175,610		$	31,136,025
Reinvestment of distributions		487,873			5,501,112			2,003,644			20,863,785
Shares redeemed		(2,538,580	)		(29,407,616	)		(6,706,465	)		(64,982,419	)
		821,856			10,468,621			(1,527,211	)		(12,982,609	)
Class C Shares
Shares sold		137,548			1,637,739			382,059			3,978,768
Reinvestment of distributions		279,220			3,179,840			1,518,795			16,217,447
Shares redeemed		(3,859,087	)		(46,593,963	)		(8,109,150	)		(81,750,482	)
		(3,442,319	)		(41,776,384	)		(6,208,296	)		(61,554,267	)
Institutional Shares
Shares sold		1,124,138			14,584,874			1,544,449			16,238,584
Reinvestment of distributions		260,784			3,115,454			1,387,802			15,267,883
Shares redeemed		(2,219,243	)		(26,914,790	)		(9,828,045	)		(100,369,325	)
		(834,321	)		(9,214,462	)		(6,895,794	)		(68,862,858	)
Investor Shares
Shares sold		341,347			4,256,903			762,746			8,117,415
Reinvestment of distributions		186,454			2,220,682			951,261			10,450,296
Shares redeemed		(1,451,899	)		(17,785,756	)		(4,485,749	)		(46,586,109	)
		(924,098	)		(11,308,171	)		(2,771,742	)		(28,018,398	)
Class R6 Shares
Shares sold		28,911			360,084			68,556			711,516
Reinvestment of distributions		5,922			70,787			21,891			239,578
Shares redeemed		(22,551	)		(281,766	)		(100,789	)		(1,045,464	)
		12,282			149,105			(10,342	)		(94,370	)
Class R Shares
Shares sold		6,597			76,627			18,344			182,661
Reinvestment of distributions		3,485			38,977			22,024			229,741
Shares redeemed		(18,174	)		(215,221	)		(155,750	)		(1,592,357	)
		(8,092	)		(99,617	)		(115,382	)		(1,179,955	)
Class P Shares
Shares sold		137,238			1,713,179			64,197			643,263
Reinvestment of distributions		25,979			310,515			167,433			1,854,725
Shares redeemed		(83,676	)		(1,024,787	)		(1,280,451	)		(13,288,125	)
		79,541			998,907			(1,048,821	)		(10,790,137	)
NET DECREASE		(4,295,151	)	$	(50,782,001	)		(18,577,588	)	$	(183,482,594	)

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

63

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Period Ended April 30,  2021 (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 November 1, 2020 through April 30, 2021, which represents a period of 181 days in a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/21*		Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/21*
Class A
Actual	$	1,000.00	$	1,144.80		$	4.31	$	1,000.00	$	1,361.40		$	6.03
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,019.69	+		5.16
Class C
Actual		1,000.00		1,140.10			8.28		1,000.00		1,355.80			10.40
Hypothetical 5% return		1,000.00		1,017.06	+		7.80		1,000.00		1,015.97	+		8.90
Institutional
Actual		1,000.00		1,146.60			2.55		1,000.00		1,362.30			4.22
Hypothetical 5% return		1,000.00		1,022.41	+		2.41		1,000.00		1,021.22	+		3.61
Investor
Actual		1,000.00		1,146.20			2.98		1,000.00		1,362.60			4.57
Hypothetical 5% return		1,000.00		1,022.02	+		2.81		1,000.00		1,020.93	+		3.91
Class R6
Actual		1,000.00		1,146.60			2.50		1,000.00		1,363.70			4.16
Hypothetical 5% return		1,000.00		1,022.46	+		2.36		1,000.00		1,021.27	+		3.56
Class R
Actual		N/A		N/A			N/A		1,000.00		1,359.10			7.49
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.45	+		6.41
Class P
Actual		1,000.00		1,146.60			2.50		1,000.00		1,362.30			4.16
Hypothetical 5% return		1,000.00		1,022.46	+		2.36		1,000.00		1,021.27	+		3.56

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio (excluding proxy fees) 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		0.81	%		1.56	%		0.48	%		0.56	%		0.47	%		N/A			0.47	%
Rising Dividend Growth		1.03			1.78			0.72			0.78			0.71			1.28	%		0.71

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fees) and an assumed rate of return of 5% per year before expenses.

64

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.00 trillion in assets under supervision as of April 30, 2021, 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 Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁴

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁵

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁵  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

Visit our 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).

© 2021 Goldman Sachs. All rights reserved. 242250-OTU-1430453 DIVFOSAR-21

Goldman Sachs Funds

Semi-Annual Report	April 30, 2021
	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

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
Fund Basics	1
Schedules of Investments	13
Financial Statements	39
Financial Highlights	46
Large Cap Growth Insights	46
Large Cap Value Insights	54
Small Cap Equity Insights	62
Small Cap Growth Insights	70
Small Cap Value Insights	77
U.S. Equity Insights	84
Notes to Financial Statements	92
Other Information	113

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		24.49	%		24.31	%
Class C		23.98			24.31
Institutional		24.67			24.31
Service		24.40			24.31
Investor		24.61			24.31
Class R6		24.70			24.31
Class R		24.33			24.31
Class P		24.68			24.31

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

²  The Russell 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. It is not possible to invest directly in an index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/213
Holding	% of Net Assets			Line of Business
Apple, Inc.		11.6	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		10.6		Software
Amazon.com, Inc.		6.5		Internet & Direct Marketing Retail
Alphabet, Inc., Class C		5.3		Interactive Media & Services
Facebook, Inc., Class A		5.0		Interactive Media & Services
PayPal Holdings, Inc.		2.3		IT Services
Visa, Inc., Class A		2.3		IT Services
Tesla, Inc.		1.7		Automobiles
Applied Materials, Inc.		1.6		Semiconductors & Semiconductor Equipment
Booking Holdings, Inc.		1.5		Hotels, Restaurants & Leisure

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets as of April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

2

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		35.27	%		36.30	%
Class C		34.78			36.30
Institutional		35.51			36.30
Service		35.12			36.30
Investor		35.42			36.30
Class R6		35.52			36.30
Class R		35.11			36.30
Class P		35.49			36.30

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

²  The 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. It is not possible to invest directly in an index.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/213
Holding	% of Net Assets			Line of Business
Johnson & Johnson		2.9	%	Pharmaceuticals
Walt Disney Co. (The)		2.4		Entertainment
Alphabet, Inc., Class A		2.2		Interactive Media & Services
Walmart, Inc.		2.0		Food & Staples Retailing
International Business Machines Corp.		1.6		IT Services
Berkshire Hathaway, Inc., Class B		1.6		Diversified Financial Services
Philip Morris International, Inc.		1.6		Tobacco
Fidelity National Information Services, Inc.		1.5		IT Services
Micron Technology, Inc.		1.5		Semiconductors & Semiconductor Equipment
Prologis, Inc. REIT		1.4		Equity Real Estate Investment Trusts (REITs)

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

4

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 2000® Index2
Class A		47.21	%		48.06	%
Class C		46.62			48.06
Institutional		47.40			48.06
Service		47.09			48.06
Investor		47.36			48.06
Class R6		47.48			48.06
Class R		46.99			48.06
Class P		47.44			48.06

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

²  The Russell 2000^® Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the Russell 2000^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/213
Holding	% of Net Assets			Line of Business
Penn National Gaming, Inc.		0.9	%	Hotels, Restaurants & Leisure
Texas Roadhouse, Inc.		0.9		Hotels, Restaurants & Leisure
Louisiana-Pacific Corp.		0.9		Paper & Forest Products
Natera, Inc.		0.8		Biotechnology
Tenet Healthcare Corp.		0.8		Health Care Providers & Services
Alcoa Corp.		0.8		Metals & Mining
Select Medical Holdings Corp.		0.7		Health Care Providers & Services
Red Rock Resorts, Inc., Class A		0.7		Hotels, Restaurants & Leisure
Terreno Realty Corp. REIT		0.7		Equity Real Estate Investment Trusts (REITs)
Goodyear Tire & Rubber Co. (The)		0.7		Auto Components

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

6

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 2000 Growth® Index2
Class A		38.40	%		37.84	%
Class C		37.90			37.84
Institutional		38.65			37.84
Investor		38.60			37.84
Class R6		38.68			37.84
Class R		38.27			37.84
Class P		38.68			37.84

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

²  The Russell 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 returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/20213
Holding	% of Net Assets			Line of Business
Natera, Inc.		1.2	%	Biotechnology
Texas Roadhouse, Inc.		1.1		Hotels, Restaurants & Leisure
Neogen Corp.		1.0		Health Care Equipment & Supplies
Penn National Gaming, Inc.		1.0		Hotels, Restaurants & Leisure
Select Medical Holdings Corp.		0.9		Health Care Providers & Services
RBC Bearings, Inc.		0.9		Machinery
Merit Medical Systems, Inc.		0.9		Health Care Equipment & Supplies
STAAR Surgical Co.		0.9		Health Care Equipment & Supplies
Varonis Systems, Inc.		0.9		Software
Kinsale Capital Group, Inc.		0.9		Insurance

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets as of April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

8

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		55.70	%		59.17	%
Class C		55.09			59.17
Institutional		56.02			59.17
Investor		55.93			59.17
Class R6		55.98			59.17
Class R		55.49			59.17
Class P		56.01			59.17

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

²  The Russell 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 index.

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/20213
Holding	% of Net Assets			Line of Business
Alcoa Corp.		1.0	%	Metals & Mining
Darling Ingredients, Inc.		0.9		Food Products
Penn National Gaming, Inc.		0.9		Hotels, Restaurants & Leisure
Tenet Healthcare Corp.		0.9		Health Care Providers & Services
Goodyear Tire & Rubber Co. (The)		0.8		Auto Components
Performance Food Group Co.		0.8		Food & Staples Retailing
PotlatchDeltic Corp. REIT		0.8		Equity Real Estate Investment Trusts (REITs)
Summit Materials, Inc., Class A		0.8		Construction Materials
Novavax, Inc.		0.8		Biotechnology
International Bancshares Corp.		0.7		Banks

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets as of April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

10

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		28.57	%		28.85	%
Class C		28.09			28.85
Institutional		28.81			28.85
Service		28.48			28.85
Investor		28.73			28.85
Class R6		28.81			28.85
Class R		28.40			28.85
Class P		28.81			28.85

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

²  The S&P 500^® Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the S&P 500^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/213
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.9	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		6.4		Software
Amazon.com, Inc.		3.6		Internet & Direct Marketing Retail
Alphabet, Inc., Class C		3.3		Interactive Media & Services
Facebook, Inc., Class A		3.2		Interactive Media & Services
Johnson & Johnson		2.2		Pharmaceuticals
Visa, Inc., Class A		1.6		IT Services
Walmart, Inc.		1.6		Food & Staples Retailing
Alphabet, Inc., Class A		1.5		Interactive Media & Services
Walt Disney Co. (The)		1.5		Entertainment

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2021

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

12

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Aerospace & Defense – 0.5%
	2,069	Northrop Grumman Corp.	$	733,336
	20,949	Teledyne Technologies, Inc.*		9,379,915
				10,113,251
Air Freight & Logistics – 0.2%
	16,015	United Parcel Service, Inc., Class B		3,264,818
Auto Components – 0.1%
	71,249	Gentex Corp.		2,506,540
Automobiles – 1.7%
	45,131	Tesla, Inc.*		32,017,737
Biotechnology – 3.2%
	69,916	Biogen, Inc.*		18,690,644
	32,664	Incyte Corp.*		2,788,852
	9,273	Moderna, Inc.*		1,658,198
	34,734	Regeneron Pharmaceuticals, Inc.*		16,717,474
	6,771	Seagen, Inc.*		973,399
	87,257	Vertex Pharmaceuticals, Inc.*		19,039,478
				59,868,045
Capital Markets – 1.3%
	45,437	Evercore, Inc., Class A		6,367,087
	398,906	Jefferies Financial Group, Inc.		12,968,434
	66,491	State Street Corp.		5,581,919
				24,917,440
Chemicals – 0.6%
	72,773	Celanese Corp.		11,399,890
Commercial Services & Supplies – 0.1%
	7,264	Cintas Corp.		2,507,097
Consumer Finance – 1.5%
	366,500	Ally Financial, Inc.		18,856,425
	20,579	Capital One Financial Corp.		3,067,917
	129,852	Synchrony Financial		5,679,727
				27,604,069
Diversified Consumer Services – 0.2%
	54,496	frontdoor, Inc.*		2,917,171
Diversified Financial Services – 0.1%
	19,014	Voya Financial, Inc.		1,289,529
Entertainment – 2.3%
	208,062	Activision Blizzard, Inc.		18,973,174
	7,319	Netflix, Inc.*		3,758,087
	116,957	Take-Two Interactive Software, Inc.*		20,511,918
				43,243,179
Equity Real Estate Investment Trusts (REITs) – 3.8%
	21,973	American Homes 4 Rent, Class A REIT		813,880
	281,317	Equity LifeStyle Properties, Inc. REIT		19,523,400
	135,487	Extra Space Storage, Inc. REIT		20,145,562
	74,193	First Industrial Realty Trust, Inc. REIT		3,692,586
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	168,120	Healthcare Trust of America, Inc., Class A REIT		4,937,684
	46,222	Highwoods Properties, Inc. REIT		2,070,283
	165,120	Prologis, Inc. REIT		19,241,434
				70,424,829
Food & Staples Retailing – 0.1%
	15,395	Walmart, Inc.		2,153,914
Health Care Equipment & Supplies – 3.4%
	5,495	Align Technology, Inc.*		3,272,437
	221,125	Edwards Lifesciences Corp.*		21,121,860
	208,965	Hologic, Inc.*		13,697,656
	3,603	Intuitive Surgical, Inc.*		3,116,595
	48,054	Quidel Corp.*		5,035,579
	52,498	West Pharmaceutical Services, Inc.		17,246,643
				63,490,770
Health Care Providers & Services – 4.4%
	54,396	Anthem, Inc.		20,637,299
	25,776	Chemed Corp.		12,285,099
	57,746	Cigna Corp.		14,379,332
	105,372	HCA Healthcare, Inc.		21,186,094
	6,622	Molina Healthcare, Inc.*		1,689,272
	27,209	UnitedHealth Group, Inc.		10,850,949
				81,028,045
Hotels, Restaurants & Leisure – 3.0%
	11,295	Booking Holdings, Inc.*		27,854,374
	3,539	Chipotle Mexican Grill, Inc.*		5,280,294
	12,910	Marriott International, Inc., Class A*		1,917,393
	28,404	Penn National Gaming, Inc.*		2,531,365
	57,834	Vail Resorts, Inc.*		18,805,303
				56,388,729
Household Durables – 0.3%
	41,110	D.R. Horton, Inc.		4,040,702
	13,567	Toll Brothers, Inc.		850,651
				4,891,353
Insurance – 2.1%
	13,904	Aon PLC, Class A		3,496,022
	447,143	Arch Capital Group Ltd.*		17,756,049
	38,894	Primerica, Inc.		6,214,094
	136,903	W R Berkley Corp.		10,913,907
				38,380,072
Interactive Media & Services – 11.3%
	2,452	Alphabet, Inc., Class A*		5,770,782
	40,796	Alphabet, Inc., Class C*		98,323,255
	286,835	Facebook, Inc., Class A*		93,244,322
	116,324	Pinterest, Inc., Class A*		7,720,424
	29,215	Zillow Group, Inc., Class C*		3,801,456
				208,860,239

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – 7.6%
	34,717	Amazon.com, Inc.*	$	120,378,420
	132,822	eBay, Inc.		7,410,140
	24,370	Etsy, Inc.*		4,844,512
	28,262	Wayfair, Inc., Class A*(a)		8,353,399
				140,986,471
IT Services – 8.7%
	28,829	Accenture PLC, Class A		8,359,545
	89,889	Gartner, Inc.*		17,607,457
	35,788	Mastercard, Inc., Class A		13,673,163
	160,731	PayPal Holdings, Inc.*		42,158,134
	87,640	VeriSign, Inc.*		19,173,003
	178,720	Visa, Inc., Class A		41,741,843
	719,794	Western Union Co. (The)		18,541,894
				161,255,039
Life Sciences Tools & Services – 2.3%
	87,242	IQVIA Holdings, Inc.*		20,474,825
	16,041	Mettler-Toledo International, Inc.*		21,066,966
	525	Thermo Fisher Scientific, Inc.		246,871
				41,788,662
Machinery – 1.0%
	59,185	Parker-Hannifin Corp.		18,572,845
Media – 0.8%
	311,344	News Corp., Class A		8,155,656
	43,382	Nexstar Media Group, Inc., Class A		6,394,941
				14,550,597
Personal Products – 1.1%
	65,250	Estee Lauder Cos., Inc. (The), Class A		20,475,450
	6,805	Herbalife Nutrition Ltd.*		311,465
				20,786,915
Pharmaceuticals – 3.2%
	148,485	Johnson & Johnson		24,162,964
	63,310	Merck & Co., Inc.		4,716,595
	118,336	Perrigo Co. PLC		4,926,328
	149,938	Zoetis, Inc.		25,943,772
				59,749,659
Road & Rail – 1.2%
	2,838	AMERCO		1,693,236
	81,167	Old Dominion Freight Line, Inc.		20,925,664
				22,618,900
Semiconductors & Semiconductor Equipment – 5.3%
	77,233	Advanced Micro Devices, Inc.*		6,303,757
	224,812	Applied Materials, Inc.		29,834,801
	39,869	KLA Corp.		12,572,689
	24,512	Lam Research Corp.		15,208,470
	211,195	Micron Technology, Inc.*		18,177,554
	25,073	NVIDIA Corp.		15,053,328
				97,150,599
Software – 15.7%
	8,563	Adobe, Inc.*		4,352,915
	8,293	Aspen Technology, Inc.*		1,085,056
Common Stocks – (continued)
Software – (continued)
	62,302	DocuSign, Inc.*		13,889,608
	116,839	Dolby Laboratories, Inc., Class A		11,855,653
	37,087	Fair Isaac Corp.*		19,337,533
	30,990	HubSpot, Inc.*		16,314,686
	27,444	Manhattan Associates, Inc.*		3,766,415
	775,718	Microsoft Corp.		195,620,565
	98,913	Oracle Corp.		7,496,616
	4,275	RingCentral, Inc., Class A*		1,363,511
	5,834	salesforce.com, Inc.*		1,343,687
	19,942	Trade Desk, Inc. (The), Class A*		14,543,900
	2,949	VMware, Inc., Class A*(a)		474,288
				291,444,433
Specialty Retail – 0.6%
	5,970	Burlington Stores, Inc.*		1,948,190
	126,821	L Brands, Inc.*		8,357,504
				10,305,694
Technology Hardware, Storage & Peripherals – 11.6%
	1,628,631	Apple, Inc.		214,099,831
Textiles, Apparel & Luxury Goods – 0.1%
	21,769	Skechers USA, Inc., Class A*		1,055,579
	TOTAL COMMON STOCKS
	(Cost $1,120,598,647)		$	1,841,631,941
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,120,618,150)		$	1,841,631,941

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.4%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,069,012		0.026	%	$	7,069,012
(Cost $7,069,012)
TOTAL INVESTMENTS – 99.8%
(Cost $1,127,687,162)				$	1,848,700,953
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					2,973,388
NET ASSETS – 100.0%				$	1,851,674,341

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 3.3%
	61,167	Howmet Aerospace, Inc.*	$	1,954,897
	13,263	Huntington Ingalls Industries, Inc.		2,816,000
	12,574	Northrop Grumman Corp.		4,456,729
	10,079	Teledyne Technologies, Inc.*		4,512,872
				13,740,498
Air Freight & Logistics – 0.6%
	11,714	United Parcel Service, Inc., Class B		2,388,016
Auto Components – 0.3%
	33,446	Gentex Corp.		1,176,630
Automobiles – 0.9%
	331,149	Ford Motor Co.*		3,821,459
Banks – 4.7%
	61,274	Bank of America Corp.		2,483,435
	11,587	Citigroup, Inc.		825,458
	40,575	Citizens Financial Group, Inc.		1,877,811
	1,657	First Republic Bank		303,629
	20,230	Huntington Bancshares, Inc.		309,923
	36,881	JPMorgan Chase & Co.		5,672,667
	164,877	KeyCorp		3,587,723
	5,926	PacWest Bancorp		257,248
	62,512	Regions Financial Corp.		1,362,762
	18,421	Western Alliance Bancorp		1,935,494
	18,337	Zions Bancorp NA		1,023,205
				19,639,355
Biotechnology – 1.9%
	13,717	Biogen, Inc.*		3,666,965
	48,357	Gilead Sciences, Inc.		3,069,219
	5,810	Vertex Pharmaceuticals, Inc.*		1,267,742
				8,003,926
Capital Markets – 4.6%
	1,806	Ameriprise Financial, Inc.		466,670
	100,451	Bank of New York Mellon Corp. (The)		5,010,496
	3,803	CME Group, Inc.		768,168
	23,362	Evercore, Inc., Class A		3,273,717
	25,051	Interactive Brokers Group, Inc., Class A		1,791,647
	132,923	Jefferies Financial Group, Inc.		4,321,327
	44,266	State Street Corp.		3,716,131
				19,348,156
Chemicals – 2.7%
	131,453	Axalta Coating Systems Ltd.*		4,192,036
	28,566	Celanese Corp.		4,474,864
	31,650	CF Industries Holdings, Inc.		1,539,140
	3,879	International Flavors & Fragrances, Inc.		551,477
	14,169	Mosaic Co. (The)		498,465
				11,255,982
Commercial Services & Supplies – 0.1%
	1,370	Cintas Corp.		472,842
	1,213	Republic Services, Inc.		128,942
				601,784
Common Stocks – (continued)
Communications Equipment – 0.1%
	8,039	Cisco Systems, Inc.		409,266
Construction & Engineering – 0.2%
	10,507	AECOM*		697,980
Construction Materials – 1.0%
	5,595	Martin Marietta Materials, Inc.		1,975,706
	11,253	Vulcan Materials Co.		2,005,735
				3,981,441
Consumer Finance – 3.7%
	89,374	Ally Financial, Inc.		4,598,292
	37,796	Capital One Financial Corp.		5,634,628
	17,325	Santander Consumer USA Holdings, Inc.		588,011
	107,092	Synchrony Financial		4,684,204
				15,505,135
Distributors – 0.1%
	5,841	LKQ Corp.*		272,833
Diversified Financial Services – 2.6%
	24,364	Berkshire Hathaway, Inc., Class B*		6,698,882
	61,012	Voya Financial, Inc.		4,137,834
				10,836,716
Diversified Telecommunication Services – 0.4%
	13,536	AT&T, Inc.		425,166
	16,862	Liberty Global PLC, Class C (United Kingdom)*		456,286
	14,776	Verizon Communications, Inc.		853,905
				1,735,357
Electric Utilities – 0.3%
	5,782	Entergy Corp.		631,915
	4,912	Evergy, Inc.		314,220
	4,368	PPL Corp.		127,240
				1,073,375
Electrical Equipment – 1.3%
	32,069	AMETEK, Inc.		4,327,070
	6,551	Eaton Corp. PLC		936,335
	13,289	GrafTech International Ltd.		169,036
				5,432,441
Energy Equipment & Services – 1.1%
	87,019	Baker Hughes Co.		1,747,342
	54,602	Halliburton Co.		1,068,015
	66,238	Schlumberger NV		1,791,738
				4,607,095
Entertainment – 3.7%
	51,399	Activision Blizzard, Inc.		4,687,075
	6,302	Take-Two Interactive Software, Inc.*		1,105,245
	52,814	Walt Disney Co. (The)*		9,824,460
				15,616,780

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 7.3%
	11,080	AvalonBay Communities, Inc. REIT	$	2,127,360
	20,403	Camden Property Trust REIT		2,458,153
	62,808	Equity LifeStyle Properties, Inc. REIT		4,358,875
	28,563	Extra Space Storage, Inc. REIT		4,247,032
	84,292	First Industrial Realty Trust, Inc. REIT		4,195,213
	44,064	Healthcare Trust of America, Inc., Class A REIT		1,294,160
	30,077	Highwoods Properties, Inc. REIT		1,347,149
	92,477	Invitation Homes, Inc. REIT		3,242,244
	51,758	Prologis, Inc. REIT		6,031,360
	20,854	VEREIT, Inc. REIT		997,655
				30,299,201
Food & Staples Retailing – 3.1%
	12,189	Costco Wholesale Corp.		4,535,405
	59,900	Walmart, Inc.		8,380,609
				12,916,014
Food Products – 0.2%
	8,418	Ingredion, Inc.		786,325
Health Care Equipment & Supplies – 1.4%
	15,401	Danaher Corp.		3,910,930
	27,869	Hologic, Inc.*		1,826,813
				5,737,743
Health Care Providers & Services – 5.4%
	14,949	Anthem, Inc.		5,671,501
	49,360	Centene Corp.*		3,047,486
	21,974	Cigna Corp.		5,471,746
	23,529	HCA Healthcare, Inc.		4,730,741
	25,486	Universal Health Services, Inc., Class B		3,782,377
				22,703,851
Hotels, Restaurants & Leisure – 2.0%
	548	Booking Holdings, Inc.*		1,351,412
	6,616	Darden Restaurants, Inc.		970,699
	23,658	Marriott International, Inc., Class A*		3,513,686
	7,823	Vail Resorts, Inc.*		2,543,727
				8,379,524
Household Durables – 1.2%
	44,120	D.R. Horton, Inc.		4,336,555
	7,652	Toll Brothers, Inc.		479,780
				4,816,335
Independent Power and Renewable Electricity Producers – 0.7%
	109,679	AES Corp. (The)		3,051,270
Insurance – 7.2%
	12,149	American Financial Group, Inc.		1,492,626
	1,816	Aon PLC, Class A		456,615
	111,703	Arch Capital Group Ltd.*		4,435,726
	33,807	Chubb Ltd.		5,800,943
	39,848	First American Financial Corp.		2,570,196
	40,208	Globe Life, Inc.		4,120,918
	86,724	Old Republic International Corp.		2,135,145
Common Stocks – (continued)
Insurance – (continued)
	3,693	Primerica, Inc.		590,031
	26,341	Travelers Cos., Inc. (The)		4,073,899
	53,152	W R Berkley Corp.		4,237,277
				29,913,376
Interactive Media & Services – 2.8%
	3,873	Alphabet, Inc., Class A*		9,115,105
	4,587	Facebook, Inc., Class A*		1,491,142
	14,027	Pinterest, Inc., Class A*		930,972
	847	Zillow Group, Inc., Class C*		110,212
				11,647,431
Internet & Direct Marketing Retail – 0.2%
	3,105	Wayfair, Inc., Class A*(a)		917,745
IT Services – 5.7%
	40,142	Fidelity National Information Services, Inc.		6,137,712
	16,807	Global Payments, Inc.		3,607,286
	47,715	International Business Machines Corp.		6,769,804
	2,314	PayPal Holdings, Inc.*		606,939
	10,685	VeriSign, Inc.*		2,337,558
	167,805	Western Union Co. (The)		4,322,657
				23,781,956
Life Sciences Tools & Services – 2.0%
	13,121	IQVIA Holdings, Inc.*		3,079,368
	2,489	Mettler-Toledo International, Inc.*		3,268,853
	4,642	Thermo Fisher Scientific, Inc.		2,182,808
				8,531,029
Machinery – 1.5%
	15,581	Otis Worldwide Corp.		1,213,293
	15,800	Parker-Hannifin Corp.		4,958,198
				6,171,491
Media – 2.0%
	203	Charter Communications, Inc., Class A*		136,710
	19,928	Comcast Corp., Class A		1,118,957
	8,632	John Wiley & Sons, Inc., Class A		491,506
	81,809	News Corp., Class A		2,142,987
	6,184	Nexstar Media Group, Inc., Class A		911,584
	44,030	Omnicom Group, Inc.		3,621,908
				8,423,652
Multiline Retail – 0.4%
	26,455	Kohl’s Corp.		1,551,850
Multi-Utilities – 1.0%
	13,350	CMS Energy Corp.		859,606
	16,490	Dominion Energy, Inc.		1,317,551
	59,123	MDU Resources Group, Inc.		1,978,256
				4,155,413
Oil, Gas & Consumable Fuels – 2.4%
	1,370	Chevron Corp.		141,206
	6,526	Cimarex Energy Co.		432,021

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	17,892	Diamondback Energy, Inc.	$	1,462,313
	36,409	EOG Resources, Inc.		2,681,159
	18,127	Exxon Mobil Corp.		1,037,589
	51,374	Hess Corp.		3,827,877
	18,207	Targa Resources Corp.		631,601
				10,213,766
Personal Products – 1.2%
	13,793	Estee Lauder Cos., Inc. (The), Class A		4,328,244
	15,517	Herbalife Nutrition Ltd.*		710,213
				5,038,457
Pharmaceuticals – 4.9%
	73,505	Johnson & Johnson		11,961,469
	2,518	Merck & Co., Inc.		187,591
	18,552	Perrigo Co. PLC		772,320
	78,557	Pfizer, Inc.		3,036,228
	25,352	Zoetis, Inc.		4,386,656
				20,344,264
Road & Rail – 3.8%
	5,722	AMERCO		3,413,917
	18,659	CSX Corp.		1,879,894
	11,969	Knight-Swift Transportation Holdings, Inc.		563,979
	16,934	Old Dominion Freight Line, Inc.		4,365,755
	25,527	Union Pacific Corp.		5,669,291
				15,892,836
Semiconductors & Semiconductor Equipment – 2.7%
	16,789	Applied Materials, Inc.		2,228,068
	47,805	Intel Corp.		2,750,222
	71,166	Micron Technology, Inc.*		6,125,258
	1,555	NXP Semiconductors NV (Netherlands)		299,353
				11,402,901
Software – 2.0%
	6,964	Dolby Laboratories, Inc., Class A		706,637
	15,913	Microsoft Corp.		4,012,940
	46,471	Oracle Corp.		3,522,037
	189	Trade Desk, Inc. (The), Class A*		137,840
				8,379,454
Specialty Retail – 1.0%
	10,685	Dick’s Sporting Goods, Inc.		882,367
	49,655	L Brands, Inc.*		3,272,265
				4,154,632
Technology Hardware, Storage & Peripherals – 1.0%
	14,475	Apple, Inc.		1,902,883
	33,944	Western Digital Corp.*		2,397,465
				4,300,348
Textiles, Apparel & Luxury Goods – 0.3%
	18,649	Skechers USA, Inc., Class A*		904,290
	4,097	Tapestry, Inc.*		196,041
				1,100,331
Common Stocks – (continued)
Tobacco – 1.6%
	69,579	Philip Morris International, Inc.		6,610,005
Trading Companies & Distributors – 0.6%
	28,072	Air Lease Corp.		1,311,243
	4,380	United Rentals, Inc.*		1,401,381
				2,712,624
	TOTAL COMMON STOCKS
	(Cost $346,089,303)		$	414,078,049
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $345,638,706)		$	414,078,049

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
907,700		0.026	%	$	907,700
(Cost $907,700)
TOTAL INVESTMENTS – 99.4%
(Cost $346,546,406)				$	414,985,749
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%					2,619,831
NET ASSETS – 100.0%				$	417,605,580

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. 17

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Aerospace & Defense – 0.4%
	15,921	Maxar Technologies, Inc.	$	617,894
	12,656	Moog, Inc., Class A		1,095,377
	13,065	Vectrus, Inc.*		683,953
				2,397,224
Air Freight & Logistics – 0.2%
	34,397	Echo Global Logistics, Inc.*		1,124,782
Auto Components – 1.2%
	15,502	Adient PLC*		718,363
	98,816	American Axle & Manufacturing Holdings, Inc.*		917,012
	241,984	Goodyear Tire & Rubber Co. (The)*		4,164,545
	30,007	Tenneco, Inc., Class A*		302,170
	8,426	Visteon Corp.*		1,026,371
				7,128,461
Banks – 6.6%
	43,716	1st Source Corp.		2,080,444
	34,108	Amalgamated Financial Corp.		550,844
	46,026	Ameris Bancorp		2,489,546
	68,229	Atlantic Capital Bancshares, Inc.*		1,825,126
	5,869	Atlantic Union Bankshares Corp.		226,954
	159,511	Bancorp, Inc. (The)*		3,541,942
	4,789	Banner Corp.		272,207
	83,823	Cadence BanCorp		1,865,062
	139,348	CVB Financial Corp.		2,955,571
	2,275	Equity Bancshares, Inc., Class A*		66,567
	31,306	First BanCorp. (Puerto Rico)		393,516
	138,632	First Foundation, Inc.		3,299,442
	48,787	First Internet Bancorp		1,675,833
	4,397	Glacier Bancorp, Inc.		259,203
	46,224	Hanmi Financial Corp.		938,347
	63,442	Heartland Financial USA, Inc.		3,189,229
	23,436	Home BancShares, Inc.		652,224
	83,731	International Bancshares Corp.		3,968,012
	5,057	Metropolitan Bank Holding Corp.*		317,832
	27,872	National Bank Holdings Corp., Class A		1,112,093
	9,661	Old National Bancorp		182,593
	17,658	Sierra Bancorp		478,002
	8,490	Southside Bancshares, Inc.		340,874
	2,563	TriCo Bancshares		118,616
	49,626	TriState Capital Holdings, Inc.*		1,184,573
	51,032	Trustmark Corp.		1,653,947
	49,991	United Bankshares, Inc.		1,963,147
	3,946	Washington Trust Bancorp, Inc.		201,443
				37,803,189
Biotechnology – 9.3%
	53,054	Affimed NV (Germany)*		567,147
	81,676	Amicus Therapeutics, Inc.*		803,692
	2,902	Anika Therapeutics, Inc.*		116,602
	31,025	Apellis Pharmaceuticals, Inc.*		1,572,037
	4,631	Arcturus Therapeutics Holdings, Inc.*		169,772
	40,273	Ardelyx, Inc.*		294,396
	17,425	Arrowhead Pharmaceuticals, Inc.*		1,267,843
Common Stocks – (continued)
Biotechnology – (continued)
	26,916	Atara Biotherapeutics, Inc.*		378,439
	102,684	Avid Bioservices, Inc.*		2,197,951
	14,291	BioCryst Pharmaceuticals, Inc.*		166,276
	39,025	CareDx, Inc.*		3,085,707
	127,273	Catalyst Pharmaceuticals, Inc.*		582,910
	1,455	CEL-SCI Corp.*(a)		35,109
	7,651	CytomX Therapeutics, Inc.*		71,613
	17,565	Denali Therapeutics, Inc.*		1,061,629
	20,739	Dynavax Technologies Corp.*		206,975
	20,795	Eagle Pharmaceuticals, Inc.*		849,060
	12,759	Editas Medicine, Inc.*		472,211
	95,168	Eiger BioPharmaceuticals, Inc.*		807,976
	27,238	Emergent BioSolutions, Inc.*		1,660,973
	8,095	Fate Therapeutics, Inc.*		707,422
	4,674	FibroGen, Inc.*		104,324
	33,899	Flexion Therapeutics, Inc.*		263,056
	17,120	G1 Therapeutics, Inc.*(a)		360,718
	23,532	Halozyme Therapeutics, Inc.*		1,175,423
	4,351	Harpoon Therapeutics, Inc.*		98,507
	32,683	Hookipa Pharma, Inc.*(a)		442,528
	63,655	ImmunoGen, Inc.*		513,059
	14,127	Immunovant, Inc.*		221,511
	15,480	Intellia Therapeutics, Inc.*		1,188,400
	23,500	Invitae Corp.*		820,150
	8,706	Ironwood Pharmaceuticals, Inc.*		96,114
	241,497	Kadmon Holdings, Inc.*		980,478
	21,801	Kura Oncology, Inc.*		587,101
	178,129	Minerva Neurosciences, Inc.*		423,947
	9,860	Mirati Therapeutics, Inc.*		1,638,929
	75,619	Mustang Bio, Inc.*		244,249
	76,658	Myriad Genetics, Inc.*		2,316,605
	42,082	Natera, Inc.*		4,629,862
	25,947	NextCure, Inc.*		227,555
	14,465	Novavax, Inc.*		3,427,192
	400,695	OPKO Health, Inc.*(a)		1,642,850
	28,326	Organogenesis Holdings, Inc.*		633,369
	45,593	Prothena Corp. PLC (Ireland)*		1,210,038
	2,970	REGENXBIO, Inc.*		103,029
	223,535	Selecta Biosciences, Inc.*		670,605
	12,168	Sorrento Therapeutics, Inc.*(a)		100,143
	10,441	Syros Pharmaceuticals, Inc.*		63,064
	18,736	TG Therapeutics, Inc.*		837,687
	52,768	Translate Bio, Inc.*		1,225,273
	11,117	Twist Bioscience Corp.*		1,491,790
	10,512	Ultragenyx Pharmaceutical, Inc.*		1,173,560
	69,438	Veracyte, Inc.*		3,454,541
	7,975	Vericel Corp.*		497,800
	4,442	Vir Biotechnology, Inc.*		212,061
	68,767	Xencor, Inc.*		2,926,724
	4,489	Y-mAbs Therapeutics, Inc.*		134,984
				53,212,966
Building Products – 0.8%
	27,983	Cornerstone Building Brands, Inc.*		393,441
	9,052	JELD-WEN Holding, Inc.*		264,047
	16,469	Masonite International Corp.*		2,079,870

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Building Products – (continued)
	57,065	Quanex Building Products Corp.	$	1,557,304
	5,317	Simpson Manufacturing Co., Inc.		599,226
				4,893,888
Capital Markets – 3.1%
	18,481	Artisan Partners Asset Management, Inc., Class A		941,052
	29,744	Cohen & Steers, Inc.		2,023,187
	80,637	Cowen, Inc., Class A		3,184,355
	14,217	Donnelley Financial Solutions, Inc.*		434,472
	93,144	Federated Hermes, Inc.		2,682,547
	12,643	Focus Financial Partners, Inc., Class A*		594,980
	29,451	Moelis & Co., Class A		1,598,600
	37,659	Oppenheimer Holdings, Inc., Class A		1,927,011
	43,562	PJT Partners, Inc., Class A		3,203,114
	3,628	Virtus Investment Partners, Inc.		992,113
				17,581,431
Chemicals – 2.0%
	28,504	AdvanSix, Inc.*		828,896
	194,410	Ferro Corp.*		3,238,871
	26,077	Ingevity Corp.*		2,036,092
	2,623	Innospec, Inc.		255,506
	38,278	Koppers Holdings, Inc.*		1,272,361
	10,694	Kraton Corp.*		382,417
	47,433	Minerals Technologies, Inc.		3,706,415
				11,720,558
Commercial Services & Supplies – 1.1%
	2,802	Cimpress PLC (Ireland)*		266,918
	73,219	Ennis, Inc.		1,517,830
	30,790	HNI Corp.		1,303,649
	9,047	KAR Auction Services, Inc.*		135,615
	67,977	Matthews International Corp., Class A		2,812,888
	43,871	Team, Inc.*		433,007
				6,469,907
Communications Equipment – 0.4%
	44,236	Calix, Inc.*		1,870,740
	15,195	Digi International, Inc.*		271,535
				2,142,275
Construction & Engineering – 1.5%
	5,724	Dycom Industries, Inc.*		536,968
	11,953	EMCOR Group, Inc.		1,431,969
	84,141	Great Lakes Dredge & Dock Corp.*		1,321,014
	37,474	Matrix Service Co.*		495,032
	64,378	Primoris Services Corp.		2,102,586
	31,221	Sterling Construction Co., Inc.*		650,958
	64,464	WillScot Mobile Mini Holdings Corp.*		1,886,861
				8,425,388
Construction Materials – 0.6%
	112,015	Summit Materials, Inc., Class A*		3,224,912
Consumer Finance – 0.4%
	144,006	Navient Corp.		2,423,621
Common Stocks – (continued)
Distributors – 0.2%
	45,728	Funko, Inc., Class A*		984,981
Diversified Financial Services – 0.3%
	116,065	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,713,119
Diversified Telecommunication Services – 0.7%
	85,596	Consolidated Communications Holdings, Inc.*		616,291
	81,989	Iridium Communications, Inc.*		3,114,762
	20,205	Ooma, Inc.*		333,989
				4,065,042
Electrical Equipment – 1.9%
	49,996	Atkore, Inc.*		3,913,687
	23,637	Encore Wire Corp.		1,765,211
	12,810	EnerSys		1,173,140
	25,078	Powell Industries, Inc.		883,749
	10,650	Sunrun, Inc.*		521,850
	26,479	Vicor Corp.*		2,442,158
				10,699,795
Electronic Equipment, Instruments & Components – 2.2%
	13,471	Belden, Inc.		583,025
	33,658	Benchmark Electronics, Inc.		1,010,413
	40,542	CTS Corp.		1,318,426
	9,439	II-VI, Inc.*		633,735
	2,734	Kimball Electronics, Inc.*		62,909
	108,468	Knowles Corp.*		2,266,981
	27,254	nLight, Inc.*		799,632
	11,044	Novanta, Inc.*		1,454,605
	88,968	TTM Technologies, Inc.*		1,334,520
	69,861	Vishay Intertechnology, Inc.		1,716,485
	43,659	Vishay Precision Group, Inc.*		1,391,849
				12,572,580
Energy Equipment & Services – 0.5%
	17,468	Cactus, Inc., Class A		520,721
	6,472	ChampionX Corp.*		135,977
	104,027	Helix Energy Solutions Group, Inc.*		446,276
	75,455	Oceaneering International, Inc.*		811,141
	58,448	Oil States International, Inc.*		327,893
	45,834	Transocean Ltd.*		147,585
	73,852	US Silica Holdings, Inc.*		786,524
				3,176,117
Entertainment – 0.3%
	64,153	AMC Entertainment Holdings, Inc., Class A*(a)		643,455
	41,271	Cinemark Holdings, Inc.*		874,945
	5,718	Gaia, Inc.*		60,268
				1,578,668
Equity Real Estate Investment Trusts (REITs) – 8.4%
	88,210	American Assets Trust, Inc. REIT		3,091,760
	9,224	Armada Hoffler Properties, Inc. REIT		125,723
	129,471	CareTrust REIT, Inc. REIT		3,130,609

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	141,250	City Office REIT, Inc. REIT	$	1,543,862
	54,471	Community Healthcare Trust, Inc. REIT		2,773,663
	12,709	EastGroup Properties, Inc. REIT		2,016,410
	42,676	Four Corners Property Trust, Inc. REIT		1,232,056
	72,156	Gladstone Commercial Corp. REIT		1,518,162
	60,698	Healthcare Realty Trust, Inc. REIT		1,952,048
	101,019	Independence Realty Trust, Inc. REIT		1,701,160
	65,432	Industrial Logistics Properties Trust REIT		1,622,714
	51,331	Kite Realty Group Trust REIT		1,068,198
	274,855	Lexington Realty Trust REIT		3,364,225
	8,244	Macerich Co. (The) REIT		113,685
	73,088	NexPoint Residential Trust, Inc. REIT		3,666,094
	98,097	Physicians Realty Trust REIT		1,837,357
	134,878	Piedmont Office Realty Trust, Inc., Class A REIT		2,511,428
	52,230	PotlatchDeltic Corp. REIT		3,100,373
	182,153	Retail Opportunity Investments Corp. REIT		3,205,893
	69,082	Retail Value, Inc. REIT		1,286,998
	29,674	STAG Industrial, Inc. REIT		1,083,398
	36,422	Tanger Factory Outlet Centers, Inc. REIT		635,564
	64,834	Terreno Realty Corp. REIT		4,183,090
	32,284	Urban Edge Properties REIT		608,553
	56,992	Urstadt Biddle Properties, Inc., Class A REIT		1,035,545
				48,408,568
Food & Staples Retailing – 1.2%
	51,993	Ingles Markets, Inc., Class A		3,186,651
	25,913	Natural Grocers by Vitamin Cottage, Inc.		407,352
	52,174	Performance Food Group Co.*		3,062,614
	6,585	SpartanNash Co.		127,552
				6,784,169
Food Products – 1.0%
	3,021	B&G Foods, Inc.(a)		88,153
	49,557	Darling Ingredients, Inc.*		3,441,733
	13,321	John B. Sanfilippo & Son, Inc.		1,170,916
	18,433	Seneca Foods Corp., Class A*		849,024
				5,549,826
Gas Utilities – 0.1%
	7,241	Southwest Gas Holdings, Inc.		504,843
Health Care Equipment & Supplies – 4.2%
	4,251	AngioDynamics, Inc.*		103,299
	38,560	Cantel Medical Corp.*		3,389,810
	15,381	CONMED Corp.		2,167,952
	4,016	CryoLife, Inc.*		117,187
	2,290	Heska Corp.*		418,268
	32,702	Integer Holdings Corp.*		3,070,064
	45,838	Invacare Corp.*		413,917
	3,775	iRhythm Technologies, Inc.*		293,921
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	5,607	LeMaitre Vascular, Inc.		294,199
	36,393	Meridian Bioscience, Inc.*		712,575
	56,067	Merit Medical Systems, Inc.*		3,565,861
	65,659	Natus Medical, Inc.*		1,677,587
	20,975	Neogen Corp.*		2,013,810
	15,376	Retractable Technologies, Inc.*(a)		149,301
	484	Shockwave Medical, Inc.*		79,115
	27,465	STAAR Surgical Co.*		3,762,980
	30,832	Surmodics, Inc.*		1,649,204
	4,362	Utah Medical Products, Inc.		380,628
				24,259,678
Health Care Providers & Services – 3.0%
	30,997	Brookdale Senior Living, Inc.*		202,720
	228,498	Community Health Systems, Inc.*		2,547,753
	2,476	Covetrus, Inc.*		70,937
	49,434	Hanger, Inc.*		1,232,390
	1,359	HealthEquity, Inc.*		103,243
	14,709	InfuSystem Holdings, Inc.*		332,718
	32,512	Joint Corp. (The)*		1,803,766
	19,819	National HealthCare Corp.		1,393,474
	27,308	RadNet, Inc.*		610,061
	112,464	Select Medical Holdings Corp.*		4,242,142
	75,352	Tenet Healthcare Corp.*		4,465,359
	2,647	Triple-S Management Corp. (Puerto Rico)*		62,760
	1,560	US Physical Therapy, Inc.		175,422
				17,242,745
Health Care Technology – 0.1%
	979	Inspire Medical Systems, Inc.*		231,847
	3,145	OptimizeRx Corp.*		158,696
				390,543
Hotels, Restaurants & Leisure – 4.5%
	4,979	BJ’s Restaurants, Inc.*		303,669
	2,642	Brinker International, Inc.*		177,357
	17,069	Caesars Entertainment, Inc.*		1,670,031
	4,910	Churchill Downs, Inc.		1,038,465
	23,506	Chuy’s Holdings, Inc.*		1,148,503
	18,230	Dave & Buster’s Entertainment, Inc.*		832,382
	28,507	Fiesta Restaurant Group, Inc.*		420,193
	4,626	Marriott Vacations Worldwide Corp.*		821,716
	12,153	Monarch Casino & Resort, Inc.*		916,458
	23,106	Noodles & Co.*		279,236
	60,236	Penn National Gaming, Inc.*		5,368,232
	2,848	Red Robin Gourmet Burgers, Inc.*		103,553
	114,322	Red Rock Resorts, Inc., Class A*		4,187,615
	26,657	Ruth’s Hospitality Group, Inc.*		696,014
	36,693	SeaWorld Entertainment, Inc.*		2,009,309
	4,874	Shake Shack, Inc., Class A*		530,048
	48,177	Texas Roadhouse, Inc.*		5,155,903
				25,658,684
Household Durables – 1.9%
	7,523	Century Communities, Inc.*		556,251
	3,332	iRobot Corp.*		362,522

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Household Durables – (continued)
	14,504	LGI Homes, Inc.*	$	2,404,473
	20,549	M/I Homes, Inc.*		1,432,676
	1,450	Meritage Homes Corp.*		154,265
	79,500	Taylor Morrison Home Corp.*		2,481,195
	146,446	Tri Pointe Homes, Inc.*		3,488,344
				10,879,726
Insurance – 3.7%
	11,368	Ambac Financial Group, Inc.*		194,961
	119,296	American Equity Investment Life Holding Co.		3,695,790
	34,929	AMERISAFE, Inc.		2,168,392
	44,098	Argo Group International Holdings Ltd.		2,301,034
	5,759	Enstar Group Ltd.*		1,446,545
	284,723	Genworth Financial, Inc., Class A*		1,230,003
	8,638	Goosehead Insurance, Inc., Class A		949,662
	18,444	James River Group Holdings Ltd.		868,897
	20,914	Kinsale Capital Group, Inc.		3,639,245
	1,889	National Western Life Group, Inc., Class A		433,148
	3,189	State Auto Financial Corp.		60,208
	63,729	Stewart Information Services Corp.		3,737,706
	7,297	Trupanion, Inc.*		591,787
				21,317,378
Interactive Media & Services – 1.5%
	60,229	Cargurus, Inc.*		1,486,452
	123,757	Cars.com, Inc.*		1,634,830
	7,565	EverQuote, Inc., Class A*		256,227
	45,713	QuinStreet, Inc.*		926,602
	294,490	TrueCar, Inc.*		1,354,654
	73,264	Yelp, Inc.*		2,879,275
				8,538,040
Internet & Direct Marketing Retail – 0.6%
	64,710	1-800-Flowers.com, Inc., Class A*		2,069,102
	2,760	Lands’ End, Inc.*		63,590
	17,163	Liquidity Services, Inc.*		307,733
	5,508	Stamps.com, Inc.*		1,131,178
				3,571,603
IT Services – 1.9%
	95,053	Brightcove, Inc.*		1,380,170
	1,826	Cass Information Systems, Inc.		83,795
	20,270	Conduent, Inc.*		137,836
	75,201	EVERTEC, Inc. (Puerto Rico)		3,000,520
	46,273	Perficient, Inc.*		3,035,971
	71,835	Sykes Enterprises, Inc.*		3,148,528
				10,786,820
Leisure Products – 0.5%
	63,623	Callaway Golf Co.		1,841,886
	4,319	MasterCraft Boat Holdings, Inc.*		122,487
	29,676	Vista Outdoor, Inc.*		967,734
				2,932,107
Common Stocks – (continued)
Life Sciences Tools & Services – 0.8%
	20,534	Medpace Holdings, Inc.*		3,484,209
	1,766	NanoString Technologies, Inc.*		140,697
	18,707	Personalis, Inc.*		460,941
	11,191	Quanterix Corp.*		684,218
				4,770,065
Machinery – 1.9%
	1,754	Barnes Group, Inc.		87,560
	27,009	Columbus McKinnon Corp.		1,337,216
	3,692	Federal Signal Corp.		152,960
	19,013	Franklin Electric Co., Inc.		1,545,187
	56,007	Meritor, Inc.*		1,513,869
	16,107	RBC Bearings, Inc.*		3,212,219
	36,440	Rexnord Corp.		1,819,449
	1,660	Shyft Group, Inc. (The)		58,797
	5,180	Terex Corp.		243,408
	43,794	Wabash National Corp.		771,212
				10,741,877
Marine – 0.1%
	46,242	Costamare, Inc. (Monaco)		486,466
Media – 1.2%
	4,068	Cardlytics, Inc.*		559,472
	718	Daily Journal Corp.*		219,126
	49,183	Entravision Communications Corp., Class A		189,355
	64,604	EW Scripps Co. (The), Class A		1,396,738
	62,954	Gray Television, Inc.		1,279,225
	17,064	TechTarget, Inc.*		1,308,809
	111,275	TEGNA, Inc.		2,232,177
				7,184,902
Metals & Mining – 1.5%
	117,383	Alcoa Corp.*		4,300,913
	28,015	Arconic Corp.*		801,229
	57,631	Cleveland-Cliffs, Inc.*		1,029,290
	18,020	Coeur Mining, Inc.*		145,602
	38,497	Haynes International, Inc.		1,125,652
	1,747	Materion Corp.		123,705
	43,498	SunCoke Energy, Inc.		293,611
	31,009	United States Steel Corp.		713,517
	10,654	Warrior Met Coal, Inc.		168,866
				8,702,385
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
	103,356	Capstead Mortgage Corp. REIT		669,747
	15,648	Chimera Investment Corp. REIT		205,614
	24,337	MFA Financial, Inc. REIT		107,083
	61,900	PennyMac Mortgage Investment Trust REIT		1,241,095
				2,223,539
Multiline Retail – 0.2%
	17,112	Big Lots, Inc.		1,179,701
	2,115	Dillard’s, Inc., Class A		209,195
				1,388,896

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Multi-Utilities – 0.8%
	16,779	Black Hills Corp.	$	1,157,415
	51,763	NorthWestern Corp.		3,521,437
				4,678,852
Oil, Gas & Consumable Fuels – 2.3%
	110,737	Ardmore Shipping Corp. (Ireland)*		434,089
	30,953	Bonanza Creek Energy, Inc.*		1,024,235
	33,457	CNX Resources Corp.*		448,993
	135,105	Comstock Resources, Inc.*		741,727
	281,769	DHT Holdings, Inc.		1,662,437
	7,755	Earthstone Energy, Inc., Class A*		54,440
	35,006	Magnolia Oil & Gas Corp., Class A*		394,168
	49,168	Matador Resources Co.		1,293,610
	86,352	Ovintiv, Inc.		2,066,403
	46,933	PDC Energy, Inc.*		1,713,524
	191,088	Range Resources Corp.*		1,876,484
	24,643	Scorpio Tankers, Inc. (Monaco)		447,024
	39,184	SM Energy Co.		619,107
	54,325	W&T Offshore, Inc.*		178,729
				12,954,970
Paper & Forest Products – 1.2%
	15,488	Clearwater Paper Corp.*		518,228
	82,808	Glatfelter Corp.		1,218,934
	75,115	Louisiana-Pacific Corp.		4,948,576
				6,685,738
Personal Products – 0.1%
	5,666	elf Beauty, Inc.*		171,396
	1,826	USANA Health Sciences, Inc.*		164,322
				335,718
Pharmaceuticals – 2.7%
	99,424	Amneal Pharmaceuticals, Inc.*		547,826
	151,954	Amphastar Pharmaceuticals, Inc.*		2,644,000
	51,738	ANI Pharmaceuticals, Inc.*		1,721,841
	307,003	BioDelivery Sciences International, Inc.*		1,062,230
	3,606	Cassava Sciences, Inc.*(a)		168,761
	10,205	Collegium Pharmaceutical, Inc.*		227,571
	14,451	Corcept Therapeutics, Inc.*		329,338
	344,890	Endo International PLC*		1,976,220
	79,232	Innoviva, Inc.*		907,206
	23,221	Ocular Therapeutix, Inc.*		426,802
	1,398	Pacira BioSciences, Inc.*		88,326
	85,683	Phibro Animal Health Corp., Class A		2,100,947
	76,203	Prestige Consumer Healthcare, Inc.*		3,319,403
				15,520,471
Professional Services – 0.5%
	1,105	Barrett Business Services, Inc.		81,030
	6,356	CBIZ, Inc.*		213,498
	10,888	Huron Consulting Group, Inc.*		612,559
	9,308	Insperity, Inc.		814,822
	16,084	Kforce, Inc.		901,347
				2,623,256
Common Stocks – (continued)
Road & Rail – 1.3%
	4,369	ArcBest Corp.		317,889
	5,212	Avis Budget Group, Inc.*		467,047
	71,777	Daseke, Inc.*		544,787
	178,758	Marten Transport Ltd.		2,988,834
	71,114	Werner Enterprises, Inc.		3,287,600
				7,606,157
Semiconductors & Semiconductor Equipment – 2.1%
	3,975	Advanced Energy Industries, Inc.		438,482
	24,111	Ambarella, Inc.*		2,350,581
	69,530	Axcelis Technologies, Inc.*		2,887,581
	1,748	CEVA, Inc.*		96,909
	15,550	Cohu, Inc.*		622,155
	33,711	FormFactor, Inc.*		1,319,786
	4,323	Ichor Holdings Ltd.*		241,094
	3,186	Lattice Semiconductor Corp.*		160,288
	34,698	MACOM Technology Solutions Holdings, Inc.*		1,964,254
	1,564	Onto Innovation, Inc.*		107,165
	37,282	Rambus, Inc.*		707,612
	21,753	Ultra Clean Holdings, Inc.*		1,110,926
	6,004	Veeco Instruments, Inc.*		138,152
				12,144,985
Software – 5.0%
	24,243	ACI Worldwide, Inc.*		915,900
	20,606	Avaya Holdings Corp.*		592,835
	1,968	Bottomline Technologies DE, Inc.*		95,566
	8,104	Cerence, Inc.*		781,307
	86,716	ChannelAdvisor Corp.*		1,834,043
	29,333	Cloudera, Inc.*		372,236
	38,864	CommVault Systems, Inc.*		2,701,437
	32,985	Digital Turbine, Inc.*		2,488,059
	31,236	Domo, Inc., Class B*		2,008,162
	10,377	Envestnet, Inc.*		766,134
	8,900	LivePerson, Inc.*		486,385
	1,561	MicroStrategy, Inc., Class A*		1,025,827
	43,300	Sapiens International Corp. NV (Israel)		1,401,188
	32,489	SPS Commerce, Inc.*		3,328,173
	13,785	Synchronoss Technologies, Inc.*		46,042
	25,643	Telos Corp.*		850,835
	22,210	Tenable Holdings, Inc.*		832,764
	56,973	Upland Software, Inc.*		2,823,582
	66,912	Varonis Systems, Inc.*		3,542,990
	18,141	Verint Systems, Inc.*		881,108
	2,001	Workiva, Inc.*		188,094
	41,471	Xperi Holding Corp.		852,229
				28,814,896
Specialty Retail – 4.6%
	61,413	Abercrombie & Fitch Co., Class A*		2,302,373
	31,035	American Eagle Outfitters, Inc.		1,072,880
	33,955	At Home Group, Inc.*		1,072,299
	14,746	Bed Bath & Beyond, Inc.*		373,369
	15,457	Boot Barn Holdings, Inc.*		1,090,337
	73,445	Buckle, Inc. (The)		3,080,283

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
	6,703	Caleres, Inc.	$	156,247
	34,335	Camping World Holdings, Inc., Class A		1,494,946
	29,486	Cato Corp. (The), Class A*		395,113
	11,158	Conn’s, Inc.*		225,838
	10,627	GameStop Corp., Class A*(a)		1,844,741
	3,515	Group 1 Automotive, Inc.		577,023
	86,588	Haverty Furniture Cos., Inc.		4,023,744
	16,898	Lumber Liquidators Holdings, Inc.*		405,045
	7,863	MarineMax, Inc.*		446,618
	3,504	RH*		2,410,822
	10,195	Shoe Carnival, Inc.		611,190
	29,496	Signet Jewelers Ltd.*		1,762,386
	17,620	Sleep Number Corp.*		1,971,502
	21,432	Zumiez, Inc.*		920,933
				26,237,689
Technology Hardware, Storage & Peripherals – 0.3%
	17,472	3D Systems Corp.*		376,347
	29,123	Immersion Corp.*		249,584
	23,372	Super Micro Computer, Inc.*		865,231
				1,491,162
Textiles, Apparel & Luxury Goods – 0.9%
	14,614	Crocs, Inc.*		1,463,154
	8,389	G-III Apparel Group Ltd.*		272,558
	822	Oxford Industries, Inc.		74,991
	85,949	Steven Madden Ltd.		3,495,546
				5,306,249
Thrifts & Mortgage Finance – 1.1%
	74,121	Flagstar Bancorp, Inc.		3,449,591
	3,909	Merchants Bancorp		159,448
	76,348	Washington Federal, Inc.		2,485,128
				6,094,167
Tobacco – 0.0%
	12,384	Vector Group Ltd.		161,611
Trading Companies & Distributors – 3.5%
	55,615	Boise Cascade Co.		3,710,633
	7,126	CAI International, Inc.		303,211
	2,684	GMS, Inc.*		117,318
	84,101	H&E Equipment Services, Inc.		3,271,529
	9,353	Herc Holdings, Inc.*		987,677
	44,437	McGrath RentCorp		3,642,945
	203,275	MRC Global, Inc.*		1,914,850
	82,338	Rush Enterprises, Inc., Class A		4,064,204
	33,042	Titan Machinery, Inc.*		862,727
	19,366	Triton International Ltd. (Bermuda)		971,592
				19,846,686
	TOTAL COMMON STOCKS
	(Cost $448,292,010)		$	566,164,371
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $448,292,010)		$	566,164,371

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.9%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,210,067		0.026	%	$	5,210,067
(Cost $5,210,067)
TOTAL INVESTMENTS – 99.7%
(Cost $453,502,077)				$	571,374,438
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%					1,498,286
NET ASSETS – 100.0%				$	572,872,724

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. 23

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 0.1%
	15,537	Vectrus, Inc.*	$	813,362
Auto Components – 0.5%
	65,682	Goodyear Tire & Rubber Co. (The)*		1,130,387
	19,732	Visteon Corp.*		2,403,555
				3,533,942
Banks – 1.2%
	36,405	Atlantic Capital Bancshares, Inc.*		973,834
	78,018	Bancorp, Inc. (The)*		1,732,390
	100,577	First Foundation, Inc.		2,393,732
	65,916	International Bancshares Corp.		3,123,759
	3,226	Trustmark Corp.		104,555
				8,328,270
Beverages – 0.1%
	9,700	Celsius Holdings, Inc.*		555,810
	5,021	National Beverage Corp.		243,970
				799,780
Biotechnology – 16.4%
	85,356	Affimed NV (Germany)*		912,456
	4,475	Allogene Therapeutics, Inc.*		138,367
	177,403	Amicus Therapeutics, Inc.*		1,745,645
	4,656	Anavex Life Sciences Corp.*		56,244
	78,127	Apellis Pharmaceuticals, Inc.*		3,958,695
	16,542	Arcturus Therapeutics Holdings, Inc.*		606,430
	88,394	Ardelyx, Inc.*		646,160
	63,458	Arrowhead Pharmaceuticals, Inc.*		4,617,204
	40,661	Atara Biotherapeutics, Inc.*		571,694
	191,138	Avid Bioservices, Inc.*		4,091,309
	64,114	BioCryst Pharmaceuticals, Inc.*		745,966
	6,198	Bridgebio Pharma, Inc.*		346,592
	75,196	CareDx, Inc.*		5,945,748
	443,234	Catalyst Pharmaceuticals, Inc.*		2,030,012
	7,785	CEL-SCI Corp.*(a)		187,852
	12,207	ChemoCentryx, Inc.*		589,964
	47,054	Denali Therapeutics, Inc.*		2,843,944
	89,973	Dynavax Technologies Corp.*		897,931
	48,788	Eagle Pharmaceuticals, Inc.*		1,992,014
	39,754	Editas Medicine, Inc.*		1,471,296
	156,821	Eiger BioPharmaceuticals, Inc.*		1,331,410
	59,506	Emergent BioSolutions, Inc.*		3,628,676
	26,425	Fate Therapeutics, Inc.*		2,309,281
	44,122	FibroGen, Inc.*		984,803
	93,031	Flexion Therapeutics, Inc.*		721,921
	27,712	G1 Therapeutics, Inc.*(a)		583,892
	78,760	Halozyme Therapeutics, Inc.*		3,934,062
	19,247	Harpoon Therapeutics, Inc.*		435,752
	68,762	Hookipa Pharma, Inc.*		931,037
	4,003	ImmunityBio, Inc.*(a)		71,053
	131,901	ImmunoGen, Inc.*		1,063,122
	36,031	Immunovant, Inc.*		564,966
	41,843	Inovio Pharmaceuticals, Inc.*(a)		284,951
	30,770	Intellia Therapeutics, Inc.*		2,362,213
	71,146	Invitae Corp.*		2,482,995
Common Stocks – (continued)
Biotechnology – (continued)
	139,539	Ironwood Pharmaceuticals, Inc.*		1,540,511
	637,369	Kadmon Holdings, Inc.*		2,587,718
	4,078	KalVista Pharmaceuticals, Inc.*		101,828
	3,676	Karuna Therapeutics, Inc.*		408,073
	3,436	Kodiak Sciences, Inc.*		415,206
	45,514	Kura Oncology, Inc.*		1,225,692
	3,209	Madrigal Pharmaceuticals, Inc.*		436,745
	54,405	MEI Pharma, Inc.*		198,578
	357,699	Minerva Neurosciences, Inc.*		851,324
	19,804	Mirati Therapeutics, Inc.*		3,291,821
	170,328	Mustang Bio, Inc.*		550,159
	53,563	Myriad Genetics, Inc.*		1,618,674
	75,443	Natera, Inc.*		8,300,239
	48,848	NextCure, Inc.*		428,397
	11,168	Novavax, Inc.*		2,646,034
	423,188	OPKO Health, Inc.*(a)		1,735,071
	60,309	Organogenesis Holdings, Inc.*		1,348,509
	24,221	Protagonist Therapeutics, Inc.*		700,956
	36,704	Prothena Corp. PLC (Ireland)*		974,124
	4,010	REGENXBIO, Inc.*		139,107
	3,960	REVOLUTION Medicines, Inc.*		131,432
	18,816	Rhythm Pharmaceuticals, Inc.*		405,673
	444,227	Selecta Biosciences, Inc.*		1,332,681
	84,032	Sorrento Therapeutics, Inc.*(a)		691,583
	67,287	Syros Pharmaceuticals, Inc.*		406,413
	63,717	TG Therapeutics, Inc.*		2,848,787
	84,347	Translate Bio, Inc.*		1,958,537
	1,777	Turning Point Therapeutics, Inc.*		135,461
	30,994	Twist Bioscience Corp.*		4,159,085
	31,094	Ultragenyx Pharmaceutical, Inc.*		3,471,334
	106,125	Veracyte, Inc.*		5,279,719
	24,136	Vericel Corp.*		1,506,569
	19,448	Vir Biotechnology, Inc.*		928,447
	112,005	Xencor, Inc.*		4,766,933
	20,609	Y-mAbs Therapeutics, Inc.*		619,713
				114,226,790
Building Products – 0.9%
	2,153	Advanced Drainage Systems, Inc.		240,404
	19,088	Cornerstone Building Brands, Inc.*		268,378
	31,007	Masonite International Corp.*		3,915,874
	14,676	Simpson Manufacturing Co., Inc.		1,653,985
				6,078,641
Capital Markets – 3.1%
	17,640	Artisan Partners Asset Management, Inc., Class A		898,229
	24,868	Cohen & Steers, Inc.		1,691,521
	89,077	Cowen, Inc., Class A		3,517,651
	105,462	Federated Hermes, Inc.		3,037,306
	4,970	Focus Financial Partners, Inc., Class A*		233,888
	6,133	Hamilton Lane, Inc., Class A		554,730
	30,594	Houlihan Lokey, Inc.		2,027,464
	50,194	Moelis & Co., Class A		2,724,530
	14,467	Oppenheimer Holdings, Inc., Class A		740,276

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
	69,481	PJT Partners, Inc., Class A	$	5,108,938
	2,562	Virtus Investment Partners, Inc.		700,605
				21,235,138
Chemicals – 1.9%
	4,152	American Vanguard Corp.		82,127
	22,141	Balchem Corp.		2,816,114
	291,119	Ferro Corp.*		4,850,042
	44,986	Ingevity Corp.*		3,512,507
	13,341	Innospec, Inc.		1,299,547
	14,443	Koppers Holdings, Inc.*		480,085
				13,040,422
Commercial Services & Supplies – 0.6%
	18,583	Brady Corp., Class A		1,014,074
	83,362	Ennis, Inc.		1,728,094
	26,821	Matthews International Corp., Class A		1,109,853
	1,626	Tetra Tech, Inc.		207,527
				4,059,548
Communications Equipment – 0.5%
	76,389	Calix, Inc.*		3,230,491
	7,358	Clearfield, Inc.*		252,747
	4,240	Digi International, Inc.*		75,769
				3,559,007
Construction & Engineering – 1.1%
	10,249	EMCOR Group, Inc.		1,227,830
	89,678	Primoris Services Corp.		2,928,884
	27,732	Sterling Construction Co., Inc.*		578,212
	111,171	WillScot Mobile Mini Holdings Corp.*		3,253,975
				7,988,901
Construction Materials – 0.0%
	10,363	Summit Materials, Inc., Class A*		298,351
Distributors – 0.2%
	65,474	Funko, Inc., Class A*		1,410,310
Diversified Telecommunication Services – 0.7%
	125,439	Iridium Communications, Inc.*		4,765,428
Electrical Equipment – 2.5%
	74,072	Atkore, Inc.*		5,798,356
	6,190	Encore Wire Corp.		462,269
	18,435	EnerSys		1,688,277
	97,199	Plug Power, Inc.*		2,771,144
	49,601	Sunrun, Inc.*		2,430,449
	49,825	Vicor Corp.*		4,595,360
				17,745,855
Electronic Equipment, Instruments & Components – 1.7%
	19,883	CTS Corp.		646,595
	44,011	II-VI, Inc.*		2,954,899
	49,076	Knowles Corp.*		1,025,688
	40,683	nLight, Inc.*		1,193,639
	27,965	Novanta, Inc.*		3,683,270
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	76,925	Vishay Precision Group, Inc.*		2,452,369
				11,956,460
Energy Equipment & Services – 0.0%
	18,334	US Silica Holdings, Inc.*		195,257
Equity Real Estate Investment Trusts (REITs) – 5.4%
	76,437	American Assets Trust, Inc. REIT		2,679,117
	138,649	CareTrust REIT, Inc. REIT		3,352,533
	43,643	City Office REIT, Inc. REIT		477,018
	98,837	Community Healthcare Trust, Inc. REIT		5,032,780
	36,973	EastGroup Properties, Inc. REIT		5,866,136
	29,764	Four Corners Property Trust, Inc. REIT		859,287
	90,859	Gladstone Commercial Corp. REIT		1,911,673
	7,186	Kite Realty Group Trust REIT		149,541
	9,193	National Storage Affiliates Trust REIT		417,730
	6,588	NETSTREIT Corp. REIT		137,228
	90,595	NexPoint Residential Trust, Inc. REIT		4,544,245
	45,332	Piedmont Office Realty Trust, Inc., Class A REIT		844,082
	15,963	PotlatchDeltic Corp. REIT		947,564
	103,548	STAG Industrial, Inc. REIT		3,780,537
	22,717	Tanger Factory Outlet Centers, Inc. REIT		396,412
	84,033	Terreno Realty Corp. REIT		5,421,809
	26,024	Urstadt Biddle Properties, Inc., Class A REIT		472,856
				37,290,548
Food & Staples Retailing – 0.3%
	14,296	Ingles Markets, Inc., Class A		876,202
	24,453	Performance Food Group Co.*		1,435,391
				2,311,593
Food Products – 0.5%
	15,619	B&G Foods, Inc.(a)		455,762
	30,703	John B. Sanfilippo & Son, Inc.		2,698,794
	2,847	Seneca Foods Corp., Class A*		131,133
				3,285,689
Health Care Equipment & Supplies – 7.8%
	6,760	BioLife Solutions, Inc.*		235,924
	61,775	Cantel Medical Corp.*		5,430,640
	8,144	Cardiovascular Systems, Inc.*		328,366
	26,097	CONMED Corp.		3,678,372
	24,843	CryoLife, Inc.*		724,919
	10,313	Heska Corp.*		1,883,670
	59,163	Integer Holdings Corp.*		5,554,223
	14,255	iRhythm Technologies, Inc.*		1,109,894
	26,077	LeMaitre Vascular, Inc.		1,368,260
	2,690	LivaNova PLC*		228,300
	94,207	Meridian Bioscience, Inc.*		1,844,573
	99,485	Merit Medical Systems, Inc.*		6,327,246
	1,897	Mesa Laboratories, Inc.		471,689
	160,811	Natus Medical, Inc.*		4,108,721
	73,757	Neogen Corp.*		7,081,410

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	32,817	Retractable Technologies, Inc.*(a)	$	318,653
	11,494	Shockwave Medical, Inc.*		1,878,809
	45,643	STAAR Surgical Co.*		6,253,547
	85,648	Surmodics, Inc.*		4,581,312
	10,567	Utah Medical Products, Inc.		922,076
				54,330,604
Health Care Providers & Services – 3.5%
	2,052	Addus HomeCare Corp.*		217,102
	194,068	Community Health Systems, Inc.*		2,163,858
	2,685	Fulgent Genetics, Inc.*(a)		206,799
	78,224	Hanger, Inc.*		1,950,124
	22,554	HealthEquity, Inc.*		1,713,427
	57,883	Joint Corp. (The)*		3,211,349
	6,649	National HealthCare Corp.		467,491
	9,878	National Research Corp.		506,741
	26,378	Option Care Health, Inc.*		503,292
	7,209	Pennant Group, Inc. (The)*		291,388
	75,237	RadNet, Inc.*		1,680,795
	171,437	Select Medical Holdings Corp.*		6,466,604
	59,685	Tenet Healthcare Corp.*		3,536,933
	8,521	Tivity Health, Inc.*		206,038
	11,950	US Physical Therapy, Inc.		1,343,777
				24,465,718
Health Care Technology – 0.6%
	17,400	Inovalon Holdings, Inc., Class A*		525,654
	11,665	Inspire Medical Systems, Inc.*		2,762,505
	15,870	OptimizeRx Corp.*		800,800
	10,520	Vocera Communications, Inc.*		380,509
				4,469,468
Hotels, Restaurants & Leisure – 5.3%
	4,499	Brinker International, Inc.*		302,018
	17,922	Caesars Entertainment, Inc.*		1,753,488
	23,028	Churchill Downs, Inc.		4,870,422
	23,216	Chuy’s Holdings, Inc.*		1,134,334
	5,185	Cracker Barrel Old Country Store, Inc.		868,332
	26,225	Dave & Buster’s Entertainment, Inc.*		1,197,433
	22,888	Monarch Casino & Resort, Inc.*		1,725,984
	23,208	Noodles & Co.*		280,469
	77,207	Penn National Gaming, Inc.*		6,880,688
	140,021	Red Rock Resorts, Inc., Class A*		5,128,969
	32,474	Ruth’s Hospitality Group, Inc.*		847,896
	50,668	SeaWorld Entertainment, Inc.*		2,774,580
	14,570	Shake Shack, Inc., Class A*		1,584,488
	68,165	Texas Roadhouse, Inc.*		7,295,018
				36,644,119
Household Durables – 2.3%
	3,930	Ethan Allen Interiors, Inc.		112,830
	10,548	iRobot Corp.*		1,147,623
	4,683	KB Home		225,861
	28,421	LGI Homes, Inc.*		4,711,633
	1,835	M/I Homes, Inc.*		127,936
	4,015	Meritage Homes Corp.*		427,156
Common Stocks – (continued)
Household Durables – (continued)
	46,991	Sonos, Inc.*		1,881,050
	121,498	Taylor Morrison Home Corp.*		3,791,953
	2,527	TopBuild Corp.*		561,954
	117,356	Tri Pointe Homes, Inc.*		2,795,420
				15,783,416
Insurance – 2.6%
	138,303	American Equity Investment Life Holding Co.		4,284,627
	8,165	Goosehead Insurance, Inc., Class A		897,660
	39,698	James River Group Holdings Ltd.		1,870,173
	34,444	Kinsale Capital Group, Inc.		5,993,600
	4,828	State Auto Financial Corp.		91,153
	72,282	Stewart Information Services Corp.		4,239,339
	11,401	Trupanion, Inc.*		924,621
				18,301,173
Interactive Media & Services – 1.9%
	159,711	Cargurus, Inc.*		3,941,667
	121,052	Cars.com, Inc.*		1,599,097
	14,246	EverQuote, Inc., Class A*		482,512
	96,495	QuinStreet, Inc.*		1,955,954
	326,471	TrueCar, Inc.*		1,501,767
	97,431	Yelp, Inc.*		3,829,038
				13,310,035
Internet & Direct Marketing Retail – 1.0%
	125,740	1-800-Flowers.com, Inc., Class A*		4,020,536
	9,807	Liquidity Services, Inc.*		175,840
	12,741	Stamps.com, Inc.*		2,616,619
	6,775	Stitch Fix, Inc., Class A*		293,493
				7,106,488
IT Services – 2.5%
	196,236	Brightcove, Inc.*		2,849,347
	132,055	EVERTEC, Inc. (Puerto Rico)		5,268,995
	14,146	I3 Verticals, Inc., Class A*		469,930
	63,038	Perficient, Inc.*		4,135,923
	100,669	Sykes Enterprises, Inc.*		4,412,322
				17,136,517
Leisure Products – 0.4%
	48,905	Callaway Golf Co.		1,415,800
	1,911	Johnson Outdoors, Inc., Class A		270,999
	5,210	Malibu Boats, Inc., Class A*		434,306
	15,184	MasterCraft Boat Holdings, Inc.*		430,618
				2,551,723
Life Sciences Tools & Services – 1.6%
	32,979	Medpace Holdings, Inc.*		5,595,877
	15,874	NanoString Technologies, Inc.*		1,264,681
	24,798	Pacific Biosciences of California, Inc.*		740,220
	60,165	Personalis, Inc.*		1,482,466
	29,665	Quanterix Corp.*		1,813,718
				10,896,962

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Machinery – 2.2%
	6,163	Douglas Dynamics, Inc.	$	275,671
	62,608	Federal Signal Corp.		2,593,849
	31,453	Franklin Electric Co., Inc.		2,556,185
	1,011	John Bean Technologies Corp.		146,979
	84,823	Meritor, Inc.*		2,292,766
	31,990	RBC Bearings, Inc.*		6,379,766
	14,028	Rexnord Corp.		700,418
	7,886	Shyft Group, Inc. (The)		279,322
				15,224,956
Media – 1.1%
	13,644	Cardlytics, Inc.*		1,876,459
	2,677	Daily Journal Corp.*		816,993
	75,480	Entravision Communications Corp., Class A		290,598
	28,272	EW Scripps Co. (The), Class A		611,241
	118,831	Gray Television, Inc.		2,414,646
	6,079	Meredith Corp.*		189,057
	21,447	TechTarget, Inc.*		1,644,985
				7,843,979
Metals & Mining – 0.3%
	56,253	Alcoa Corp.*		2,061,110
Multiline Retail – 0.2%
	21,225	Big Lots, Inc.		1,463,252
Oil, Gas & Consumable Fuels – 0.3%
	95,269	DHT Holdings, Inc.		562,087
	52,472	Ovintiv, Inc.		1,255,655
				1,817,742
Paper & Forest Products – 0.4%
	41,637	Louisiana-Pacific Corp.		2,743,046
Personal Products – 0.1%
	23,368	elf Beauty, Inc.*		706,882
Pharmaceuticals – 4.1%
	186,494	Amneal Pharmaceuticals, Inc.*		1,027,582
	225,664	Amphastar Pharmaceuticals, Inc.*		3,926,554
	80,593	ANI Pharmaceuticals, Inc.*		2,682,135
	516,634	BioDelivery Sciences International, Inc.*		1,787,554
	4,394	Cassava Sciences, Inc.*(a)		205,639
	54,640	Collegium Pharmaceutical, Inc.*		1,218,472
	51,979	Corcept Therapeutics, Inc.*		1,184,601
	55,329	Durect Corp.*		105,125
	463,337	Endo International PLC*		2,654,921
	145,461	Innoviva, Inc.*		1,665,528
	57,266	Ocular Therapeutix, Inc.*		1,052,549
	29,461	Pacira BioSciences, Inc.*		1,861,346
	175,455	Phibro Animal Health Corp., Class A		4,302,157
	105,915	Prestige Consumer Healthcare, Inc.*		4,613,657
				28,287,820
Professional Services – 1.0%
	44,310	CBIZ, Inc.*		1,488,373
Common Stocks – (continued)
Professional Services – (continued)
	18,342	Huron Consulting Group, Inc.*		1,031,921
	18,561	Insperity, Inc.		1,624,830
	46,450	Kforce, Inc.		2,603,058
	4,761	Upwork, Inc.*		219,291
				6,967,473
Road & Rail – 1.5%
	263,651	Marten Transport Ltd.		4,408,245
	2,124	Saia, Inc.*		498,078
	120,541	Werner Enterprises, Inc.		5,572,610
				10,478,933
Semiconductors & Semiconductor Equipment – 3.9%
	1,316	Advanced Energy Industries, Inc.		145,168
	34,381	Ambarella, Inc.*		3,351,804
	3,362	Amkor Technology, Inc.		67,980
	110,272	Axcelis Technologies, Inc.*		4,579,596
	3,752	AXT, Inc.*		36,995
	24,725	Brooks Automation, Inc.		2,505,384
	19,829	CEVA, Inc.*		1,099,320
	30,090	Cohu, Inc.*		1,203,901
	87,252	FormFactor, Inc.*		3,415,916
	21,137	Ichor Holdings Ltd.*		1,178,810
	41,656	Lattice Semiconductor Corp.*		2,095,713
	73,972	MACOM Technology Solutions Holdings, Inc.*		4,187,555
	9,701	Onto Innovation, Inc.*		664,713
	7,333	Rambus, Inc.*		139,180
	46,429	Ultra Clean Holdings, Inc.*		2,371,129
				27,043,164
Software – 9.6%
	91,785	ACI Worldwide, Inc.*		3,467,637
	5,429	Agilysys, Inc.*		273,676
	8,960	Appian Corp.*(a)		1,085,773
	77,679	Avaya Holdings Corp.*		2,234,825
	34,537	Bottomline Technologies DE, Inc.*		1,677,117
	5,610	Box, Inc., Class A*		119,493
	178,886	ChannelAdvisor Corp.*		3,783,439
	4,789	Cloudera, Inc.*		60,772
	83,281	CommVault Systems, Inc.*		5,788,862
	67,878	Digital Turbine, Inc.*		5,120,038
	56,637	Domo, Inc., Class B*		3,641,193
	49,287	Envestnet, Inc.*		3,638,859
	30,555	LivePerson, Inc.*		1,669,831
	3,672	MicroStrategy, Inc., Class A*		2,413,092
	2,867	QAD, Inc., Class A		202,668
	15,196	Sailpoint Technologies Holdings, Inc.*		742,021
	119,915	Sapiens International Corp. NV (Israel)		3,880,449
	56,344	SPS Commerce, Inc.*		5,771,879
	5,795	SVMK, Inc.*		104,252
	58,745	Telos Corp.*		1,949,159
	52,821	Tenable Holdings, Inc.*		1,980,523
	96,825	Upland Software, Inc.*		4,798,647
	114,165	Varonis Systems, Inc.*		6,045,037
	33,926	Verint Systems, Inc.*		1,647,786

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	28,378	Workiva, Inc.*	$	2,667,532
	95,882	Xperi Holding Corp.		1,970,375
				66,734,935
Specialty Retail – 3.2%
	21,420	Abercrombie & Fitch Co., Class A*		803,036
	12,867	At Home Group, Inc.*		406,340
	37,158	Boot Barn Holdings, Inc.*		2,621,125
	82,734	Buckle, Inc. (The)		3,469,864
	36,123	Camping World Holdings, Inc., Class A		1,572,795
	17,352	Cato Corp. (The), Class A*		232,517
	95,351	Haverty Furniture Cos., Inc.		4,430,961
	4,256	Lumber Liquidators Holdings, Inc.*		102,016
	2,625	MarineMax, Inc.*		149,100
	6,296	RH*		4,331,774
	5,664	Shoe Carnival, Inc.		339,557
	7,948	Signet Jewelers Ltd.*		474,893
	26,928	Sleep Number Corp.*		3,012,974
				21,946,952
Technology Hardware, Storage & Peripherals – 0.1%
	54,788	Immersion Corp.*		469,533
	10,768	Super Micro Computer, Inc.*		398,632
				868,165
Textiles, Apparel & Luxury Goods – 1.2%
	28,117	Crocs, Inc.*		2,815,074
	3,458	Deckers Outdoor Corp.*		1,169,496
	108,884	Steven Madden Ltd.		4,428,312
				8,412,882
Thrifts & Mortgage Finance – 0.0%
	7,312	Flagstar Bancorp, Inc.		340,300
Tobacco – 0.0%
	8,856	Vector Group Ltd.		115,571
Trading Companies & Distributors – 2.9%
	48,899	Boise Cascade Co.		3,262,541
	8,470	CAI International, Inc.		360,398
	52,135	H&E Equipment Services, Inc.		2,028,051
	4,516	Herc Holdings, Inc.*		476,890
	61,702	McGrath RentCorp		5,058,330
	94,579	MRC Global, Inc.*		890,934
	76,671	Rush Enterprises, Inc., Class A		3,784,481
	13,737	SiteOne Landscape Supply, Inc.*		2,464,143
	48,690	Titan Machinery, Inc.*		1,271,296
	11,410	Triton International Ltd. (Bermuda)		572,440
				20,169,504
Water Utilities – 0.0%
	7,246	Pure Cycle Corp.*		110,646
	TOTAL COMMON STOCKS
	(Cost $539,401,207)		$	691,256,827
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $539,401,207)		$	691,256,827

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,422,791	0.026%	$	5,422,791
	(Cost $5,422,791)
	TOTAL INVESTMENTS – 100.1%
	(Cost $544,823,998)		$	696,679,618
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(579,224	)
	NET ASSETS – 100.0%		$	696,100,394

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Aerospace & Defense – 0.8%
	52,408	Maxar Technologies, Inc.	$	2,033,954
	50,906	Moog, Inc., Class A		4,405,914
	29,768	Triumph Group, Inc.*		503,675
	43,532	Vectrus, Inc.*		2,278,900
				9,222,443
Air Freight & Logistics – 0.1%
	56,008	Echo Global Logistics, Inc.*		1,831,462
Auto Components – 1.5%
	61,619	Adient PLC*		2,855,424
	378,857	American Axle & Manufacturing Holdings, Inc.*		3,515,793
	574,985	Goodyear Tire & Rubber Co. (The)*		9,895,492
	141,272	Tenneco, Inc., Class A*		1,422,609
				17,689,318
Automobiles – 0.0%
	32,127	Workhorse Group, Inc.*(a)		398,053
Banks – 13.2%
	82,127	1st Source Corp.		3,908,424
	93,716	Amalgamated Financial Corp.		1,513,513
	161,924	Ameris Bancorp		8,758,469
	89,633	Atlantic Capital Bancshares, Inc.*		2,397,683
	136,321	Atlantic Union Bankshares Corp.		5,271,533
	5,788	Banc of California, Inc.		103,605
	345,566	Bancorp, Inc. (The)*		7,673,293
	32,138	Bank of Marin Bancorp		1,138,328
	11,843	Banner Corp.		673,156
	371,600	Cadence BanCorp		8,268,100
	25,543	Capital City Bank Group, Inc.		645,472
	144,781	Cathay General Bancorp		5,860,735
	88,877	Central Pacific Financial Corp.		2,395,235
	8,791	Civista Bancshares, Inc.		203,336
	27,694	Columbia Banking System, Inc.		1,205,520
	11,951	Community Bankers Trust Corp.		100,149
	383,015	CVB Financial Corp.		8,123,748
	394,961	First BanCorp. (Puerto Rico)		4,964,660
	46,183	First Commonwealth Financial Corp.		669,192
	222,530	First Foundation, Inc.		5,296,214
	49,524	First Internet Bancorp		1,701,149
	198,141	Fulton Financial Corp.		3,378,304
	106,241	Glacier Bancorp, Inc.		6,262,907
	4,480	Great Southern Bancorp, Inc.		252,717
	76,926	Hancock Whitney Corp.		3,557,058
	224,398	Hanmi Financial Corp.		4,555,279
	110,178	Heartland Financial USA, Inc.		5,538,648
	74,277	Home BancShares, Inc.		2,067,129
	48,468	Independent Bank Corp.		1,141,906
	2,768	Independent Bank Group, Inc.		209,012
	188,838	International Bancshares Corp.		8,949,033
	6,101	Metropolitan Bank Holding Corp.*		383,448
	139,912	National Bank Holdings Corp., Class A		5,582,489
	12,115	Northeast Bank		341,280
	212,348	Old National Bancorp		4,013,377
Common Stocks – (continued)
Banks – (continued)
	49,023	Old Second Bancorp, Inc.		647,594
	9,160	Preferred Bank		600,346
	37,270	QCR Holdings, Inc.		1,797,159
	7,938	Republic Bancorp, Inc., Class A		356,654
	5,669	ServisFirst Bancshares, Inc.		358,508
	51,531	Sierra Bancorp		1,394,944
	1,527	Silvergate Capital Corp., Class A*		163,725
	16,701	Simmons First National Corp., Class A		475,979
	12,714	South State Corp.		1,072,044
	87,684	Southside Bancshares, Inc.		3,520,513
	11,786	Spirit of Texas Bancshares, Inc.		273,082
	17,179	Towne Bank		532,205
	87,999	TriCo Bancshares		4,072,594
	150,483	TriState Capital Holdings, Inc.*		3,592,029
	14,278	Triumph Bancorp, Inc.*		1,265,459
	229,210	Trustmark Corp.		7,428,696
	32,973	UMB Financial Corp.		3,199,370
	199,956	United Bankshares, Inc.		7,852,272
	45,096	Washington Trust Bancorp, Inc.		2,302,151
	15,960	Westamerica BanCorp		1,011,864
				159,021,289
Biotechnology – 3.2%
	4,065	Anika Therapeutics, Inc.*		163,332
	4,400	Apellis Pharmaceuticals, Inc.*		222,948
	143,407	Avid Bioservices, Inc.*		3,069,627
	21,169	CareDx, Inc.*		1,673,833
	14,952	Eagle Pharmaceuticals, Inc.*		610,490
	6,537	Emergent BioSolutions, Inc.*		398,626
	36,739	Hookipa Pharma, Inc.*(a)		497,446
	58,493	ImmunoGen, Inc.*		471,454
	150,504	Myriad Genetics, Inc.*		4,548,231
	51,518	Natera, Inc.*		5,668,010
	12,594	NextCure, Inc.*		110,449
	38,402	Novavax, Inc.*		9,098,586
	752,995	OPKO Health, Inc.*(a)		3,087,279
	9,832	Organogenesis Holdings, Inc.*		219,844
	52,887	Prothena Corp. PLC (Ireland)*		1,403,621
	333,400	Selecta Biosciences, Inc.*		1,000,200
	56,376	Veracyte, Inc.*		2,804,706
	82,572	Xencor, Inc.*		3,514,264
				38,562,946
Building Products – 0.8%
	101,983	Cornerstone Building Brands, Inc.*		1,433,881
	48,721	JELD-WEN Holding, Inc.*		1,421,192
	200,231	Quanex Building Products Corp.		5,464,304
	36,244	Resideo Technologies, Inc.*		1,087,682
	5,352	Simpson Manufacturing Co., Inc.		603,170
				10,010,229
Capital Markets – 2.6%
	48,884	Artisan Partners Asset Management, Inc., Class A		2,489,173
	109,458	Cowen, Inc., Class A		4,322,496

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
	92,809	Donnelley Financial Solutions, Inc.*	$	2,836,243
	193,643	Federated Hermes, Inc.		5,576,918
	3,719	Focus Financial Partners, Inc., Class A*		175,016
	46,977	Moelis & Co., Class A		2,549,912
	90,206	Oppenheimer Holdings, Inc., Class A		4,615,841
	70,101	PJT Partners, Inc., Class A		5,154,527
	2,937	Stifel Financial Corp.		203,211
	11,195	Virtus Investment Partners, Inc.		3,061,385
				30,984,722
Chemicals – 1.8%
	94,446	AdvanSix, Inc.*		2,746,490
	8,032	American Vanguard Corp.		158,873
	194,974	Ferro Corp.*		3,248,267
	3,556	Ingevity Corp.*		277,652
	22,112	Innospec, Inc.		2,153,930
	97,765	Koppers Holdings, Inc.*		3,249,708
	68,813	Kraton Corp.*		2,460,753
	72,055	Minerals Technologies, Inc.		5,630,378
	98,479	Orion Engineered Carbons SA (Germany)*		1,955,793
	5,467	Trinseo SA		338,462
				22,220,306
Commercial Services & Supplies – 1.7%
	39,266	Brady Corp., Class A		2,142,746
	16,342	Cimpress PLC (Ireland)*		1,556,739
	158,256	Ennis, Inc.		3,280,647
	4,976	Herman Miller, Inc.		206,504
	81,605	HNI Corp.		3,455,156
	72,665	KAR Auction Services, Inc.*		1,089,248
	166,441	Matthews International Corp., Class A		6,887,328
	13,302	Pitney Bowes, Inc.		99,366
	63,015	Steelcase, Inc., Class A		869,607
	109,544	Team, Inc.*		1,081,199
				20,668,540
Communications Equipment – 0.1%
	21,216	Calix, Inc.*		897,225
	30,181	Digi International, Inc.*		539,334
	15,669	Harmonic, Inc.*		122,532
				1,559,091
Construction & Engineering – 2.2%
	8,439	Dycom Industries, Inc.*		791,663
	60,631	EMCOR Group, Inc.		7,263,594
	82,701	Great Lakes Dredge & Dock Corp.*		1,298,406
	19,790	MasTec, Inc.*		2,065,284
	90,954	Matrix Service Co.*		1,201,502
	183,889	Primoris Services Corp.		6,005,815
	69,111	Sterling Construction Co., Inc.*		1,440,964
	59,560	Tutor Perini Corp.*		958,916
	183,371	WillScot Mobile Mini Holdings Corp.*		5,367,269
				26,393,413
Common Stocks – (continued)
Construction Materials – 0.8%
	316,645	Summit Materials, Inc., Class A*		9,116,210
Consumer Finance – 0.9%
	531,702	Navient Corp.		8,948,545
	9,926	PROG Holdings, Inc.		505,630
	26,885	Regional Management Corp.		1,041,256
				10,495,431
Distributors – 0.2%
	104,939	Funko, Inc., Class A*		2,260,386
Diversified Financial Services – 0.2%
	188,788	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		2,786,511
Diversified Telecommunication Services – 0.6%
	172,129	Consolidated Communications Holdings, Inc.*		1,239,329
	145,319	Iridium Communications, Inc.*		5,520,669
				6,759,998
Electric Utilities – 0.1%
	29,084	Portland General Electric Co.		1,479,212
Electrical Equipment – 1.5%
	80,265	Atkore, Inc.*		6,283,144
	66,025	Encore Wire Corp.		4,930,747
	38,593	EnerSys		3,534,347
	46,749	Powell Industries, Inc.		1,647,435
	16,221	Vicor Corp.*		1,496,063
				17,891,736
Electronic Equipment, Instruments & Components – 1.6%
	46,547	Belden, Inc.		2,014,554
	98,604	Benchmark Electronics, Inc.		2,960,092
	68,980	CTS Corp.		2,243,230
	15,444	Daktronics, Inc.*		95,289
	222,873	Knowles Corp.*		4,658,046
	62,196	TTM Technologies, Inc.*		932,940
	227,801	Vishay Intertechnology, Inc.		5,597,071
	44,179	Vishay Precision Group, Inc.*		1,408,426
				19,909,648
Energy Equipment & Services – 1.2%
	68,647	Cactus, Inc., Class A		2,046,367
	103,552	ChampionX Corp.*		2,175,628
	6,375	DMC Global, Inc.*		344,250
	284,714	Helix Energy Solutions Group, Inc.*		1,221,423
	245,451	Oceaneering International, Inc.*		2,638,598
	383,101	Oil States International, Inc.*		2,149,197
	32,528	Solaris Oilfield Infrastructure, Inc., Class A		355,856
	449,969	Transocean Ltd.*		1,448,900
	177,174	US Silica Holdings, Inc.*		1,886,903
				14,267,122

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Entertainment – 0.5%
	279,587	AMC Entertainment Holdings, Inc., Class A*(a)	$	2,804,258
	141,759	Cinemark Holdings, Inc.*		3,005,291
	42,754	Gaia, Inc.*		450,627
				6,260,176
Equity Real Estate Investment Trusts (REITs) – 11.2%
	6,982	Agree Realty Corp. REIT		491,254
	920	Alexander’s, Inc. REIT		255,061
	181,892	American Assets Trust, Inc. REIT		6,375,315
	75,696	Armada Hoffler Properties, Inc. REIT		1,031,736
	264,603	CareTrust REIT, Inc. REIT		6,398,101
	62,428	Chatham Lodging Trust REIT*		865,876
	339,906	City Office REIT, Inc. REIT		3,715,173
	82,406	Community Healthcare Trust, Inc. REIT		4,196,114
	12,937	EastGroup Properties, Inc. REIT		2,052,584
	321,001	Gladstone Commercial Corp. REIT		6,753,861
	237,819	Healthcare Realty Trust, Inc. REIT		7,648,259
	195,064	Independence Realty Trust, Inc. REIT		3,284,878
	212,873	Industrial Logistics Properties Trust REIT		5,279,250
	259,374	Kite Realty Group Trust REIT		5,397,573
	726,443	Lexington Realty Trust REIT		8,891,662
	74,905	Macerich Co. (The) REIT		1,032,940
	17,594	NETSTREIT Corp. REIT		366,483
	147,627	NexPoint Residential Trust, Inc. REIT		7,404,970
	181,276	Physicians Realty Trust REIT		3,395,299
	432,055	Piedmont Office Realty Trust, Inc., Class A REIT		8,044,864
	153,816	PotlatchDeltic Corp. REIT		9,130,518
	334,406	Retail Opportunity Investments Corp. REIT		5,885,546
	225,774	Retail Properties of America, Inc., Class A REIT		2,648,329
	135,439	Retail Value, Inc. REIT		2,523,229
	7,965	RLJ Lodging Trust REIT		128,555
	146,532	SITE Centers Corp. REIT		2,161,347
	216,791	STAG Industrial, Inc. REIT		7,915,039
	110,133	Tanger Factory Outlet Centers, Inc. REIT		1,921,821
	133,010	Terreno Realty Corp. REIT		8,581,805
	19,832	Universal Health Realty Income Trust REIT		1,327,752
	261,543	Urban Edge Properties REIT		4,930,086
	195,942	Urstadt Biddle Properties, Inc., Class A REIT		3,560,266
	134,239	Whitestone REIT		1,311,515
				134,907,061
Food & Staples Retailing – 1.4%
	102,314	Ingles Markets, Inc., Class A		6,270,825
	47,638	Natural Grocers by Vitamin Cottage, Inc.		748,869
	160,174	Performance Food Group Co.*		9,402,214
	54,262	SpartanNash Co.		1,051,055
				17,472,963
Common Stocks – (continued)
Food Products – 1.0%
	157,432	Darling Ingredients, Inc.*		10,933,653
	28,073	Seneca Foods Corp., Class A*		1,293,042
				12,226,695
Gas Utilities – 0.5%
	79,843	Southwest Gas Holdings, Inc.		5,566,654
Health Care Equipment & Supplies – 1.4%
	31,834	AngioDynamics, Inc.*		773,566
	22,326	Cantel Medical Corp.*		1,962,679
	17,630	CryoLife, Inc.*		514,444
	5,628	Heska Corp.*		1,027,954
	43,302	Integer Holdings Corp.*		4,065,192
	26,100	LeMaitre Vascular, Inc.		1,369,467
	11,847	Meridian Bioscience, Inc.*		231,964
	40,322	Merit Medical Systems, Inc.*		2,564,479
	102,335	Natus Medical, Inc.*		2,614,659
	26,635	Retractable Technologies, Inc.*		258,626
	6,318	STAAR Surgical Co.*		865,629
	4,709	Utah Medical Products, Inc.		410,907
	7,055	Varex Imaging Corp.*		167,486
				16,827,052
Health Care Providers & Services – 2.5%
	29,751	Brookdale Senior Living, Inc.*		194,572
	480,809	Community Health Systems, Inc.*		5,361,020
	15,684	Covetrus, Inc.*		449,347
	119,059	Hanger, Inc.*		2,968,141
	6,949	InfuSystem Holdings, Inc.*		157,187
	30,944	Joint Corp. (The)*		1,716,773
	37,607	National HealthCare Corp.		2,644,148
	159,108	Select Medical Holdings Corp.*		6,001,554
	178,813	Tenet Healthcare Corp.*		10,596,458
	6,968	Tivity Health, Inc.*		168,486
	8,158	Triple-S Management Corp. (Puerto Rico)*		193,426
				30,451,112
Hotels, Restaurants & Leisure – 3.8%
	16,950	BJ’s Restaurants, Inc.*		1,033,780
	14,864	Boyd Gaming Corp.*		983,254
	3,220	Caesars Entertainment, Inc.*		315,045
	33,859	Carrols Restaurant Group, Inc.*		199,429
	26,992	Century Casinos, Inc.*		354,945
	55,024	Chuy’s Holdings, Inc.*		2,688,473
	7,885	Cracker Barrel Old Country Store, Inc.		1,320,501
	58,347	Dave & Buster’s Entertainment, Inc.*		2,664,124
	40,707	Del Taco Restaurants, Inc.		464,060
	22,038	Dine Brands Global, Inc.*		2,129,973
	91,713	Fiesta Restaurant Group, Inc.*		1,351,850
	20,806	International Game Technology PLC*		358,279
	45,090	Monarch Casino & Resort, Inc.*		3,400,237
	58,289	Noodles & Co.*		704,422
	121,806	Penn National Gaming, Inc.*		10,855,351
	2,041	RCI Hospitality Holdings, Inc.		148,605
	9,641	Red Robin Gourmet Burgers, Inc.*		350,547
	208,105	Red Rock Resorts, Inc., Class A*		7,622,886

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	10,036	Ruth’s Hospitality Group, Inc.*	$	262,040
	81,167	SeaWorld Entertainment, Inc.*		4,444,705
	40,323	Texas Roadhouse, Inc.*		4,315,367
				45,967,873
Household Durables – 1.9%
	2,976	Century Communities, Inc.*		220,045
	43,711	Ethan Allen Interiors, Inc.		1,254,943
	8,379	KB Home		404,119
	1,486	LGI Homes, Inc.*		246,349
	59,116	M/I Homes, Inc.*		4,121,568
	17,941	Meritage Homes Corp.*		1,908,743
	191,591	Taylor Morrison Home Corp.*		5,979,555
	369,932	Tri Pointe Homes, Inc.*		8,811,780
				22,947,102
Insurance – 4.4%
	89,638	Ambac Financial Group, Inc.*		1,537,292
	267,715	American Equity Investment Life Holding Co.		8,293,811
	89,925	AMERISAFE, Inc.		5,582,544
	142,698	Argo Group International Holdings Ltd.		7,445,982
	29,357	Donegal Group, Inc., Class A		452,978
	21,763	Enstar Group Ltd.*		5,466,430
	839,777	Genworth Financial, Inc., Class A*		3,627,837
	11,868	Goosehead Insurance, Inc., Class A		1,304,768
	12,818	HCI Group, Inc.		941,097
	1,728	Investors Title Co.		304,871
	47,927	James River Group Holdings Ltd.		2,257,841
	33,789	Kinsale Capital Group, Inc.		5,879,624
	7,001	National Western Life Group, Inc., Class A		1,605,329
	13,773	State Auto Financial Corp.		260,034
	133,066	Stewart Information Services Corp.		7,804,321
	13,571	Tiptree, Inc.		135,846
				52,900,605
Interactive Media & Services – 1.1%
	233,760	Cars.com, Inc.*		3,087,970
	91,891	QuinStreet, Inc.*		1,862,630
	525,066	TrueCar, Inc.*		2,415,304
	154,663	Yelp, Inc.*		6,078,256
				13,444,160
Internet & Direct Marketing Retail – 0.1%
	27,762	1-800-Flowers.com, Inc., Class A*		887,690
	3,412	Lands’ End, Inc.*		78,612
	32,642	Liquidity Services, Inc.*		585,271
				1,551,573
IT Services – 0.7%
	51,664	Brightcove, Inc.*		750,161
	107,582	Conduent, Inc.*		731,558
	12,615	EVERTEC, Inc. (Puerto Rico)		503,339
	60,361	Hackett Group, Inc. (The)		1,003,803
Common Stocks – (continued)
IT Services – (continued)
	112,410	Sykes Enterprises, Inc.*		4,926,930
				7,915,791
Leisure Products – 0.6%
	186,490	Callaway Golf Co.		5,398,886
	1,693	Johnson Outdoors, Inc., Class A		240,084
	5,640	MasterCraft Boat Holdings, Inc.*		159,950
	62,260	Vista Outdoor, Inc.*		2,030,299
				7,829,219
Life Sciences Tools & Services – 0.2%
	12,207	Medpace Holdings, Inc.*		2,071,284
Machinery – 2.6%
	53,592	Barnes Group, Inc.		2,675,312
	11,138	Blue Bird Corp.*		300,058
	18,884	CIRCOR International, Inc.*		649,043
	36,094	Columbus McKinnon Corp.		1,787,014
	8,016	Douglas Dynamics, Inc.		358,556
	48,470	Federal Signal Corp.		2,008,112
	16,784	Franklin Electric Co., Inc.		1,364,036
	5,816	Lydall, Inc.*		214,319
	179,635	Meritor, Inc.*		4,855,534
	63,543	Miller Industries, Inc.		2,733,620
	4,304	RBC Bearings, Inc.*		858,347
	129,957	Rexnord Corp.		6,488,753
	85,425	Terex Corp.		4,014,121
	145,242	Wabash National Corp.		2,557,711
				30,864,536
Marine – 0.2%
	258,262	Costamare, Inc. (Monaco)		2,716,916
	33,172	Safe Bulkers, Inc. (Greece)*		119,088
				2,836,004
Media – 1.3%
	2,230	AMC Networks, Inc., Class A*		112,125
	1,485	Daily Journal Corp.*		453,207
	74,185	Entravision Communications Corp., Class A		285,612
	167,527	EW Scripps Co. (The), Class A		3,621,934
	206,883	Gray Television, Inc.		4,203,863
	5,434	Meredith Corp.*		168,997
	324,938	TEGNA, Inc.		6,518,256
				15,363,994
Metals & Mining – 2.9%
	329,476	Alcoa Corp.*		12,072,001
	101,843	Arconic Corp.*		2,912,710
	5,704	Century Aluminum Co.*		89,325
	292,876	Cleveland-Cliffs, Inc.*		5,230,765
	132,015	Coeur Mining, Inc.*		1,066,681
	65,505	Haynes International, Inc.		1,915,366
	345,931	Hecla Mining Co.		2,044,452
	6,487	Materion Corp.		459,345
	26,846	Ryerson Holding Corp.*		426,315
	183,227	SunCoke Energy, Inc.		1,236,782

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – (continued)
	34,214	TimkenSteel Corp.*	$	411,252
	284,015	United States Steel Corp.		6,535,185
	20,440	Warrior Met Coal, Inc.		323,974
				34,724,153
Mortgage Real Estate Investment Trusts (REITs) – 1.4%
	113,016	Arbor Realty Trust, Inc. REIT		1,998,123
	90,881	Arlington Asset Investment Corp., Class A REIT*		372,612
	31,421	ARMOUR Residential REIT, Inc. REIT		390,563
	403,065	Capstead Mortgage Corp. REIT		2,611,861
	166,986	Chimera Investment Corp. REIT		2,194,196
	86,152	Great Ajax Corp. REIT		1,051,916
	31,502	Ladder Capital Corp. REIT		374,559
	515,767	MFA Financial, Inc. REIT		2,269,375
	180,555	New York Mortgage Trust, Inc. REIT		828,747
	157,238	PennyMac Mortgage Investment Trust REIT		3,152,622
	8,265	TPG RE Finance Trust, Inc. REIT		102,982
	262,853	Two Harbors Investment Corp. REIT		2,050,253
				17,397,809
Multiline Retail – 0.7%
	61,880	Big Lots, Inc.		4,266,007
	11,273	Dillard’s, Inc., Class A		1,115,013
	163,726	Macy’s, Inc.*		2,714,577
				8,095,597
Multi-Utilities – 1.2%
	90,344	Avista Corp.		4,157,631
	22,692	Black Hills Corp.		1,565,294
	121,517	NorthWestern Corp.		8,266,802
				13,989,727
Oil, Gas & Consumable Fuels – 3.8%
	44,580	Antero Resources Corp.*		402,112
	266,972	Ardmore Shipping Corp. (Ireland)*		1,046,530
	70,622	Bonanza Creek Energy, Inc.*		2,336,882
	131,918	CNX Resources Corp.*		1,770,340
	375,175	Comstock Resources, Inc.*		2,059,711
	712,255	DHT Holdings, Inc.		4,202,304
	78,060	Diamond S Shipping, Inc.*		768,891
	51,231	Magnolia Oil & Gas Corp., Class A*		576,861
	209,211	Matador Resources Co.		5,504,341
	341,066	Ovintiv, Inc.		8,161,709
	39,459	PBF Energy, Inc., Class A*		559,529
	170,892	PDC Energy, Inc.*		6,239,267
	11,064	Penn Virginia Corp.*		150,802
	567,666	Range Resources Corp.*		5,574,480
	97,173	Scorpio Tankers, Inc. (Monaco)		1,762,718
	21,383	SFL Corp. Ltd. (Norway)		165,932
	187,040	SM Energy Co.		2,955,232
	174,955	W&T Offshore, Inc.*		575,602
	27,248	World Fuel Services Corp.		842,781
				45,656,024
Common Stocks – (continued)
Paper & Forest Products – 0.4%
	32,124	Clearwater Paper Corp.*		1,074,869
	163,317	Glatfelter Corp.		2,404,026
	29,739	Louisiana-Pacific Corp.		1,959,206
				5,438,101
Pharmaceuticals – 1.5%
	88,508	Amneal Pharmaceuticals, Inc.*		487,679
	66,245	Amphastar Pharmaceuticals, Inc.*		1,152,663
	68,892	ANI Pharmaceuticals, Inc.*		2,292,726
	111,769	BioDelivery Sciences International, Inc.*		386,721
	2,421	Cassava Sciences, Inc.*(a)		113,303
	605,642	Endo International PLC*		3,470,328
	142,873	Phibro Animal Health Corp., Class A		3,503,246
	162,500	Prestige Consumer Healthcare, Inc.*		7,078,500
				18,485,166
Professional Services – 0.6%
	3,850	Barrett Business Services, Inc.		282,320
	61,350	CBIZ, Inc.*		2,060,746
	44,014	Huron Consulting Group, Inc.*		2,476,228
	21,285	Insperity, Inc.		1,863,289
				6,682,583
Real Estate Management & Development – 0.3%
	150,885	Kennedy-Wilson Holdings, Inc.		3,100,687
Road & Rail – 1.0%
	13,378	ArcBest Corp.		973,383
	375,944	Marten Transport Ltd.		6,285,784
	5,286	Universal Logistics Holdings, Inc.		132,203
	93,440	Werner Enterprises, Inc.		4,319,731
				11,711,101
Semiconductors & Semiconductor Equipment – 0.9%
	43,203	Ambarella, Inc.*		4,211,861
	96,915	Axcelis Technologies, Inc.*		4,024,880
	15,343	Cohu, Inc.*		613,873
	3,399	MACOM Technology Solutions Holdings, Inc.*		192,417
	76,861	Rambus, Inc.*		1,458,822
				10,501,853
Software – 1.1%
	15,775	Cerence, Inc.*		1,520,868
	103,683	ChannelAdvisor Corp.*		2,192,895
	23,792	CommVault Systems, Inc.*		1,653,782
	4,625	Digital Turbine, Inc.*		348,864
	5,762	Domo, Inc., Class B*		370,439
	2,230	MicroStrategy, Inc., Class A*		1,465,467
	9,181	SPS Commerce, Inc.*		940,502
	60,283	Synchronoss Technologies, Inc.*		201,345
	17,562	Telos Corp.*		582,707
	27,079	Upland Software, Inc.*		1,342,035
	7,240	Varonis Systems, Inc.*		383,358
	102,856	Xperi Holding Corp.		2,113,691
				13,115,953

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 5.4%
	137,194	Abercrombie & Fitch Co., Class A*	$	5,143,403
	157,713	American Eagle Outfitters, Inc.		5,452,139
	81,050	At Home Group, Inc.*		2,559,559
	76,582	Bed Bath & Beyond, Inc.*		1,939,056
	36,060	Boot Barn Holdings, Inc.*		2,543,672
	168,853	Buckle, Inc. (The)		7,081,695
	86,707	Caleres, Inc.		2,021,140
	6,328	Camping World Holdings, Inc., Class A		275,521
	54,340	Cato Corp. (The), Class A*		728,156
	35,693	Conn’s, Inc.*		722,426
	44,624	GameStop Corp., Class A*(a)		7,746,280
	20,843	Group 1 Automotive, Inc.		3,421,587
	158,875	Haverty Furniture Cos., Inc.		7,382,921
	55,006	Lumber Liquidators Holdings, Inc.*		1,318,494
	20,910	MarineMax, Inc.*		1,187,688
	46,398	Shoe Carnival, Inc.		2,781,560
	80,305	Signet Jewelers Ltd.*		4,798,224
	51,524	Sleep Number Corp.*		5,765,020
	6,309	Tilly’s, Inc., Class A*		76,087
	59,708	Zumiez, Inc.*		2,565,653
				65,510,281
Technology Hardware, Storage & Peripherals – 0.3%
	57,700	3D Systems Corp.*		1,242,858
	102,710	Immersion Corp.*		880,225
	47,472	Super Micro Computer, Inc.*		1,757,413
				3,880,496
Textiles, Apparel & Luxury Goods – 1.0%
	39,411	G-III Apparel Group Ltd.*		1,280,463
	7,910	Movado Group, Inc.		248,137
	5,790	Oxford Industries, Inc.		528,222
	186,298	Steven Madden Ltd.		7,576,740
	44,698	Wolverine World Wide, Inc.		1,864,800
				11,498,362
Thrifts & Mortgage Finance – 1.5%
	174,525	Flagstar Bancorp, Inc.		8,122,393
	14,161	Merchants Bancorp		577,627
	5,528	Premier Financial Corp.		174,630
	12,979	Walker & Dunlop, Inc.		1,438,722
	255,605	Washington Federal, Inc.		8,319,943
				18,633,315
Tobacco – 0.0%
	2,127	Universal Corp.		119,601
	24,059	Vector Group Ltd.		313,970
				433,571
Trading Companies & Distributors – 4.2%
	8,986	Beacon Roofing Supply, Inc.*		506,181
	121,372	Boise Cascade Co.		8,097,940
	39,932	CAI International, Inc.		1,699,107
	39,297	GMS, Inc.*		1,717,672
	193,663	H&E Equipment Services, Inc.		7,533,491
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	36,970	Herc Holdings, Inc.*		3,904,032
	84,231	McGrath RentCorp		6,905,257
	401,091	MRC Global, Inc.*		3,778,277
	147,579	NOW, Inc.*		1,449,226
	159,861	Rush Enterprises, Inc., Class A		7,890,739
	79,715	Titan Machinery, Inc.*		2,081,359
	106,613	Triton International Ltd. (Bermuda)		5,348,774
				50,912,055
	TOTAL COMMON STOCKS
	(Cost $937,761,923)		$	1,190,698,754

Shares	Dividend Rate	Value
Investment Company – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares, 01/01/30
516,956	0.026%	$	516,956
(Cost $516,956)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $938,278,879)		$	1,191,215,710
Securities Lending Reinvestment Vehicle – 1.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
14,093,930	0.036%	$	14,093,930
(Cost $14,093,930)
TOTAL INVESTMENTS – 99.9%
(Cost $952,372,809)		$	1,205,309,640
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			743,336
NET ASSETS – 100.0%		$	1,206,052,976

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		7		06/18/21	$	822,182	$	(30,657	)

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 2.4%
	44,966	Howmet Aerospace, Inc.*	$	1,437,113
	2,471	Huntington Ingalls Industries, Inc.		524,643
	38,369	Northrop Grumman Corp.		13,599,508
	26,380	Teledyne Technologies, Inc.*		11,811,645
				27,372,909
Air Freight & Logistics – 0.6%
	35,724	United Parcel Service, Inc., Class B		7,282,695
Auto Components – 0.1%
	24,449	Gentex Corp.		860,116
Automobiles – 1.4%
	827,004	Ford Motor Co.*		9,543,626
	9,472	Tesla, Inc.*		6,719,816
				16,263,442
Banks – 0.9%
	18,588	Citizens Financial Group, Inc.		860,253
	24,855	JPMorgan Chase & Co.		3,822,947
	239,671	KeyCorp		5,215,241
	1,815	Western Alliance Bancorp		190,702
				10,089,143
Biotechnology – 2.8%
	14,675	Amgen, Inc.		3,516,717
	34,828	Biogen, Inc.*		9,310,569
	83,252	Gilead Sciences, Inc.		5,284,005
	7,492	Regeneron Pharmaceuticals, Inc.*		3,605,900
	48,337	Vertex Pharmaceuticals, Inc.*		10,547,133
				32,264,324
Capital Markets – 3.1%
	227,713	Bank of New York Mellon Corp. (The)		11,358,325
	28,092	Evercore, Inc., Class A		3,936,532
	45,747	Interactive Brokers Group, Inc., Class A		3,271,825
	280,699	Jefferies Financial Group, Inc.		9,125,525
	101,814	State Street Corp.		8,547,285
				36,239,492
Chemicals – 2.3%
	235,322	Axalta Coating Systems Ltd.*		7,504,419
	78,020	Celanese Corp.		12,221,833
	35,058	CF Industries Holdings, Inc.		1,704,870
	4,252	International Flavors & Fragrances, Inc.		604,507
	15,225	Sherwin-Williams Co. (The)		4,169,671
				26,205,300
Commercial Services & Supplies – 0.0%
	358	Cintas Corp.		123,560
Construction & Engineering – 0.0%
	1,833	AECOM*		121,766
Common Stocks – (continued)
Construction Materials – 0.3%
	6,555	Martin Marietta Materials, Inc.		2,314,702
	9,593	Vulcan Materials Co.		1,709,856
				4,024,558
Consumer Finance – 3.3%
	226,703	Ally Financial, Inc.		11,663,870
	93,629	Capital One Financial Corp.		13,958,211
	281,550	Synchrony Financial		12,314,997
				37,937,078
Distributors – 0.0%
	11,849	LKQ Corp.*		553,467
Diversified Financial Services – 1.2%
	20,498	Berkshire Hathaway, Inc., Class B*		5,635,925
	118,544	Voya Financial, Inc.		8,039,654
				13,675,579
Diversified Telecommunication Services – 0.3%
	147,901	Liberty Global PLC, Class C (United Kingdom)*		4,002,201
Electrical Equipment – 0.5%
	41,590	AMETEK, Inc.		5,611,739
Energy Equipment & Services – 0.4%
	129,040	Baker Hughes Co.		2,591,123
	37,230	Halliburton Co.		728,219
	65,216	Schlumberger NV		1,764,093
				5,083,435
Entertainment – 2.9%
	120,697	Activision Blizzard, Inc.		11,006,360
	4,766	Netflix, Inc.*		2,447,198
	16,048	Take-Two Interactive Software, Inc.*		2,814,498
	91,165	Walt Disney Co. (The)*		16,958,513
				33,226,569
Equity Real Estate Investment Trusts (REITs) – 4.2%
	6,636	American Homes 4 Rent, Class A REIT		245,797
	35,200	Camden Property Trust REIT		4,240,896
	167,632	Equity LifeStyle Properties, Inc. REIT		11,633,661
	75,094	Extra Space Storage, Inc. REIT		11,165,727
	25,930	First Industrial Realty Trust, Inc. REIT		1,290,536
	4,372	Healthcare Trust of America, Inc., Class A REIT		128,406
	18,438	Highwoods Properties, Inc. REIT		825,838
	139,086	Invitation Homes, Inc. REIT		4,876,355
	125,200	Prologis, Inc. REIT		14,589,556
				48,996,772
Food & Staples Retailing – 2.6%
	33,097	Costco Wholesale Corp.		12,315,063
	130,193	Walmart, Inc.		18,215,302
				30,530,365

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – 2.3%
	48,126	Danaher Corp.	$	12,221,116
	63,669	Edwards Lifesciences Corp.*		6,081,663
	53,919	Hologic, Inc.*		3,534,391
	1,256	Quidel Corp.*		131,616
	13,407	West Pharmaceutical Services, Inc.		4,404,468
				26,373,254
Health Care Providers & Services – 5.1%
	38,953	Anthem, Inc.		14,778,379
	97,220	Centene Corp.*		6,002,363
	331	Chemed Corp.		157,758
	56,641	Cigna Corp.		14,104,175
	66,874	HCA Healthcare, Inc.		13,445,686
	13,276	UnitedHealth Group, Inc.		5,294,469
	37,706	Universal Health Services, Inc., Class B		5,595,947
				59,378,777
Hotels, Restaurants & Leisure – 2.9%
	6,032	Booking Holdings, Inc.*		14,875,394
	1,131	Chipotle Mexican Grill, Inc.*		1,687,486
	5,286	Darden Restaurants, Inc.		775,562
	48,860	Marriott International, Inc., Class A*		7,256,687
	26,323	Penn National Gaming, Inc.*		2,345,906
	19,900	Vail Resorts, Inc.*		6,470,684
				33,411,719
Household Durables – 0.8%
	99,492	D.R. Horton, Inc.		9,779,069
	2,273	Toll Brothers, Inc.		142,517
				9,921,586
Independent Power and Renewable Electricity Producers – 0.3%
	125,876	AES Corp. (The)		3,501,870
Insurance – 4.9%
	15,612	American Financial Group, Inc.		1,918,090
	20,386	Aon PLC, Class A		5,125,856
	289,475	Arch Capital Group Ltd.*		11,495,052
	83,942	Chubb Ltd.		14,403,608
	2,967	First American Financial Corp.		191,371
	46,934	Globe Life, Inc.		4,810,266
	8,325	Old Republic International Corp.		204,962
	43,938	Travelers Cos., Inc. (The)		6,795,451
	146,290	W R Berkley Corp.		11,662,239
				56,606,895
Interactive Media & Services – 8.3%
	7,592	Alphabet, Inc., Class A*		17,867,772
	16,103	Alphabet, Inc., Class C*		38,810,162
	113,990	Facebook, Inc., Class A*		37,055,869
	43,693	Pinterest, Inc., Class A*		2,899,905
				96,633,708
Internet & Direct Marketing Retail – 3.9%
	12,160	Amazon.com, Inc.*		42,163,827
	1,852	Etsy, Inc.*		368,159
	9,267	Wayfair, Inc., Class A*		2,739,047
				45,271,033
Common Stocks – (continued)
IT Services – 8.5%
	24,936	Accenture PLC, Class A		7,230,692
	94,468	Fidelity National Information Services, Inc.		14,444,157
	7,903	Gartner, Inc.*		1,548,040
	33,988	Global Payments, Inc.		7,294,844
	107,817	International Business Machines Corp.		15,297,076
	63,894	PayPal Holdings, Inc.*		16,758,757
	26,021	VeriSign, Inc.*		5,692,614
	81,276	Visa, Inc., Class A		18,982,823
	452,031	Western Union Co. (The)		11,644,319
				98,893,322
Life Sciences Tools & Services – 1.9%
	45,393	IQVIA Holdings, Inc.*		10,653,283
	6,817	Mettler-Toledo International, Inc.*		8,952,903
	6,109	Thermo Fisher Scientific, Inc.		2,872,635
				22,478,821
Machinery – 1.2%
	13,618	Otis Worldwide Corp.		1,060,434
	40,695	Parker-Hannifin Corp.		12,770,498
				13,830,932
Media – 1.0%
	5,292	Charter Communications, Inc., Class A*		3,563,897
	173,105	News Corp., Class A		4,534,486
	8,662	Nexstar Media Group, Inc., Class A		1,276,865
	24,629	Omnicom Group, Inc.		2,025,982
				11,401,230
Multiline Retail – 0.1%
	25,731	Kohl’s Corp.		1,509,380
Oil, Gas & Consumable Fuels – 0.9%
	31,226	Diamondback Energy, Inc.		2,552,101
	34,303	EOG Resources, Inc.		2,526,073
	71,747	Hess Corp.		5,345,869
	10,737	Targa Resources Corp.		372,466
				10,796,509
Personal Products – 0.7%
	25,816	Estee Lauder Cos., Inc. (The), Class A		8,101,061
Pharmaceuticals – 3.7%
	157,577	Johnson & Johnson		25,642,505
	17,901	Merck & Co., Inc.		1,333,624
	37,885	Perrigo Co. PLC		1,577,153
	18,021	Pfizer, Inc.		696,512
	82,774	Zoetis, Inc.		14,322,385
				43,572,179
Road & Rail – 3.0%
	13,502	AMERCO		8,055,698
	15,414	CSX Corp.		1,552,961
	48,344	Old Dominion Freight Line, Inc.		12,463,567
	59,293	Union Pacific Corp.		13,168,382
				35,240,608

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 4.0%
	16,128	Advanced Micro Devices, Inc.*	$	1,316,367
	112,474	Applied Materials, Inc.		14,926,425
	39,432	Intel Corp.		2,268,523
	8,771	KLA Corp.		2,765,935
	5,954	Lam Research Corp.		3,694,159
	169,584	Micron Technology, Inc.*		14,596,095
	1,275	NVIDIA Corp.		765,484
	32,590	NXP Semiconductors NV (Netherlands)		6,273,901
				46,606,889
Software – 7.5%
	294,470	Microsoft Corp.		74,259,445
	126,290	Oracle Corp.		9,571,519
	3,988	Trade Desk, Inc. (The), Class A*		2,908,488
				86,739,452
Specialty Retail – 0.7%
	1,953	Dick’s Sporting Goods, Inc.		161,279
	115,449	L Brands, Inc.*		7,608,089
				7,769,368
Technology Hardware, Storage & Peripherals – 7.1%
	605,965	Apple, Inc.		79,660,159
	40,986	Western Digital Corp.*		2,894,841
				82,555,000
Textiles, Apparel & Luxury Goods – 0.2%
	40,809	Skechers USA, Inc., Class A*		1,978,828
Tobacco – 0.7%
	82,906	Philip Morris International, Inc.		7,876,070
Trading Companies & Distributors – 0.1%
	4,695	United Rentals, Inc.*		1,502,165
	TOTAL INVESTMENTS – 99.1%
	(Cost $840,613,124)		$	1,152,415,166
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			10,485,230
	NET ASSETS – 100.0%		$	1,162,900,396

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

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2021 (Unaudited)

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund		Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,120,618,150, $345,638,706 and $448,292,010, respectively)(a)	$	1,841,631,941	$	414,078,049	$	566,164,371
Investments in securities lending reinvestment vehicle, at value which equals cost		7,069,012		907,700		5,210,067
Cash		12,607,332		2,820,215		7,205,915
Receivables:
Investments sold		54,442,011		12,030,212		—
Fund shares sold		876,757		203,048		622,921
Dividends		409,402		202,335		112,526
Reimbursement from investment adviser		45,768		27,659		36,844
Foreign tax reclaims		1,292		—		—
Securities lending income		582		—		3,212
Other assets		162,253		62,668		63,264
Total assets		1,917,246,350		430,331,886		579,419,120
Liabilities:
Payables:
Investments purchased		50,137,332		11,147,710		—
Upon return of securities loaned		7,069,012		907,700		5,210,067
Fund shares redeemed		6,939,581		248,703		692,699
Management fees		749,085		174,979		372,715
Distribution and Service fees and Transfer Agency fees		249,044		54,962		53,491
Accrued expenses		427,955		192,252		217,424
Total liabilities		65,572,009		12,726,306		6,546,396
Net Assets:
Paid-in capital		875,521,793		332,372,829		393,429,000
Total distributable earnings		976,152,548		85,232,751		179,443,724
NET ASSETS	$	1,851,674,341	$	417,605,580	$	572,872,724
Net Assets:
Class A	$	310,237,769	$	62,673,340	$	46,866,145
Class C		44,496,588		9,961,737		7,683,206
Institutional		818,510,074		117,169,027		204,624,095
Service		35,207,914		6,574,071		3,877,471
Investor		270,624,192		87,213,483		60,159,903
Class R6		271,089,790		84,745,142		103,097,876
Class R		31,386,592		6,289,966		16,802,053
Class P		70,121,422		42,978,814		129,761,975
Total Net Assets	$	1,851,674,341	$	417,605,580	$	572,872,724
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,293,396		2,427,512		1,389,149
Class C		1,220,304		389,399		270,294
Institutional		18,437,886		4,544,905		5,817,500
Service		844,318		253,475		117,056
Investor		6,461,619		3,391,716		1,793,985
Class R6		6,110,273		3,287,338		2,930,741
Class R		762,261		245,362		511,251
Class P		1,581,355		1,668,107		3,689,653
Net asset value, offering and redemption price per share:(b)
Class A		$42.54		$25.82		$33.74
Class C		36.46		25.58		28.43
Institutional		44.39		25.78		35.17
Service		41.70		25.94		33.12
Investor		41.88		25.71		33.53
Class R6		44.37		25.78		35.18
Class R		41.18		25.64		32.86
Class P		44.34		25.77		35.17

(a) Includes loaned securities having a market value of $6,687,173, $857,153 and $5,017,476, respectively.

(b) 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 $45.01, $27.32 and $35.70, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2021 (Unaudited)

	Small Cap Growth Insights Fund		Small Cap Value Insights Fund		U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $539,401,207, $937,761,923 and $840,613,124, respectively)(a)	$	691,256,827	$	1,190,698,754	$	1,152,415,166
Investments in affiliated issuers, at value (cost $0, $516,956 and $0, respectively)		—		516,956		—
Investments in securities lending reinvestment vehicle, at value which equals cost		5,422,791		14,093,930		—
Cash		1,312,578		19,645,156		10,235,982
Receivables:
Investments sold		17,994,206		23,575,085		34,819,776
Fund shares sold		1,495,054		1,992,210		582,231
Dividends		112,744		305,214		439,195
Reimbursement from investment adviser		55,423		52,877		35,568
Securities lending income		5,372		9,052		—
Collateral on futures contracts		—		60,050		—
Foreign tax reclaims		—		—		992
Other assets		84,334		164,371		75,675
Total assets		717,739,329		1,251,113,655		1,198,604,585
Liabilities:
Variation margin on futures contracts		—		11,165		—
Payables:
Investments purchased		13,695,669		28,300,085		32,074,113
Upon return of securities loaned		5,422,791		14,093,930		—
Fund shares redeemed		1,543,565		1,458,191		2,638,710
Management fees		465,126		776,752		482,590
Distribution and Service fees and Transfer Agency fees		73,010		133,945		184,951
Accrued expenses		438,774		286,611		323,825
Total liabilities		21,638,935		45,060,679		35,704,189
Net Assets:
Paid-in capital		302,118,984		828,903,110		741,652,924
Total distributable earnings		393,981,410		377,149,866		421,247,472
NET ASSETS	$	696,100,394	$	1,206,052,976	$	1,162,900,396
Net Assets:
Class A	$	61,717,112	$	148,097,006	$	364,572,259
Class C		8,113,731		7,058,309		17,615,949
Institutional		191,718,462		338,977,696		305,955,682
Service		—		—		7,006,924
Investor		219,345,324		369,262,363		113,216,450
Class R6		197,064,697		280,038,434		11,736,115
Class R		7,632,063		21,623,639		21,391,347
Class P		10,509,005		40,995,529		321,405,670
Total Net Assets	$	696,100,394	$	1,206,052,976	$	1,162,900,396
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,346,886		2,907,293		5,510,706
Class C		244,403		203,215		300,993
Institutional		3,453,507		4,896,084		4,467,979
Service		—		—		106,543
Investor		4,619,414		7,292,494		1,736,904
Class R6		3,547,270		4,045,552		171,547
Class R		175,086		434,711		330,028
Class P		189,174		592,284		4,697,895
Net asset value, offering and redemption price per share:(b)
Class A		$45.82		$50.94		$66.16
Class C		33.20		34.73		58.53
Institutional		55.51		69.23		68.48
Service		—		—		65.77
Investor		47.48		50.64		65.18
Class R6		55.55		69.22		68.41
Class R		43.59		49.74		64.82
Class P		55.55		69.22		68.41

(a) Includes loaned securities having a market value of $5,137,815, $13,608,369 and $–, respectively.

(b) 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 $48.49, $53.90 and $70.01, 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.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

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

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $11,720, $2,493 and $8,183, respectively)	$	6,548,081		$	3,331,448		$	3,475,180
Dividends — affiliated issuers		—			—			119
Securities lending income — affiliated issuer		2,201			246			32,111
Total investment income		6,550,282			3,331,694			3,507,410
Expenses:
Management fees		4,713,658			970,975			2,248,254
Transfer Agency fees(a)		764,595			161,315			181,307
Distribution and Service (12b-1) fees(a)		667,453			126,533			126,273
Custody, accounting and administrative services		91,447			26,059			34,447
Printing and mailing costs		90,439			31,062			45,024
Registration fees		73,415			66,583			64,859
Shareholder Administration fees — Service Shares		57,852			7,490			4,409
Service fees — Class C		55,024			12,079			9,247
Professional fees		45,949			45,658			46,036
Trustee fees		11,217			9,997			10,159
Other		4,392			9,380			4,528
Total expenses		6,575,441			1,467,131			2,774,543
Less — expense reductions		(295,117	)		(182,428	)		(196,781	)
Net expenses		6,280,324			1,284,703			2,577,762
NET INVESTMENT INCOME		269,958			2,046,991			929,648
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		270,160,968			48,543,211			85,969,910
Futures		(900,477	)		—			(118,660	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		155,808,539			60,782,159			132,533,497
Futures		(6,645	)		—			—
Net realized and unrealized gain		425,062,385			109,325,370			218,384,747
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	425,332,343		$	111,372,361		$	219,314,395

(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	$	370,738	$	165,071	$	57,852	$	73,792	$	237,274	$	35,215	$	157,565	$	9,256	$	242,700	$	49,242	$	23,614	$	9,729
Large Cap Value Insights		68,726		36,236		7,490		14,081		43,985		7,731		20,190		1,198		66,794		11,330		4,506		5,581
Small Cap Equity Insights		53,946		27,742		4,409		40,176		34,526		5,918		38,879		706		53,900		17,043		12,856		17,479

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations (continued)

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

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $660, $19,170 and $8,459, respectively)	$	3,021,211		$	9,348,588		$	6,433,829
Dividends — affiliated issuers		4			156			170
Securities lending income — affiliated issuer		188,836			30,163			88
Total investment income		3,210,051			9,378,907			6,434,087
Expenses:
Management fees		3,982,907			4,138,322			2,765,715
Transfer Agency fees(a)		496,919			484,636			489,100
Printing and mailing costs		151,256			61,303			53,729
Distribution and Service (12b-1) fees(a)		129,572			232,751			566,718
Registration fees		64,056			87,573			67,770
Custody, accounting and administrative services		50,948			58,763			55,475
Professional fees		46,143			45,979			45,839
Trustee fees		10,561			10,415			10,507
Service fees — Class C		10,005			8,182			21,649
Shareholder Administration fees — Service Shares		—			—			7,896
Other		9,874			18,747			6,131
Total expenses		4,952,241			5,146,671			4,090,529
Less — expense reductions		(321,515	)		(262,999	)		(229,834	)
Net expenses		4,630,726			4,883,672			3,860,695
NET INVESTMENT INCOME (LOSS)		(1,420,675	)		4,495,235			2,573,392
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		244,578,432			144,225,450			119,320,321
Futures		4,287,931			1,371,419			844,379
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		111,884,326			279,811,432			146,314,634
Futures		—			296,787			—
Net realized and unrealized gain		360,750,689			425,705,088			266,479,334
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	359,330,014		$	430,200,323		$	269,052,726

(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	$	76,311	$	30,015	$	—	$	23,246	$	48,839	$	6,403	$	43,590	$	—	$	351,672	$	37,150	$	7,439	$	1,826
Small Cap Value Insights		161,392		24,547		—		46,812		103,292		5,237		55,794		—		264,799		34,578		14,980		5,956
U.S. Equity Insights		416,257		64,947		7,896		77,618		266,406		13,855		56,787		1,263		81,180		1,553		24,838		43,218

42 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 Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	269,958		$	4,489,435		$	2,046,991		$	5,728,297
Net realized gain (loss)		269,260,491			177,754,693			48,543,211			(22,848,210	)
Net change in unrealized gain (loss)		155,801,894			209,201,275			60,782,159			(18,638,685	)
Net increase (decrease) in net assets resulting from operations		425,332,343			391,445,403			111,372,361			(35,758,598	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(27,425,346	)		(11,437,017	)		(409,436	)		(721,696	)
Class C Shares		(4,743,046	)		(1,652,223	)		(37,003	)		(57,654	)
Institutional Shares		(73,425,541	)		(30,583,438	)		(938,038	)		(1,709,480	)
Service Shares		(4,697,947	)		(1,907,093	)		(40,921	)		(72,282	)
Investor Shares		(31,566,895	)		(16,644,105	)		(723,296	)		(1,570,378	)
Class R6 Shares		(34,402,556	)		(12,792,716	)		(689,749	)		(1,156,248	)
Class R Shares		(2,831,396	)		(1,215,415	)		(35,591	)		(52,688	)
Class P Shares		(5,886,489	)		(2,075,071	)		(340,859	)		(534,539	)
Total distributions to shareholders		(184,979,216	)		(78,307,078	)		(3,214,893	)		(5,874,965	)
From share transactions:
Proceeds from sales of shares		222,239,430			499,794,164			45,236,400			87,609,068
Reinvestment of distributions		164,888,599			69,749,290			3,075,151			5,573,203
Cost of shares redeemed		(661,447,818	)		(949,944,612	)		(59,428,985	)		(184,044,568	)
Net decrease in net assets resulting from share transactions		(274,319,789	)		(380,401,158	)		(11,117,434	)		(90,862,297	)
TOTAL INCREASE (DECREASE)		(33,966,662	)		(67,262,833	)		97,040,034			(132,495,860	)
Net assets:
Beginning of period		1,885,641,003			1,952,903,836			320,565,546			453,061,406
End of period	$	1,851,674,341		$	1,885,641,003		$	417,605,580		$	320,565,546

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

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 Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income (loss)	$	929,648		$	1,749,181		$	(1,420,675	)	$	(2,295,043	)
Net realized gain (loss)		85,851,250			(14,794,581	)		248,866,363			36,421,785
Net change in unrealized gain (loss)		132,533,497			(58,419,249	)		111,884,326			(35,327,101	)
Net increase (decrease) in net assets resulting from operations		219,314,395			(71,464,649	)		359,330,014			(1,200,359	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(72,203	)		(108,619	)		(2,093,905	)		(1,157,729	)
Class C Shares		—			—			(366,093	)		(152,869	)
Institutional Shares		(946,817	)		(1,626,736	)		(6,793,298	)		(3,974,277	)
Service Shares		(5,076	)		(3,071	)		—			—
Investor Shares		(295,176	)		(374,689	)		(18,616,142	)		(5,138,376	)
Class R6 Shares		(765,740	)		(850,889	)		(7,408,415	)		(3,615,584	)
Class R Shares		(3,581	)		—			(351,853	)		(284,681	)
Class P Shares		(568,617	)		(596,984	)		(361,013	)		(145,698	)
Total distributions to shareholders		(2,657,210	)		(3,560,988	)		(35,990,719	)		(14,469,214	)
From share transactions:
Proceeds from sales of shares		120,001,455			198,765,373			164,574,125			346,717,657
Reinvestment of distributions		2,591,640			3,490,560			34,839,289			14,049,097
Cost of shares redeemed		(310,746,717	)		(288,552,551	)		(808,248,474	)		(524,576,347	)
Net decrease in net assets resulting from share transactions		(188,153,622	)		(86,296,618	)		(608,835,060	)		(163,809,593	)
TOTAL INCREASE (DECREASE)		28,503,563			(161,322,255	)		(285,495,765	)		(179,479,166	)
Net assets:
Beginning of period		544,369,161			705,691,416			981,596,159			1,161,075,325
End of period	$	572,872,724		$	544,369,161		$	696,100,394		$	981,596,159

44 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 Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	4,495,235		$	5,366,292		$	2,573,392		$	7,298,698
Net realized gain (loss)		145,596,869			(18,542,675	)		120,164,700			43,632,595
Net change in unrealized gain (loss)		280,108,219			(59,829,002	)		146,314,634			36,827,652
Net increase (decrease) in net assets resulting from operations		430,200,323			(73,005,385	)		269,052,726			87,758,945
Distributions to shareholders:
From distributable earnings:
Class A Shares		(785,368	)		(827,588	)		(13,719,487	)		(4,157,727	)
Class C Shares		(24,825	)		(32,365	)		(762,606	)		(140,002	)
Institutional Shares		(1,852,902	)		(1,458,393	)		(12,408,988	)		(4,700,529	)
Service Shares		—			—			(254,428	)		(95,840	)
Investor Shares		(2,781,222	)		(694,092	)		(4,441,328	)		(1,879,914	)
Class R6 Shares		(1,592,174	)		(897,586	)		(431,144	)		(169,754	)
Class R Shares		(118,456	)		(61,450	)		(1,852,525	)		(507,892	)
Class P Shares		(273,740	)		(358,606	)		(12,331,032	)		(4,032,946	)
Total distributions to shareholders		(7,428,687	)		(4,330,080	)		(46,201,538	)		(15,684,604	)
From share transactions:
Proceeds from sales of shares		249,003,218			543,633,517			77,403,519			166,576,705
Reinvestment of distributions		7,237,135			4,217,944			45,365,118			15,415,026
Cost of shares redeemed		(241,687,646	)		(270,076,116	)		(138,904,656	)		(314,438,554	)
Net increase (decrease) in net assets resulting from share transactions		14,552,707			277,775,345			(16,136,019	)		(132,446,823	)
TOTAL INCREASE (DECREASE)		437,324,343			200,439,880			206,715,169			(60,372,482	)
Net assets:
Beginning of period		768,728,633			568,288,753			956,185,227			1,016,557,709
End of period	$	1,206,052,976		$	768,728,633		$	1,162,900,396		$	956,185,227

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.63		$	31.54		$	31.05		$	30.36		$	23.44		$	23.13
Net investment income (loss)(a)		(0.04	)(b)		—	(c)		0.10			0.10			0.10			0.11
Net realized and unrealized gain		8.75			7.31			3.00			1.96			6.93			0.33
Total from investment operations		8.71			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		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.80	)		(1.22	)		(2.61	)		(1.37	)		(0.11	)		(0.13	)
Net asset value, end of period	$	42.54		$	37.63		$	31.54		$	31.05		$	30.36		$	23.44
Total Return(d)		24.49	%		23.84	%		11.28	%		6.95	%		30.11	%		1.93	%
Net assets, end of period (in 000’s)	$	310,238		$	286,777		$	301,506		$	317,418		$	316,689		$	254,036
Ratio of net expenses to average net assets		0.91	%(e)		0.92	%		0.93	%		0.92	%		0.95	%		0.96	%
Ratio of total expenses to average net assets		0.94	%(e)		0.95	%		0.97	%		0.95	%		1.10	%		1.15	%
Ratio of net investment income (loss) to average net assets		(0.22	)%(b)(e)		(0.01	)%		0.33	%		0.32	%		0.38	%		0.49	%
Portfolio turnover rate(f)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

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

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

46 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.87		$	27.79		$	27.78		$	27.42		$	21.23		$	21.02
Net investment loss(a)		(0.17	)(b)		(0.23	)		(0.10	)		(0.12	)		(0.09	)		(0.05	)
Net realized and unrealized gain		7.56			6.43			2.63			1.77			6.28			0.30
Total from investment operations		7.39			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		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			(0.04	)
Net asset value, end of period	$	36.46		$	32.87		$	27.79		$	27.78		$	27.42		$	21.23
Total Return(c)		23.98	%		22.97	%		10.42	%		6.18	%		29.16	%		1.18	%
Net assets, end of period (in 000’s)	$	44,497		$	41,838		$	42,004		$	56,046		$	63,500		$	48,610
Ratio of net expenses to average net assets		1.66	%(d)		1.67	%		1.68	%		1.67	%		1.70	%		1.71	%
Ratio of total expenses to average net assets		1.69	%(d)		1.70	%		1.72	%		1.70	%		1.85	%		1.90	%
Ratio of net investment loss to average net assets		(0.97	)%(b)(d)		(0.76	)%		(0.40	)%		(0.42	)%		(0.37	)%		(0.25	)%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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. 47

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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.16		$	32.77		$	32.17		$	31.39		$	24.21		$	23.86
Net investment income(a)		0.03	(b)		0.13			0.23			0.23			0.22			0.21
Net realized and unrealized gain		9.11			7.61			3.09			2.02			7.15			0.34
Total from investment operations		9.14			7.74			3.32			2.25			7.37			0.55
Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.20	)		(0.18	)		(0.19	)		(0.20	)
Distributions to shareholders from net realized gains		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.91	)		(1.35	)		(2.72	)		(1.47	)		(0.19	)		(0.20	)
Net asset value, end of period	$	44.39		$	39.16		$	32.77		$	32.17		$	31.39		$	24.21
Total Return(c)		24.67	%		24.33	%		11.70	%		7.38	%		30.63	%		2.35	%
Net assets, end of period (in 000’s)	$	818,510		$	741,893		$	760,316		$	806,091		$	897,009		$	448,961
Ratio of net expenses to average net assets		0.54	%(d)		0.54	%		0.54	%		0.53	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.57	%(d)		0.58	%		0.58	%		0.56	%		0.70	%		0.75	%
Ratio of net investment income to average net assets		0.15	%(b)(d)		0.36	%		0.72	%		0.71	%		0.78	%		0.89	%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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.

48 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	36.98		$	31.02		$	30.53		$	29.94		$	23.15		$	22.89
Net investment income (loss)(a)		(0.07	)(b)		(0.05	)		0.07			0.07			0.04			0.08
Net realized and unrealized gain		8.59			7.20			2.95			1.92			6.88			0.33
Total from investment operations		8.52			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		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.80	)		(1.19	)		(2.53	)		(1.40	)		(0.13	)		(0.15	)
Net asset value, end of period	$	41.70		$	36.98		$	31.02		$	30.53		$	29.94		$	23.15
Total Return(c)		24.40	%		23.68	%		11.15	%		6.82	%		30.04	%		1.82	%
Net assets, end of period (in 000’s)	$	35,208		$	47,346		$	50,445		$	53,347		$	67,450		$	12,517
Ratio of net expenses to average net assets		1.04	%(d)		1.04	%		1.04	%		1.03	%		1.05	%		1.06	%
Ratio of total expenses to average net assets		1.07	%(d)		1.08	%		1.08	%		1.06	%		1.19	%		1.26	%
Ratio of net investment income (loss) to average net assets		(0.34	)%(b)(d)		(0.13	)%		0.22	%		0.21	%		0.17	%		0.34	%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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. 49

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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.12		$	31.13		$	30.69		$	30.03		$	23.19		$	22.88
Net investment income(a)		0.01	(b)		0.09			0.17			0.18			0.16			0.17
Net realized and unrealized gain		8.61			7.21			2.95			1.93			6.86			0.32
Total from investment operations		8.62			7.30			3.12			2.11			7.02			0.49
Distributions to shareholders from net investment income		(0.06	)		(0.19	)		(0.16	)		(0.16	)		(0.18	)		(0.18	)
Distributions to shareholders from net realized gains		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.86	)		(1.31	)		(2.68	)		(1.45	)		(0.18	)		(0.18	)
Net asset value, end of period	$	41.88		$	37.12		$	31.13		$	30.69		$	30.03		$	23.19
Total Return(c)		24.61	%		24.17	%		11.56	%		7.23	%		30.43	%		2.18	%
Net assets, end of period (in 000’s)	$	270,624		$	308,107		$	401,677		$	415,757		$	365,836		$	48,133
Ratio of net expenses to average net assets		0.66	%(d)		0.67	%		0.68	%		0.67	%		0.70	%		0.71	%
Ratio of total expenses to average net assets		0.69	%(d)		0.70	%		0.72	%		0.70	%		0.84	%		0.90	%
Ratio of net investment income to average net assets		0.04	%(b)(d)		0.26	%		0.58	%		0.56	%		0.59	%		0.74	%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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.

50 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.14		$	32.75		$	32.15		$	31.38		$	24.21		$	23.86
Net investment income(a)		0.03	(b)		0.13			0.23			0.24			0.21			0.18
Net realized and unrealized gain		9.11			7.61			3.10			2.01			7.16			0.38
Total from investment operations		9.14			7.74			3.33			2.25			7.37			0.56
Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.21	)		(0.19	)		(0.20	)		(0.21	)
Distributions to shareholders from net realized gains		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.91	)		(1.35	)		(2.73	)		(1.48	)		(0.20	)		(0.21	)
Net asset value, end of period	$	44.37		$	39.14		$	32.75		$	32.15		$	31.38		$	24.21
Total Return(c)		24.70	%		24.36	%		11.72	%		7.37	%		30.64	%		2.38	%
Net assets, end of period (in 000’s)	$	271,090		$	373,079		$	313,461		$	344,129		$	133,877		$	8,208
Ratio of net expenses to average net assets		0.53	%(d)		0.53	%		0.53	%		0.52	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.56	%(d)		0.57	%		0.57	%		0.55	%		0.67	%		0.74	%
Ratio of net investment income to average net assets		0.17	%(b)(d)		0.36	%		0.75	%		0.71	%		0.74	%		0.72	%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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 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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	36.58		$	30.73		$	30.30		$	29.67		$	22.93		$	22.71
Net investment income (loss)(a)		(0.09	)(b)		(0.08	)		0.02			0.02			0.04			0.05
Net realized and unrealized gain		8.49			7.12			2.93			1.92			6.78			0.32
Total from investment operations		8.40			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		(3.80	)		(1.12	)		(2.52	)		(1.29	)		—			—
Total distributions		(3.80	)		(1.19	)		(2.52	)		(1.31	)		(0.08	)		(0.15	)
Net asset value, end of period	$	41.18		$	36.58		$	30.73		$	30.30		$	29.67		$	22.93
Total Return(c)		24.33	%		23.55	%		10.98	%		6.69	%		29.81	%		1.66	%
Net assets, end of period (in 000’s)	$	31,387		$	27,314		$	34,397		$	25,893		$	29,734		$	20,635
Ratio of net expenses to average net assets		1.16	%(d)		1.17	%		1.18	%		1.17	%		1.20	%		1.21	%
Ratio of total expenses to average net assets		1.19	%(d)		1.20	%		1.22	%		1.20	%		1.35	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(b)(d)		(0.25	)%		0.05	%		0.08	%		0.14	%		0.22	%
Portfolio turnover rate(e)		101	%		218	%		192	%		188	%		196	%		254	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.05% of average net assets.

(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.

52 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	39.12		$	32.74		$	32.15		$	32.07
Net investment income(b)		0.03	(c)		0.13			0.22			0.12
Net realized and unrealized gain (loss)		9.10			7.61			3.10			(0.04	)
Total from investment operations		9.13			7.74			3.32			0.08
Distributions to shareholders from net investment income		(0.11	)		(0.24	)		(0.21	)		—
Distributions to shareholders from net realized gains		(3.80	)		(1.12	)		(2.52	)		—
Total distributions		(3.91	)		(1.36	)		(2.73	)		—
Net asset value, end of period	$	44.34		$	39.12		$	32.74		$	32.15
Total Return(d)		24.68	%		24.34	%		11.71	%		0.25	%
Net assets, end of period (in 000’s)	$	70,121		$	59,286		$	49,099		$	39,938
Ratio of net expenses to average net assets		0.53	%(e)		0.53	%		0.53	%		0.52	%(d)
Ratio of total expenses to average net assets		0.56	%(e)		0.57	%		0.57	%		0.56	%(d)
Ratio of net investment income to average net assets		0.16	%(c)(e)		0.36	%		0.71	%		0.66	%(d)
Portfolio turnover rate(f)		101	%		218	%		192	%		188	%

(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 $0.02 per share and 0.05% 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. 53

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.23		$	21.27		$	21.59		$	21.01		$	17.27		$	16.92
Net investment income(a)		0.10	(b)		0.25			0.28			0.25			0.27			0.23
Net realized and unrealized gain (loss)		6.66			(2.03	)		0.75			0.56			3.77			0.33
Total from investment operations		6.76			(1.78	)		1.03			0.81			4.04			0.56
Distributions to shareholders from net investment income		(0.17	)		(0.26	)		(0.29	)		(0.23	)		(0.30	)		(0.21	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.17	)		(0.26	)		(1.35	)		(0.23	)		(0.30	)		(0.21	)
Net asset value, end of period	$	25.82		$	19.23		$	21.27		$	21.59		$	21.01		$	17.27
Total Return(c)		35.27	%		(8.34	)%		5.30	%		3.82	%		23.51	%		3.35	%
Net assets, end of period (in 000’s)	$	62,673		$	47,125		$	65,556		$	62,349		$	63,848		$	60,942
Ratio of net expenses to average net assets		0.93	%(d)		0.94	%		0.95	%		0.95	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		1.03	%(d)		1.05	%		1.07	%		1.03	%		1.10	%		1.15	%
Ratio of net investment income to average net assets		0.85	%(b)(d)		1.26	%		1.36	%		1.13	%		1.37	%		1.36	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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.

54 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.05		$	21.06		$	21.39		$	20.82		$	17.12		$	16.78
Net investment income(a)		0.02	(b)		0.10			0.12			0.08			0.11			0.10
Net realized and unrealized gain (loss)		6.59			(2.01	)		0.75			0.55			3.75			0.33
Total from investment operations		6.61			(1.91	)		0.87			0.63			3.86			0.43
Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.14	)		(0.06	)		(0.16	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.08	)		(0.10	)		(1.20	)		(0.06	)		(0.16	)		(0.09	)
Net asset value, end of period	$	25.58		$	19.05		$	21.06		$	21.39		$	20.82		$	17.12
Total Return(c)		34.78	%		(9.02	)%		4.53	%		3.00	%		22.59	%		2.56	%
Net assets, end of period (in 000’s)	$	9,962		$	8,773		$	12,694		$	10,058		$	10,601		$	13,437
Ratio of net expenses to average net assets		1.68	%(d)		1.69	%		1.70	%		1.70	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.78	%(d)		1.80	%		1.82	%		1.78	%		1.85	%		1.90	%
Ratio of net investment income to average net assets		0.15	%(b)(d)		0.52	%		0.61	%		0.37	%		0.59	%		0.61	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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. 55

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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.20		$	21.24		$	21.57		$	20.99		$	17.25		$	16.91
Net investment income(a)		0.14	(b)		0.33			0.36			0.33			0.35			0.29
Net realized and unrealized gain (loss)		6.65			(2.04	)		0.74			0.56			3.77			0.32
Total from investment operations		6.79			(1.71	)		1.10			0.89			4.12			0.61
Distributions to shareholders from net investment income		(0.21	)		(0.33	)		(0.37	)		(0.31	)		(0.38	)		(0.27	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.21	)		(0.33	)		(1.43	)		(0.31	)		(0.38	)		(0.27	)
Net asset value, end of period	$	25.78		$	19.20		$	21.24		$	21.57		$	20.99		$	17.25
Total Return(c)		35.51	%		(7.98	)%		5.68	%		4.22	%		24.02	%		3.69	%
Net assets, end of period (in 000’s)	$	117,169		$	88,472		$	120,417		$	122,587		$	261,684		$	341,830
Ratio of net expenses to average net assets		0.56	%(d)		0.56	%		0.57	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.66	%(d)		0.67	%		0.68	%		0.64	%		0.70	%		0.75	%
Ratio of net investment income to average net assets		1.25	%(b)(d)		1.64	%		1.74	%		1.52	%		1.78	%		1.73	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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.

56 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.32		$	21.36		$	21.67		$	21.09		$	17.34		$	16.99
Net investment income(a)		0.08	(b)		0.23			0.27			0.22			0.25			0.21
Net realized and unrealized gain (loss)		6.69			(2.04	)		0.75			0.56			3.79			0.33
Total from investment operations		6.77			(1.81	)		1.02			0.78			4.04			0.54
Distributions to shareholders from net investment income		(0.15	)		(0.23	)		(0.27	)		(0.20	)		(0.29	)		(0.19	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.15	)		(0.23	)		(1.33	)		(0.20	)		(0.29	)		(0.19	)
Net asset value, end of period	$	25.94		$	19.32		$	21.36		$	21.67		$	21.09		$	17.34
Total Return(c)		35.12	%		(8.44	)%		5.19	%		3.70	%		23.37	%		3.22	%
Net assets, end of period (in 000’s)	$	6,574		$	5,230		$	7,554		$	10,199		$	8,403		$	6,014
Ratio of net expenses to average net assets		1.06	%(d)		1.06	%		1.07	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.16	%(d)		1.17	%		1.18	%		1.14	%		1.20	%		1.24	%
Ratio of net investment income to average net assets		0.73	%(b)(d)		1.13	%		1.28	%		1.00	%		1.28	%		1.27	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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. 57

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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.15		$	21.18		$	21.51		$	20.94		$	17.22		$	16.88
Net investment income(a)		0.12	(b)		0.31			0.32			0.29			0.34			0.26
Net realized and unrealized gain (loss)		6.64			(2.03	)		0.76			0.57			3.74			0.33
Total from investment operations		6.76			(1.72	)		1.08			0.86			4.08			0.59
Distributions to shareholders from net investment income		(0.20	)		(0.31	)		(0.35	)		(0.29	)		(0.36	)		(0.25	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.20	)		(0.31	)		(1.41	)		(0.29	)		(0.36	)		(0.25	)
Net asset value, end of period	$	25.71		$	19.15		$	21.18		$	21.51		$	20.94		$	17.22
Total Return(c)		35.42	%		(8.09	)%		5.55	%		4.07	%		23.79	%		3.57	%
Net assets, end of period (in 000’s)	$	87,213		$	70,302		$	134,069		$	84,895		$	29,871		$	9,947
Ratio of net expenses to average net assets		0.68	%(d)		0.69	%		0.70	%		0.70	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.78	%(d)		0.80	%		0.82	%		0.78	%		0.84	%		0.90	%
Ratio of net investment income to average net assets		1.09	%(b)(d)		1.54	%		1.58	%		1.33	%		1.70	%		1.56	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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.

58 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.20		$	21.24		$	21.56		$	20.99		$	17.25		$	16.90
Net investment income(a)		0.14	(b)		0.32			0.40			0.33			0.36			0.29
Net realized and unrealized gain (loss)		6.65			(2.02	)		0.72			0.55			3.77			0.34
Total from investment operations		6.79			(1.70	)		1.12			0.88			4.13			0.63
Distributions to shareholders from net investment income		(0.21	)		(0.34	)		(0.38	)		(0.31	)		(0.39	)		(0.28	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.21	)		(0.34	)		(1.44	)		(0.31	)		(0.39	)		(0.28	)
Net asset value, end of period	$	25.78		$	19.20		$	21.24		$	21.56		$	20.99		$	17.25
Total Return(c)		35.52	%		(7.97	)%		5.73	%		4.19	%		24.05	%		3.76	%
Net assets, end of period (in 000’s)	$	84,745		$	65,692		$	73,981		$	149,225		$	75		$	10
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.54	%
Ratio of total expenses to average net assets		0.65	%(d)		0.66	%		0.66	%		0.62	%		0.67	%		0.74	%
Ratio of net investment income to average net assets		1.22	%(b)(d)		1.63	%		1.84	%		1.47	%		1.81	%		1.77	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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. 59

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.09		$	21.12		$	21.45		$	20.88		$	17.18		$	16.84
Net investment income(a)		0.07	(b)		0.19			0.23			0.19			0.24			0.18
Net realized and unrealized gain (loss)		6.62			(2.01	)		0.74			0.56			3.73			0.33
Total from investment operations		6.69			(1.82	)		0.97			0.75			3.97			0.51
Distributions to shareholders from net investment income		(0.14	)		(0.21	)		(0.24	)		(0.18	)		(0.27	)		(0.17	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—			—			—
Total distributions		(0.14	)		(0.21	)		(1.30	)		(0.18	)		(0.27	)		(0.17	)
Net asset value, end of period	$	25.64		$	19.09		$	21.12		$	21.45		$	20.88		$	17.18
Total Return(c)		35.11	%		(8.58	)%		5.01	%		3.56	%		23.19	%		3.08	%
Net assets, end of period (in 000’s)	$	6,290		$	4,885		$	5,189		$	5,651		$	5,240		$	1,877
Ratio of net expenses to average net assets		1.18	%(d)		1.19	%		1.20	%		1.20	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.28	%(d)		1.30	%		1.32	%		1.28	%		1.34	%		1.40	%
Ratio of net investment income to average net assets		0.61	%(b)(d)		0.99	%		1.12	%		0.88	%		1.22	%		1.07	%
Portfolio turnover rate(e)		103	%		212	%		225	%		202	%		208	%		229	%

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

(b) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.25% of average net assets.

(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.

60 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	19.19		$	21.23		$	21.55		$	21.87
Net investment income(b)		0.14	(c)		0.32			0.36			0.17
Net realized and unrealized gain (loss)		6.65			(2.02	)		0.76			(0.33	)
Total from investment operations		6.79			(1.70	)		1.12			(0.16	)
Distributions to shareholders from net investment income		(0.21	)		(0.34	)		(0.38	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			(1.06	)		—
Total distributions		(0.21	)		(0.34	)		(1.44	)		(0.16	)
Net asset value, end of period	$	25.77		$	19.19		$	21.23		$	21.55
Total Return(d)		35.49	%		(7.97	)%		5.74	%		(0.77	)%
Net assets, end of period (in 000’s)	$	42,979		$	30,086		$	33,601		$	27,967
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.56	%		0.55	%(d)
Ratio of total expenses to average net assets		0.65	%(e)		0.66	%		0.67	%		0.65	%(d)
Ratio of net investment income to average net assets		1.20	%(c)(e)		1.63	%		1.75	%		1.38	%(d)
Portfolio turnover rate(f)		103	%		212	%		225	%		202	%

(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 $0.06 per share and 0.25% 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. 61

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.96		$	25.62		$	25.74		$	24.77		$	19.73		$	19.10
Net investment income (loss)(a)		(0.01	)		(0.01	)		0.05			0.01	(b)		0.04			0.08
Net realized and unrealized gain (loss)		10.84			(2.60	)		1.23			0.96			5.06			0.58
Total from investment operations		10.83			(2.61	)		1.28			0.97			5.10			0.66
Distributions to shareholders from net investment income		(0.05	)		(0.05	)		—			—			(0.06	)		(0.03	)
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.05	)		(0.05	)		(1.40	)		—			(0.06	)		(0.03	)
Net asset value, end of period	$	33.74		$	22.96		$	25.62		$	25.74		$	24.77		$	19.73
Total Return(c)		47.21	%		(10.18	)%		5.64	%		3.92	%		25.87	%		3.44	%
Net assets, end of period (in 000’s)	$	46,866		$	34,071		$	53,503		$	55,472		$	41,945		$	31,733
Ratio of net expenses to average net assets		1.21	%(d)		1.22	%		1.23	%		1.23	%		1.24	%		1.25	%
Ratio of total expenses to average net assets		1.28	%(d)		1.30	%		1.34	%		1.31	%		1.43	%		1.49	%
Ratio of net investment income (loss) to average net assets		(0.04	)%(d)		(0.02	)%		0.19	%		0.04	%(b)		0.16	%		0.43	%
Portfolio turnover rate(e)		68	%		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 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.

62 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.39		$	21.75		$	22.23		$	21.56		$	17.25		$	16.81
Net investment loss(a)		(0.10	)		(0.15	)		(0.12	)		(0.17	)(b)		(0.11	)		(0.05	)
Net realized and unrealized gain (loss)		9.14			(2.21	)		1.04			0.84			4.42			0.49
Total from investment operations		9.04			(2.36	)		0.92			0.67			4.31			0.44
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Net asset value, end of period	$	28.43		$	19.39		$	21.75		$	22.23		$	21.56		$	17.25
Total Return(c)		46.62	%		(10.82	)%		4.86	%		3.16	%		24.93	%		2.61	%
Net assets, end of period (in 000’s)	$	7,683		$	5,951		$	7,785		$	7,139		$	9,439		$	12,133
Ratio of net expenses to average net assets		1.96	%(d)		1.97	%		1.98	%		1.98	%		1.99	%		2.00	%
Ratio of total expenses to average net assets		2.03	%(d)		2.05	%		2.09	%		2.06	%		2.18	%		2.24	%
Ratio of net investment loss to average net assets		(0.78	)%(d)		(0.78	)%		(0.57	)%		(0.72	)%(b)		(0.56	)%		(0.32	)%
Portfolio turnover rate(e)		68	%		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 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. 63

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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.98		$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Net investment income(a)		0.07			0.08			0.14			0.12	(b)		0.13			0.17
Net realized and unrealized gain (loss)		11.27			(2.69	)		1.29			0.99			5.27			0.57
Total from investment operations		11.34			(2.61	)		1.43			1.11			5.40			0.74
Distributions to shareholders from net investment income		(0.15	)		(0.15	)		(0.06	)		(0.07	)		(0.14	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.15	)		(0.15	)		(1.46	)		(0.07	)		(0.14	)		(0.11	)
Net asset value, end of period	$	35.17		$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Total Return(c)		47.40	%		(9.82	)%		6.03	%		4.32	%		26.44	%		3.77	%
Net assets, end of period (in 000’s)	$	204,624		$	216,274		$	290,652		$	212,229		$	231,226		$	176,644
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.85	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets		0.91	%(d)		0.92	%		0.96	%		0.93	%		1.03	%		1.08	%
Ratio of net investment income to average net assets		0.43	%(d)		0.34	%		0.54	%		0.43	%(b)		0.56	%		0.84	%
Portfolio turnover rate(e)		68	%		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 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.

64 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.55		$	25.17		$	25.34		$	24.41		$	19.44		$	18.82
Net investment income (loss)(a)		(0.02	)		(0.03	)		0.01			(0.02	)(b)		0.01			0.06
Net realized and unrealized gain (loss)		10.63			(2.56	)		1.22			0.95			5.00			0.56
Total from investment operations		10.61			(2.59	)		1.23			0.93			5.01			0.62
Distributions to shareholders from net investment income		(0.04	)		(0.03	)		—			—			(0.04	)		—
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.04	)		(0.03	)		(1.40	)		—			(0.04	)		—
Net asset value, end of period	$	33.12		$	22.55		$	25.17		$	25.34		$	24.41		$	19.44
Total Return(c)		47.09	%		(10.29	)%		5.52	%		3.81	%		25.77	%		3.29	%
Net assets, end of period (in 000’s)	$	3,877		$	2,867		$	3,141		$	2,031		$	769		$	651
Ratio of net expenses to average net assets		1.34	%(d)		1.34	%		1.35	%		1.34	%		1.34	%		1.35	%
Ratio of total expenses to average net assets		1.41	%(d)		1.42	%		1.45	%		1.42	%		1.53	%		1.59	%
Ratio of net investment income (loss) to average net assets		(0.14	)%(d)		(0.15	)%		0.04	%		(0.06	)%(b)		0.06	%		0.31	%
Portfolio turnover rate(e)		68	%		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 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. 65

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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.85		$	25.50		$	25.62		$	24.61		$	19.61		$	19.02
Net investment income(a)		0.04			0.05			0.09			0.08	(b)		0.14			0.09
Net realized and unrealized gain (loss)		10.76			(2.58	)		1.24			0.95			4.99			0.59
Total from investment operations		10.80			(2.53	)		1.33			1.03			5.13			0.68
Distributions to shareholders from net investment income		(0.12	)		(0.12	)		(0.05	)		(0.02	)		(0.13	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.12	)		(0.12	)		(1.45	)		(0.02	)		(0.13	)		(0.09	)
Net asset value, end of period	$	33.53		$	22.85		$	25.50		$	25.62		$	24.61		$	19.61
Total Return(c)		47.36	%		(9.95	)%		5.90	%		4.19	%		26.22	%		3.63	%
Net assets, end of period (in 000’s)	$	60,160		$	64,724		$	74,881		$	44,984		$	2,684		$	7,462
Ratio of net expenses to average net assets		0.96	%(d)		0.97	%		0.99	%		0.98	%		0.99	%		0.99	%
Ratio of total expenses to average net assets		1.03	%(d)		1.05	%		1.09	%		1.06	%		1.17	%		1.22	%
Ratio of net investment income to average net assets		0.28	%(d)		0.22	%		0.40	%		0.31	%(b)		0.60	%		0.45	%
Portfolio turnover rate(e)		68	%		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 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.

66 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.98		$	26.74		$	26.77		$	25.73		$	20.47		$	19.84
Net investment income(a)		0.08			0.09			0.16			0.13	(b)		0.11			0.17
Net realized and unrealized gain (loss)		11.28			(2.70	)		1.27			0.99			5.29			0.58
Total from investment operations		11.36			(2.61	)		1.43			1.12			5.40			0.75
Distributions to shareholders from net investment income		(0.16	)		(0.15	)		(0.06	)		(0.08	)		(0.14	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.16	)		(0.15	)		(1.46	)		(0.08	)		(0.14	)		(0.12	)
Net asset value, end of period	$	35.18		$	23.98		$	26.74		$	26.77		$	25.73		$	20.47
Total Return(c)		47.48	%		(9.81	)%		6.05	%		4.35	%		26.45	%		3.81	%
Net assets, end of period (in 000’s)	$	103,098		$	119,496		$	153,129		$	173,112		$	337		$	35
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.90	%(d)		0.91	%		0.94	%		0.89	%		1.02	%		1.06	%
Ratio of net investment income to average net assets		0.50	%(d)		0.36	%		0.63	%		0.45	%(b)		0.47	%		0.85	%
Portfolio turnover rate(e)		68	%		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 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 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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.36		$	24.96		$	25.18		$	24.29		$	19.36		$	18.78
Net investment income (loss)(a)		(0.04	)		(0.06	)		(0.02	)		(0.06	)(b)		(0.02	)		0.03
Net realized and unrealized gain (loss)		10.55			(2.54	)		1.20			0.95			4.98			0.55
Total from investment operations		10.51			(2.60	)		1.18			0.89			4.96			0.58
Distributions to shareholders from net investment income		(0.01	)		—			—			—			(0.03	)		—	(c)
Distributions to shareholders from net realized gains		—			—			(1.40	)		—			—			—
Total distributions		(0.01	)		—			(1.40	)		—			(0.03	)		—
Net asset value, end of period	$	32.86		$	22.36		$	24.96		$	25.18		$	24.29		$	19.36
Total Return(d)		46.99	%		(10.39	)%		5.35	%		3.66	%		25.60	%		3.11	%
Net assets, end of period (in 000’s)	$	16,802		$	13,817		$	16,562		$	14,625		$	15,284		$	9,954
Ratio of net expenses to average net assets		1.46	%(e)		1.47	%		1.48	%		1.48	%		1.49	%		1.50	%
Ratio of total expenses to average net assets		1.53	%(e)		1.55	%		1.59	%		1.56	%		1.68	%		1.74	%
Ratio of net investment income (loss) to average net assets		(0.24	)%(e)		(0.28	)%		(0.08	)%		(0.22	)%(b)		(0.10	)%		0.18	%
Portfolio turnover rate(f)		68	%		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) Amount is less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	23.98		$	26.74		$	26.77		$	27.21
Net investment income(b)		0.05			0.09			0.13			0.08	(c)
Net realized and unrealized gain (loss)		11.30			(2.70	)		1.30			(0.52	)
Total from investment operations		11.35			(2.61	)		1.43			(0.44	)
Distributions to shareholders from net investment income		(0.16	)		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		—			—			(1.40	)		—
Total distributions		(0.16	)		(0.15	)		(1.46	)		—
Net asset value, end of period	$	35.17		$	23.98		$	26.74		$	26.77
Total Return(d)		47.44	%		(9.81	)%		6.06	%		(1.62	)%
Net assets, end of period (in 000’s)	$	129,762		$	87,170		$	106,039		$	66,823
Ratio of net expenses to average net assets		0.83	%(e)		0.83	%		0.84	%		0.83	%(e)
Ratio of total expenses to average net assets		0.90	%(e)		0.91	%		0.94	%		0.92	%(e)
Ratio of net investment income to average net assets		0.33	%(e)		0.36	%		0.53	%		0.48	%(c)(e)
Portfolio turnover rate(f)		68	%		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. 69

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	34.29		$	35.08		$	37.25		$	36.71		$	28.34		$	31.15
Net investment loss(a)		(0.13	)(b)		(0.17	)		(0.12	)		(0.13	)(c)		(0.07	)		—	(d)
Net realized and unrealized gain (loss)		13.11			(0.13	)		1.76			2.20			8.44			(0.12	)(e)
Total from investment operations		12.98			(0.30	)		1.64			2.07			8.37			(0.12	)
Distributions to shareholders from net investment income		(0.04	)		—	(d)		—			—			—			—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of period	$	45.82		$	34.29		$	35.08		$	37.25		$	36.71		$	28.34
Total Return(f)		38.40	%		(0.95	)%		5.65	%		5.87	%		29.53	%		(0.37	)%
Net assets, end of period (in 000’s)	$	61,717		$	50,865		$	84,557		$	88,316		$	77,969		$	65,195
Ratio of net expenses to average net assets		1.21	%(g)		1.22	%		1.24	%		1.22	%		1.22	%		1.25	%
Ratio of total expenses to average net assets		1.28	%(g)		1.30	%		1.32	%		1.32	%		1.40	%		1.51	%
Ratio of net investment loss to average net assets		(0.59	)%(b)(g)		(0.51	)%		(0.36	)%		(0.35	)%(c)		(0.21	)%		—	%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

(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) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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.

(f) 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.

(g) Annualized.

(h) 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 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.26		$	26.16		$	28.98		$	29.12		$	22.64		$	25.61
Net investment loss(a)		(0.21	)(b)		(0.31	)		(0.28	)		(0.33	)(c)		(0.25	)		(0.16	)
Net realized and unrealized gain (loss)		9.60			(0.10	)		1.27			1.72			6.73			(0.12	)(d)
Total from investment operations		9.39			(0.41	)		0.99			1.39			6.48			(0.28	)
Distributions to shareholders from net investment income		(0.04	)		—	(e)		—			—			—			—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of period	$	33.20		$	25.26		$	26.16		$	28.98		$	29.12		$	22.64
Total Return(f)		37.90	%		(1.70	)%		4.92	%		5.03	%		28.62	%		(1.14	)%
Net assets, end of period (in 000’s)	$	8,114		$	6,439		$	8,303		$	8,179		$	9,852		$	7,420
Ratio of net expenses to average net assets		1.96	%(g)		1.97	%		1.99	%		1.97	%		1.97	%		2.00	%
Ratio of total expenses to average net assets		2.03	%(g)		2.05	%		2.07	%		2.07	%		2.15	%		2.26	%
Ratio of net investment loss to average net assets		(1.34	)%(b)(g)		(1.26	)%		(1.11	)%		(1.09	)%(c)		(0.95	)%		(0.74	)%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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) Amount is less than $0.005 per share.

(f) 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.

(g) Annualized.

(h) 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 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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	41.22		$	41.92		$	43.56		$	42.53		$	32.76		$	35.46
Net investment income (loss)(a)		(0.05	)(b)		(0.05	)		0.01			0.02	(d)		0.05			0.13
Net realized and unrealized gain (loss)		15.79			(0.16	)		2.16			2.54			9.79			(0.14	)(e)
Total from investment operations		15.74			(0.21	)		2.17			2.56			9.84			(0.01	)
Distributions to shareholders from net investment income		(0.04	)		—	(c)		—			—			(0.07	)		—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.07	)		(2.69	)
Net asset value, end of period	$	55.51		$	41.22		$	41.92		$	43.56		$	42.53		$	32.76
Total Return(f)		38.65	%		(0.57	)%		6.08	%		6.26	%		30.04	%		0.01	%
Net assets, end of period (in 000’s)	$	191,718		$	200,116		$	349,348		$	307,032		$	265,199		$	91,248
Ratio of net expenses to average net assets		0.84	%(g)		0.84	%		0.85	%		0.84	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.91	%(g)		0.92	%		0.93	%		0.93	%		1.01	%		1.11	%
Ratio of net investment income (loss) to average net assets		(0.20	)%(b)(g)		(0.13	)%		0.02	%		0.03	%(d)		0.13	%		0.40	%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

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

(d) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(e) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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.

(f) 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.

(g) Annualized.

(h) 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 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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	35.44		$	36.16		$	38.18		$	37.50		$	28.93		$	31.68
Net investment income (loss)(a)		(0.07	)(b)		(0.09	)		(0.04	)		(0.04	)(c)		—	(d)		0.01
Net realized and unrealized gain (loss)		13.56			(0.14	)		1.83			2.25			8.63			(0.07	)(e)
Total from investment operations		13.49			(0.23	)		1.79			2.21			8.63			(0.06	)
Distributions to shareholders from net investment income		(0.04	)		—	(d)		—			—			(0.06	)		—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.06	)		(2.69	)
Net asset value, end of period	$	47.48		$	35.44		$	36.16		$	38.18		$	37.50		$	28.93
Total Return(f)		38.60	%		(0.72	)%		5.93	%		6.13	%		29.87	%		(0.15	)%
Net assets, end of period (in 000’s)	$	219,345		$	442,743		$	378,807		$	308,366		$	192,860		$	47,826
Ratio of net expenses to average net assets		0.96	%(g)		0.97	%		0.99	%		0.97	%		0.96	%		1.00	%
Ratio of total expenses to average net assets		1.02	%(g)		1.05	%		1.07	%		1.07	%		1.16	%		1.23	%
Ratio of net investment income (loss) to average net assets		(0.33	)%(b)(g)		(0.26	)%		(0.12	)%		(0.10	)%(c)		0.01	%		0.04	%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

(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) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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.

(f) 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.

(g) Annualized.

(h) 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 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	41.24		$	41.95		$	43.58		$	42.54		$	32.78		$	35.46
Net investment income (loss)(a)		(0.04	)(b)		(0.05	)		—			0.02	(c)		0.04			0.13
Net realized and unrealized gain (loss)		15.80			(0.17	)		2.18			2.55			9.80			(0.12	)(d)
Total from investment operations		15.76			(0.22	)		2.18			2.57			9.84			0.01
Distributions to shareholders from net investment income		(0.04	)		—	(e)		—			—			(0.08	)		—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		(0.08	)		(2.69	)
Net asset value, end of period	$	55.55		$	41.24		$	41.95		$	43.58		$	42.54		$	32.78
Total Return(f)		38.68	%		(0.57	)%		6.08	%		6.25	%		30.05	%		0.07	%
Net assets, end of period (in 000’s)	$	197,065		$	263,023		$	307,820		$	118,729		$	42,042		$	6,667
Ratio of net expenses to average net assets		0.83	%(g)		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.90	%(g)		0.91	%		0.93	%		0.92	%		1.00	%		1.06	%
Ratio of net investment income (loss) to average net assets		(0.20	)%(b)(g)		(0.12	)%		(0.01	)%		0.04	%(c)		0.09	%		0.40	%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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) Amount is less than $0.005 per share.

(f) 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.

(g) Annualized.

(h) 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 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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.71		$	33.58		$	35.90		$	35.53		$	27.49		$	30.37
Net investment loss(a)		(0.17	)(b)		(0.25	)		(0.20	)		(0.22	)(c)		(0.16	)		(0.06	)
Net realized and unrealized gain (loss)		12.50			(0.13	)		1.69			2.12			8.20			(0.13	)(d)
Total from investment operations		12.33			(0.38	)		1.49			1.90			8.04			(0.19	)
Distributions to shareholders from net investment income		(0.04	)		—	(e)		—			—			—			—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Total distributions		(1.45	)		(0.49	)		(3.81	)		(1.53	)		—			(2.69	)
Net asset value, end of period	$	43.59		$	32.71		$	33.58		$	35.90		$	35.53		$	27.49
Total Return(f)		38.27	%		(1.23	)%		5.42	%		5.58	%		29.25	%		(0.63	)%
Net assets, end of period (in 000’s)	$	7,632		$	8,168		$	19,707		$	19,998		$	12,113		$	3,689
Ratio of net expenses to average net assets		1.46	%(g)		1.47	%		1.49	%		1.47	%		1.46	%		1.50	%
Ratio of total expenses to average net assets		1.53	%(g)		1.55	%		1.57	%		1.57	%		1.66	%		1.76	%
Ratio of net investment loss to average net assets		(0.82	)%(b)(g)		(0.77	)%		(0.61	)%		(0.59	)%(c)		(0.50	)%		(0.21	)%
Portfolio turnover rate(h)		72	%		144	%		140	%		127	%		136	%		139	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.04% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for 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) Amount is less than $0.005 per share.

(f) 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.

(g) Annualized.

(h) 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 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	41.24		$	41.94		$	43.58		$	44.33
Net investment income (loss)(b)		(0.05	)(c)		(0.05	)		0.01			0.03	(e)
Net realized and unrealized gain (loss)		15.81			(0.16	)		2.16			(0.78	)
Total from investment operations		15.76			(0.21	)		2.17			(0.75	)
Distributions to shareholders from net investment income		(0.04	)		—	(d)		—			—
Distributions to shareholders from net realized gains		(1.41	)		(0.49	)		(3.81	)		—
Total distributions		(1.45	)		(0.49	)		(3.81	)		—
Net asset value, end of period	$	55.55		$	41.24		$	41.94		$	43.58
Total Return(f)		38.68	%		(0.57	)%		6.08	%		(1.69	)%
Net assets, end of period (in 000’s)	$	10,509		$	10,241		$	12,534		$	10,878
Ratio of net expenses to average net assets		0.83	%(g)		0.83	%		0.84	%		0.83	%(f)
Ratio of total expenses to average net assets		0.90	%(g)		0.91	%		0.93	%		0.93	%(f)
Ratio of net investment income (loss) to average net assets		(0.20	)%(c)(g)		(0.12	)%		0.02	%		0.12	%(e)(f)
Portfolio turnover rate(h)		72	%		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 $0.02 per share and 0.04% of average net assets.

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

(e) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(f) 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.

(g) Annualized.

(h) 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 VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.93		$	39.69		$	42.30		$	46.29		$	38.86		$	38.37
Net investment income(a)		0.13			0.19			0.25			0.20			0.23	(b)		0.28
Net realized and unrealized gain (loss)		18.15			(6.70	)		1.17			0.70			9.04			2.55
Total from investment operations		18.28			(6.51	)		1.42			0.90			9.27			2.83
Distributions to shareholders from net investment income		(0.27	)		(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		(0.27	)		(0.25	)		(4.03	)		(4.89	)		(1.84	)		(2.34	)
Net asset value, end of period	$	50.94		$	32.93		$	39.69		$	42.30		$	46.29		$	38.86
Total Return(c)		55.70	%		(16.49	)%		4.40	%		2.08	%		23.98	%		7.99	%
Net assets, end of period (in 000’s)	$	148,097		$	98,493		$	132,886		$	112,219		$	102,127		$	91,210
Ratio of net expenses to average net assets		1.21	%(d)		1.22	%		1.25	%		1.23	%		1.24	%		1.25	%
Ratio of total expenses to average net assets		1.26	%(d)		1.31	%		1.39	%		1.40	%		1.49	%		1.54	%
Ratio of net investment income to average net assets		0.59	%(d)		0.56	%		0.67	%		0.44	%		0.53	%(b)		0.78	%
Portfolio turnover rate(e)		83	%		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 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. 77

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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.48		$	27.24		$	30.35		$	34.65		$	29.53		$	29.75
Net investment income (loss)(a)		(0.02	)		(0.04	)		(0.02	)		(0.10	)		(0.07	)(b)		0.01
Net realized and unrealized gain (loss)		12.38			(4.61	)		0.75			0.52			6.85			1.92
Total from investment operations		12.36			(4.65	)		0.73			0.42			6.78			1.93
Distributions to shareholders from net investment income		(0.11	)		(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	)		(0.11	)		(3.84	)		(4.72	)		(1.66	)		(2.15	)
Net asset value, end of period	$	34.73		$	22.48		$	27.24		$	30.35		$	34.65		$	29.53
Total Return(c)		55.09	%		(17.11	)%		3.67	%		1.31	%		23.09	%		7.15	%
Net assets, end of period (in 000’s)	$	7,058		$	5,313		$	7,961		$	6,903		$	17,037		$	15,224
Ratio of net expenses to average net assets		1.96	%(d)		1.97	%		2.00	%		1.98	%		1.99	%		2.00	%
Ratio of total expenses to average net assets		2.01	%(d)		2.06	%		2.14	%		2.14	%		2.24	%		2.29	%
Ratio of net investment income (loss) to average net assets		(0.13	)%(d)		(0.19	)%		(0.07	)%		(0.31	)%		(0.22	)%(b)		0.03	%
Portfolio turnover rate(e)		83	%		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 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.

78 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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	44.70		$	53.74		$	55.71		$	59.38		$	49.35		$	48.06
Net investment income(a)		0.29			0.43			0.47			0.48			0.50	(b)		0.55
Net realized and unrealized gain (loss)		24.64			(9.07	)		1.73			0.90			11.53			3.23
Total from investment operations		24.93			(8.64	)		2.20			1.38			12.03			3.78
Distributions to shareholders from net investment income		(0.40	)		(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	)		(0.40	)		(4.17	)		(5.05	)		(2.00	)		(2.49	)
Net asset value, end of period	$	69.23		$	44.70		$	53.74		$	55.71		$	59.38		$	49.35
Total Return(c)		56.02	%		(16.19	)%		4.81	%		2.47	%		24.49	%		8.41	%
Net assets, end of period (in 000’s)	$	338,978		$	190,491		$	192,820		$	60,516		$	56,191		$	21,717
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.87	%		0.84	%		0.84	%		0.85	%
Ratio of total expenses to average net assets		0.89	%(d)		0.93	%		1.02	%		1.00	%		1.09	%		1.14	%
Ratio of net investment income to average net assets		0.94	%(d)		0.93	%		0.96	%		0.82	%		0.90	%(b)		1.19	%
Portfolio turnover rate(e)		83	%		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 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. 79

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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.77		$	39.53		$	42.18		$	46.17		$	38.78		$	38.31
Net investment income(a)		0.19			0.25			0.30			0.31			0.31	(b)		0.37
Net realized and unrealized gain (loss)		18.05			(6.64	)		1.20			0.69			9.05			2.54
Total from investment operations		18.24			(6.39	)		1.50			1.00			9.36			2.91
Distributions to shareholders from net investment income		(0.37	)		(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	)		(0.37	)		(4.15	)		(4.99	)		(1.97	)		(2.44	)
Net asset value, end of period	$	50.64		$	32.77		$	39.53		$	42.18		$	46.17		$	38.78
Total Return(c)		55.93	%		(16.32	)%		4.69	%		2.33	%		24.30	%		8.26	%
Net assets, end of period (in 000’s)	$	369,262		$	273,560		$	59,800		$	18,257		$	5,695		$	1,925
Ratio of net expenses to average net assets		0.96	%(d)		0.97	%		1.01	%		0.98	%		0.99	%		1.00	%
Ratio of total expenses to average net assets		1.01	%(d)		1.06	%		1.15	%		1.17	%		1.24	%		1.29	%
Ratio of net investment income to average net assets		0.87	%(d)		0.77	%		0.83	%		0.70	%		0.72	%(b)		1.02	%
Portfolio turnover rate(e)		83	%		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 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.

80 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	44.70		$	53.73		$	55.71		$	59.38		$	49.35		$	48.07
Net investment income(a)		0.29			0.43			0.45			0.50			0.46	(b)		0.55
Net realized and unrealized gain (loss)		24.63			(9.06	)		1.75			0.90			11.56			3.23
Total from investment operations		24.92			(8.63	)		2.20			1.40			12.02			3.78
Distributions to shareholders from net investment income		(0.40	)		(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	)		(0.40	)		(4.18	)		(5.07	)		(1.99	)		(2.50	)
Net asset value, end of period	$	69.22		$	44.70		$	53.73		$	55.71		$	59.38		$	49.35
Total Return(c)		55.98	%		(16.17	)%		4.83	%		2.49	%		24.49	%		8.41	%
Net assets, end of period (in 000’s)	$	280,038		$	158,330		$	118,331		$	22,460		$	4,542		$	11
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.86	%		0.83	%		0.83	%		0.84	%
Ratio of total expenses to average net assets		0.88	%(d)		0.93	%		1.00	%		1.02	%		1.11	%		1.14	%
Ratio of net investment income to average net assets		0.95	%(d)		0.94	%		0.91	%		0.85	%		0.83	%(b)		1.18	%
Portfolio turnover rate(e)		83	%		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 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. 81

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	32.21		$	38.96		$	41.63		$	45.57		$	38.32		$	37.99
Net investment income(a)		0.07			0.10			0.08			0.09			0.14	(b)		0.20
Net realized and unrealized gain (loss)		17.74			(6.56	)		1.22			0.69			8.89			2.50
Total from investment operations		17.81			(6.46	)		1.30			0.78			9.03			2.70
Distributions to shareholders from net investment income		(0.28	)		(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		(0.28	)		(0.29	)		(3.97	)		(4.72	)		(1.78	)		(2.37	)
Net asset value, end of period	$	49.74		$	32.21		$	38.96		$	41.63		$	45.57		$	38.32
Total Return(c)		55.49	%		(16.70	)%		4.14	%		1.83	%		23.67	%		7.72	%
Net assets, end of period (in 000’s)	$	21,624		$	14,038		$	8,514		$	2,320		$	1,621		$	5,762
Ratio of net expenses to average net assets		1.46	%(d)		1.47	%		1.53	%		1.48	%		1.49	%		1.50	%
Ratio of total expenses to average net assets		1.51	%(d)		1.56	%		1.69	%		1.66	%		1.73	%		1.79	%
Ratio of net investment income to average net assets		0.34	%(d)		0.30	%		0.23	%		0.20	%		0.33	%(b)		0.55	%
Portfolio turnover rate(e)		83	%		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 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.

82 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	44.69		$	53.72		$	55.70		$	57.05
Net investment income(b)		0.29			0.44			0.54			0.30
Net realized and unrealized gain (loss)		24.64			(9.07	)		1.66			(1.65	)
Total from investment operations		24.93			(8.63	)		2.20			(1.35	)
Distributions to shareholders from net investment income		(0.40	)		(0.40	)		(0.34	)		—
Distributions to shareholders from net realized gains		—			—			(3.84	)		—
Total distributions		(0.40	)		(0.40	)		(4.18	)		—
Net asset value, end of period	$	69.22		$	44.69		$	53.72		$	55.70
Total Return(c)		56.01	%		(16.18	)%		4.82	%		(2.37	)%
Net assets, end of period (in 000’s)	$	40,996		$	28,504		$	47,977		$	42,165
Ratio of net expenses to average net assets		0.83	%(d)		0.83	%		0.85	%		0.83	%(d)
Ratio of total expenses to average net assets		0.88	%(d)		0.92	%		0.99	%		1.06	%(d)
Ratio of net investment income to average net assets		0.98	%(d)		0.94	%		1.07	%		0.93	%(d)
Portfolio turnover rate(e)		83	%		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. 83

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	53.72		$	49.48		$	47.72		$	49.73		$	40.76		$	41.46
Net investment income(a)		0.08			0.28			0.44			0.36			0.49			0.38
Net realized and unrealized gain		14.87			4.67			3.14			2.46			10.17			0.49
Total from investment operations		14.95			4.95			3.58			2.82			10.66			0.87
Distributions to shareholders from net investment income		(0.28	)		(0.71	)		(0.17	)		(0.45	)		(0.31	)		(0.38	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.51	)		(0.71	)		(1.82	)		(4.83	)		(1.69	)		(1.57	)
Net asset value, end of period	$	66.16		$	53.72		$	49.48		$	47.72		$	49.73		$	40.76
Total Return(b)		28.57	%		10.04	%		7.98	%		5.93	%		26.89	%		2.25	%
Net assets, end of period (in 000’s)	$	364,572		$	294,540		$	299,440		$	301,934		$	278,516		$	251,466
Ratio of net expenses to average net assets		0.93	%(c)		0.94	%		0.94	%		0.95	%		0.96	%		0.96	%
Ratio of total expenses to average net assets		0.97	%(c)		1.00	%		1.01	%		1.00	%		1.14	%		1.18	%
Ratio of net investment income to average net assets		0.27	%(c)		0.55	%		0.93	%		0.73	%		1.08	%		0.96	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	47.71		$	44.04		$	42.80		$	45.08		$	37.10		$	37.88
Net investment income (loss)(a)		(0.12	)		(0.09	)		0.08			0.01			0.13			0.08
Net realized and unrealized gain		13.17			4.16			2.81			2.22			9.25			0.44
Total from investment operations		13.05			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		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.23	)		(0.40	)		(1.65	)		(4.51	)		(1.40	)		(1.30	)
Net asset value, end of period	$	58.53		$	47.71		$	44.04		$	42.80		$	45.08		$	37.10
Total Return(b)		28.09	%		9.25	%		7.20	%		5.15	%		25.93	%		1.48	%
Net assets, end of period (in 000’s)	$	17,616		$	16,275		$	15,854		$	14,277		$	28,756		$	31,377
Ratio of net expenses to average net assets		1.68	%(c)		1.69	%		1.69	%		1.70	%		1.71	%		1.71	%
Ratio of total expenses to average net assets		1.72	%(c)		1.75	%		1.76	%		1.75	%		1.89	%		1.93	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(c)		(0.20	)%		0.18	%		0.01	%		0.31	%		0.21	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	55.60		$	51.16		$	49.30		$	51.21		$	41.92		$	42.60
Net investment income(a)		0.20			0.50			0.72			0.54			0.70			0.54
Net realized and unrealized gain		15.38			4.82			3.14			2.56			10.45			0.52
Total from investment operations		15.58			5.32			3.86			3.10			11.15			1.06
Distributions to shareholders from net investment income		(0.47	)		(0.88	)		(0.35	)		(0.63	)		(0.48	)		(0.55	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.70	)		(0.88	)		(2.00	)		(5.01	)		(1.86	)		(1.74	)
Net asset value, end of period	$	68.48		$	55.60		$	51.16		$	49.30		$	51.21		$	41.92
Total Return(b)		28.81	%		10.47	%		8.39	%		6.34	%		27.40	%		2.66	%
Net assets, end of period (in 000’s)	$	305,956		$	255,177		$	295,408		$	842,673		$	249,034		$	177,412
Ratio of net expenses to average net assets		0.56	%(c)		0.56	%		0.55	%		0.55	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.60	%(c)		0.62	%		0.60	%		0.62	%		0.74	%		0.78	%
Ratio of net investment income to average net assets		0.64	%(c)		0.94	%		1.40	%		1.07	%		1.50	%		1.33	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	53.38		$	49.19		$	47.41		$	49.47		$	40.60		$	41.37
Net investment income(a)		0.04			0.22			0.38			0.30			0.43			0.33
Net realized and unrealized gain		14.77			4.64			3.13			2.45			10.14			0.50
Total from investment operations		14.81			4.86			3.51			2.75			10.57			0.83
Distributions to shareholders from net investment income		(0.19	)		(0.67	)		(0.08	)		(0.43	)		(0.32	)		(0.41	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.42	)		(0.67	)		(1.73	)		(4.81	)		(1.70	)		(1.60	)
Net asset value, end of period	$	65.77		$	53.38		$	49.19		$	47.41		$	49.47		$	40.60
Total Return(b)		28.48	%		9.93	%		7.86	%		5.81	%		26.76	%		2.15	%
Net assets, end of period (in 000’s)	$	7,007		$	5,761		$	6,700		$	5,925		$	6,739		$	5,473
Ratio of net expenses to average net assets		1.06	%(c)		1.06	%		1.05	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.10	%(c)		1.12	%		1.13	%		1.11	%		1.24	%		1.28	%
Ratio of net investment income to average net assets		0.14	%(c)		0.44	%		0.81	%		0.61	%		0.96	%		0.83	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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
	Investor Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	53.02		$	48.84		$	47.17		$	49.22		$	40.39		$	41.13
Net investment income(a)		0.15			0.42			0.54			0.46			0.61			0.45
Net realized and unrealized gain		14.65			4.59			3.09			2.45			10.05			0.50
Total from investment operations		14.80			5.01			3.63			2.91			10.66			0.95
Distributions to shareholders from net investment income		(0.41	)		(0.83	)		(0.31	)		(0.58	)		(0.45	)		(0.50	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.64	)		(0.83	)		(1.96	)		(4.96	)		(1.83	)		(1.69	)
Net asset value, end of period	$	65.18		$	53.02		$	48.84		$	47.17		$	49.22		$	40.39
Total Return(b)		28.73	%		10.33	%		8.25	%		6.20	%		27.21	%		2.48	%
Net assets, end of period (in 000’s)	$	113,216		$	88,924		$	116,633		$	103,230		$	43,290		$	18,322
Ratio of net expenses to average net assets		0.68	%(c)		0.69	%		0.69	%		0.70	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.72	%(c)		0.75	%		0.76	%		0.76	%		0.89	%		0.93	%
Ratio of net investment income to average net assets		0.52	%(c)		0.84	%		1.17	%		0.95	%		1.36	%		1.13	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	55.56		$	51.13		$	49.27		$	51.19		$	41.91		$	42.60
Net investment income(a)		0.20			0.50			0.76			0.42			0.82			0.56
Net realized and unrealized gain		15.36			4.83			3.10			2.68			10.33			0.50
Total from investment operations		15.56			5.33			3.86			3.10			11.15			1.06
Distributions to shareholders from net investment income		(0.48	)		(0.90	)		(0.35	)		(0.64	)		(0.49	)		(0.56	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.71	)		(0.90	)		(2.00	)		(5.02	)		(1.87	)		(1.75	)
Net asset value, end of period	$	68.41		$	55.56		$	51.13		$	49.27		$	51.19		$	41.91
Total Return(b)		28.81	%		10.49	%		8.38	%		6.37	%		27.41	%		2.66	%
Net assets, end of period (in 000’s)	$	11,736		$	8,871		$	12,068		$	31,916		$	2,557		$	60
Ratio of net expenses to average net assets		0.55	%(c)		0.55	%		0.54	%		0.54	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.59	%(c)		0.61	%		0.59	%		0.63	%		0.71	%		0.77	%
Ratio of net investment income to average net assets		0.64	%(c)		0.95	%		1.49	%		0.82	%		1.70	%		1.36	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	52.63		$	48.47		$	46.74		$	48.89		$	40.12		$	40.91
Net investment income(a)		0.03			0.16			0.32			0.23			0.37			0.27
Net realized and unrealized gain		14.54			4.57			3.08			2.42			10.01			0.49
Total from investment operations		14.57			4.73			3.40			2.65			10.38			0.76
Distributions to shareholders from net investment income		(0.15	)		(0.57	)		(0.02	)		(0.42	)		(0.23	)		(0.36	)
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		(4.38	)		(1.38	)		(1.19	)
Total distributions		(2.38	)		(0.57	)		(1.67	)		(4.80	)		(1.61	)		(1.55	)
Net asset value, end of period	$	64.82		$	52.63		$	48.47		$	46.74		$	48.89		$	40.12
Total Return(b)		28.40	%		9.79	%		7.72	%		5.65	%		26.58	%		1.99	%
Net assets, end of period (in 000’s)	$	21,391		$	41,005		$	44,555		$	49,993		$	51,263		$	30,341
Ratio of net expenses to average net assets		1.18	%(c)		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Ratio of total expenses to average net assets		1.22	%(c)		1.25	%		1.26	%		1.25	%		1.39	%		1.43	%
Ratio of net investment income to average net assets		0.11	%(c)		0.31	%		0.69	%		0.48	%		0.84	%		0.70	%
Portfolio turnover rate(d)		107	%		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 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.

(c) Annualized.

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

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

GOLDMAN SACHS 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	55.56		$	51.14		$	49.28		$	49.09
Net investment income(b)		0.20			0.50			0.65			0.26
Net realized and unrealized gain (loss)		15.36			4.83			3.21			(0.07	)
Total from investment operations		15.56			5.33			3.86			0.19
Distributions to shareholders from net investment income		(0.48	)		(0.91	)		(0.35	)		—
Distributions to shareholders from net realized gains		(2.23	)		—			(1.65	)		—
Total distributions		(2.71	)		(0.91	)		(2.00	)		—
Net asset value, end of period	$	68.41		$	55.56		$	51.14		$	49.28
Total Return(c)		28.81	%		10.49	%		8.40	%		0.39	%
Net assets, end of period (in 000’s)	$	321,406		$	245,632		$	225,899		$	203,525
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.54	%		0.54	%(d)
Ratio of total expenses to average net assets		0.59	%(d)		0.61	%		0.62	%		0.62	%(d)
Ratio of net investment income to average net assets		0.65	%(d)		0.94	%		1.33	%		0.93	%(d)
Portfolio turnover rate(e)		107	%		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. 91

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
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 applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

92

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

93

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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 amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the

94

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 April 30, 2021:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	1,841,631,941	$	—	$	—
Securities Lending Reinvestment Vehicle		7,069,012		—		—
Total	$	1,848,700,953	$	—	$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	755,639	$	—	$	—
North America		413,322,410		—		—
Securities Lending Reinvestment Vehicle		907,700		—		—
Total	$	414,985,749	$	—	$	—
SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,401,188	$	—	$	—
Europe		3,449,785		—		—
North America		561,313,398		—		—
Securities Lending Reinvestment Vehicle		5,210,067		—		—
Total	$	571,374,438	$	—	$	—

(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.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,880,449		$	—	$	—
Europe		1,886,580			—		—
North America		685,489,798			—		—
Securities Lending Reinvestment Vehicle		5,422,791			—		—
Total	$	696,679,618		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	10,727,337		$	—	$	—
North America		1,179,971,417			—		—
Investment Company		516,956			—		—
Securities Lending Reinvestment Vehicle		14,093,930			—		—
Total	$	1,205,309,640		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(30,657	)	$	—	$	—
U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	10,276,102		$	—	$	—
North America		1,142,139,064			—		—
Total	$	1,152,415,166		$	—	$	—

(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 loss at period end.

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

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets (Liabilities)(a)
Equity	Small Cap Value Insights		Variation Margin on Futures Contracts	$	(30,657	)

(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 April 30, 2021 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 for the six months ended April 30, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Large Cap Growth Insights	$	(900,477	)	$	(6,645	)
Equity	Large Cap Value Insights		—			—
Equity	Small Cap Equity Insights		(118,660	)		—
Equity	Small Cap Growth Insights		4,287,931			—
Equity	Small Cap Value Insights		1,371,419			296,787
Equity	U.S. Equity Insights		844,379			—

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

Fund	Number of Contracts(a)
Large Cap Growth Insights		2
Large Cap Value Insights		—
Small Cap Equity Insights		71
Small Cap Growth Insights		17
Small Cap Value Insights		44
U.S. Equity Insights		61

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended April 30, 2021.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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 six months ended April 30, 2021, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	—
Large Cap Value Insights		—
Small Cap Equity Insights		497
Small Cap Growth Insights		36
Small Cap Value Insights		916
U.S. Equity Insights		1,258

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 six months ended April 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	10,719	$	—
Large Cap Value Insights		4,150		338
Small Cap Equity Insights		1,548		181
Small Cap Growth Insights		3,162		23
Small Cap Value Insights		3,439		—
U.S. Equity Insights		5,207		258

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.

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)

April 30, 2021 (Unaudited)

5. 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 are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	—	$	295,117	$	295,117
Large Cap Value Insights		—		182,428		182,428
Small Cap Equity Insights		497		196,284		196,781
Small Cap Growth Insights		36		321,479		321,515
Small Cap Value Insights		916		262,083		262,999
U.S. Equity Insights		1,258		228,576		229,834

G.  Line of Credit Facility — As of April 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2021, Goldman Sachs earned $381 and $37, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Small Cap Equity Insights and U.S. Equity Insights Funds, respectively.

As of April 30, 2021, 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		15	%		—	%
Small Cap Equity Insights		—			7

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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 six months ended April 30, 2021:

Fund	Market Value as of October 31, 2020		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2021		Shares as of April 30, 2021		Dividend Income
Large Cap Growth Insights	$	—	$	—	$	—		$	—		—	$	—
Large Cap Value Insights		—		—		—			—		—		—
Small Cap Equity Insights		—		20,156,947		(20,156,947	)		—		—		119
Small Cap Growth Insights		—		4,937,433		(4,937,433	)		—		—		4
Small Cap Value Insights		699,934		64,840,692		(65,023,670	)		516,956		516,956		156
U.S. Equity Insights		2,919,683		17,806,389		(20,726,072	)		—		—		170

6. PORTFOLIO SECURITIES TRANSACTIONS

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

Fund	Purchases		Sales and Maturities
Large Cap Growth Insights	$	1,893,632,795	$	2,346,046,130
Large Cap Value Insights		378,469,583		389,830,438
Small Cap Equity Insights		371,562,913		562,506,294
Small Cap Growth Insights		675,374,390		1,317,368,133
Small Cap Value Insights		836,691,254		824,829,783
U.S. Equity Insights		1,124,543,659		1,176,376,482

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 may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1)

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

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 April 30, 2021, 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 April 30, 2021.

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 six months ended April 30, 2021, are reported under Investment Income on the Statements of Operations.

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

	For the Six Months Ended April 30, 2021				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	252	$	—	$	—
Large Cap Value Insights		28		8		—
Small Cap Equity Insights		3,468		7,513		1,864,225
Small Cap Growth Insights		20,291		13,210		1,081,125
Small Cap Value Insights		3,245		5,789		8,165,540
U.S. Equity Insights		10		—		—

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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 six months ended April 30, 2021.

Fund	Beginning value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2021
Large Cap Growth Insights	$	—	$	38,984,832	$	(31,915,820	)	$	7,069,012
Large Cap Value Insights		—		4,511,800		(3,604,100	)		907,700
Small Cap Equity Insights		5,113,213		38,182,936		(38,086,082	)		5,210,067
Small Cap Growth Insights		11,156,338		94,767,760		(100,501,307	)		5,422,791
Small Cap Value Insights		3,369,422		66,097,936		(55,373,428	)		14,093,930
U.S. Equity Insights		—		2,319,000		(2,319,000	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2020, the Funds’ capital loss carryforwards and certain timing differences 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
Capital loss carryforwards: Perpetual Short-Term	$	—	$	(23,316,941	)	$	(21,895,922	)	$	—		$	(10,349,273	)	$	—
Perpetual Long-Term		—		(3,524,388	)		—			—			(7,285,429	)		—
Total capital loss carryforwards	$	—	$	(26,841,329	)	$	(21,895,922	)	$	—		$	(17,634,702	)	$	—
Timing differences (Qualified Late Year Loss Deferral)	$	—	$	—		$	—		$	(1,517,473	)	$	—		$	—

As of April 30, 2021, 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	$	1,141,523,276		$	350,448,003		$	455,439,481		$	547,723,281		$	957,063,743		$	852,465,292
Gross unrealized gain		733,742,301			69,341,721			130,891,199			170,478,367			267,527,339			315,321,377
Gross unrealized loss		(26,564,624	)		(4,803,975	)		(14,956,242	)		(21,522,030	)		(19,281,442	)		(15,371,503	)
Net unrealized gain (loss)	$	707,177,677		$	64,537,746		$	115,934,957		$	148,956,337		$	248,245,897		$	299,949,874

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 differences in the tax treatment of passive foreign investment companies.

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

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

9. OTHER RISKS

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

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

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

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

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 the Fund’s liquidity.

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9. OTHER RISKS (continued)

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

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

105

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		801,197		$	31,730,545			1,526,224		$	50,423,999
Reinvestment of distributions		615,562			23,145,148			290,606			9,214,122
Shares redeemed		(1,744,086	)		(69,222,398	)		(3,754,917	)		(124,491,810	)
		(327,327	)		(14,346,705	)		(1,938,087	)		(64,853,689	)
Class C Shares
Shares sold		55,988			1,921,070			194,519			5,763,740
Reinvestment of distributions		141,544			4,574,698			55,088			1,529,789
Shares redeemed		(250,206	)		(8,589,311	)		(487,899	)		(14,149,700	)
		(52,674	)		(2,093,543	)		(238,292	)		(6,856,171	)
Institutional Shares
Shares sold		2,490,163			103,344,052			5,627,401			193,729,922
Reinvestment of distributions		1,561,511			61,376,167			774,752			25,568,185
Shares redeemed		(4,560,705	)		(190,171,950	)		(10,656,739	)		(358,525,610	)
		(509,031	)		(25,451,731	)		(4,254,586	)		(139,227,503	)
Service Shares
Shares sold		103,040			4,002,381			397,977			13,315,866
Reinvestment of distributions		85,767			3,163,099			47,340			1,474,770
Shares redeemed		(624,643	)		(24,325,860	)		(791,476	)		(25,198,611	)
		(435,836	)		(17,160,380	)		(346,159	)		(10,407,975	)
Investor Shares
Shares sold		585,647			22,899,908			2,308,187			73,989,672
Reinvestment of distributions		851,697			31,563,303			531,837			16,642,893
Shares redeemed		(3,276,017	)		(128,335,387	)		(7,442,672	)		(238,975,464	)
		(1,838,673	)		(73,872,176	)		(4,602,648	)		(148,342,899	)
Class R6 Shares
Shares sold		1,197,089			49,781,136			4,074,176			145,115,420
Reinvestment of distributions		828,918			32,565,309			375,798			12,394,764
Shares redeemed		(5,448,589	)		(226,722,033	)		(4,487,194	)		(156,333,132	)
		(3,422,582	)		(144,375,588	)		(37,220	)		1,177,052
Class R Shares
Shares sold		130,376			5,040,473			280,165			9,203,859
Reinvestment of distributions		71,765			2,614,386			27,541			849,696
Shares redeemed		(186,513	)		(7,166,268	)		(680,301	)		(21,864,855	)
		15,628			488,591			(372,595	)		(11,811,300	)
Class P Shares
Shares sold		86,339			3,519,865			269,182			8,251,686
Reinvestment of distributions		149,914			5,886,489			62,937			2,075,071
Shares redeemed		(170,480	)		(6,914,611	)		(316,163	)		(10,405,430	)
		65,773			2,491,743			15,956			(78,673	)
NET DECREASE		(6,504,722	)	$	(274,319,789	)		(11,773,631	)	$	(380,401,158	)

106

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		202,622		$	4,767,648			405,990		$	7,834,859
Reinvestment of distributions		15,911			361,630			33,200			630,382
Shares redeemed		(241,782	)		(5,471,394	)		(1,070,789	)		(20,722,483	)
		(23,249	)		(342,116	)		(631,599	)		(12,257,242	)
Class C Shares
Shares sold		40,894			967,404			94,196			1,804,205
Reinvestment of distributions		1,596			35,191			2,745			51,295
Shares redeemed		(113,555	)		(2,646,305	)		(239,161	)		(4,555,034	)
		(71,065	)		(1,643,710	)		(142,220	)		(2,699,534	)
Institutional Shares
Shares sold		728,045			17,564,341			1,495,342			29,655,521
Reinvestment of distributions		37,937			861,323			82,753			1,573,573
Shares redeemed		(829,095	)		(19,026,742	)		(2,638,882	)		(51,782,152	)
		(63,113	)		(601,078	)		(1,060,787	)		(20,553,058	)
Service Shares
Shares sold		33,031			786,005			68,790			1,358,700
Reinvestment of distributions		1,793			40,836			3,777			72,153
Shares redeemed		(52,127	)		(1,234,706	)		(155,484	)		(3,130,168	)
		(17,303	)		(407,865	)		(82,917	)		(1,699,315	)
Investor Shares
Shares sold		583,359			13,325,336			1,640,678			32,282,857
Reinvestment of distributions		31,902			723,264			82,792			1,570,377
Shares redeemed		(894,579	)		(21,215,430	)		(4,381,056	)		(85,637,629	)
		(279,318	)		(7,166,830	)		(2,657,586	)		(51,784,395	)
Class R6 Shares
Shares sold		155,958			3,634,357			357,095			6,929,811
Reinvestment of distributions		29,724			676,457			57,418			1,088,196
Shares redeemed		(320,016	)		(7,265,328	)		(475,699	)		(9,584,792	)
		(134,334	)		(2,954,514	)		(61,186	)		(1,566,785	)
Class R Shares
Shares sold		23,643			548,934			54,674			1,016,484
Reinvestment of distributions		1,583			35,591			2,806			52,688
Shares redeemed		(35,669	)		(808,562	)		(47,341	)		(873,801	)
		(10,443	)		(224,037	)		10,139			195,371
Class P Shares
Shares sold		161,453			3,642,375			387,576			6,726,631
Reinvestment of distributions		14,965			340,859			28,230			534,539
Shares redeemed		(76,261	)		(1,760,518	)		(430,537	)		(7,758,509	)
		100,157			2,222,716			(14,731	)		(497,339	)
NET DECREASE		(498,668	)	$	(11,117,434	)		(4,640,887	)	$	(90,862,297	)

107

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		120,014		$	3,742,867			376,203		$	8,465,614
Reinvestment of distributions		2,449			69,444			3,912			104,831
Shares redeemed		(216,948	)		(6,643,270	)		(984,978	)		(21,441,662	)
		(94,485	)		(2,830,959	)		(604,863	)		(12,871,217	)
Class C Shares
Shares sold		24,179			630,348			73,308			1,463,071
Shares redeemed		(60,867	)		(1,603,210	)		(124,274	)		(2,383,566	)
		(36,688	)		(972,862	)		(50,966	)		(920,495	)
Institutional Shares
Shares sold		2,427,993			77,029,980			3,188,221			74,302,685
Reinvestment of distributions		31,539			931,340			57,789			1,611,728
Shares redeemed		(5,661,132	)		(165,810,034	)		(5,096,069	)		(122,869,653	)
		(3,201,600	)		(87,848,714	)		(1,850,059	)		(46,955,240	)
Service Shares
Shares sold		29,183			899,629			97,493			2,072,484
Reinvestment of distributions		180			5,026			109			2,866
Shares redeemed		(39,410	)		(1,200,398	)		(95,305	)		(2,121,367	)
		(10,047	)		(295,743	)		2,297			(46,017	)
Investor Shares
Shares sold		421,306			12,663,131			1,915,020			42,756,096
Reinvestment of distributions		10,482			295,176			14,081			374,689
Shares redeemed		(1,469,875	)		(43,931,331	)		(2,033,871	)		(42,194,190	)
		(1,038,087	)		(30,973,024	)		(104,770	)		936,595
Class R6 Shares
Shares sold		335,830			10,514,829			1,120,145			25,078,093
Reinvestment of distributions		24,331			718,494			28,665			799,462
Shares redeemed		(2,411,863	)		(74,750,672	)		(1,891,989	)		(42,708,570	)
		(2,051,702	)		(63,517,349	)		(743,179	)		(16,831,015	)
Class R Shares
Shares sold		72,987			2,136,414			194,580			4,286,190
Reinvestment of distributions		128			3,543			–			–
Shares redeemed		(179,673	)		(5,186,537	)		(240,251	)		(5,518,059	)
		(106,558	)		(3,046,580	)		(45,671	)		(1,231,869	)
Class P Shares
Shares sold		376,688			12,384,257			2,037,782			40,341,140
Reinvestment of distributions		19,262			568,617			21,405			596,984
Shares redeemed		(341,624	)		(11,621,265	)		(2,389,514	)		(49,315,484	)
		54,326			1,331,609			(330,327	)		(8,377,360	)
NET DECREASE		(6,484,841	)	$	(188,153,622	)		(3,727,538	)	$	(86,296,618	)

108

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		137,803		$	6,129,223			306,649		$	9,891,218
Reinvestment of distributions		49,962			2,024,645			31,355			1,142,271
Shares redeemed		(324,383	)		(14,140,736	)		(1,264,717	)		(43,192,152	)
		(136,618	)		(5,986,868	)		(926,713	)		(32,158,663	)
Class C Shares
Shares sold		12,672			405,878			51,837			1,229,438
Reinvestment of distributions		12,362			363,996			5,520			149,101
Shares redeemed		(35,575	)		(1,156,310	)		(119,799	)		(2,842,443	)
		(10,541	)		(386,436	)		(62,442	)		(1,463,904	)
Institutional Shares
Shares sold		557,988			29,458,664			1,978,454			75,168,576
Reinvestment of distributions		133,643			6,550,783			89,256			3,895,156
Shares redeemed		(2,093,528	)		(111,789,260	)		(5,545,375	)		(219,431,392	)
		(1,401,897	)		(75,779,813	)		(3,477,665	)		(140,367,660	)
Investor Shares
Shares sold		1,826,199			81,170,922			4,890,826			161,785,147
Reinvestment of distributions		443,811			18,615,787			136,767			5,138,365
Shares redeemed		(10,141,804	)		(473,422,394	)		(3,011,559	)		(101,466,885	)
		(7,871,794	)		(373,635,685	)		2,016,034			65,456,627
Class R6 Shares
Shares sold		862,559			45,401,245			2,469,112			93,553,475
Reinvestment of distributions		134,792			6,611,412			76,050			3,321,119
Shares redeemed		(3,827,664	)		(198,586,067	)		(3,506,052	)		(139,512,618	)
		(2,830,313	)		(146,573,410	)		(960,890	)		(42,638,024	)
Class R Shares
Shares sold		34,054			1,436,377			91,999			2,952,427
Reinvestment of distributions		8,078			311,653			7,390			257,387
Shares redeemed		(116,727	)		(4,887,949	)		(436,624	)		(14,364,619	)
		(74,595	)		(3,139,919	)		(337,235	)		(11,154,805	)
Class P Shares
Shares sold		10,362			571,816			55,270			2,137,376
Reinvestment of distributions		7,360			361,013			3,337			145,698
Shares redeemed		(76,882	)		(4,265,758	)		(109,095	)		(3,766,238	)
		(59,160	)		(3,332,929	)		(50,488	)		(1,483,164	)
NET DECREASE		(12,384,918	)	$	(608,835,060	)		(3,799,399	)	$	(163,809,593	)

109

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		323,972		$	14,739,643			577,824		$	18,546,458
Reinvestment of distributions		17,972			733,047			19,063			787,894
Shares redeemed		(425,884	)		(18,726,224	)		(953,407	)		(32,328,215	)
		(83,940	)		(3,253,534	)		(356,520	)		(12,993,863	)
Class C Shares
Shares sold		23,832			769,580			49,527			1,234,005
Reinvestment of distributions		889			24,811			1,135			32,225
Shares redeemed		(57,876	)		(1,831,209	)		(106,526	)		(2,331,115	)
		(33,155	)		(1,036,818	)		(55,864	)		(1,064,885	)
Institutional Shares
Shares sold		1,411,829			84,209,899			2,934,092			133,075,373
Reinvestment of distributions		31,205			1,727,414			24,938			1,394,771
Shares redeemed		(808,274	)		(49,968,667	)		(2,285,652	)		(98,004,673	)
		634,760			35,968,646			673,378			36,465,471
Investor Shares
Shares sold		1,096,797			49,636,355			8,990,233			264,507,680
Reinvestment of distributions		68,663			2,781,203			16,896			693,587
Shares redeemed		(2,219,849	)		(95,656,939	)		(2,173,164	)		(70,697,436	)
		(1,054,389	)		(43,239,381	)		6,833,965			194,503,831
Class R6 Shares
Shares sold		1,496,433			90,386,910			2,188,196			101,489,097
Reinvestment of distributions		28,540			1,579,576			15,950			891,762
Shares redeemed		(1,021,854	)		(62,100,809	)		(864,093	)		(38,945,495	)
		503,119			29,865,677			1,340,053			63,435,364
Class R Shares
Shares sold		84,313			3,722,005			299,488			10,183,998
Reinvestment of distributions		2,943			117,344			1,459			59,099
Shares redeemed		(88,431	)		(3,878,781	)		(83,592	)		(2,877,443	)
		(1,175	)		(39,432	)		217,355			7,365,654
Class P Shares
Shares sold		94,474			5,538,826			356,779			14,596,906
Reinvestment of distributions		4,947			273,740			6,414			358,606
Shares redeemed		(144,962	)		(9,525,017	)		(618,388	)		(24,891,739	)
		(45,541	)		(3,712,451	)		(255,195	)		(9,936,227	)
NET INCREASE (DECREASE)		(80,321	)	$	14,552,707			8,397,172		$	277,775,345

110

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		132,912		$	7,969,651			310,371		$	15,097,613
Reinvestment of distributions		227,426			12,992,585			77,068			3,932,787
Shares redeemed		(332,121	)		(20,189,905	)		(957,270	)		(48,175,749	)
		28,217			772,331			(569,831	)		(29,145,349	)
Class C Shares
Shares sold		31,680			1,695,553			84,868			3,811,053
Reinvestment of distributions		15,127			762,084			2,946			134,360
Shares redeemed		(86,929	)		(4,649,600	)		(106,681	)		(4,780,882	)
		(40,122	)		(2,191,963	)		(18,867	)		(835,469	)
Institutional Shares
Shares sold		409,291			25,346,223			872,840			45,446,386
Reinvestment of distributions		208,034			12,322,729			88,673			4,667,759
Shares redeemed		(738,499	)		(45,910,371	)		(2,146,316	)		(112,593,380	)
		(121,174	)		(8,241,419	)		(1,184,803	)		(62,479,235	)
Service Shares
Shares sold		5,410			330,638			26,719			1,326,671
Reinvestment of distributions		4,293			243,533			1,819			92,349
Shares redeemed		(11,087	)		(656,723	)		(56,824	)		(2,853,936	)
		(1,384	)		(82,552	)		(28,286	)		(1,434,916	)
Investor Shares
Shares sold		232,633			14,006,525			435,432			22,519,991
Reinvestment of distributions		78,789			4,441,328			37,411			1,879,914
Shares redeemed		(251,707	)		(15,073,695	)		(1,183,792	)		(56,624,715	)
		59,715			3,374,158			(710,949	)		(32,224,810	)
Class R6 Shares
Shares sold		24,771			1,530,719			80,970			4,450,947
Reinvestment of distributions		7,120			421,374			3,227			169,754
Shares redeemed		(20,004	)		(1,241,727	)		(160,557	)		(8,178,893	)
		11,887			710,366			(76,360	)		(3,558,192	)
Class R Shares
Shares sold		56,517			3,299,550			233,270			11,676,345
Reinvestment of distributions		33,114			1,850,453			10,083			505,157
Shares redeemed		(538,773	)		(31,778,212	)		(383,387	)		(19,038,149	)
		(449,142	)		(26,628,209	)		(140,034	)		(6,856,647	)
Class P Shares
Shares sold		378,769			23,224,660			1,222,980			62,247,699
Reinvestment of distributions		208,354			12,331,032			76,672			4,032,946
Shares redeemed		(310,303	)		(19,404,423	)		(1,295,558	)		(62,192,850	)
		276,820			16,151,269			4,094			4,087,795
NET DECREASE		(235,183	)	$	(16,136,019	)		(2,725,036	)	$	(132,446,823	)

111

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

112

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2021 (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 November 1, 2020 through April 30, 2021, which represents a period of 181 days in a 365 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 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*		Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*		Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*
Class A
Actual	$	1,000.00	$	1,244.86		$	5.07	$	1,000.00	$	1,352.72		$	5.43	$	1,000.00	$	1,472.08		$	7.42
Hypothetical 5% return		1,000.00		1,020.28	+		4.56		1,000.00		1,020.18	+		4.66		1,000.00		1,018.79	+		6.06
Class C
Actual		1,000.00		1,239.78			9.22		1,000.00		1,347.84			9.78		1,000.00		1,466.22			11.99
Hypothetical 5% return		1,000.00		1,016.56	+		8.30		1,000.00		1,016.46	+		8.40		1,000.00		1,015.08	+		9.79
Institutional
Actual		1,000.00		1,246.72			3.01		1,000.00		1,355.13			3.27		1,000.00		1,474.00			5.15
Hypothetical 5% return		1,000.00		1,022.12	+		2.71		1,000.00		1,022.02	+		2.81		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,243.96			5.79		1,000.00		1,351.24			6.18		1,000.00		1,470.86			8.21
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.54	+		5.31		1,000.00		1,018.15	+		6.71
Investor
Actual		1,000.00		1,246.12			3.68		1,000.00		1,354.24			3.97		1,000.00		1,473.55			5.89
Hypothetical 5% return		1,000.00		1,021.52	+		3.31		1,000.00		1,021.42	+		3.41		1,000.00		1,020.03	+		4.81
Class R6
Actual		1,000.00		1,246.97			2.95		1,000.00		1,355.19			3.21		1,000.00		1,474.79			5.09
Hypothetical 5% return		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,020.68	+		4.16
Class R
Actual		1,000.00		1,243.31			6.45		1,000.00		1,351.08			6.88		1,000.00		1,469.90			8.94
Hypothetical 5% return		1,000.00		1,019.04	+		5.81		1,000.00		1,018.94	+		5.91		1,000.00		1,017.55	+		7.30
Class P
Actual		1,000.00		1,246.83			2.95		1,000.00		1,354.87			3.21		1,000.00		1,474.39			5.09
Hypothetical 5% return		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,020.68	+		4.16

* 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 April 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

113

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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

	Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*		Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*		Beginning Account Value 11/1/20		Ending Account Value 4/30/21			Expenses Paid for the 6 months ended 4/30/2021*
Class A
Actual	$	1,000.00	$	1,384.01		$	7.15	$	1,000.00	$	1,557.02		$	7.67	$	1,000.00	$	1,285.71		$	5.27
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,018.79	+		6.06		1,000.00		1,020.18	+		4.66
Class C
Actual		1,000.00		1,379.01			11.56		1,000.00		1,550.93			12.40		1,000.00		1,280.93			9.50
Hypothetical 5% return		1,000.00		1,015.08	+		9.79		1,000.00		1,015.08	+		9.79		1,000.00		1,016.46	+		8.40
Institutional
Actual		1,000.00		1,386.46			4.97		1,000.00		1,560.17			5.33		1,000.00		1,288.08			3.18
Hypothetical 5% return		1,000.00		1,020.63	+		4.21		1,000.00		1,020.63	+		4.21		1,000.00		1,022.02	+		2.81
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,284.80			6.00
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.54	+		5.31
Investor
Actual		1,000.00		1,385.99			5.68		1,000.00		1,559.34			6.09		1,000.00		1,287.29			3.86
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,020.03	+		4.81		1,000.00		1,021.42	+		3.41
Class R6
Actual		1,000.00		1,386.76			4.91		1,000.00		1,559.84			5.27		1,000.00		1,288.08			3.12
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16		1,000.00		1,022.07	+		2.76
Class R
Actual		1,000.00		1,382.65			8.63		1,000.00		1,554.93			9.25		1,000.00		1,284.04			6.68
Hypothetical 5% return		1,000.00		1,017.55	+		7.30		1,000.00		1,017.55	+		7.30		1,000.00		1,018.94	+		5.91
Class P
Actual		1,000.00		1,386.76			4.91		1,000.00		1,560.11			5.27		1,000.00		1,288.07			3.12
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16		1,000.00		1,022.07	+		2.76

* 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 April 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Large Cap Growth Insights Fund		0.91	%		1.66	%		0.54	%		1.04	%		0.66	%		0.53	%		1.16	%		0.53	%
Large Cap Value Insights Fund		0.93			1.68			0.56			1.06			0.68			0.55			1.18			0.55
Small Cap Equity Insights Fund		1.21			1.96			0.84			1.34			0.96			0.83			1.46			0.83
Small Cap Growth Insights Fund		1.21			1.96			0.84			N/A			0.96			0.83			1.46			0.83
Small Cap Value Insights Fund		1.21			1.96			0.84			N/A			0.96			0.83			1.46			0.83
U.S. Equity Insights Fund		0.93			1.68			0.56			1.06			0.68			0.55			1.18			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.

114

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.00 trillion in assets under supervision as of March 31, 2021, 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 Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁴

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁵

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁵  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

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

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

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

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

The Funds will file 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).

© 2021 Goldman Sachs. All rights reserved. 242246-OTU-1432617 DOMINSSAR-21

Goldman Sachs Funds

Semi-Annual Report	April 30, 2021
	Fundamental Equity International Funds
	China Equity
	Emerging Markets Equity
	ESG Emerging Markets Equity
	International Equity ESG
	International Equity Income

Goldman Sachs Fundamental Equity International Funds

∎ CHINA EQUITY

∎ EMERGING MARKETS EQUITY

∎ ESG EMERGING MARKETS EQUITY

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	11
Financial Statements	23
Financial Highlights	30
China Equity	30
Emerging Markets Equity	36
ESG Emerging Markets Equity	43
International Equity ESG	50
International Equity Income	57
Notes to the Financial Statements	64
Other Information	85

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

China Equity Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® China All Shares  Index2
Class A		11.65	%		9.10	%
Class C		11.24			9.10
Institutional		11.82			9.10
Investor		11.79			9.10
Class R6		11.81			9.10
Class P		11.80			9.10

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

²  The MSCI China All Shares Index (Net, USD, Unhedged) captures large- and mid-cap representation across China A Shares, B Shares, H Shares, Red Chips, P-Chips and foreign listings. The MSCI China All Shares Index (Net, USD, Unhedged) aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI China All Shares Index (Net, USD, Unhedged) does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses.

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

TOP TEN HOLDINGS AS OF 4/30/213,4,5
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		9.5	%	Media & Entertainment	China
Alibaba Group Holding Ltd.		6.4		Retailing	China
Meituan Class B		4.0		Retailing	China
Kweichow Moutai Co. Ltd. Class A		3.7		Food Products	China
China Construction Bank Corp. Class H		3.2		Banks	China
China Merchants Bank Co. Ltd. Class H		3.0		Banks	China
Contemporary Amperex Technology Co. Ltd. Class A		2.7		Capital Goods	China
Alibaba Group Holding Ltd. ADR		2.4		Retailing	China
Wuxi Biologics Cayman, Inc.		2.2		Pharmaceuticals, Biotechnology & Life Sciences	China
Ping An Insurance Group Co. of China Ltd. Class H		2.0		Insurance	China

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

⁴  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 2.4% of the Fund’s net assets as of 4/30/21.

⁵  The line of business for each holding is reported at the industry or sub-industry level.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2021

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.0% of the Fund’s net assets at April 30, 2021.

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

2

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		22.46	%		22.95	%
Class C		22.07			22.95
Institutional		22.67			22.95
Service		22.38			22.95
Investor		22.65			22.95
Class R6		22.70			22.95
Class P		22.69			22.95

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

²  The 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 April 30, 2021 the MSCI^® Emerging Markets Index consists of the following 27 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, 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.

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

TOP TEN HOLDINGS AS OF 4/30/213,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		7.0	%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		6.9		Technology Hardware & Equipment	South Korea
Tencent Holdings Ltd.		6.5		Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		6.1		Retailing	China
China Merchants Bank Co. Ltd. Class H		2.3		Banks	China
iShares ESG Aware MSCI EM ETF		2.1		Exchange Traded Fund	United States
Meituan Class B		2.1		Retailing	China
Kweichow Moutai Co. Ltd. Class A		2.0		Food Products	China
Ping An Insurance Group Co. of China Ltd. Class H		1.6		Insurance	China
MercadoLibre, Inc.		1.5		Retailing	Argentina

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2021

⁵ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at April 30, 2021.

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

4

FUND BASICS

ESG Emerging Markets Equity Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		22.34	%		22.95	%
Class C		21.79			22.95
Institutional		22.45			22.95
Investor		22.47			22.95
Class R6		22.46			22.95
Class R		22.09			22.95
Class P		22.48			22.95

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

²  The 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 April 30, 2021 the MSCI^® Emerging Markets Index consists of the following 27 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, 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.

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

TOP TEN HOLDINGS AS OF 4/30/213,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		8.3	%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		7.7		Technology Hardware & Equipment	South Korea
Alibaba Group Holding Ltd. ADR		6.8		Retailing	China
Tencent Holdings Ltd.		6.1		Media & Entertainment	China
Meituan Class B		2.5		Retailing	China
China Merchants Bank Co. Ltd. Class H		2.4		Banks	China
Ping An Insurance Group Co. of China Ltd. Class H		2.3		Insurance	China
MercadoLibre, Inc.		2.3		Retailing	Argentina
AIA Group Ltd.		2.2		Insurance	Hong Kong
Infosys Ltd. ADR		2.2		Software & Services	India

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2021

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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

6

FUND BASICS

International Equity ESG Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		31.39	%		28.84	%
Class C		30.88			28.84
Institutional		31.62			28.84
Service		31.30			28.84
Investor		31.55			28.84
Class R6		31.62			28.84
Class P		31.61			28.84

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

²  The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 4/30/213,4
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		5.1	%	Food Products	Switzerland
AstraZeneca plc		4.3		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Iberdrola SA		4.1		Utilities	Spain
BNP Paribas SA		4.1		Banks	France
Zurich Insurance Group AG		4.0		Insurance	Switzerland
Cellnex Telecom SA		4.0		Telecommunication Services	Spain
Experian plc		3.4		Commercial & Professional Services	United Kingdom
Ferguson plc		3.4		Capital Goods	United States
Aalberts NV		3.4		Capital Goods	Netherlands
DS Smith plc		3.3		Materials	United Kingdom

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2021

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (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 3.8% of the Fund’s net assets at April 30, 2021

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

8

FUND BASICS

International Equity Income Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		28.87	%		28.84	%
Class C		28.42			28.84
Institutional		29.00			28.84
Investor		28.89			28.84
Class R6		29.06			28.84
Class R		28.65			28.84
Class P		29.08			28.84

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

² The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 4/30/213,4
Holding	% of Net Assets			Line of Business	Country
Rio Tinto plc		4.8	%	Materials	Australia
BNP Paribas SA		4.1		Banks	France
Nordea Bank Abp		4.1		Banks	Finland
Iberdrola SA		4.0		Utilities	Spain
AstraZeneca plc		4.0		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Zurich Insurance Group AG		3.9		Insurance	Switzerland
Gecina SA (REIT)		3.4		Real Estate	France
Vonovia SE		3.2		Real Estate	Germany
Nestle SA (Registered)		3.1		Food Products	Switzerland
Sanofi		3.1		Pharmaceuticals, Biotechnology & Life Sciences	France

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

⁴  The line of business for each holding is reported at the industry or sub-industry level.

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2021

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (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 3.1% of the Fund’s net assets at April 30, 2021.

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

10

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.0%
China – 89.2%
	135,222	Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)	$	1,549,978
	363,300	Alibaba Group Holding Ltd. (Retailing)*		10,502,174
	17,121	Alibaba Group Holding Ltd. ADR (Retailing)*		3,954,095
	672,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		2,045,432
	148,300	Anhui Conch Cement Co. Ltd. Class H (Materials)		885,152
	420,056	Bank of Ningbo Co. Ltd. Class A (Banks)		2,737,260
	10,120	Bilibili, Inc. Class Z (Media & Entertainment)*		1,160,815
	187,700	Budweiser Brewing Co. APAC Ltd. (Food Products)(a)		591,462
	6,566,000	China Construction Bank Corp. Class H (Banks)		5,182,818
	533,000	China Mengniu Dairy Co. Ltd. (Food Products)*		2,852,669
	131,500	China Merchants Bank Co. Ltd. Class A (Banks)		1,068,390
	621,000	China Merchants Bank Co. Ltd. Class H (Banks)		4,988,128
	7,925	China Tourism Group Duty Free Corp. Ltd. Class A (Retailing)		380,310
	321,800	China Vanke Co. Ltd. Class A (Real Estate)		1,399,081
	503,600	China Vanke Co. Ltd. Class H (Real Estate)		1,761,042
	180,000	CITIC Securities Co. Ltd. Class H (Diversified Financials)		432,819
	73,798	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		4,434,799
	64,900	Ecovacs Robotics Co. Ltd. Class A (Consumer Durables & Apparel)*		1,636,877
	95,800	ENN Energy Holdings Ltd. (Utilities)		1,634,787
	1,078,466	Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment)		1,791,257
	115,800	Ganfeng Lithium Co. Ltd. Class H (Materials)(a)		1,551,241
	164,600	GDS Holdings Ltd. Class A (Software & Services)*		1,701,678
	649,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		1,690,445
	43,865	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		404,852
	92,900	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		549,490
Common Stocks – (continued)
China – (continued)
	29,600	Hangzhou Tigermed Consulting Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		580,018
	211,510	Hongfa Technology Co. Ltd. Class A (Capital Goods)		1,819,843
	557,647	Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks)		597,079
	115,445	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		1,495,406
	341,000	Jiumaojiu International Holdings Ltd. (Consumer Services)*(a)		1,420,833
	132,028	Juewei Food Co. Ltd. Class A (Food Products)		1,756,827
	642,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		2,114,210
	19,540	Kweichow Moutai Co. Ltd. Class A (Food Products)		6,036,717
	228,674	Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)		1,299,511
	173,500	Meituan Class B (Retailing)*(a)		6,640,594
	81,000	Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)		1,000,411
	790,000	Minth Group Ltd. (Automobiles & Components)		3,199,680
	87,500	NetEase, Inc. (Media & Entertainment)		1,955,588
	91,072	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		1,389,759
	4,060	Pinduoduo, Inc. ADR (Retailing)*		543,756
	704,360	Ping An Bank Co. Ltd. Class A (Banks)		2,529,840
	307,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		3,352,449
	336,201	Sany Heavy Industry Co. Ltd. Class A (Capital Goods)		1,596,648
	147,800	SF Holding Co. Ltd. Class A (Transportation)		1,462,041
	235,352	Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods)		3,238,351
	31,200	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)		2,239,648
	104,174	Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment)		450,386
	90,412	Sungrow Power Supply Co. Ltd. Class A (Capital Goods)		1,247,218
	97,300	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		2,358,762
	195,800	Tencent Holdings Ltd. (Media & Entertainment)		15,619,366

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

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,177,000	Topsports International Holdings Ltd. (Retailing)(a)	$	1,584,335
	443,652	Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment)		1,105,941
	81,500	Wanhua Chemical Group Co. Ltd. Class A (Materials)		1,288,716
	706,000	Weichai Power Co. Ltd. Class H (Capital Goods)		1,634,169
	34,632	Will Semiconductor Co. Ltd. Shanghai Class A (Semiconductors & Semiconductor Equipment)		1,608,276
	90,940	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		2,142,627
	262,500	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		3,684,921
	584,400	Xinte Energy Co. Ltd. Class H (Capital Goods)		1,306,608
	27,581	XPeng, Inc. ADR (Automobiles & Components)*(b)		824,948
	267,978	Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy)		1,359,090
	90,507	Yatsen Holding Ltd. ADR (Household & Personal Products)*(b)		943,083
	603,600	Yunnan Aluminium Co. Ltd. Class A (Materials)*		1,144,690
	98,420	Yunnan Energy New Material Co. Ltd. (Materials)		2,036,126
	9,762	Zai Lab Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)*		1,622,542
	488,619	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		1,610,636
				146,728,700
Hong Kong – 6.3%
	175,800	AIA Group Ltd. (Insurance)		2,231,355
	155,200	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		2,344,053
	35,001	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		2,110,947
	1,344,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,442,807
	118,500	Techtronic Industries Co. Ltd. (Capital Goods)		2,150,155
				10,279,317
Taiwan – 1.5%
	58,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)*		2,431,510
	TOTAL COMMON STOCKS
	(Cost $130,608,030)		$	159,439,527

Shares	Dividend Rate	Value
Investment Company(c) – 2.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,000,662	0.026%	$	4,000,662
(Cost $4,000,662)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $134,608,692)		$	163,440,189
Securities Lending Reinvestment Vehicle(c) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,720,700	0.026%	$	1,720,700
(Cost $1,720,700)
TOTAL INVESTMENTS – 100.4%
(Cost $136,329,392)		$	165,160,889
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%			(690,500	)
NET ASSETS – 100.0%		$	164,470,389

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Argentina – 1.5%
	34,803	MercadoLibre, Inc. (Retailing)*	$	54,674,817
Brazil – 4.3%
	6,496,361	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)*		10,763,386
	4,625,300	Atacadao SA (Food & Staples Retailing)		18,494,218
	885,100	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		8,391,427
	334,873	Banco Bradesco SA ADR (Banks)*		1,456,697
	4,512,054	Banco Bradesco SA (Preference) (Banks)*(a)		19,810,659
	1,001,748	Blau Farmaceutica SA (Pharmaceuticals, Biotechnology & Life Sciences)*		7,929,817
	5,193,824	Boa Vista Servicos SA (Commercial & Professional Services)		12,907,949
	4,339,999	Caixa Seguridade Participacoes S/A (Insurance)*		7,997,605
	1,895,400	Fleury SA (Health Care Equipment & Services)		8,915,137
	4,203,200	Locaweb Servicos de Internet SA (Software & Services)*(b)		22,261,589
	198,452	Pagseguro Digital Ltd. Class A (Software & Services)*		9,077,194
	1,585,700	Qualicorp Consultoria e Corretora de Seguros SA (Health Care Equipment & Services)		7,896,316
	1,726,386	Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(b)		22,850,886
				158,752,880
China – 33.3%
	968,016	Alibaba Group Holding Ltd. ADR (Retailing)*		223,563,295
	7,158,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		21,787,503
	2,764,500	Anhui Conch Cement Co. Ltd. Class H (Materials)		16,500,347
	1,726,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		30,789,101
	3,833,000	China Mengniu Dairy Co. Ltd. (Food Products)*		20,514,599
	10,636,500	China Merchants Bank Co. Ltd. Class H (Banks)		85,436,742
	482,032	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		28,967,113
	187,231	Daqo New Energy Corp. ADR (Semiconductors & Semiconductor Equipment)*		15,070,223
	2,472,600	ENN Energy Holdings Ltd. (Utilities)		42,193,883
Common Stocks – (continued)
China – (continued)
	1,143,977	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		10,558,345
	3,138,759	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		18,565,307
	4,409,000	Jiumaojiu International Holdings Ltd. (Consumer Services)*(b)		18,370,828
	238,681	Kweichow Moutai Co. Ltd. Class A (Food Products)		73,738,468
	3,006,882	Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)		17,087,541
	1,962,600	Meituan Class B (Retailing)*(b)		75,117,176
	4,248,000	Minth Group Ltd. (Automobiles & Components)		17,205,367
	2,221,143	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		33,894,642
	6,287,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		68,542,542
	1,214,658	SF Holding Co. Ltd. Class A (Transportation)		12,015,424
	383,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		39,416,005
	1,379,600	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		33,444,486
	2,963,100	Tencent Holdings Ltd. (Media & Entertainment)		236,372,529
	12,469,000	Topsports International Holdings Ltd. (Retailing)(b)		16,784,264
	1,017,712	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)		23,978,201
	10,808,539	Yunnan Aluminium Co. Ltd. Class A (Materials)*		20,497,717
	534,809	Zepp Health Corp. ADR (Technology Hardware & Equipment)*		5,492,488
	4,398,902	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		14,500,110
				1,220,404,246
Czech Republic – 0.5%
	4,814,863	Moneta Money Bank A/S (Banks)*(b)		17,881,491
Egypt – 0.4%
	3,590,674	Commercial International Bank Egypt SAE (Banks)*		13,361,578
Greece – 1.0%
	1,158,147	Hellenic Exchanges – Athens Stock Exchange SA (Diversified Financials)*		5,716,552

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Greece – (continued)
	934,071	JUMBO SA (Retailing)	$	17,450,181
	1,231,292	Sarantis SA (Household & Personal Products)		13,204,462
				36,371,195
Hong Kong – 4.0%
	4,071,600	AIA Group Ltd. (Insurance)		51,679,092
	653,413	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		39,408,023
	25,494,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		27,358,609
	1,539,500	Techtronic Industries Co. Ltd. (Capital Goods)		27,933,877
				146,379,601
India – 11.0%
	28,850	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,898,496
	532,923	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		22,246,879
	121,679	Atul Ltd. (Materials)*		13,285,204
	535,381	Avenue Supermarts Ltd. (Food & Staples Retailing)*(b)		20,593,799
	475,316	Computer Age Management Services Ltd. (Software & Services)		14,885,262
	2,718,996	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		14,097,312
	388,065	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		21,262,494
	1,281,448	Godrej Properties Ltd. (Real Estate)*		23,619,543
	912,010	ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)		17,384,981
	410,862	Info Edge India Ltd. (Media & Entertainment)*		27,201,862
	2,342,505	Infosys Ltd. (Software & Services)		42,571,994
	454,559	Infosys Ltd. ADR (Software & Services)		8,218,427
	1,059,486	Kotak Mahindra Bank Ltd. (Banks)*		24,945,575
	166,501	Larsen & Toubro Infotech Ltd. (Software & Services)(b)		8,731,020
	232,742	Maruti Suzuki India Ltd. (Automobiles & Components)		20,249,708
	648,141	Navin Fluorine International Ltd. (Materials)		29,938,601
	861,312	Route Mobile Ltd. (Software & Services)*		19,062,876
	1,138,788	SBI Life Insurance Co. Ltd. (Insurance)(b)		14,251,487
	2,172,539	Tata Consumer Products Ltd. (Food Products)		19,604,231
Common Stocks – (continued)
India – (continued)
	347,068	TeamLease Services Ltd. (Commercial & Professional Services)*		15,240,175
	2,887,110	Wipro Ltd. (Software & Services)		19,094,483
				402,384,409
Indonesia – 1.9%
	18,593,900	Bank Central Asia Tbk. PT (Banks)		41,162,436
	236,790,800	BFI Finance Indonesia Tbk. PT (Diversified Financials)		11,057,843
	11,974,200	Map Aktif Adiperkasa PT (Retailing)*		1,947,351
	189,785,500	Pakuwon Jati Tbk. PT (Real Estate)*		6,954,464
	9,566,011	Semen Indonesia Persero Tbk. PT (Materials)		6,893,508
				68,015,602
Mexico – 1.6%
	3,855,799	Arca Continental SAB de CV (Food Products)		20,644,713
	6,104,099	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		10,546,649
	8,230,100	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		26,940,709
				58,132,071
Peru – 0.4%
	2,091,016	Alicorp SAA (Food Products)		3,811,690
	282,297	Intercorp Financial Services, Inc. (Banks)(c)		7,243,741
	149,315	Intercorp Financial Services, Inc. (Banks)		3,859,793
				14,915,224
Philippines – 0.3%
	3,505,210	Jollibee Foods Corp. (Consumer Services)		12,812,398
Poland – 1.9%
	421,126	Dino Polska SA (Food & Staples Retailing)*(b)		27,322,238
	760,859	InPost SA (Transportation)*		14,498,672
	3,095,159	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		28,776,657
				70,597,567
Russia – 5.1%
	10,795,670	Detsky Mir PJSC (Retailing)(b)		21,632,161
	1,528,590	Fix Price Group Ltd. GDR (Retailing)*(b)		14,299,959
	245,416	LUKOIL PJSC (Energy)		18,925,150
	4,584,617	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		10,782,188

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Russia – (continued)
	372,346	Ozon Holdings plc ADR (Retailing)*(c)	$	23,156,198
	7,332,093	Sberbank of Russia PJSC (Banks)		28,967,155
	671,394	TCS Group Holding plc GDR (Banks)		38,833,536
	437,431	Yandex NV Class A (Media & Entertainment)*		28,673,602
				185,269,949
Saudi Arabia – 0.7%
	1,762,875	Saudi National Bank (Banks)*		26,700,256
Singapore – 0.4%
	4,031,693	Nanofilm Technologies International Ltd. (Materials)*		15,076,962
South Africa – 2.0%
	1,073,587	Clicks Group Ltd. (Food & Staples Retailing)		17,929,514
	1,665,096	JSE Ltd. (Diversified Financials)		13,505,619
	1,562,938	Mr Price Group Ltd. (Retailing)		19,552,183
	355,739	Santam Ltd. (Insurance)*		6,290,834
	6,898,842	Transaction Capital Ltd. (Diversified Financials)*		15,601,819
				72,879,969
South Korea – 12.8%
	304,381	Fila Holdings Corp. (Consumer Durables & Apparel)		12,438,413
	319,155	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		13,771,283
	26,027	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*		4,310,515
	283,447	LG Electronics, Inc. (Consumer Durables & Apparel)		39,822,099
	135,830	NAVER Corp. (Media & Entertainment)		43,740,256
	65,768	NCSoft Corp. (Media & Entertainment)		48,923,331
	209,185	Orion Corp. (Food Products)		21,973,265
	174,201	Pearl Abyss Corp. (Media & Entertainment)*		8,801,572
	117,664	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		18,803,934
	3,465,454	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		252,581,275
	23,173	SK IE Technology Co. Ltd. (Materials)*(b)		2,187,410
				467,353,353
Taiwan – 11.1%
	344,000	ASMedia Technology, Inc. (Semiconductors & Semiconductor Equipment)		14,300,706
Common Stocks – (continued)
Taiwan – (continued)
	3,689,680	Chailease Holding Co. Ltd. (Diversified Financials)		26,588,064
	13,901,203	FIT Hon Teng Ltd. (Technology Hardware & Equipment)*(b)(c)		4,256,772
	191,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		21,129,986
	393,000	momo.com, Inc. (Retailing)		14,380,706
	934,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		15,065,815
	84,122	Sea Ltd. ADR (Media & Entertainment)*		21,244,170
	12,161,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		256,124,685
	1,438,000	Taiwan Union Technology Corp. (Technology Hardware & Equipment)		6,047,863
	1,690,718	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)		11,587,728
	1,256,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		16,384,087
				407,110,582
Thailand – 1.3%
	9,959,400	Airports of Thailand PCL (Transportation)		19,794,623
	6,152,100	Kasikornbank PCL (Banks)		26,040,063
				45,834,686
Turkey – 0.3%
	1,062,973	Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b)		5,580,343
	3,877,733	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		5,667,771
				11,248,114
United States – 0.9%
	41,403	EPAM Systems, Inc. (Software & Services)*		18,952,223
	7,899,600	Samsonite International SA (Consumer Durables & Apparel)*(b)		14,620,022
				33,572,245
Vietnam – 0.6%
	5,181,683	Vietnam Dairy Products JSC (Food Products)		20,967,695
	TOTAL COMMON STOCKS
	(Cost $2,630,008,503)		$	3,560,696,890

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Exchange Traded Fund – 2.1%
	1,713,011	iShares ESG Aware MSCI EM ETF	$	75,321,093
	(Cost $75,459,623)

Shares	Dividend Rate	Value
Investment Company(d) – 1.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
47,849,050	0.026%	$	47,849,050
(Cost $47,849,050)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,753,317,176)		$	3,683,867,033
Securities Lending Reinvestment Vehicle(d) – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
16,416,125	0.026%	$	16,416,125
(Cost $16,416,125)
TOTAL INVESTMENTS – 101.1%
(Cost $2,769,733,301)		$	3,700,283,158
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%			(38,815,254	)
NET ASSETS – 100.0%		$	3,661,467,904

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 Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Argentina – 2.2%
	489	MercadoLibre, Inc. (Retailing)*	$	768,209
Brazil – 4.1%
	69,713	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)*		115,503
	21,900	B3 SA – Brasil Bolsa Balcao (Diversified Financials)		207,629
	101,346	Banco Bradesco SA ADR (Banks)*		440,855
	40,887	Caixa Seguridade Participacoes S/A (Insurance)*		75,345
	37,400	Fleury SA (Health Care Equipment & Services)		175,913
	4,421	Pagseguro Digital Ltd. Class A (Software & Services)*		202,217
	14,118	Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(a)		186,869
				1,404,331
China – 32.1%
	10,017	Alibaba Group Holding Ltd. ADR (Retailing)*		2,313,426
	74,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*		225,241
	16,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		285,415
	48,000	China Mengniu Dairy Co. Ltd. (Food Products)*		256,901
	103,000	China Merchants Bank Co. Ltd. Class H (Banks)		827,338
	5,300	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)		318,497
	26,600	ENN Energy Holdings Ltd. (Utilities)		453,918
	3,800	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		35,072
	32,000	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		189,275
	19,600	Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)		111,383
	22,000	Meituan Class B (Retailing)*(a)		842,035
	24,061	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		367,171
	73,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		795,866
	7,400	SF Holding Co. Ltd. Class A (Transportation)		73,201
	4,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		411,122
	17,500	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		424,238
	25,900	Tencent Holdings Ltd. (Media & Entertainment)		2,066,096
	123,000	Topsports International Holdings Ltd. (Retailing)(a)		165,568
Common Stocks – (continued)
China – (continued)
	14,724	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		346,910
	155,200	Yunnan Aluminium Co. Ltd. Class A (Materials)*		294,327
	38,050	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)		125,424
				10,928,424
Czech Republic – 0.9%
	80,989	Moneta Money Bank A/S (Banks)*(a)		300,778
Egypt – 0.2%
	23,037	Commercial International Bank Egypt SAE (Banks)*		85,725
Greece – 0.9%
	15,784	JUMBO SA (Retailing)		294,874
Hong Kong – 5.4%
	59,800	AIA Group Ltd. (Insurance)		759,016
	10,067	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		607,152
	172,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		184,576
	15,500	Techtronic Industries Co. Ltd. (Capital Goods)		281,244
				1,831,988
India – 10.7%
	5,256	Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)		202,176
	30,610	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		158,705
	3,195	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		175,057
	16,052	ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)		305,988
	5,089	Info Edge India Ltd. (Media & Entertainment)*		336,926
	41,727	Infosys Ltd. ADR (Software & Services)		754,424
	15,369	Kotak Mahindra Bank Ltd. (Banks)*		361,863
	3,689	Larsen & Toubro Infotech Ltd. (Software & Services)(a)		193,445
	3,538	Maruti Suzuki India Ltd. (Automobiles & Components)		307,824
	12,956	SBI Life Insurance Co. Ltd. (Insurance)(a)		162,139
	43,667	Tata Consumer Products Ltd. (Food Products)		394,036
	45,040	Wipro Ltd. (Software & Services)		297,881
				3,650,464
Indonesia – 1.3%
	201,300	Bank Central Asia Tbk. PT (Banks)		445,630

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Mexico – 2.8%
	58,999	Arca Continental SAB de CV (Food Products)	$	315,892
	65,765	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		113,629
	160,500	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		525,387
				954,908
Peru – 0.3%
	4,649	Intercorp Financial Services, Inc. (Banks)		119,293
Philippines – 0.2%
	22,050	Jollibee Foods Corp. (Consumer Services)		80,598
Poland – 1.3%
	8,423	InPost SA (Transportation)*		160,506
	29,491	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		274,187
				434,693
Russia – 5.3%
	70,870	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		166,673
	5,982	Ozon Holdings plc ADR (Retailing)*		372,021
	24,833	Sberbank of Russia PJSC ADR (Banks)		391,529
	7,262	TCS Group Holding plc GDR (Banks)		420,035
	6,830	Yandex NV Class A (Media & Entertainment)*		447,707
				1,797,965
Saudi Arabia – 0.7%
	16,214	Saudi National Bank (Banks)*		245,575
South Africa – 2.3%
	23,629	Clicks Group Ltd. (Food & Staples Retailing)		394,618
	20,975	Mr Price Group Ltd. (Retailing)		262,395
	7,481	Santam Ltd. (Insurance)*		132,293
				789,306
South Korea – 13.8%
	4,064	LG Electronics, Inc. (Consumer Durables & Apparel)		570,960
	1,713	NAVER Corp. (Media & Entertainment)		551,624
	633	NCSoft Corp. (Media & Entertainment)		470,875
	1,899	Orion Corp. (Food Products)		199,475
	1,877	Pearl Abyss Corp. (Media & Entertainment)*		94,836
	1,185	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		189,375
	35,820	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2,610,758
				4,687,903
Taiwan – 12.1%
	52,440	Chailease Holding Co. Ltd. (Diversified Financials)		377,886
Common Stocks – (continued)
Taiwan – (continued)
	3,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		331,885
	8,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		129,043
	1,098	Sea Ltd. ADR (Media & Entertainment)*		277,289
	135,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,843,049
	12,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		156,536
				4,115,688
Thailand – 1.6%
	108,800	Airports of Thailand PCL (Transportation)		216,243
	75,100	Kasikornbank PCL (Banks)		317,877
				534,120
United States – 0.7%
	498	EPAM Systems, Inc. (Software & Services)*		227,959
	TOTAL INVESTMENTS – 98.9%
	(Cost $32,166,667)		$	33,698,431
	OTHER ASSETS IN EXCESS     OF LIABILITIES – 1.1%			363,961
	NET ASSETS – 100.0%		$	34,062,392

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.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.6%
Denmark – 5.9%
	19,357	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*	$	7,103,287
	92,137	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		6,796,715
				13,900,002
Finland – 1.8%
	72,200	Neste OYJ (Energy)		4,365,990
France – 7.2%
	151,886	BNP Paribas SA (Banks)*		9,738,588
	66,677	Vinci SA (Capital Goods)		7,316,452
				17,055,040
Germany – 2.9%
	168,261	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		6,747,361
Japan – 14.9%
	62,100	Hoya Corp. (Health Care Equipment & Services)		7,058,616
	8,900	Keyence Corp. (Technology Hardware & Equipment)		4,272,472
	37,200	Nidec Corp. (Capital Goods)		4,295,445
	441,000	ORIX Corp. (Diversified Financials)		7,119,445
	93,400	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		4,211,172
	59,100	Shiseido Co. Ltd. (Household & Personal Products)		4,300,782
	121,473	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,057,259
				35,315,191
Netherlands – 6.3%
	147,612	Aalberts NV (Capital Goods)		7,974,872
	39,424	Koninklijke DSM NV (Materials)		7,068,730
				15,043,602
Singapore – 2.2%
	234,480	DBS Group Holdings Ltd. (Banks)		5,254,947
Spain – 13.2%
	67,372	Amadeus IT Group SA (Software & Services)*		4,587,904
	1,317,193	Banco Bilbao Vizcaya Argentaria SA (Banks)		7,375,733
	166,812	Cellnex Telecom SA (Telecommunication Services)(a)		9,435,568
	724,755	Iberdrola SA (Utilities)		9,794,310
				31,193,515
Sweden – 3.8%
	149,657	Assa Abloy AB Class B (Capital Goods)(b)		4,266,659
Common Stocks – (continued)
Sweden – (continued)
	48,749	Hexagon AB Class B (Technology Hardware & Equipment)(b)		4,656,452
				8,923,111
Switzerland – 9.1%
	100,610	Nestle SA (Registered) (Food Products)		12,005,862
	23,152	Zurich Insurance Group AG (Insurance)		9,498,307
				21,504,169
Taiwan – 1.9%
	39,261	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		4,583,329
United Kingdom – 24.0%
	96,637	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		10,286,425
	217,878	Compass Group plc (Consumer Services)*		4,739,779
	1,335,838	DS Smith plc (Materials)		7,764,693
	210,802	Experian plc (Commercial & Professional Services)		8,126,751
	919,719	Informa plc (Media & Entertainment)*		7,149,086
	69,010	InterContinental Hotels Group plc (Consumer Services)*		4,904,063
	75,267	Reckitt Benckiser Group plc (Household & Personal Products)		6,701,599
	1,040,954	Rentokil Initial plc (Commercial & Professional Services)		7,194,320
				56,866,716
United States – 3.4%
	64,280	Ferguson plc (Capital Goods)		8,107,388
	TOTAL COMMON STOCKS
	(Cost $196,006,743)		$	228,860,361

Shares	Dividend Rate		Value
Investment Company(c) – 2.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,495,914		0.026%	$	6,495,914
(Cost $6,495,914)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $202,502,657)			$	235,356,275

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 3.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
9,110,900	0.026%	$	9,110,900
(Cost $9,110,900)
TOTAL INVESTMENTS – 103.1%
(Cost $211,613,557)		$	244,467,175
LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.1)%			(7,387,664	)
NET ASSETS – 100.0%		$	237,079,511

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 95.9%
Australia – 6.6%
	45,260	Rio Tinto plc (Materials)	$	3,790,854
	304,950	Sydney Airport (Transportation)*		1,450,225
				5,241,079
Denmark – 2.2%
	23,944	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,766,289
Finland – 4.1%
	310,308	Nordea Bank Abp (Banks)		3,216,213
France – 17.3%
	50,189	BNP Paribas SA (Banks)*		3,218,005
	18,265	Gecina SA (REIT)		2,673,589
	54,759	Klepierre SA (REIT)		1,453,366
	23,164	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(a)		2,428,569
	10,045	Schneider Electric SE (Capital Goods)		1,602,739
	21,424	Vinci SA (Capital Goods)		2,350,851
				13,727,119
Germany – 3.2%
	38,795	Vonovia SE (Real Estate)		2,549,015
Italy – 4.8%
	229,312	Enel SpA (Utilities)		2,276,915
	150,791	UniCredit SpA (Banks)		1,548,924
				3,825,839
Japan – 5.3%
	88,400	ORIX Corp. (Diversified Financials)		1,427,118
	51,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,713,446
	22,800	Trend Micro, Inc. (Software & Services)		1,085,255
				4,225,819
Netherlands – 6.6%
	126,898	ING Groep NV (Banks)		1,621,121
	656,168	Koninklijke KPN NV (Telecommunication Services)		2,263,528
	69,351	Royal Dutch Shell plc Class A (Energy)		1,304,927
				5,189,576
Singapore – 3.5%
	66,700	DBS Group Holdings Ltd. (Banks)		1,494,818
	167,000	Singapore Exchange Ltd. (Diversified Financials)		1,308,228
				2,803,046
Spain – 4.0%
	235,871	Iberdrola SA (Utilities)		3,187,551
Switzerland – 14.0%
	20,479	Nestle SA (Registered) (Food Products)		2,443,773
	5,787	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,887,464
Common Stocks – (continued)
Switzerland – (continued)
	494	SGS SA (Registered) (Commercial & Professional Services)		1,461,699
	24,091	Swiss Re AG (Insurance)		2,236,635
	7,448	Zurich Insurance Group AG (Insurance)		3,055,606
				11,085,177
Taiwan – 2.9%
	109,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,295,499
United Kingdom – 18.4%
	29,846	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		3,176,926
	504,633	BP plc (Energy)		2,112,571
	33,312	Coca-Cola European Partners plc (Food Products)		1,892,788
	343,603	DS Smith plc (Materials)		1,997,227
	158,946	National Grid plc (Utilities)		2,003,603
	16,892	Reckitt Benckiser Group plc (Household & Personal Products)		1,504,024
	32,758	Unilever plc (Household & Personal Products)		1,918,869
				14,606,008
United States – 3.0%
	18,650	Ferguson plc (Capital Goods)		2,352,252
	TOTAL COMMON STOCKS
	(Cost $68,501,743)		$	76,070,482

Shares	Dividend Rate	Value
Investment Company(b) – 2.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,255,309	0.026%	$	2,255,309
(Cost $2,255,309)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $70,757,052)		$	78,325,791

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 3.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,429,680	0.026%	$	2,429,680
(Cost $2,429,680)
TOTAL INVESTMENTS – 101.8%
(Cost $73,186,732)		$	80,755,471
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.8)%			(1,418,842	)
NET ASSETS – 100.0%		$	79,336,629

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities

April 30, 2021 (Unaudited)

	China Equity Fund		Emerging Markets Equity Fund		ESG Emerging Markets Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $130,608,030, $2,705,468,126 and $32,166,667)(a)	$	159,439,527	$	3,636,017,983	$	33,698,431
Investments in affiliated issuers, at value (cost $4,000,662, $47,849,050 and $0)		4,000,662		47,849,050		—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,720,700, $16,416,125 and $0)		1,720,700		16,416,125		—
Cash		579,805		9,325,680		—
Foreign currencies, at value (cost $32,019, $4,185,453 and $750,831)		32,850		4,166,476		749,735
Receivables:
Fund shares sold		687,621		10,676,649		64,181
Dividends		106,582		2,927,466		82,540
Reimbursement from investment adviser		19,582		—		25,053
Securities lending income		185		20,653		—
Investments sold		—		1,100,062		483,300
Due from broker		—		—		97,465
Foreign tax reclaims		—		106,770		9,200
Other assets		42,340		95,310		24,208
Total assets		166,629,854		3,728,702,224		35,234,113
Liabilities:
Payables:
Payable upon return of securities loaned		1,720,700		16,416,125		—
Management fees		131,229		2,566,965		29,632
Fund shares redeemed		106,806		1,656,502		532
Distribution and Service fees and Transfer Agency fees		11,551		240,431		2,902
Investments purchased		—		30,655,080		180,020
Due to custodian		—		—		882,513
Foreign capital gains taxes		—		15,033,284		30,193
Accrued expenses		189,179		665,933		45,929
Total liabilities		2,159,465		67,234,320		1,171,721
Net Assets:
Paid-in capital		131,094,518		2,816,647,430		28,996,584
Total distributable earnings (loss)		33,375,871		844,820,474		5,065,808
NET ASSETS	$	164,470,389	$	3,661,467,904	$	34,062,392
Net Assets:
Class A	$	24,874,892	$	285,793,552	$	4,413,277
Class C		1,256,120		36,444,269		441,991
Institutional		26,100,506		2,111,332,603		10,207,421
Service		—		31,823,027		—
Investor		2,707,781		253,228,423		1,278,617
Class R6		1,868,005		74,132,776		82,221
Class R		—		—		303,017
Class P		107,663,085		868,713,254		17,335,848
Total Net Assets	$	164,470,389	$	3,661,467,904	$	34,062,392
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		634,583		9,823,636		307,613
Class C		36,250		1,411,065		31,251
Institutional		620,129		67,602,280		710,416
Service		—		1,132,009		—
Investor		64,767		8,170,606		89,007
Class R6		44,536		2,363,354		5,722
Class R		—		—		21,246
Class P		2,565,833		27,692,678		1,206,474
Net asset value, offering and redemption price per share:(b)
Class A		$39.20		$29.09		$14.35
Class C		34.65		25.83		14.14
Institutional		42.09		31.23		14.37
Service		—		28.11		—
Investor		41.81		30.99		14.37
Class R6		41.94		31.37		14.37
Class R		—		—		14.26
Class P		41.96		31.37		14.37

(a) Includes loaned securities having a market value of $1,678,720 and $15,973,283 for the China Equity and Emerging Markets Equity Funds, respectively.

(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 $41.48, $30.78 and $15.19, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2021 (Unaudited)

	International Equity ESG Fund		International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $196,006,743 and $68,501,743)(a)	$	228,860,361	$	76,070,482
Investments in affiliated issuers, at value (cost $6,495,914 and $2,255,309)		6,495,914		2,255,309
Investments in affiliated securities lending reinvestment vehicle, at value (cost $9,110, 900 and $2,429,680)		9,110,900		2,429,680
Cash		1,142,834		259,543
Foreign currencies, at value (cost $199,684 and $64,048)		197,782		64,362
Receivables:
Foreign tax reclaims		824,714		497,135
Dividends		659,199		256,144
Investments sold		595,089		—
Fund shares sold		393,357		172,423
Due from custodian		329,212		—
Reimbursement from investment adviser		41,442		31,392
Securities lending income		859		147
Other assets		46,600		40,281
Total assets		248,698,263		82,076,898
Liabilities:
Payables:
Payable upon return of securities loaned		9,110,900		2,429,680
Investments purchased		1,127,438		—
Fund shares redeemed		788,735		15,564
Management fees		157,515		51,236
Distribution and Service fees and Transfer Agency fees		29,459		10,346
Accrued expenses		404,705		233,443
Total liabilities		11,618,752		2,740,269
Net Assets:
Paid-in capital		194,543,566		71,865,673
Total distributable earnings (loss)		42,535,945		7,470,956
NET ASSETS	$	237,079,511	$	79,336,629
Net Assets:
Class A	$	49,914,639	$	18,721,064
Class C		9,831,310		1,899,220
Institutional		59,799,026		14,218,082
Service		51,458		—
Investor		7,833,240		13,541,414
Class R6		6,241,353		3,917,920
Class R		—		531,402
Class P		103,408,485		26,507,527
Total Net Assets	$	237,079,511	$	79,336,629
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		1,809,087		1,268,729
Class C		386,595		146,583
Institutional		2,116,918		911,249
Service		1,783		—
Investor		278,926		919,700
Class R6		222,172		251,493
Class R		—		35,841
Class P		3,681,396		1,702,707
Net asset value, offering and redemption price per share:(b)
Class A		$27.59		$14.76
Class C		25.43		12.96
Institutional		28.25		15.60
Service		28.86		—
Investor		28.08		14.72
Class R6		28.09		15.58
Class R		—		14.83
Class P		28.09		15.57

(a) Includes loaned securities having a market value of $8,358,939 and $2,311,223 for the International Equity ESG and International Equity Income Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the International Equity ESG and International Equity Income Funds is $29.20 and $15.62, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations

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

	China Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $11,471, $2,617,038 and $25,888)	$	172,039		$	16,994,369		$	135,050
Securities lending income — affiliated issuer		4,986			128,355			—
Dividends — affiliated issuers		535			4,508			63
Total investment income		177,560			17,127,232			135,113
Expenses:
Management fees		666,462			15,931,140			120,008
Professional fees		65,334			60,245			59,094
Custody, accounting and administrative services		54,931			854,616			33,166
Registration fees		42,326			83,218			40,065
Transfer Agency fees(a)		38,278			935,783			6,706
Distribution and Service (12b-1) fees(a)		33,356			532,605			5,100
Printing and mailing costs		27,285			189,606			3,552
Trustee fees		9,484			11,480			9,407
Service fees — Class C		1,458			39,894			474
Shareholder administration fees — Service Shares		—			38,319			—
Other		30,518			92,651			18,741
Total expenses		969,432			18,769,557			296,313
Less — expense reductions		(165,184	)		(861,231	)		(150,203	)
Net expenses		804,248			17,908,326			146,110
NET INVESTMENT LOSS		(626,688	)		(781,094	)		(10,997	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,208,869			157,139,974			4,031,501
Foreign currency transactions		(28,454	)		(1,243,402	)		(13,675	)
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 $255,331, $8,702,095 and $17,639)		1,347,168			396,271,932			(3,619,935	)
Foreign currency translation		257,718			(2,389,187	)		5,578
Net realized and unrealized gain		6,785,301			549,779,317			403,469
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,158,613		$	548,998,223		$	392,472

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

	Distribution and/or (12b-1) Service Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
China Equity	$	28,982	$	4,374	$	—	$	—	$	18,549	$	933	$	3,620	$	—	$	1,908	$	199	$	—	$	13,069
Emerging Markets Equity		374,617		119,683		38,305		—		239,757		25,533		381,250		6,131		167,638		10,027		—		105,447
ESG Emerging Markets Equity		2,944		1,420		—		736		1,884		303		2,372		—		580		12		235		1,320

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations (continued)

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

	International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $139,551 and $143,019)	$	2,115,444		$	1,472,392
Other income		183,537			79,591
Securities lending income — affiliated issuer		5,006			1,619
Dividends — affiliated issuers		756			167
Total investment income		2,304,743			1,553,769
Expenses:
Management fees		829,124			286,852
Distribution and Service (12b-1) fees(a)		96,188			28,084
Transfer Agency fees(a)		69,874			31,734
Professional fees		64,917			65,046
Registration fees		59,430			48,608
Custody, accounting and administrative services		52,987			53,350
Printing and mailing costs		36,414			30,153
Service fees — Class C		13,545			2,210
Trustee fees		9,510			9,453
Shareholder administration fees — Service Shares		50			—
Other		26,114			10,257
Total expenses		1,258,153			565,747
Less — expense reductions		(292,174	)		(216,328	)
Net expenses		965,979			349,419
NET INVESTMENT INCOME		1,338,764			1,204,350
Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		14,112,686			2,263,214
Foreign currency transactions		50,364			14,400
Net change in unrealized gain on:
Investments — unaffiliated issuers		29,217,764			13,481,028
Foreign currency translation		6,236			2,986
Net realized and unrealized gain		43,387,050			15,761,628
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,725,814		$	16,965,978

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

	Distribution and/or (12b-1) Service Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
International Equity ESG	$	55,503	$	40,635	$	50	$	—	$	35,523	$	8,669	$	8,737	$	8	$	3,100	$	541	$	—	$	13,296
International Equity Income		20,592		6,630		—		862		13,179		1,414		2,448		—		10,196		476		276		3,745

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets

	China Equity Fund						Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income (loss)	$	(626,688	)	$	(14,269	)	$	(781,094	)	$	16,914,590
Net realized gain (loss)		5,180,415			6,711,266			155,896,572			(79,391,813	)
Net change in unrealized gain		1,604,886			20,346,795			393,882,745			436,112,438
Net increase in net assets resulting from operations		6,158,613			27,043,792			548,998,223			373,635,215
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,032,658	)		(80,753	)		(195,130	)		(2,087,916	)
Class C Shares		(58,412	)		—			—			(31,816	)
Institutional Shares		(579,417	)		(54,582	)		(5,534,105	)		(11,063,936	)
Service Shares		—			—			—			(191,831	)
Investor Shares		(88,975	)		(1,881	)		(461,894	)		(1,412,911	)
Class R6 Shares		(38,386	)		(3,753	)		(207,233	)		(290,245	)
Class P Shares		(3,246,437	)		(459,995	)		(1,905,776	)		(4,624,350	)
Total distributions to shareholders		(5,044,285	)		(600,964	)		(8,304,138	)		(19,703,005	)
From share transactions:
Proceeds from sales of shares		80,372,141			13,135,019			1,023,569,114			1,041,975,752
Reinvestment of distributions		4,973,744			595,251			7,511,354			17,567,215
Cost of shares redeemed		(10,142,087	)		(25,971,258	)		(360,184,467	)		(738,651,137	)
Net increase (decrease) in net assets resulting from share transactions		75,203,798			(12,240,988	)		670,896,001			320,891,830
TOTAL INCREASE		76,318,126			14,201,840			1,211,590,086			674,824,040
Net Assets:
Beginning of period		88,152,263			73,950,423			2,449,877,818			1,775,053,778
End of period	$	164,470,389		$	88,152,263		$	3,661,467,904		$	2,449,877,818

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	ESG Emerging Markets Equity Fund						International Equity ESG Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income (loss)	$	(10,997	)	$	18,075		$	1,338,764		$	511,517
Net realized gain (loss)		4,017,826			(173,222	)		14,163,050			8,273,250
Net change in unrealized gain (loss)		(3,614,357	)		1,644,696			29,224,000			(2,528,404	)
Net increase in net assets resulting from operations		392,472			1,489,549			44,725,814			6,256,363
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(280	)		(1,466	)		(607,729	)
Class C Shares		—			—			—			(117,372	)
Institutional Shares		(30,382	)		(64,061	)		(91,491	)		(161,245	)
Service Shares		—			—			—			(65	)
Investor Shares		(158	)		(400	)		(5,951	)		(12,522	)
Class R6 Shares		(237	)		(471	)		(7,594	)		(9,509	)
Class R Shares		—			(1,009	)		—			—
Class P Shares		(586	)		—	(a)		(223,814	)		(1,391,936	)
Total distributions to shareholders		(31,363	)		(66,221	)		(330,316	)		(2,300,378	)
From share transactions:
Proceeds from sales of shares		3,720,393			728,979			74,029,812			30,746,192
Proceeds received in connection with merger		26,514,969			—			—			—
Reinvestment of distributions		31,363			66,221			327,944			2,269,283
Cost of shares redeemed		(5,812,893	)		(249,783	)		(16,228,089	)		(25,612,098	)
Net increase in net assets resulting from share transactions		24,453,832			545,417			58,129,667			7,403,377
TOTAL INCREASE		24,814,941			1,968,745			102,525,165			11,359,362
Net Assets:
Beginning of period		9,247,451			7,278,706			134,554,346			123,194,984
End of period	$	34,062,392		$	9,247,451		$	237,079,511		$	134,554,346

(a) Commenced operations on January 21, 2020.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	1,204,350		$	1,461,318
Net realized gain (loss)		2,277,614			(510,524	)
Net change in unrealized gain (loss)		13,484,014			(9,050,670	)
Net increase (decrease) in net assets resulting from operations		16,965,978			(8,099,876	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(122,249	)		(609,078	)
Class C Shares		(8,350	)		(54,686	)
Institutional Shares		(94,905	)		(341,933	)
Investor Shares		(107,231	)		(303,964	)
Class R6 Shares		(26,523	)		(32,808	)
Class R Shares		(1,313	)		(3,596	)
Class P Shares		(223,051	)		(1,237,682	)
Total distributions to shareholders		(583,622	)		(2,583,747	)
From share transactions:
Proceeds from sales of shares		16,582,084			40,928,620
Reinvestment of distributions		579,625			2,561,342
Cost of shares redeemed		(11,676,787	)		(35,481,004	)
Net increase in net assets resulting from share transactions		5,484,922			8,008,958
TOTAL INCREASE (DECREASE)		21,867,278			(2,674,665	)
Net Assets:
Beginning of period		57,469,351			60,144,016
End of period	$	79,336,629		$	57,469,351

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	36.99		$	25.87		$	23.13		$	27.69		$	21.08		$	20.28
Net investment income (loss)(a)		(0.24	)		(0.07	)		0.04			0.05			(0.02	)(b)		(0.02	)
Net realized and unrealized gain (loss)		4.42			11.35			4.23			(4.22	)		6.63			0.82
Total from investment operations		4.18			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		(1.97	)		—			(1.49	)		(0.39	)		—			—
Total distributions		(1.97	)		(0.16	)		(1.53	)		(0.39	)		—			—
Net asset value, end of period	$	39.20		$	36.99		$	25.87		$	23.13		$	27.69		$	21.08
Total return(c)		11.65	%		43.67	%		19.54	%		(15.32	)%		31.36	%		3.93	%
Net assets, end of period (in 000s)	$	24,875		$	18,617		$	13,397		$	13,598		$	16,860		$	14,975
Ratio of net expenses to average net assets		1.45	%(d)		1.47	%		1.51	%		1.54	%		1.55	%		1.60	%
Ratio of total expenses to average net assets		1.76	%(d)		2.11	%		2.10	%		1.91	%		2.03	%		2.18	%
Ratio of net investment income (loss) to average net assets		(1.19	)%(d)		(0.24	)%		0.17	%		0.17	%		(0.09	)%(b)		(0.08	)%
Portfolio turnover rate(e)		15	%		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 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.

30 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	33.03		$	23.14		$	20.95		$	25.31		$	19.41		$	18.81
Net investment loss(a)		(0.34	)		(0.26	)		(0.14	)		(0.13	)		(0.17	)(b)		(0.15	)
Net realized and unrealized gain (loss)		3.93			10.15			3.82			(3.84	)		6.07			0.75
Total from investment operations		3.59			9.89			3.68			(3.97	)		5.90			0.60
Distributions to shareholders from net realized gains		(1.97	)		—			(1.49	)		(0.39	)		—			—
Net asset value, end of period	$	34.65		$	33.03		$	23.14		$	20.95		$	25.31		$	19.41
Total return(c)		11.24	%		42.60	%		18.66	%		(15.94	)%		30.35	%		3.18	%
Net assets, end of period (in 000s)	$	1,256		$	973		$	896		$	1,318		$	1,732		$	1,810
Ratio of net expenses to average net assets		2.20	%(d)		2.21	%		2.27	%		2.29	%		2.30	%		2.35	%
Ratio of total expenses to average net assets		2.51	%(d)		2.85	%		2.85	%		2.66	%		2.78	%		2.93	%
Ratio of net investment loss to average net assets		(1.94	)%(d)		(0.98	)%		(0.63	)%		(0.52	)%		(0.79	)%(b)		(0.83	)%
Portfolio turnover rate(e)		15	%		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 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. 31

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.52		$	27.63		$	24.56		$	29.28		$	22.20		$	21.27
Net investment income (loss)(a)		(0.19	)		0.05			0.14			0.19			0.09	(b)		0.07
Net realized and unrealized gain (loss)		4.73			12.09			4.50			(4.51	)		6.99			0.86
Total from investment operations		4.54			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		(1.97	)		—			(1.49	)		(0.39	)		—			—
Total distributions		(1.97	)		(0.25	)		(1.57	)		(0.40	)		—			—
Net asset value, end of period	$	42.09		$	39.52		$	27.63		$	24.56		$	29.28		$	22.20
Total return(c)		11.82	%		44.13	%		19.98	%		(14.98	)%		31.91	%		4.31	%
Net assets, end of period (in 000s)	$	26,101		$	10,824		$	6,327		$	6,997		$	62,843		$	56,077
Ratio of net expenses to average net assets		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.20	%
Ratio of total expenses to average net assets		1.37	%(d)		1.74	%		1.71	%		1.47	%		1.63	%		1.78	%
Ratio of net investment income (loss) to average net assets		(0.87	)%(d)		0.17	%		0.54	%		0.63	%		0.36	%(b)		0.32	%
Portfolio turnover rate(e)		15	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	39.28		$	27.46		$	24.41		$	29.14		$	22.12		$	21.23
Net investment income (loss)(b)		(0.20	)		0.01			0.09			0.15			0.06	(c)		0.06
Net realized and unrealized gain (loss)		4.70			12.03			4.50			(4.48	)		6.96			0.83
Total from investment operations		4.50			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		(1.97	)		—			(1.49	)		(0.39	)		—			—
Total distributions		(1.97	)		(0.22	)		(1.54	)		(0.40	)		—			—
Net asset value, end of period	$	41.81		$	39.28		$	27.46		$	24.41		$	29.14		$	22.12
Total return(d)		11.79	%		44.01	%		19.86	%		(15.11	)%		31.74	%		4.18	%
Net assets, end of period (in 000s)	$	2,708		$	762		$	226		$	392		$	136		$	57
Ratio of net expenses to average net assets		1.20	%(e)		1.22	%		1.27	%		1.29	%		1.30	%		1.34	%
Ratio of total expenses to average net assets		1.49	%(e)		1.86	%		1.85	%		1.63	%		1.78	%		1.93	%
Ratio of net investment income (loss) to average net assets		(0.95	)%(e)		0.04	%		0.35	%		0.52	%		0.24	%(c)		0.27	%
Portfolio turnover rate(f)		15	%		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 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. 33

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						February 28, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	39.39		$	27.54		$	24.56		$	30.83
Net investment income (loss)(a)		(0.19	)		(0.02	)		0.15			0.19
Net realized and unrealized gain (loss)		4.71			12.13			4.48			(6.46	)
Total from investment operations		4.52			12.11			4.63			(6.27	)
Distributions to shareholders from net investment income		—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		(1.97	)		—			(1.49	)		—
Total distributions		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	41.94		$	39.39		$	27.54		$	24.56
Total return(b)		11.81	%		44.15	%		19.96	%		(20.34	)%
Net assets, end of period (in 000s)	$	1,868		$	631		$	432		$	8
Ratio of net expenses to average net assets		1.14	%(c)		1.14	%		1.15	%		1.15	%(c)
Ratio of total expenses to average net assets		1.36	%(c)		1.71	%		1.70	%		1.55	%(c)
Ratio of net investment income (loss) to average net assets		(0.87	)%(c)		(0.07	)%		0.57	%		1.00	%(c)
Portfolio turnover rate(d)		15	%		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.

34 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 P Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	39.40		$	27.55		$	24.57		$	30.61
Net investment income (loss)(a)		(0.19	)		0.01			0.14			0.09
Net realized and unrealized gain (loss)		4.72			12.10			4.49			(6.13	)
Total from investment operations		4.53			12.11			4.63			(6.04	)
Distributions to shareholders from net investment income		—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		(1.97	)		—			(1.49	)		—
Total distributions		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	41.96		$	39.40		$	27.55		$	24.57
Total return(b)		11.80	%		44.17	%		19.98	%		(19.73	)%
Net assets, end of period (in 000s)	$	107,663		$	56,345		$	52,673		$	47,901
Ratio of net expenses to average net assets		1.14	%(c)		1.14	%		1.15	%		1.14	%(c)
Ratio of total expenses to average net assets		1.37	%(c)		1.71	%		1.70	%		1.77	%(c)
Ratio of net investment income (loss) to average net assets		(0.88	)%(c)		0.04	%		0.55	%		0.59	%(c)
Portfolio turnover rate(d)		15	%		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. 35

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	23.76		$	20.35		$	17.18		$	20.91		$	16.23		$	14.75
Net investment income (loss)(a)		(0.05	)		0.11			0.07			0.10			0.05	(b)		0.04
Net realized and unrealized gain (loss)		5.40			3.49			3.18			(3.69	)		4.74			1.44
Total from investment operations		5.35			3.60			3.25			(3.59	)		4.79			1.48
Distributions to shareholders from net investment income		(0.02	)		(0.19	)		(0.08	)		(0.14	)		(0.11	)		—
Net asset value, end of period	$	29.09		$	23.76		$	20.35		$	17.18		$	20.91		$	16.23
Total return(c)		22.46	%		17.77	%		19.03	%		(17.32	)%		29.78	%		10.01	%
Net assets, end of period (in 000s)	$	285,794		$	247,765		$	230,234		$	152,596		$	85,679		$	59,593
Ratio of net expenses to average net assets		1.37	%(d)		1.49	%		1.55	%		1.56	%		1.57	%		1.65	%
Ratio of total expenses to average net assets		1.47	%(d)		1.54	%		1.58	%		1.64	%		1.75	%		1.90	%
Ratio of net investment income (loss) to average net assets		(0.32	)%(d)		0.51	%		0.39	%		0.46	%		0.29	%(b)		0.27	%
Portfolio turnover rate(e)		29	%		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 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.

36 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.16		$	18.12		$	15.34		$	18.72		$	14.53		$	13.31
Net investment loss(a)		(0.14	)		(0.06	)		(0.06	)		(0.05	)		(0.09	)(b)		(0.06	)
Net realized and unrealized gain (loss)		4.81			3.12			2.84			(3.30	)		4.28			1.28
Total from investment operations		4.67			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 period	$	25.83		$	21.16		$	18.12		$	15.34		$	18.72		$	14.53
Total return(c)		22.07	%		16.85	%		18.12	%		(17.91	)%		28.84	%		9.14	%
Net assets, end of period (in 000s)	$	36,444		$	23,425		$	30,115		$	33,252		$	36,286		$	30,104
Ratio of net expenses to average net assets		2.11	%(d)		2.24	%		2.30	%		2.31	%		2.32	%		2.40	%
Ratio of total expenses to average net assets		2.22	%(d)		2.29	%		2.33	%		2.39	%		2.50	%		2.65	%
Ratio of net investment loss to average net assets		(1.07	)%(d)		(0.34	)%		(0.33	)%		(0.25	)%		(0.55	)%(b)		(0.48	)%
Portfolio turnover rate(e)		29	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.54		$	21.85		$	18.43		$	22.40		$	17.38		$	15.75
Net investment income(a)		—	(b)		0.21			0.17			0.20			0.12	(c)		0.11
Net realized and unrealized gain (loss)		5.78			3.73			3.40			(3.96	)		5.07			1.54
Total from investment operations		5.78			3.94			3.57			(3.76	)		5.19			1.65
Distributions to shareholders from net investment income		(0.09	)		(0.25	)		(0.15	)		(0.21	)		(0.17	)		(0.02	)
Net asset value, end of period	$	31.23		$	25.54		$	21.85		$	18.43		$	22.40		$	17.38
Total return(d)		22.67	%		18.11	%		19.51	%		(16.99	)%		30.31	%		10.43	%
Net assets, end of period (in 000s)	$	2,111,333		$	1,479,859		$	940,632		$	678,197		$	664,085		$	445,019
Ratio of net expenses to average net assets		1.06	%(e)		1.16	%		1.17	%		1.17	%		1.18	%		1.25	%
Ratio of total expenses to average net assets		1.10	%(e)		1.17	%		1.19	%		1.24	%		1.36	%		1.50	%
Ratio of net investment income to average net assets		—	%(e)(f)		0.93	%		0.84	%		0.91	%		0.63	%(c)		0.69	%
Portfolio turnover rate(g)		29	%		31	%		33	%		52	%		113	%		92	%

(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 0.19% 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) Amount is less than 0.005%.

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

38 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.97		$	19.68		$	16.60		$	20.21		$	15.71		$	14.29
Net investment income (loss)(a)		(0.07	)		0.07			0.06			0.07			0.02	(b)		0.02
Net realized and unrealized gain (loss)		5.21			3.38			3.06			(3.56	)		4.59			1.40
Total from investment operations		5.14			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 period	$	28.11		$	22.97		$	19.68		$	16.60		$	20.21		$	15.71
Total return(c)		22.38	%		17.55	%		18.85	%		(17.38	)%		29.65	%		9.91	%
Net assets, end of period (in 000s)	$	31,823		$	26,329		$	24,183		$	19,922		$	26,049		$	19,069
Ratio of net expenses to average net assets		1.56	%(d)		1.65	%		1.67	%		1.67	%		1.68	%		1.75	%
Ratio of total expenses to average net assets		1.60	%(d)		1.67	%		1.69	%		1.75	%		1.86	%		2.00	%
Ratio of net investment income (loss) to average net assets		(0.50	)%(d)		0.35	%		0.32	%		0.36	%		0.11	%(b)		0.17	%
Portfolio turnover rate(e)		29	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.33		$	21.66		$	18.28		$	22.24		$	17.27		$	15.67
Net investment income (loss)(b)		(0.01	)		0.16			0.12			0.17			0.13	(c)		0.08
Net realized and unrealized gain (loss)		5.74			3.73			3.38			(3.94	)		5.01			1.53
Total from investment operations		5.73			3.89			3.50			(3.77	)		5.14			1.61
Distributions to shareholders from net investment income		(0.07	)		(0.22	)		(0.12	)		(0.19	)		(0.17	)		(0.01	)
Net asset value, end of period	$	30.99		$	25.33		$	21.66		$	18.28		$	22.24		$	17.27
Total return(d)		22.65	%		18.02	%		19.31	%		(17.07	)%		30.11	%		10.26	%
Net assets, end of period (in 000s)	$	253,228		$	147,386		$	135,484		$	139,726		$	62,974		$	5,263
Ratio of net expenses to average net assets		1.11	%(e)		1.24	%		1.30	%		1.31	%		1.31	%		1.40	%
Ratio of total expenses to average net assets		1.22	%(e)		1.29	%		1.33	%		1.38	%		1.49	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.06	)%(e)		0.70	%		0.58	%		0.79	%		0.67	%(c)		0.52	%
Portfolio turnover rate(f)		29	%		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 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.

40 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.65		$	21.94		$	18.51		$	22.41		$	17.38		$	15.74
Net investment income(a)		—	(b)		0.16			0.17			0.21			0.16	(c)		0.10
Net realized and unrealized gain (loss)		5.82			3.80			3.41			(4.00	)		5.05			1.56
Total from investment operations		5.82			3.96			3.58			(3.79	)		5.21			1.66
Distributions to shareholders from net investment income		(0.10	)		(0.25	)		(0.15	)		(0.11	)		(0.18	)		(0.02	)
Net asset value, end of period	$	31.37		$	25.65		$	21.94		$	18.51		$	22.41		$	17.38
Total return(d)		22.70	%		18.13	%		19.52	%		(16.96	)%		30.35	%		10.52	%
Net assets, end of period (in 000s)	$	74,133		$	53,424		$	25,387		$	37,865		$	245		$	5,012
Ratio of net expenses to average net assets		1.05	%(e)		1.15	%		1.16	%		1.16	%		1.17	%		1.23	%
Ratio of total expenses to average net assets		1.09	%(e)		1.16	%		1.18	%		1.21	%		1.35	%		1.44	%
Ratio of net investment income to average net assets		0.01	%(e)		0.71	%		0.82	%		0.99	%		0.88	%(c)		0.57	%
Portfolio turnover rate(f)		29	%		31	%		33	%		52	%		113	%		92	%

(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 0.19% 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. 41

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	25.65		$	21.94		$	18.51		$	23.46
Net investment income(a)		—	(b)		0.19			0.17			0.10
Net realized and unrealized gain (loss)		5.82			3.77			3.41			(5.05	)
Total from investment operations		5.82			3.96			3.58			(4.95	)
Distributions to shareholders from net investment income		(0.10	)		(0.25	)		(0.15	)		—
Net asset value, end of period	$	31.37		$	25.65		$	21.94		$	18.51
Total return(c)		22.69	%		18.14	%		19.47	%		(21.06	)%
Net assets, end of period (in 000s)	$	868,713		$	471,690		$	389,019		$	311,447
Ratio of net expenses to average net assets		1.04	%(d)		1.15	%		1.16	%		1.15	%(d)
Ratio of total expenses to average net assets		1.09	%(d)		1.15	%		1.18	%		1.24	%(d)
Ratio of net investment income to average net assets		0.01	%(d)		0.86	%		0.82	%		0.94	%(d)
Portfolio turnover rate(e)		29	%		31	%		33	%		52	%

 * 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.

42 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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.73		$	9.95		$	8.40		$	10.00
Net investment income (loss)(a)		(0.03	)		—	(b)		0.04			0.03
Net realized and unrealized gain (loss)		2.65			1.84			1.53			(1.63	)
Total from investment operations		2.62			1.84			1.57			(1.60	)
Distributions to shareholders from net investment income		—			(0.06	)		(0.02	)		—
Net asset value, end of period	$	14.35		$	11.73		$	9.95		$	8.40
Total return(c)		22.34	%		18.46	%		18.74	%		(16.00	)%
Net assets, end of period (in 000s)	$	4,413		$	92		$	50		$	42
Ratio of net expenses to average net assets		1.46	%(d)		1.49	%		1.60	%		1.53	%(d)
Ratio of total expenses to average net assets		2.28	%(d)		6.33	%		7.73	%		10.28	%(d)
Ratio of net investment income (loss) to average net assets		(0.36	)%(d)		0.02	%		0.44	%		0.64	%(d)
Portfolio turnover rate(e)		94	%		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. 43

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.61		$	9.87		$	8.37		$	10.00
Net investment loss(a)		(0.08	)		(0.09	)		(0.03	)		—	(b)
Net realized and unrealized gain (loss)		2.61			1.83			1.53			(1.63	)
Total from investment operations		2.53			1.74			1.50			(1.63	)
Net asset value, end of period	$	14.14		$	11.61		$	9.87		$	8.37
Total return(c)		21.79	%		17.58	%		17.92	%		(16.30	)%
Net assets, end of period (in 000s)	$	442		$	58		$	49		$	42
Ratio of net expenses to average net assets		2.19	%(d)		2.24	%		2.35	%		2.28	%(d)
Ratio of total expenses to average net assets		3.15	%(d)		6.94	%		8.49	%		11.03	%(d)
Ratio of net investment loss to average net assets		(1.14	)%(d)		(0.84	)%		(0.31	)%		(0.11	)%(d)
Portfolio turnover rate(e)		94	%		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.

44 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
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.77		$	9.98		$	8.41		$	10.00
Net investment income (loss)(a)		—	(b)		0.03			0.08			0.04
Net realized and unrealized gain (loss)		2.64			1.85			1.53			(1.63	)
Total from investment operations		2.64			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	14.37		$	11.77		$	9.98		$	8.41
Total return(c)		22.45	%		18.91	%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	10,207		$	8,631		$	6,912		$	5,679
Ratio of net expenses to average net assets		1.13	%(d)		1.14	%		1.21	%		1.14	%(d)
Ratio of total expenses to average net assets		2.78	%(d)		5.83	%		7.31	%		9.89	%(d)
Ratio of net investment income (loss) to average net assets		(0.05	)%(d)		0.26	%		0.85	%		1.03	%(d)
Portfolio turnover rate(e)		94	%		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. 45

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.76		$	9.97		$	8.41		$	10.00
Net investment income (loss)(a)		(0.01	)		0.02			0.06			0.03
Net realized and unrealized gain (loss)		2.65			1.85			1.53			(1.62	)
Total from investment operations		2.64			1.87			1.59			(1.59	)
Distributions to shareholders from net investment income		(0.03	)		(0.08	)		(0.03	)		—
Net asset value, end of period	$	14.37		$	11.76		$	9.97		$	8.41
Total return(b)		22.47	%		18.79	%		19.03	%		(15.90	)%
Net assets, end of period (in 000s)	$	1,279		$	59		$	50		$	42
Ratio of net expenses to average net assets		1.21	%(c)		1.24	%		1.35	%		1.28	%(c)
Ratio of total expenses to average net assets		2.09	%(c)		5.94	%		7.49	%		10.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.12	)%(c)		0.15	%		0.69	%		0.89	%(c)
Portfolio turnover rate(d)		94	%		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.

46 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.77		$	9.98		$	8.41		$	10.00
Net investment income (loss)(a)		—	(b)		0.03			0.08			0.04
Net realized and unrealized gain (loss)		2.64			1.85			1.53			(1.63	)
Total from investment operations		2.64			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	14.37		$	11.77		$	9.98		$	8.41
Total return(c)		22.46	%		18.92	%		19.26	%		(15.90	)%
Net assets, end of period (in 000s)	$	82		$	65		$	50		$	42
Ratio of net expenses to average net assets		1.12	%(d)		1.13	%		1.20	%		1.13	%(d)
Ratio of total expenses to average net assets		2.90	%(d)		5.84	%		7.34	%		9.88	%(d)
Ratio of net investment income (loss) to average net assets		(0.04	)%(d)		0.26	%		0.84	%		1.04	%(d)
Portfolio turnover rate(e)		94	%		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. 47

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						May 31, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.68		$	9.94		$	8.39		$	10.00
Net investment income (loss)(a)		(0.04	)		(0.03	)		0.01			0.02
Net realized and unrealized gain (loss)		2.62			1.83			1.55			(1.63	)
Total from investment operations		2.58			1.80			1.56			(1.61	)
Distributions to shareholders from net investment income		—			(0.06	)		(0.01	)		—
Net asset value, end of period	$	14.26		$	11.68		$	9.94		$	8.39
Total return(b)		22.09	%		18.11	%		18.57	%		(16.10	)%
Net assets, end of period (in 000s)	$	303		$	255		$	167		$	42
Ratio of net expenses to average net assets		1.71	%(c)		1.74	%		1.92	%		1.78	%(c)
Ratio of total expenses to average net assets		3.56	%(c)		6.53	%		7.68	%		10.53	%(c)
Ratio of net investment income (loss) to average net assets		(0.63	)%(c)		(0.34	)%		0.06	%		0.39	%(c)
Portfolio turnover rate(d)		94	%		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.

48 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 P Shares
	Six Months Ended April 30, 2021 (Unaudited)			January 31, 2020* to October 31, 2020
Per Share Data
Net asset value, beginning of period	$	11.77		$	10.87
Net investment income (loss)(a)		—	(b)		0.03
Net realized and unrealized gain		2.64			0.87
Total from investment operations		2.64			0.90
Distributions to shareholders from net investment income		(0.04	)		—
Net asset value, end of period	$	14.37		$	11.77
Total return(c)		22.48	%		8.28	%
Net assets, end of period (in 000s)	$	17,336		$	86
Ratio of net expenses to average net assets		1.12	%(d)		1.08	%(d)
Ratio of total expenses to average net assets		1.88	%(d)		6.51	%(d)
Ratio of net investment income (loss) to average net assets		(0.01	)%(d)		0.30	%(d)
Portfolio turnover rate(e)		94	%		28	%

 * 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. 49

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.01		$	20.67		$	17.88		$	19.92		$	16.61		$	17.98
Net investment income(a)		0.14			0.04			0.28			0.22			0.14			0.48	(b)
Net realized and unrealized gain (loss)		6.44			0.66			2.76			(2.01	)		3.63			(1.65	)
Total from investment operations		6.58			0.70			3.04			(1.79	)		3.77			(1.17	)
Distributions to shareholders from net investment income		—	(c)		(0.36	)		(0.25	)		(0.25	)		(0.46	)		(0.20	)
Net asset value, end of period	$	27.59		$	21.01		$	20.67		$	17.88		$	19.92		$	16.61
Total return(d)		31.39	%		3.30	%		17.33	%		(9.11	)%		23.29	%		(6.54	)%
Net assets, end of period (in 000s)	$	49,915		$	33,927		$	35,181		$	34,602		$	38,330		$	38,152
Ratio of net expenses to average net assets		1.18	%(e)		1.20	%		1.26	%		1.29	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.51	%(e)		1.69	%		1.69	%		1.58	%		1.63	%		1.62	%
Ratio of net investment income to average net assets		1.02	%(e)		0.21	%		1.52	%		1.11	%		0.78	%		2.86	%(b)
Portfolio turnover rate(f)		25	%		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) Amount is less than $0.005 per share.

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

(e) Annualized.

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

50 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of year	$	19.44		$	19.16		$	16.49		$	18.39		$	15.37		$	16.67
Net investment income (loss)(a)		0.02			(0.10	)		0.13			0.07			0.02			0.32	(b)
Net realized and unrealized gain (loss)		5.97			0.60			2.58			(1.86	)		3.35			(1.53	)
Total from investment operations		5.99			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	)
Total distributions		—			(0.22	)		(0.04	)		—			—			—
Net asset value, end of year	$	25.43		$	19.44		$	19.16		$	16.49		$	18.39		$	15.37
Total return(c)		30.88	%		2.53	%		16.49	%		(9.79	)%		22.40	%		(7.27	)%
Net assets, end of year (in 000s)	$	9,831		$	9,369		$	10,400		$	9,985		$	15,681		$	15,577
Ratio of net expenses to average net assets		1.93	%(d)		1.95	%		2.01	%		2.04	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.27	%(d)		2.44	%		2.44	%		2.33	%		2.37	%		2.37	%
Ratio of net investment income (loss) to average net assets		0.06	%(d)		(0.54	)%		0.78	%		0.40	%		0.12	%		2.05	%(b)
Portfolio turnover rate(e)		25	%		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. 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. 51

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.53		$	21.17		$	18.23		$	20.30		$	16.93		$	18.34
Net investment income(a)		0.22			0.15			0.29			0.40			0.22			0.47	(b)
Net realized and unrealized gain (loss)		6.57			0.63			2.89			(2.14	)		3.69			(1.60	)
Total from investment operations		6.79			0.78			3.18			(1.74	)		3.91			(1.13	)
Distributions to shareholders from net investment income		(0.07	)		(0.42	)		(0.24	)		(0.33	)		(0.54	)		(0.28	)
Net asset value, end of period	$	28.25		$	21.53		$	21.17		$	18.23		$	20.30		$	16.93
Total return(c)		31.62	%		3.62	%		17.76	%		(8.76	)%		23.78	%		(6.21	)%
Net assets, end of period (in 000s)	$	59,799		$	23,137		$	7,660		$	6,835		$	127,403		$	201,746
Ratio of net expenses to average net assets		0.86	%(d)		0.86	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.14	%(d)		1.33	%		1.31	%		1.17	%		1.22	%		1.21	%
Ratio of net investment income to average net assets		1.54	%(d)		0.72	%		1.49	%		1.94	%		1.22	%		2.76	%(b)
Portfolio turnover rate(e)		25	%		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 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.

52 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
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	22.00		$	21.63		$	18.70		$	20.68		$	16.79		$	18.05
Net investment income(a)		0.09			0.01			0.28			0.22			0.13			0.47	(b)
Net realized and unrealized gain (loss)		6.77			0.70			2.88			(2.10	)		3.76			(1.67	)
Total from investment operations		6.86			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 period	$	28.86		$	22.00		$	21.63		$	18.70		$	20.68		$	16.79
Total return(c)		31.30	%		3.16	%		17.20	%		(9.14	)%		23.17	%		(6.66	)%
Net assets, end of period (in 000s)	$	51		$	4		$	4		$	4		$	4		$	32
Ratio of net expenses to average net assets		1.36	%(d)		1.34	%		1.36	%		1.34	%		1.39	%		1.41	%
Ratio of total expenses to average net assets		1.64	%(d)		1.79	%		1.75	%		1.58	%		1.66	%		1.72	%
Ratio of net investment income to average net assets		0.55	%(d)		0.07	%		1.44	%		1.07	%		0.71	%		2.77	%(b)
Portfolio turnover rate(e)		25	%		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 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. 53

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity ESG Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	21.41		$	21.06		$	18.20		$	20.23		$	16.86		$	18.25
Net investment income(b)		0.28			0.09			0.36			0.24			0.27			0.45	(c)
Net realized and unrealized gain (loss)		6.46			0.68			2.78			(2.02	)		3.60			(1.60	)
Total from investment operations		6.74			0.77			3.14			(1.78	)		3.87			(1.15	)
Distributions to shareholders from net investment income		(0.07	)		(0.42	)		(0.28	)		(0.25	)		(0.50	)		(0.24	)
Net asset value, end of period	$	28.08		$	21.41		$	21.06		$	18.20		$	20.23		$	16.86
Total return(d)		31.55	%		3.56	%		17.64	%		(8.92	)%		23.63	%		(6.34	)%
Net assets, end of period (in 000s)	$	7,833		$	1,298		$	492		$	421		$	1,009		$	749
Ratio of net expenses to average net assets		0.93	%(e)		0.95	%		1.00	%		1.04	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.25	%(e)		1.44	%		1.44	%		1.34	%		1.39	%		1.36	%
Ratio of net investment income to average net assets		1.96	%(e)		0.44	%		1.87	%		1.20	%		1.50	%		2.62	%(c)
Portfolio turnover rate(f)		25	%		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 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.

54 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,												February 26, 2016* to October 31, 2016
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	21.41		$	21.06		$	18.23		$	20.30		$	16.93		$	15.87
Net investment income(a)		0.25			0.14			0.45			0.31			0.22			0.21	(b)
Net realized and unrealized gain (loss)		6.50			0.64			2.71			(2.05	)		3.69			0.85
Total from investment operations		6.75			0.78			3.16			(1.74	)		3.91			1.06
Distributions to shareholders from net investment income		(0.07	)		(0.43	)		(0.33	)		(0.33	)		(0.54	)		—
Net asset value, end of period	$	28.09		$	21.41		$	21.06		$	18.23		$	20.30		$	16.93
Total return(c)		31.62	%		3.63	%		17.76	%		(8.74	)%		23.80	%		6.68	%
Net assets, end of period (in 000s)	$	6,241		$	1,981		$	470		$	11		$	12		$	11
Ratio of net expenses to average net assets		0.85	%(d)		0.85	%		0.90	%		0.89	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		1.13	%(d)		1.32	%		1.31	%		1.18	%		1.22	%		1.19	%(d)
Ratio of net investment income to average net assets		1.77	%(d)		0.69	%		2.35	%		1.53	%		1.21	%		1.83	%(b)(d)
Portfolio turnover rate(e)		25	%		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.

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

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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	21.42		$	21.05		$	18.23		$	20.84
Net investment income(a)		0.19			0.11			0.36			0.06
Net realized and unrealized gain (loss)		6.55			0.69			2.79			(2.67	)
Total from investment operations		6.74			0.80			3.15			(2.61	)
Distributions to shareholders from net investment income		(0.07	)		(0.43	)		(0.33	)		—
Net asset value, end of period	$	28.09		$	21.42		$	21.05		$	18.23
Total return(b)		31.61	%		3.67	%		17.73	%		(12.52	)%
Net assets, end of period (in 000s)	$	103,408		$	64,838		$	68,987		$	94,972
Ratio of net expenses to average net assets		0.85	%(c)		0.86	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.13	%(c)		1.30	%		1.29	%		1.22	%(c)
Ratio of net investment income to average net assets		1.37	%(c)		0.55	%		1.88	%		0.59	%(c)
Portfolio turnover rate(d)		25	%		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.

56 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 Period

	Goldman Sachs International Equity Income Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.54		$	13.50		$	13.25		$	14.50		$	11.99		$	12.95
Net investment income(a)		0.22			0.23			0.37			0.37			0.17			0.18
Net realized and unrealized gain (loss)		3.10			(1.69	)		1.53			(1.36	)		2.58			(1.04	)
Total from investment operations		3.32			(1.46	)		1.90			(0.99	)		2.75			(0.86	)
Distributions to shareholders from net investment income		(0.10	)		(0.50	)		(0.36	)		(0.26	)		(0.24	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.10	)		(0.50	)		(1.65	)		(0.26	)		(0.24	)		(0.10	)
Net asset value, end of period	$	14.76		$	11.54		$	13.50		$	13.25		$	14.50		$	11.99
Total return(b)		28.87	%		(11.23	)%		16.95	%		(6.98	)%		23.38	%		(6.69	)%
Net assets, end of period (in 000s)	$	18,721		$	13,669		$	16,711		$	15,844		$	17,937		$	18,301
Ratio of net expenses to average net assets		1.20	%(c)		1.23	%		1.25	%		1.26	%		1.30	%		1.30	%
Ratio of total expenses to average net assets		1.81	%(c)		1.92	%		2.16	%		1.90	%		1.88	%		1.76	%
Ratio of net investment income to average net assets		3.02	%(c)		1.87	%		2.99	%		2.54	%		1.32	%		1.47	%
Portfolio turnover rate(d)		23	%		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 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. 57

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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.14		$	11.89		$	11.88		$	12.98		$	10.75		$	11.62
Net investment income(a)		0.14			0.13			0.25			0.25			0.07			0.08
Net realized and unrealized gain (loss)		2.74			(1.50	)		1.34			(1.22	)		2.31			(0.94	)
Total from investment operations		2.88			(1.37	)		1.59			(0.97	)		2.38			(0.86	)
Distributions to shareholders from net investment income		(0.06	)		(0.38	)		(0.29	)		(0.13	)		(0.15	)		(0.01	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.06	)		(0.38	)		(1.58	)		(0.13	)		(0.15	)		(0.01	)
Net asset value, end of period	$	12.96		$	10.14		$	11.89		$	11.88		$	12.98		$	10.75
Total return(b)		28.42	%		(11.88	)%		16.01	%		(7.59	)%		22.44	%		(7.37	)%
Net assets, end of period (in 000s)	$	1,899		$	1,514		$	1,638		$	1,673		$	3,770		$	3,974
Ratio of net expenses to average net assets		1.95	%(c)		1.97	%		2.00	%		2.01	%		2.05	%		2.05	%
Ratio of total expenses to average net assets		2.56	%(c)		2.67	%		2.91	%		2.63	%		2.63	%		2.51	%
Ratio of net investment income to average net assets		2.17	%(c)		1.19	%		2.24	%		1.89	%		0.58	%		0.74	%
Portfolio turnover rate(d)		23	%		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 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.

58 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 Period

	Goldman Sachs International Equity Income Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.20		$	14.26		$	13.88		$	15.20		$	12.56		$	13.56
Net investment income(a)		0.26			0.31			0.42			0.49			0.23			0.23
Net realized and unrealized gain (loss)		3.27			(1.80	)		1.63			(1.46	)		2.70			(1.08	)
Total from investment operations		3.53			(1.49	)		2.05			(0.97	)		2.93			(0.85	)
Distributions to shareholders from net investment income		(0.13	)		(0.57	)		(0.38	)		(0.35	)		(0.29	)		(0.15	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.13	)		(0.57	)		(1.67	)		(0.35	)		(0.29	)		(0.15	)
Net asset value, end of period	$	15.60		$	12.20		$	14.26		$	13.88		$	15.20		$	12.56
Total return(b)		29.00	%		(10.86	)%		17.29	%		(6.59	)%		23.88	%		(6.31	)%
Net assets, end of period (in 000s)	$	14,218		$	10,051		$	5,232		$	2,666		$	40,667		$	42,191
Ratio of net expenses to average net assets		0.84	%(c)		0.85	%		0.88	%		0.87	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.44	%(c)		1.55	%		1.79	%		1.42	%		1.49	%		1.36	%
Ratio of net investment income to average net assets		3.48	%(c)		2.36	%		3.13	%		3.19	%		1.71	%		1.84	%
Portfolio turnover rate(d)		23	%		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 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. 59

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Income Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.52		$	13.51		$	13.25		$	14.51		$	12.00		$	12.97
Net investment income(b)		0.23			0.29			0.34			0.40			0.24			0.21
Net realized and unrealized gain (loss)		3.09			(1.72	)		1.59			(1.35	)		2.54			(1.04	)
Total from investment operations		3.32			(1.43	)		1.93			(0.95	)		2.78			(0.83	)
Distributions to shareholders from net investment income		(0.12	)		(0.56	)		(0.38	)		(0.31	)		(0.27	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.12	)		(0.56	)		(1.67	)		(0.31	)		(0.27	)		(0.14	)
Net asset value, end of period	$	14.72		$	11.52		$	13.51		$	13.25		$	14.51		$	12.00
Total return(c)		28.89	%		(10.99	)%		17.21	%		(6.74	)%		23.75	%		(6.43	)%
Net assets, end of period (in 000s)	$	13,541		$	8,958		$	3,515		$	349		$	426		$	471
Ratio of net expenses to average net assets		0.95	%(d)		0.98	%		1.09	%		1.01	%		1.05	%		1.05	%
Ratio of total expenses to average net assets		1.56	%(d)		1.71	%		1.98	%		1.65	%		1.64	%		1.51	%
Ratio of net investment income to average net assets		3.23	%(d)		2.39	%		2.67	%		2.78	%		1.85	%		1.71	%
Portfolio turnover rate(e)		23	%		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 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.

60 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 Period

	Goldman Sachs International Equity Income Fund
	Class R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,												February 26, 2016* to October 31, 2016
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.18		$	14.25		$	13.87		$	15.20		$	12.56		$	11.85
Net investment income(a)		0.26			0.28			0.49			0.45			0.16			0.20
Net realized and unrealized gain (loss)		3.27			(1.78	)		1.57			(1.43	)		2.77			0.51
Total from investment operations		3.53			(1.50	)		2.06			(0.98	)		2.93			0.71
Distributions to shareholders from net investment income		(0.13	)		(0.57	)		(0.39	)		(0.35	)		(0.29	)		—
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.13	)		(0.57	)		(1.68	)		(0.35	)		(0.29	)		—
Net asset value, end of period	$	15.58		$	12.18		$	14.25		$	13.87		$	15.20		$	12.56
Total return(b)		29.06	%		(10.93	)%		17.41	%		(6.62	)%		23.91	%		5.99	%
Net assets, end of period (in 000s)	$	3,918		$	2,304		$	332		$	68		$	72		$	11
Ratio of net expenses to average net assets		0.83	%(c)		0.84	%		0.86	%		0.86	%		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		1.43	%(c)		1.59	%		1.80	%		1.51	%		1.43	%		1.35	%(c)
Ratio of net investment income to average net assets		3.49	%(c)		2.22	%		3.74	%		2.99	%		1.16	%		2.33	%(c)
Portfolio turnover rate(d)		23	%		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.

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

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.60		$	13.55		$	13.32		$	14.59		$	12.08		$	13.00
Net investment income(a)		0.28			0.24			0.36			0.34			0.14			0.12
Net realized and unrealized gain (loss)		3.04			(1.74	)		1.52			(1.37	)		2.59			(1.01	)
Total from investment operations		3.32			(1.50	)		1.88			(1.03	)		2.73			(0.89	)
Distributions to shareholders from net investment income		(0.09	)		(0.45	)		(0.36	)		(0.24	)		(0.22	)		(0.03	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—			—			—
Total distributions		(0.09	)		(0.45	)		(1.65	)		(0.24	)		(0.22	)		(0.03	)
Net asset value, end of period	$	14.83		$	11.60		$	13.55		$	13.32		$	14.59		$	12.08
Total return(b)		28.65	%		(11.44	)%		16.63	%		(7.19	)%		22.99	%		(6.87	)%
Net assets, end of period (in 000s)	$	531		$	173		$	73		$	84		$	44		$	28
Ratio of net expenses to average net assets		1.45	%(c)		1.48	%		1.50	%		1.51	%		1.55	%		1.55	%
Ratio of total expenses to average net assets		2.03	%(c)		2.19	%		2.40	%		2.18	%		2.12	%		2.01	%
Ratio of net investment income to average net assets		3.82	%(c)		1.96	%		2.90	%		2.38	%		1.05	%		0.99	%
Portfolio turnover rate(d)		23	%		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 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 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	12.17		$	14.23		$	13.86		$	15.62
Net investment income(a)		0.25			0.30			0.44			0.16
Net realized and unrealized gain (loss)		3.28			(1.79	)		1.61			(1.84	)
Total from investment operations		3.53			(1.49	)		2.05			(1.68	)
Distributions to shareholders from net investment income		(0.13	)		(0.57	)		(0.39	)		(0.08	)
Distributions to shareholders from net realized gains		—			—			(1.29	)		—
Total distributions		(0.13	)		(0.57	)		(1.68	)		(0.08	)
Net asset value, end of period	$	15.57		$	12.17		$	14.23		$	13.86
Total return(b)		29.08	%		(10.89	)%		17.34	%		(10.76	)%
Net assets, end of period (in 000s)	$	26,508		$	20,799		$	32,643		$	30,930
Ratio of net expenses to average net assets		0.83	%(c)		0.84	%		0.85	%		0.84	%(c)
Ratio of total expenses to average net assets		1.43	%(c)		1.51	%		1.76	%		1.84	%(c)
Ratio of net investment income to average net assets		3.31	%(c)		2.33	%		3.37	%		2.00	%(c)
Portfolio turnover rate(d)		23	%		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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements

April 30, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
China Equity	A, C, Institutional, Investor, R6 and P	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor,  R6 and P	Non-diversified
ESG Emerging Markets Equity	A, C, Institutional, Investor, R6, R and P	Non-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

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.

Pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) approved by the Trust’s Board of Trustees, all of the assets and liabilities of the Goldman Sachs Imprint Emerging Markets Opportunities Fund (the “Acquired Fund”) were transferred to the Goldman Sachs ESG Emerging Markets Equity Fund (the “Survivor Fund”) as of the close of business on January 22, 2021 (the “Reorganization”). As part of the Reorganization, holders of Class A, Class C, Institutional, Investor, Class R6 and Class P Shares of the Acquired Fund respectively received Class A, Class C, Institutional, Investor, Class R6 and Class P Shares of the Survivor Fund, in an amount equal to the aggregate net asset value of his or her investment in the Acquired Fund. The exchange was a tax-free event to shareholders and the Survivor Fund was the accounting survivor in the reorganization.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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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 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 following schedule.

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
China Equity	Annually	Annually
Emerging Markets Equity	Annually	Annually
ESG Emerging Markets Equity	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

65

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

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 classified in the fair value hierarchy as of April 30, 2021:

CHINA EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	10,438,998	$	149,000,529	$	—
Investment Company		4,000,662		—		—
Securities Lending Reinvestment Vehicle		1,720,700		—		—
Total	$	16,160,360	$	149,000,529	$	—
EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	37,725,967	$	48,515,580	$	—
Asia		417,888,575		2,611,669,278		—
Europe		27,703,134		97,147,119		—
North America		77,084,294		14,620,022		—
South America		208,532,262		19,810,659		—
Exchange Traded Fund		75,321,093		—		—
Investment Company		47,849,050		—		—
Securities Lending Reinvestment Vehicle		16,416,125		—		—
Total	$	908,520,500	$	2,791,762,658	$	—
ESG EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	526,911	$	348,120	$	—
Asia		5,198,338		23,120,017		—
Europe		160,506		869,839		—
North America		1,182,867		—		—
South America		2,291,833		—		—
Total	$	9,360,455	$	24,337,976	$	—

(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.

67

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY ESG
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	4,583,329	$	40,570,138	$	—
Europe		—		175,599,506		—
North America		—		8,107,388		—
Investment Company		6,495,914		—		—
Securities Lending Reinvestment Vehicle		9,110,900		—		—
Total	$	20,190,143	$	224,277,032	$	—
INTERNATIONAL EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	9,324,364	$	—
Australia and Oceania		—		5,241,079		—
Europe		1,892,788		57,259,999		—
North America		—		2,352,252		—
Investment Company		2,255,309		—		—
Securities Lending Reinvestment Vehicle		2,429,680		—		—
Total	$	6,577,777	$	74,177,694	$	—

(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.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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			0.98			0.94	(1)
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.97			0.97
International Equity ESG		0.85			0.77			0.73			0.71			0.70			0.85			0.82	(2)
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) Effective February 26, 2021, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2022, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

(2) 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, 2022, 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, 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 six months ended April 30, 2021, GSAM waived $967, $8,321, $101, $1,461 and $383 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, 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 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.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity	$	4,411	$	—
Emerging Markets Equity		9,120		—
International Equity ESG		2,389		617
International Equity Income		492		—

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. Goldman Sachs has 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, through at least February 28, 2022, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. 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, 2022, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Effective February 26, 2021, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the International Equity Income Fund through at least February 28, 2022, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2022 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
China Equity	$	967	$	9,358	$	154,859	$	165,184
Emerging Markets Equity		698,888		162,343		—		861,231
ESG Emerging Markets Equity		101		751		149,351		150,203
International Equity ESG		30,724		14,779		246,671		292,174
International Equity Income		383		1,743		214,202		216,328

G.  Line of Credit Facility — As of April 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021 the facility was $700,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2021, Goldman Sachs earned $115 and $387 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity and International Equity ESG Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2021:

Fund	Beginning Value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2021		Shares as of April 30, 2021		Dividend Income
China Equity	$	2,236,989	$	37,325,614	$	(35,561,941	)	$	4,000,662		4,000,662	$	535
Emerging Markets Equity		12,529,663		697,167,834		(661,848,447	)		47,849,050		47,849,050		4,508
ESG Emerging Markets Equity		122,590		4,432,384		(4,554,974	)		—		—		63
International Equity ESG		1,007,817		66,873,861		(61,385,764	)		6,495,914		6,495,914		756
International Equity Income		—		16,213,007		(13,957,698	)		2,255,309		2,255,309		167

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

Fund	Class C			Institutional			Investor			Class R6			Class R
ESG Emerging Markets Equity		16	%		63	%		6	%		89	%		24	%

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

5. PORTFOLIO SECURITIES TRANSACTIONS

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

Fund	Purchases		Sales and Maturities
China Equity	$	86,406,764	$	19,077,872
Emerging Markets Equity		1,551,986,189		920,813,077
ESG Emerging Markets Equity		22,897,800		24,728,605
International Equity ESG		103,425,465		46,550,003
International Equity Income		19,120,156		15,969,389

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, 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, 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 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

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6. SECURITIES LENDING (continued)

amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2021, 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, 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 six months ended April 30, 2021, are reported under Investment Income on the Statements of Operations.

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

	For the six months ended April 30, 2021				Amount Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
China Equity	$	554	$	1,489	$	—
Emerging Markets Equity		13,982		10,334		23,625
International Equity ESG		567		2,737		—
International Equity Income		196		—		—

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

Fund	Beginning Value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2021
China Equity	$	—	$	19,555,620	$	(17,834,920	)	$	1,720,700
Emerging Markets Equity		20,507,250		341,090,252		(345,181,377	)		16,416,125
International Equity ESG		—		20,869,402		(11,758,502	)		9,110,900
International Equity Income		—		4,299,659		(1,869,979	)		2,429,680

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2020, the Funds’ capital loss carryforwards on a tax basis were as follows:

	China Equity		Emerging Markets Equity			ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Capital loss carryforwards:
Perpetual Long-term	$	—	$	(96,750,777	)	$	(25,954	)	$	(5,741,444	)	$	(739,157	)
Perpetual Short-term		—		(121,438,569	)		(404,822	)		—			(2,526,997	)
Total capital loss carryforwards	$	—	$	(218,189,346	)	$	(430,776	)	$	(5,741,444	)	$	(3,266,154	)

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

7. TAX INFORMATION (continued)

As of April 30, 2021, 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			International Equity ESG			International Equity Income
Tax cost	$	136,356,172		$	2,777,082,506		$	32,186,399		$	211,691,829		$	73,287,952
Gross unrealized gain		33,158,031			1,017,145,494			2,408,759			33,803,931			10,786,431
Gross unrealized loss		(4,353,314	)		(93,944,842	)		(896,727	)		(1,028,585	)		(3,318,912	)
Net unrealized gain	$	28,804,717		$	923,200,652		$	1,512,032		$	32,775,346		$	7,467,519

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.

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 problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such 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

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8. OTHER RISKS (continued)

subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

8. 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.

Non-Diversification Risk — Emerging Markets Equity and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

Mergers and Reorganizations — On October 16, 2020, the Trustees approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the Goldman Sachs Imprint Emerging Markets Opportunities Fund (the “Acquired Fund”) by the Goldman Sachs ESG Emerging Markets Equity Fund (the “Survivor Fund”). The acquisition was completed on January 22, 2021.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Acquired Fund’s Shares were transferred in exchange for the Survivor Fund’s Shares, in a tax-free exchange as follows:

Survivor/Acquired Fund	Exchanged Shares of Survivor Fund		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of January 22, 2021
ESG Emerging Markets Equity Class A/Imprint Emerging Markets Opportunities Class A		273,310	$	4,187,103		372,157
ESG Emerging Markets Equity Class C/Imprint Emerging Markets Opportunities Class C		60,820		920,201		86,095
ESG Emerging Markets Equity Institutional/Imprint Emerging Markets Opportunities Institutional		283,218		4,341,741		384,429
ESG Emerging Markets Equity Investor/Imprint Emerging Markets Opportunities Investor		84,748		1,299,196		114,814
ESG Emerging Markets Equity Class R6/Imprint Emerging Markets Opportunities Class R6		757		11,598		1,027
ESG Emerging Markets Equity Class P/Imprint Emerging Markets Opportunities Class P		1,027,732		15,755,130		1,396,979

The financial statements reflect the operations of the Survivor Fund for the period prior to the acquisition and the combined fund for the period subsequent to the fund merger. Assuming the acquisition had been completed on November 1, 2020, the Survivor Fund’s pro forma results of operations for the six months ended April 30, 2021, are as follows:

Net investment income	$	199,780	(a)
Net realized and unrealized gain on investments	$	14,845,523	(b)
Net increase in net assets resulting from operations	$	15,045,303

(a) $(10,997) net investment loss as reported at April 30, 2021, plus $12,271 from Acquired Fund pre-reorganization net investment income, plus $62,233 in lower net advisory fees, plus $136,273 of pro-forma eliminated other expenses.

(b) $4,017,826 realized gains as reported at April 30, 2021, plus $1,531,411 pro-forma April 30, 2021 unrealized appreciation, plus $6,080,110 net realized gains as reported at January 22, 2021, plus $3,216,176 in net unrealized appreciation from Acquired Fund pre-reorganization.

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10. OTHER MATTERS (continued)

Because the combined investment portfolios have been managed as a single integrated Fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings the Imprint Emerging Markets Opportunities Fund would have included in its Statement of Operations since January 22, 2021.

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation:

Survivor/Acquired Fund	Survivor Fund’s Aggregate Net Assets before acquisition		Acquired Fund’s Aggregate Net Assets before acquisition		Survivor Fund’s Aggregate Net Assets immediately after acquisition		Acquired Fund’s Unrealized Depreciation		Acquired Fund’s Capital Loss Carryforward*
ESG Emerging Markets Equity /Imprint Emerging Markets Opportunities	$	12,273,371	$	26,514,969	$	38,788,340	$	3,216,244	$	(60,795,038	)

* Due to Fund reorganizations, utilization of acquired losses may be substantially limited under the Code.

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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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	China Equity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		184,261		$	7,577,829			126,767		$	3,726,193
Reinvestment of distributions		26,855			987,442			2,829			77,404
Shares redeemed		(79,886	)		(3,169,886	)		(144,100	)		(4,115,802	)
		131,230			5,395,385			(14,504	)		(312,205	)
Class C Shares
Shares sold		10,558			373,844			7,071			201,260
Reinvestment of distributions		1,789			58,335			—			—
Shares redeemed		(5,557	)		(192,841	)		(16,327	)		(473,003	)
		6,790			239,338			(9,256	)		(271,743	)
Institutional Shares
Shares sold		383,507			17,178,165			171,199			5,264,520
Reinvestment of distributions		14,051			554,169			1,791			52,218
Shares redeemed		(51,339	)		(2,197,558	)		(128,069	)		(3,966,257	)
		346,219			15,534,776			44,921			1,350,481
Investor Shares
Shares sold		84,300			3,700,900			13,372			508,441
Reinvestment of distributions		2,271			88,975			65			1,881
Shares redeemed		(41,200	)		(1,674,743	)		(2,262	)		(75,838	)
		45,371			2,115,132			11,175			434,484
Class R6 Shares
Shares sold		31,099			1,409,801			11,308			379,882
Reinvestment of distributions		977			38,386			129			3,753
Shares redeemed		(3,569	)		(150,420	)		(11,089	)		(320,448	)
		28,507			1,297,767			348			63,187
Class P Shares
Shares sold		1,119,623			50,131,602			86,171			3,054,723
Reinvestment of distributions		82,585			3,246,437			15,824			459,995
Shares redeemed		(66,394	)		(2,756,639	)		(583,781	)		(17,019,910	)
		1,135,814			50,621,400			(481,786	)		(13,505,192	)
NET INCREASE (DECREASE)		1,693,931		$	75,203,798			(449,102	)	$	(12,240,988	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,226,243		$	64,918,046			2,462,958		$	48,455,389
Reinvestment of distributions		6,822			187,599			93,742			2,010,764
Shares redeemed		(2,835,348	)		(82,853,921	)		(3,442,074	)		(71,345,232	)
		(602,283	)		(17,748,276	)		(885,374	)		(20,879,079	)
Class C Shares
Shares sold		476,542			12,567,520			167,066			3,138,281
Reinvestment of distributions		—			—			1,430			27,481
Shares redeemed		(172,426	)		(4,445,194	)		(723,449	)		(13,083,010	)
		304,116			8,122,326			(554,953	)		(9,917,248	)
Institutional Shares
Shares sold		16,332,481			513,334,633			35,242,475			734,989,856
Reinvestment of distributions		161,320			4,755,711			392,564			9,021,135
Shares redeemed		(6,843,834	)		(210,205,984	)		(20,736,403	)		(433,521,965	)
		9,649,967			307,884,360			14,898,636			310,489,026
Service Shares
Shares sold		99,591			2,819,885			113,209			2,233,782
Reinvestment of distributions		—			—			9,144			189,825
Shares redeemed		(113,848	)		(3,203,623	)		(204,734	)		(4,190,686	)
		(14,257	)		(383,738	)		(82,381	)		(1,767,079	)
Investor Shares
Shares sold		3,155,045			97,669,739			3,533,113			78,698,214
Reinvestment of distributions		15,778			461,818			61,914			1,412,269
Shares redeemed		(818,682	)		(25,653,169	)		(4,030,866	)		(84,519,615	)
		2,352,141			72,478,388			(435,839	)		(4,409,132	)
Class R6 Shares
Shares sold		635,670			19,820,521			1,428,465			36,234,602
Reinvestment of distributions		6,770			200,450			12,192			281,391
Shares redeemed		(361,970	)		(11,366,189	)		(514,852	)		(11,661,753	)
		280,470			8,654,782			925,805			24,854,240
Class P Shares
Shares sold		9,967,595			312,438,770			6,573,745			138,225,628
Reinvestment of distributions		64,362			1,905,776			200,362			4,624,350
Shares redeemed		(729,715	)		(22,456,387	)		(6,114,209	)		(120,328,876	)
		9,302,242			291,888,159			659,898			22,521,102
NET INCREASE		21,272,396		$	670,896,001			14,525,792		$	320,891,830

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	ESG Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		40,734		$	605,653			10,017		$	98,475
Reinvestment of distributions		—			—			26			280
Shares redeemed		(14,310	)		(207,130	)		(7,198	)		(80,289	)
Shares issued in connection with merger		273,310			4,187,103			—			—
		299,734			4,585,626			2,845			18,466
Class C Shares
Shares sold		185			2,688			—			—
Shares redeemed		(34,754	)		(510,880	)		—			—
Shares issued in connection with merger		60,820			920,201			—			—
		26,251			412,009			—			—
Institutional Shares
Shares sold		37,268			548,664			52,136			490,982
Reinvestment of distributions		2,172			30,382			6,049			64,061
Shares redeemed		(345,804	)		(5,007,919	)		(17,033	)		(168,319	)
Shares issued in connection with merger		283,218			4,341,741			—			—
		(23,146	)		(87,132	)		41,152			386,724
Investor Shares
Reinvestment of distributions		12			158			38			400
Shares redeemed		(811	)		(11,429	)		—			—
Shares issued in connection with merger		84,748			1,299,196			—			—
		83,949			1,287,925			38			400
Class R6 Shares
Shares sold		210			2,968			475			5,046
Reinvestment of distributions		17			237			44			471
Shares redeemed		(804	)		(12,380	)		(2	)		(23	)
Shares issued in connection with merger		757			11,598			—			—
		180			2,423			517			5,494
Class R Shares
Shares sold		741			10,450			4,997			50,471
Reinvestment of distributions		—			—			96			1,009
Shares redeemed		(1,319	)		(17,717	)		(110	)		(1,147	)
		(578	)		(7,267	)		4,983			50,333
Class P Shares(a)
Shares sold		174,370			2,549,970			7,349			84,005
Reinvestment of distributions		42			586			—			—
Shares redeemed		(3,018	)		(45,438	)		(1	)		(5	)
Shares issued in connection with merger		1,027,732			15,755,130			—			—
		1,199,126			18,260,248			7,348			84,000
NET INCREASE		1,585,516		$	24,453,832			56,883		$	545,417

(a) Commenced operations on January 21, 2020.

80

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity ESG Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		318,398		$	8,448,455			133,274		$	2,734,925
Reinvestment of distributions		54			1,408			27,677			588,138
Shares redeemed		(123,835	)		(3,265,388	)		(248,525	)		(4,878,188	)
		194,617			5,184,475			(87,574	)		(1,555,125	)
Class C Shares
Shares sold		59,355			1,441,309			19,627			367,338
Reinvestment of distributions		—			—			5,908			116,869
Shares redeemed		(154,685	)		(3,776,024	)		(86,523	)		(1,656,334	)
		(95,330	)		(2,334,715	)		(60,988	)		(1,172,127	)
Institutional Shares
Shares sold		1,289,384			34,931,630			1,052,903			19,020,799
Reinvestment of distributions		3,345			89,177			6,917			150,244
Shares redeemed		(250,282	)		(6,821,574	)		(347,165	)		(7,495,026	)
		1,042,447			28,199,233			712,655			11,676,017
Service Shares
Shares sold		3,936			110,757			—			—
Reinvestment of distributions		—			—			2			65
Shares redeemed		(2,346	)		(66,438	)		—			—
		1,590			44,319			2			65
Investor Shares
Shares sold		230,064			6,248,674			66,005			1,397,732
Reinvestment of distributions		225			5,951			580			12,522
Shares redeemed		(11,995	)		(326,620	)		(29,298	)		(530,767	)
		218,294			5,928,005			37,287			879,487
Class R6 Shares
Shares sold		144,928			3,940,270			84,465			1,603,333
Reinvestment of distributions		286			7,594			441			9,509
Shares redeemed		(15,540	)		(423,013	)		(14,745	)		(302,157	)
		129,674			3,524,851			70,161			1,310,685
Class P Shares
Shares sold		702,888			18,908,717			270,153			5,622,065
Reinvestment of distributions		8,443			223,814			64,471			1,391,936
Shares redeemed		(57,565	)		(1,549,032	)		(583,528	)		(10,749,626	)
		653,766			17,583,499			(248,904	)		(3,735,625	)
NET INCREASE		2,145,058		$	58,129,667			422,639		$	7,403,377

81

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		187,661		$	2,657,460			182,716		$	2,311,853
Reinvestment of distributions		8,608			118,462			45,006			589,936
Shares redeemed		(111,985	)		(1,573,347	)		(281,009	)		(3,466,530	)
		84,284			1,202,575			(53,287	)		(564,741	)
Class C Shares
Shares sold		18,910			235,993			71,007			804,995
Reinvestment of distributions		689			8,350			4,588			52,816
Shares redeemed		(22,244	)		(271,602	)		(64,144	)		(659,312	)
		(2,645	)		(27,259	)		11,451			198,499
Institutional Shares
Shares sold		449,102			6,676,060			896,612			12,181,396
Reinvestment of distributions		6,517			94,695			25,127			341,008
Shares redeemed		(368,370	)		(5,445,034	)		(464,524	)		(5,770,660	)
		87,249			1,325,721			457,215			6,751,744
Investor Shares
Shares sold		339,233			4,643,030			1,087,266			13,736,169
Reinvestment of distributions		7,815			107,231			24,347			303,964
Shares redeemed		(205,306	)		(2,869,079	)		(593,946	)		(7,217,787	)
		141,742			1,881,182			517,667			6,822,346
Class R6 Shares
Shares sold		83,239			1,198,044			193,200			2,347,482
Reinvestment of distributions		1,828			26,523			2,506			32,808
Shares redeemed		(22,776	)		(324,961	)		(29,776	)		(375,534	)
		62,291			899,606			165,930			2,004,756
Class R Shares
Shares sold		23,114			321,948			16,916			181,068
Reinvestment of distributions		95			1,313			249			3,128
Shares redeemed		(2,318	)		(32,813	)		(7,586	)		(83,968	)
		20,891			290,448			9,579			100,228
Class P Shares
Shares sold		57,301			849,549			829,756			9,365,657
Reinvestment of distributions		15,383			223,051			89,109			1,237,682
Shares redeemed		(78,912	)		(1,159,951	)		(1,503,307	)		(17,907,213	)
		(6,228	)		(87,351	)		(584,442	)		(7,303,874	)
NET INCREASE		387,584		$	5,484,922			524,113		$	8,008,958

82

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

Special Meetings (the “Meetings”) of Goldman Sachs Trust were held on January 8, 2021 and April 9, 2021 for shareholders of the Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs ESG Emerging Markets Equity Fund, respectively, to consider and act upon proposals below. At the Meetings, the shareholders of the Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs ESG Emerging Markets Equity Fund approved a change to each Fund’s sub-classification under the Act from “diversified” to “non-diversified.” Each Fund’s shareholders voted as follows:

To approve a change to each respective Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate any related fundamental investment restriction for each Fund.	For		Against		Abstain
Emerging Markets Equity		54,147,052.258		318,187.273		324,780.199
ESG Emerging Markets Equity		1,264,988.450		11,826.993		14,371.458

83

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

84

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

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

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C 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 November 1, 2020 through April 30, 2021, which represents a period of 181 days of a 365 day year.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption 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							International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*
Class A
Actual	$	1,000	$	1,116.50		$	7.61	$	1,000	$	1,224.60		$	7.56	$	1,000	$	1,223.40		$	7.99	$	1,000	$	1,313.90		$	6.77	$	1,000	$	1,288.70		$	6.87
Hypothetical 5% return		1,000		1,017.60	+		7.25		1,000		1,018.00	+		6.85		1,000		1,017.60	+		7.25		1,000		1,018.94	+		5.91		1,000		1,018.79	+		6.06
Class C
Actual		1,000		1,112.40			11.52		1,000		1,220.70			11.62		1,000		1,217.90			12.04		1,000		1,308.80			11.05		1,000		1,284.20			11.04
Hypothetical 5% return		1,000		1,013.88	+		10.99		1,000		1,014.33	+		10.54		1,000		1,013.93	+		10.94		1,000		1,015.22	+		9.64		1,000		1,015.12	+		9.74
Institutional
Actual		1,000		1,118.20			6.04		1,000		1,226.70			5.85		1,000		1,224.50			6.23		1,000		1,316.20			4.94		1,000		1,290.00			4.83
Hypothetical 5% return		1,000		1,019.09	+		5.76		1,000		1,019.54	+		5.31		1,000		1,019.19	+		5.66		1,000		1,020.53	+		4.31		1,000		1,020.58	+		4.26
Service
Actual		N/A		N/A			N/A		1,000		1,223.80			8.60		N/A		N/A			N/A		1,000		1,313.00			7.80		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.06	+		7.80		N/A		N/A			N/A		1,000		1,018.05	+		6.81		N/A		N/A			N/A
Investor
Actual		1,000		1,117.90			6.30		1,000		1,226.50			6.13		1,000		1,224.70			6.67		1,000		1,315.50			5.34		1,000		1,288.90			5.45
Hypothetical 5% return		1,000		1,018.84	+		6.01		1,000		1,019.29	+		5.56		1,000		1,018.79	+		6.06		1,000		1,020.18	+		4.66		1,000		1,020.03	+		4.81
Class R6
Actual		1,000		1,118.10			5.99		1,000		1,227.00			5.80		1,000		1,224.60			6.18		1,000		1,316.20			4.88		1,000		1,290.60			4.77
Hypothetical 5% return		1,000		1,019.14	+		5.71		1,000		1,019.59	+		5.26		1,000		1,019.24	+		5.61		1,000		1,020.58	+		4.26		1,000		1,020.63	+		4.21
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,220.90			9.42		N/A		N/A			N/A		1,000		1,286.50			8.22
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,016.31	+		8.55		N/A		N/A			N/A		1,000		1,017.60	+		7.25
Class P
Actual		1,000		1,118.00			5.99		1,000		1,226.90			5.74		1,000		1,224.80			6.18		1,000		1,316.10			4.88		1,000		1,290.80			4.77
Hypothetical 5% return		1,000		1,019.14			5.71		1,000		1,019.64	+		5.21		1,000		1,019.24	+		5.61		1,000		1,020.58	+		4.26		1,000		1,020.63	+		4.21

+ 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 April 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
China Equity		1.45	%		2.20	%		1.15	%		N/A			1.20	%		1.14	%		N/A			1.14	%
Emerging Markets Equity		1.37			2.11			1.06			1.56	%		1.11			1.05			N/A			1.04
ESG Emerging Markets Equity		1.45			2.19			1.13			N/A			1.21			1.12			1.71	%		1.12
International Equity ESG		1.18			1.93			0.86			1.36			0.93			0.85			N/A			0.85
International Equity Income		1.21			1.95			0.85			N/A			0.96			0.84			1.45			0.84

85

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.00 trillion in assets under supervision as of March 31, 2021, 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 Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁴

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁵

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁵  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

Visit our 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 April 30, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2021 Goldman Sachs. All rights reserved. 242247-OTU-1430286 EQINTEMESAR-21

Goldman Sachs Funds

Semi-Annual Report	April 30, 2021
	International Equity Insights Funds
	Emerging Markets Equity Insights
	International Equity Insights
	International Small Cap Insights

Goldman Sachs International Equity

Insights Funds

∎ EMERGING MARKETS EQUITY INSIGHTS

∎ INTERNATIONAL EQUITY INSIGHTS

∎ INTERNATIONAL SMALL CAP INSIGHTS

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	7
Financial Statements	27
Financial Highlights	31
Emerging Markets Equity Insights	31
International Equity Insights	38
International Small Cap Insights	46
Notes to the Financial Statements	52
Other Information	70

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI Emerging Markets Standard Index (Net, USD, Unhedged)2
Class A		25.74	%		22.95	%
Class C		25.25			22.95
Institutional		25.97			22.95
Investor		25.96			22.95
Class R6		26.00			22.95
Class R		25.62			22.95
Class P		26.00			22.95

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

²  The 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 April 30, 2021, 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, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Korea, Kuwait, Taiwan, Thailand, Turkey and the 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 returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/211
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		5.7	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		4.5		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd.		4.2		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.1		Technology Hardware & Equipment	South Korea
China Construction Bank Corp. Class H		2.2		Banks	China
Vale SA ADR		1.9		Materials	Brazil
JD.com, Inc. ADR		1.9		Retailing	China
Bank of China Ltd. Class H		1.8		Banks	China
Sberbank of Russia PJSC		1.8		Banks	Russia
Industrial & Commercial Bank of China Ltd. Class H		1.7		Banks	China

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

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2021

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 0.6% of the Fund’s net assets at April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

2

FUND BASICS

International Equity Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® EAFE Standard  Index (Net, USD, Unhedged)2
Class A		27.58	%		28.84	%
Class C		27.09			28.84
Institutional		27.77			28.84
Service		27.47			28.84
Investor		27.73			28.84
Class R6		27.81			28.84
Class R		27.43			28.84
Class P		27.75			28.84

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

²  The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2021, 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 returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/211
Holding	% of Net Assets			Line of Business	Country
ASML Holding NV		2.6	%	Semiconductors & Semiconductor Equipment	Netherlands
AIA Group Ltd.		1.8		Insurance	Hong Kong
LVMH Moet Hennessy Louis Vuitton SE		1.4		Consumer Durables & Apparel	France
Sony Group Corp.		1.4		Consumer Durables & Apparel	Japan
L’Oreal SA		1.3		Household & Personal Products	France
Rio Tinto plc ADR		1.2		Materials	Australia
SoftBank Group Corp.		1.2		Telecommunication Services	Japan
Deutsche Telekom AG (Registered)		1.2		Telecommunication Services	Germany
Schneider Electric SE		1.1		Capital Goods	France
Allianz SE (Registered)		1.1		Insurance	Germany

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

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2021

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 April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

4

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2021

PERFORMANCE REVIEW
November 1, 2020–April 30, 2021	Fund Total Return (based on NAV)1			MSCI® EAFE Small Cap  Index (Net, USD, Unhedged)2
Class A		31.45	%		32.08	%
Class C		30.91			32.08
Institutional		31.62			32.08
Investor		31.57			32.08
Class R6		31.63			32.08
Class P		31.66			32.08

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

²  The 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.

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

TOP TEN HOLDINGS AS OF 4/30/211,2
Holding	% of Net Assets			Line of Business	Country
SITC International Holdings Co. Ltd.		1.2	%	Transportation	China
ITV plc		1.2		Media & Entertainment	United Kingdom
Rexel SA		1.1		Capital Goods	France
Charter Hall Group (REIT)		1.1		Real Estate	Australia
Ebara Corp.		1.1		Capital Goods	Japan
Kindred Group plc SDR		1.1		Consumer Services	Malta
Warehouses De Pauw CVA (REIT)		1.0		Real Estate	Belgium
Yangzijiang Shipbuilding Holdings Ltd.		1.0		Capital Goods	China
Tecan Group AG (Registered)		1.0		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
ProSiebenSat.1 Media SE		1.0		Media & Entertainment	Germany

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 1.7% of the Fund’s net assets as of 4/30/21.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of April 30, 2021

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 1.7% of the Fund’s net assets at April 30, 2021. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

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

6

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Brazil – 6.0%
	1,273,200	B3 SA – Brasil Bolsa Balcao (Diversified Financials)	$	12,070,912
	1,390,950	Banco Bradesco SA (Banks)*		5,292,834
	2,312,750	Banco Bradesco SA ADR (Banks)*		10,060,462
	51,900	Banco Santander Brasil SA ADR (Banks)(a)		370,566
	1,652,000	Cia Siderurgica Nacional SA (Materials)		14,959,708
	1,067,500	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Consumer Durables & Apparel)		4,624,088
	159,200	Enauta Participacoes SA (Energy)*		445,182
	84,650	Petroleo Brasileiro SA ADR (Energy)		717,832
	924,500	Petroleo Brasileiro SA (Preference) (Energy)(b)		4,019,972
	235,000	Randon SA Implementos e Participacoes (Preference) (Capital Goods)(b)		601,771
	218,400	Sao Martinho SA (Food, Beverage & Tobacco)*		1,253,215
	457,700	SLC Agricola SA (Food, Beverage & Tobacco)		4,111,005
	405,400	Unipar Carbocloro SA (Preference) (Materials)(b)		5,793,614
	1,964,400	Vale SA ADR (Materials)		39,523,728
	3,207,400	WEG SA (Capital Goods)		20,671,951
				124,516,840
Chile – 0.2%
	91,284	CAP SA (Materials)		1,627,296
	133,152	Cencosud SA (Food & Staples Retailing)		276,428
	530,708	Falabella SA (Retailing)		2,396,934
				4,300,658
China – 34.9%
	842,000	Agile Group Holdings Ltd. (Real Estate)		1,315,352
	135,900	Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)		1,557,750
	400,700	Alibaba Group Holding Ltd. ADR (Retailing)*		92,541,665
	86,100	Baidu, Inc. ADR (Media & Entertainment)*		18,109,413
	1,186,144	Bank of Chengdu Co. Ltd. Class A (Banks)		2,182,670
	92,591,000	Bank of China Ltd. Class H (Banks)		36,735,315
	2,204,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)(c)		2,071,282
	51,116	BYD Co. Ltd. Class A (Automobiles & Components)		1,254,390
Common Stocks – (continued)
China – (continued)
	7,111,000	China CITIC Bank Corp. Ltd. Class H (Banks)		3,712,209
	2,285,000	China Construction Bank Corp. Class A (Banks)		2,374,168
	57,732,000	China Construction Bank Corp. Class H (Banks)		45,570,275
	8,684,000	China Everbright Bank Co. Ltd. Class H (Banks)		3,626,250
	8,323,500	China Hongqiao Group Ltd. (Materials)		13,137,728
	234,100	China International Marine Containers Group Co. Ltd. Class H (Capital Goods)		439,914
	1,238,057	China Merchants Bank Co. Ltd. Class A (Banks)		10,058,769
	1,391,000	China Merchants Bank Co. Ltd. Class H (Banks)		11,173,084
	1,826,000	China Petroleum & Chemical Corp. Class H (Energy)		900,594
	1,617,072	China Shenhua Energy Co. Ltd. Class A (Energy)		4,789,147
	5,117,000	China Shenhua Energy Co. Ltd. Class H (Energy)		10,658,165
	217,755	China Tourism Group Duty Free Corp. Ltd. Class A (Retailing)		10,449,761
	4,668,000	Chongqing Rural Commercial Bank Co. Ltd. Class H (Banks)		1,978,132
	6,712,017	COSCO SHIPPING Holdings Co. Ltd. Class A (Transportation)*		18,848,923
	6,029,000	COSCO SHIPPING Holdings Co. Ltd. Class H (Transportation)*		10,741,127
	66,400	Daqo New Energy Corp. ADR (Semiconductors & Semiconductor Equipment)*		5,344,536
	4,370,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components)		3,797,954
	3,048,000	First Tractor Co. Ltd. Class H (Capital Goods)		1,478,844
	12,494,951	Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment)		20,753,242
	343,567	Fuyao Glass Industry Group Co. Ltd. Class A (Automobiles & Components)		2,710,741
	98,400	Fuyao Glass Industry Group Co. Ltd. Class H (Automobiles & Components)(d)		569,682
	120,000	Hisense Home Appliances Group Co. Ltd. Class H (Consumer Durables & Apparel)		201,817
	55,613,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		36,086,832
	8,516,107	Industrial Bank Co. Ltd. Class A (Banks)		28,555,388
	498,600	JD.com, Inc. ADR (Retailing)*		38,571,696

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	719,500	Kingboard Holdings Ltd. (Technology Hardware & Equipment)	$	4,248,979
	23,860,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		32,601,233
	75,200	Meituan Class B (Retailing)*(d)		2,878,229
	40,400	Pharmaron Beijing Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(d)		834,127
	3,600	Pinduoduo, Inc. ADR (Retailing)*		482,148
	1,427,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		31,392,567
	4,577,500	Sinotruk Hong Kong Ltd. (Capital Goods)		11,247,424
	5,064,000	SITC International Holdings Co. Ltd. (Transportation)		19,295,964
	965,000	TCL Electronics Holdings Ltd. (Consumer Durables & Apparel)		712,381
	1,474,500	Tencent Holdings Ltd. (Media & Entertainment)		117,623,872
	3,958,000	Tianneng Power International Ltd. (Automobiles & Components)(a)		7,257,262
	4,626,000	Topsports International Holdings Ltd. (Retailing)(d)		6,226,963
	266,255	Tsingtao Brewery Co. Ltd. Class A (Food, Beverage & Tobacco)		3,735,017
	694,000	Tsingtao Brewery Co. Ltd. Class H (Food, Beverage & Tobacco)		6,285,276
	156,500	Vipshop Holdings Ltd. ADR (Retailing)*		4,815,505
	83,500	Wanhua Chemical Group Co. Ltd. Class A (Materials)		1,320,341
	1,531,300	Zhejiang Semir Garment Co. Ltd. Class A (Consumer Durables & Apparel)		2,767,719
	3,385,000	Zhongsheng Group Holdings Ltd. (Retailing)		25,603,954
				721,625,776
Greece – 0.0%
	16,900	Star Bulk Carriers Corp. (Transportation)*(a)		314,847
	6,979	Terna Energy SA (Utilities)		104,498
				419,345
Hong Kong – 0.3%
	2,096,000	China High Speed Transmission Equipment Group Co. Ltd. (Capital Goods)		1,517,406
	1,690,000	CP Pokphand Co. Ltd. (Food, Beverage & Tobacco)		212,802
	304,500	Kingboard Laminates Holdings Ltd. (Technology Hardware & Equipment)		759,525
Common Stocks – (continued)
Hong Kong – (continued)
	1,328,000	Nine Dragons Paper Holdings Ltd. (Materials)		1,819,728
	1,014,000	Skyworth Group Ltd. (Consumer Durables & Apparel)*		331,321
	368,000	Xinyi Glass Holdings Ltd. (Capital Goods)		1,303,826
				5,944,608
India – 9.0%
	12,991	Affle India Ltd. (Media & Entertainment)*		965,080
	63,686	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		2,744,012
	112,160	Apollo Tyres Ltd. (Automobiles & Components)*		326,695
	3,605,186	Bharat Petroleum Corp. Ltd. (Energy)		20,465,633
	459,949	Cadila Healthcare Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		3,543,203
	23,222	Ceat Ltd. (Automobiles & Components)*		434,419
	31,817	Coromandel International Ltd. (Materials)		318,294
	397,820	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		21,796,981
	590,535	Escorts Ltd. (Capital Goods)		8,897,968
	583,277	Granules India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,622,722
	486,676	Hero MotoCorp Ltd. (Automobiles & Components)		18,506,413
	367,319	Hindustan Zinc Ltd. (Materials)		1,510,896
	2,491,985	Indian Oil Corp. Ltd. (Energy)		3,048,374
	564,739	Infosys Ltd. ADR (Software & Services)		10,210,481
	123,874	Larsen & Toubro Ltd. (Capital Goods)		2,236,185
	647,886	Mahindra & Mahindra Ltd. (Automobiles & Components)		6,563,770
	105,538	Marico Ltd. (Household & Personal Products)		585,667
	9,462	Mindtree Ltd. (Software & Services)		268,666
	258,501	Muthoot Finance Ltd. (Diversified Financials)		4,034,611
	326,688	Power Finance Corp. Ltd. (Diversified Financials)		477,208
	3,441,274	REC Ltd. (Diversified Financials)		5,936,324
	5,029	Supreme Industries Ltd. (Materials)		139,048
	36,666	Tata Communications Ltd. (Telecommunication Services)		544,308
	774,826	Tata Consultancy Services Ltd. (Software & Services)		31,708,649
	1,467,016	Tata Steel Ltd. (Materials)		20,405,780
	992,200	Welspun Corp. Ltd. (Materials)		1,906,363

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	2,384,039	Wipro Ltd. (Software & Services)	$	15,767,322
				185,965,072
Indonesia – 2.6%
	4,469,900	Bank Central Asia Tbk. PT (Banks)		9,895,287
	49,030,900	Bank Mandiri Persero Tbk. PT (Banks)		20,875,450
	11,588,900	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT (Banks)		1,113,532
	39,513,600	Bank Pembangunan Daerah Jawa Timur Tbk. PT (Banks)		2,226,928
	50,935,200	Bank Rakyat Indonesia Persero Tbk. PT (Banks)		14,253,451
	2,921,500	Mitra Keluarga Karyasehat Tbk. PT (Health Care Equipment & Services)		529,439
	1,922,000	Surya Citra Media Tbk. PT (Media & Entertainment)*		209,224
	19,062,400	Telkom Indonesia Persero Tbk. PT (Telecommunication Services)		4,211,736
				53,315,047
Mexico – 1.4%
	2,969,800	Alfa SAB de CV Class A (Capital Goods)		2,077,408
	892,149	Gruma SAB de CV Class B (Food, Beverage & Tobacco)		9,701,906
	1,689,100	Grupo Bimbo SAB de CVSeries A (Food, Beverage & Tobacco)		3,380,368
	1,060,685	Grupo Mexico SAB de CVSeries B (Materials)		4,794,734
	748,458	Qualitas Controladora SAB de CV (Insurance)		4,066,510
	116,100	Ternium SA ADR (Materials)*		4,538,349
				28,559,275
Monaco – 0.1%
	213,800	Costamare, Inc. (Transportation)		2,249,176
Peru – 0.9%
	273,200	Southern Copper Corp. (Materials)		18,962,812
Philippines – 0.3%
	2,211,920	International Container Terminal Services, Inc. (Transportation)		5,967,433
	435,100	LT Group, Inc. (Capital Goods)		121,268
	458,400	Metropolitan Bank & Trust Co. (Banks)		418,390
				6,507,091
Poland – 1.1%
	8,192,570	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		14,201,272
	1,021,771	Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*		9,499,723
				23,700,995
Common Stocks – (continued)
Qatar – 0.2%
	2,386,765	Masraf Al Rayan QSC (Banks)		2,928,884
	937,312	Qatar Gas Transport Co. Ltd. (Energy)		811,178
				3,740,062
Russia – 2.6%
	76,250	MMC Norilsk Nickel PJSC ADR (Materials)		2,604,700
	6,944	Novatek PJSC GDR (Energy)		1,250,506
	180,271	Novolipetsk Steel PJSC GDR (Materials)		6,332,984
	9,274,290	Sberbank of Russia PJSC (Banks)		36,640,260
	317,492	Severstal PAO GDR (Materials)(a)		7,472,339
				54,300,789
Saudi Arabia – 0.8%
	73,472	Advanced Petrochemical Co. (Materials)		1,586,312
	18,385	Mouwasat Medical Services Co. (Health Care Equipment & Services)*		869,687
	367,950	Najran Cement Co. (Materials)		2,384,189
	493,592	Saudi Arabian Oil Co. (Energy)(d)		4,659,260
	30,099	Saudi Basic Industries Corp. (Materials)		991,974
	412,155	Saudi National Bank (Banks)*		6,242,441
				16,733,863
South Africa – 2.8%
	240,299	Absa Group Ltd. (Banks)*		2,026,106
	157,278	African Rainbow Minerals Ltd. (Materials)(a)		2,935,846
	742,546	Coronation Fund Managers Ltd. (Diversified Financials)		2,827,845
	587,216	FirstRand Ltd. (Diversified Financials)		2,065,589
	100,866	Kumba Iron Ore Ltd. (Materials)		4,570,961
	264,940	Motus Holdings Ltd. (Retailing)		1,665,911
	285,976	Mr Price Group Ltd. (Retailing)		3,577,528
	167,960	MultiChoice Group (Media & Entertainment)		1,445,465
	40,969	Naspers Ltd. Class N (Retailing)		9,323,725
	185,852	PSG Group Ltd. (Capital Goods)		959,472
	1,578,286	Sanlam Ltd. (Insurance)		6,093,366
	186,263	SPAR Group Ltd. (The) (Food & Staples Retailing)		2,356,270
	1,852,607	Standard Bank Group Ltd. (Banks)		15,066,720
	80,636	Vodacom Group Ltd. (Telecommunication Services)		699,071
	411,506	Woolworths Holdings Ltd. (Retailing)*		1,396,045
				57,009,920
South Korea – 16.5%
	94,713	Cheil Worldwide, Inc. (Media & Entertainment)		1,865,231

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	122,639	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)	$	6,056,425
	18,315	Dentium Co. Ltd. (Health Care Equipment & Services)		979,290
	20,824	Echo Marketing, Inc. (Media & Entertainment)		438,897
	43,912	Eugene Investment & Securities Co. Ltd. (Diversified Financials)		183,155
	179,943	Hana Financial Group, Inc. (Banks)		7,375,758
	87,220	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		3,763,473
	71,863	Hansae Co. Ltd. (Consumer Durables & Apparel)		1,569,618
	24,505	Hansol Chemical Co. Ltd. (Materials)		5,423,766
	246,926	HMM Co. Ltd. (Transportation)*		8,666,041
	1,466	Hyosung TNC Corp. (Consumer Durables & Apparel)		949,124
	256,355	KB Financial Group, Inc. (Banks)		12,620,000
	465,548	Kia Corp. (Automobiles & Components)		32,291,535
	60,429	Kumho Petrochemical Co. Ltd. (Materials)		14,045,727
	28,677	LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment)		4,180,021
	28,543	LG Chem Ltd. (Materials)		23,827,355
	152,592	LG Electronics, Inc. (Consumer Durables & Apparel)		21,437,989
	76,700	LG Electronics, Inc. (Preference) (Consumer Durables & Apparel)(b)		5,069,470
	31,451	LG International Corp. (Capital Goods)		868,473
	71,105	LS Corp. (Capital Goods)		4,655,163
	3,075,127	Mirae Asset Securities Co. Ltd. (Diversified Financials)		27,549,234
	501,765	Mirae Asset Securities Co. Ltd. (Preference) (Diversified Financials)(b)		2,202,864
	1,316	NAVER Corp. (Media & Entertainment)		423,781
	47,241	POSCO (Materials)		15,439,055
	60,108	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		9,605,885
	1,163,952	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		84,835,199
	221,994	Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)(b)		14,574,885
	2,514	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)		1,467,373
	20,738	Samsung SDI Co. Ltd. (Preference) (Technology Hardware & Equipment)(b)		8,345,920
Common Stocks – (continued)
South Korea – (continued)
	44,392	SK Telecom Co. Ltd. (Telecommunication Services)		12,091,235
	32,133	SNT Motiv Co. Ltd. (Automobiles & Components)		1,763,227
	24,610	Spigen Korea Co. Ltd. (Technology Hardware & Equipment)		1,371,888
	1,860	Suheung Co. Ltd. (Health Care Equipment & Services)		89,375
	31,807	Taeyoung Engineering & Construction Co. Ltd. (Capital Goods)		371,218
	18,288	Tokai Carbon Korea Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,201,870
	11,797	Webzen, Inc. (Media & Entertainment)*		366,342
				339,965,862
Taiwan – 13.9%
	2,267,000	Acer, Inc. (Technology Hardware & Equipment)		2,770,714
	1,227,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		2,062,217
	247,000	Asia Polymer Corp. (Materials)		309,292
	1,348,000	Asustek Computer, Inc. (Technology Hardware & Equipment)		18,054,625
	693,000	Chicony Power Technology Co. Ltd. (Capital Goods)		1,836,170
	200,000	China General Plastics Corp. (Materials)		312,943
	3,906,000	Compal Electronics, Inc. (Technology Hardware & Equipment)		3,481,385
	366,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		3,920,928
	467,000	Dynapack International Technology Corp. (Technology Hardware & Equipment)		1,955,685
	3,950,000	E Ink Holdings, Inc. (Technology Hardware & Equipment)		9,325,030
	4,315,000	Evergreen Marine Corp. Taiwan Ltd. (Transportation)*		12,139,531
	450,000	Feng Hsin Steel Co. Ltd. (Materials)		1,420,290
	3,912,000	Gigabyte Technology Co. Ltd. (Technology Hardware & Equipment)*		17,111,156
	379,000	Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment)		2,850,530
	169,000	Holtek Semiconductor, Inc. (Semiconductors & Semiconductor Equipment)*		613,478
	3,825,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		8,668,268

10 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)
	477,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)*	$	19,997,078
	829,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		18,290,015
	431,000	Phison Electronics Corp. (Semiconductors & Semiconductor Equipment)		9,225,037
	5,452,000	Quanta Computer, Inc. (Technology Hardware & Equipment)		19,082,017
	161,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)*		3,037,252
	97,000	Shin Foong Specialty & Applied Materials Co. Ltd. (Materials)		1,069,559
	16,000	Sonix Technology Co. Ltd. (Semiconductors & Semiconductor Equipment)		62,341
	4,113,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		86,618,234
	1,047,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)		5,100,373
	8,287,000	Tung Ho Steel Enterprise Corp. (Materials)		17,556,375
	592,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		1,180,750
	70,000	Universal, Inc. (Consumer Durables & Apparel)		217,270
	1,690,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		7,149,668
	313,000	Wah Lee Industrial Corp. (Technology Hardware & Equipment)		921,731
	2,262,000	Wan Hai Lines Ltd. (Transportation)		7,640,860
	497,000	WPG Holdings Ltd. (Technology Hardware & Equipment)		914,055
	622,000	Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment)		1,969,640
				286,864,497
Thailand – 1.8%
	13,642,800	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)		12,696,330
	4,733,900	Chularat Hospital PCL Class F (Health Care Equipment & Services)		474,212
	1,174,300	Com7 PCL Class F (Retailing)		2,774,864
Common Stocks – (continued)
Thailand – (continued)
	1,221,500	Eastern Polymer Group PCL Class F (Materials)		470,116
	757,500	Hana Microelectronics PCL (Technology Hardware & Equipment)		1,347,140
	2,154,700	Indorama Ventures PCL (Materials)		3,315,796
	139,100	Kiatnakin Phatra Bank PCL (Banks)		259,907
	426,300	PTT Exploration & Production PCL (Energy)		1,620,934
	103,400	PTT Global Chemical PCL (Materials)		224,185
	630,800	RS PCL (Media & Entertainment)*		505,863
	2,103,700	Siam Commercial Bank PCL (The) (Banks)		7,086,486
	3,261,500	SPCG PCL (Utilities)		1,998,529
	2,230,200	Sri Trang Agro-Industry PCL (Automobiles & Components)		3,381,525
				36,155,887
Turkey – 1.7%
	1,219,715	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		9,576,503
	593,158	Ford Otomotiv Sanayi A/S (Automobiles & Components)		12,595,763
	493,992	Turk Traktor ve Ziraat Makineleri A/S (Capital Goods)		12,478,765
				34,651,031
United Arab Emirates – 0.0%
	72,728	First Abu Dhabi Bank PJSC (Banks)		281,470
United States – 0.2%
	796,300	JBS SA (Food, Beverage & Tobacco)		4,415,378
	TOTAL COMMON STOCKS
	(Cost $1,598,426,678)		$	2,010,185,454

Units	Description	Expiration Month		Value
Warrant* – 0.0%
Thailand – 0.0%
126,160	RS PCL (Media & Entertainment)		12/2024	$	—
(Cost $—)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,598,426,678)				$	2,010,185,454

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(e) – 0.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,805,362	0.026%	$	12,805,362
(Cost $12,805,362)
TOTAL INVESTMENTS – 97.9%
(Cost $1,611,232,040)		$	2,022,990,816
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.1%			42,570,404
NET ASSETS – 100.0%		$	2,065,561,220

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)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
Currency Abbreviations:
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT — At April 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	USD	1,135,507	ZAR	16,164,000		05/03/2021	$	20,940

FUTURES CONTRACTS — At April 30, 2021, 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		389		06/18/2021	$	25,996,870	$	111,920

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.7%
Australia – 7.9%
	1,358,446	Adairs Ltd. (Retailing)	$	4,835,482
	835,758	BHP Group plc (Materials)		25,168,700
	1,421,520	Brambles Ltd. (Commercial & Professional Services)		11,387,686
	317,375	Commonwealth Bank of Australia (Banks)		21,726,406
	1,362,014	Fortescue Metals Group Ltd. (Materials)		23,564,641
	646,661	Glencore plc (Materials)*		2,634,124
	1,253,423	Goodman Group (REIT)		18,278,118
	404,515	JB Hi-Fi Ltd. (Retailing)		14,390,610
	207,873	Mineral Resources Ltd. (Materials)		7,591,618
	108,467	Premier Investments Ltd. (Retailing)		2,196,497
	65,630	Rio Tinto Ltd. (Materials)		6,099,974
	364,763	Rio Tinto plc ADR (Materials)		31,026,741
	501,375	Sonic Healthcare Ltd. (Health Care Equipment & Services)		13,857,978
	118,086	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		912,573
	372,331	Wesfarmers Ltd. (Retailing)		15,520,980
				199,192,128
Austria – 0.0%
	6,787	voestalpine AG (Materials)		294,449
Belgium – 0.0%
	9,435	D’ieteren SA/NV (Retailing)		1,024,478
China – 0.5%
	2,900,400	Chow Tai Fook Jewellery Group Ltd. (Retailing)		4,671,792
	716,000	SITC International Holdings Co. Ltd. (Transportation)		2,728,260
	739,800	Wilmar International Ltd. (Food, Beverage & Tobacco)		2,895,300
	1,189,500	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		1,276,530
				11,571,882
Denmark – 1.1%
	1,198	AP Moller – Maersk A/S Class A (Transportation)		2,814,910
	7,188	AP Moller – Maersk A/S Class B (Transportation)		17,881,070
	60,585	GN Store Nord A/S (Health Care Equipment & Services)		5,463,995
	7,354	Royal Unibrew A/S (Food, Beverage & Tobacco)		898,298
				27,058,273
Finland – 0.9%
	595,380	Kesko OYJ Class B (Food & Staples Retailing)		18,128,950
	49,789	Kone OYJ Class B (Capital Goods)		3,910,557
				22,039,507
Common Stocks – (continued)
France – 12.1%
	88,562	Arkema SA (Materials)		11,071,752
	419,773	BNP Paribas SA (Banks)*		26,914,899
	322,789	Cie de Saint-Gobain (Capital Goods)		20,366,422
	44,549	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		6,446,270
	83,490	Dassault Systemes SE (Software & Services)		19,367,399
	100,887	Gecina SA (REIT)		14,767,608
	4,817	Hermes International (Consumer Durables & Apparel)		6,045,871
	3,320	Kering SA (Consumer Durables & Apparel)		2,660,357
	149,084	Legrand SA (Capital Goods)		14,511,823
	77,350	L’Oreal SA (Household & Personal Products)		31,672,537
	47,495	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		35,780,382
	9,776	Nexans SA (Capital Goods)*		802,878
	262,717	Publicis Groupe SA (Media & Entertainment)		17,003,025
	960,173	Rexel SA (Capital Goods)*		18,874,373
	37,798	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		17,360,097
	180,775	Schneider Electric SE (Capital Goods)		28,843,719
	333,643	Societe Generale SA (Banks)*		9,491,209
	53,299	Teleperformance (Commercial & Professional Services)		20,581,110
	5,284	Trigano SA (Automobiles & Components)		944,112
				303,505,843
Germany – 11.4%
	8,311	adidas AG (Consumer Durables & Apparel)*		2,566,943
	109,556	Allianz SE (Registered) (Insurance)		28,442,593
	96,831	Aurubis AG (Materials)		8,323,938
	22,947	BASF SE (Materials)		1,849,330
	108,996	Bayerische Motoren Werke AG (Automobiles & Components)		10,922,515
	39,926	Beiersdorf AG (Household & Personal Products)		4,506,472
	202,481	Brenntag SE (Capital Goods)		18,177,681
	56,167	Covestro AG (Materials)(a)		3,673,290
	49,023	Daimler AG (Registered) (Automobiles & Components)		4,362,986
	41,688	Deutsche Pfandbriefbank AG (Banks)*(a)		479,850
	480,126	Deutsche Post AG (Registered) (Transportation)		28,278,069
	1,503,556	Deutsche Telekom AG (Registered) (Telecommunication Services)		28,936,017

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	482,200	E.ON SE (Utilities)	$	5,814,291
	64,378	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,924,313
	8,628	Henkel AG & Co. KGaA (Household & Personal Products)		857,214
	171,879	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)		19,743,691
	312,076	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		12,514,423
	19,705	LANXESS AG (Materials)		1,450,138
	115,055	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		20,213,372
	58,256	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)		16,832,146
	199,054	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(b)		20,983,585
	246,171	ProSiebenSat.1 Media SE (Media & Entertainment)*		5,346,497
	49,888	Rheinmetall AG (Capital Goods)		5,205,273
	81,017	Scout24 AG (Media & Entertainment)(a)		6,735,810
	94,087	Volkswagen AG (Preference) (Automobiles & Components)(b)		24,496,460
				287,636,897
Hong Kong – 2.9%
	3,510,800	AIA Group Ltd. (Insurance)		44,561,096
	800,500	CK Asset Holdings Ltd. (Real Estate)		5,011,627
	207,500	CLP Holdings Ltd. (Utilities)		2,048,175
	192,000	Sun Hung Kai Properties Ltd. (Real Estate)		2,888,133
	1,022,000	Techtronic Industries Co. Ltd. (Capital Goods)		18,543,957
				73,052,988
Ireland – 0.2%
	8,379	Flutter Entertainment plc (Consumer Services)*		1,717,036
	57,682	Smurfit Kappa Group plc (Materials)		2,948,722
				4,665,758
Israel – 0.2%
	256,249	Plus500 Ltd. (Diversified Financials)		5,023,674
Italy – 1.0%
	2,510,571	Intesa Sanpaolo SpA (Banks)*		6,999,257
	526,700	Mediobanca Banca di Credito Finanziario SpA (Banks)*		5,948,817
	120,070	Prysmian SpA (Capital Goods)		3,756,581
	692,400	UniCredit SpA (Banks)		7,112,327
				23,816,982
Common Stocks – (continued)
Japan – 28.9%
	35,700	AGC, Inc. (Capital Goods)		1,627,896
	94,900	Aisin Corp. (Automobiles & Components)		3,652,689
	107,500	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		1,617,990
	28,700	Bridgestone Corp. (Automobiles & Components)		1,150,242
	133,300	Brother Industries Ltd. (Technology Hardware & Equipment)		2,826,375
	76,300	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		1,350,986
	314,700	Chubu Electric Power Co., Inc. (Utilities)		3,813,660
	387,300	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		7,674,420
	72,600	Daicel Corp. (Materials)		560,982
	598,500	Daiwa House Industry Co. Ltd. (Real Estate)		17,746,869
	863,800	DeNA Co. Ltd. (Media & Entertainment)		17,672,773
	470,100	Dentsu Group, Inc. (Media & Entertainment)		14,509,003
	6,700	Dowa Holdings Co. Ltd. (Materials)		280,019
	348,500	Ebara Corp. (Capital Goods)		14,890,924
	3,777,200	ENEOS Holdings, Inc. (Energy)		16,245,415
	135,100	Fujitsu Ltd. (Software & Services)		21,461,717
	72,800	H.U. Group Holdings, Inc. (Health Care Equipment & Services)		2,381,494
	11,900	Hikari Tsushin, Inc. (Retailing)		2,393,805
	300,100	Hitachi Metals Ltd. (Materials)		5,818,346
	113,600	Hoya Corp. (Health Care Equipment & Services)		12,912,379
	1,729,300	Inpex Corp. (Energy)		11,767,898
	61,100	Isuzu Motors Ltd. (Automobiles & Components)		620,418
	651,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		12,221,272
	61,400	KDDI Corp. (Telecommunication Services)		1,856,089
	642,500	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		12,065,668
	35,900	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		1,600,601
	328,600	Konami Holdings Corp. (Media & Entertainment)		19,599,804
	811,900	Konica Minolta, Inc. (Technology Hardware & Equipment)		4,604,767
	583,000	K’s Holdings Corp. (Retailing)		7,953,453
	84,500	M3, Inc. (Health Care Equipment & Services)		5,837,251
	1,043,900	Mitsubishi Electric Corp. (Capital Goods)		16,084,778
	43,000	Mitsubishi Gas Chemical Co., Inc. (Materials)		993,502

14 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)
	78,100	Mitsubishi Heavy Industries Ltd. (Capital Goods)	$	2,324,909
	166,000	Mitsubishi Materials Corp. (Materials)		3,729,429
	4,689,100	Mitsubishi UFJ Financial Group, Inc. (Banks)		24,946,468
	970,300	Mitsui & Co. Ltd. (Capital Goods)		20,476,865
	22,600	Mitsui Mining & Smelting Co. Ltd. (Materials)		769,349
	23,400	Mitsui OSK Lines Ltd. (Transportation)		940,776
	299,600	NEC Corp. (Software & Services)		17,417,453
	819,100	NGK Insulators Ltd. (Capital Goods)		14,970,229
	41,500	Nintendo Co. Ltd. (Media & Entertainment)		23,806,612
	66,900	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		1,692,797
	14,600	Nippon Express Co. Ltd. (Transportation)		1,117,394
	460,900	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		11,620,619
	446,400	Nippon Yusen KK (Transportation)		17,545,027
	326,500	Nissan Motor Co. Ltd. (Automobiles & Components)*		1,639,013
	18,100	Nitori Holdings Co. Ltd. (Retailing)		3,241,808
	131,900	Nitto Denko Corp. (Materials)		10,915,289
	1,524,700	Nomura Holdings, Inc. (Diversified Financials)		8,195,500
	316,600	NTT Data Corp. (Software & Services)		4,929,765
	108,100	Omron Corp. (Technology Hardware & Equipment)		8,185,979
	1,147,200	ORIX Corp. (Diversified Financials)		18,520,242
	1,621,100	Panasonic Corp. (Consumer Durables & Apparel)		19,034,958
	114,300	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		5,153,501
	229,600	Ricoh Co. Ltd. (Technology Hardware & Equipment)		2,453,533
	16,100	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		774,874
	15,100	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,438,073
	859,400	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		12,334,706
	479,400	Seiko Epson Corp. (Technology Hardware & Equipment)		8,179,333
	172,500	Sekisui House Ltd. (Consumer Durables & Apparel)		3,493,578
	39,300	Shimizu Corp. (Capital Goods)		322,028
	333,500	SoftBank Group Corp. (Telecommunication Services)		30,051,900
Common Stocks – (continued)
Japan – (continued)
	3,432,000	Sojitz Corp. (Capital Goods)		10,251,877
	351,600	Sony Group Corp. (Consumer Durables & Apparel)		35,152,592
	873,800	Subaru Corp. (Automobiles & Components)		16,246,966
	1,295,400	Sumitomo Corp. (Capital Goods)		17,603,182
	1,089,800	Sumitomo Electric Industries Ltd. (Automobiles & Components)		16,216,118
	21,100	Sumitomo Osaka Cement Co. Ltd. (Materials)		670,103
	232,500	Taiheiyo Cement Corp. (Materials)		5,837,318
	242,900	Taisei Corp. (Capital Goods)		8,974,734
	575,100	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		19,208,630
	144,400	Teijin Ltd. (Materials)		2,377,474
	59,000	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		26,797,088
	58,300	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,755,769
	355,300	Toppan Printing Co. Ltd. (Commercial & Professional Services)		6,067,682
	662,200	Tosoh Corp. (Materials)		11,737,451
	24,400	TOTO Ltd. (Capital Goods)		1,268,559
	70,200	Toyo Tire Corp. (Automobiles & Components)		1,284,396
	21,000	Toyota Motor Corp. (Automobiles & Components)		1,571,308
	57,700	Toyota Tsusho Corp. (Capital Goods)		2,445,008
	3,076,800	Yamada Holdings Co. Ltd. (Retailing)		15,317,039
				727,798,786
Luxembourg – 1.0%
	87,705	APERAM SA (Materials)		4,539,390
	203,056	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		20,110,992
				24,650,382
Malta – 0.4%
	628,904	Kindred Group plc SDR (Consumer Services)		10,824,215
Netherlands – 6.0%
	63,106	ASM International NV (Semiconductors & Semiconductor Equipment)		19,144,929
	100,171	ASML Holding NV (Semiconductors & Semiconductor Equipment)		65,025,203
	179,011	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		14,457,875

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	104,420	Flow Traders (Diversified Financials)(a)	$	4,311,007
	760,345	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		20,462,344
	135,567	Randstad NV (Commercial & Professional Services)		9,781,459
	474,396	Royal Dutch Shell plc Class A (Energy)		9,034,990
	204,025	Royal Dutch Shell plc Class B ADR (Energy)		7,306,135
	15,065	Signify NV (Capital Goods)*(a)		855,528
				150,379,470
New Zealand – 0.2%
	127,742	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		3,292,283
	5,375	Xero Ltd. (Software & Services)*		585,529
				3,877,812
Norway – 1.3%
	109,881	Golden Ocean Group Ltd. (Transportation)*		946,472
	2,599,477	Norsk Hydro ASA (Materials)		16,552,914
	1,406,999	Orkla ASA (Food, Beverage & Tobacco)		14,341,708
				31,841,094
Singapore – 1.0%
	1,134,367	DBS Group Holdings Ltd. (Banks)		25,422,374
South Africa – 1.1%
	662,813	Anglo American plc (Materials)		28,103,574
Spain – 1.7%
	252,378	Acerinox SA (Materials)		3,499,575
	3,260,650	Banco Bilbao Vizcaya Argentaria SA (Banks)		18,258,284
	1,854,114	Banco Santander SA (Banks)		7,152,349
	1,034,926	Iberdrola SA (Utilities)		13,985,948
				42,896,156
Sweden – 3.1%
	78,337	Betsson AB (Consumer Services)*		711,772
	122,958	Husqvarna AB Class B (Consumer Durables & Apparel)		1,712,257
	73,025	Investor AB Class A (Diversified Financials)		6,202,414
	227,564	Investor AB Class B (Diversified Financials)(c)		19,317,131
	208,984	Lundin Energy AB (Energy)		6,666,160
	42,308	Nobia AB (Consumer Durables & Apparel)		367,734
	186,204	Swedish Match AB (Food, Beverage & Tobacco)		15,243,508
	280,359	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		3,850,489
Common Stocks – (continued)
Sweden – (continued)
	957,525	Volvo AB Class B (Capital Goods)		23,383,317
				77,454,782
Switzerland – 6.1%
	258,268	Adecco Group AG (Registered) (Commercial & Professional Services)		17,505,302
	11,639	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)*		5,908,843
	53,919	Kuehne + Nagel International AG (Registered) (Transportation)		16,121,506
	50,700	Logitech International SA (Registered) (Technology Hardware & Equipment)		5,643,131
	32,873	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		20,897,839
	38,248	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,263,946
	60,446	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		19,714,816
	34,986	Sika AG (Registered) (Materials)		10,449,008
	478,436	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		17,864,278
	30,393	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		14,810,079
	1,417,844	UBS Group AG (Registered) (Diversified Financials)		21,651,339
				153,830,087
Ukraine – 0.1%
	498,025	Ferrexpo plc (Materials)		3,016,609
United Kingdom – 7.4%
	442,388	3i Group plc (Diversified Financials)		7,835,484
	236,638	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(c)(d)		12,558,379
	2,684,997	Aviva plc (Insurance)		14,844,145
	935,858	Barclays plc (Banks)		2,265,685
	259,490	Barratt Developments plc (Consumer Durables & Apparel)		2,766,747
	112,557	Bellway plc (Consumer Durables & Apparel)		5,614,915
	434,831	boohoo Group plc (Retailing)*		2,040,778
	729,414	British American Tobacco plc (Food, Beverage & Tobacco)		27,063,709
	1,295,070	CNH Industrial NV (Capital Goods)		19,224,773
	1,116,683	Direct Line Insurance Group plc (Insurance)		4,393,828
	456,957	Entain plc (Consumer Services)*		10,682,122
	26,120	Games Workshop Group plc (Consumer Durables & Apparel)		3,913,778

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	209,348	IG Group Holdings plc (Diversified Financials)	$	2,648,451
	338,846	Imperial Brands plc (Food, Beverage & Tobacco)		7,062,750
	7,831,421	ITV plc (Media & Entertainment)*		13,089,160
	740,149	JD Sports Fashion plc (Retailing)*		9,388,429
	1,761,491	Legal & General Group plc (Insurance)		6,613,674
	4,335,915	Lloyds Banking Group plc (Banks)		2,718,964
	1,001,461	Melrose Industries plc (Capital Goods)		2,254,485
	272,601	Mondi plc (Materials)		7,399,410
	104,921	Next plc (Retailing)*		11,306,947
	134,410	Persimmon plc (Consumer Durables & Apparel)		5,814,651
	198,600	Tate & Lyle plc (Food, Beverage & Tobacco)		2,197,026
	55,044	Unilever plc (Household & Personal Products)		3,214,862
				186,913,152
United States – 0.2%
	357,311	Stellantis NV (Automobiles & Components)		5,920,471
	TOTAL COMMON STOCKS
	(Cost $2,028,355,414)		$	2,431,811,823

Units	Description	Expiration Month		Value
Right*(c) – 0.0%
Switzerland – 0.0%
379,546	Credit Suisse Group AG (Diversified Financials)		05/2021	$	—
(Cost $—)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,028,355,414)				$	2,431,811,823

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(e) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
25,382,550	0.026%	$	25,382,550
(Cost $25,382,550)
TOTAL INVESTMENTS – 97.7%
(Cost $2,053,737,964)		$	2,457,194,373
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%			57,264,962
NET ASSETS – 100.0%		$	2,514,459,335

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)	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)	All or a portion of security is on loan.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
REIT	—Real Estate Investment Trust
SDR	—Swedish Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		543		06/18/2021	$	25,721,177	$	1,051,984
FTSE 100 Index		96		06/18/2021		9,197,793		304,939
Hang Seng Index		11		05/28/2021		2,020,083		(28,387	)
MSCI Singapore Index		29		05/28/2021		788,334		4,317
SPI 200 Index		29		06/17/2021		3,910,643		143,413
TOPIX Index		32		06/10/2021		5,567,573		43,808
Total Futures Contracts							$	1,520,074

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 96.3%
Australia – 7.2%
	462,807	Accent Group Ltd. (Retailing)	$	1,046,672
	23,266	Ansell Ltd. (Health Care Equipment & Services)		756,850
	412,832	Bapcor Ltd. (Retailing)		2,453,825
	389,117	Bega Cheese Ltd. (Food, Beverage & Tobacco)		1,914,189
	1,139,686	Bendigo & Adelaide Bank Ltd. (Banks)		9,042,776
	234,305	Breville Group Ltd. (Consumer Durables & Apparel)		4,692,320
	2,114,620	BWP Trust (REIT)		6,730,285
	460,546	carsales.com Ltd. (Media & Entertainment)		7,035,609
	764,486	Champion Iron Ltd. (Materials)*		3,989,013
	3,228,007	Charter Hall Group (REIT)		34,869,798
	920,088	Codan Ltd. (Technology Hardware & Equipment)		12,599,767
	898,418	Costa Group Holdings Ltd. (Food, Beverage & Tobacco)		3,222,737
	1,956,549	Data#3 Ltd. (Software & Services)		9,341,242
	168,170	Eagers Automotive Ltd. (Retailing)		2,023,656
	250,105	Elders Ltd. (Food, Beverage & Tobacco)		2,343,658
	93,892	GrainCorp Ltd. Class A (Food & Staples Retailing)		369,411
	212,671	Growthpoint Properties Australia Ltd. (REIT)		614,483
	662,549	Harvey Norman Holdings Ltd. (Retailing)		2,687,748
	834,399	Ingenia Communities Group (REIT)		3,398,584
	828,323	JB Hi-Fi Ltd. (Retailing)		29,467,567
	67,954	Jumbo Interactive Ltd. (Consumer Services)		733,646
	49,476	McMillan Shakespeare Ltd. (Commercial & Professional Services)		422,532
	4,765,513	Metcash Ltd. (Food & Staples Retailing)		13,056,071
	694,636	Mineral Resources Ltd. (Materials)		25,368,428
	302,503	Netwealth Group Ltd. (Diversified Financials)		3,462,576
	108,922	Nick Scali Ltd. (Retailing)		938,231
	276,887	Pendal Group Ltd. (Diversified Financials)		1,570,567
	751,802	Premier Investments Ltd. (Retailing)		15,224,273
	107,463	Pro Medicus Ltd. (Health Care Equipment & Services)		3,903,678
	467,678	Redbubble Ltd. (Retailing)*		1,471,242
	2,655,159	Sandfire Resources Ltd. (Materials)		13,588,379
	5,814	Seven Group Holdings Ltd. (Capital Goods)		96,096
	106,207	Super Retail Group Ltd. (Retailing)		975,499
	425,737	Worley Ltd. (Energy)		3,532,715
				222,944,123
Common Stocks – (continued)
Austria – 0.4%
	157,414	BAWAG Group AG (Banks)(a)		8,491,331
	28,245	Schoeller-Bleckmann Oilfield Equipment AG (Energy)		1,206,939
	59,836	Semperit AG Holding (Capital Goods)		2,712,056
	19,141	Zumtobel Group AG (Capital Goods)*		193,994
				12,604,320
Belgium – 2.4%
	209,053	Bekaert SA (Materials)		9,178,572
	57,766	Cofinimmo SA (REIT)		8,856,294
	186,060	D’ieteren SA/NV (Retailing)		20,202,908
	13,172	Fagron (Health Care Equipment & Services)		295,456
	36,243	Melexis NV (Semiconductors & Semiconductor Equipment)		3,945,426
	19,074	Tessenderlo Group SA (Materials)*		814,038
	912,281	Warehouses De Pauw CVA (REIT)		32,174,540
				75,467,234
China – 2.9%
	3,407,000	Kerry Logistics Network Ltd. (Transportation)		10,226,657
	10,080,000	SITC International Holdings Co. Ltd. (Transportation)		38,409,027
	29,234,100	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		31,373,006
	10,263,910	Yanlord Land Group Ltd. (Real Estate)		10,249,926
				90,258,616
Denmark – 1.2%
	889	Chemometec A/S (Pharmaceuticals, Biotechnology & Life Sciences)		96,557
	327,223	D/S Norden A/S (Transportation)		8,437,800
	162,126	Dfds A/S (Transportation)*		9,559,084
	159,904	Per Aarsleff Holding A/S (Capital Goods)		7,832,731
	13,727	Royal Unibrew A/S (Food, Beverage & Tobacco)		1,676,765
	355,226	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(a)		6,469,879
	14,931	Schouw & Co. A/S (Food, Beverage & Tobacco)		1,594,399
	25,814	Sydbank A/S (Banks)		769,517
				36,436,732
Finland – 1.5%
	282,885	Kemira OYJ (Materials)		4,620,896
	556,756	Metsa Board OYJ (Materials)		7,088,521
	192,894	Nokian Renkaat OYJ (Automobiles & Components)		7,181,741

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Finland – (continued)
	19,104	Rovio Entertainment OYJ (Media & Entertainment)(a)	$	152,047
	650,990	Tokmanni Group Corp. (Retailing)		16,741,104
	379,442	Uponor OYJ (Capital Goods)		11,048,534
				46,832,843
France – 3.3%
	22,634	Alten SA (Software & Services)*		2,833,749
	271,981	Coface SA (Insurance)*		3,313,473
	110,071	IPSOS (Media & Entertainment)		4,580,717
	363,794	Mercialys SA (REIT)		4,655,042
	59,542	Mersen SA (Capital Goods)*		2,065,380
	562,246	Metropole Television SA (Media & Entertainment)*		12,491,746
	100,619	Nexans SA (Capital Goods)*		8,263,588
	213,977	Nexity SA (Real Estate)		11,596,205
	76,710	Quadient SA (Technology Hardware & Equipment)		2,096,633
	1,779,004	Rexel SA (Capital Goods)*		34,970,349
	20,240	Societe BIC SA (Commercial & Professional Services)		1,430,326
	916,685	Television Francaise 1 (Media & Entertainment)*(b)		9,044,429
	32,000	Trigano SA (Automobiles & Components)		5,717,558
				103,059,195
Georgia – 0.0%
	6,808	Bank of Georgia Group plc (Banks)*		96,090
Germany – 6.9%
	438,437	Aareal Bank AG (Banks)		12,322,940
	1,425,099	alstria office REIT-AG (REIT)		25,516,108
	288,968	Aurubis AG (Materials)		24,840,721
	2,186	Cewe Stiftung & Co. KGAA (Commercial & Professional Services)		354,270
	1,869,612	Deutsche Pfandbriefbank AG (Banks)*(a)		21,520,185
	14,113	Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment)		588,647
	258,366	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		27,789,104
	12,601	Hornbach Holding AG & Co. KGaA (Retailing)		1,177,353
	132,471	Jungheinrich AG (Preference) (Capital Goods)(c)		6,930,277
	962,195	Kloeckner & Co. SE (Capital Goods)*		13,042,725
	9,524	New Work SE (Media & Entertainment)		2,891,183
	1,400,282	ProSiebenSat.1 Media SE (Media & Entertainment)*		30,412,210
	231,484	Rheinmetall AG (Capital Goods)		24,152,850
	61,031	Sixt SE (Transportation)*(b)		8,467,063
Common Stocks – (continued)
Germany – (continued)
	52,099	Sixt SE (Preference) (Transportation)(c)		4,298,125
	350,079	Takkt AG (Retailing)		5,923,135
	43,081	Wacker Neuson SE (Capital Goods)*		1,158,321
				211,385,217
Hong Kong – 1.1%
	533,000	Champion REIT (REIT)		309,588
	3,927,000	Fortune REIT (REIT)		3,957,595
	2,055,000	Hang Lung Group Ltd. (Real Estate)		5,390,880
	260,215	Johnson Electric Holdings Ltd. (Automobiles & Components)		691,515
	9,769,000	K Wah International Holdings Ltd. (Real Estate)		4,861,324
	1,229,000	Luk Fook Holdings International Ltd. (Retailing)		3,071,421
	32,177,000	Pacific Basin Shipping Ltd. (Transportation)*		11,275,133
	599,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		308,455
	3,942,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		3,228,682
				33,094,593
Ireland – 0.0%
	754,819	Hibernia REIT plc (REIT)		1,032,714
Israel – 0.9%
	23,069	Alony Hetz Properties & Investments Ltd. (Real Estate)		331,784
	1,372,079	Plus500 Ltd. (Diversified Financials)		26,899,140
				27,230,924
Italy – 1.3%
	237,395	Biesse SpA (Capital Goods)*		6,983,353
	19,956	Buzzi Unicem SpA (Materials)		532,464
	40,377	De’ Longhi SpA (Consumer Durables & Apparel)		1,764,879
	9,839	Gruppo MutuiOnline SpA (Diversified Financials)		529,345
	56,602	Interpump Group SpA (Capital Goods)		3,012,923
	1,175,460	Piaggio & C SpA (Automobiles & Components)		4,552,195
	131,736	RAI Way SpA (Media & Entertainment)(a)		773,685
	166,410	Reply SpA (Software & Services)		22,623,677
				40,772,521
Japan – 30.0%
	1,330	Activia Properties, Inc. (REIT)		6,132,809

20 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)
	1,921	AEON REIT Investment Corp. (REIT)	$	2,641,499
	42,400	Aichi Steel Corp. (Materials)		1,297,586
	1,482,800	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		17,966,692
	52,800	Arcs Co. Ltd. (Food & Staples Retailing)		1,136,244
	19,900	Argo Graphics, Inc. (Software & Services)		559,198
	759,000	Autobacs Seven Co. Ltd. (Retailing)		10,167,758
	44,900	Belluna Co. Ltd. (Retailing)		475,170
	36,500	Bunka Shutter Co. Ltd. (Capital Goods)		319,527
	9,700	Canon Electronics, Inc. (Technology Hardware & Equipment)		155,109
	58,500	Central Glass Co. Ltd. (Capital Goods)		1,206,123
	104,500	Chugoku Bank Ltd. (The) (Banks)		827,274
	2,207,100	Daicel Corp. (Materials)		17,054,319
	60,600	Daido Steel Co. Ltd. (Materials)		2,875,263
	25,200	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		971,742
	7,100	Daiseki Co. Ltd. (Commercial & Professional Services)		267,571
	45	Daiwa Office Investment Corp. (REIT)		325,179
	1,439,700	DeNA Co. Ltd. (Media & Entertainment)		29,455,304
	174,800	Dexerials Corp. (Technology Hardware & Equipment)		3,221,437
	103,300	DIC Corp. (Materials)		2,640,251
	3,600	Digital Holdings, Inc. (Media & Entertainment)		61,792
	175,800	Doshisha Co. Ltd. (Retailing)		2,958,609
	223,200	Dowa Holdings Co. Ltd. (Materials)		9,328,403
	25,300	Eagle Industry Co. Ltd. (Automobiles & Components)		268,624
	762,700	Ebara Corp. (Capital Goods)		32,589,118
	861,600	EDION Corp. (Retailing)		9,163,984
	36,300	Eiken Chemical Co. Ltd. (Health Care Equipment & Services)		723,604
	318,300	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		3,409,603
	595,800	Exedy Corp. (Automobiles & Components)		8,554,272
	10,300	FCC Co. Ltd. (Automobiles & Components)		165,765
	303,600	Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)		6,771,835
	1,300,400	Financial Products Group Co. Ltd. (Diversified Financials)		8,632,397
	259	Frontier Real Estate Investment Corp. (REIT)		1,131,602
Common Stocks – (continued)
Japan – (continued)
	74,500	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		3,020,974
	1,458,600	Fujikura Ltd. (Capital Goods)*		7,518,790
	411	Fukuoka REIT Corp. (REIT)		673,739
	6,300	Fukuyama Transporting Co. Ltd. (Transportation)		241,767
	10,600	Futaba Corp. (Capital Goods)		83,536
	763,200	Glory Ltd. (Capital Goods)		16,385,589
	85,700	GMO internet, Inc. (Software & Services)		2,545,778
	1,402,100	Gree, Inc. (Media & Entertainment)		7,335,164
	659,300	H.U. Group Holdings, Inc. (Health Care Equipment & Services)		21,567,567
	17,000	Hamakyorex Co. Ltd. (Transportation)		478,400
	25,700	Hanwa Co. Ltd. (Capital Goods)		763,675
	9,694	Heiwa Real Estate REIT, Inc. (REIT)		14,607,332
	9,400	Heiwado Co. Ltd. (Food & Staples Retailing)		191,124
	26,200	Hitachi Transport System Ltd. (Transportation)		813,980
	221,700	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		6,699,123
	289,800	Hokuetsu Corp. (Materials)		1,503,421
	175,800	Hokuto Corp. (Food, Beverage & Tobacco)		3,196,752
	745	Hoshino Resorts REIT, Inc. (REIT)		4,372,788
	211,300	Hosiden Corp. (Technology Hardware & Equipment)		2,004,854
	119,100	IDOM, Inc. (Retailing)		689,399
	399,800	Iino Kaiun Kaisha Ltd. (Transportation)		1,998,865
	82,700	Inabata & Co. Ltd. (Capital Goods)		1,246,133
	27,600	Internet Initiative Japan, Inc. (Telecommunication Services)		614,925
	77,953	Invincible Investment Corp. (REIT)		28,013,956
	18,100	ITmedia, Inc. (Media & Entertainment)		318,267
	390,300	Itoham Yonekyu Holdings, Inc. (Food, Beverage & Tobacco)		2,510,928
	25,600	Jaccs Co. Ltd. (Diversified Financials)		500,675
	241,400	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		4,309,209
	36,973	Japan Hotel REIT Investment Corp. (REIT)		21,172,801
	969	Japan Logistics Fund, Inc. (REIT)		2,771,061
	71,300	JGC Holdings Corp. (Capital Goods)		815,072
	48,500	Kanamoto Co. Ltd. (Capital Goods)		1,189,829
	409,200	Kanematsu Corp. (Capital Goods)		5,393,891
	44,000	Kanematsu Electronics Ltd. (Software & Services)		1,509,912
	24,300	KLab, Inc. (Media & Entertainment)*		170,967

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	45,200	Koa Corp. (Technology Hardware & Equipment)	$	617,358
	389,900	Kobe Steel Ltd. (Materials)		2,807,189
	25,600	Kohnan Shoji Co. Ltd. (Retailing)		692,446
	540,600	Kokuyo Co. Ltd. (Commercial & Professional Services)		8,367,442
	5,278,100	Konica Minolta, Inc. (Technology Hardware & Equipment)		29,935,237
	1,195,000	K’s Holdings Corp. (Retailing)		16,302,532
	160,500	Kureha Corp. (Materials)		10,855,736
	163,200	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		2,473,427
	6,100	Lintec Corp. (Materials)		132,736
	105,800	Mabuchi Motor Co. Ltd. (Capital Goods)		4,237,573
	259,000	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		5,218,495
	1,000,600	Maeda Corp. (Capital Goods)		8,549,820
	162,900	Marvelous, Inc. (Media & Entertainment)		1,251,818
	337,500	Maxell Holdings Ltd. (Technology Hardware & Equipment)*		3,977,917
	476,000	Mitsubishi Materials Corp. (Materials)		10,694,025
	82,400	Mitsubishi Research Institute, Inc. (Software & Services)		3,108,440
	42,500	Mitsui DM Sugar Holdings Co. Ltd. (Food, Beverage & Tobacco)		702,960
	584,600	Mitsui Mining & Smelting Co. Ltd. (Materials)		19,900,956
	284,700	Mitsui OSK Lines Ltd. (Transportation)		11,446,112
	36,100	Modec, Inc. (Energy)		687,860
	179	Mori Trust Sogo Reit, Inc. (REIT)		257,950
	114,900	Nagase & Co. Ltd. (Capital Goods)		1,731,584
	49,400	Nanto Bank Ltd. (The) (Banks)		826,078
	1,500,500	NEC Networks & System Integration Corp. (Software & Services)		25,812,612
	64,300	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)		1,043,061
	8,800	Nihon Parkerizing Co. Ltd. (Materials)		85,172
	438,500	Nikkon Holdings Co. Ltd. (Transportation)		9,197,451
	1,134,400	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		28,704,177
	27,600	Nippon Gas Co. Ltd. (Utilities)		485,607
	1,197,120	Nippon Light Metal Holdings Co. Ltd. (Materials)		23,315,580
	1,264	NIPPON REIT Investment Corp. (REIT)		4,904,734
	40,700	Nippon Shokubai Co. Ltd. (Materials)		2,139,152
Common Stocks – (continued)
Japan – (continued)
	375,600	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		10,563,919
	51,800	Nojima Corp. (Retailing)		1,292,286
	330,800	NOK Corp. (Automobiles & Components)		4,263,325
	551,200	Okamura Corp. (Commercial & Professional Services)		6,847,207
	142,617	Okinawa Electric Power Co., Inc. (The) (Utilities)		1,895,352
	403	One REIT, Inc. (REIT)		1,130,809
	14,900	Open House Co. Ltd. (Consumer Durables & Apparel)		618,743
	29,700	Organo Corp. (Capital Goods)		1,988,569
	54,000	Osaka Soda Co. Ltd. (Materials)		1,219,204
	268,600	Outsourcing, Inc. (Commercial & Professional Services)		4,127,524
	245,900	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		4,879,304
	419,500	Pasona Group, Inc. (Commercial & Professional Services)		7,489,574
	16,200	Pilot Corp. (Commercial & Professional Services)		517,575
	265,300	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)		8,381,532
	23,200	Proto Corp. (Media & Entertainment)		246,853
	388,300	Resorttrust, Inc. (Consumer Services)		6,185,143
	739,900	Riso Kyoiku Co. Ltd. (Consumer Services)		1,997,195
	7,200	Ryobi Ltd. (Capital Goods)		104,250
	45,000	S Foods, Inc. (Food, Beverage & Tobacco)		1,339,338
	61,700	Saizeriya Co. Ltd. (Consumer Services)		1,354,257
	163,300	SAMTY Co. Ltd. (Real Estate)		2,990,947
	90,400	Sankyu, Inc. (Transportation)		3,859,198
	33,800	Sanyo Special Steel Co. Ltd. (Materials)*		511,858
	202,200	Sato Holdings Corp. (Commercial & Professional Services)		4,966,645
	369,500	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		17,783,603
	150,000	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		14,285,493
	787,200	Seino Holdings Co. Ltd. (Transportation)		10,824,343
	20,000	Seiren Co. Ltd. (Consumer Durables & Apparel)		346,287
	526,400	Senko Group Holdings Co. Ltd. (Transportation)(b)		4,846,848
	24,700	Shikoku Electric Power Co., Inc. (Utilities)		181,388
	241,200	Shin-Etsu Polymer Co. Ltd. (Materials)		2,286,301

22 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)
	269,500	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	$	8,691,758
	64,100	Sintokogio Ltd. (Capital Goods)		438,826
	4,183,500	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		17,600,063
	444,600	Sodick Co. Ltd. (Capital Goods)		4,029,346
	9,369,600	Sojitz Corp. (Capital Goods)		27,988,342
	7,575	Star Asia Investment Corp. (REIT)		3,877,961
	29,700	Starts Corp., Inc. (Real Estate)		727,443
	29,400	Studio Alice Co. Ltd. (Consumer Services)		624,967
	15,900	Sumitomo Bakelite Co. Ltd. (Materials)		643,848
	203,900	Sumitomo Heavy Industries Ltd. (Capital Goods)		5,934,835
	440,400	Sumitomo Osaka Cement Co. Ltd. (Materials)		13,986,422
	20,200	Sumitomo Seika Chemicals Co. Ltd. (Materials)		718,158
	1,291	Takara Leben Real Estate Investment Corp. (REIT)		1,369,767
	321,600	Tamura Corp. (Technology Hardware & Equipment)		1,488,134
	8,000	T-Gaia Corp. (Retailing)		137,233
	33,000	Toa Corp. (Capital Goods)		740,935
	137,900	Tocalo Co. Ltd. (Capital Goods)		1,872,096
	205,900	Tokai Rika Co. Ltd. (Automobiles & Components)		3,333,245
	417,000	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		19,711,072
	268,100	Tokyotokeiba Co. Ltd. (Consumer Services)		14,516,831
	261	Tokyu REIT, Inc. (REIT)		442,705
	94,100	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,948,356
	381,600	Toyo Tanso Co. Ltd. (Capital Goods)		7,486,799
	280,100	Toyo Tire Corp. (Automobiles & Components)		5,124,775
	145,200	Toyobo Co. Ltd. (Materials)		1,756,644
	521,000	Transcosmos, Inc. (Software & Services)		14,880,705
	90,200	TS Tech Co. Ltd. (Automobiles & Components)		1,257,633
	167,200	Tsubakimoto Chain Co. (Capital Goods)		4,483,125
	58,000	UACJ Corp. (Materials)*		1,345,664
	8,000	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		365,613
	95,500	Universal Entertainment Corp. (Consumer Durables & Apparel)*		2,323,221
	1,736,400	Ushio, Inc. (Capital Goods)		22,997,145
Common Stocks – (continued)
Japan – (continued)
	321,300	Valor Holdings Co. Ltd. (Food & Staples Retailing)		6,863,844
	45,100	VT Holdings Co. Ltd. (Retailing)		173,926
	47,700	Wakita & Co. Ltd. (Capital Goods)		459,100
	57,500	Yellow Hat Ltd. (Retailing)		966,900
	63,500	Zeon Corp. (Materials)		1,012,493
	196,700	ZIGExN Co. Ltd. (Media & Entertainment)		719,039
				923,512,982
Luxembourg – 0.7%
	414,145	APERAM SA (Materials)		21,435,103
Malta – 1.0%
	1,887,767	Kindred Group plc SDR (Consumer Services)		32,490,802
Netherlands – 3.1%
	170,644	Arcadis NV (Capital Goods)		7,177,688
	251,441	ASR Nederland NV (Insurance)		10,981,798
	295,370	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		23,855,643
	23,470	Brunel International NV (Commercial & Professional Services)		313,659
	30,576	Eurocommercial Properties NV CVA (REIT)		790,927
	663,393	Flow Traders (Diversified Financials)(a)(b)		27,388,356
	444,484	Signify NV (Capital Goods)*(a)		25,241,848
	28,889	Van Lanschot Kempen NV CVA (Banks)		845,573
				96,595,492
New Zealand – 0.1%
	428,853	Fletcher Building Ltd. (Materials)		2,229,574
Norway – 2.0%
	25,416	Atea ASA (Software & Services)*		486,847
	2,145,955	Europris ASA (Retailing)(a)		14,606,871
	2,391,861	Golden Ocean Group Ltd. (Transportation)*		20,602,568
	293,090	Kongsberg Gruppen ASA (Capital Goods)		7,397,233
	219,335	Selvaag Bolig ASA (Real Estate)		1,609,967
	616,837	SpareBank 1 SMN (Banks)		8,314,170
	357,452	Veidekke ASA (Capital Goods)		5,489,292
	497,519	Wallenius Wilhelmsen ASA (Transportation)*		1,663,041
	138,577	XXL ASA (Retailing)*(a)		358,700
				60,528,689
Singapore – 0.1%
	251,900	Keppel DC REIT (REIT)		508,515
	319,800	Parkway Life REIT (REIT)		1,002,116
	125,600	Sasseur REIT (REIT)		87,301

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	849,300	Sembcorp Industries Ltd. (Utilities)	$	1,350,035
				2,947,967
Spain – 4.0%
	2,100,477	Acerinox SA (Materials)		29,126,058
	1,148,184	Applus Services SA (Commercial & Professional Services)*		12,147,822
	3,674,535	Bankinter SA (Banks)		20,094,381
	1,055,795	Cia de Distribucion Integral Logista Holdings SA (Transportation)		21,949,435
	79,019	Gestamp Automocion SA (Automobiles & Components)*(a)		408,027
	4,370,261	Liberbank SA (Banks)		1,545,770
	3,674,535	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)*		7,200,867
	1,055,571	Mediaset Espana Comunicacion SA (Media & Entertainment)*		6,738,710
	101,373	Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences)		11,581,864
	220,917	Unicaja Banco SA (Banks)(a)		217,716
	170,233	Viscofan SA (Food, Beverage & Tobacco)		11,633,592
				122,644,242
Sweden – 7.0%
	2,754,051	Arjo AB Class B (Health Care Equipment & Services)		27,155,208
	2,898,853	Betsson AB (Consumer Services)*		26,339,055
	247,515	Bilia AB Class A (Retailing)(b)		4,314,512
	679,982	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		14,672,716
	68,183	Bonava AB Class B (Consumer Durables & Apparel)		807,799
	102,473	Boozt AB (Retailing)*(a)		2,382,231
	28,899	Coor Service Management Holding AB (Commercial & Professional Services)(a)		244,793
	263,119	Fabege AB (Real Estate)		3,922,903
	208,576	Getinge AB Class B (Health Care Equipment & Services)		7,054,256
	1,999,611	Hexpol AB (Materials)(b)		24,516,036
	819,555	Inwido AB (Capital Goods)*		14,338,242
	3,417,039	LeoVegas AB (Consumer Services)(a)		20,436,106
	550,491	Lindab International AB (Capital Goods)		11,204,046
	249,071	Mekonomen AB (Retailing)*		4,272,033
	805,751	Nobia AB (Consumer Durables & Apparel)(b)		7,003,457
	1,305,563	Nobina AB (Transportation)*(a)		11,540,263
	28	Nolato AB Class B (Capital Goods)*		2,765
	297,485	Nordic Entertainment Group AB Class B (Media & Entertainment)*		13,799,585
	345,534	Peab AB Class B (Capital Goods)*		4,984,529
Common Stocks – (continued)
Sweden – (continued)
	569,848	Resurs Holding AB (Diversified Financials)(a)		2,945,334
	352,667	Trelleborg AB Class B (Capital Goods)(b)		9,174,928
	192,153	Wihlborgs Fastigheter AB (Real Estate)		3,928,010
				215,038,807
Switzerland – 5.1%
	70,902	ALSO Holding AG (Registered) (Technology Hardware & Equipment)*		21,443,653
	210,466	Ascom Holding AG (Registered) (Health Care Equipment & Services)*		3,297,960
	51,954	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)*		26,375,810
	1,145	Belimo Holding AG (Registered) (Capital Goods)		456,942
	5,331	Bossard Holding AG (Registered) Class A (Capital Goods)		1,281,720
	41,542	Bucher Industries AG (Registered) (Capital Goods)		21,801,952
	697	dormakaba Holding AG (Capital Goods)		458,022
	2,589	Forbo Holding AG (Registered) (Consumer Durables & Apparel)		4,958,559
	2,905	Gurit Holding AG (Materials)		7,554,750
	174, 280	Huber + Suhner AG (Registered) (Capital Goods)		13,986,971
	3,169	Interroll Holding AG (Registered) (Capital Goods)		10,831,009
	628,388	OC Oerlikon Corp. AG (Registered) (Capital Goods)		7,348,930
	3,993	Swissquote Group Holding SA (Registered) (Diversified Financials)		599,587
	63,631	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		31,006,487
	5,294	Vontobel Holding AG (Registered) (Diversified Financials)		398,438
	67,902	Zehnder Group AG (Capital Goods)		5,476,837
				157,277,627
Ukraine – 0.9%
	4,384,080	Ferrexpo plc (Materials)		26,555,000
United Kingdom – 12.9%
	290,569	Bellway plc (Consumer Durables & Apparel)		14,495,057
	1,148,059	boohoo Group plc (Retailing)*		5,388,148
	43,781	Brewin Dolphin Holdings plc (Diversified Financials)		205,701
	201,403	Cairn Energy plc (Energy)		472,304
	492,147	Central Asia Metals plc (Materials)		1,889,509

24 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)
	30,362	Clipper Logistics plc (Commercial & Professional Services)	$	288,488
	345,423	CMC Markets plc (Diversified Financials)(a)		2,327,987
	424,757	Computacenter plc (Software & Services)		15,710,769
	704,550	Crest Nicholson Holdings plc (Consumer Durables & Apparel)*		3,977,693
	31,205	Dunelm Group plc (Retailing)		635,499
	2,026	EMIS Group plc (Health Care Equipment & Services)		34,304
	2,426,434	Eurasia Mining plc (Materials)*		914,160
	2,363,391	Firstgroup plc (Transportation)*		2,425,123
	14,145	Frasers Group plc (Retailing)*		100,631
	62,444	Games Workshop Group plc (Consumer Durables & Apparel)		9,356,506
	109,441	GB Group plc (Software & Services)		1,358,024
	24,310	Go-Ahead Group plc (The) (Transportation)*		410,266
	827,821	Grafton Group plc (Capital Goods)		13,637,763
	2,830,371	Grainger plc (Real Estate)		11,173,498
	1,784,521	Halfords Group plc (Retailing)*		9,291,213
	25,145	Hill & Smith Holdings plc (Materials)		511,330
	2,338,421	IG Group Holdings plc (Diversified Financials)		29,583,247
	456,204	IMI plc (Capital Goods)		10,024,908
	2,704,975	Inchcape plc (Retailing)*		29,196,778
	76,897	Intermediate Capital Group plc (Diversified Financials)		2,321,508
	21,233,932	ITV plc (Media & Entertainment)*		35,489,644
	1,224	Judges Scientific plc (Capital Goods)		97,259
	2,664,363	Just Group plc (Insurance)*		4,005,706
	325,728	Kainos Group plc (Software & Services)		6,873,657
	209,547	LondonMetric Property plc (REIT)		652,917
	11,567,316	Man Group plc (Diversified Financials)		26,888,312
	276,392	Marshalls plc (Materials)*		2,775,159
	1,347,978	Marston’s plc (Consumer Services)*		1,802,208
	4,013,814	Moneysupermarket.com Group plc (Retailing)		15,136,746
	214,174	Morgan Sindall Group plc (Capital Goods)		6,809,974
	133,379	NCC Group plc (Software & Services)		500,111
	229,182	Ninety One plc (Diversified Financials)		773,555
	1,295,918	OSB Group plc (Banks)		8,580,557
	908,394	Pagegroup plc (Commercial & Professional Services)*		7,028,459
	1,715,704	Paragon Banking Group plc (Banks)		11,146,001
Common Stocks – (continued)
United Kingdom – (continued)
	1,440,062	Pennon Group plc (Utilities)		20,569,748
	97,159	Picton Property Income Ltd. (The) (REIT)		121,971
	1,673,602	Playtech plc (Consumer Services)*		10,752,305
	277,322	Provident Financial plc (Diversified Financials)*		937,828
	8,921	Rathbone Brothers plc (Diversified Financials)		208,570
	27,173	Redde Northgate plc (Transportation)		136,675
	227,016	Redrow plc (Consumer Durables & Apparel)		2,166,947
	30,122	Renishaw plc (Technology Hardware & Equipment)		2,600,823
	48,009	Royal Mail plc (Transportation)*		328,918
	39,185	S4 Capital plc (Media & Entertainment)*		302,511
	777,297	Savills plc (Real Estate)		12,808,172
	3,477,699	Spirent Communications plc (Technology Hardware & Equipment)		12,311,126
	1,708,902	Stagecoach Group plc (Transportation)*		2,121,626
	2,662,673	Tate & Lyle plc (Food, Beverage & Tobacco)		29,455,998
	59,542	Travis Perkins plc (Capital Goods)*		1,264,384
	541,087	Tritax Big Box REIT plc (REIT)		1,421,883
	12,223	Ultra Electronics Holdings plc (Capital Goods)		341,487
	195,882	Vesuvius plc (Capital Goods)		1,454,546
	131,007	Vistry Group plc (Consumer Durables & Apparel)		2,239,409
	186,404	Watkin Jones plc (Real Estate)		610,117
	66,717	Wickes Group plc (Retailing)*		230,303
				396,676,026
United States – 0.3%
	122,394	Reliance Worldwide Corp. Ltd. (Capital Goods)		463,918
	137,774	RHI Magnesita NV (Materials)		8,637,862
				9,101,780
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,378,114,901)		$	2,968,249,213

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 1.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
51,866,246	0.026%	$	51,866,246
(Cost $51,866,246)
TOTAL INVESTMENTS – 98.0%
(Cost $2,429,981,147)		$	3,020,115,459
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.0%			61,008,372
NET ASSETS – 100.0%		$	3,081,123,831

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
SDR	—Swedish Depositary Receipt

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		563		06/18/2021	$	26,668,550	$	527,627
FTSE 100 Index		125		06/18/2021		11,976,293		270,662
Hang Seng Index		7		05/28/2021		1,285,507		(18,066	)
MSCI Singapore Index		47		05/28/2021		1,277,644		6,928
SPI 200 Index		46		06/17/2021		6,203,089		123,486
TOPIX Index		119		06/10/2021		20,704,410		(5,092	)
Total Futures Contracts							$	905,545

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2021 (Unaudited)

	Emerging Markets Equity Insights Fund		International Equity Insights Fund		International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,598,426,678, $2,028,355,414 and $2,378,114,901)	$	2,010,185,454	$	2,431,811,823	$	2,968,249,213
Investments in affiliated securities lending reinvestment vehicle, at value (cost $12,805,362, $25,382,550 and $51,866,246)(a)		12,805,362		25,382,550		51,866,246
Cash		39,328,499		25,103,518		11,372,078
Foreign currencies, at value (cost $7,394,051, $37,477,111 and $74,046,035)		7,393,603		37,504,673		74,227,519
Receivables:
Investments sold		16,243,998		53,715,069		—
Dividends		4,506,207		12,201,105		19,229,954
Collateral on certain derivative contracts(b)		1,669,977		—		4,626,331
Fund shares sold		1,447,093		2,508,431		3,344,034
Due from custodian		433,478		10,078,987		3,166,765
Foreign tax reclaims		96,410		7,711,197		7,934,964
Reimbursement from investment adviser		83,814		103,026		188,904
Securities lending income		35,594		81,231		39,504
Unrealized gain on forward foreign currency exchange contracts		20,940		—		—
Other assets		49,685		68,092		65,527
Total assets		2,094,300,114		2,606,269,702		3,144,311,039
Liabilities:
Variation margin on futures		453,185		186,103		184,692
Payables:
Payable upon return of securities loaned		12,805,362		25,382,550		51,866,246
Investments purchased		8,588,028		62,165,417		3,166,765
Foreign capital gains taxes		2,668,012		—		—
Fund shares redeemed		1,706,057		1,752,768		4,613,983
Management fees		1,673,558		1,568,389		2,068,065
Distribution and Service fees and Transfer Agency fees		110,295		141,081		182,771
Accrued expenses		734,397		614,059		1,104,686
Total liabilities		28,738,894		91,810,367		63,187,208
Net Assets:
Paid-in capital		1,509,863,982		2,200,378,588		2,678,311,918
Total distributable earnings (loss)		555,697,238		314,080,747		402,811,913
NET ASSETS	$	2,065,561,220	$	2,514,459,335	$	3,081,123,831
Net Assets:
Class A	$	57,403,378	$	108,676,319	$	142,879,432
Class C		6,705,171		14,681,202		32,107,033
Institutional		1,149,084,400		1,160,675,131		2,103,456,341
Service		—		4,807,153		—
Investor		112,915,537		110,253,882		145,119,828
Class R6		567,934,141		650,076,579		600,730,800
Class R		27,474,774		9,325,876		—
Class P		144,043,819		455,963,193		56,830,397
Total Net Assets	$	2,065,561,220	$	2,514,459,335	$	3,081,123,831
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		4,488,711		7,589,089		10,070,608
Class C		530,013		1,045,781		2,338,046
Institutional		90,095,705		78,699,558		148,403,538
Service		—		332,053		—
Investor		8,864,434		7,822,475		10,279,323
Class R6		44,569,687		44,113,153		42,288,857
Class R		2,183,815		670,333		—
Class P		11,303,529		30,965,841		4,000,879
Net asset value, offering and redemption price per share:(c)
Class A		$12.79		$14.32		$14.19
Class C		12.65		14.04		13.73
Institutional		12.75		14.75		14.17
Service		—		14.48		—
Investor		12.74		14.09		14.12
Class R6		12.74		14.74		14.21
Class R		12.58		13.91		—
Class P		12.74		14.72		14.20

(a) Includes loaned securities having a market value of $11,834,741, $24,200,465 and $48,095,182, 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 $13.53, $15.15 and $15.02, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

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

	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 $2,739,345, $2,808,194 and $3,817,990)	$	15,544,168		$	34,904,945		$	38,926,906
Securities lending income — affiliated issuer		103,009			168,059			350,904
Dividends — affiliated issuers		806			35			25
Other income		—			1,655,999			115,424
Total investment income		15,647,983			36,729,038			39,393,259
Expenses:
Management fees		9,816,732			9,055,521			11,805,120
Custody, accounting and administrative services		639,409			386,455			667,243
Transfer Agency fees(a)		479,641			613,858			724,624
Distribution and Service (12b-1) fees(a)		173,804			263,019			288,458
Printing and mailing costs		120,683			132,455			390,277
Professional fees		60,241			60,040			59,593
Registration fees		52,715			68,796			61,768
Trustee fees		10,835			11,265			11,657
Service fees — Class C		8,135			18,500			39,224
Shareholder administration fees — Service Shares		—			5,253			—
Other		113,618			37,957			43,188
Total expenses		11,475,813			10,653,119			14,091,152
Less — expense reductions		(470,001	)		(662,715	)		(1,066,930	)
Net expenses		11,005,812			9,990,404			13,024,222
NET INVESTMENT INCOME		4,642,171			26,738,634			26,369,037
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		388,700,470			261,906,485			370,178,423
Futures contracts		4,422,160			1,180,469			4,305,330
Foreign currency transactions		(951,404	)		767,579			866,118
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 $68,504, $0 and $0)		50,725,972			287,774,430			391,194,788
Futures contracts		79,651			1,538,495			2,774,341
Forward foreign currency exchange contracts		20,940			—			—
Foreign currency translation		(1,250,988	)		213,069			325,503
Net realized and unrealized gain		441,746,801			553,380,527			769,644,503
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	446,388,972		$	580,119,161		$	796,013,540

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

	Distribution and/or (12b-1) Service Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Equity Insights	$	70,629	$	24,406	$	—	$	78,769	$	45,203	$	5,207	$	219,298	$	—	$	84,127	$	80,749	$	25,206	$	19,851
International Equity Insights		178,797		55,501		5,251		23,470		114,431		11,840		209,485		841		114,862		91,438		7,510		63,451
International Small Cap Insights		170,785		117,673		—		—		109,303		25,104		376,462		—		113,533		92,598		—		7,624

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Emerging Markets Equity Insights Fund						International Equity Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020			For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	4,642,171		$	24,562,473		$	26,738,634		$	39,638,051
Net realized gain (loss)		392,171,226			(59,219,048	)		263,854,533			(138,209,793	)
Net change in unrealized gain (loss)		49,575,575			201,153,791			289,525,994			(66,737,522	)
Net increase (decrease) in net assets resulting from operations		446,388,972			166,497,216			580,119,161			(165,309,264	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(416,421	)		(1,170,011	)		(3,661,413	)		(6,053,941	)
Class C Shares		—			(56,474	)		(112,935	)		(273,424	)
Institutional Shares		(12,590,250	)		(19,988,849	)		(17,452,273	)		(30,508,959	)
Service Shares		—			—			(57,944	)		(105,545	)
Investor Shares		(1,039,734	)		(2,202,457	)		(1,748,151	)		(14,717,983	)
Class R6 Shares		(6,059,820	)		(9,800,344	)		(11,124,915	)		(15,101,395	)
Class R Shares		(214,543	)		(438,620	)		(133,553	)		(176,443	)
Class P Shares		(1,464,922	)		(2,563,795	)		(7,760,380	)		(9,256,226	)
Total distributions to shareholders		(21,785,690	)		(36,220,550	)		(42,051,564	)		(76,193,916	)
From share transactions:
Proceeds from sales of shares		238,418,762			518,724,358			371,110,451			948,110,037
Reinvestment of distributions		20,103,969			33,859,109			32,493,973			61,919,453
Cost of shares redeemed		(333,698,714	)		(749,322,930	)		(659,317,634	)		(1,585,726,253	)
Net decrease in net assets resulting from share transactions		(75,175,983	)		(196,739,463	)		(255,713,210	)		(575,696,763	)
TOTAL INCREASE (DECREASE)		349,427,299			(66,462,797	)		282,354,387			(817,199,943	)
Net Assets:
Beginning of period		1,716,133,921			1,782,596,718			2,232,104,948			3,049,304,891
End of period	$	2,065,561,220		$	1,716,133,921		$	2,514,459,335		$	2,232,104,948

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Fiscal Year Ended October 31, 2020
From operations:
Net investment income	$	26,369,037		$	36,410,663
Net realized gain (loss)		375,349,871			(209,823,674	)
Net change in unrealized gain (loss)		394,294,632			(35,926,530	)
Net increase (decrease) in net assets resulting from operations		796,013,540			(209,339,541	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,062,155	)		(5,023,326	)
Class C Shares		(217,691	)		(1,160,269	)
Institutional Shares		(34,889,859	)		(75,418,332	)
Investor Shares		(2,520,745	)		(8,589,904	)
Class R6 Shares		(10,388,113	)		(41,125,645	)
Class P Shares		(897,729	)		(2,779,660	)
Total distributions to shareholders		(50,976,292	)		(134,097,136	)
From share transactions:
Proceeds from sales of shares		323,667,321			839,452,474
Reinvestment of distributions		48,546,592			123,448,591
Cost of shares redeemed		(933,123,676	)		(1,619,152,181	)
Net decrease in net assets resulting from share transactions		(560,909,763	)		(656,251,116	)
TOTAL INCREASE (DECREASE)		184,127,485			(999,687,793	)
Net Assets:
Beginning of period		2,896,996,346			3,896,684,139
End of period	$	3,081,123,831		$	2,896,996,346

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.25		$	9.34		$	8.98		$	11.00		$	8.54		$	7.92
Net investment income(a)		0.01			0.10			0.15			0.18			0.13			0.10
Net realized and unrealized gain (loss)		2.62			0.96			0.36			(1.66	)		2.41			0.59
Total from investment operations		2.63			1.06			0.51			(1.48	)		2.54			0.69
Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.15	)		(0.12	)		(0.08	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			(0.42	)		—			—
Total distributions		(0.09	)		(0.15	)		(0.15	)		(0.54	)		(0.08	)		(0.07	)
Net asset value, end of period	$	12.79		$	10.25		$	9.34		$	8.98		$	11.00		$	8.54
Total return(b)		25.74	%		11.56	%		5.74	%		(14.11	)%		30.15	%		8.79	%
Net assets, end of period (in 000s)	$	57,403		$	52,068		$	72,886		$	82,726		$	95,930		$	50,289
Ratio of net expenses to average net assets		1.46	%(c)		1.47	%		1.48	%		1.48	%		1.52	%		1.56	%
Ratio of total expenses to average net assets		1.51	%(c)		1.53	%		1.56	%		1.54	%		1.55	%		1.63	%
Ratio of net investment income to average net assets		0.11	%(c)		1.13	%		1.61	%		1.72	%		1.36	%		1.24	%
Portfolio turnover rate(d)		93	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.10		$	9.19		$	8.83		$	10.88		$	8.45		$	7.84
Net investment income (loss)(a)		(0.04	)		0.04			0.08			0.10			0.07			0.04
Net realized and unrealized gain (loss)		2.59			0.94			0.36			(1.64	)		2.39			0.58
Total from investment operations		2.55			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 period	$	12.65		$	10.10		$	9.19		$	8.83		$	10.88		$	8.45
Total return(b)		25.25	%		10.65	%		5.09	%		(14.80	)%		29.20	%		7.97	%
Net assets, end of period (in 000s)	$	6,705		$	5,905		$	8,303		$	8,975		$	7,563		$	1,132
Ratio of net expenses to average net assets		2.21	%(c)		2.21	%		2.23	%		2.23	%		2.26	%		2.31	%
Ratio of total expenses to average net assets		2.26	%(c)		2.28	%		2.31	%		2.29	%		2.29	%		2.39	%
Ratio of net investment income (loss) to average net assets		(0.63	)%(c)		0.41	%		0.85	%		0.98	%		0.72	%		0.47	%
Portfolio turnover rate(d)		93	%		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 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.

32 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 Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.24		$	9.33		$	8.99		$	11.01		$	8.54		$	7.91
Net investment income(a)		0.03			0.14			0.19			0.19			0.17			0.13
Net realized and unrealized gain (loss)		2.61			0.96			0.35			(1.64	)		2.41			0.60
Total from investment operations		2.64			1.10			0.54			(1.45	)		2.58			0.73
Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.20	)		(0.15	)		(0.11	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—			(0.42	)		—			—
Total distributions		(0.13	)		(0.19	)		(0.20	)		(0.57	)		(0.11	)		(0.10	)
Net asset value, end of period	$	12.75		$	10.24		$	9.33		$	8.99		$	11.01		$	8.54
Total return(b)		25.97	%		11.90	%		6.18	%		(13.83	)%		30.67	%		9.35	%
Net assets, end of period (in 000s)	$	1,149,084		$	961,138		$	938,157		$	981,091		$	1,488,246		$	852,853
Ratio of net expenses to average net assets		1.09	%(c)		1.09	%		1.10	%		1.10	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.14	%(c)		1.16	%		1.18	%		1.14	%		1.15	%		1.22	%
Ratio of net investment income to average net assets		0.50	%(c)		1.53	%		2.01	%		1.84	%		1.74	%		1.70	%
Portfolio turnover rate(d)		93	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

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
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.22		$	9.32		$	8.97		$	10.99		$	8.53		$	7.91
Net investment income(b)		0.02			0.13			0.18			0.21			0.18			0.12
Net realized and unrealized gain (loss)		2.62			0.95			0.36			(1.66	)		2.38			0.59
Total from investment operations		2.64			1.08			0.54			(1.45	)		2.56			0.71
Distributions to shareholders from net investment income		(0.12	)		(0.18	)		(0.19	)		(0.15	)		(0.10	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—			(0.42	)		—			—
Total distributions		(0.12	)		(0.18	)		(0.19	)		(0.57	)		(0.10	)		(0.09	)
Net asset value, end of period	$	12.74		$	10.22		$	9.32		$	8.97		$	10.99		$	8.53
Total return(c)		25.96	%		11.76	%		6.06	%		(13.90	)%		30.47	%		9.13	%
Net assets, end of period (in 000s)	$	112,916		$	89,556		$	118,727		$	96,779		$	67,068		$	2,565
Ratio of net expenses to average net assets		1.21	%(d)		1.22	%		1.23	%		1.23	%		1.26	%		1.31	%
Ratio of total expenses to average net assets		1.26	%(d)		1.28	%		1.31	%		1.29	%		1.29	%		1.37	%
Ratio of net investment income to average net assets		0.38	%(d)		1.39	%		1.92	%		1.99	%		1.81	%		1.53	%
Portfolio turnover rate(e)		93	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS 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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.23		$	9.33		$	8.98		$	11.00		$	8.53		$	7.91
Net investment income(a)		0.03			0.14			0.17			0.29			0.19			0.10
Net realized and unrealized gain (loss)		2.61			0.95			0.38			(1.73	)		2.39			0.62
Total from investment operations		2.64			1.09			0.55			(1.44	)		2.58			0.72
Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.20	)		(0.16	)		(0.11	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—			(0.42	)		—			—
Total distributions		(0.13	)		(0.19	)		(0.20	)		(0.58	)		(0.11	)		(0.10	)
Net asset value, end of period	$	12.74		$	10.23		$	9.33		$	8.98		$	11.00		$	8.53
Total return(b)		26.00	%		11.81	%		6.32	%		(13.84	)%		30.74	%		9.27	%
Net assets, end of period (in 000s)	$	567,934		$	465,604		$	491,306		$	621,590		$	13,164		$	1,637
Ratio of net expenses to average net assets		1.08	%(c)		1.08	%		1.09	%		1.08	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.13	%(c)		1.15	%		1.17	%		1.15	%		1.13	%		1.16	%
Ratio of net investment income to average net assets		0.51	%(c)		1.53	%		1.89	%		2.78	%		1.87	%		1.26	%
Portfolio turnover rate(d)		93	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.08		$	9.20		$	8.86		$	10.87		$	8.44		$	7.84
Net investment income (loss)(a)		(0.01	)		0.08			0.12			0.15			0.10			0.08
Net realized and unrealized gain (loss)		2.58			0.95			0.36			(1.64	)		2.40			0.59
Total from investment operations		2.57			1.03			0.48			(1.49	)		2.50			0.67
Distributions to shareholders from net investment income		(0.07	)		(0.15	)		(0.14	)		(0.10	)		(0.07	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			(0.42	)		—			—
Total distributions		(0.07	)		(0.15	)		(0.14	)		(0.52	)		(0.07	)		(0.07	)
Net asset value, end of period	$	12.58		$	10.08		$	9.20		$	8.86		$	10.87		$	8.44
Total return(b)		25.62	%		11.19	%		5.52	%		(14.34	)%		29.86	%		8.57	%
Net assets, end of period (in 000s)	$	27,475		$	29,635		$	27,790		$	20,852		$	19,243		$	9,363
Ratio of net expenses to average net assets		1.71	%(c)		1.72	%		1.73	%		1.73	%		1.77	%		1.81	%
Ratio of total expenses to average net assets		1.76	%(c)		1.78	%		1.82	%		1.79	%		1.79	%		1.88	%
Ratio of net investment income (loss) to average net assets		(0.15	)%(c)		0.91	%		1.27	%		1.46	%		1.06	%		1.01	%
Portfolio turnover rate(d)		93	%		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 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.

36 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 Period

	Goldman Sachs Emerging Markets Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.23		$	9.33		$	8.98		$	10.84
Net investment income(a)		0.03			0.14			0.18			0.18
Net realized and unrealized gain (loss)		2.61			0.95			0.37			(2.04	)
Total from investment operations		2.64			1.09			0.55			(1.86	)
Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.20	)		—
Net asset value, end of period	$	12.74		$	10.23		$	9.33		$	8.98
Total return(b)		26.00	%		11.80	%		6.33	%		(17.16	)%
Net assets, end of period (in 000s)	$	144,044		$	112,229		$	125,429		$	130,763
Ratio of net expenses to average net assets		1.08	%(c)		1.08	%		1.09	%		1.08	%(c)
Ratio of total expenses to average net assets		1.13	%(c)		1.15	%		1.17	%		1.17	%(c)
Ratio of net investment income to average net assets		0.51	%(c)		1.48	%		1.96	%		3.36	%(c)
Portfolio turnover rate(d)		93	%		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.

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

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.40		$	12.46		$	11.88		$	13.19		$	10.53		$	10.54
Net investment income(a)		0.09			0.14			0.23			0.23			0.18			0.18
Net realized and unrealized gain (loss)		3.04			(0.92	)		0.52			(1.36	)		2.71			(0.08	)
Total from investment operations		3.13			(0.78	)		0.75			(1.13	)		2.89			0.10
Distributions to shareholders from net investment income		(0.21	)		(0.28	)		(0.17	)		(0.18	)		(0.23	)		(0.11	)
Net asset value, end of period	$	14.32		$	11.40		$	12.46		$	11.88		$	13.19		$	10.53
Total return(b)		27.58	%		(6.44	)%		6.58	%		(8.71	)%		28.07	%		0.97	%
Net assets, end of period (in 000s)	$	108,676		$	204,087		$	237,898		$	184,222		$	138,267		$	104,736
Ratio of net expenses to average net assets		1.17	%(c)		1.17	%		1.16	%		1.14	%		1.21	%		1.25	%
Ratio of total expenses to average net assets		1.22	%(c)		1.23	%		1.24	%		1.26	%		1.35	%		1.39	%
Ratio of net investment income to average net assets		1.31	%(c)		1.22	%		1.97	%		1.76	%		1.54	%		1.77	%
Portfolio turnover rate(d)		78	%		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 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.

38 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 Period

	Goldman Sachs International Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.13		$	12.13		$	11.56		$	12.91		$	10.32		$	10.36
Net investment income(a)		0.07			0.05			0.14			0.14			0.09			0.10
Net realized and unrealized gain (loss)		2.94			(0.90	)		0.52			(1.34	)		2.66			(0.08	)
Total from investment operations		3.01			(0.85	)		0.66			(1.20	)		2.75			0.02
Distributions to shareholders from net investment income		(0.10	)		(0.15	)		(0.09	)		(0.15	)		(0.16	)		(0.06	)
Net asset value, end of period	$	14.04		$	11.13		$	12.13		$	11.56		$	12.91		$	10.32
Total return(b)		27.09	%		(7.08	)%		5.79	%		(9.45	)%		27.11	%		0.22	%
Net assets, end of period (in 000s)	$	14,681		$	13,484		$	22,427		$	32,338		$	14,886		$	6,164
Ratio of net expenses to average net assets		1.92	%(c)		1.92	%		1.91	%		1.89	%		1.95	%		2.00	%
Ratio of total expenses to average net assets		1.97	%(c)		1.98	%		1.99	%		2.01	%		2.09	%		2.14	%
Ratio of net investment income to average net assets		1.00	%(c)		0.42	%		1.25	%		1.11	%		0.79	%		1.02	%
Portfolio turnover rate(d)		78	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.76		$	12.83		$	12.22		$	13.57		$	10.82		$	10.83
Net investment income(a)		0.16			0.18			0.29			0.28			0.23			0.24
Net realized and unrealized gain (loss)		3.09			(0.93	)		0.54			(1.41	)		2.79			(0.10	)
Total from investment operations		3.25			(0.75	)		0.83			(1.13	)		3.02			0.14
Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.15	)
Net asset value, end of period	$	14.75		$	11.76		$	12.83		$	12.22		$	13.57		$	10.82
Total return(b)		27.77	%		(6.07	)%		7.07	%		(8.48	)%		28.57	%		1.34	%
Net assets, end of period (in 000s)	$	1,160,675		$	810,510		$	1,256,782		$	1,323,745		$	1,012,010		$	500,930
Ratio of net expenses to average net assets		0.80	%(c)		0.79	%		0.79	%		0.81	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.87	%		0.94	%		0.99	%
Ratio of net investment income to average net assets		2.29	%(c)		1.54	%		2.41	%		2.08	%		1.92	%		2.25	%
Portfolio turnover rate(d)		78	%		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 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.

40 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 Period

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.52		$	12.57		$	11.98		$	13.32		$	10.63		$	10.64
Net investment income(a)		0.12			0.12			0.23			0.21			0.18			0.17
Net realized and unrealized gain (loss)		3.03			(0.91	)		0.52			(1.38	)		2.73			(0.08	)
Total from investment operations		3.15			(0.79	)		0.75			(1.17	)		2.91			0.09
Distributions to shareholders from net investment income		(0.19	)		(0.26	)		(0.16	)		(0.17	)		(0.22	)		(0.10	)
Net asset value, end of period	$	14.48		$	11.52		$	12.57		$	11.98		$	13.32		$	10.63
Total return(b)		27.47	%		(6.50	)%		6.45	%		(8.92	)%		27.89	%		0.87	%
Net assets, end of period (in 000s)	$	4,807		$	3,675		$	5,386		$	4,538		$	4,073		$	1,898
Ratio of net expenses to average net assets		1.30	%(c)		1.29	%		1.29	%		1.31	%		1.35	%		1.35	%
Ratio of total expenses to average net assets		1.35	%(c)		1.35	%		1.35	%		1.37	%		1.45	%		1.49	%
Ratio of net investment income to average net assets		1.75	%(c)		1.03	%		1.93	%		1.57	%		1.51	%		1.60	%
Portfolio turnover rate(d)		78	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.19		$	12.23		$	11.67		$	12.97		$	10.36		$	10.38
Net investment income(b)		0.11			0.16			0.27			0.27			0.23			0.17
Net realized and unrealized gain (loss)		2.98			(0.89	)		0.50			(1.35	)		2.64			(0.05	)
Total from investment operations		3.09			(0.73	)		0.77			(1.08	)		2.87			0.12
Distributions to shareholders from net investment income		(0.19	)		(0.31	)		(0.21	)		(0.22	)		(0.26	)		(0.14	)
Net asset value, end of period	$	14.09		$	11.19		$	12.23		$	11.67		$	12.97		$	10.36
Total return(c)		27.73	%		(6.21	)%		6.90	%		(8.52	)%		28.44	%		1.22	%
Net assets, end of period (in 000s)	$	110,254		$	311,446		$	549,732		$	393,993		$	147,186		$	6,639
Ratio of net expenses to average net assets		0.92	%(d)		0.92	%		0.91	%		0.89	%		0.94	%		1.00	%
Ratio of total expenses to average net assets		0.97	%(d)		0.98	%		0.99	%		1.01	%		1.07	%		1.14	%
Ratio of net investment income to average net assets		1.66	%(d)		1.42	%		2.29	%		2.09	%		1.87	%		1.65	%
Portfolio turnover rate(e)		78	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.75		$	12.82		$	12.22		$	13.56		$	10.82		$	10.83
Net investment income(a)		0.16			0.19			0.30			0.33			0.23			0.14
Net realized and unrealized gain (loss)		3.09			(0.94	)		0.52			(1.45	)		2.78			0.01
Total from investment operations		3.25			(0.75	)		0.82			(1.12	)		3.01			0.15
Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.22	)		(0.22	)		(0.27	)		(0.16	)
Net asset value, end of period	$	14.74		$	11.75		$	12.82		$	12.22		$	13.56		$	10.82
Total return(b)		27.81	%		(6.06	)%		7.10	%		(8.48	)%		28.51	%		1.37	%
Net assets, end of period (in 000s)	$	650,077		$	522,707		$	595,264		$	415,327		$	80,686		$	46,707
Ratio of net expenses to average net assets		0.79	%(c)		0.78	%		0.78	%		0.79	%		0.83	%		0.83	%
Ratio of total expenses to average net assets		0.84	%(c)		0.84	%		0.84	%		0.86	%		0.93	%		0.96	%
Ratio of net investment income to average net assets		2.23	%(c)		1.61	%		2.49	%		2.45	%		1.96	%		1.32	%
Portfolio turnover rate(d)		78	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

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 R Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.08		$	12.10		$	11.54		$	12.85		$	10.29		$	10.34
Net investment income(a)		0.10			0.11			0.21			0.19			0.16			0.13
Net realized and unrealized gain (loss)		2.91			(0.89	)		0.50			(1.33	)		2.64			(0.06	)
Total from investment operations		3.01			(0.78	)		0.71			(1.14	)		2.80			0.07
Distributions to shareholders from net investment income		(0.18	)		(0.24	)		(0.15	)		(0.17	)		(0.24	)		(0.12	)
Net asset value, end of period	$	13.91		$	11.08		$	12.10		$	11.54		$	12.85		$	10.29
Total return(b)		27.43	%		(6.69	)%		6.36	%		(9.01	)%		27.81	%		0.67	%
Net assets, end of period (in 000s)	$	9,326		$	8,321		$	9,281		$	7,548		$	7,071		$	2,152
Ratio of net expenses to average net assets		1.42	%(c)		1.42	%		1.41	%		1.40	%		1.45	%		1.50	%
Ratio of total expenses to average net assets		1.47	%(c)		1.48	%		1.49	%		1.51	%		1.59	%		1.64	%
Ratio of net investment income to average net assets		1.50	%(c)		0.99	%		1.79	%		1.49	%		1.39	%		1.28	%
Portfolio turnover rate(d)		78	%		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 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.

44 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 Period

	Goldman Sachs International Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	11.74		$	12.81		$	12.21		$	13.79
Net investment income(a)		0.16			0.19			0.30			0.12
Net realized and unrealized gain (loss)		3.08			(0.94	)		0.52			(1.70	)
Total from investment operations		3.24			(0.75	)		0.82			(1.58	)
Distributions to shareholders from net investment income		(0.26	)		(0.32	)		(0.22	)		—
Net asset value, end of period	$	14.72		$	11.74		$	12.81		$	12.21
Total return(b)		27.75	%		(6.06	)%		7.03	%		(11.46	)%
Net assets, end of period (in 000s)	$	455,963		$	357,875		$	372,536		$	245,618
Ratio of net expenses to average net assets		0.79	%(c)		0.78	%		0.78	%		0.78	%(c)
Ratio of total expenses to average net assets		0.84	%(c)		0.84	%		0.84	%		0.87	%(c)
Ratio of net investment income to average net assets		2.24	%(c)		1.62	%		2.43	%		1.65	%(c)
Portfolio turnover rate(d)		78	%		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.

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

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 A Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.96		$	11.77		$	11.16		$	13.39		$	10.71		$	10.42
Net investment income(a)		0.10			0.08			0.17			0.17			0.14			0.16
Net realized and unrealized gain (loss)		3.32			(0.52	)		0.55			(1.39	)		2.79			0.27
Total from investment operations		3.42			(0.44	)		0.72			(1.22	)		2.93			0.43
Distributions to shareholders from net investment income		(0.19	)		(0.37	)		(0.11	)		(0.18	)		(0.25	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			—			(0.83	)		—			—
Total distributions		(0.19	)		(0.37	)		(0.11	)		(1.01	)		(0.25	)		(0.14	)
Net asset value, end of period	$	14.19		$	10.96		$	11.77		$	11.16		$	13.39		$	10.71
Total return(b)		31.45	%		(3.98	)%		6.68	%		(9.88	)%		28.01	%		4.17	%
Net assets, end of period (in 000s)	$	142,879		$	120,602		$	163,427		$	193,465		$	211,268		$	242,383
Ratio of net expenses to average net assets		1.24	%(c)		1.25	%		1.26	%		1.26	%		1.29	%		1.30	%
Ratio of total expenses to average net assets		1.32	%(c)		1.31	%		1.33	%		1.31	%		1.34	%		1.39	%
Ratio of net investment income to average net assets		1.48	%(c)		0.76	%		1.52	%		1.34	%		1.18	%		1.55	%
Portfolio turnover rate(d)		80	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS 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 C Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.56		$	11.34		$	10.73		$	12.95		$	10.35		$	10.11
Net investment income (loss)(a)		0.04			—	(b)		0.09			0.08			0.07			0.08
Net realized and unrealized gain (loss)		3.21			(0.51	)		0.54			(1.35	)		2.70			0.25
Total from investment operations		3.25			(0.51	)		0.63			(1.27	)		2.77			0.33
Distributions to shareholders from net investment income		(0.08	)		(0.27	)		(0.02	)		(0.12	)		(0.17	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—			(0.83	)		—			—
Total distributions		(0.08	)		(0.27	)		(0.02	)		(0.95	)		(0.17	)		(0.09	)
Net asset value, end of period	$	13.73		$	10.56		$	11.34		$	10.73		$	12.95		$	10.35
Total return(c)		30.91	%		(4.71	)%		5.94	%		(10.59	)%		27.20	%		3.27	%
Net assets, end of period (in 000s)	$	32,107		$	29,190		$	51,728		$	68,767		$	65,194		$	44,643
Ratio of net expenses to average net assets		1.99	%(d)		2.00	%		2.01	%		2.01	%		2.04	%		2.05	%
Ratio of total expenses to average net assets		2.07	%(d)		2.06	%		2.08	%		2.06	%		2.09	%		2.14	%
Ratio of net investment income (loss) to average net assets		0.71	%(d)		(0.01	)%		0.82	%		0.61	%		0.60	%		0.83	%
Portfolio turnover rate(e)		80	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.97		$	11.78		$	11.19		$	13.42		$	10.73		$	10.44
Net investment income(a)		0.12			0.12			0.22			0.21			0.21			0.21
Net realized and unrealized gain (loss)		3.32			(0.52	)		0.54			(1.38	)		2.77			0.26
Total from investment operations		3.44			(0.40	)		0.76			(1.17	)		2.98			0.47
Distributions to shareholders from net investment income		(0.24	)		(0.41	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			—			(0.83	)		—			—
Total distributions		(0.24	)		(0.41	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)
Net asset value, end of period	$	14.17		$	10.97		$	11.78		$	11.19		$	13.42		$	10.73
Total return(b)		31.62	%		(3.61	)%		7.10	%		(9.53	)%		28.59	%		4.50	%
Net assets, end of period (in 000s)	$	2,103,456		$	1,608,195		$	2,134,382		$	2,250,288		$	1,796,887		$	1,118,478
Ratio of net expenses to average net assets		0.88	%(c)		0.87	%		0.87	%		0.87	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		0.95	%(c)		0.93	%		0.95	%		0.92	%		0.94	%		0.98	%
Ratio of net investment income to average net assets		1.92	%(c)		1.13	%		1.96	%		1.67	%		1.77	%		1.98	%
Portfolio turnover rate(d)		80	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Small Cap Insights Fund
	Investor Shares(a)
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.92		$	11.72		$	11.12		$	13.36		$	10.68		$	10.40
Net investment income(b)		0.11			0.10			0.19			0.21			0.21			0.19
Net realized and unrealized gain (loss)		3.31			(0.51	)		0.56			(1.40	)		2.75			0.26
Total from investment operations		3.42			(0.41	)		0.75			(1.19	)		2.96			0.45
Distributions to shareholders from net investment income		(0.22	)		(0.39	)		(0.15	)		(0.22	)		(0.28	)		(0.17	)
Distributions to shareholders from net realized gains		—			—			—			(0.83	)		—			—
Total distributions		(0.22	)		(0.39	)		(0.15	)		(1.05	)		(0.28	)		(0.17	)
Net asset value, end of period	$	14.12		$	10.92		$	11.72		$	11.12		$	13.36		$	10.68
Total return(c)		31.57	%		(3.72	)%		7.01	%		(9.72	)%		28.48	%		4.33	%
Net assets, end of period (in 000s)	$	145,120		$	131,558		$	274,079		$	532,484		$	344,700		$	99,365
Ratio of net expenses to average net assets		0.99	%(d)		1.00	%		1.01	%		1.01	%		1.04	%		1.05	%
Ratio of total expenses to average net assets		1.07	%(d)		1.06	%		1.08	%		1.06	%		1.09	%		1.13	%
Ratio of net investment income to average net assets		1.71	%(d)		0.95	%		1.74	%		1.68	%		1.76	%		1.83	%
Portfolio turnover rate(e)		80	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

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 R6 Shares
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.99		$	11.80		$	11.21		$	13.45		$	10.75		$	10.44
Net investment income(a)		0.11			0.13			0.22			0.22			0.20			0.26
Net realized and unrealized gain (loss)		3.34			(0.52	)		0.54			(1.40	)		2.79			0.23
Total from investment operations		3.45			(0.39	)		0.76			(1.18	)		2.99			0.49
Distributions to shareholders from net investment income		(0.23	)		(0.42	)		(0.17	)		(0.23	)		(0.29	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			—			(0.83	)		—			—
Total distributions		(0.23	)		(0.42	)		(0.17	)		(1.06	)		(0.29	)		(0.18	)
Net asset value, end of period	$	14.21		$	10.99		$	11.80		$	11.21		$	13.45		$	10.75
Total return(b)		31.63	%		(3.60	)%		7.11	%		(9.57	)%		28.67	%		4.72	%
Net assets, end of period (in 000s)	$	600,731		$	963,821		$	1,192,142		$	1,076,035		$	116,788		$	18,566
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.86	%		0.85	%		0.88	%		0.88	%
Ratio of total expenses to average net assets		0.94	%(c)		0.92	%		0.94	%		0.92	%		0.92	%		0.97	%
Ratio of net investment income to average net assets		1.74	%(c)		1.19	%		2.01	%		1.72	%		1.58	%		2.39	%
Portfolio turnover rate(d)		80	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS 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
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,						April 16, 2018* to October 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.99		$	11.80		$	11.21		$	13.08
Net investment income(a)		0.12			0.12			0.22			0.08
Net realized and unrealized gain (loss)		3.33			(0.51	)		0.54			(1.95	)
Total from investment operations		3.45			(0.39	)		0.76			(1.87	)
Distributions to shareholders from net investment income		(0.24	)		(0.42	)		(0.17	)		—
Net asset value, end of period	$	14.20		$	10.99		$	11.80		$	11.21
Total return(b)		31.66	%		(3.60	)%		7.11	%		(14.30	)%
Net assets, end of period (in 000s)	$	56,830		$	43,631		$	80,926		$	90,943
Ratio of net expenses to average net assets		0.87	%(c)		0.86	%		0.86	%		0.85	%(c)
Ratio of total expenses to average net assets		0.94	%(c)		0.92	%		0.94	%		0.93	%(c)
Ratio of net investment income to average net assets		1.93	%(c)		1.08	%		1.96	%		1.20	%(c)
Portfolio turnover rate(d)		80	%		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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Emerging Markets Equity Insights	A, C, Institutional, Investor, R6, R and P	Non-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. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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

52

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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.

53

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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

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

54

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 April 30, 2021:

EMERGING MARKETS EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	7,809,498	$	49,200,422	$	—
Asia		213,344,968		1,530,634,805		2,071,282
Europe		2,564,023		23,805,493		—
North America		32,974,653		—		—
South America		137,364,953		10,415,357		—
Securities Lending Reinvestment Vehicle		12,805,362		—		—
Total	$	406,863,457	$	1,614,056,077	$	2,071,282
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—	$	20,940	$	—
Futures Contracts		111,920		—		—
Total	$	111,920	$	20,940	$	—

(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 period end.

55

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	28,103,574	$	—
Asia		774,874			842,094,830		—
Australia and Oceania		31,026,741			172,043,199		—
Europe		27,390,383			1,324,457,751		—
North America		—			5,920,471		—
Securities Lending Reinvestment Vehicle		25,382,550			—		—
Total	$	84,574,548		$	2,372,619,825	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,548,461		$	—	$	—
Liabilities(b)
Futures Contracts	$	(28,387	)	$	—	$	—
INTERNATIONAL SMALL CAP INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	19,094,174		$	1,057,950,908	$	—
Australia and Oceania		—			225,173,697		—
Europe		124,123,404			1,532,805,250		—
North America		—			9,101,780		—
Securities Lending Reinvestment Vehicle		51,866,246			—		—
Total	$	195,083,824		$	2,825,031,635	$	—
Derivative Type
Assets(b)
Futures Contracts	$	928,703		$	—	$	—
Liabilities(b)
Futures Contracts	$	(23,158	)	$	—	$	—

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

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

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

56

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

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 April 30, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Emerging Markets Equity Insights
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	20,940		—	$	—
Equity	Variation margin on futures contracts		111,920	(a)	—		—
Total		$	132,860			$	—

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
International Equity Insights	Equity	Variation margin on futures contracts	$	1,548,461	Variation margin on futures contracts	$	(28,387)
International Small Cap Insights	Equity	Variation margin on futures contracts		928,703	Variation margin on futures contracts		(23,158)

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

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Emerging Markets Equity Insights	Currency	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on forward contracts	$	—	$	20,940
	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		4,422,160		79,651
Total			$	4,422,160	$	100,591

57

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	1,180,469	$	1,538,495
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		4,305,330		2,774,341

For the six months ended April 30, 2021, the relevant values for each derivative type were as follows:

	Average Number of Contracts or Notional Amounts (1)
Fund	Futures Contracts		Forward Contracts
Emerging Markets Equity Insights		316	$	162,215
International Equity Insights		326		—
International Small Cap Insights		507		—

(1) Amounts disclosed represent average number of contracts for futures or notional amounts for forward contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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 six months ended April 30, 2021, GSAM waived $1,234, $63 and $99 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

58

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service 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 six months ended April 30, 2021, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	2,409	$	—
International Equity Insights		2,345		—
International Small Cap Insights		3,088		—

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.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 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, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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

Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	1,234	$	468,767	$	470,001
International Equity Insights		63		662,652		662,715
International Small Cap Insights		99		1,066,831		1,066,930

G.  Line of Credit Facility — As of April 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

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

Fund	Beginning Value as of October 31, 2021	Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2021		Shares as of April 30, 2021		Dividend Income
Emerging Markets Equity Insights	$        —	$	199,942,685	$	(199,942,685	)	$	—		—	$	806
International Equity Insights	—		36,374,752		(36,374,752	)		—		—		35
International Small Cap Insights	—		13,338,316		(13,338,316	)		—		—		25

As of April 30, 2021, the Goldman Sachs Tax-Advantaged Global 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 six months ended April 30, 2021, were as follows:

Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	1,770,445,841	$	1,894,557,129
International Equity Insights		1,805,938,557		2,125,603,764
International Small Cap Insights		2,212,365,835		2,821,207,091

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 April 30, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2021, are reported under Investment Income on the Statements of Operations.

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

	For the six months ended April 30, 2021				Amount Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	11,327	$	3,757	$	3,138,162
International Equity Insights		18,301		132		—
International Small Cap Insights		38,709		8,166		—

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

Fund	Beginning Value as of October 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2021
Emerging Markets Equity Insights	$	500,400	$	51,353,337	$	(39,048,375	)	$	12,805,362
International Equity Insights		25,795,600		198,343,269		(198,756,319	)		25,382,550
International Small Cap Insights		29,274,156		195,842,552		(173,250,462	)		51,866,246

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2020, the Funds’ capital loss carryforwards on a tax-basis were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
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	)

As of April 30, 2021, 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	$	1,625,529,355		$	2,069,738,938		$	2,480,342,879
Gross unrealized gain		444,677,848			431,079,644			617,392,955
Gross unrealized loss		(47,216,387	)		(43,624,209	)		(77,620,375	)
Net unrealized gain	$	397,461,461		$	387,455,435		$	539,772,580

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

8. TAX INFORMATION (continued)

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 invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

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.

Non-Diversification Risk — Emerging Markets Equity 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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		690,995		$	8,393,721			1,401,438		$	12,758,250
Reinvestment of distributions		36,210			415,329			118,920			1,159,472
Shares redeemed		(1,320,163	)		(15,832,683	)		(4,245,371	)		(38,963,400	)
		(592,958	)		(7,023,633	)		(2,725,013	)		(25,045,678	)
Class C Shares
Shares sold		27,279			333,399			48,145			455,875
Reinvestment of distributions		—			—			5,799			56,079
Shares redeemed		(82,157	)		(967,681	)		(372,569	)		(3,394,246	)
		(54,878	)		(634,282	)		(318,625	)		(2,882,292	)
Institutional Shares
Shares sold		12,396,267			149,590,212			38,269,703			338,251,447
Reinvestment of distributions		1,005,185			11,479,207			1,872,307			18,180,104
Shares redeemed		(17,165,907	)		(213,528,153	)		(46,792,105	)		(409,780,368	)
		(3,764,455	)		(52,458,734	)		(6,650,095	)		(53,348,817	)
Investor Shares
Shares sold		1,359,481			16,490,099			2,339,668			20,910,745
Reinvestment of distributions		90,785			1,036,768			226,625			2,198,257
Shares redeemed		(1,347,576	)		(16,340,487	)		(6,550,280	)		(57,883,865	)
		102,690			1,186,380			(3,983,987	)		(34,774,863	)
Class R6 Shares
Shares sold		4,278,388			52,272,225			11,869,424			108,770,757
Reinvestment of distributions		481,438			5,493,200			954,926			9,262,782
Shares redeemed		(5,696,574	)		(68,418,167	)		(19,995,919	)		(178,540,794	)
		(936,748	)		(10,652,742	)		(7,171,569	)		(60,507,255	)
Class R Shares
Shares sold		314,053			3,792,630			673,190			5,988,282
Reinvestment of distributions		19,003			214,543			45,642			438,620
Shares redeemed		(1,089,172	)		(13,817,284	)		(798,602	)		(7,249,768	)
		(756,116	)		(9,810,111	)		(79,770	)		(822,866	)
Class P Shares
Shares sold		616,680			7,546,476			3,768,611			31,589,002
Reinvestment of distributions		128,389			1,464,922			264,309			2,563,795
Shares redeemed		(409,894	)		(4,794,259	)		(6,512,741	)		(53,510,489	)
		335,175			4,217,139			(2,479,821	)		(19,357,692	)
NET DECREASE		(5,667,290	)	$	(75,175,983	)		(23,408,880	)	$	(196,739,463	)

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Notes to Financial Statements (continued)

April 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		910,950		$	12,151,029			7,926,994		$	89,401,590
Reinvestment of distributions		250,858			3,336,409			440,242			5,547,046
Shares redeemed		(11,468,773	)		(151,869,976	)		(9,566,000	)		(103,652,103	)
		(10,306,965	)		(136,382,538	)		(1,198,764	)		(8,703,467	)
Class C Shares
Shares sold		49,332			655,617			143,956			1,656,858
Reinvestment of distributions		7,365			96,259			19,114			236,629
Shares redeemed		(222,427	)		(2,947,365	)		(800,332	)		(8,829,816	)
		(165,730	)		(2,195,489	)		(637,262	)		(6,936,329	)
Institutional Shares
Shares sold		19,610,606			271,935,957			23,320,158			271,120,005
Reinvestment of distributions		695,950			9,520,592			1,453,083			18,817,424
Shares redeemed		(10,540,309	)		(148,236,512	)		(53,834,133	)		(629,253,649	)
		9,766,247			133,220,037			(29,060,892	)		(339,316,220	)
Service Shares
Shares sold		61,469			871,458			48,006			557,250
Reinvestment of distributions		4,118			55,392			7,944			101,205
Shares redeemed		(52,635	)		(712,981	)		(165,325	)		(1,972,728	)
		12,952			213,869			(109,375	)		(1,314,273	)
Investor Shares
Shares sold		924,506			11,768,203			18,708,329			204,405,376
Reinvestment of distributions		133,646			1,748,099			1,192,705			14,717,983
Shares redeemed		(21,065,445	)		(265,755,555	)		(37,036,531	)		(417,050,165	)
		(20,007,293	)		(252,239,253	)		(17,135,497	)		(197,926,806	)
Class R6 Shares
Shares sold		3,749,943			52,382,139			12,481,283			149,814,870
Reinvestment of distributions		720,183			9,844,905			1,011,031			13,082,737
Shares redeemed		(4,846,001	)		(66,693,466	)		(15,450,179	)		(185,491,737	)
		(375,875	)		(4,466,422	)		(1,957,865	)		(22,594,130	)
Class R Shares
Shares sold		55,460			730,716			264,386			2,684,056
Reinvestment of distributions		10,204			131,937			13,067			160,204
Shares redeemed		(146,694	)		(1,939,614	)		(293,188	)		(3,307,807	)
		(81,030	)		(1,076,961	)		(15,735	)		(463,547	)
Class P Shares
Shares sold		1,450,543			20,615,332			22,761,785			228,470,032
Reinvestment of distributions		568,110			7,760,380			715,872			9,256,225
Shares redeemed		(1,536,170	)		(21,162,165	)		(22,083,845	)		(236,168,248	)
		482,483			7,213,547			1,393,812			1,558,009
NET DECREASE		(20,675,211	)	$	(255,713,210	)		(48,721,578	)	$	(575,696,763	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2021 (Unaudited)						For the Fiscal Year Ended October 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		945,297		$	12,203,299			2,509,564		$	25,278,690
Reinvestment of distributions		150,353			1,874,899			391,583			4,659,839
Shares redeemed		(2,026,813	)		(26,366,763	)		(5,785,416	)		(59,662,985	)
		(931,163	)		(12,288,565	)		(2,884,269	)		(29,724,456	)
Class C Shares
Shares sold		37,260			458,291			67,454			728,845
Reinvestment of distributions		17,735			214,601			96,844			1,117,582
Shares redeemed		(480,821	)		(5,973,335	)		(1,963,466	)		(20,056,232	)
		(425,826	)		(5,300,443	)		(1,799,168	)		(18,209,805	)
Institutional Shares
Shares sold		18,137,793			236,367,002			54,461,158			554,649,638
Reinvestment of distributions		2,655,507			33,034,503			5,638,318			66,926,830
Shares redeemed		(18,978,466	)		(243,539,452	)		(94,722,054	)		(932,342,859	)
		1,814,834			25,862,053			(34,622,578	)		(310,766,391	)
Investor Shares
Shares sold		798,357			10,294,300			1,891,399			19,680,694
Reinvestment of distributions		203,421			2,520,386			726,038			8,589,026
Shares redeemed		(2,771,370	)		(35,579,992	)		(13,956,319	)		(145,994,812	)
		(1,769,592	)		(22,765,306	)		(11,338,882	)		(117,725,092	)
Class R6 Shares
Shares sold		4,669,063			60,803,929			22,721,529			235,744,909
Reinvestment of distributions		802,927			10,004,474			3,311,662			39,375,654
Shares redeemed		(50,847,539	)		(617,737,538	)		(39,367,794	)		(427,706,335	)
		(45,375,549	)		(546,929,135	)		(13,334,603	)		(152,585,772	)
Class P Shares
Shares sold		271,468			3,540,500			294,571			3,369,698
Reinvestment of distributions		72,049			897,729			233,781			2,779,660
Shares redeemed		(311,039	)		(3,926,596	)		(3,416,736	)		(33,388,958	)
		32,478			511,633			(2,888,384	)		(27,239,600	)
NET DECREASE		(46,654,818	)	$	(560,909,763	)		(66,867,884	)	$	(656,251,116	)

67

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of Goldman Sachs Trust (“GST”) was held on January 8, 2021. At the Meeting, the shareholders of the Goldman Sachs Emerging Markets Equity Insights Fund approved a change to the Fund’s sub-classification under the Act from “diversified” to “non-diversified.” The Trust’s shareholders voted as follows:

Proposal 1. To approve a change to each respective Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate any related fundamental investment restriction for each respective Fund.	For		Against		Abstain
Emerging Market Equity Insights Fund		89,845,427.283		3,294,805.500		675,070.372

68

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

69

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 01, 2020 through April 30, 2021, which represents a period of 181 days of a 365 day year.

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

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

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

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*		Beginning Account Value 11/01/2020		Ending Account Value 04/30/2021			Expenses Paid for the 6 Months Ended 04/30/2021*
Class A
Actual	$	1,000	$	1,257.40		$	8.17	$	1,000	$	1,275.80		$	6.60	$	1,000	$	1,314.50		$	7.17
Hypothetical 5% return		1,000		1,017.55	+		7.30		1,000		1,018.99	+		5.86		1,000		1,018.60	+		6.26
Class C
Actual		1,000		1,252.50			12.34		1,000		1,270.90			10.81		1,000		1,309.10			11.39
Hypothetical 5% return		1,000		1,013.84	+		11.04		1,000		1,015.27	+		9.59		1,000		1,014.93	+		9.94
Institutional
Actual		1,000		1,259.70			6.11		1,000		1,277.70			4.52		1,000		1,316.20			5.05
Hypothetical 5% return		1,000		1,019.39	+		5.46		1,000		1,020.83	+		4.01		1,000		1,020.43	+		4.41
Service
Actual		N/A		N/A			N/A		1,000		1,274.70			7.33		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.35	+		6.51		N/A		N/A			N/A
Investor
Actual		1,000		1,259.60			6.78		1,000		1,277.30			5.19		1,000		1,315.70			5.74
Hypothetical 5% return		1,000		1,018.79	+		6.06		1,000		1,020.23	+		4.61		1,000		1,019.84	+		5.01
Class R6
Actual		1,000		1,260.00			6.05		1,000		1,278.10			4.46		1,000		1,316.30			5.00
Hypothetical 5% return		1,000		1,019.44	+		5.41		1,000		1,020.88	+		3.96		1,000		1,020.48	+		4.36
Class R
Actual		1,000		1,256.20			9.57		1,000		1,274.30			8.01		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.31	+		8.55		1,000		1,017.75	+		7.10		N/A		N/A			N/A
Class P
Actual		1,000		1,260.00			6.05		1,000		1,277.50			4.46		1,000		1,316.60			5.00
Hypothetical 5% return		1,000		1,019.44	+		5.41		1,000		1,020.88	+		3.96		1,000		1,020.48	+		4.36

+ 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 April 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Equity Insights		1.46	%		2.21	%		1.09	%		N/A	%		1.21	%		1.08	%		1.71	%		1.08	%
International Equity Insights		1.17			1.92			0.80			1.30			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

70

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.00 trillion in assets under supervision as of March 31, 2021, 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 Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁴

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁵

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁵  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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

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

Visit our 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).

© 2021 Goldman Sachs. All rights reserved. 242255-OTU-1432622 INTINSSAR-21

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is 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:	July 2, 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:	July 2, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	July 2, 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: July 2, 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: July 2, 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 April 30, 2021 (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
July 2, 2021	July 2, 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.