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)

Copies to:

Caroline Kraus, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(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, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds Semi-Annual Report April 30, 2023 Dividend Focus Funds Income Builder Rising Dividend Growth

Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS

Market Review	1
Fund Basics	6
Schedules of Investments	12
Financial Statements	36
Financial Highlights	39
Income Builder	39
Rising Dividend Growth	45
Notes to Financial Statements	52
Other Information	72

NOT  FDIC-INSURED   May Lose Value   No Bank Guarantee  

MARKET REVIEW

Dividend Focus Funds

The following are highlights both of key factors affecting the global capital markets broadly and the U.S. equity and energy MLP markets more specifically as well as of any key changes made to the Goldman Sachs Dividend Focus Funds (the “Funds”) during the six months ended April 30, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended October 31, 2023.

Market and Economic Review

Global Capital Markets

∎ Overall, the global capital markets posted gains during the Reporting Period.

∎ The MSCI World Index (net), representing developed markets equities, returned 12.26%. Emerging markets equities, as represented by the MSCI Emerging Markets Index (net), returned 16.36%.

∎ The Bloomberg U.S. Aggregate Bond Index, representing U.S. bonds of investment grade quality or better, returned 6.91%. U.S. high yield corporate bonds, as represented by the ICE BofAML BB to B US High Yield Constrained Index, returned 5.84% for the Reporting Period.

∎ As the Reporting Period began in November 2022, global equities performed strongly, with investors focused on improving inflationary indicators around the world. Within U.S. fixed income, high yield corporate bonds gained on the back of softer U.S. inflation, anticipation of a slower pace of Federal Reserve (“Fed”) tightening, better than consensus expected corporate earnings, and solid market technicals (that is, supply and demand).

∎ Early in November, the Fed raised the targeted federal funds rate. Broad messaging from policymakers suggested a strong preference to slow the pace of interest rate hikes so they could evaluate the impact of the significant tightening during 2022 year to date.

∎ Elsewhere, the European Central Bank (“ECB “) and the Bank of England (“BoE”) delivered interest rates hikes, with policymakers signaling they expected future action to be data dependent.

∎ In December 2022, developed markets equities were rather muted but still positive, while emerging markets equities fell modestly. Within fixed income, U.S. high yield corporate bonds advanced early in the month driven by slowing U.S. inflation but then surrendered their gains as risk aversion increased, fueled by interest rate volatility and investor concerns around a potential U.S. recession.

∎ Inflation remained top of mind for investors overall, as central banks—including the Fed, ECB and BoE—announced plans to continue raising interest rates.

∎ The Bank of Japan, which had been an outlier for much of 2022, took a step towards convergence with other central banks, with policymakers widening their target for the 10-year Japanese government bond yield.

∎ Global equities rose solidly in January 2023, as markets performed well on the back of softening inflationary pressures, the slowing pace of central bank interest rate hikes and abating recession fears. For similar reasons, U.S. high yield corporate bonds generated positive returns for the month.

∎ In China, the government fully lifted its stringent zero-COVID policy, which increased global hopes around both the resolution of supply-chain disruptions as well as economic recovery driven by strong domestic consumption.

∎ During February 2023, global equities fell, as the release of unexpectedly strong U.S. economic and labor market data raised concerns about the “stickiness” (that is, the persistence) of inflation. These concerns led market participants to anticipate further tightening from central banks. Market sentiment was also dampened by ongoing geopolitical tensions between Russia and Ukraine one year after Russia’s initial invasion. In U.S. fixed income, high yield corporate bonds were relatively resilient despite increased investor risk aversion triggered by interest rate volatility following the release of the strong U.S. data.

1

MARKET REVIEW

∎ In March 2023, global equities gained, with market sentiment boosted by speculation about potentially weaker inflationary trends, the possible slowing of central bank interest rate hikes and fading investor concerns about a global recession. Risk aversion increased mid month as the U.S. banking sector faced its worst crisis since 2008 and the fallout extended to other U.S. regional banks and to Europe. Within fixed income, U.S. high yield corporate bonds performed well, though they weakened as investors evaluated the implications of banking sector stress. Ultimately, receding fears of broader contagion, along with a drop in yields, helped the asset class post a modest gain for the month.

∎ Central banks grappled with a difficult trade-off between the firm macroeconomic backdrop, including resilient labor markets and elevated inflation, and rising financial stability concerns. Policymakers generally maintained a hawkish bias during March, while striking a more cautious tone on the forward path for interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

∎ In April 2023, developed markets equities continued to rise, recovering slightly from the banking turmoil that had plagued March. Emerging markets equities fell amid an increase in geopolitical tensions and growing investor uncertainty around various central banks’ terminal rates. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) China’s equity market was particularly weak, experiencing a significant sell-off as investors noted an uneven recovery following the country’s economic reopening. In U.S. fixed income, high yield corporate bonds gained on better than consensus expected corporate earnings, robust market technicals, and decreasing regional banking stress.

U.S. Equities

∎ Overall, U.S. equities rallied during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of 8.63%. The Russell 3000^® Index generated a return of 7.30%.

∎ The market posted solid returns during the Reporting Period despite a backdrop of ongoing Fed interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

∎ As the Reporting Period began in November 2022, the S&P 500 Index rose, marking its first back-to-back monthly gains since August 2021.

∎ The primary catalyst driving U.S. equities higher was the notion the Fed could begin to slow the pace of interest rate hikes in December 2022.

∎ Economic data mainly supported the Fed’s goal of a controlled economic slowdown, as October 2022 inflation data came in softer than market forecasts.

∎ Still, the third quarter corporate earnings season provided disappointing results.

∎ Consumers proved resilient, as retail sales posted the largest monthly increase since February 2022.

∎ Additionally, China’s zero-COVID policy remained top of mind for the market, as COVID cases in China reached record highs.

2

MARKET REVIEW

∎ In December 2022, the S&P 500 Index fell, as investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth.

∎ There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases.

∎ Positive inflation developments supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

∎ Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

∎ Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

∎ On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

∎ Rebounding from December 2022’s losses, the S&P 500 Index then rose during the first quarter of 2023, marking its second consecutive quarterly gain, with market strength supported by disinflation narrative momentum, soft landing expectations, and a lowered bar for fourth quarter 2022 corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

∎ Following a stellar start to the year, February 2023 proved to be a setback for the disinflation path after non-farm payrolls illustrated the largest job growth in six months and the U.S. unemployment rate fell to a 53-year low—together pushing market forecasts for the Fed’s terminal federal funds rate upward. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) In addition, inflation indices saw their largest monthly increases since mid-2022, illustrating that more needed to be done to combat inflation.

∎ The bearish case was further supported by a disappointing fourth quarter 2022 corporate earnings season, as margins came under pressure by persistently high input costs and weaker demand.

∎ Consensus forecasts for the Fed’s interest rate path took a dovish turn in March 2023 due to an abrupt banking crisis that escalated the risk of rising interest rates. Economic data in March also contributed to the dovish sentiment, as February inflation data was cooler than market expected as was personal income growth.

∎ In April 2023, the S&P 500 Index increased, albeit modestly, on strong first quarter 2023 corporate earnings results, consumer resiliency and supply-constraint easing.

∎ The soft landing narrative gained support from robust household spending and from manufacturing prices falling to the lowest level in nearly three years as companies continued to reduce outputs to better match demand.

∎ Simultaneously, hard landing fears lingered due to tightening financial conditions following the banking sector turmoil and the U.S. government’s debt ceiling stalemate.

∎ Economic data throughout the month was mixed. First quarter 2023 Gross Domestic Product (“GDP”) came in below consensus. Core inflation grew slightly from a 14-month low of 5.5% in the prior month, however leading indicators still suggested it should begin to moderate in the months ahead. Both manufacturing and services indices showed growth in economic activity. The labor market displayed signs of cooling after the March 2023 jobs report revealed the pace of hiring had slowed to the lowest level in more than two years.

∎ By the end of the month, the market had embraced consensus expectations that interest rates would be raised by 25 basis points at the Fed’s May meeting, followed by a pause before eventual rate cuts in the second half of the calendar year. (On May 3, 2023, the Fed did raise its targeted federal funds rate by 25 basis points and opened the door to a pause in its tightening cycle.)

3

MARKET REVIEW

∎ For the Reporting Period overall, large-cap stocks performed best, followed by mid-cap stocks, with each such market segment generating positive absolute returns. Small-cap stocks lagged, posting negative absolute returns. In a reversal from the prior 12 months, growth stocks meaningfully outperformed value stocks across the capitalization spectrum during the Reporting Period overall.

∎ The best performing sectors within the S&P 500 Index during the Reporting Period were communication services and information technology, followed at some distance by materials. The weakest performing sector was energy, the only sector to post a negative absolute return during the Reporting Period. Financials and health care generated modestly positive returns but also significantly underperformed the S&P 500 Index during the Reporting Period overall.

Energy MLPs

∎ During the Reporting Period, broad-based macroeconomic uncertainty, driven by rising interest rates and concerns around the banking sector, drove volatility across asset classes, including energy.

∎ West Texas Intermediate (“WTI”) crude oil prices decreased approximately 11%, while natural gas prices saw an even more significant pullback. U.S. Henry Hub natural gas prices were down 63%, and European Title Transfer Facility (“TTF”) natural gas prices were down approximately 50% during the Reporting Period. (Henry Hub is a natural gas pipeline located in Erath, Louisiana, that serves as the official delivery location for futures contracts on the New York Mercantile Exchange (NYMEX). TTF is a pricing location within the Netherlands. TTF has become the most liquid pricing location in Europe, and as such, oftentimes serves as a pricing proxy for the overall European liquified natural gas (“LNG” import market.)

∎ Oil prices were impacted by global recession fears that weighed on sentiment in the energy sector as many anticipated potentially less oil demand.

∎ Further, Russian crude oil and refined products supply hung in better than consensus expected despite the numerous sanctions applied. Russia was producing about 11.3 million barrels per day of crude oil at the end of the Reporting Period, compared with around 11.1 million barrels per day in the 12 months since the invasion began in February 2022.

∎ Natural gas prices were largely affected by a historically mild winter season and sufficient gas storage to meet the warm winter, particularly in Europe.

∎ Conservation efforts in Europe resulted in both European and U.S. natural gas storage levels that were well above historical average levels at the end of the Reporting Period.

∎ Additionally, constrained LNG export capacity in the U.S. was exacerbated by an outage at the Freeport LNG export facility. This facility, which accounts from more than two billion cubic feet per day of capacity was brought back online toward the end of the Reporting Period after being out of service since June 2022 following an incident.

∎ Despite the correction in energy commodities, energy equities generally performed better. The S&P energy sector, as represented by the S&P 500^® Energy Select Sector Index (“IXE”)¹, returned -3.5% and the broad midstream² sector, as represented by the Alerian US Midstream Energy Index (“AMUS”)³, was relatively flat during the Reporting Period. To compare, the S&P 500 Index, a measure of the broad U.S. equities market, finished the Reporting Period up 8.63%, reversing the outperformance of energy equities in calendar year 2022.

¹  All components of the S&P 500^®. Index are assigned to one of the eleven Select Sector Indices, which seek to track major economic segments and are highly liquid benchmarks. The S&P 500^® Energy Select Sector Index (“IXE”) comprises those companies included in the S&P 500^® Index that are classified as members of the GICS^® energy sector.

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

³  Source: Alerian. The Alerian US Midstream Energy Index is a broad-based composite of U.S. energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMUS) and on a total-return basis (AMUSX). It is not possible to invest directly in an unmanaged index.

4

MARKET REVIEW

∎ Despite the volatility seen during the Reporting Period, we remained constructive on energy equities at the end of the Reporting Period due to long-term commodity fundamentals and what we saw as attractive valuations, healthy balance sheets and strong free cash flow generation in the sector. Longer term, we believed addressing the “energy trilemma”—which refers to the global need for reliable, sustainable and affordable energy—may well create investment opportunities across the energy sector for decades to come.

∎ While high inflation and recessionary indicators were not positive headlines, midstream businesses benefited during the Reporting Period from having contracted cash flows with embedded inflationary escalators, which historically have proven to support earnings resiliency during economic downturns.

∎ We additionally expected midstream companies and the broader energy sector to potentially experience additional interest as the world’s perception around energy security and terminal value shifts and as money managers rationalize underweight energy exposures.

∎ Overall, we believed at the end of the Reporting Period that the midstream sector presented a compelling investment opportunity and was well positioned to benefit from the growing need for North American energy.

Fund Changes and Highlights

Goldman Sachs Rising Dividend Growth Fund

∎ While posting solid positive absolute returns, the Fund underperformed its benchmark, the S&P 500 Index (with dividends reinvested) (the “S&P 500 Index”), on a relative basis during the Reporting Period.

∎ From an asset allocation perspective, having approximately 15% its total net assets in the Master Limited Partnership (“MLP”) & Energy Infrastructure sleeve detracted on a relative basis, as the Fund overall was overweight energy exposures compared to the S&P 500 Index, and the energy sector was the weakest in the S&P 500 Index during the Reporting Period.

∎ The Fund’s dividend-paying investments underperformed the S&P 500 ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund, during the Reporting Period.

∎ Sector allocations are the result of stock selection in the dividend-paying growers portion of the Fund, and most sector allocations were rather in line with those of the S&P 500 ex-Energy Index during the Reporting Period. In turn, sector allocation overall had a rather neutral effect on relative results.

∎ That said, having average overweight positions in consumer discretionary, industrials and financials were the most significant positive contributors to relative returns during the Reporting Period.

∎ These positive contributors were offset by having average underweight positions in the information technology, health care and communication services sectors, which detracted from relative performance during the Reporting Period.

∎ Further, underweight positions in certain individual stocks that outperformed the S&P 500 ex-Energy Index during the Reporting Period—including NVIDIA, Meta and Microsoft—dampened relative results.

∎ The Fund’s MLP & Energy Infrastructure Sleeve performed in line with the Alerian MLP Index ⁴, the benchmark used for the MLP & Energy Infrastructure Sleeve of the Fund, during the Reporting Period. Sub-industry allocation positioning overall detracted, largely offset by individual security selection, which contributed positively.

∎ Effective stock selection in the gathering & processing sub-industry contributed most positively during the Reporting Period.

∎ Having an underweighted allocation to and strong stock selection in the marketing/wholesale sub-industry also added value during the Reporting Period as did having a position, albeit modest, in cash.

∎ These positive contributors were offset by the detracting effect of having exposure to the production & mining/hydrocarbon sub-industry, which is not a component of the Alerian MLP Index and which significantly underperformed the Alerian MLP Index during the Reporting Period.

∎ Having an underweighted allocation to the pipeline transportation/petroleum sub-industry and weak stock selection in the pipeline transportation/natural gas sub-industry also hurt relative performance during the Reporting Period.

⁴  The Alerian MLP Index is the leading gauge of energy infrastructure MLPs. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). It is not possible to invest directly in an unmanaged index.

5

FUND BASICS

Goldman Sachs Income Builder Fund

as of April 30, 2023

PERFORMANCE REVIEW

November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1	Russell 1000® Value Index2	ICE BofAML BB to B U.S. High Yield Constrained Index3
Class A	5.95%	4.54%	5.84%
Class C	5.54	4.54	5.84
Institutional	6.09	4.54	5.84
Investor	6.07	4.54	5.84
Class R6	6.14	4.54	5.84
Class P	6.14	4.54	5.84

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

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 EQUITY HOLDINGS AS OF 4/30/23 ^‡

Holding	% of Net Assets	Line of Business
JPMorgan Chase & Co.	1.0%	Banks
Exxon Mobil Corp.	0.9	Oil, Gas & Consumable Fuels
Johnson & Johnson	0.9	Pharmaceuticals
BlackRock, Inc.	0.9	Capital Markets
Bristol-Myers Squibb Co.	0.9	Pharmaceuticals
Shell PLC ADR	0.8	Oil, Gas & Consumable Fuels
Schneider Electric SE ADR	0.7	Electrical Equipment
Eaton Corp. PLC	0.7	Electrical Equipment
Walmart, Inc.	0.6	Consumer Staples Distribution & Retail
Republic Services, Inc.	0.6	Commerical Services & Supplies

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

6

FUND BASICS

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK ^†

As of April 30, 2023

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

7

FUND BASICS

FUND’S FIXED INCOME COMPOSITION *

As of April 30, 2023

* 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.

8

FUND BASICS

Goldman Sachs Rising Dividend Growth Fund

as of April 30, 2023

PERFORMANCE REVIEW

November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1	S&P 500 Index2
Class A	5.91%	8.63%
Class C	5.50	8.63
Institutional	5.99	8.63
Investor	6.06	8.63
Class R6	6.09	8.63
Class R	5.74	8.63
Class P	6.09	8.63

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 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 figure does 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 4/30/23 ^±

Holding	% of Net Assets	Line of Business
Microsoft Corp.	2.4%	Software
Comcast Corp. Class A	2.3	Media
Oracle Corp.	2.1	Software
Intuit, Inc.	2.1	Software
Texas Instruments, Inc.	1.9	Semiconductors & Semiconductor Equipment
KLA Corp.	1.8	Semiconductors & Semiconductor Equipment
Roper Technologies, Inc.	1.8	Software
Motorola Solutions, Inc.	1.8	Communications Equipment
Activision Blizzard, Inc.	1.7	Entertainment
Energy Transfer LP	1.7	Oil, Gas & Consumable Fuels

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION ^†

As of April 30, 2023

^†  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. Figures in the graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

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

10

FUND BASICS

Index Definitions

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.

ICE BofAML BB to B US High Yield Bond 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.

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

Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

MSCI World Index captures large and mid cap representation across 23 Developed Markets countries which include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries which include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. With 1,398 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

11

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 46.8%
Aerospace & Defense(a) – 0.9%
Spirit AeroSystems, Inc.
$	6,285,000		4.600	%	06/15/28	$	5,279,714
	1,170,000		9.375	(b)	11/30/29		1,258,042
The Boeing Co.
	1,875,000		3.450		11/01/28		1,730,100
	3,432,000		5.150		05/01/30		3,455,029
	1,652,000		5.805		05/01/50		1,648,382
TransDigm, Inc.
	3,300,000		5.500		11/15/27		3,167,208
	315,000		4.625		01/15/29		285,192
	266,000		4.875		05/01/29		241,661
Triumph Group, Inc.
	2,885,000		7.750		08/15/25		2,682,358
	2,055,000		9.000	(b)	03/15/28		2,084,551
							21,832,237
Agriculture – 0.4%
BAT Capital Corp.(a)
	10,000,000		4.390		08/15/37		8,158,000
MHP SE
	270,000		7.750		05/10/24		156,600
	550,000		7.750	(b)	05/10/24		319,000
							8,633,600
Airlines – 0.5%
Allegiant Travel Co.(a)(b)
	1,035,000		7.250		08/15/27		1,025,364
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)
	1,717,000		5.750		04/20/29		1,633,073
Azul Investments LLP(a)
	1,052,000		5.875		10/26/24		828,976
Delta Air Lines, Inc.(a)
	3,600,000		7.375		01/15/26		3,794,400
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(a)(b)
	2,155,000		5.750		01/20/26		2,007,016
United Airlines, Inc.(a)(b)
	1,625,000		4.375		04/15/26		1,551,762
	2,080,000		4.625		04/15/29		1,882,400
							12,722,991
Automotive – 1.4%
Adient Global Holdings Ltd.(a)(b)
	2,000,000		7.000		04/15/28		2,051,380
BorgWarner, Inc.(b)
	2,000,000		5.000		10/01/25		1,991,780
Clarios Global LP/Clarios U.S. Finance Co.(a)(b)
	1,850,000		8.500		05/15/27		1,863,228
Dana, Inc.(a)
	2,075,000		4.250		09/01/30		1,686,415
Dealer Tire LLC/DT Issuer LLC(a)(b)
	5,637,000		8.000		02/01/28		5,225,724
Ford Motor Co.(a)
	3,726,000		3.250		02/12/32		2,880,943

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Ford Motor Credit Co. LLC(a)
$	400,000		4.687	%	06/09/25	$	386,140
	4,260,000		3.375		11/13/25		3,956,688
	3,111,000		4.950		05/28/27		2,945,090
	1,640,000		3.815		11/02/27		1,470,850
General Motors Co.(a)
	3,000,000		6.600		04/01/36		3,086,910
General Motors Financial Co., Inc.(a)
	1,975,000		5.650		01/17/29		1,980,313
	4,100,000		3.100		01/12/32		3,344,985
NIO, Inc.(c)(d)
	350,000		0.000		02/01/26		322,719
							33,193,165
Banks – 4.8%
Absa Group Ltd.(a)(e) (5 year CMT + 5.411%)
	960,000		6.375		12/31/99		875,280
Access Bank PLC(b)
	900,000		6.125		09/21/26		712,294
Alfa Bank AO Via Alfa Bond Issuance PLC(a)(f)(g) (5 year CMT + 4.546%)
	360,000		5.950		04/15/30		—
Banco BBVA Peru SA(a)(e) (5 year CMT + 2.750%)
	190,000		5.250		09/22/29		185,226
Banco Continental SAECA(a)
	1,210,000		2.750		12/10/25		1,080,908
Banco Davivienda SA(a)(b)(e) (10 year CMT + 5.097%)
	220,000		6.650		12/31/99		149,188
Banco de Bogota SA
	740,000		6.250		05/12/26		715,164
Banco do Brasil SA(a)(e) (10 year CMT + 4.398%)
	670,000		6.250		10/29/49		608,025
Banco Industrial SA(a)(b)(e) (5 year CMT + 4.442%)
	930,000		4.875		01/29/31		858,681
Banco Internacional del Peru SAA Interbank(a)(e) (5 year CMT + 3.711%)
	790,000		4.000		07/08/30		727,195
Banco Mercantil del Norte SA(a)(e) (5 year CMT + 4.643%)
	340,000		5.875	(b)	12/31/99		294,738
(5 year CMT + 4.643%)
	460,000		5.875		12/31/99		398,763
(5 year CMT + 4.967%)
	690,000		6.750		12/31/99		661,020
Banco Nacional de Panama(a)
	330,000		2.500		08/11/30		261,525
Banco Santander SA
	2,000,000		3.490		05/28/30		1,784,180
(1 year CMT + 1.600%)
	3,600,000		3.225	(a)(e)	11/22/32		2,884,896
Bank Hapoalim BM(a)(b)(e) (5 year CMT + 2.155%)
	820,000		3.255		01/21/32		683,060
Bank Leumi Le-Israel BM(a)(b)(e) (5 year CMT + 1.631%)
	1,230,000		3.275		01/29/31		1,073,559

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)
Banks – (continued)
Bank of America Corp.(a)(e)
(3M USD LIBOR + 3.898%)
$	4,000,000		6.100	%	12/29/49	$	3,927,600
(SOFR + 1.630%)
	1,760,000		5.202		04/25/29		1,770,261
Barclays PLC(a)(e)
(1 year CMT + 3.000%)
	4,810,000		5.746		08/09/33		4,728,374
(5 year CMT + 5.431%)
	4,800,000		8.000		03/15/29		4,215,408
BBVA Bancomer SA(a)(e) (5 year CMT + 2.650%)
	530,000		5.125		01/18/33		467,493
BNP Paribas SA(b)
	2,700,000		4.375		05/12/26		2,601,774
BPCE SA(b)
	4,150,000		4.625		09/12/28		3,969,848
(SOFR + 1.730%)
	2,100,000		3.116	(a)(e)	10/19/32		1,630,965
Citigroup, Inc.(a)(e)
	3,000,000		7.375		05/15/28		2,964,360
(3M TSFR + 4.779%)
	1,890,000		6.250		12/29/49		1,848,004
(3M USD LIBOR + 4.230%)
	1,325,000		9.094		12/29/49		1,327,080
(5 year CMT + 3.597%)
	1,000,000		4.000		12/31/99		872,760
(SOFR + 1.351%)
	3,325,000		3.057		01/25/33		2,833,931
(SOFR + 3.914%)
	900,000		4.412		03/31/31		861,606
Comerica, Inc.(a)(e) (5 year CMT + 5.291%)
	1,000,000		5.625		12/31/99		849,970
Credit Bank of Moscow Via CBOM Finance PLC(g)
	260,000		4.700	(b)	01/29/25		—
(5 year USD Swap + 5.416%)
	280,000		7.500	(a)	10/05/27		—
Credit Suisse Group AG(a)(b)
	1,726,000		4.282		01/09/28		1,563,791
Deutsche Bank AG(a)(e) (5 year CMT + 4.524%)
	800,000		6.000		12/31/99		603,720
First Bank of Nigeria Ltd. Via FBN Finance Co. BV(b)
	200,000		8.625		10/27/25		182,100
Freedom Mortgage Corp.(a)(b)
	3,225,000		7.625		05/01/26		2,757,730
	2,610,000		6.625		01/15/27		2,113,134
Grupo Aval Ltd.(a)
	1,410,000		4.375		02/04/30		1,070,983
ING Groep NV(a)(e) (5 year USD Swap + 4.446%)
	3,000,000		6.500		12/29/49		2,780,250
Intesa Sanpaolo SpA(b)
	8,000,000		5.017		06/26/24		7,802,080
Ipoteka-Bank ATIB
	450,000		5.500		11/19/25		406,209
Itau Unibanco Holding SA(a)(e) (5 year CMT + 3.981%)
	500,000		7.721		12/31/99		478,625

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co.(a)(e)
(3M USD LIBOR + 3.330%)
$	4,000,000		6.125	%	12/31/49	$	3,949,600
(SOFR + 2.515%)
	2,666,000		2.956		05/13/31		2,308,356
Macquarie Group Ltd.(a)(b)(e) (3M USD LIBOR + 1.372%)
	3,650,000		3.763		11/28/28		3,425,050
Morgan Stanley(a)(e)
(3M USD LIBOR + 4.435%)
	2,500,000		5.875		12/31/99		2,484,175
(SOFR + 1.290%)
	1,950,000		2.943		01/21/33		1,653,307
NBK Tier 1 Financing 2 Ltd.(a)(e) (6 year CMT + 2.832%)
	790,000		4.500		12/31/99		726,207
OTP Bank Nyrt(a)(e) (3M Euribor + 4.265%)
EUR	780,000		5.500		07/13/25		849,848
Popular, Inc.(a)
$	3,245,000		7.250		03/13/28		3,218,553
Regions Financial Corp.(a)(e) (5 year CMT + 5.430%)
	1,000,000		5.750		12/31/99		951,110
Standard Chartered PLC(a)(b)(e) (5 year CMT + 3.805%)
	4,255,000		4.750		12/31/99		2,990,499
The Bank of New York Mellon Corp. (a)(e) (5 year CMT +
4.358%)
	2,000,000		4.700		12/31/99		1,945,220
The PNC Financial Services Group, Inc. (a)(e)
(5 year CMT + 3.000%)
	2,000,000		6.000		12/31/99		1,853,920
(5 year CMT + 3.238%)
	3,000,000		6.200		12/31/99		2,831,160
(7 year CMT + 2.808%)
	2,000,000		6.250		03/15/30		1,840,440
The Toronto-Dominion Bank(a)(e) (5 year CMT + 4.075%)
	2,000,000		8.125		10/31/82		2,035,680
Tinkoff Bank JSC Via TCS Finance Ltd.(a)(b)(e) (5 year CMT +
5.150%)
	200,000		6.000		12/31/49		124,600
Truist Financial Corp.(a)(e)
(10 year CMT + 4.349%)
	2,237,000		5.100		12/31/99		1,978,112
(5 year CMT + 4.605%)
	1,000,000		4.950		12/31/99		942,000
Ubs Group AG(a)(e) (5 yearUSD Swap + 4.590%)
	4,000,000		6.875		12/29/49		3,612,120
UniCredit SpA(a)(b)(e) (5 year CMT + 4.750%)
	1,525,000		5.459		06/30/35		1,296,646
United Bank for Africa PLC
	200,000		6.750		11/19/26		169,600
US Bancorp(a)(e) (5 year CMT + 2.541%)
	1,000,000		3.700		12/31/99		769,890
Uzbek Industrial and Construction Bank ATB
	600,000		5.750		12/02/24		553,988
Wells Fargo & Co.(a)(e) (5 year CMT + 3.453%)
	1,000,000		3.900		12/31/99		870,970

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Yapi ve Kredi Bankasi A/S(a)(e) (5 year USD Swap + 11.245%)
$	260,000		13.875	%	12/31/99	$	265,818
							112,228,627
Beverages(a) – 1.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS
	420,000		3.375	(b)	06/29/28		331,485
	950,000		3.375		06/29/28		749,787
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	8,050,000		4.700		02/01/36		8,087,513
Anheuser-Busch InBev Worldwide, Inc.
	2,100,000		4.750		01/23/29		2,147,313
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL(b)
	680,000		5.250		04/27/29		634,440
Coca-Cola Icecek AS
	260,000		4.500		01/20/29		229,580
Constellation Brands, Inc.
	2,275,000		2.875		05/01/30		2,014,103
	3,975,000		2.250		08/01/31		3,298,375
Keurig Dr Pepper, Inc.
	1,055,000		3.200		05/01/30		964,070
	5,375,000		4.050		04/15/32		5,111,141
	308,000		3.800		05/01/50		244,996
							23,812,803
Building Materials(a) – 0.5%
Builders FirstSource, Inc.(b)
	1,800,000		5.000		03/01/30		1,685,448
Cemex SAB de CV(e)
(5 year CMT + 4.534%)
	800,000		5.125	(b)	12/31/99		704,740
(5 year CMT + 4.534%)
	460,000		5.125		12/31/99		405,225
(5 year CMT + 4.907%)
	590,000		9.125	(b)	03/14/28		583,775
CP Atlas Buyer, Inc.(b)
	2,160,000		7.000		12/01/28		1,634,148
GCC SAB de CV(b)
	860,000		3.614		04/20/32		724,174
Masonite International Corp.(b)
	2,075,000		5.375		02/01/28		2,005,280
Standard Industries, Inc.(b)
	1,880,000		4.375		07/15/30		1,619,996
	4,054,000		3.375		01/15/31		3,212,471
							12,575,257
Capital Goods(a)(b) – 0.1%
Benteler International AG
EUR	1,165,000		9.375		05/15/28		1,299,760
Chemicals(a) – 1.0%
Air Products & Chemicals, Inc.
$	200,000		2.800		05/15/50		145,896

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(a) – (continued)
Ashland LLC(b)
$	3,225,000		3.375	%	09/01/31	$	2,669,816
ASP Unifrax Holdings, Inc.(b)
	775,000		5.250		09/30/28		638,654
Avient Corp.(b)
	1,725,000		7.125		08/01/30		1,764,209
Axalta Coating Systems LLC(b)
	3,100,000		3.375		02/15/29		2,696,411
Herens Holdco S.a.r.l.(b)
	1,795,000		4.750		05/15/28		1,488,576
Huntsman International LLC
	2,104,000		4.500		05/01/29		1,979,128
INEOS Quattro Finance 2 PLC(b)
	780,000		3.375		01/15/26		720,057
Ingevity Corp.(b)
	1,305,000		3.875		11/01/28		1,148,635
Minerals Technologies, Inc.(b)
	1,695,000		5.000		07/01/28		1,560,027
OCP SA
	960,000		5.125		06/23/51		706,080
Rayonier AM Products, Inc.(b)
	281,000		7.625		01/15/26		250,180
Sasol Financing USA LLC
	280,000		4.375		09/18/26		252,927
	890,000		5.500		03/18/31		736,364
SPCM SA(b)
	740,000		3.125		03/15/27		664,831
	925,000		3.375		03/15/30		772,144
The Chemours Co.(b)
	4,560,000		4.625		11/15/29		3,755,570
Valvoline, Inc.(b)
	885,000		3.625		06/15/31		735,152
WR Grace Holdings LLC(b)
	1,855,000		5.625		08/15/29		1,600,772
							24,285,429
Commercial Services – 1.7%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)(b)
	2,557,000		6.625		07/15/26		2,464,334
	1,700,000		6.000		06/01/29		1,322,957
APi Group DE, Inc.(a)(b)
	5,193,000		4.125		07/15/29		4,514,535
	575,000		4.750		10/15/29		520,852
APX Group, Inc.(a)(b)
	4,286,000		5.750		07/15/29		3,831,555
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a)(b)
	1,605,000		5.375		03/01/29		1,455,462
Chesapeake Energy Corp.
	2,000,000		0.000		09/15/26		42,500
Garda World Security Corp.(a)(b)
	900,000		7.750		02/15/28		904,500
HealthEquity, Inc.(a)(b)
	1,058,000		4.500		10/01/29		945,524
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS(a)(b)
	899,234		9.500		07/10/36		736,416

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)
Commercial Services – (continued)
Mersin Uluslararasi Liman Isletmeciligi A/S(a)
$	460,000		5.375	%	11/15/24	$	440,968
Metis Merger Sub LLC(a)(b)
	717,000		6.500		05/15/29		610,239
NESCO Holdings II, Inc.(a)(b)
	3,083,000		5.500		04/15/29		2,784,165
PayPal Holdings, Inc.(a)
	6,500,000		4.400		06/01/32		6,378,190
Rent-A-Center, Inc.(a)(b)
	850,000		6.375		02/15/29		745,297
Techem Verwaltungsgesellschaft 674 MBH(a)
EUR	668,190		6.000		07/30/26		693,943
The ADT Security Corp.(a)(b)
$	4,387,000		4.125		08/01/29		3,832,966
The Bidvest Group UK PLC(a)(b)
	470,000		3.625		09/23/26		426,173
United Rentals North America, Inc.(a)(b)
	3,555,000		6.000		12/15/29		3,602,637
Verisure Holding AB(a)(b)
EUR	725,000		3.250		02/15/27		701,015
Verisure Midholding AB(a)
	800,000		5.250	(b)	02/15/29		711,995
	1,450,000		5.250		02/15/29		1,290,491
							38,956,714
Computers(a) – 0.6%
Booz Allen Hamilton, Inc.(b)
$	2,513,000		3.875		09/01/28		2,313,317
Dell International LLC/EMC Corp.
	2,475,000		5.300		10/01/29		2,501,879
	2,699,000		8.100		07/15/36		3,175,590
Hewlett Packard Enterprise Co.
	2,730,000		6.200		10/15/35		2,940,155
KBR, Inc.(b)
	1,161,000		4.750		09/30/28		1,074,378
Presidio Holdings, Inc.(b)
	2,095,000		8.250		02/01/28		1,973,888
Unisys Corp.(b)
	1,060,000		6.875		11/01/27		708,493
							14,687,700
Distribution & Wholesale(a)(b) – 0.2%
American Builders & Contractors Supply Co., Inc.
	2,760,000		3.875		11/15/29		2,381,659
BCPE Empire Holdings, Inc.
	2,446,000		7.625		05/01/27		2,243,447
							4,625,106
Diversified Financial Services – 2.7%
AerCap Holdings NV(a)(e) (5 year CMT + 4.535%)
	1,825,000		5.875		10/10/79		1,704,514
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	3,625,000		3.000		10/29/28		3,150,959
AG TTMT Escrow Issuer LLC(a)(b)
	1,025,000		8.625		09/30/27		1,052,398

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Air Lease Corp.(a)
$	2,750,000		3.750	%	06/01/26	$	2,619,402
Ally Financial, Inc.
	4,000,000		8.000		11/01/31		4,221,600
(7 year CMT + 3.481%)
	3,415,000		4.700	(a)(e)	12/31/99		2,405,731
American Express Co.(a)(e) (5 year CMT + 2.854%)
	1,000,000		3.550		12/31/99		843,530
Aviation Capital Group LLC(a)(b)
	800,000		1.950		01/30/26		716,408
Avolon Holdings Funding Ltd.(a)(b)
	3,450,000		5.250		05/15/24		3,405,874
	1,300,000		3.250		02/15/27		1,160,302
	1,927,000		2.528		11/18/27		1,621,127
B3 SA - Brasil Bolsa Balcao(b)
	290,000		4.125		09/20/31		241,570
Castlelake Aviation Finance DAC(a)(b)
	2,420,000		5.000		04/15/27		2,147,944
Discover Financial Services(a)(e) (5 year CMT + 5.783%)
	1,000,000		6.125		12/31/99		949,260
Global Aircraft Leasing Co. Ltd.(a)(b) (PIK 7.250%, Cash 6.500%)
	1,947,294		6.500		09/15/24		1,738,388
Intercorp Financial Services, Inc.(a)
	340,000		4.125		10/19/27		299,158
Jefferies Finance LLC/JFIN Co-Issuer Corp.(a)(b)
	3,829,000		5.000		08/15/28		3,231,638
Midcap Financial Issuer Trust(a)(b)
	2,567,000		6.500		05/01/28		2,315,639
	810,000		5.625		01/15/30		667,724
Nationstar Mortgage Holdings, Inc.(a)(b)
	2,651,000		5.500		08/15/28		2,365,673
Navient Corp.(a)
	4,388,000		5.500		03/15/29		3,777,673
NFP Corp.(a)(b)
	3,360,000		6.875		08/15/28		2,933,112
OneMain Finance Corp.
	1,602,000		7.125		03/15/26		1,560,332
	1,643,000		4.000	(a)	09/15/30		1,243,800
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.(a)(b)
	1,365,000		6.375		02/01/27		1,269,245
Raymond James Financial, Inc.(a)
	900,000		4.650		04/01/30		892,296
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)
	2,305,000		2.875		10/15/26		2,052,533
	2,390,000		4.000		10/15/33		1,870,271
The Charles Schwab Corp. (a)(e)
(5 year CMT + 3.168%)
	2,875,000		4.000		12/31/99		2,407,669
(5 year CMT + 4.971%)
	2,250,000		5.375		12/31/99		2,148,908
United Wholesale Mortgage LLC(a)(b)
	3,195,000		5.500		04/15/29		2,751,214
Universe Trek Ltd.(c)(d)
	400,000		0.000		06/15/26		383,500

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
VistaJet Malta Finance PLC/XO Management Holding, Inc.(a)(b)
$	1,230,000		7.875	%	05/01/27	$	1,173,137
	3,525,000		6.375		02/01/30		3,050,112
							64,372,641
Electrical – 0.8%
Adani Electricity Mumbai Ltd.
	470,000		3.949		02/12/30		343,776
AES Panama Generation Holdings Srl(a)
	1,440,000		4.375		05/31/30		1,242,014
Calpine Corp.(a)(b)
	4,215,000		3.750		03/01/31		3,598,894
Cikarang Listrindo Tbk PT(a)
	200,000		4.950		09/14/26		187,975
Energuate Trust(a)(b)
	470,000		5.875		05/03/27		437,335
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA(a)
	200,000		5.375		12/30/30		126,326
Eskom Holdings SOC Ltd.
	430,000		7.125		02/11/25		418,524
	220,000		6.350	(h)	08/10/28		207,127
	458,000		8.450		08/10/28		437,762
Inkia Energy Ltd.(a)
	200,000		5.875		11/09/27		185,913
Lamar Funding Ltd.
	470,000		3.958		05/07/25		449,819
LLPL Capital Pte Ltd.
	380,466		6.875		02/04/39		341,183
Minejesa Capital B.V.
	260,000		4.625		08/10/30		229,288
Mong Duong Finance Holdings BV(a)
	530,000		5.125		05/07/29		458,895
National Central Cooling Co. PJSC
	820,000		2.500		10/21/27		740,716
NRG Energy, Inc.(a)
	2,800,000		3.750	(b)	06/15/24		2,724,064
	115,000		5.750		01/15/28		112,195
	448,000		3.375	(b)	02/15/29		379,662
Pacific Gas & Electric Co.(a)
	1,470,000		3.500		08/01/50		958,646
Pike Corp.(a)(b)
	2,420,000		5.500		09/01/28		2,194,553
Sempra Energy(a)(e) (5 year CMT + 4.550%)
	3,335,000		4.875		12/31/99		3,161,513
							18,936,180
Electrical Components & Equipment(a)(b) – 0.1%
WESCO Distribution, Inc.
	1,473,000		7.250		06/15/28		1,513,876
Electronics(a)(b) – 0.3%
Coherent Corp.
	1,225,000		5.000		12/15/29		1,102,096

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electronics(a)(b) – (continued)
Imola Merger Corp.
$	6,867,000		4.750	%	05/15/29	$	5,947,096
TTM Technologies, Inc.
	799,000		4.000		03/01/29		683,225
							7,732,417
Energy-Alternate Sources(a) – 0.0%
Greenko Solar Mauritius Ltd.
	350,000		5.950		07/29/26		328,191
Greenko Wind Projects Mauritius Ltd.
	380,000		5.500		04/06/25		359,575
							687,766
Engineering & Construction – 0.6%
Aeropuerto Internacional de Tocumen SA
	1,040,000		5.125		08/11/61		799,045
Aeropuertos Dominicanos Siglo XXI SA(a)
	1,630,000		6.750		03/30/29		1,599,030
Arcosa, Inc.(a)(b)
	1,221,000		4.375		04/15/29		1,114,590
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/ Andean Telecom Par(a)(b)
	950,000		4.050		04/27/26		813,616
Dycom Industries, Inc.(a)(b)
	2,764,000		4.500		04/15/29		2,524,002
Global Infrastructure Solutions, Inc.(a)(b)
	4,435,000		5.625		06/01/29		3,695,020
	1,390,000		7.500		04/15/32		1,194,204
IHS Holding Ltd.(a)(b)
	750,000		5.625		11/29/26		624,516
	200,000		6.250		11/29/28		159,350
International Airport Finance SA(a)
	661,398		12.000		03/15/33		621,543
Mexico City Airport Trust(a)
	320,000		5.500		10/31/46		246,000
	930,000		5.500		07/31/47		713,077
							14,103,993
Entertainment(a)(b) – 1.2%
Allen Media LLC/Allen Media Co-Issuer, Inc.
	1,575,000		10.500		02/15/28		842,672
Banijay Entertainment SASU
	1,800,000		5.375		03/01/25		1,763,460
Boyne USA, Inc.
	1,275,000		4.750		05/15/29		1,156,055
Cinemark USA, Inc.
	3,580,000		5.875		03/15/26		3,420,869
Lions Gate Capital Holdings LLC
	2,540,000		5.500		04/15/29		1,837,589
Motion Bondco DAC
	3,250,000		6.625		11/15/27		2,956,980
Penn Entertainment, Inc.
	3,067,000		4.125		07/01/29		2,596,461
Scientific Games International, Inc.
	500,000		7.000		05/15/28		500,395

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)
Entertainment(a)(b) – (continued)
SeaWorld Parks & Entertainment, Inc.
$	4,880,000		5.250	%	08/15/29	$	4,389,121
Six Flags Entertainment Corp.
	1,854,000		5.500		04/15/27		1,768,512
Warnermedia Holdings, Inc.
	2,300,000		4.054		03/15/29		2,131,272
	4,775,000		4.279		03/15/32		4,244,163
							27,607,549
Environmental(a) – 0.9%
Covanta Holding Corp.
	670,000		5.000		09/01/30		592,481
GFL Environmental, Inc.(b)
	730,000		5.125		12/15/26		719,021
	6,980,000		4.000		08/01/28		6,376,090
Madison IAQ LLC(b)
	4,294,000		4.125		06/30/28		3,779,235
	485,000		5.875		06/30/29		379,740
Republic Services, Inc.
	7,650,000		2.375		03/15/33		6,377,270
Stericycle, Inc.(b)
	1,950,000		5.375		07/15/24		1,941,615
							20,165,452
Food & Drug Retailing – 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC(a)(b)
	2,595,000		4.625		01/15/27		2,511,337
	1,995,000		5.875		02/15/28		1,975,768
	502,000		4.875		02/15/30		469,721
Bellis Acquisition Co. PLC(a)(b)
GBP	475,000		3.250		02/16/26		489,689
BRF GmbH
$	1,180,000		4.350		09/29/26		1,027,928
H-Food Holdings LLC/Hearthside Finance Co., Inc.(a)(b)
	2,820,000		8.500		06/01/26		1,760,047
Kraft Heinz Foods Co.(a)
	2,303,000		5.000		07/15/35		2,313,962
	2,592,000		4.375		06/01/46		2,262,427
Performance Food Group, Inc.(a)(b)
	1,150,000		5.500		10/15/27		1,127,138
Post Holdings, Inc.(a)(b)
	5,984,000		4.625		04/15/30		5,402,415
Sysco Corp.(a)
	5,975,000		5.950		04/01/30		6,383,152
US Foods, Inc.(a)(b)
	2,690,000		4.750		02/15/29		2,501,781
	1,020,000		4.625		06/01/30		932,148
							29,157,513
Gaming(a) – 0.1%
Melco Resorts Finance Ltd.
	630,000		5.625		07/17/27		562,000
MGM Resorts International
	1,832,000		4.750		10/15/28		1,702,624

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Gaming(a) – (continued)
Studio City Finance Ltd.
$	200,000		6.000	%	07/15/25	$	182,750
							2,447,374
Hand/Machine Tools(a)(b) – 0.1%
Regal Rexnord Corp.
	2,020,000		6.300		02/15/30		2,054,239
Healthcare Providers & Services(a) – 1.3%
CAB SELAS(b)
EUR	1,175,000		3.375		02/01/28		1,030,569
Catalent Pharma Solutions, Inc.(b)
$	1,005,000		3.125		02/15/29		845,949
	840,000		3.500		04/01/30		710,623
Chrome Holdco SASU(b)
EUR	2,100,000		5.000		05/31/29		1,635,344
CHS/Community Health Systems, Inc.(b)
$	1,540,000		6.125		04/01/30		1,099,729
	2,170,000		4.750		02/15/31		1,749,953
DaVita, Inc.(b)
	7,070,000		3.750		02/15/31		5,666,746
Encompass Health Corp.
	1,200,000		4.500		02/01/28		1,131,804
HCA, Inc.
	250,000		5.875		02/15/26		253,890
Laboratoire Eimer Selas(b)
EUR	500,000		5.000		02/01/29		395,004
LifePoint Health, Inc.(b)
$	2,635,000		5.375		01/15/29		1,649,747
Medline Borrower LP(b)
	3,270,000		3.875		04/01/29		2,860,563
	2,285,000		5.250		10/01/29		1,976,274
Molina Healthcare, Inc.(b)
	1,893,000		3.875		05/15/32		1,625,273
Select Medical Corp.(b)
	1,700,000		6.250		08/15/26		1,665,677
Tenet Healthcare Corp.
	2,000,000		6.250		02/01/27		1,991,840
	3,289,000		6.125	(b)	06/15/30		3,266,898
							29,555,883
Holding Companies-Diversified(a) – 0.0%
KOC Holding A/S
	700,000		6.500		03/11/25		687,225
Home Builders – 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(a)(b)
	1,642,000		4.875		02/15/30		1,284,865
Century Communities, Inc.(a)(b)
	4,550,000		3.875		08/15/29		3,985,254
Installed Building Products, Inc.(a)(b)
	800,000		5.750		02/01/28		758,224
KB Home(a)
	1,805,000		7.250		07/15/30		1,854,493

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Home Builders – (continued)
LGI Homes, Inc.(a)(b)
$	3,698,000		4.000	%	07/15/29	$	3,036,797
PulteGroup, Inc.
	3,000,000		7.875		06/15/32		3,481,650
Taylor Morrison Communities, Inc.(a)(b)
	1,301,000		5.125		08/01/30		1,223,929
							15,625,212
Home Furnishings(a)(b) – 0.1%
Tempur Sealy International, Inc.
	1,515,000		3.875		10/15/31		1,254,708
Household Products(a) – 0.1%
Central Garden & Pet Co.
	1,380,000		4.125		10/15/30		1,180,410
Spectrum Brands, Inc.
	108,000		5.750		07/15/25		107,283
							1,287,693
Housewares(a) – 0.2%
CD&R Smokey Buyer, Inc.(b)
	1,094,000		6.750		07/15/25		962,819
Newell Brands, Inc.
	1,380,000		6.000		04/01/46		1,075,172
The Scotts Miracle-Gro Co.
	3,702,000		4.000		04/01/31		2,995,621
Turkiye Sise ve Cam Fabrikalari A/S
	530,000		6.950		03/14/26		513,537
							5,547,149
Insurance – 1.1%
Acrisure LLC/Acrisure Finance, Inc.(a)(b)
	1,550,000		10.125		08/01/26		1,575,405
	2,230,000		4.250		02/15/29		1,872,308
	2,490,000		6.000		08/01/29		2,074,568
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(a)(b)
	1,666,000		6.750		10/15/27		1,554,828
	5,500,000		6.750		04/15/28		5,493,125
American International Group, Inc.(a)
	2,250,000		3.400		06/30/30		2,036,002
BroadStreet Partners, Inc.(a)(b)
	2,940,000		5.875		04/15/29		2,560,446
Fidelity & Guaranty Life Holdings, Inc.(a)(b)
	2,850,000		5.500		05/01/25		2,821,386
Markel Corp.(a)(e) (5 year CMT + 5.662%)
	1,500,000		6.000		12/31/99		1,456,095
Prudential Financial, Inc.(a)(e)
(3M USD LIBOR + 3.920%)
	1,000,000		5.625		06/15/43		998,230
(5 year CMT + 3.234%)
	1,500,000		6.000		09/01/52		1,450,545
Sagicor Financial Co. Ltd.(a)(b)
	790,000		5.300		05/13/28		754,450
Transatlantic Holdings, Inc.
	75,000		8.000		11/30/39		96,217

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
USI, Inc.(a)(b)
$	1,850,000		6.875	%	05/01/25	$	1,829,132
							26,572,737
Internet(a) – 1.6%
Booking Holdings, Inc.
	2,850,000		4.625		04/13/30		2,864,307
Endurance International Group Holdings, Inc.(b)
	4,173,000		6.000		02/15/29		2,907,538
Expedia Group, Inc.
	1,160,000		6.250	(b)	05/01/25		1,173,769
	1,382,000		4.625		08/01/27		1,357,359
	3,425,000		3.250		02/15/30		3,008,452
Gen Digital, Inc.(b)
	4,000,000		5.000		04/15/25		3,956,360
Getty Images, Inc.(b)
	3,720,000		9.750		03/01/27		3,723,013
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(b)
	1,305,000		5.250		12/01/27		1,254,784
GrubHub Holdings, Inc.(b)
	3,400,000		5.500		07/01/27		2,481,320
ION Trading Technologies Sarl(b)
	1,868,000		5.750		05/15/28		1,561,928
Match Group Holdings II LLC(b)
	2,103,000		3.625		10/01/31		1,716,490
Meituan
	480,000		3.050		10/28/30		380,340
Prosus NV
	600,000		3.257		01/19/27		546,675
Uber Technologies, Inc.(b)
	3,200,000		7.500		05/15/25		3,248,160
	1,800,000		6.250		01/15/28		1,816,398
	4,090,000		4.500		08/15/29		3,769,957
United Group B.V.(b)
EUR	1,225,000		4.625		08/15/28		1,032,874
							36,799,724
Investment Companies(a) – 0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
$	5,743,000		4.375		02/01/29		5,039,712
Iron/Steel – 0.2%
CAP SA(a)(b)
	200,000		3.900		04/27/31		153,225
Cleveland-Cliffs, Inc.(a)
	2,250,000		5.875		06/01/27		2,213,865
	1,620,000		4.875	(b)	03/01/31		1,423,462
Metinvest B.V.(a)
	200,000		8.500		04/23/26		127,500
Samarco Mineracao SA(f)
	400,000		4.125		11/01/22		147,325
Vale Overseas Ltd.(a)
	460,000		3.750		07/08/30		409,377
							4,474,754

18  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)
Leisure Time(a)(b) – 0.0%
TUI Cruises GmbH
EUR	1,100,000		6.500	%	05/15/26	$	1,081,900
Lodging(a) – 0.3%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(b)
$	3,795,000		5.000		06/01/29		3,434,361
Marriott International, Inc.
	1,700,000		4.900		04/15/29		1,689,001
Marriott Ownership Resorts, Inc.(b)
	710,000		4.500		06/15/29		619,397
Travel + Leisure Co.(b)
	598,000		6.625		07/31/26		596,983
							6,339,742
Machinery - Construction & Mining(a)(b) – 0.2%
BWX Technologies, Inc.
	1,023,000		4.125		06/30/28		948,290
Vertiv Group Corp.
	2,956,000		4.125		11/15/28		2,670,746
							3,619,036
Machinery-Diversified(a)(b) – 0.3%
Chart Industries, Inc.
	1,735,000		7.500		01/01/30		1,789,548
Titan Acquisition Ltd./Titan Co-Borrower LLC
	588,000		7.750		04/15/26		527,219
TK Elevator Holdco GmbH
	4,509,000		7.625		07/15/28		4,013,100
							6,329,867
Media – 3.0%
Altice Financing SA(a)(b)
	1,848,000		5.000		01/15/28		1,496,658
EUR	2,975,000		4.250		08/15/29		2,551,289
CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)
$	4,980,000		4.750		03/01/30		4,286,834
	4,800,000		4.750		02/01/32		3,972,288
	6,580,000		4.250		01/15/34		5,037,582
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	12,000,000		6.384		10/23/35		11,857,080
Comcast Corp.(a)
	2,827,000		2.800		01/15/51		1,912,352
Cumulus Media New Holdings, Inc.(a)(b)
	2,421,000		6.750		07/01/26		1,835,602
Diamond Sports Group LLC/Diamond Sports Finance Co.(a)(b)(f)
	3,345,000		6.625		08/15/27		101,019
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(a)(b)
	5,980,000		5.875		08/15/27		5,247,988
DISH DBS Corp.
	1,720,000		5.250	(a)(b)	12/01/26		1,312,807
	1,700,000		7.375	(a)	07/01/28		849,235
	4,195,000		5.125		06/01/29		1,939,349
iHeartCommunications, Inc.(a)
	4,605,000		8.375		05/01/27		3,015,538

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
$	550,000		4.750	%(b)	01/15/28	$	427,944
LCPR Senior Secured Financing DAC(a)(b)
	3,156,000		5.125		07/15/29		2,702,641
News Corp.(a)(b)
	2,470,000		3.875		05/15/29		2,193,187
Nexstar Media, Inc.(a)(b)
	1,500,000		5.625		07/15/27		1,408,890
Scripps Escrow, Inc.(a)(b)
	2,320,000		5.875		07/15/27		1,675,481
Sinclair Television Group, Inc.(a)(b)
	1,210,000		5.125		02/15/27		1,042,052
Sirius XM Radio, Inc.(a)(b)
	820,000		3.125		09/01/26		733,933
	5,020,000		4.000		07/15/28		4,242,703
	2,260,000		3.875		09/01/31		1,707,701
TEGNA, Inc.(a)
	2,300,000		4.625		03/15/28		2,047,828
Telecomunicaciones Digitales SA(a)
	450,000		4.500		01/30/30		369,281
Townsquare Media, Inc.(a)(b)
	2,038,000		6.875		02/01/26		1,898,051
Urban One, Inc.(a)(b)
	3,900,000		7.375		02/01/28		3,544,749
Ziggo B.V.(a)(b)
	1,628,000		4.875		01/15/30		1,400,748
Ziggo Bond Co. B.V.(a)(b)
EUR	675,000		3.375		02/28/30		567,268
$	500,000		5.125		02/28/30		406,120
							71,784,198
Mining – 0.5%
Constellium SE(a)(b)
	2,585,000		3.750		04/15/29		2,227,701
Endeavour Mining PLC(a)
	200,000		5.000	(b)	10/14/26		173,413
	400,000		5.000		10/14/26		346,825
First Quantum Minerals Ltd.(a)(b)
	550,000		6.875		10/15/27		532,056
Freeport-McMoRan, Inc.(a)
	2,000,000		5.400		11/14/34		1,968,560
Glencore Finance Canada Ltd.(b)
	3,000,000		5.550		10/25/42		2,885,280
Glencore Funding LLC(a)(b)
	2,975,000		2.850		04/27/31		2,510,840
Novelis Corp.(a)(b)
	2,400,000		4.750		01/30/30		2,172,360
Stillwater Mining Co.(a)
	200,000		4.000		11/16/26		179,413
							12,996,448
Miscellaneous Manufacturing – 0.2%
General Electric Co.
	1,950,000		6.750		03/15/32		2,240,335
(3M USD LIBOR + 3.330%)
	2,057,000		8.196	(a)(e)	12/29/49		2,057,741

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
Hillenbrand, Inc.(a)
$	1,349,000		3.750	%	03/01/31	$	1,158,575
							5,456,651
Multi-National – 0.1%
The African Export-Import Bank(a)
	670,000		3.994		09/21/29		567,664
The Eastern & Southern African Trade & Development Bank
	750,000		4.875		05/23/24		715,800
	520,000		4.125		06/30/28		420,867
							1,704,331
Office & Business Equipment(a) – 0.1%
CDW LLC/CDW Finance Corp.
	1,440,000		4.125		05/01/25		1,407,168
Xerox Holdings Corp.(b)
	1,055,000		5.000		08/15/25		1,005,457
							2,412,625
Oil & Gas – 0.0%
YPF SA
	175,000		8.500		03/23/25		158,353
Oil Field Services – 2.6%
California Resources Corp.(a)(b)
	2,135,000		7.125		02/01/26		2,156,734
Cia General de Combustibles SA(b)
	102,760		9.500		03/08/25		100,898
Civitas Resources, Inc.(a)(b)
	1,345,000		5.000		10/15/26		1,270,366
Continental Resources, Inc.(a)(b)
	1,306,000		5.750		01/15/31		1,272,788
DNO ASA(a)(b)
	196,690		8.375		05/29/24		195,891
	1,430,000		7.875		09/09/26		1,345,094
Ecopetrol SA(a)
	470,000		4.625		11/02/31		349,210
	910,000		8.875		01/13/33		879,856
	650,000		5.875		11/02/51		411,044
EQT Corp.(a)
	460,000		3.900		10/01/27		435,040
	1,915,000		3.625	(b)	05/15/31		1,671,948
Genel Energy Finance 4 PLC(a)(b)
	200,000		9.250		10/14/25		188,750
Geopark Ltd.(a)(b)
	400,000		5.500		01/17/27		330,950
Guara Norte S.a.r.l
	865,041		5.198		06/15/34		730,960
Hunt Oil Co. of Peru LLC Sucursal Del Peru
	1,022,580		6.375		06/01/28		973,560
KazMunayGas National Co. JSC(a)
	970,000		3.500		04/14/33		744,051
Kosmos Energy Ltd.(a)
	1,709,000		7.125		04/04/26		1,510,649
Leviathan Bond Ltd.(a)(b)
	470,000		5.750		06/30/23		467,298

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Lukoil Securities B.V.(b)
$	250,000		3.875	%	05/06/30	$	179,750
Matador Resources Co.(a)(b)
	2,795,000		6.875		04/15/28		2,815,879
MEG Energy Corp.(a)(b)
	2,480,000		7.125		02/01/27		2,541,206
	1,250,000		5.875		02/01/29		1,200,288
Nabors Industries, Inc.(a)(b)
	7,530,000		7.375		05/15/27		7,304,401
Noble Finance II LLC(a)(b)
	1,560,000		8.000		04/15/30		1,597,268
Occidental Petroleum Corp.(a)
	2,550,000		6.625		09/01/30		2,719,626
Petrobras Global Finance BV(a)
	930,000		5.500		06/10/51		735,165
Petroleos Mexicanos
	96,000		6.490	(a)	01/23/27		85,920
	428,000		6.500		03/13/27		381,519
Range Resources Corp.(a)(b)
	985,000		4.750		02/15/30		905,914
Saka Energi Indonesia PT
	200,000		4.450		05/05/24		193,500
SEPLAT Energy PLC(a)
	630,000		7.750	(b)	04/01/26		502,346
	820,000		7.750		04/01/26		653,848
ShaMaran Petroleum Corp.(a)(b)
	870,000		12.000		07/30/25		818,344
Southwestern Energy Co.(a)
	1,445,000		4.750		02/01/32		1,276,759
Sunoco LP/Sunoco Finance Corp.(a)
	6,970,000		4.500		05/15/29		6,329,457
TechnipFMC PLC(a)(b)
	3,635,000		6.500		02/01/26		3,639,471
Tengizchevroil Finance Co. International Ltd.(a)
	830,000		2.625		08/15/25		740,931
	200,000		3.250		08/15/30		150,475
Tiger Holdco Pte Ltd.(a)(b)(i)
	212,334		13.000		06/10/23		210,874
Transocean Poseidon Ltd.(a)(b)
	845,813		6.875		02/01/27		825,395
Transocean Titan Financing Ltd.(a)(b)
	815,000		8.375		02/01/28		831,585
Transocean, Inc.(a)(b)
	4,448,000		11.500		01/30/27		4,554,085
	360,000		8.750		02/15/30		363,481
Tullow Oil PLC(a)
	1,020,000		7.000		03/01/25		618,885
USA Compression Partners LP/USA Compression Finance Corp.(a)
	4,480,000		6.875		04/01/26		4,432,512
YPF SA
	324,000		8.750		04/04/24		303,912
							61,947,883

20  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)
Packaging – 0.9%
ARD Finance SA(a)(i) (PIK 5.750%, Cash 5.000%)
EUR	2,648,270		5.000	%	06/30/27	$	2,236,951
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)
$	523,000		6.000	(b)	06/15/27		520,641
EUR	2,531,000		3.000		09/01/29		2,042,877
$	1,463,000		4.000	(b)	09/01/29		1,191,584
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)(b)
	3,295,000		5.250		08/15/27		2,820,849
Berry Global, Inc.(a)(b)
	1,308,000		4.500		02/15/26		1,270,081
	2,000,000		5.625		07/15/27		1,976,020
LABL, Inc.(a)(b)
	1,750,000		6.750		07/15/26		1,733,673
Owens-Brockway Glass Container, Inc.(b)
	527,000		5.875		08/15/23		526,352
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC(a)(b)
	1,410,000		4.000		10/15/27		1,268,887
SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA(a)(b)
	290,000		3.500		08/02/28		245,376
Sealed Air Corp.(b)
	1,843,000		6.875		07/15/33		1,956,953
Trivium Packaging Finance B.V.(a)(b)
	1,075,000		5.500		08/15/26		1,043,642
	1,300,000		8.500		08/15/27		1,255,566
							20,089,452
Pharmaceuticals(a) – 1.3%
AbbVie, Inc.
	6,650,000		3.200		11/21/29		6,144,600
AdaptHealth LLC(b)
	1,445,000		6.125		08/01/28		1,283,189
	670,000		4.625		08/01/29		546,894
	1,020,000		5.125		03/01/30		843,999
Becton Dickinson & Co.
	3,200,000		2.823		05/20/30		2,843,552
Cheplapharm Arzneimittel GmbH(b)
	1,268,000		5.500		01/15/28		1,158,749
CVS Health Corp.
	6,765,000		3.750		04/01/30		6,333,934
Organon & Co./Organon Foreign Debt Co.-Issuer BV(b)
	700,000		4.125		04/30/28		644,112
	1,950,000		5.125		04/30/31		1,735,715
Prestige Brands, Inc.(b)
	1,855,000		3.750		04/01/31		1,571,074
Teva Pharmaceutical Finance Netherlands II BV
EUR	210,000		3.750		05/09/27		208,838
	310,000		7.375		09/15/29		345,910
The Cigna Group
$	7,375,000		2.400		03/15/30		6,386,307
							30,046,873

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 3.7%
Buckeye Partners LP(a)
$	2,100,000		4.350	%	10/15/24	$	2,046,723
	4,636,000		3.950		12/01/26		4,219,455
	929,000		4.125		12/01/27		834,242
	1,217,000		4.500	(b)	03/01/28		1,106,557
Cheniere Energy Partners LP(a)
	1,800,000		4.500		10/01/29		1,694,322
CNX Midstream Partners LP(a)(b)
	1,210,000		4.750		04/15/30		1,016,533
CQP Holdco LP/BIP-V Chinook Holdco LLC(a)(b)
	4,130,000		5.500		06/15/31		3,850,482
DCP Midstream Operating LP(b)
	4,000,000		6.750		09/15/37		4,342,200
DT Midstream, Inc.(a)(b)
	4,130,000		4.375		06/15/31		3,593,678
Energy Transfer LP
	2,985,000		6.625		10/15/36		3,160,249
Enterprise Products Operating LLC(a)(e) (3M USD LIBOR + 2.778%)
	1,000,000		7.740		06/01/67		896,400
EQM Midstream Partners LP(a)(b)
	2,305,000		7.500		06/01/27		2,294,605
Galaxy Pipeline Assets Bidco Ltd.
	920,000		3.250		09/30/40		731,573
Genesis Energy LP/Genesis Energy Finance Corp.(a)
	2,010,000		7.750		02/01/28		1,980,714
Global Partners LP/GLP Finance Corp.(a)
	3,922,000		6.875		01/15/29		3,654,284
GNL Quintero SA
	206,496		4.634		07/31/29		200,469
Hess Midstream Operations LP(a)(b)
	990,000		5.500		10/15/30		922,294
Howard Midstream Energy Partners LLC(a)(b)
	1,565,000		6.750		01/15/27		1,466,921
ITT Holdings LLC(a)(b)
	3,380,000		6.500		08/01/29		2,805,704
Kinder Morgan Energy Partners LP
	7,000,000		7.300		08/15/33		7,857,360
Kinetik Holdings LP(a)(b)
	3,490,000		5.875		06/15/30		3,342,373
MPLX LP(a)
	5,925,000		2.650		08/15/30		5,061,965
NuStar Logistics LP(a)
	2,569,000		6.375		10/01/30		2,474,641
Oleoducto Central SA(a)
	490,000		4.000		07/14/27		430,986
Plains All American Pipeline LP/PAA Finance Corp.(a)
	3,000,000		3.600		11/01/24		2,928,900
Sabine Pass Liquefaction LLC(a)
	2,275,000		4.200		03/15/28		2,204,339
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(a)
	3,260,000		5.750		04/15/25		2,713,950
	3,370,000		8.500	(b)	10/15/26		3,249,961

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a)(b)
$	525,000		6.000	%	12/31/30	$	467,192
	4,485,000		6.000		09/01/31		4,005,912
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	1,910,000		4.875		02/01/31		1,805,370
The Williams Cos., Inc.
	7,000,000		7.500		01/15/31		7,841,610
Venture Global Calcasieu Pass LLC(a)(b)
	3,243,000		4.125		08/15/31		2,873,687
							88,075,651
Real Estate – 0.1%
CIFI Holdings Group Co. Ltd.(a)
	260,000		4.800		05/17/28		38,561
Country Garden Holdings Co. Ltd.(d)
	210,000		5.625		12/15/26		94,080
GTC Aurora Luxembourg SA(a)
EUR	250,000		2.250		06/23/26		216,558
IRSA Inversiones y Representaciones SA(a)(b)
$	277,787		8.750		06/22/28		271,363
Realogy Group LLC/Realogy Co.-Issuer Corp.(a)(b)
	2,080,000		5.750		01/15/29		1,544,837
Redsun Properties Group Ltd.(a)(f)
	230,000		7.300		01/13/25		25,703
Shimao Group Holdings Ltd.(a)(f)
	560,000		3.450		01/11/31		68,600
Sunac China Holdings Ltd.(a)
	370,000		6.500		07/09/23		72,150
	200,000		7.950	(f)	10/11/23		39,000
	200,000		6.650		08/03/24		39,000
	320,000		6.500		01/26/26		62,400
The Howard Hughes Corp.(a)(b)
	734,000		4.125		02/01/29		617,742
Yuzhou Group Holdings Co. Ltd.(a)(f)
	200,000		6.000		10/25/23		14,000
	280,000		7.375		01/13/26		19,600
(-1x 5 Year CMT + 8.527%)
	380,000		5.375		09/29/23		13,300
							3,136,894
Real Estate Investment Trust(a) – 0.9%
American Tower Corp.
	2,125,000		3.950		03/15/29		2,007,976
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(b)
	600,000		5.750		05/15/26		543,660
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332(b)
	1,630,000		4.375		07/22/31		1,206,506
Crown Castle, Inc.
	300,000		4.150		07/01/50		240,993
Iron Mountain Information Management Services, Inc.(b)
	2,395,000		5.000		07/15/32		2,103,864
MPT Operating Partnership LP/MPT Finance Corp.
	3,000,000		5.000		10/15/27		2,524,290

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
$	2,680,000		3.500	%	03/15/31	$	1,838,801
SBA Communications Corp.
	2,637,000		3.875		02/15/27		2,456,814
Starwood Property Trust, Inc.
	2,700,000		4.750		03/15/25		2,548,125
Trust Fibra Uno
	510,000		4.869		01/15/30		431,205
VICI Properties LP
	2,480,000		4.750		02/15/28		2,395,085
VICI Properties LP/VICI Note Co., Inc.(b)
	1,526,000		3.500		02/15/25		1,467,554
	1,306,000		4.625		06/15/25		1,269,262
							21,034,135
Retailing – 1.7%
Arko Corp.(a)(b)
	1,770,000		5.125		11/15/29		1,433,558
Asbury Automotive Group, Inc.(a)(b)
	1,462,000		4.625		11/15/29		1,302,467
	809,000		5.000		02/15/32		697,334
AutoNation, Inc.(a)
	961,000		4.750		06/01/30		906,329
Beacon Roofing Supply, Inc.(a)(b)
	2,560,000		4.125		05/15/29		2,252,800
eG Global Finance PLC(a)(b)
	3,800,000		6.750		02/07/25		3,600,386
Foundation Building Materials, Inc.(a)(b)
	2,540,000		6.000		03/01/29		2,036,216
GYP Holdings III Corp.(a)(b)
	1,160,000		4.625		05/01/29		1,023,816
InRetail Consumer(a)
	400,000		3.250		03/22/28		342,575
LCM Investments Holdings II LLC(a)(b)
	3,020,000		4.875		05/01/29		2,573,100
Lowe’s Cos., Inc.(a)
	2,062,000		3.750		04/01/32		1,909,928
Lowe’s Cos., Inc.(a)
	4,400,000		5.000		04/15/33		4,443,824
Penske Automotive Group, Inc.(a)
	2,179,000		3.750		06/15/29		1,893,159
QVC, Inc.
	1,200,000		4.850		04/01/24		1,028,448
Specialty Building Products Holdings LLC/SBP Finance Corp.(a)(b)
	3,446,000		6.375		09/30/26		3,126,935
SRS Distribution, Inc.(a)(b)
	1,912,000		4.625		07/01/28		1,688,162
	3,525,000		6.125		07/01/29		2,915,457
Suburban Propane Partners LP/Suburban Energy Finance Corp.(a)(b)
	2,245,000		5.000		06/01/31		1,965,834
The Home Depot, Inc.(a)
	1,170,000		3.350		04/15/50		910,482

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Yum! Brands, Inc.(a)(b)
$	3,064,000		4.750	%	01/15/30	$	2,961,295
							39,012,105
Semiconductors(a) – 0.6%
Amkor Technology, Inc.(b)
	1,398,000		6.625		09/15/27		1,400,293
Broadcom, Inc.
	3,723,000		4.150		11/15/30		3,465,219
	2,069,000		3.469	(b)	04/15/34		1,709,615
	1,856,000		3.137	(b)	11/15/35		1,437,194
	3,319,000		3.187	(b)	11/15/36		2,527,750
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	975,000		4.400		06/01/27		959,273
	982,000		3.400		05/01/30		882,406
Qorvo, Inc.
	750,000		4.375		10/15/29		681,915
							13,063,665
Software(a) – 1.2%
AthenaHealth Group, Inc.(b)
	4,765,000		6.500		02/15/30		3,908,396
Castle U.S. Holding Corp.(b)
	4,104,000		9.500		02/15/28		2,614,987
Clarivate Science Holdings Corp.(b)
	3,509,000		3.875		07/01/28		3,160,241
	2,401,000		4.875		07/01/29		2,164,117
Elastic NV(b)
	1,835,000		4.125		07/15/29		1,582,284
Oracle Corp.
	2,000,000		4.650		05/06/30		1,961,160
	2,015,000		4.900		02/06/33		1,981,612
	1,405,000		3.600		04/01/50		998,112
Playtika Holding Corp.(b)
	3,198,000		4.250		03/15/29		2,740,142
PTC, Inc.(b)
	4,000		3.625		02/15/25		3,856
ROBLOX Corp.(b)
	1,975,000		3.875		05/01/30		1,668,618
SS&C Technologies, Inc.(b)
	850,000		5.500		09/30/27		822,834
TeamSystem SpA(b)
EUR	3,100,000		3.500		02/15/28		3,011,791
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(b)
$	1,450,000		3.875		02/01/29		1,250,393
							27,868,543
Sovereign(a)(e) – 0.2%
CoBank ACB (3M USD LIBOR + 4.660%)
	5,350,000		6.250		12/29/49		5,081,216
Technology - Software/Services(a)(b) – 0.1%
Virtusa Corp.
	2,371,000		7.125		12/15/28		1,911,311

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – 1.4%
Altice France SA(a)(b)
$	4,695,000		5.500	%	10/15/29	$	3,519,935
America Movil SAB de CV(a)(b)
	770,000		5.375		04/04/32		697,928
AT&T, Inc.(a)
	2,900,000		2.750		06/01/31		2,500,235
	3,475,000		2.250		02/01/32		2,841,577
Axian Telecom(a)(b)
	250,000		7.375		02/16/27		225,047
CAS Capital No. 1 Ltd.(a)(e) (5 year CMT + 3.642%)
	204,000		4.000		07/12/26		164,513
Chindata Group Holdings Ltd.
	230,000		10.500		02/23/26		223,646
CommScope, Inc.(a)(b)
	1,430,000		7.125		07/01/28		1,024,867
CT Trust(a)
	1,480,000		5.125		02/03/32		1,217,115
Intelsat Jackson Holdings SA(g)
	708,000		0.000		08/01/23		—
	3,000,000		0.000		10/15/24		—
Level 3 Financing, Inc.(a)(b)
	1,506,000		10.500		05/15/30		1,441,920
Lorca Telecom Bondco SA(a)(b)
EUR	1,525,000		4.000		09/18/27		1,544,286
MTN Mauritius Investments Ltd.
$	420,000		6.500		10/13/26		417,716
Nokia of America Corp.
	3,000,000		6.450		03/15/29		2,867,400
Sprint Capital Corp.
	1,150,000		8.750		03/15/32		1,406,680
Telecom Argentina SA(b)
	153,260		8.500		08/06/25		142,273
Telecom Italia Capital SA
	1,800,000		7.200		07/18/36		1,624,644
	1,000,000		7.721		06/04/38		935,760
T-Mobile USA, Inc.(a)
	7,351,000		3.875		04/15/30		6,925,745
	1,896,000		4.500		04/15/50		1,657,616
Verizon Communications, Inc.(a)
	2,800,000		3.150		03/22/30		2,532,404
							33,911,307
Telecommunications(a) – 0.0%
Telefonica Celular Del Paraguay SA
	750,000		5.875		04/15/27		690,375
Toys/Games/Hobbies(a)(b) – 0.1%
Mattel, Inc.
	2,185,000		3.375		04/01/26		2,066,333
Transportation – 0.6%
Canadian Pacific Railway Co.(a)
	1,900,000		2.450		12/02/31		1,696,396
Cargo Aircraft Management, Inc.(a)(b)
	785,000		4.750		02/01/28		705,566

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation – (continued)
CSX Corp.(a)
$	6,575,000		4.100	%	11/15/32	$	6,372,753
MV24 Capital B.V.
	291,210		6.748	(b)	06/01/34		259,777
	659,505		6.748		06/01/34		588,320
Rand Parent LLC(a)(b)
	2,910,000		8.500		02/15/30		2,633,579
Transnet SOC Ltd.(b)
	860,000		8.250		02/06/28		851,024
XPO Escrow Sub LLC(a)(b)
	1,745,000		7.500		11/15/27		1,796,006
							14,903,421
Trucking & Leasing(a)(b) – 0.1%
Fortress Transportation & Infrastructure Investors LLC
	2,220,000		5.500		05/01/28		2,036,961
TOTAL CORPORATE OBLIGATIONS (Cost $1,222,558,187)						$	1,101,236,462

Shares		Description	Value
Common Stocks – 39.1%
Aerospace & Defense – 0.6%
	47,766	L3Harris Technologies, Inc.	$	9,321,535
	9,449	Northrop Grumman Corp.		4,358,540
				13,680,075
Air Freight & Logistics – 0.3%
	34,598	United Parcel Service, Inc.
		Class B		6,221,066
Banks – 2.6%
	429,723	Bank of America Corp.		12,582,289
	272,213	BNP Paribas SA ADR		8,784,314
	173,983	JPMorgan Chase & Co.		24,051,410
	840,461	Nordea Bank Abp ADR		9,379,545
	225,255	Truist Financial Corp.		7,338,808
				62,136,366
Beverages – 0.8%
	152,430	Coca-Cola Europacific Partners PLC		9,827,162
	132,102	The Coca-Cola Co.		8,474,343
				18,301,505
Biotechnology – 0.8%
	22,247	Amgen, Inc.		5,333,496
	153,878	Gilead Sciences, Inc.		12,650,310
				17,983,806
Capital Markets – 1.2%
	154,194	BlackRock, Inc.		21,034,724

Shares		Description	Value
Common Stocks – (continued)
Capital Markets – (continued)
	56,699	Singapore Exchange Ltd. ADR	$	6,120,090
				27,154,814
Chemicals – 0.6%
	36,771	Linde PLC		13,585,046
Commerical Services & Supplies – 0.6%
	97,898	Republic Services, Inc.		14,158,009
Communications Equipment – 0.6%
	286,954	Cisco Systems, Inc.		13,558,576
	35,606	Intelsat Emergence SA(f)		883,492
				14,442,068
Construction & Engineering – 0.4%
	271,546	Vinci SA ADR		8,382,625
Consumer Finance – 0.4%
	51,573	American Express Co.		8,320,788
Consumer Staples Distribution & Retail – 1.4%
	301,655	Koninklijke Ahold Delhaize
		NV ADR		10,376,932
	60,909	Target Corp.		9,608,395
	93,802	Walmart, Inc.		14,161,288
				34,146,615
Containers & Packaging – 0.1%
	103,760	International Paper Co.		3,435,494
Diversified Telecommunication Services – 0.6%
	774,414	AT&T, Inc.		13,683,895
Electric Utilities – 0.9%
	183,122	NextEra Energy, Inc.		14,032,639
	111,889	Xcel Energy, Inc.		7,822,160
				21,854,799
Electrical Equipment – 1.4%
	94,186	Eaton Corp. PLC		15,740,364
	511,458	Schneider Electric SE ADR		17,829,426
				33,569,790
Electronic Equipment, Instruments & Components – 0.3%
	23,431	CDW Corp.		3,973,663
	34,513	TE Connectivity Ltd.		4,223,356
				8,197,019
Energy Equipment & Services*(f) –0.1%
	63,962	Noble Corp. PLC		2,459,339
Entertainment – 0.2%
	30,997	Electronic Arts, Inc.		3,945,298
Financial Services – 0.4%
	39,559	Visa, Inc. Class A		9,206,566
Food Products – 1.3%
	73,013	Archer-Daniels-Midland Co.		5,700,855
	63,069	General Mills, Inc.		5,589,805
	101,506	Nestle SA ADR		13,019,160

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	161,753	The Kraft Heinz Co.	$	6,352,040
				30,661,860
	Ground Transportation – 0.3%
	30,293	Norfolk Southern Corp.		6,150,388
	Health Care Equipment & Supplies – 0.9%
	75,273	Abbott Laboratories		8,315,408
	61,303	Hoya Corp. ADR		6,456,432
	50,203	Zimmer Biomet Holdings, Inc.		6,950,104
				21,721,944
	Health Care Providers & Services – 0.9%
	140,877	CVS Health Corp.		10,327,693
	19,995	UnitedHealth Group, Inc.		9,839,339
				20,167,032
	Health Care REITs – 0.6%
	230,918	Healthpeak Properties, Inc.		5,073,269
	197,282	Ventas, Inc.		9,479,400
				14,552,669
	Hotels, Restaurants & Leisure – 1.0%
	44,974	McDonald’s Corp.		13,301,061
	68,114	Yum! Brands, Inc.		9,575,466
				22,876,527
	Household Products – 0.8%
	575,602	Reckitt Benckiser Group PLC
		ADR		9,422,605
	56,840	The Procter & Gamble Co.		8,888,639
				18,311,244
	Industrial Conglomerates – 0.4%
	53,017	Honeywell International, Inc.		10,594,917
	Insurance – 1.1%
	51,184	Marsh & McLennan Cos., Inc.		9,222,845
	70,872	The Allstate Corp.		8,204,143
	190,163	Zurich Insurance Group AG
		ADR		9,215,299
				26,642,287
	IT Services – 0.3%
	22,337	Accenture PLC Class A		6,260,838
	Machinery – 0.8%
	32,171	Caterpillar, Inc.		7,039,015
	48,696	Illinois Tool Works, Inc.		11,781,510
				18,820,525
	Media – 0.7%
	194,739	Bright Pattern Holding Co.(f)(g)		1,947
	153,313	Comcast Corp. Class A		6,342,559
	65,985	Omnicom Group, Inc.		5,976,261

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	81,145	The New York Times Co.
		Class A	$	3,225,514
				15,546,281
	Metals & Mining – 0.8%
	215,986	Freeport-McMoRan, Inc.		8,188,029
	172,339	Rio Tinto PLC ADR		11,027,973
				19,216,002
	Multi-Utilities – 1.6%
	97,027	Ameren Corp.		8,632,492
	118,777	CMS Energy Corp.		7,395,056
	106,208	Dominion Energy, Inc.		6,068,725
	115,385	National Grid PLC ADR		8,267,335
	51,826	Sempra Energy		8,058,425
				38,422,033
	Oil, Gas & Consumable Fuels – 2.9%
	2,490	Chesapeake Energy Corp.		205,873
	136,159	ConocoPhillips		14,009,399
	41,326	EOG Resources, Inc.		4,937,217
	189,190	Exxon Mobil Corp.		22,388,745
	39,012	Pioneer Natural Resources Co.		8,487,061
	290,987	Shell PLC ADR		18,035,374
	86,915	Summit Midstream Partners LP(f)		1,332,407
				69,396,076
	Personal Products – 0.4%
	189,776	Unilever PLC ADR		10,538,261
	Pharmaceuticals – 3.6%
	160,611	AstraZeneca PLC ADR		11,759,937
	293,283	Bristol-Myers Squibb Co.		19,582,506
	34,804	Eli Lilly & Co.		13,777,511
	133,498	Johnson & Johnson		21,853,623
	255,848	Roche Holding AG ADR		10,034,359
	41,004	Zoetis, Inc.		7,207,683
				84,215,619
	Residential REITs – 0.3%
	43,151	AvalonBay Communities, Inc.		7,783,146
	Retail REITs – 0.3%
	98,673	Regency Centers Corp.		6,061,482
	Semiconductors & Semiconductor Equipment – 1.9%
	13,249	ASML Holding NV		8,437,758
	12,478	KLA Corp.		4,823,246
	220,634	Marvell Technology, Inc.		8,710,630
	90,363	Taiwan Semiconductor
		Manufacturing Co. Ltd. ADR		7,617,601
	39,005	Texas Instruments, Inc.		6,521,636
	162,423	Tokyo Electron Ltd. ADR		9,363,686
				45,474,557

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Software – 1.0%
194,739	Aspect Software, Inc.
	Class B(f)(g)	$	1,947
10,085	Intuit, Inc.		4,477,236
27,882	Microsoft Corp.		8,567,023
104,337	Oracle Corp.		9,882,801
			22,929,007
Specialized REITs – 0.7%
42,573	American Tower Corp.		8,701,495
78,439	Digital Realty Trust, Inc.		7,777,227
			16,478,722
Specialty Retail – 0.9%
118,094	Foot Locker, Inc.		4,958,767
45,833	Lowe’s Cos., Inc.		9,525,473
64,518	Ross Stores, Inc.		6,886,006
			21,370,246
Technology Hardware, Storage & Peripherals – 0.3%
152,394	Dell Technologies, Inc. Class C		6,627,615
Textiles, Apparel & Luxury Goods – 0.3%
157,929	Tapestry, Inc.		6,445,083
Trading Companies & Distributors – 0.4%
181,494	Fastenal Co.		9,771,637
Water Utilities – 0.3%
50,688	American Water Works Co.,
	Inc.		7,514,496
TOTAL COMMON STOCKS (Cost $766,429,769)		$	919,415,477

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(e)(j) – 6.4%
Aerospace & Defense – 0.1%
ADS Tactical, Inc. (1M USD LIBOR + 5.750%)
$	3,607,205		10.775	%	03/19/26	$	3,395,282
Automotive – 0.5%
First Brands Group LLC
(3M USD LIBOR + 8.500%)
	2,900,000		13.602		03/30/28		2,545,968
(3M USD SOFR + 5.000%)
	698,250		10.246		03/30/27		668,574
(6M USD SOFR + 5.000%)
	3,291,954		10.252		03/30/27		3,183,583
Garrett LX I S.a.r.l. (3M USD LIBOR + 3.250%)
	2,758,000		8.657		04/30/28		2,701,461
OEConnection LLC (1M USD SOFR + 4.000%)
	2,518,960		9.036		09/25/26		2,478,808
							11,578,394

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(e)(j) – (continued)
Building & Construction Materials – 0.2%
Energize HoldCo LLC
(1M USD LIBOR + 3.750%)
$	2,301,808		8.775	%	12/08/28	$	2,271,125
(1M USD LIBOR + 6.750%)
	1,250,000		11.775	(g)	12/07/29		1,168,750
							3,439,875
Building Materials – 0.1%
Icebox Holdco III, Inc.
(3M USD LIBOR + 3.500%)
	2,204,657		8.909		12/22/28		2,111,422
(3M USD LIBOR + 6.750%)
	625,000		11.909		12/21/29		550,000
							2,661,422
Chemicals – 0.4%
Momentive Performance Materials, Inc. (1M USD SOFR + 4.500%)
	4,020,000		9.482		03/29/28		4,002,432
Starfruit Finco B.V. (3M USD SOFR + 2.750%)
	4,621,383		7.895		10/01/25		4,593,932
							8,596,364
Commercial Services – 0.4%
Albion Financing 3 S.a.r.l. (3M USD SOFR + 5.500%)
	3,000,000		10.347		08/17/26		2,940,000
Anticimex International AB
(3M USD LIBOR + 3.500%)
	1,978,188		8.453		11/16/28		1,952,629
(3M USD LIBOR + 4.000%)
	2,950,859		8.953		11/16/28		2,943,482
Vaco Holdings, LLC (3M USD SOFR + 5.000%)
	1,259,062		10.048		01/21/29		1,251,508
							9,087,619
Computers – 0.2%
Peraton Corp. (3M USD LIBOR + 7.750%)
	1,747,455		12.651		02/01/29		1,671,546
Virtusa Corp. (1M USD LIBOR + 3.750%)
	1,898,390		8.775		02/11/28		1,886,923
							3,558,469
Consumer Cyclical Services – 0.1%
The Hertz Corp.
(1M USD LIBOR + 3.250%)
	2,645,437		8.275		06/30/28		2,634,194
(1M USD LIBOR + 3.250%)
	507,443		8.275		06/30/28		505,287
							3,139,481
Diversified Financial Services – 0.1%
Fiserv Investment Solutions, Inc. (1M USD LIBOR + 4.000%)
	632,125		8.946		02/18/27		607,105

26  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(e)(j) – (continued)
Diversified Financial Services – (continued)
Syncapay, Inc. (3M USD LIBOR + 6.500%)
$	2,028,362		11.340	%	12/10/27	$	1,996,254
							2,603,359
Engineering & Construction – 0.1%
Brown Group Holding LLC (1M USD SOFR + 3.750%)
	1,194,000		8.732		07/02/29		1,185,869
KKR Apple Bidco LLC (1M USD LIBOR + 5.750%)
	325,000		10.775		09/21/29		318,500
							1,504,369
Environmental – 0.1%
Packers Holdings LLC (1M USD SOFR + 3.250%)
	4,728,956		8.240		03/09/28		2,325,795
Food & Drug Retailing – 0.0%
B&G Foods, Inc. (1M USD LIBOR + 2.500%)
	507,788		7.525		10/10/26		489,564
Health Care Services – 0.1%
ICON Luxembourg S.a.r.l. (3M USD SOFR + 2.250%)
	716,936		7.410		07/03/28		716,448
Verscend Holding Corp. (1M USD LIBOR + 4.000%)
	1,340,991		9.025		08/27/25		1,338,484
							2,054,932
Healthcare Providers & Services – 0.3%
Insulet Corp. (1M USD SOFR + 3.250%)
	4,592,754		8.347		05/04/28		4,584,717
PRA Health Sciences, Inc. (3M USD SOFR + 2.250%)
	178,625		7.126		07/03/28		178,504
RegionalCare Hospital Partners Holdings, Inc. (3M USD LIBOR + 3.750%)
	3,200,000		9.023		11/16/25		3,006,208
							7,769,429
Home Construction – 0.2%
Chamberlain Group, Inc. (1M USD LIBOR + 3.350%)
	4,369,687		8.275		11/03/28		4,234,489
Industrial Services – 0.1%
LaserShip, Inc. (3M USD LIBOR + 4.500%)
	2,413,250		9.659		05/07/28		2,067,359
Leisure Time – 0.1%
Arcis Golf LLC (1M USD LIBOR + 4.250%)
	2,004,750		9.275		11/24/28		1,992,220
Machinery – 0.0%
Brown Group Holding LLC (1M USD SOFR + 2.500%)
	978,264		7.582		06/07/28		955,382
Machinery-Diversified – 0.3%
Clark Equipment Co. (3M USD SOFR + 2.500%)
	346,500		7.498		04/20/29		345,460
Engineered Machinery Holdings, Inc.
(3M USD Euribor + 3.750%)
EUR	861,875		6.765		05/21/28		923,584

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(e)(j) – (continued)
Machinery-Diversified – (continued)
(3M USD LIBOR + 3.500%)
$	1,847,735		8.659	%	05/19/28	$	1,821,294
Vertical US Newco, Inc. (6M USD LIBOR + 3.500%)
	4,653,176		8.602		07/30/27		4,536,847
							7,627,185
Media – 0.5%
CSC Holdings LLC
(1M USD LIBOR + 2.500%)
	3,678,314		7.448		04/15/27		3,243,353
(1M USD SOFR + 4.500%)
	1,654,771		9.390		01/18/28		1,520,321
Cumulus Media New Holdings, Inc. (1M USD LIBOR + 3.750%)
	602,527		8.775		03/31/26		533,839
DirecTV Financing LLC (1M USD LIBOR + 5.000%)
	2,227,375		10.025		08/02/27		2,134,805
Entercom Media Corp. (1M USD LIBOR)
	4,070,000		2.500		11/18/24		2,444,890
Syndigo LLC (1M USD LIBOR + 4.500%)
	2,033,500		9.482		12/15/27		1,880,988
							11,758,196
Media - Broadcasting & Radio – 0.2%
Getty Images, Inc. (3M USD SOFR + 4.500%)
	2,744,737		9.540		02/19/26		2,742,678
Grinding Media, Inc. (3M USD SOFR + 4.000%)
	2,634,875		9.199		10/12/28		2,489,957
							5,232,635
Packaging – 0.2%
LABL, Inc. (1M USD LIBOR + 5.000%)
	1,876,250		10.082		10/29/28		1,847,131
Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%)
	959,683		8.347		02/05/26		956,516
Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%)
	2,069,689		9.159		09/15/28		2,007,598
							4,811,245
Pharmaceuticals – 0.3%
Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%)
	6,256,000		8.998		10/01/27		6,017,521
Pipelines – 0.1%
CQP Holdco LP (3M USD LIBOR + 3.500%)
	3,291,499		8.659		06/05/28		3,281,624
Retail – 0.2%
New Era Cap Co., Inc. (1M USD LIBOR + 6.000%)
	1,923,750		10.937		07/13/27		1,880,466
RC Buyer, Inc.
(1M USD LIBOR + 3.500%)
	1,906,125		8.525		07/28/28		1,773,649
(1M USD LIBOR + 6.500%)
	800,000		11.525		07/30/29		717,000
							4,371,115

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(e)(j) – (continued)
Retailers – 0.1%
TruGreen LP (3M USD LIBOR + 8.500%)
$	1,750,000		13.773	%	11/02/28	$	1,137,500
Services Cyclical - Business Services – 0.0%
Travelport Finance (Luxembourg) S.a.r.l. (1M USD LIBOR + 1.500%)
	32,726		6.525		02/28/25		33,044
Services Cyclical - Consumer Services – 0.1%
Asurion LLC (1M USD LIBOR + 3.350%)
	3,250,322		8.275		12/23/26		3,029,917
Software – 0.8%
Athenahealth, Inc. (1M USD SOFR + 3.500%)
	2,388,961		8.464		02/15/29		2,235,375
Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%)
	4,267,248		8.775		10/02/25		4,211,859
Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%)
	2,865,000		7.525		04/30/25		2,857,121
Epicor Software Corp.
(1M USD LIBOR + 3.250%)
	3,997,500		8.275		07/30/27		3,944,054
(1M USD LIBOR + 7.750%)
	1,275,000		12.832		07/31/28		1,266,827
The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%)
	3,353,302		3.378		02/06/26		3,345,958
The Ultimate Software Group, Inc. (3M USD LIBOR + 5.250%)
	1,592,250		8.895		05/04/26		1,564,020
							19,425,214
Technology - Software/Services – 0.3%
AppLovin Corp. (3M USD SOFR + 3.350%)
	830,485		8.418		08/15/25		825,294
DCert Buyer, Inc.
(3M USD SOFR + 4.000%)
	4,563,362		8.696		10/16/26		4,514,899
(3M USD LIBOR + 7.000%)
	2,700,000		11.696		02/19/29		2,484,837
Loyalty Ventures, Inc.(g)(f) (1M USD LIBOR), (Defaulted)
	2,451,250		0.000		11/03/27		230,834
							8,055,864
Telecommunication Services – 0.1%
Level 3 Financing, Inc. (1M USD SOFR + 1.750%)
	1,568,485		6.847		03/01/27		1,336,396
Telecommunications – 0.1%
Intelsat Jackson Holdings S.A. (3M USD SOFR + 4.500%)
	2,975,813		9.082		02/01/29		2,934,419
TOTAL BANK LOANS (Cost $159,511,562)						$	150,505,679

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 0.5%
United States Dollar – 0.5%
Benin Government International Bond
EUR	350,000		4.875	%	01/19/32	$	287,031
Dominican Republic International Bond(a)(b)
$	1,283,000		7.050		02/03/31		1,302,646
Hungary Government Bond
	730,000		3.125		09/21/51		451,140
Ivory Coast Government International Bond(b)
	450,000		6.375		03/03/28		428,428
Kingdom of Bahrain
	540,000		5.625		05/18/34		472,433
National Bank of Uzbekistan
	200,000		4.850		10/21/25		184,725
Republic of Ecuador(k)
	1,440,000		2.500		07/31/35		525,870
	57,283		0.000	(b)(c)	07/31/30		17,482
Republic of Guatemala(a)
	766,000		6.125		06/01/50		718,029
Republic of Nigeria
	400,000		7.625		11/28/47		248,450
	320,000		8.250		09/28/51		208,160
Republic of Oman
	980,000		6.500		03/08/47		917,096
	280,000		5.625		01/17/28		281,628
	200,000		6.250	(b)	01/25/31		207,100
Republic of Panama
	930,000		4.300		04/29/53		696,512
Republic of Paraguay(a)
	820,000		5.400		03/30/50		698,691
Republic of Romania
	1,030,000		4.000		02/14/51		708,962
Republic of Senegal
EUR	460,000		4.750		03/13/28		418,425
$	350,000		6.250		05/23/33		274,706
Republic of South Africa
	1,250,000		5.750		09/30/49		898,281
Republic of Turkey
	260,000		6.125		10/24/28		232,830
	1,130,000		9.875		01/15/28		1,165,525
Ukraine Government Bond
	220,000		7.750		09/01/25		41,841
United Mexican States(a)
	200,000		5.400		02/09/28		206,225
							11,592,216
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $12,048,765)						$	11,592,216
Shares		Dividend Rate				Value
Preferred Stocks(a) – 0.4%
Capital Markets(e) – 0.2%
Morgan Stanley, Inc. (3M USD LIBOR + 3.708%)
	183,597		6.375%			$	4,613,793

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Dividend Rate				Value
Preferred Stocks(a) – (continued)
Diversified Telecommunication Services – 0.0%
Qwest Corp.
43,276			6.500%			$	576,436
Insurance(e)(f) – 0.2%
Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
143,849			8.054				3,236,602
TOTAL PREFERRED STOCKS (Cost $8,780,987)						$	8,426,831
Units		Expiration Date				Value
Warrants(f) – 0.0%
Noble Corp. PLC
	5,288		02/05/28			$	142,776
TOTAL WARRANTS (Cost $13,220)						$	142,776
Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations(a)(e) – 0.0%
Collateralized Mortgage Obligations – 0.0%
Sequential Floating Rate – 0.0%
Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%)
$	126,430		5.210	%	07/25/47	$	109,201
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							109,201
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $48,992)						$	109,201
Units		Expiration Date				Value
Rights(f) – 0.0%
Intelsat Jackson Holdings SA
	3,728		12/05/25			$	22,368
	3,728		12/05/25				20,504
TOTAL RIGHTS (Cost $—)						$	42,872
Shares		Dividend Rate				Value
Investment Companies(l) – 4.3%
Goldman Sachs Financial Square Government Fund - Class R6
21,112,121			4.766%			$	21,112,121

Shares		Dividend Rate	Value
Investment Companies(l) – (continued)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	45,630,193	4.766%		$     45,630,193
Goldman Sachs MLP Energy Infrastructure Fund - Class R6
	1,177,828	4.391		34,710,585
TOTAL INVESTMENT COMPANIES (Cost $87,170,515)				$   101,452,899
Securities Lending Reinvestment Vehicle – 0.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	806,820	4.766%		$          806,820
(Cost $806,820)
TOTAL INVESTMENTS – 97.5% (Cost $2,257,368,817)				$2,293,731,233
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%				59,107,649
NET ASSETS – 100.0%				$2,352,838,882

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) Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2023.

(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, 2023.

(f) Security is currently in default and/or non-income producing.

(g) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(h) Guaranteed by a foreign government until maturity.

(i) Pay-in-kind securities.

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

(j) 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, 2023. 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.

(k) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on April 30, 2023.

(l) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At April 30, 2023, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount	Current Value		Unrealized Gain (Loss)
Athenahealth, Inc., due 02/15/29	$293,478		$274,611	$(9,923)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty		Currency Purchased			Currency Sold		Settlement Date	Unrealized Loss
MS & Co. Int. PLC	USD		25,064,967	EUR		22,874,171	06/26/23	$	(222,346	)

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		325		06/30/23	$	67,003,320			$    371,800
20 Year U.S. Treasury Bonds		180		06/21/23		23,698,125			775,462
5 Year U.S. Treasury Notes		19		06/30/23		2,085,102			45,773
S&P 500 E-Mini Index		173		06/16/23		36,230,525			2,206,502
Ultra Long U.S. Treasury Bonds		547		06/21/23		77,349,219			2,975,660
Total									$ 6,375,197
Short position contracts:
10 Year German Euro-Bund		(32)		06/08/23		(4,779,956	)		(174,237	)
10 Year U.S. Treasury Notes		(1,207)		06/21/23		(142,006,422	)		(4,179,279	)
5 Year German Euro-Bobl		(62)		06/08/23		(8,059,454	)		(198,569	)
5 Year U.S. Treasury Notes		(144)		06/30/23		(15,802,875	)		5,667
Total									$(4,546,418	)
TOTAL FUTURES CONTRACTS									$ 1,828,779

30  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, 2023, 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)
3.750%(b)	3M LIBOR(b)		06/21/25		$	2,410		$       5,973			$      12,022			$     (6,049	)
3.500(b)	3M LIBOR(b)		06/21/26			660		434			51			383
2.500(b)	6M EURO(c)		06/21/26		EUR	250		5,548			6,945			(1,397	)
3M LIBOR(b)	3.250%(b)		06/21/28		$	109,210		95,002			(790,844	)		885,846
2.500(b)	6M EURO(c)		06/21/28		EUR	150		4,152			5,072			(920	)
3.000(b)	3M LIBOR(b)		06/21/30		$	16,020		141,994			255,399			(113,405	)
3M LIBOR(b)	3.000(b)		06/21/33			101,640		(1,021,198	)		(2,489,228	)		1,468,030
3M LIBOR(b)	3.000(b)		06/21/43			1,240		(23,313	)		(46,404	)		23,091
3M LIBOR(b)	2.750(b)		06/21/53			6,340		(250,771	)		(334,531	)		83,760
TOTAL								$(1,042,179	)		$(3,381,518	)		$2,339,339

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2023.

(b) Payments made annually.

(c) Payments made semi-annually.

WRITTEN OPTIONS CONTRACTS — At April 30, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Excercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Citibank NA			$4,433.417		05/31/2023		(4,181	)		$  (1,853,611,648	)		$  (76,318	)		$  (76,318	)		$—
Citibank NA			4,413.800		05/15/2023		(4,181	)		(1,845,409,780	)		(48,200	)		(48,200	)		—
MS & Co. Int. PLC			4,282.060		05/31/2023		(9,286	)		(3,976,320,916	)		(178,489	)		(178,489	)		—
MS & Co. Int. PLC			4,250.780		05/15/2023		(9,286	)		(3,947,274,308	)		(135,512	)		(135,512	)		—
Total written option contracts							(26,934	)		$(11,622,616,652	)		$(438,519	)		$(438,519	)		$—
TOTAL							(26,934	)		$(11,622,616,652	)		$(438,519	)		$(438,519	)		$—

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
ADR	—American Depositary Receipt
CMT	—Constant Maturity Treasury Indexes
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MLP	—Master Limited Partnership
MTN	—Medium Term Note
PIK	—Payment in kind
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Funding Rate
TSFR	—Term Secured Overnight Financing Rate
WR	—Withdrawn Rating

Abbreviations:
EURO	—Euro Offered Rate
LIBOR	—London Interbank Offered Rate
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares	Description	Value
Common Stocks – 96.0%
Banks – 0.5%
50,845	Comerica, Inc.	$	2,205,148
Biotechnology – 2.1%
33,580	AbbVie, Inc.		5,074,609
20,786	Amgen, Inc.		4,983,236
			10,057,845
Broadline Retail – 0.4%
7,030	Dillard’s, Inc. Class A		2,097,682
Building Products – 2.4%
42,805	A.O. Smith Corp.		2,923,154
10,865	Lennox International, Inc.		3,062,952
61,060	Masco Corp.		3,267,321
25,395	UFP Industries, Inc.		1,994,015
			11,247,442
Capital Markets – 4.6%
15,537	Evercore, Inc. Class A		1,772,306
8,480	FactSet Research Systems, Inc.		3,491,131
9,445	MarketAxess Holdings, Inc.		3,007,005
15,100	Moody’s Corp.		4,728,112
36,176	T. Rowe Price Group, Inc.		4,063,650
94,505	The Charles Schwab Corp.		4,936,941
			21,999,145
Chemicals – 0.9%
18,589	The Sherwin-Williams Co.		4,415,631
Commerical Services & Supplies – 0.9%
98,377	Rollins, Inc.		4,156,428
Communications Equipment – 1.8%
28,898	Motorola Solutions, Inc.		8,420,877
Consumer Finance – 0.9%
40,735	Discover Financial Services		4,214,850
Consumer Staples Distribution & Retail – 2.1%
10,764	Costco Wholesale Corp.		5,416,660
88,012	The Kroger Co.		4,280,024
			9,696,684
Distributors – 0.8%
10,160	Pool Corp.		3,569,411
Diversified Telecommunication Services – 0.6%
41,985	Cogent Communications Holdings, Inc.		2,898,644
Electric Utilities – 1.1%
67,157	NextEra Energy, Inc.		5,146,241
Electronic Equipment, Instruments & Components – 4.0%
104,146	Amphenol Corp. Class A		7,859,899
217,731	Corning, Inc.		7,233,024
16,710	Littelfuse, Inc.		4,047,830
			19,140,753
Entertainment – 1.7%
106,267	Activision Blizzard, Inc.		8,258,009

Shares	Description	Value
Common Stocks – (continued)
Financial Services – 3.1%
19,594	Jack Henry & Associates, Inc.	$	3,200,484
15,283	Mastercard, Inc. Class A		5,807,999
24,470	Visa, Inc. Class A		5,694,903
			14,703,386
Food Products – 2.7%
94,406	Hormel Foods Corp.		3,817,779
68,255	Mondelez International, Inc. Class A		5,236,523
61,310	Tyson Foods, Inc. Class A		3,831,262
			12,885,564
Health Care Equipment & Supplies – 2.3%
51,865	Abbott Laboratories		5,729,527
17,193	Stryker Corp.		5,151,882
			10,881,409
Health Care Providers & Services – 4.6%
65,686	CVS Health Corp.		4,815,441
10,297	Elevance Health, Inc.		4,825,689
8,751	Humana, Inc.		4,642,318
21,745	The Ensign Group, Inc.		2,111,222
10,674	UnitedHealth Group, Inc.		5,252,568
			21,647,238
Hotels, Restaurants & Leisure – 1.2%
49,949	Starbucks Corp.		5,708,671
Household Products – 0.3%
7,270	WD-40 Co.		1,384,208
Independent Power and Renewable Electricity Producers – 0.7%
143,400	The AES Corp.		3,392,844
Insurance – 2.2%
23,195	American Financial Group, Inc.		2,846,723
58,845	CNO Financial Group, Inc.		1,320,482
13,365	Primerica, Inc.		2,439,246
50,070	Principal Financial Group, Inc.		3,739,728
			10,346,179
IT Services – 1.1%
57,950	Amdocs Ltd.		5,287,938
Life Sciences Tools & Services – 2.0%
31,409	Agilent Technologies, Inc.		4,253,721
21,369	Danaher Corp.		5,062,530
			9,316,251
Machinery – 2.3%
44,358	Graco, Inc.		3,517,146
16,780	Lincoln Electric Holdings, Inc.		2,815,684
22,805	Mueller Industries, Inc.		1,638,539
27,935	The Toro Co.		2,912,503
			10,883,872
Media – 4.6%
268,184	Comcast Corp. Class A		11,094,772
25,735	Nexstar Media Group, Inc.		4,463,736

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Media – (continued)
176,088	The Interpublic Group of Cos., Inc.	$	6,291,624
			21,850,132
Metals & Mining – 1.4%
12,775	Reliance Steel & Aluminum Co.		3,165,645
31,979	Steel Dynamics, Inc.		3,324,217
			6,489,862
Multi-Utilities – 0.8%
107,395	NiSource, Inc.		3,056,461
3,271	Sempra Energy		508,608
			3,565,069
Oil, Gas & Consumable Fuels – 13.8%
32,305	Cheniere Energy Partners LP		1,473,431
18,742	Cheniere Energy, Inc.		2,867,526
6,505	ConocoPhillips		669,300
119,562	Crestwood Equity Partners LP		2,951,986
90,692	DCP Midstream LP		3,762,811
9,340	Devon Energy Corp.		499,036
43,865	DTE Midstream, Inc.*		2,161,229
627,485	Energy Transfer LP		8,082,007
291,693	EnLink Midstream LLC		2,861,508
197,359	Enterprise Products Partners LP		5,192,515
4,088	EOG Resources, Inc.		488,393
32,747	Equitrans Midstream Corp.		168,647
5,656	Exxon Mobil Corp.		669,331
92,635	Genesis Energy LP		1,033,807
23,591	Hess Midstream LP Class A		692,160
17,414	Holly Energy Partners LP		290,117
77,870	Magellan Midstream Partners LP		4,345,146
47,870	Marathon Oil Corp.		1,156,539
181,892	MPLX LP		6,364,401
62,444	NuStar Energy LP		1,004,100
19,989	ONEOK, Inc.		1,307,481
363,377	Plains All American Pipeline LP		4,687,563
37,558	Plains GP Holdings LP Class A		503,277
29,182	Sunoco LP		1,326,030
39,280	Targa Resources Corp.		2,966,818
44,217	The Williams Cos., Inc.		1,338,006
240,987	Western Midstream Partners LP		6,378,926
			65,242,091
Personal Products – 1.4%
12,905	Inter Parfums, Inc.		1,958,850
18,959	The Estee Lauder Cos., Inc. Class A		4,677,564
			6,636,414
Pharmaceuticals – 1.5%
54,425	Perrigo Co. PLC		2,024,066
27,800	Zoetis, Inc.		4,886,684
			6,910,750
Professional Services – 0.5%
35,400	Robert Half International, Inc.		2,584,200
Residential REITs – 0.6%
41,380	Equity LifeStyle Properties, Inc.		2,851,082

Shares	Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 4.4%
22,527	KLA Corp.	$	8,707,587
42,067	Power Integrations, Inc.		3,061,636
54,774	Texas Instruments, Inc.		9,158,213
			20,927,436
Software – 8.8%
31,365	InterDigital, Inc.		2,124,665
21,883	Intuit, Inc.		9,714,958
36,321	Microsoft Corp.		11,159,990
106,611	Oracle Corp.		10,098,194
18,569	Roper Technologies, Inc.		8,444,810
			41,542,617
Specialized REITs – 1.5%
20,284	American Tower Corp.		4,145,847
20,710	Extra Space Storage, Inc.		3,148,748
			7,294,595
Specialty Retail – 4.6%
49,454	Best Buy Co., Inc.		3,685,312
26,177	Lowe’s Cos., Inc.		5,440,366
19,331	The Home Depot, Inc.		5,809,739
17,600	Tractor Supply Co.		4,195,840
22,017	Williams-Sonoma, Inc.		2,664,937
			21,796,194
Technology Hardware, Storage & Peripherals – 1.6%
253,651	HP, Inc.		7,535,971
Textiles, Apparel & Luxury Goods – 1.6%
24,680	Columbia Sportswear Co.		2,061,767
44,490	NIKE, Inc. Class B		5,637,773
			7,699,540
Trading Companies & Distributors – 1.6%
79,728	Fastenal Co.		4,292,556
10,122	Watsco, Inc.		3,506,058
			7,798,614
TOTAL COMMON STOCKS (Cost $335,700,081)		$	454,686,917
Shares	Dividend Rate	Value
Investment Companies(a) – 3.6%
Goldman Sachs Financial Square Government Fund - Class R6
16,863,267	4.766%	$	16,863,267

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Shares	Dividend Rate	Value
Investment Companies(a) – (continued)
Goldman Sachs Financial Square Government Fund - Institutional Shares
275,805	4.766%	$	275,805
TOTAL INVESTMENT COMPANIES (Cost $ 17,139,072)		$	17,139,072
TOTAL INVESTMENTS – 99.6% (Cost $ 352,839,153)		$	471,825,989
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,920,298
NET ASSETS – 100.0%		$	473,746,287

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	71	06/16/23	$	14,869,175		$697,331

Investment Abbreviations:
GP	—General Partnership
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $2,169,391,482 and $335,700,081, respectively)(a)	$	2,191,471,514			$454,686,917
Investments in affiliated issuers, at value (cost $87,170,515 and $17,139,072, respectively)		101,452,899			17,139,072
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $806,820 and $0, respectively)		806,820			—
Cash		21,946,430			666,958
Foreign currencies, at value (cost $1,015,776 and $0, respectively)		1,046,831			—
Variation margin on futures contracts		1,333,352			216,606
Variation margin on swaps contracts		1,238,458			—
Receivables:
Interest and dividends		20,469,134			872,373
Collateral on certain derivative contracts(b)		14,813,063			874,721
Fund shares sold		3,916,974			59,425
Investments sold		2,531,751			—
Foreign tax reclaims		1,401,644			62,144
Investments sold on an extended-settlement basis		438,519			46,508
Reimbursement from investment adviser		82,938			48,776
Securities lending income		6,060			—
Other assets		96,627			74,075
Total assets		2,363,053,014			474,747,575
Liabilities:
Written option contracts, at value (premium received $438,519 and $0, respectively)		438,519			—
Unrealized loss on forward foreign currency exchange contracts		222,346			—
Unrealized loss on unfunded loan commitment		9,923			—
Payables:
Investments purchased		3,508,176			62,466
Fund shares redeemed		2,277,228			291,212
Investments purchased on an extended-settlement basis		1,284,354			—
Management fees		810,951			249,576
Payable upon return of securities loaned		806,820			—
Distribution and Service fees and Transfer Agency fees		456,548			125,021
Accrued expenses		399,267			273,013
Total liabilities		10,214,132			1,001,288
Net Assets:
Paid-in capital		2,361,260,688			355,073,804
Total distributable earnings (loss)		(8,421,806	)		118,672,483
NET ASSETS	$	2,352,838,882			$473,746,287
Net Assets:
Class A	$	562,821,528			$241,183,154
Class C		224,487,842			31,683,468
Institutional		1,055,324,986			113,458,899
Investor		432,296,594			69,187,673
Class R6		41,117,107			2,901,170
Class R		—			1,127,112
Class P		36,790,825			14,204,811
Total Net Assets	$	2,352,838,882			$473,746,287
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		24,128,081			21,906,284
Class C		9,821,924			2,804,623
Institutional		44,035,161			9,555,498
Investor		18,103,426			5,840,704
Class R6		1,716,216			244,459
Class R		—			103,051
Class P		1,535,309			1,196,114
Net asset value, offering and redemption price per share:(c)
Class A		$23.33			$11.01
Class C		22.86			11.30
Institutional		23.97			11.87
Investor		23.88			11.85
Class R6		23.96			11.87
Class R		—			10.94
Class P		23.96			11.88

(a) Includes loaned securities having market value of $941,531 and $0, respectively.

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

Fund	Futures		Swaps		Forwards
Income Builder	$	5,087,562	$	9,155,501		$530,000
Rising Dividend Growth		874,721		—		—

(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $24.69 and $11.65, 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.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2023 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Investment Income:
Interest (net of foreign withholding taxes of $651 and $0, respectively)		$  39,727,279			$       15,153
Dividends — unaffiliated issuers (net of tax withholding of $587,613 and $2,392, respectively)		14,504,379			4,145,068
Dividends — affiliated issuers		3,500,085			320,351
Securities lending income — unaffiliated issuers		40,396			—
Securities lending income — affiliated issuers		—			377
Total investment income		57,772,139			4,480,949
Expenses:
Management fees		5,876,900			1,764,391
Distribution and Service (12b-1) fees(a)		1,565,716			441,082
Transfer Agency fees(a)		943,755			300,023
Service fees — Class C		294,017			45,871
Printing and mailing costs		157,129			55,592
Custody, accounting and administrative services		145,344			56,494
Registration fees		96,142			47,456
Professional fees		69,876			99,463
Trustee fees		15,218			13,633
Other		25,748			10,161
Total expenses		9,189,845			2,834,166
Less — expense reductions		(1,495,218	)		(565,698	)
Net expenses		7,694,627			2,268,468
NET INVESTMENT INCOME		50,077,512			2,212,481
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(5,334,211	)		24,378,152
Investments — affiliated issuers		1,434,802			—
Futures contracts		(2,289,384	)		(460,110	)
Written options		(1,968,674	)		—
Swap contracts		(3,637,048	)		—
Forward foreign currency exchange contracts		(2,149,755	)		—
Foreign currency transactions		51,564			210
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		80,725,933			182,438
Investments — affiliated issuers		(2,204,471	)		—
Unfunded loan commitment		16,893			—
Futures contracts		11,735,353			1,222,938
Written options		(70,187	)		—
Swap contracts		8,266,162			—
Forward foreign currency exchange contracts		(191,096	)		—
Foreign currency translation		497,093			—
Net realized and unrealized gain		84,882,974			25,323,628
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$134,960,486			$27,536,109

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

	Distribution and/or Service (12b-1) 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		$683,664		$882,052		$     —		$328,159		$141,128		$206,216		$256,713		$5,834		$     —		$5,705
Rising Dividend Growth		300,117		137,612		3,353		192,074		29,357		21,585		53,251		423		1,073		2,260

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

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, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income		$     50,077,512			$     82,759,106			$    2,212,481			$     3,003,657
Net realized gain (loss)		(13,892,706	)		(23,347,141	)		23,918,252			53,903,220
Net change in unrealized gain (loss)		98,775,680			(315,023,092	)		1,405,376			(82,916,869	)
Net increase (decrease) in net assets resulting from operations		134,960,486			(255,611,127	)		27,536,109			(26,009,992	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(12,857,134	)		(36,416,172	)		(31,090,352	)		(25,245,822	)
Class C Shares		(4,676,033	)		(21,214,363	)		(4,962,128	)		(6,463,871	)
Institutional Shares		(25,211,691	)		(75,761,099	)		(13,180,308	)		(12,453,807	)
Investor Shares		(10,273,373	)		(27,348,280	)		(8,110,358	)		(6,686,489	)
Class R6 Shares		(951,356	)		(1,984,051	)		(339,773	)		(309,412	)
Class R Shares		—			—			(175,840	)		(142,980	)
Class P Shares		(918,762	)		(3,694,936	)		(1,865,637	)		(1,434,686	)
Total distributions to shareholders		(54,888,349	)		(166,418,901	)		(59,724,396	)		(52,737,067	)
From share transactions:
Proceeds from sales of shares		348,152,648			853,572,148			43,995,810			72,641,961
Reinvestment of distributions		49,106,598			148,737,943			56,789,323			49,946,435
Cost of shares redeemed		(389,154,922	)		(684,727,771	)		(68,850,379	)		(122,640,082	)
Net increase (decrease) in net assets resulting from share transactions		8,104,324			317,582,320			31,934,754			(51,686	)
TOTAL INCREASE (DECREASE)		88,176,461			(104,447,708	)		(253,533	)		(78,798,745	)
Net assets:
Beginning of period		2,264,662,421			2,369,110,129			473,999,820			552,798,565
End of period		$2,352,838,882			$2,264,662,421			$473,746,287			$ 473,999,820

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

GOLDMAN SACHS

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Builder Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	22.54			$	26.97			$	23.40			$	23.67			$	21.67			$	22.72
Net investment income (a)			0.48				0.83				0.81				0.73				0.82				0.80
Net realized and unrealized gain (loss)			0.85				(3.47	)			3.58				(0.21	)			2.02				(1.02	)
Total from investment operations			1.33				(2.64	)			4.39				0.52				2.84				(0.22	)
Distributions to shareholders from net investment income			(0.54	)			(0.86	)			(0.82	)			(0.76	)			(0.84	)			(0.80	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.03	)			—				(0.03	)
Total distributions			(0.54	)			(1.79	)			(0.82	)			(0.79	)			(0.84	)			(0.83	)
Net asset value, end of period		$	23.33			$	22.54			$	26.97			$	23.40			$	23.67			$	21.67
Total return(b)			5.95	%			(10.34	)%			18.90	%			2.29	%			13.34	%			(1.03	)%
Net assets, end of period (in 000s)		$	562,822			$	524,002			$	505,134			$	328,039			$	314,951			$	309,719
Ratio of net expenses to average net assets			0.79	%(c)			0.79	%			0.79	%			0.92	%			0.95	%			0.97	%
Ratio of total expenses to average net assets			0.92	%(c)			0.92	%			0.92	%			0.98	%			1.00	%			1.02	%
Ratio of net investment income to average net assets			4.20	%(c)			3.42	%			3.07	%			3.15	%			3.63	%			3.54	%
Portfolio turnover rate(d)			15	%			25	%			47	%			46	%			47	%			42	%

(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

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	22.09			$	26.47			$	22.98			$	23.26			$	21.31			$	22.35
Net investment income(a)			0.39				0.64				0.60				0.55				0.64				0.62
Net realized and unrealized gain (loss)			0.84				(3.41	)			3.51				(0.21	)			1.98				(1.00	)
Total from investment operations			1.23				(2.77	)			4.11				0.34				2.62				(0.38	)
Distributions to shareholders from net investment income			(0.46	)			(0.68	)			(0.62	)			(0.60	)			(0.67	)			(0.64	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.02	)			—				(0.02	)
Total distributions			(0.46	)			(1.61	)			(0.62	)			(0.62	)			(0.67	)			(0.66	)
Net asset value, end of period		$	22.86			$	22.09			$	26.47			$	22.98			$	23.26			$	21.31
Total return(b)			5.54	%			(10.99	)%			18.01	%			1.57	%			12.44	%			(1.74	)%
Net assets, end of period (in 000s)		$	224,488			$	243,523			$	368,881			$	380,590			$	463,483			$	475,897
Ratio of net expenses to average net assets			1.54	%(c)			1.54	%			1.54	%			1.67	%			1.70	%			1.72	%
Ratio of total expenses to average net assets			1.67	%(c)			1.67	%			1.67	%			1.73	%			1.75	%			1.77	%
Ratio of net investment income to average net assets			3.44	%(c)			2.64	%			2.32	%			2.41	%			2.88	%			2.79	%
Portfolio turnover rate(d)			15	%			25	%			47	%			46	%			47	%			42	%

(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.

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	23.14			$	27.64			$	23.96			$	24.21			$	22.15			$	23.20
Net investment income(a)			0.54				0.94				0.91				0.84				0.93				0.90
Net realized and unrealized gain (loss)			0.87				(3.57	)			3.67				(0.21	)			2.06				(1.03	)
Total from investment operations			1.41				(2.63	)			4.58				0.63				2.99				(0.13	)
Distributions to shareholders from net investment income			(0.58	)			(0.94	)			(0.90	)			(0.85	)			(0.93	)			(0.89	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.03	)			—				(0.03	)
Total distributions			(0.58	)			(1.87	)			(0.90	)			(0.88	)			(0.93	)			(0.92	)
Net asset value, end of period		$	23.97			$	23.14			$	27.64			$	23.96			$	24.21			$	22.15
Total return(b)			6.09	%			(10.02	)%			19.29	%			2.68	%			13.76	%			(0.63	)%
Net assets, end of period (in 000s)		$	1,055,325			$	993,214			$	1,061,582			$	669,848			$	609,414			$	680,661
Ratio of net expenses to average net assets			0.46	%(c)			0.46	%			0.46	%			0.56	%			0.57	%			0.58	%
Ratio of total expenses to average net assets			0.59	%(c)			0.59	%			0.59	%			0.62	%			0.61	%			0.63	%
Ratio of net investment income to average net assets			4.53	%(c)			3.75	%			3.40	%			3.52	%			4.03	%			3.93	%
Portfolio turnover rate(d)			15	%			25	%			47	%			46	%			47	%			42	%

(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

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	23.06			$	27.55			$	23.89			$	24.14			$	22.09			$	23.14
Net investment income(a)			0.52				0.91				0.89				0.81				0.89				0.87
Net realized and unrealized gain (loss)			0.87				(3.55	)			3.65				(0.21	)			2.05				(1.03	)
Total from investment operations			1.39				(2.64	)			4.54				0.60				2.94				(0.16	)
Distributions to shareholders from net investment income			(0.57	)			(0.92	)			(0.88	)			(0.82	)			(0.89	)			(0.86	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.03	)			—				(0.03	)
Total distributions			(0.57	)			(1.85	)			(0.88	)			(0.85	)			(0.89	)			(0.89	)
Net asset value, end of period		$	23.88			$	23.06			$	27.55			$	23.89			$	24.14			$	22.09
Total return(b)			6.07	%			(10.09	)%			19.22	%			2.53	%			13.59	%			(0.77	)%
Net assets, end of period (in 000s)		$	432,297			$	421,142			$	355,534			$	256,919			$	263,228			$	239,226
Ratio of net expenses to average net assets			0.54	%(c)			0.54	%			0.54	%			0.67	%			0.70	%			0.72	%
Ratio of total expenses to average net assets			0.67	%(c)			0.67	%			0.67	%			0.73	%			0.75	%			0.77	%
Ratio of net investment income to average net assets			4.45	%(c)			3.68	%			3.32	%			3.40	%			3.87	%			3.79	%
Portfolio turnover rate(d)			15	%			25	%			47	%			46	%			47	%			42	%

(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.

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	23.13			$	27.64			$	23.95			$	24.21			$	22.15			$	23.20
Net investment income(a)			0.54				0.94				0.92				0.83				0.93				0.85
Net realized and unrealized gain (loss)			0.87				(3.58	)			3.67				(0.21	)			2.06				(0.98	)
Total from investment operations			1.41				(2.64	)			4.59				0.62				2.99				(0.13	)
Distributions to shareholders from net investment income			(0.58	)			(0.94	)			(0.90	)			(0.85	)			(0.93	)			(0.89	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.03	)			—				(0.03	)
Total distributions			(0.58	)			(1.87	)			(0.90	)			(0.88	)			(0.93	)			(0.92	)
Net asset value, end of period		$	23.96			$	23.13			$	27.64			$	23.95			$	24.21			$	22.15
Total return(b)			6.14	%			(10.05	)%			19.35	%			2.70	%			13.72	%			(0.62	)%
Net assets, end of period (in 000s)		$	41,117			$	39,187			$	25,215			$	65,293			$	10,486			$	130
Ratio of net expenses to average net assets			0.45	%(c)			0.45	%			0.46	%			0.54	%			0.56	%			0.57	%
Ratio of total expenses to average net assets			0.58	%(c)			0.58	%			0.58	%			0.61	%			0.61	%			0.61	%
Ratio of net investment income to average net assets			4.54	%(c)			3.76	%			3.44	%			3.51	%			3.96	%			3.72	%
Portfolio turnover rate(d)			15	%			25	%			47	%			46	%			47	%			42	%

(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. 43

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,																Period Ended October 31, 2018(a)
					2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	23.14			$	27.64			$	23.96			$	24.21			$	22.15			$	22.95
Net investment income(b)			0.54				0.94				0.91				0.84				0.94				0.45
Net realized and unrealized gain (loss)			0.86				(3.57	)			3.68				(0.21	)			2.05				(0.71	)
Total from investment operations			1.40				(2.63	)			4.59				0.63				2.99				(0.26	)
Distributions to shareholders from net investment income			(0.58	)			(0.94	)			(0.91	)			(0.85	)			(0.93	)			(0.51	)
Distributions to shareholders from net realized gains			—				(0.93	)			—				—				—				—
Distributions to shareholders from return of capital			—				—				—				(0.03	)			—				(0.03	)
Total distributions			(0.58	)			(1.87	)			(0.91	)			(0.88	)			(0.93	)			(0.54	)
Net asset value, end of period		$	23.96			$	23.14			$	27.64			$	23.96			$	24.21			$	22.15
Total return(c)			6.14	%			(10.05	)%			19.31	%			2.70	%			13.77	%			(1.18	)%
Net assets, end of period (in 000s)		$	36,791			$	43,595			$	52,764			$	16,404			$	13,919			$	16,122
Ratio of net expenses to average net assets			0.45	%(d)			0.45	%			0.45	%			0.55	%			0.56	%			0.58	%(d)
Ratio of total expenses to average net assets			0.58	%(d)			0.58	%			0.58	%			0.61	%			0.61	%			0.58	%(d)
Ratio of net investment income to average net assets			4.53	%(d)			3.75	%			3.38	%			3.51	%			4.04	%			3.60	%(d)
Portfolio turnover rate(e)			15	%			25	%			47	%			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.

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

GOLDMAN SACHS

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Rising Dividend Growth Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.87			$	13.87			$	9.81			$	11.18			$	19.56			$	22.54
Net investment income (a)			0.05				0.07				0.05				0.08				0.10				0.09
Net realized and unrealized gain (loss)			0.63				(0.71	)			4.44				(0.23	)			0.78				1.25
Total from investment operations			0.68				(0.64	)			4.49				(0.15	)			0.88				1.34
Distributions to shareholders from net investment income			(0.20	)			(0.19	)			(0.39	)			(0.24	)			(0.22	)			(0.28	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(4.04	)
Total distributions			(1.54	)			(1.36	)			(0.43	)			(1.22	)			(9.26	)			(4.32	)
Net asset value, end of period		$	11.01			$	11.87			$	13.87			$	9.81			$	11.18			$	19.56
Total return(b)			5.91	%			(4.99	)%			46.88	%			(1.80	)%			10.41	%			6.27	%
Net assets, end of period (in 000s)		$	241,183			$	240,085			$	255,730			$	167,765			$	208,416			$	297,772
Ratio of net expenses to average net assets			1.03	%(c)			1.03	%			1.03	%			1.09	%			1.15	%			1.17	%
Ratio of total expenses to average net assets			1.28	%(c)			1.28	%			1.27	%			1.29	%			1.27	%			1.20	%
Ratio of net investment income to average net assets			0.88	%(c)			0.55	%			0.42	%			0.81	%			0.86	%			0.42	%
Portfolio turnover rate(d)			30	%			50	%			38	%			43	%			45	%			101	%

(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. 45

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	12.14			$	14.13			$	9.99			$	11.36			$	19.71			$	22.69
Net investment income (loss)(a)			0.01				(0.02	)			(0.03	)			—	(b)			0.01				(0.07	)
Net realized and unrealized gain (loss)			0.65				(0.72	)			4.52				(0.23	)			0.80				1.26
Total from investment operations			0.66				(0.74	)			4.49				(0.23	)			0.81				1.19
Distributions to shareholders from net investment income			(0.16	)			(0.08	)			(0.31	)			(0.16	)			(0.12	)			(0.13	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(4.04	)
Total distributions			(1.50	)			(1.25	)			(0.35	)			(1.14	)			(9.16	)			(4.17	)
Net asset value, end of period		$	11.30			$	12.14			$	14.13			$	9.99			$	11.36			$	19.71
Total return(c)			5.50	%			(5.65	)%			45.74	%			(2.50	)%			9.55	%			5.49	%
Net assets, end of period (in 000s)		$	31,683			$	41,110			$	75,965			$	108,840			$	194,302			$	348,220
Ratio of net expenses to average net assets			1.78	%(d)			1.78	%			1.78	%			1.84	%			1.90	%			1.92	%
Ratio of total expenses to average net assets			2.03	%(d)			2.02	%			2.03	%			2.03	%			2.02	%			1.95	%
Ratio of net investment income (loss) to average net assets			0.15	%(d)			(0.15	)%			(0.23	)%			0.03	%			0.12	%			(0.33	)%
Portfolio turnover rate(e)			30	%			50	%			38	%			43	%			45	%			101	%

(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.

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	12.69			$	14.72			$	10.38			$	11.76			$	20.08			$	23.02
Net investment income(a)			0.07				0.11				0.10				0.12				0.15				0.18
Net realized and unrealized gain (loss)			0.67				(0.74	)			4.70				(0.24	)			0.83				1.28
Total from investment operations			0.74				(0.63	)			4.80				(0.12	)			0.98				1.46
Distributions to shareholders from net investment income			(0.22	)			(0.23	)			(0.42	)			(0.28	)			(0.26	)			(0.36	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(4.04	)
Total distributions			(1.56	)			(1.40	)			(0.46	)			(1.26	)			(9.30	)			(4.40	)
Net asset value, end of period		$	11.87			$	12.69			$	14.72			$	10.38			$	11.76			$	20.08
Total return(b)			5.99	%			(4.62	)%			47.16	%			(1.47	)%			10.85	%			6.75	%
Net assets, end of period (in 000s)		$	113,459			$	108,367			$	130,706			$	97,358			$	191,509			$	425,555
Ratio of net expenses to average net assets			0.71	%(c)			0.72	%			0.72	%			0.78	%			0.80	%			0.78	%
Ratio of total expenses to average net assets			0.91	%(c)			0.90	%			0.90	%			0.90	%			0.88	%			0.81	%
Ratio of net investment income to average net assets			1.19	%(c)			0.87	%			0.75	%			1.10	%			1.25	%			0.83	%
Portfolio turnover rate(d)			30	%			50	%			38	%			43	%			45	%			101	%

(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. 47

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	12.66			$	14.69			$	10.36			$	11.75			$	20.07			$	23.01
Net investment income(a)			0.07				0.11				0.09				0.11				0.14				0.14
Net realized and unrealized gain (loss)			0.68				(0.75	)			4.69				(0.25	)			0.83				1.29
Total from investment operations			0.75				(0.64	)			4.78				(0.14	)			0.97				1.43
Distributions to shareholders from net investment income			(0.22	)			(0.22	)			(0.41	)			(0.27	)			(0.25	)			(0.33	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(4.04	)
Total distributions			(1.56	)			(1.39	)			(0.45	)			(1.25	)			(9.29	)			(4.37	)
Net asset value, end of period		$	11.85			$	12.66			$	14.69			$	10.36			$	11.75			$	20.07
Total return(b)			6.06	%			(4.70	)%			47.09	%			(1.55	)%			10.73	%			6.56	%
Net assets, end of period (in 000s)		$	69,188			$	64,950			$	71,231			$	64,328			$	105,498			$	227,158
Ratio of net expenses to average net assets			0.78	%(c)			0.78	%			0.78	%			0.84	%			0.90	%			0.92	%
Ratio of total expenses to average net assets			1.03	%(c)			1.02	%			1.02	%			1.03	%			1.02	%			0.95	%
Ratio of net investment income to average net assets			1.13	%(c)			0.81	%			0.71	%			1.04	%			1.13	%			0.68	%
Portfolio turnover rate(d)			30	%			50	%			38	%			43	%			45	%			101	%

(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.

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,																Period Ended October 31, 2018(a)
					2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	12.68			$	14.71			$	10.37			$	11.76			$	20.08			$	20.18
Net investment income(b)			0.07				0.11				0.10				0.12				0.14				0.02
Net realized and unrealized gain (loss)			0.68				(0.74	)			4.70				(0.25	)			0.85				0.29
Total from investment operations			0.75				(0.63	)			4.80				(0.13	)			0.99				0.31
Distributions to shareholders from net investment income			(0.22	)			(0.23	)			(0.42	)			(0.28	)			(0.27	)			(0.28	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(0.13	)
Total distributions			(1.56	)			(1.40	)			(0.46	)			(1.26	)			(9.31	)			(0.41	)
Net asset value, end of period		$	11.87			$	12.68			$	14.71			$	10.37			$	11.76			$	20.08
Total return(c)			6.09	%			(4.62	)%			47.22	%			(1.47	)%			10.78	%			1.54	%
Net assets, end of period (in 000s)		$	2,901			$	2,738			$	3,063			$	1,868			$	2,240			$	10
Ratio of net expenses to average net assets			0.70	%(d)			0.71	%			0.71	%			0.76	%			0.80	%			0.77	%(d)
Ratio of total expenses to average net assets			0.90	%(d)			0.89	%			0.89	%			0.90	%			0.89	%			0.80	%(d)
Ratio of net investment income to average net assets			1.20	%(d)			0.87	%			0.75	%			1.11	%			1.19	%			0.16	%(d)
Portfolio turnover rate(e)			30	%			50	%			38	%			43	%			45	%			101	%

(a) Commenced operations on February 28, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.81			$	13.79			$	9.76			$	11.13			$	19.51			$	22.49
Net investment income(a)			0.03				0.04				0.02				0.06				0.07				0.04
Net realized and unrealized gain (loss)			0.63				(0.69	)			4.42				(0.24	)			0.78				1.25
Total from investment operations			0.66				(0.65	)			4.44				(0.18	)			0.85				1.29
Distributions to shareholders from net investment income			(0.19	)			(0.16	)			(0.37	)			(0.21	)			(0.19	)			(0.23	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(4.04	)
Total distributions			(1.53	)			(1.33	)			(0.41	)			(1.19	)			(9.23	)			(4.27	)
Net asset value, end of period		$	10.94			$	11.81			$	13.79			$	9.76			$	11.13			$	19.51
Total return(b)			5.74	%			(5.10	)%			46.38	%			(2.01	)%			10.08	%			6.07	%
Net assets, end of period (in 000s)		$	1,127			$	1,346			$	1,357			$	1,131			$	2,575			$	3,484
Ratio of net expenses to average net assets			1.28	%(c)			1.28	%			1.28	%			1.35	%			1.40	%			1.42	%
Ratio of total expenses to average net assets			1.53	%(c)			1.52	%			1.52	%			1.53	%			1.52	%			1.45	%
Ratio of net investment income to average net assets			0.62	%(c)			0.31	%			0.19	%			0.57	%			0.61	%			0.18	%
Portfolio turnover rate(d)			30	%			50	%			38	%			43	%			45	%			101	%

(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.

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

GOLDMAN SACHS

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, 2023 (Unaudited)
					Year Ended October 31,																Period Ended October 31, 2018(a)
					2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	12.69			$	14.72			$	10.38			$	11.76			$	20.08			$	20.21
Net investment income (loss)(b)			0.07				0.11				0.09				0.12				0.15				(0.04	)
Net realized and unrealized gain (loss)			0.68				(0.74	)			4.71				(0.24	)			0.84				0.25
Total from investment operations			0.75				(0.63	)			4.80				(0.12	)			0.99				0.21
Distributions to shareholders from net investment income			(0.22	)			(0.23	)			(0.42	)			(0.28	)			(0.27	)			(0.21	)
Distributions to shareholders from net realized gains			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)			(0.13	)
Total distributions			(1.56	)			(1.40	)			(0.46	)			(1.26	)			(9.31	)			(0.34	)
Net asset value, end of period		$	11.88			$	12.69			$	14.72			$	10.38			$	11.76			$	20.08
Total return(c)			6.09	%			(4.62	)%			47.17	%			(1.46	)%			10.86	%			1.03	%
Net assets, end of period (in 000s)		$	14,205			$	15,404			$	14,747			$	7,791			$	21,171			$	41,067
Ratio of net expenses to average net assets			0.70	%(d)			0.71	%			0.71	%			0.77	%			0.79	%			0.77	%(d)
Ratio of total expenses to average net assets			0.90	%(d)			0.90	%			0.89	%			0.89	%			0.87	%			0.81	%(d)
Ratio of net investment income (loss) to average net assets			1.21	%(d)			0.87	%			0.70	%			1.10	%			1.24	%			(0.37	)%(d)
Portfolio turnover rate(e)			30	%			50	%			38	%			43	%			45	%			101	%

(a) Commenced operations on April 16, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 2023 (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 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. 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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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.

52

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid 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 a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

53

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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 the Valuation Procedures 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 exchange-traded funds (“ETFs”) and other investment companies. 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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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. 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.

54

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower’s discretion. The 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 either due to broker/receivable for collateral on certain derivative 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

55

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A 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

56

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives the 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, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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

57

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

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, 2023:

INCOME BUILDER
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,101,236,462		$	—
Bank Loans		—			149,106,095			1,399,584
Sovereign Debt Obligations		—			11,592,216			—
Mortgage-Backed Obligations		—			109,201			—
Common Stock and/or Other Equity Investments(a)
Asia		29,557,809			—			—
Europe		153,140,924			883,492			—
North America		708,371,379			—			3,894
South America		27,457,979			—			—
Preferred Stocks		—			8,426,831			—
Securities Lending Reinvestment Vehicle		806,820			—			—
Warrants		—			142,776			—
Rights		—			42,872			—
Investment Companies		101,452,899			—			—
Total	$	1,020,787,810		$	1,271,539,945		$	1,403,478
Liabilities
Fixed Income
Unfunded Loan Committment	$	—		$	(9,923	)	$	—
Derivative Type
Assets
Futures Contracts(b)	$	6,380,864		$	—		$	—
Interest Rate Swap Contracts(b)		—			2,461,110			—
Total	$	6,380,864		$	2,461,110		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(222,346	)	$	—
Futures Contracts(b)		(4,552,085	)		—			—
Interest Rate Swap Contracts(b)		—			(121,771	)		—
Written Option Contracts		—			(438,519	)		—
Total	$	(4,552,085	)	$	(782,636	)	$	—

58

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

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	$	2,024,066	$	—	$	—
North America		452,662,851		—		—
Investment Companies		17,139,072		—		—
Total	$	471,825,989	$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	697,331	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent 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, 2023. 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
Currency	—	$	—		Payable for unrealized loss on forward foreign currency exchange contracts	$	(222,346	)
Equity	Variation margin on futures contracts		2,206,502	(a)	Variation margin on futures contracts; Written option contracts, at value		(438,519	)(a)
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts		6,635,472	(a)	Variation margin on swap contracts; Variation margin on futures contracts		(4,673,856	)(a)
Total		$	8,841,974			$	(5,334,721	)
Rising Dividend Growth
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	697,331	(a)	—	$	—

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps 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.

59

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2023. 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	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/ Net change in unrealized gain on swap contracts		$         (7,376	)		$         4,905
Currency	Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts		(2,149,755	)		(191,096	)
Equity	Net realized gain from futures, swap contracts and written options/Net unrealized gain on futures, swap contracts and written options		(1,930,382	)		3,712,435
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts		(5,957,348	)		16,213,988
Total			$(10,044,861	)		$19,740,232
Rising Dividend Growth
Risk	Statement 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		$     (460,110	)		$  1,222,938

For the six months ended April 30, 2023, the relevant values for each derivative type were as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures Contracts		Forward Contracts		Swap Agreements		Written Options
Income Builder		3,133		$29,598,424		$214,818,673		34,897
Rising Dividend Growth		66		—		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2023.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2023, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate		Effective Net Management Rate^
Income Builder		0.54%		0.49%		0.46%		0.45%		0.44%		0.51%		0.42*%
Rising Dividend Growth		0.75		0.68		0.64		0.63		0.62		0.75		0.66**

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated 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, 2024, 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 0.65% 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, 2024, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. Prior to February 28, 2023, the Investment Advisor agreed to waive a portion of the Management Fee so that net management fee would not exceed 0.67% as an annual percentage rate of the Fund’s average net assets.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Class R6 Shares of the Goldman Sachs Emerging Markets Equity 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 each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended April 30, 2023, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Income Builder		$255,467
Rising Dividend Growth		11,996

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

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

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

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

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2023, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund		Class A
Income Builder		$43,936
Rising Dividend Growth		11,444

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 0.04% 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 Rising Dividend Growth Fund through at least February 28, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to February 28, 2023, Goldman Sachs agreed to waive such fee equal to 0.06% as an annual percentage rate of the average daily net assets attributable to such share classes.

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 Income Builder and Rising Dividend Growth Funds are 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least February 28, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2023, such other expense limitation was 0.014% for the Rising Dividend Growth Fund. 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.

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5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2023, 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	$1,032,747	$       —	$462,471	$1,495,218
Rising Dividend Growth	216,047	91,862	257,789	565,698

G. Line of Credit Facility — As of April 30, 2023, the Funds participated in a $1,110,000,000 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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2023, Goldman Sachs earned $20,733 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, 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, 2023:

Fund	Underlying Fund	Beginning Value as of October 31, 2022		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change In Unrealized Gain (Loss)			Ending Value as of April 30, 2023		Shares as of April 30, 2023		Dividend Income
Income Builder	Goldman Sachs Financial Square Government Fund — Class R6 Shares	$	64,559,688	$	159,694,758	$	(203,142,325	)	$	—	$	—		$	21,112,121		21,112,121	$	754,971
	Goldman Sachs Financial Square Government Fund — Institutional Shares		48,124,563		164,050,907		(166,545,277	)		—		—			45,630,193		45,630,193		1,565,288
	Goldman Sachs MLP Energy Infrastructure Fund — Class R6 Shares		39,600,428		1,179,826		(5,300,000	)		1,434,802		(2,204,471	)		34,710,585		1,177,828		1,179,826
Rising Dividend Growth	Goldman Sachs Financial Square Government Fund - Institutional Shares		1,006,206		3,436,017		(4,166,418	)		—		—			275,805		275,805		11,963
	Goldman Sachs Financial Square Government Fund - R6 Shares		13,920,095		61,701,770		(58,758,598	)		—		—			16,863,267		16,863,267		308,388

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

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, 2023, were as follows:

Fund	Purchases (Excluding     U.S. Government and Agency Obligations)	Sales and Maturities of (Excluding U.S. Government and Agency Obligations)
Income Builder	$376,669,119	$315,390,153
Rising Dividend Growth	138,776,494	161,774,052

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, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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7.    SECURITIES LENDING (continued)

The Income Builder Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2023, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’s investment in the Government Money Market Fund for the six months ended April 30, 2023:

Fund	Beginning Value as of October 31, 2022	Purchases at cost	Proceeds from Sales	Ending Value as of April 30, 2023	Shares as of April 30, 2023
Income Builder	$1,879,100	$52,772,066	$(53,844,346)	$806,820	806,820

8.    TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Income Builder Fund		Rising Dividend Growth Fund
Capital loss carryforwards:
Perpetual Short-Term	$(26,319,387	)	$             —
Perpetual Long-Term	(15,373,434	)	—
Total capital loss carryforwards	(41,692,821	)	—
Timing differences(Open MBS Amortization - Pre-Election/Dividends Payable/Defaulted Bonds/Late Year Ordinary Loss Deferral)	$         (8,448)		$(5,928,096)

As of April 30, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder Fund		Rising Dividend Growth Fund
Tax Cost	$2,251,639,975		$369,615,712
Gross unrealized gain	209,964,979		126,212,107
Gross unrealized loss	(167,873,721	)	(24,001,830	)
Net unrealized gain	$     42,091,258		$102,210,277

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, net mark to market gains (losses) on foreign currency contracts, swap transactions, material modification of debt securities, and market discount accretion and premium amortization and differences in the tax treatment of partnership investments.

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

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

9.    OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.

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

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the (Funds/Portfolios) from buying and selling securities (in the impact the Funds/Portfolios liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal

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9.    OTHER RISKS (continued)

Funds Rate, or another base lending rate used by commercial lenders. 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 a 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 a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. 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 Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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 a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things,

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

9.    OTHER RISKS (continued)

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 funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

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 — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of each Fund’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then each Fund 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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

9.    OTHER RISKS (continued)

exceed the amount invested and may be unlimited. To the extent that a Fund uses the proceeds it receives 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 a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

10.    INDEMNIFICATIONS

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

11.    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

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,296,661		$	76,574,742			8,720,499		$	213,503,751
Reinvestment of distributions		494,936			11,445,372			1,276,003			31,882,754
Shares redeemed		(2,912,894	)		(67,662,666	)		(5,473,237	)		(132,444,278	)
		878,703			20,357,448			4,523,265			112,942,227
Class C Shares
Shares sold		753,672			17,167,893			1,494,808			35,983,206
Reinvestment of distributions		199,332			4,517,227			833,098			20,663,588
Shares redeemed		(2,153,773	)		(48,819,971	)		(5,238,908	)		(125,114,914	)
		(1,200,769	)		(27,134,851	)		(2,911,002	)		(68,468,120	)
Institutional Shares
Shares sold		6,501,468			155,440,640			14,068,457			353,398,047
Reinvestment of distributions		885,554			21,036,317			2,466,261			63,277,599
Shares redeemed		(6,273,392	)		(149,716,304	)		(12,016,424	)		(296,810,163	)
		1,113,630			26,760,653			4,518,294			119,865,483
Investor Shares
Shares sold		3,796,249			90,497,541			8,839,175			218,505,428
Reinvestment of distributions		434,055			10,272,950			1,073,626			27,346,707
Shares redeemed		(4,390,008	)		(105,012,911	)		(4,552,534	)		(110,881,045	)
		(159,704	)		(4,242,420	)		5,360,267			134,971,090
Class R6 Shares
Shares sold		300,278			7,168,768			930,031			22,173,659
Reinvestment of distributions		38,575			915,970			73,497			1,872,359
Shares redeemed		(316,615	)		(7,578,608	)		(221,952	)		(5,447,227	)
		22,238			506,130			781,576			18,598,791
Class P Shares
Shares sold		54,864			1,303,064			391,969			10,008,057
Reinvestment of distributions		38,679			918,762			143,522			3,694,936
Shares redeemed		(442,345	)		(10,364,462	)		(560,249	)		(14,030,144	)
		(348,802	)		(8,142,636	)		(24,758	)		(327,151	)
NET INCREASE		305,296		$	8,104,324			12,247,642		$	317,582,320

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,517,825		$	16,624,539			2,937,971		$	35,875,163
Reinvestment of distributions		2,585,080			28,628,041			1,826,238			22,901,532
Shares redeemed		(2,415,313	)		(27,142,052	)		(2,989,638	)		(36,981,705	)
		1,687,592			18,110,528			1,774,571			21,794,990
Class C Shares
Shares sold		200,177			2,302,481			276,492			3,497,371
Reinvestment of distributions		435,507			4,946,467			499,266			6,425,383
Shares redeemed		(1,217,605	)		(13,553,350	)		(2,766,771	)		(34,539,849	)
		(581,921	)		(6,304,402	)		(1,991,013	)		(24,617,095	)
Institutional Shares
Shares sold		1,342,734			15,918,309			1,383,655			18,284,385
Reinvestment of distributions		1,067,485			12,730,202			900,683			12,052,097
Shares redeemed		(1,395,343	)		(16,927,939	)		(2,624,180	)		(34,207,448	)
		1,014,876			11,720,572			(339,842	)		(3,870,966	)
Investor Shares
Shares sold		694,870			8,293,136			894,407			11,513,896
Reinvestment of distributions		681,525			8,107,985			500,575			6,684,367
Shares redeemed		(664,960	)		(7,961,985	)		(1,114,071	)		(14,682,448	)
		711,435			8,439,136			280,911			3,515,815
Class R6 Shares
Shares sold		36,787			438,626			61,549			840,687
Reinvestment of distributions		28,517			339,773			23,149			309,412
Shares redeemed		(36,745	)		(440,426	)		(76,950	)		(982,601	)
		28,559			337,973			7,748			167,498
Class R Shares
Shares sold		4,459			48,942			47,137			570,139
Reinvestment of distributions		15,561			171,218			11,151			138,958
Shares redeemed		(30,937	)		(329,537	)		(42,663	)		(503,372	)
		(10,917	)		(109,377	)		15,625			205,725
Class P Shares
Shares sold		29,691			369,777			160,746			2,060,320
Reinvestment of distributions		156,423			1,865,637			107,355			1,434,686
Shares redeemed		(203,862	)		(2,495,090	)		(56,060	)		(742,659	)
		(17,748	)		(259,676	)		212,041			2,752,347
NET INCREASE (DECREASE)		2,831,876		$	31,934,754			(39,959	)	$	(51,686	)

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2023  (Unaudited)

As a shareholder of Class A, Class C, Institutional, 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), 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, 2022 through April 30, 2023, which represents a period of 181 days of 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.

	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*
Class A
Actual		$1,000.00		$1,059.50			$4.04		$1,000.00		$1,059.10			$5.24
Hypothetical 5% return		1,000.00		1,020.90	+		3.97		1,000.00		1,019.70	+		5.14
Class C
Actual		1,000.00		1,055.40			7.86		1,000.00		1,055.00			9.05
Hypothetical 5% return		1,000.00		1,017.10	+		7.71		1,000.00		1,016.00	+		8.88
Institutional
Actual		1,000.00		1,060.90			2.36		1,000.00		1,059.90			3.62
Hypothetical 5% return		1,000.00		1,022.50	+		2.32		1,000.00		1,021.30	+		3.55
Investor
Actual		1,000.00		1,060.70			2.77		1,000.00		1,060.60			3.96
Hypothetical 5% return		1,000.00		1,022.10	+		2.72		1,000.00		1,020.90	+		3.89
Class R6
Actual		1,000.00		1,061.40			2.31		1,000.00		1,060.90			3.57
Hypothetical 5% return		1,000.00		1,022.60	+		2.27		1,000.00		1,021.30	+		3.50
Class R
Actual		—		—			—		1,000.00		1,057.40			6.51
Hypothetical 5% return		—		—			—		1,000.00		1,018.50	+		6.38
Class P
Actual		1,000.00		1,061.40			2.31		1,000.00		1,060.90			3.57
Hypothetical 5% return		1,000.00		1,022.60	+		2.27		1,000.00		1,021.30	+		3.50

* 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, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income Builder		0.79	%		1.54	%		0.46	%		0.54	%		0.45	%		—	%		0.45	%
Rising Dividend Growth		1.03			1.78			0.71			0.78			0.70			1.28			0.70

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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 14-15, 2023, 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, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report 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; (3) the impact of local holidays in non- U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk.

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.

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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 $2.41 trillion in assets under supervision as of March 31, 2023, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond 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

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ 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

∎ 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.

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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G.Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit 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. Diversification does not protect an investor from market risk and does not ensure a profit. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts shouldbeviewedasmerely 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. Fund holdings and allocations shown are as of April 30, 2023 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 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). © 2023 Goldman Sachs. All rights reserved. 324052-OTU-1822688 DIVFOSAR-23

Goldman Sachs Funds

Semi-Annual Report	April 30, 2023
	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
Market Review	1
Fund Basics	7
Schedules of Investments	19
Financial Statements	48
Financial Highlights	55
Large Cap Growth Insights	55
Large Cap Value Insights	63
Small Cap Equity Insights	71
Small Cap Growth Insights	79
Small Cap Value Insights	86
U.S. Equity Insights	93
Notes to Financial Statements	101
Other Information	124

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Domestic Equity Insights Funds (the “Funds”) during the six months ended April 30, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended October 31, 2023.

Market and Economic Review

• Overall, U.S. equities rallied during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 8.63%. The Russell 3000^® Index generated a return of 7.30%.

• The market posted solid returns during the Reporting Period despite a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

• As the Reporting Period began in November 2022, the S&P 500 Index rose, marking its first back-to-back monthly gains since August 2021.

• The primary catalyst driving U.S. equities higher was the notion the Fed could begin to slow the pace of interest rate hikes in December 2022.

• Economic data mainly supported the Fed’s goal of a controlled economic slowdown, as October 2022 inflation data came in softer than market forecasts.

• Still, the third quarter corporate earnings season provided disappointing results.

• Consumers proved resilient, as retail sales posted the largest monthly increase since February 2022.

• Additionally, China’s zero-COVID policy remained top of mind for the market, as COVID cases in China reached record highs.

• In December 2022, the S&P 500 Index fell, as investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases.

• Positive inflation developments supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

• Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

• Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

• On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

• Rebounding from December 2022’s losses, the S&P 500 Index then rose during the first quarter of 2023, marking its second consecutive quarterly gain, with market strength supported by disinflation narrative momentum, soft landing expectations, and a

1

MARKET REVIEW

lowered bar for fourth quarter 2022 corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Following a stellar start to the year, February 2023 proved to be a setback for the disinflation path after non-farm payrolls illustrated the largest job growth in six months and the U.S. unemployment rate fell to a 53-year low — together pushing market forecasts for the Fed’s terminal federal funds rate upward. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) In addition, inflation indices saw their largest monthly increases since mid-2022, illustrating that more needed to be done to combat inflation.

• The bearish case was further supported by a disappointing fourth quarter 2022 corporate earnings season, as margins came under pressure by persistently high input costs and weaker demand.

• Consensus forecasts for the Fed’s interest rate path took a dovish turn in March 2023 due to an abrupt banking crisis that escalated the risk of rising interest rates. Economic data in March also contributed to the dovish sentiment, as February inflation data was cooler than market expected as was personal income growth.

• In April 2023, the S&P 500 Index increased, albeit modestly, on strong first quarter 2023 corporate earnings results, consumer resiliency and supply-constraint easing.

• The soft landing narrative gained support from robust household spending and from manufacturing prices falling to the lowest level in nearly three years as companies continued to reduce outputs to better match demand.

• Simultaneously, hard landing fears lingered due to tightening financial conditions following the banking sector turmoil and the U.S. government’s debt ceiling stalemate.

• Economic data throughout the month was mixed. First quarter 2023 Gross Domestic Product (“GDP”) came in below consensus. Core inflation grew slightly from a 14-month low of 5.5% in the prior month, however leading indicators still suggested it should begin to moderate in the months ahead. Both manufacturing and services indices showed growth in economic activity. The labor market displayed signs of cooling after the March 2023 jobs report revealed the pace of hiring had slowed to the lowest level in more than two years.

• By the end of the month, the market had embraced consensus expectations that interest rates would be raised by 25 basis points at the Fed’s May meeting, followed by a pause before eventual rate cuts in the second half of the calendar year. (On May 3, 2023, the Fed did raise its targeted federal funds rate by 25 basis points and opened the door to a pause in its tightening cycle.)

• For the Reporting Period overall, large-cap stocks performed best, followed by mid-cap stocks, each market segment generating positive absolute returns. Small-cap stocks lagged, posting negative absolute returns. In a reversal from the prior 12 months, growth stocks meaningfully outperformed value stocks across the capitalization spectrum during the Reporting Period overall.

• The best performing sectors within the S&P 500 Index during the Reporting Period were communication services and information technology, followed at some distance by materials. The weakest performing sector was energy, the only sector to post a negative absolute return during the Reporting Period. Financials and health care generated modestly positive returns but also significantly underperformed the S&P 500 Index during the Reporting Period overall.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs Large Cap Growth Insights Fund

• The Fund generated positive absolute returns during the Reporting Period but underperformed its benchmark, the Russell 1000^® Growth Index (the “Index”).

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MARKET REVIEW

• All four of the Fund’s investment themes — High Quality Business Models, Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends — detracted from relative performance.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Within individual stock selection, the Fund was hurt by its underweight positions versus the Index in technology companies NVIDIA and Meta Platforms. An overweight in department store chain Macy’s also detracted from relative results.

• The underweight in NVIDIA was driven by our Market Themes & Trends, Sentiment Analysis and Fundamental Mispricings investment themes.

• Our High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s underweight in Meta Platforms.

• The Fund’s overweight in Macy’s was largely the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

• As for positive contributors, the Fund benefited from overweights in Horizon Therapeutics, Broadcom and MarketAxess Holdings.

• The overweight in biopharmaceutical company Horizon Therapeutics was based on all four of our investment themes.

• Our Sentiment Analysis and High Quality Business Models investment themes resulted in the Fund’s overweights in semiconductor maker Broadcom and electronic trading platform MarketAxess Holdings.

Goldman Sachs Large Cap Value Insights Fund

• The Fund generated positive absolute returns during the Reporting Period but underperformed its benchmark, the Russell 1000^® Value Index (the “Index”).

• All four of the Fund’s investment themes — High Quality Business Models, Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis — detracted from relative performance.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• Within individual stock selection, an underweight versus the Index in technology company Meta Platforms detracted from relative performance. The Fund was further hampered by overweight positions in CVS Health, a provider of health care and retail pharmacy services, and Pioneer Natural Resources, an independent oil and gas exploration and production company.

• The underweight in Meta Platforms was based on our High Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis investment theme.

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MARKET REVIEW

• Our Fundamental Mispricings and High Quality Business Models investment themes resulted in the Fund’s overweight in CVS Health.

• The Fund was overweight Pioneer Natural Resources mainly because of our Sentiment Analysis investment theme.

• Among positive contributors, the Fund was helped by underweight positions in Pfizer and Bank of America. An overweight in Mondelez International also added to relative returns.

• The underweight in Pfizer, a pharmaceutical and biotechnology company, was largely due to our High Quality Business Models, Fundamental Mispricings and Market Themes & Trends investment themes.

• The Fund’s underweight in Bank of America was driven by our Fundamental Mispricings investment theme.

• Our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Mondelez International, a confectionery, food, beverage and snack food company.

Goldman Sachs Small Cap Equity Insights Fund

• The Fund generated negative absolute returns during the Reporting Period but outperformed its benchmark, the Russell 2000^® Index (the “Index”).

• All four of the Fund’s investment themes contributed positively to relative performance. Sentiment Analysis was our top-performing theme, followed by High Quality Business Models, Fundamental Mispricings and Market Themes & Trends.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Within individual stock selection, the Fund benefited most from overweight positions relative to the Index in e.l.f. Beauty, Goosehead Insurance and M/I Homes.

• The overweight in e.l.f. Beauty, a maker of cosmetics and skincare products, was based on our High Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis investment theme.

• Our Fundamental Mispricings investment theme led to the Fund’s overweight in Goosehead Insurance.

• The Fund was overweight home builder M/I Homes mainly because of our Sentiment Analysis and High Quality Business Models investment themes.

• Among leading detractors were the Fund’s overweight positions in marketing and sales services provider Tech Target; biopharmaceutical company Vanda Pharmaceuticals; and bank holding company Hanmi Financial.

• Our High Quality Business Models investment theme drove the Fund’s overweight in Tech Target.

• The overweights in Vanda Pharmaceuticals and Hanmi Financial were largely the result of our Sentiment Analysis and High Quality Business Models investment themes.

Goldman Sachs Small Cap Growth Insights Fund

• During the Reporting Period, the Fund produced slightly positive absolute returns overall and also outperformed its benchmark, the Russell 2000^® Growth Index (the “Index”).

4

MARKET REVIEW

• Three of the Fund’s investment themes — Sentiment Analysis, High Quality Business Models and Fundamental Mispricings —added to relative performance. The Market Themes & Trends investment theme had a negative impact on Fund results.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Within individual stock selection, the Fund was helped most by its overweight positions versus the Index in Axcelis Technologies, e.l.f. Beauty and Goosehead Insurance.

• Our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in Axcelis Technologies, which designs, manufactures and services capital equipment for semiconductor makers.

• The overweight in e.l.f. Beauty, a maker of cosmetics and skincare products, was based primarily on our High Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis investment theme.

• Our Fundamental Mispricings investment theme resulted in the Fund’s overweight in Goosehead Insurance.

• Among leading detractors were the Fund’s overweight positions in Tech Target, a provider of marketing and sales services; Gossamer Bio, a clinical stage biopharmaceutical company; and Franklin Covey, a consulting and training company.

• The Fund was overweight Tech Target and Gossamer Bio mainly because of our High Quality Business Models investment theme.

• The overweight in Franklin Covey was based on our Sentiment Analysis investment theme.

Goldman Sachs Small Cap Value Insights Fund

• The Fund generated negative absolute returns during the Reporting Period but outperformed its benchmark, the Russell 2000^® Value Index (the “Index”).

• All four of the Fund’s investment themes added to relative performance. Sentiment Analysis contributed most positively, followed by High Quality Business Models, Market Themes & Trends and Fundamental Mispricings.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Within individual stock selection, the Fund was aided most by its overweight positions versus the Index in M/I Homes, e.l.f. Beauty and Meritage Homes.

• The overweight in home builder M/I Homes was driven by our Sentiment Analysis and High Quality Business Models investment themes.

• Our Fundamental Mispricings investment theme led to the Fund’s overweight in e.l.f. Beauty, a maker of cosmetics and skincare products.

5

MARKET REVIEW

• The Fund’s overweight in Meritage Homes, also a home builder, was based on our Sentiment Analysis, Market Themes & Trends and High Quality Business Models investment themes.

• Among notable detractors was the Fund’s underweight in space technology company Maxar Technologies. Overweight positions in bank holding companies Hanmi Financial and Veritex Holdings also had a positive impact on relative performance.

• The Fund’s underweight in Maxar Technologies was due to our Market Themes & Trends and Fundamental Mispricings investment themes.

• Our Sentiment Analysis, High Quality Business Models and Fundamental Mispricings investment themes resulted in the Fund’s overweight position in Hanmi Financial.

• The overweight in Veritex Holdings was based on our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

• The Fund generated positive absolute returns during the Reporting Period but underperformed its benchmark, the S&P 500^® Index (the “Index”).

• All four of the Fund’s investment themes detracted from relative performance, with High Quality Business Models and Fundamental Mispricings having the greatest negative impact. Sentiment Analysis and Market Themes & Trends also hurt relative returns.

• High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

• Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

• Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

• Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

• Within individual stock selection, the Fund was hampered by its underweight positions relative to the Index in technology companies Meta Platforms and NVIDIA. An overweight in CVS Health, a provider of health care and retail pharmacy services, also detracted from relative performance.

• The Fund’s underweight in Meta Platforms was driven by our High Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes.

• Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund underweight in NVIDIA.

• The overweight in CVS Health was the result of our Fundamental Mispricings investment theme.

• As for positive contributors, the Fund was aided by an overweight in semiconductor maker Broadcom as well as by underweight positions in Bank of America and managed healthcare and insurance company UnitedHealth Group.

• The overweight in Broadcom was largely due to our Sentiment Analysis and High Quality Business Models investment themes.

• Our Fundamental Mispricings investment theme led to the underweight in Bank of America.

• The Fund was underweight UnitedHealth Group primarily because of our Sentiment Analysis investment theme.

6

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		7.87	%		11.51	%
Class C		7.48			11.51
Institutional		8.07			11.51
Service		7.76			11.51
Investor		8.03			11.51
Class R6		8.06			11.51
Class R		7.73			11.51
Class P		8.10			11.51

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.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
Apple, Inc.		12.0	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		10.7		Software
Amazon.com, Inc.		4.5		Broadline Retail
Alphabet, Inc., Class C		4.4		Interactive Media & Services
NVIDIA Corp.		3.5		Semiconductors & Semiconductor Equipment
Costco Wholesale Corp.		2.2		Consumer Staples Distribution & Retail
Adobe, Inc.		2.0		Software
Tesla, Inc.		1.7		Automobiles
Lockheed Martin Corp.		1.6		Aerospace & Defense
Vertex Pharmaceuticals, Inc.		1.5		Biotechnology

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2023

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.

8

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		1.74	%		4.54	%
Class C		1.36			4.54
Institutional		1.94			4.54
Service		1.66			4.54
Investor		1.83			4.54
Class R6		1.94			4.54
Class R		1.58			4.54
Class P		1.89			4.54

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.

9

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
Berkshire Hathaway, Inc., Class B		4.3	%	Financial Services
Chevron Corp.		2.9		Oil, Gas & Consumable Fuels
JPMorgan Chase & Co.		2.3		Banks
Prologis, Inc. REIT		1.7		Industrial REITs
Mondelez International, Inc., Class A		1.7		Food Products
S&P Global, Inc.		1.7		Capital Markets
Gilead Sciences, Inc.		1.6		Biotechnology
Exxon Mobil Corp.		1.6		Oil, Gas & Consumable Fuels
Meta Platforms, Inc., Class A		1.6		Interactive Media & Services
Bristol-Myers Squibb Co.		1.5		Pharmaceuticals

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2023

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, 2023. 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

Small Cap Equity Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			Russell 2000® Index2
Class A		-1.22	%		-3.45	%
Class C		-1.60			-3.45
Institutional		-1.09			-3.45
Service		-1.34			-3.45
Investor		-1.12			-3.45
Class R6		-1.07			-3.45
Class R		-1.38			-3.45
Class P		-1.07			-3.45

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.

11

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
Wingstop, Inc.		0.9	%	Hotels, Restaurants & Leisure
elf Beauty, Inc.		0.8		Personal Care Products
Crocs, Inc.		0.8		Textiles, Apparel & Luxury Goods
Mueller Industries, Inc.		0.8		Machinery
Simpson Manufacturing Co., Inc.		0.8		Building Products
Comfort Systems USA, Inc.		0.8		Construction & Engineering
Medpace Holdings, Inc.		0.8		Life Sciences Tools & Services
Exponent, Inc.		0.8		Professional Services
Goosehead Insurance, Inc., Class A		0.7		Insurance
Atkore, Inc.		0.7		Electrical Equipment

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2023

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, 2023. 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

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			Russell 2000 Growth® Index2
Class A		0.29	%		-0.29	%
Class C		-0.05			-0.29
Institutional		0.49			-0.29
Investor		0.46			-0.29
Class R6		0.48			-0.29
Class R		0.10			-0.29
Class P		0.52			-0.29

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.

13

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
Crocs, Inc.		1.2	%	Textiles, Apparel & Luxury Goods
Wingstop, Inc.		1.2		Hotels, Restaurants & Leisure
Simpson Manufacturing Co., Inc.		1.1		Building Products
Medpace Holdings, Inc.		1.1		Life Sciences Tools & Services
elf Beauty, Inc.		1.0		Personal Care Products
Comfort Systems USA, Inc.		1.0		Construction & Engineering
Applied Industrial Technologies, Inc.		1.0		Trading Companies & Distributors
Exponent, Inc.		1.0		Professional Services
Atkore, Inc.		0.9		Electrical Equipment
Workiva, Inc.		0.9		Software

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2023

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, 2023. 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.

14

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		-4.43	%		-6.72	%
Class C		-4.79			-6.72
Institutional		-4.26			-6.72
Investor		-4.28			-6.72
Class R6		-4.25			-6.72
Class R		-4.57			-6.72
Class P		-4.25			-6.72

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.

15

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
STAG Industrial, Inc. REIT		1.2	%	Industrial REITs
Terreno Realty Corp. REIT		1.0		Industrial REITs
Ryman Hospitality Properties, Inc. REIT		1.0		Hotel & Resort REITs
Meritage Homes Corp.		0.9		Household Durables
Independence Realty Trust, Inc. REIT		0.9		Residential REITs
Academy Sports & Outdoors, Inc.		0.9		Specialty Retail
Primo Water Corp.		0.9		Beverages
LGI Homes, Inc.		0.9		Household Durables
Mueller Industries, Inc.		0.9		Machinery
CNO Financial 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, 2023

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 1.0% of the Fund’s net assets as of April 30, 2023. 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. 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.

16

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		4.20	%		8.63	%
Class C		3.80			8.63
Institutional		4.40			8.63
Service		4.13			8.63
Investor		4.33			8.63
Class R6		4.40			8.63
Class R		4.08			8.63
Class P		4.39			8.63

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 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.

17

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/233
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.3	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.6		Software
Berkshire Hathaway, Inc., Class B		2.8		Financial Services
Alphabet, Inc., Class C		2.6		Interactive Media & Services
Amazon.com, Inc.		2.0		Broadline Retail
NVIDIA Corp.		1.8		Semiconductors & Semiconductor Equipment
Costco Wholesale Corp.		1.7		Consumer Staples Distribution & Retail
Adobe, Inc.		1.6		Software
Mondelez International, Inc., Class A		1.5		Food Products
Chevron Corp.		1.4		Oil, Gas & Consumable Fuels

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2023

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.

18

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Aerospace & Defense – 2.0%
	24,692	HEICO Corp.	$	4,164,059
	30,629	Lockheed Martin Corp.		14,225,639
				18,389,698
Air Freight & Logistics – 1.4%
	70,695	United Parcel Service, Inc., Class B		12,711,668
Automobiles – 1.8%
	20,090	General Motors Co.		663,773
	95,448	Tesla, Inc.*		15,683,061
				16,346,834
Banks – 1.2%
	197,012	Citigroup, Inc.		9,273,355
	25,761	East West Bancorp, Inc.		1,331,586
				10,604,941
Beverages – 0.4%
	47,381	Monster Beverage Corp.*		2,653,336
	5,211	PepsiCo, Inc.		994,728
				3,648,064
Biotechnology – 5.0%
	79,192	AbbVie, Inc.		11,967,495
	127,371	Incyte Corp.*		9,477,676
	90,568	Neurocrine Biosciences, Inc.*		9,150,991
	9,473	Sarepta Therapeutics, Inc.*		1,163,000
	40,027	Vertex Pharmaceuticals, Inc.*		13,638,400
				45,397,562
Broadline Retail – 4.4%
	379,365	Amazon.com, Inc.*		40,004,039
Building Products – 1.0%
	144,131	Johnson Controls International PLC		8,624,799
Capital Markets – 3.1%
	47,606	CME Group, Inc.		8,843,767
	13,117	MarketAxess Holdings, Inc.		4,176,059
	31,274	Moody’s Corp.		9,792,515
	9,772	MSCI, Inc.		4,714,501
				27,526,842
Chemicals – 1.5%
	22,933	Mosaic Co. (The)		982,679
	52,900	Sherwin-Williams Co. (The)		12,565,866
				13,548,545
Commercial Services & Supplies – 1.7%
	24,821	Cintas Corp.		11,312,667
	25,521	Republic Services, Inc.		3,690,847
				15,003,514
Communications Equipment – 1.1%
	60,926	Arista Networks, Inc.*		9,757,908
Construction Materials – 0.5%
	31,079	Eagle Materials, Inc.		4,606,219
Common Stocks – (continued)
Consumer Staples Distribution & Retail – 2.7%
	39,941	Costco Wholesale Corp.		20,099,110
	50,306	Sysco Corp.		3,860,482
				23,959,592
Containers & Packaging – 0.1%
	18,873	Graphic Packaging Holding Co.		465,408
Distributors – 1.0%
	151,148	LKQ Corp.		8,725,774
Diversified Telecommunication Services – 0.3%
	149,082	Liberty Global PLC, Class C (United Kingdom)*		3,032,328
Electrical Equipment – 1.3%
	63,696	AMETEK, Inc.		8,785,589
	29,355	Generac Holdings, Inc.*		3,000,668
				11,786,257
Entertainment – 0.3%
	7,052	Netflix, Inc.*		2,326,666
	18,680	ROBLOX Corp., Class A*		665,008
				2,991,674
Financial Services – 3.8%
	20,400	Berkshire Hathaway, Inc., Class B*		6,702,420
	22,637	Euronet Worldwide, Inc.*		2,506,821
	19,096	Mastercard, Inc., Class A		7,257,053
	80,302	PayPal Holdings, Inc.*		6,102,952
	35,937	Visa, Inc., Class A		8,363,618
	16,090	WEX, Inc.*		2,853,562
				33,786,426
Food Products – 0.4%
	42,820	Mondelez International, Inc., Class A		3,285,150
Ground Transportation – 0.2%
	14,350	Ryder System, Inc.		1,135,946
	3,724	Union Pacific Corp.		728,787
				1,864,733
Health Care Equipment & Supplies – 1.3%
	3,519	Align Technology, Inc.*		1,144,731
	81,290	Edwards Lifesciences Corp.*		7,151,894
	4,333	IDEXX Laboratories, Inc.*		2,132,529
	5,087	Penumbra, Inc.*		1,445,319
				11,874,473
Health Care Providers & Services – 3.5%
	33,817	Cigna Group (The)		8,565,508
	103,135	CVS Health Corp.		7,560,827
	44,581	DaVita, Inc.*		4,028,339
	41,772	Guardant Health, Inc.*		942,377
	21,059	UnitedHealth Group, Inc.		10,362,923
				31,459,974
Health Care REITs – 0.5%
	91,689	Ventas, Inc. REIT		4,405,656

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Technology – 0.1%
	7,160	Veeva Systems, Inc., Class A*	$	1,282,213
Hotel & Resort REITs – 1.3%
	367,396	Host Hotels & Resorts, Inc. REIT		5,940,793
	465,330	Park Hotels & Resorts, Inc. REIT		5,607,227
				11,548,020
Hotels, Restaurants & Leisure – 1.0%
	21,324	Darden Restaurants, Inc.		3,239,755
	39,566	Hilton Worldwide Holdings, Inc.		5,698,295
	2,338	Wyndham Hotels & Resorts, Inc.		159,499
				9,097,549
Household Durables – 0.1%
	4,523	TopBuild Corp.*		1,019,846
Insurance – 1.1%
	53,380	Marsh & McLennan Cos., Inc.		9,618,542
Interactive Media & Services – 4.4%
	369,228	Alphabet, Inc., Class C*		39,957,854
IT Services – 2.4%
	32,754	Gartner, Inc.*		9,906,775
	5,227	MongoDB, Inc.*		1,254,271
	11,096	Okta, Inc.*		760,409
	18,540	Snowflake, Inc., Class A*		2,745,403
	81,805	Wix.com Ltd. (Israel)*		7,135,850
				21,802,708
Life Sciences Tools & Services – 3.2%
	10,594	Agilent Technologies, Inc.		1,434,745
	233,693	Avantor, Inc.*		4,552,340
	67,221	Bruker Corp.		5,319,198
	55,704	IQVIA Holdings, Inc.*		10,485,164
	3,533	Mettler-Toledo International, Inc.*		5,269,470
	6,640	Waters Corp.*		1,994,390
				29,055,307
Machinery – 0.4%
	15,152	Caterpillar, Inc.		3,315,258
Media – 0.5%
	69,196	Trade Desk, Inc. (The), Class A*		4,452,071
Oil, Gas & Consumable Fuels – 1.0%
	57,092	Cheniere Energy, Inc.		8,735,076
Pharmaceuticals – 0.7%
	280,753	Elanco Animal Health, Inc.*		2,658,731
	6,049	Eli Lilly & Co.		2,394,557
	34,511	Royalty Pharma PLC, Class A		1,213,062
				6,266,350
Semiconductors & Semiconductor Equipment – 7.0%
	33,808	Advanced Micro Devices, Inc.*		3,021,421
	5,897	Broadcom, Inc.		3,694,470
	9,528	KLA Corp.		3,682,953
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	140,603	Microchip Technology, Inc.		10,262,613
	113,577	NVIDIA Corp.		31,516,482
	52,593	NXP Semiconductors NV (China)		8,611,578
	30,481	ON Semiconductor Corp.*		2,193,413
				62,982,930
Software – 18.4%
	46,977	Adobe, Inc.*		17,736,636
	1,622	ANSYS, Inc.*		509,178
	55,385	Autodesk, Inc.*		10,788,444
	5,283	DocuSign, Inc.*		261,192
	128,528	Fortinet, Inc.*		8,103,690
	314,133	Microsoft Corp.		96,520,506
	61,400	Palo Alto Networks, Inc.*		11,203,044
	22,893	ServiceNow, Inc.*		10,517,502
	3,937	Smartsheet, Inc., Class A*		160,905
	104,541	Splunk, Inc.*		9,015,616
	6,490	Zscaler, Inc.*		584,749
				165,401,462
Specialized REITs – 2.3%
	90,751	Crown Castle, Inc. REIT		11,170,540
	92,022	Lamar Advertising Co., Class A REIT		9,724,885
				20,895,425
Specialty Retail – 1.7%
	5,587	Burlington Stores, Inc.*		1,077,229
	43,194	Chewy, Inc., Class A*		1,339,446
	26,547	Five Below, Inc.*		5,239,316
	96,325	TJX Cos., Inc. (The)		7,592,337
				15,248,328
Technology Hardware, Storage & Peripherals – 12.0%
	636,275	Apple, Inc.		107,963,142
Textiles, Apparel & Luxury Goods – 0.9%
	12,478	Deckers Outdoor Corp.*		5,981,205
	5,528	Lululemon Athletica, Inc.*		2,100,253
				8,081,458
	TOTAL INVESTMENTS – 99.0%
	(Cost $600,987,634)		$	890,531,617
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			8,596,248
	NET ASSETS – 100.0%		$	899,127,865

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

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		3		06/16/23	$	628,275	$	27,832

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 2.8%
	20,215	General Dynamics Corp.	$	4,413,743
	76,612	Howmet Aerospace, Inc.		3,393,145
	710	Lockheed Martin Corp.		329,760
	18,384	Textron, Inc.		1,230,625
				9,367,273
Air Freight & Logistics – 0.2%
	867	FedEx Corp.		197,485
	2,956	United Parcel Service, Inc., Class B		531,519
				729,004
Automobile Components – 0.3%
	6,775	Lear Corp.		864,896
Automobiles – 1.2%
	124,318	General Motors Co.		4,107,467
Banks – 5.8%
	7,080	Bank of America Corp.		207,303
	12,549	BOK Financial Corp.		1,052,485
	109,377	Citigroup, Inc.		5,148,375
	20,358	East West Bancorp, Inc.		1,052,305
	56,180	JPMorgan Chase & Co.		7,766,323
	122,511	US Bancorp		4,199,677
				19,426,468
Beverages – 0.1%
	4,286	Molson Coors Beverage Co., Class B		254,931
Biotechnology – 3.7%
	312	Biogen, Inc.*		94,920
	3,201	BioMarin Pharmaceutical, Inc.*		307,424
	65,437	Gilead Sciences, Inc.		5,379,576
	13,075	Incyte Corp.*		972,911
	9,623	Moderna, Inc.*		1,278,800
	3,112	Neurocrine Biosciences, Inc.*		314,436
	1,464	United Therapeutics Corp.*		336,910
	11,197	Vertex Pharmaceuticals, Inc.*		3,815,154
				12,500,131
Building Products – 1.9%
	31,678	Carrier Global Corp.		1,324,774
	72,002	Johnson Controls International PLC		4,308,600
	2,823	Lennox International, Inc.		795,832
				6,429,206
Capital Markets – 6.1%
	92,344	Bank of New York Mellon Corp. (The)		3,932,931
	25,906	CME Group, Inc.		4,812,558
	19,243	Interactive Brokers Group, Inc., Class A		1,498,068
	4,685	Intercontinental Exchange, Inc.		510,337
	82,978	Invesco Ltd.		1,421,413
	350	MSCI, Inc.		168,857
	24,638	Nasdaq, Inc.		1,364,206
	15,889	S&P Global, Inc.		5,761,034
	15,561	Stifel Financial Corp.		933,193
				20,402,597
Common Stocks – (continued)
Chemicals – 2.4%
	139,924	Element Solutions, Inc.		2,539,621
	4,888	Huntsman Corp.		130,949
	2,959	International Flavors & Fragrances, Inc.		286,905
	38,744	Mosaic Co. (The)		1,660,180
	5,790	RPM International, Inc.		474,954
	12,552	Sherwin-Williams Co. (The)		2,981,602
				8,074,211
Commercial Services & Supplies – 1.6%
	2,392	Cintas Corp.		1,090,202
	28,830	Republic Services, Inc.		4,169,394
				5,259,596
Communications Equipment – 0.4%
	28,753	Cisco Systems, Inc.		1,358,579
Construction Materials – 0.2%
	2,275	Martin Marietta Materials, Inc.		826,280
Consumer Finance – 1.4%
	13,641	Capital One Financial Corp.		1,327,269
	117,015	Synchrony Financial		3,453,113
				4,780,382
Consumer Staples Distribution & Retail – 1.4%
	3,377	Casey’s General Stores, Inc.		772,725
	4,539	Costco Wholesale Corp.		2,284,115
	10,941	Walmart, Inc.		1,651,763
				4,708,603
Distributors – 1.4%
	4,009	Genuine Parts Co.		674,755
	67,546	LKQ Corp.		3,899,430
				4,574,185
Diversified Telecommunication Services – 0.5%
	91,175	Liberty Global PLC, Class C (United Kingdom)*		1,854,500
Electric Utilities – 1.6%
	21,552	Constellation Energy Corp.		1,668,125
	40,148	Edison International		2,954,893
	9,994	Exelon Corp.		424,145
	6,267	Xcel Energy, Inc.		438,126
				5,485,289
Electrical Equipment – 2.3%
	30,502	AMETEK, Inc.		4,207,141
	86,269	nVent Electric PLC		3,617,259
				7,824,400
Electronic Equipment, Instruments & Components – 0.4%
	3,099	Teledyne Technologies, Inc.*		1,284,226
Entertainment – 1.4%
	13,098	Netflix, Inc.*		4,321,423
	4,980	Roku, Inc.*		279,926
				4,601,349

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Financial Services – 5.5%
	43,946	Berkshire Hathaway, Inc., Class B*	$	14,438,458
	53,845	PayPal Holdings, Inc.*		4,092,220
				18,530,678
Food Products – 3.1%
	50,694	General Mills, Inc.		4,493,009
	75,105	Mondelez International, Inc., Class A		5,762,056
				10,255,065
Ground Transportation – 0.8%
	19,869	Knight-Swift Transportation Holdings, Inc.		1,119,022
	18,592	Ryder System, Inc.		1,471,743
				2,590,765
Health Care Equipment & Supplies – 1.8%
	96,629	Boston Scientific Corp.*		5,036,303
	7,155	Globus Medical, Inc., Class A*		415,992
	7,510	Hologic, Inc.*		645,935
				6,098,230
Health Care Providers & Services – 5.5%
	62,721	Centene Corp.*		4,323,359
	17,886	Cigna Group (The)		4,530,345
	68,251	CVS Health Corp.		5,003,481
	4,893	Elevance Health, Inc.		2,293,104
	4,944	HCA Healthcare, Inc.		1,420,560
	14,579	Tenet Healthcare Corp.*		1,068,932
				18,639,781
Health Care REITs – 1.1%
	65,251	Ventas, Inc. REIT		3,135,311
	7,924	Welltower, Inc. REIT		627,739
				3,763,050
Hotel & Resort REITs – 1.9%
	223,727	Host Hotels & Resorts, Inc. REIT		3,617,665
	218,996	Park Hotels & Resorts, Inc. REIT		2,638,902
				6,256,567
Hotels, Restaurants & Leisure – 0.2%
	2,113	Hilton Worldwide Holdings, Inc.		304,314
	4,135	Starbucks Corp.		472,589
				776,903
Household Durables – 0.6%
	22,240	Garmin Ltd.		2,183,301
Household Products – 0.1%
	1,173	Procter & Gamble Co. (The)		183,434
Industrial REITs – 1.9%
	13,426	First Industrial Realty Trust, Inc. REIT		704,462
	46,610	Prologis, Inc. REIT		5,837,903
				6,542,365
Common Stocks – (continued)
Insurance – 3.7%
	4,082	American International Group, Inc.		216,509
	6,179	Axis Capital Holdings Ltd.		349,361
	25,145	Chubb Ltd.		5,068,226
	32,047	CNA Financial Corp.		1,246,949
	72,193	MetLife, Inc.		4,427,597
	3,485	Prudential Financial, Inc.		303,195
	13,637	W R Berkley Corp.		803,492
				12,415,329
Interactive Media & Services – 2.1%
	1,754	Alphabet, Inc., Class A*		188,274
	21,843	Meta Platforms, Inc., Class A*		5,249,310
	21,654	Pinterest, Inc., Class A*		498,042
	61,511	TripAdvisor, Inc.*		1,090,590
				7,026,216
IT Services – 2.4%
	10,030	Gartner, Inc.*		3,033,674
	21,623	Okta, Inc.*		1,481,824
	11,018	VeriSign, Inc.*		2,443,792
	12,391	Wix.com Ltd. (Israel)*		1,080,867
				8,040,157
Leisure Products – 0.3%
	14,381	Hasbro, Inc.		851,643
Life Sciences Tools & Services – 2.0%
	4,218	Bio-Rad Laboratories, Inc., Class A*		1,901,432
	1,483	Danaher Corp.		351,337
	58,457	QIAGEN NV*		2,607,767
	3,101	Thermo Fisher Scientific, Inc.		1,720,745
				6,581,281
Machinery – 2.7%
	48,348	Fortive Corp.		3,050,275
	51,573	Otis Worldwide Corp.		4,399,177
	18,640	PACCAR, Inc.		1,392,222
	959	Snap-on, Inc.		248,774
				9,090,448
Media – 1.7%
	52,176	Fox Corp., Class B		1,593,455
	151,600	News Corp., Class A		2,669,676
	30,361	Paramount Global, Class B(a)		708,322
	10,685	Trade Desk, Inc. (The), Class A*		687,473
				5,658,926
Multi-Utilities – 1.3%
	30,961	CMS Energy Corp.		1,927,632
	7,310	Consolidated Edison, Inc.		719,816
	18,991	Public Service Enterprise Group, Inc.		1,200,231
	4,049	WEC Energy Group, Inc.		389,392
				4,237,071
Oil, Gas & Consumable Fuels – 8.7%
	10,311	Cheniere Energy, Inc.		1,577,583
	57,077	Chevron Corp.		9,622,041

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	8,082	ConocoPhillips	$	831,557
	45,375	Exxon Mobil Corp.		5,369,678
	228,106	Kinder Morgan, Inc.		3,912,018
	12,525	Marathon Petroleum Corp.		1,528,050
	15,456	Phillips 66		1,530,144
	9,711	Valero Energy Corp.		1,113,560
	121,755	Williams Cos., Inc. (The)		3,684,306
				29,168,937
Pharmaceuticals – 6.3%
	77,256	Bristol-Myers Squibb Co.		5,158,383
	346,876	Elanco Animal Health, Inc.*		3,284,916
	27,229	Johnson & Johnson		4,457,387
	60,977	Organon & Co.		1,501,864
	16,370	Perrigo Co. PLC		608,800
	69,963	Pfizer, Inc.		2,720,861
	100,994	Royalty Pharma PLC, Class A		3,549,939
				21,282,150
Professional Services – 0.2%
	4,901	Concentrix Corp.		472,996
	4,590	Dun & Bradstreet Holdings, Inc.		51,270
				524,266
Residential REITs – 1.2%
	5,298	Camden Property Trust REIT		583,045
	22,877	Mid-America Apartment Communities, Inc. REIT		3,518,482
				4,101,527
Retail REITs – 0.1%
	17,354	Brixmor Property Group, Inc. REIT		370,161
Semiconductors & Semiconductor Equipment – 1.5%
	5,728	First Solar, Inc.*		1,045,818
	18,232	Microchip Technology, Inc.		1,330,754
	15,632	NXP Semiconductors NV (China)		2,559,584
	2,749	ON Semiconductor Corp.*		197,818
				5,133,974
Software – 2.0%
	7,627	Adobe, Inc.*		2,879,650
	4,511	Autodesk, Inc.*		878,698
	3,660	Palo Alto Networks, Inc.*		667,804
	8,600	Salesforce, Inc.*		1,705,982
	1,015	ServiceNow, Inc.*		466,311
				6,598,445
Specialized REITs – 1.3%
	71,284	CubeSmart REIT		3,242,709
	13,125	National Storage Affiliates Trust REIT		505,969
	2,309	SBA Communications Corp. REIT		602,395
				4,351,073
Specialty Retail – 0.9%
	7,708	Bath & Body Works, Inc.		270,551
Common Stocks – (continued)
Specialty Retail – (continued)
	21,147	CarMax, Inc.*		1,480,924
	27,392	Chewy, Inc., Class A*		849,426
	3,423	Penske Automotive Group, Inc.		474,359
				3,075,260
Technology Hardware, Storage & Peripherals – 0.8%
	199,492	Hewlett Packard Enterprise Co.		2,856,725
Textiles, Apparel & Luxury Goods – 0.1%
	9,136	Skechers USA, Inc., Class A*		485,944
Tobacco – 0.3%
	19,680	Altria Group, Inc.		934,997
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $320,103,189)		$	333,318,242

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	684,000	4.766%	$	684,000
	(Cost $684,000)
	TOTAL INVESTMENTS – 99.4%
	(Cost $320,787,189)		$	334,002,242
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			1,923,658
	NET ASSETS – 100.0%		$	335,925,900

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		1		06/16/23	$	209,425	$	1,567

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 1.2%
	9,506	AAR Corp.*	$	501,727
	3,810	AeroVironment, Inc.*		383,629
	4,376	Ducommun, Inc.*		218,800
	53,218	Kratos Defense & Security Solutions, Inc.*		686,512
	1,011	Moog, Inc., Class A		91,101
	16,975	National Presto Industries, Inc.		1,154,640
	137,219	Triumph Group, Inc.*		1,483,337
				4,519,746
Automobile Components – 0.4%
	14,705	Adient PLC*		543,203
	8,484	Fox Factory Holding Corp.*		940,621
	8,778	Luminar Technologies, Inc.*(a)		52,844
	2,286	Modine Manufacturing Co.*		47,800
				1,584,468
Banks – 6.4%
	3,351	1st Source Corp.		139,670
	60,240	Amalgamated Financial Corp.		980,707
	46,279	Ameris Bancorp		1,550,346
	56,388	Associated Banc-Corp.		1,005,398
	39,495	Axos Financial, Inc.*		1,606,262
	9,624	BancFirst Corp.		768,861
	85,250	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,193,482
	6,477	BayCom Corp.		108,036
	3,767	Carter Bankshares, Inc.*		48,406
	68,179	Central Pacific Financial Corp.		1,082,683
	6,216	Esquire Financial Holdings, Inc.		240,311
	129,292	First BanCorp. (Puerto Rico)		1,519,181
	6,945	First Bancorp, Inc. (The)		171,541
	3,093	Glacier Bancorp, Inc.		102,780
	12,939	Guaranty Bancshares, Inc.		311,959
	30,022	Hancock Whitney Corp.		1,096,403
	47,526	Hanmi Financial Corp.		768,020
	5,126	Heritage Financial Corp.		90,269
	3,912	Home Bancorp, Inc.		122,563
	103,973	Hope Bancorp, Inc.		946,154
	8,181	Independent Bank Corp.		145,785
	37,475	International Bancshares Corp.		1,599,058
	6,385	Metrocity Bankshares, Inc.		104,395
	21,062	National Bank Holdings Corp., Class A		669,772
	15,969	Northeast Bank		588,458
	16,245	Old Second Bancorp, Inc.		199,651
	3,455	Origin Bancorp, Inc.		101,681
	22,687	PCB Bancorp		313,534
	13,963	Renasant Corp.		392,640
	17,645	Seacoast Banking Corp. of Florida		391,543
	4,364	SouthState Corp.		301,029
	40,661	TrustCo Bank Corp.		1,213,324
	26,072	UMB Financial Corp.		1,658,440
	168,983	Valley National Bancorp		1,585,061
	34,399	Veritex Holdings, Inc.		592,007
	1,215	Westamerica BanCorp		49,220
				24,758,630
Common Stocks – (continued)
Beverages – 1.5%
	5,499	Celsius Holdings, Inc.*		525,539
	3,678	Coca-Cola Consolidated, Inc.		2,168,034
	7,770	National Beverage Corp.*		386,169
	176,595	Primo Water Corp.		2,682,478
				5,762,220
Biotechnology – 7.6%
	8,993	2seventy bio, Inc.*		85,523
	117,931	ACADIA Pharmaceuticals, Inc.*		2,515,468
	62,743	Affimed NV (Germany)*		56,469
	48,344	Alkermes PLC*		1,380,221
	21,264	ALX Oncology Holdings, Inc.*		126,308
	162,411	Amicus Therapeutics, Inc.*		1,874,223
	5,003	Apellis Pharmaceuticals, Inc.*		417,400
	2,234	Arcellx, Inc.*		95,347
	137,163	Aurinia Pharmaceuticals, Inc. (Canada)*		1,543,084
	3,437	Avid Bioservices, Inc.*		62,038
	9,461	BioCryst Pharmaceuticals, Inc.*		71,998
	49,614	Biohaven Ltd.*		648,951
	15,247	C4 Therapeutics, Inc.*		46,046
	99,207	CareDx, Inc.*		802,585
	57,544	Catalyst Pharmaceuticals, Inc.*		916,101
	5,443	Celldex Therapeutics, Inc.*		171,128
	11,528	Day One Biopharmaceuticals, Inc.*		142,947
	62,051	Deciphera Pharmaceuticals, Inc.*		881,745
	14,072	Denali Therapeutics, Inc.*		349,549
	8,135	Design Therapeutics, Inc.*		52,471
	25,790	Eagle Pharmaceuticals, Inc.*		724,183
	18,539	Enanta Pharmaceuticals, Inc.*		659,061
	43,911	Erasca, Inc.*		121,194
	2,561	FibroGen, Inc.*		43,844
	45,602	Generation Bio Co.*		224,362
	52,478	Gossamer Bio, Inc.*(a)		67,697
	27,345	Halozyme Therapeutics, Inc.*		878,595
	75,514	Heron Therapeutics, Inc.*		180,478
	2,930	Ideaya Biosciences, Inc.*		53,502
	5,316	IGM Biosciences, Inc.*		57,572
	48,519	ImmunoGen, Inc.*		261,517
	1,217	Intellia Therapeutics, Inc.*		45,942
	34,023	Intercept Pharmaceuticals, Inc.*		589,278
	170,562	Iovance Biotherapeutics, Inc.*		961,970
	16,220	iTeos Therapeutics, Inc.*		222,863
	9,725	IVERIC bio, Inc.*		319,855
	33,926	KalVista Pharmaceuticals, Inc.*		289,389
	3,710	Karuna Therapeutics, Inc.*		736,212
	47,559	Kiniksa Pharmaceuticals Ltd., Class A*		511,259
	74,205	Kodiak Sciences, Inc.*		325,018
	2,223	Madrigal Pharmaceuticals, Inc.*		693,576
	7,929	MeiraGTx Holdings PLC*		42,420
	5,700	Monte Rosa Therapeutics, Inc.*		25,878
	21,683	Myriad Genetics, Inc.*		461,631
	16,013	Nurix Therapeutics, Inc.*		154,205
	3,115	PepGen, Inc.*(a)		47,005
	41,462	PMV Pharmaceuticals, Inc.*		191,140
	69,755	Praxis Precision Medicines, Inc.*		72,545
	24,882	PTC Therapeutics, Inc.*		1,371,994

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	7,859	Rallybio Corp.*	$	42,360
	10,263	Recursion Pharmaceuticals, Inc., Class A*		48,955
	27,546	Replimune Group, Inc.*		460,845
	4,525	Sage Therapeutics, Inc.*		221,046
	60,141	Sana Biotechnology, Inc.*(a)		318,146
	27,878	SpringWorks Therapeutics, Inc.*		651,788
	173,349	Sutro Biopharma, Inc.*		738,467
	14,807	TG Therapeutics, Inc.*		367,658
	13,873	Travere Therapeutics, Inc.*		299,241
	25,678	Twist Bioscience Corp.*		320,461
	162,728	Vanda Pharmaceuticals, Inc.*		999,150
	5,825	Vaxcyte, Inc.*		249,485
	18,613	Veracyte, Inc.*		421,398
	37,314	Vericel Corp.*		1,175,764
	3,644	Vir Biotechnology, Inc.*		91,647
	11,496	Viridian Therapeutics, Inc.*		322,233
	43,757	Y-mAbs Therapeutics, Inc.*		262,104
				29,564,535
Building Products – 1.3%
	1,189	American Woodmark Corp.*		60,068
	972	CSW Industrials, Inc.		130,899
	15,112	Griffon Corp.		429,937
	2,049	Insteel Industries, Inc.		56,409
	25,268	Simpson Manufacturing Co., Inc.		3,178,209
	50,731	Zurn Elkay Water Solutions Corp.		1,093,253
				4,948,775
Capital Markets – 1.0%
	8,658	Hamilton Lane, Inc., Class A		637,921
	26,573	Oppenheimer Holdings, Inc., Class A		993,564
	27,079	PJT Partners, Inc., Class A		1,862,223
	5,536	StoneX Group, Inc.*		542,916
				4,036,624
Chemicals – 1.4%
	10,898	Aspen Aerogels, Inc.*		68,222
	5,171	Hawkins, Inc.		208,598
	22,287	Innospec, Inc.		2,265,028
	38,366	LSB Industries, Inc.*		342,608
	38,226	Minerals Technologies, Inc.		2,265,273
	10,018	Orion Engineered Carbons SA (Germany)		242,536
	12,602	Tronox Holdings PLC		172,521
				5,564,786
Commercial Services & Supplies – 1.2%
	44,799	Brady Corp., Class A		2,286,093
	36,467	BrightView Holdings, Inc.*		201,663
	73,219	Ennis, Inc.		1,422,645
	22,265	Healthcare Services Group, Inc.		347,557
	2,987	HNI Corp.		77,602
	33,281	Steelcase, Inc., Class A		266,248
				4,601,808
Common Stocks – (continued)
Communications Equipment – 1.3%
	12,412	Extreme Networks, Inc.*		220,685
	69,822	Harmonic, Inc.*		983,792
	81,279	NetScout Systems, Inc.*		2,211,602
	172,852	Viavi Solutions, Inc.*		1,548,754
				4,964,833
Construction & Engineering – 1.7%
	12,977	Arcosa, Inc.		876,466
	20,783	Comfort Systems USA, Inc.		3,106,851
	18,093	Dycom Industries, Inc.*		1,675,774
	30,496	Sterling Infrastructure, Inc.*		1,125,912
				6,785,003
Construction Materials – 0.3%
	39,316	Summit Materials, Inc., Class A*		1,077,652
Consumer Finance – 0.5%
	126,463	EZCORP, Inc., Class A*		1,088,846
	535	FirstCash Holdings, Inc.		55,121
	23,400	Regional Management Corp.		626,184
				1,770,151
Consumer Staples Distribution & Retail – 0.5%
	24,929	Chefs’ Warehouse, Inc. (The)*		829,138
	14,145	PriceSmart, Inc.		1,042,204
				1,871,342
Diversified Consumer Services – 0.9%
	44,750	Coursera, Inc.*		556,690
	8,388	Duolingo, Inc.*		1,142,110
	36,834	Frontdoor, Inc.*		1,007,778
	70,413	Laureate Education, Inc.		872,417
				3,578,995
Diversified REITs – 0.0%
	2,004	Alexander & Baldwin, Inc. REIT		38,537
Diversified Telecommunication Services – 0.3%
	328,472	Globalstar, Inc.*		297,595
	2,478	IDT Corp., Class B*		82,294
	11,827	Iridium Communications, Inc.		750,660
	4,236	Ooma, Inc.*		52,103
				1,182,652
Electric Utilities – 0.1%
	4,779	ALLETE, Inc.		298,114
	5,146	Portland General Electric Co.		260,491
				558,605
Electrical Equipment – 2.2%
	28,720	Array Technologies, Inc.*		587,324
	22,525	Atkore, Inc.*		2,845,583
	7,009	Bloom Energy Corp., Class A*		116,700
	15,934	Encore Wire Corp.		2,490,962
	13,576	NEXTracker, Inc., Class A*		427,508
	31,249	Powell Industries, Inc.		1,251,835
	19,214	Shoals Technologies Group, Inc., Class A*		401,381

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electrical Equipment – (continued)
	9,406	Thermon Group Holdings, Inc.*	$	195,457
	4,426	Vicor Corp.*		190,185
				8,506,935
Electronic Equipment, Instruments & Components – 2.2%
	21,679	Advanced Energy Industries, Inc.		1,875,234
	16,218	Belden, Inc.		1,279,438
	19,221	ePlus, Inc.*		836,882
	17,492	Fabrinet (Thailand)*		1,660,865
	8,930	PC Connection, Inc.		359,611
	8,388	Sanmina Corp.*		438,357
	73,123	TTM Technologies, Inc.*		863,583
	31,734	Vishay Precision Group, Inc.*		1,191,294
				8,505,264
Energy Equipment & Services – 1.0%
	24,527	Borr Drilling Ltd. (Mexico)*		170,463
	22,130	Dril-Quip, Inc.*		603,706
	6,305	Nabors Industries Ltd.*		628,861
	49,005	Oil States International, Inc.*		344,995
	26,016	Patterson-UTI Energy, Inc.		291,119
	83,086	RPC, Inc.		614,006
	23,574	Tidewater, Inc.*		1,061,537
				3,714,687
Entertainment – 0.1%
	13,619	IMAX Corp.*		285,318
Financial Services – 2.4%
	2,254	Alerus Financial Corp.		32,435
	48,309	A-Mark Precious Metals, Inc.		1,729,462
	86,910	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,564,380
	70,286	EVERTEC, Inc. (Puerto Rico)		2,438,221
	26,925	I3 Verticals, Inc., Class A*		626,006
	41,556	Merchants Bancorp		964,099
	44,899	NMI Holdings, Inc., Class A*		1,050,637
	701	PennyMac Financial Services, Inc.		43,806
	63,198	StoneCo Ltd., Class A (Brazil)*		778,599
				9,227,645
Food Products – 0.7%
	4,809	B&G Foods, Inc.		77,136
	24,796	John B. Sanfilippo & Son, Inc.		2,577,544
	27,519	SunOpta, Inc. (Canada)*		233,912
				2,888,592
Gas Utilities – 0.1%
	4,800	Northwest Natural Holding Co.		225,408
	494	ONE Gas, Inc.		38,013
	4,868	Southwest Gas Holdings, Inc.		272,608
				536,029
Ground Transportation – 1.1%
	92,447	Marten Transport Ltd.		1,866,505
	7,629	Saia, Inc.*		2,271,687
				4,138,192
Common Stocks – (continued)
Health Care Equipment & Supplies – 2.8%
	28,846	AngioDynamics, Inc.*		239,999
	36,662	Artivion, Inc.*		508,502
	21,477	AtriCure, Inc.*		944,773
	2,117	Embecta Corp.		58,747
	6,937	Inari Medical, Inc.*		460,756
	5,215	Inspire Medical Systems, Inc.*		1,395,690
	3,087	iRadimed Corp.		128,512
	5,202	Lantheus Holdings, Inc.*		444,511
	19,868	LeMaitre Vascular, Inc.		1,072,872
	19,549	LivaNova PLC*		936,397
	1,739	Merit Medical Systems, Inc.*		141,363
	21,873	NuVasive, Inc.*		941,414
	5,614	Pulmonx Corp.*		65,964
	5,437	Shockwave Medical, Inc.*		1,577,600
	31,827	Surmodics, Inc.*		733,294
	1,991	TransMedics Group, Inc.*		157,488
	7,123	Utah Medical Products, Inc.		675,545
	14,990	Varex Imaging Corp.*		265,923
				10,749,350
Health Care Providers & Services – 3.9%
	66,613	Alignment Healthcare, Inc.*		418,996
	4,794	AMN Healthcare Services, Inc.*		413,962
	1,797	Apollo Medical Holdings, Inc.*		63,775
	27,780	Brookdale Senior Living, Inc.*		119,176
	140,159	Cano Health, Inc.*		162,584
	92,417	Community Health Systems, Inc.*		585,924
	22,957	Ensign Group, Inc. (The)		2,228,895
	17,837	HealthEquity, Inc.*		953,388
	107,694	Hims & Hers Health, Inc.*		1,248,173
	59,308	Joint Corp. (The)*		936,473
	15,993	National HealthCare Corp.		926,155
	48,760	OPKO Health, Inc.*		71,677
	23,058	Option Care Health, Inc.*		741,315
	51,123	Patterson Cos., Inc.		1,385,945
	25,614	Pediatrix Medical Group, Inc.*		367,049
	63,534	Pennant Group, Inc. (The)*		881,217
	14,452	PetIQ, Inc.*		170,389
	33,504	Progyny, Inc.*		1,113,673
	46,608	Select Medical Holdings Corp.		1,421,544
	20,931	Surgery Partners, Inc.*		830,123
				15,040,433
Health Care REITs – 0.1%
	10,526	Community Healthcare Trust, Inc. REIT		376,726
Health Care Technology – 0.3%
	2,650	Evolent Health, Inc., Class A*		96,487
	49,835	Health Catalyst, Inc.*		627,921
	2,460	HealthStream, Inc.		60,614
	15,638	Phreesia, Inc.*		494,786
				1,279,808
Hotel & Resort REITs – 3.4%
	129,812	Apple Hospitality REIT, Inc. REIT		1,932,901
	182,012	Chatham Lodging Trust REIT		1,863,803

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Hotel & Resort REITs – (continued)
	276,341	DiamondRock Hospitality Co. REIT	$	2,241,125
	225,878	RLJ Lodging Trust REIT		2,281,368
	30,468	Ryman Hospitality Properties, Inc. REIT		2,731,761
	99,473	Service Properties Trust REIT		872,378
	156,077	Summit Hotel Properties, Inc. REIT		1,005,136
	19,162	Xenia Hotels & Resorts, Inc. REIT		242,591
				13,171,063
Hotels, Restaurants & Leisure – 4.1%
	9,616	Bloomin’ Brands, Inc.		238,188
	16,514	Chuy’s Holdings, Inc.*		576,008
	38,731	Dave & Buster’s Entertainment, Inc.*		1,373,401
	93,132	Everi Holdings, Inc.*		1,415,607
	87,205	First Watch Restaurant Group, Inc.*		1,402,256
	5,727	Golden Entertainment, Inc.*		241,450
	99,581	International Game Technology PLC		2,802,209
	9,243	Monarch Casino & Resort, Inc.		641,095
	64,032	Portillo’s, Inc., Class A*		1,384,372
	34,737	Red Rock Resorts, Inc., Class A		1,695,166
	131,301	Sabre Corp.*		525,204
	5,616	Shake Shack, Inc., Class A*		307,813
	16,670	Wingstop, Inc.		3,335,834
				15,938,603
Household Durables – 1.9%
	8,777	Dream Finders Homes, Inc., Class A*(a)		133,849
	4,807	Green Brick Partners, Inc.*		179,157
	1,641	Hovnanian Enterprises, Inc., Class A*		121,057
	1,650	Installed Building Products, Inc.		205,045
	22,210	LGI Homes, Inc.*		2,638,548
	40,340	M/I Homes, Inc.*		2,728,598
	11,337	Meritage Homes Corp.		1,451,703
				7,457,957
Independent Power and Renewable Electricity Producers – 0.1%
	7,604	Clearway Energy, Inc., Class C		230,934
	28,414	Montauk Renewables, Inc.*		188,953
				419,887
Industrial REITs – 1.5%
	130,166	LXP Industrial Trust REIT		1,223,560
	81,577	STAG Industrial, Inc. REIT		2,763,013
	30,974	Terreno Realty Corp. REIT		1,907,689
				5,894,262
Insurance – 4.9%
	70,028	American Equity Investment Life Holding Co.		2,698,879
	27,356	AMERISAFE, Inc.		1,522,361
	38,596	BRP Group, Inc., Class A*		972,233
	118,172	CNO Financial Group, Inc.		2,651,780
	63,796	Employers Holdings, Inc.		2,525,684
	41,208	Genworth Financial, Inc., Class A*		239,418
	49,628	Goosehead Insurance, Inc., Class A*		2,853,610
	3,642	James River Group Holdings Ltd.		70,910
Common Stocks – (continued)
Insurance – (continued)
	6,346	Kinsale Capital Group, Inc.		2,073,302
	111	National Western Life Group, Inc., Class A		28,303
	25,905	Oscar Health, Inc., Class A*		174,341
	34,869	Palomar Holdings, Inc.*		1,752,516
	29,210	Stewart Information Services Corp.		1,216,596
	1,368	Trupanion, Inc.*		48,030
				18,827,963
Interactive Media & Services – 0.4%
	12,895	Bumble, Inc., Class A*		234,818
	40,191	DHI Group, Inc.*		147,501
	10,140	Shutterstock, Inc.		679,380
	172,564	Vimeo, Inc.*		567,735
				1,629,434
IT Services – 0.5%
	26,874	Brightcove, Inc.*		111,258
	88,454	Fastly, Inc., Class A*		1,307,350
	2,490	Perficient, Inc.*		161,651
	14,802	Rackspace Technology, Inc.*		21,611
	12,229	Squarespace, Inc., Class A*		380,322
				1,982,192
Leisure Products – 0.4%
	19,528	Acushnet Holdings Corp.		978,939
	9,376	Clarus Corp.		91,228
	22,819	Topgolf Callaway Brands Corp.*		505,897
				1,576,064
Life Sciences Tools & Services – 1.3%
	113,608	Adaptive Biotechnologies Corp.*		811,161
	29,694	CryoPort, Inc.*		624,762
	15,309	Medpace Holdings, Inc.*		3,063,943
	46,220	NanoString Technologies, Inc.*		452,956
				4,952,822
Machinery – 3.5%
	3,020	Barnes Group, Inc.		126,931
	6,937	Chart Industries, Inc.*		923,315
	1,684	CIRCOR International, Inc.*		46,883
	17,939	Columbus McKinnon Corp.		622,663
	7,246	Douglas Dynamics, Inc.		212,380
	29,583	Franklin Electric Co., Inc.		2,646,791
	4,285	Greenbrier Cos., Inc. (The)		113,338
	1,225	John Bean Technologies Corp.		133,170
	4,693	Manitowoc Co., Inc. (The)*		71,756
	44,271	Mueller Industries, Inc.		3,180,871
	3,689	RBC Bearings, Inc.*		837,440
	6,450	Terex Corp.		287,605
	41,512	Titan International, Inc.*		405,157
	49,513	Wabash National Corp.		1,270,999
	16,735	Watts Water Technologies, Inc., Class A		2,706,551
				13,585,850

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Marine Transportation – 1.0%
	232,361	Costamare, Inc. (Monaco)	$	2,098,220
	48,245	Eneti, Inc.		413,460
	360,005	Safe Bulkers, Inc. (Greece)		1,317,618
				3,829,298
Media – 1.5%
	16,542	Clear Channel Outdoor Holdings, Inc.*		21,008
	648	Daily Journal Corp.*		177,001
	96,765	EW Scripps Co. (The), Class A*		815,729
	108,135	Gray Television, Inc.		833,721
	24,633	Sinclair Broadcast Group, Inc., Class A		489,950
	47,920	TechTarget, Inc.*		1,633,593
	81,434	Thryv Holdings, Inc.*		1,829,008
				5,800,010
Metals & Mining – 2.1%
	48,208	ATI, Inc.*		1,861,793
	43,335	Carpenter Technology Corp.		2,285,488
	311,707	Coeur Mining, Inc.*		1,059,804
	12,721	Commercial Metals Co.		593,943
	75,818	Constellium SE*		1,125,897
	19,579	Haynes International, Inc.		920,409
	41,232	Hecla Mining Co.		249,454
	23,142	Novagold Resources, Inc. (Canada)*		125,892
	2,698	Warrior Met Coal, Inc.		93,270
				8,315,950
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
	17,463	Arbor Realty Trust, Inc. REIT		200,301
	112,055	ARMOUR Residential REIT, Inc. REIT		571,480
	98,484	BrightSpire Capital, Inc. REIT		561,359
	12,489	Ladder Capital Corp. REIT		116,772
	109,630	MFA Financial, Inc. REIT		1,171,945
	53,358	Nexpoint Real Estate Finance, Inc. REIT		742,743
	5,378	Two Harbors Investment Corp. REIT		74,916
				3,439,516
Office REITs – 0.3%
	14,046	City Office REIT, Inc. REIT		81,748
	43,803	Equity Commonwealth REIT		907,598
				989,346
Oil, Gas & Consumable Fuels – 6.2%
	1,944	Arch Resources, Inc.		237,654
	106,036	Ardmore Shipping Corp. (Ireland)		1,557,669
	4,457	Chord Energy Corp.		634,365
	14,320	Civitas Resources, Inc.		988,796
	69,217	Comstock Resources, Inc.		795,995
	6,978	CONSOL Energy, Inc.		414,074
	183,963	DHT Holdings, Inc.		1,745,809
	23,685	Dorian LPG Ltd.		526,281
	138,886	Equitrans Midstream Corp.		715,263
	107,379	Frontline PLC (Norway)		1,661,153
	113,821	Golar LNG Ltd. (Cameroon)*		2,583,737
	56,307	International Seaways, Inc.		2,242,145
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	38,764	Kosmos Energy Ltd. (Ghana)*		248,089
	333,790	Nordic American Tankers Ltd.		1,178,279
	15,687	PBF Energy, Inc., Class A		546,849
	30,884	Peabody Energy Corp.*		741,834
	49,893	Scorpio Tankers, Inc. (Monaco)		2,606,909
	162,722	SFL Corp. Ltd. (Norway)		1,479,143
	176,183	Teekay Corp. (Bermuda)*		995,434
	50,799	Teekay Tankers Ltd., Class A (Canada)*		2,056,851
				23,956,329
Personal Care Products – 1.1%
	81,361	Beauty Health Co. (The)*		932,397
	34,606	elf Beauty, Inc.*		3,210,053
				4,142,450
Pharmaceuticals – 1.6%
	78,170	Amneal Pharmaceuticals, Inc.*		150,868
	25,538	Amphastar Pharmaceuticals, Inc.*		913,494
	2,873	Amylyx Pharmaceuticals, Inc.*		81,593
	6,061	Axsome Therapeutics, Inc.*		433,543
	4,158	Collegium Pharmaceutical, Inc.*		96,757
	15,773	Harmony Biosciences Holdings, Inc.*		508,522
	97,769	Phibro Animal Health Corp., Class A		1,521,286
	40,197	Prestige Consumer Healthcare, Inc.*		2,473,321
	495	Reata Pharmaceuticals, Inc., Class A*		48,936
	23,928	SIGA Technologies, Inc.		139,500
				6,367,820
Professional Services – 2.2%
	49,872	CBIZ, Inc.*		2,627,756
	3,672	ExlService Holdings, Inc.*		655,011
	32,960	Exponent, Inc.		3,033,968
	5,583	Forrester Research, Inc.*		172,738
	11,038	Franklin Covey Co.*		405,315
	33,830	IBEX Holdings Ltd.*		692,500
	7,384	NV5 Global, Inc.*		699,486
	5,594	Red Violet, Inc.*		95,658
				8,382,432
Real Estate Management & Development – 0.2%
	36,258	Cushman & Wakefield PLC*		357,141
	63,785	Newmark Group, Inc., Class A		404,397
	24,472	Redfin Corp.*		182,317
				943,855
Residential REITs – 1.3%
	161,106	Independence Realty Trust, Inc. REIT		2,682,415
	53,748	NexPoint Residential Trust, Inc. REIT		2,307,402
	4,247	UMH Properties, Inc. REIT		64,554
				5,054,371
Retail REITs – 0.1%
	22,115	Macerich Co. (The) REIT		220,929
	8,319	SITE Centers Corp. REIT		102,657
	6,522	Tanger Factory Outlet Centers, Inc. REIT		127,896
				451,482

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 1.7%
	12,519	Ambarella, Inc.*	$	775,928
	18,740	Axcelis Technologies, Inc.*		2,216,942
	17,936	Cohu, Inc.*		606,954
	19,111	Diodes, Inc.*		1,523,147
	1,935	Impinj, Inc.*		171,073
	39,886	MaxLinear, Inc.*		962,449
	1,730	Silicon Laboratories, Inc.*		240,989
				6,497,482
Software – 5.7%
	126,363	8x8, Inc.*		362,662
	26,663	Alarm.com Holdings, Inc.*		1,271,558
	36,721	American Software, Inc., Class A		438,449
	17,201	Amplitude, Inc., Class A*		195,231
	43,884	Appian Corp., Class A*		1,647,844
	58,441	Asana, Inc., Class A*		945,575
	3,298	Blackline, Inc.*		183,732
	5,563	C3.ai, Inc., Class A*(a)		99,133
	88,058	Clear Secure, Inc., Class A		2,130,123
	40,739	CommVault Systems, Inc.*		2,373,862
	6,632	Enfusion, Inc., Class A*		55,576
	11,893	Everbridge, Inc.*		312,548
	1,067	MicroStrategy, Inc., Class A*(a)		350,381
	25,206	PagerDuty, Inc.*		757,692
	48,078	PROS Holdings, Inc.*		1,363,973
	34,621	Q2 Holdings, Inc.*		852,369
	1,466	Rapid7, Inc.*		71,262
	8,397	Riot Platforms, Inc.*(a)		100,428
	35,130	Sapiens International Corp. NV (Israel)		707,167
	29,562	Sprout Social, Inc., Class A*		1,456,224
	10,650	SPS Commerce, Inc.*		1,568,745
	11,225	Tenable Holdings, Inc.*		415,213
	23,207	Varonis Systems, Inc.*		537,474
	26,642	Workiva, Inc.*		2,488,896
	135,796	Yext, Inc.*		1,192,289
	6,611	Zuora, Inc., Class A*		51,500
				21,929,906
Specialized REITs – 0.7%
	145,908	Outfront Media, Inc. REIT		2,430,827
	57,668	Uniti Group, Inc. REIT		197,225
				2,628,052
Specialty Retail – 2.0%
	32,339	Academy Sports & Outdoors, Inc.		2,054,173
	9,049	Arko Corp.		75,650
	13,466	Asbury Automotive Group, Inc.*		2,605,132
	10,103	Boot Barn Holdings, Inc.*		732,164
	60,154	CarParts.com, Inc.*		285,130
	5,391	Cato Corp. (The), Class A		44,476
	3,257	Murphy USA, Inc.		896,424
	7,810	PetMed Express, Inc.		120,040
	68,352	RealReal, Inc. (The)*(a)		76,554
	47,449	Sally Beauty Holdings, Inc.*		675,199
	7,536	Sonic Automotive, Inc., Class A		335,503
				7,900,445
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 0.6%
	22,007	Super Micro Computer, Inc.*		2,320,198
Textiles, Apparel & Luxury Goods – 0.9%
	25,956	Crocs, Inc.*		3,209,979
	4,321	Movado Group, Inc.		110,704
				3,320,683
Trading Companies & Distributors – 2.0%
	19,355	Applied Industrial Technologies, Inc.		2,625,699
	31,331	GMS, Inc.*		1,819,078
	3,887	H&E Equipment Services, Inc.		141,876
	1,861	Herc Holdings, Inc.		186,137
	90,280	MRC Global, Inc.*		879,327
	129,932	NOW, Inc.*		1,386,374
	14,179	Rush Enterprises, Inc., Class A		753,047
	569	Veritiv Corp.		65,361
				7,856,899
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $380,242,809)		$	381,980,962

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,428,317	4.766%	$	1,428,317
	(Cost $1,428,317)
	TOTAL INVESTMENTS – 99.0%
	(Cost $381,671,126)		$	383,409,279
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			3,835,587
	NET ASSETS – 100.0%		$	387,244,866

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. 31

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		1	06/16/23	$	88,740	$	(584	)

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Aerospace & Defense – 0.5%
	2,676	AeroVironment, Inc.*	$	269,447
	20,735	Triumph Group, Inc.*		224,145
				493,592
Automobile Components – 0.7%
	5,532	Fox Factory Holding Corp.*		613,333
	12,780	Luminar Technologies, Inc.*(a)		76,935
				690,268
Automobiles – 0.0%
	4,755	Fisker, Inc.*(a)		30,622
Banks – 1.1%
	4,173	Amalgamated Financial Corp.		67,936
	1,187	BancFirst Corp.		94,829
	17,813	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		458,328
	7,442	Esquire Financial Holdings, Inc.		287,708
	7,329	First BanCorp. (Puerto Rico)		86,116
	2,025	First Financial Bankshares, Inc.		59,252
	1,409	International Bancshares Corp.		60,122
				1,114,291
Beverages – 1.3%
	3,720	Celsius Holdings, Inc.*		355,520
	1,420	Coca-Cola Consolidated, Inc.		837,033
	3,134	National Beverage Corp.*		155,760
				1,348,313
Biotechnology – 9.3%
	35,044	ACADIA Pharmaceuticals, Inc.*		747,489
	15,530	Affimed NV (Germany)*		13,977
	22,108	Alkermes PLC*		631,183
	61,680	Amicus Therapeutics, Inc.*		711,787
	5,158	Apellis Pharmaceuticals, Inc.*		430,332
	3,052	Arrowhead Pharmaceuticals, Inc.*		108,071
	46,914	Aurinia Pharmaceuticals, Inc. (Canada)*		527,782
	4,887	Avid Bioservices, Inc.*		88,210
	1,806	Beam Therapeutics, Inc.*		55,462
	6,286	BioCryst Pharmaceuticals, Inc.*		47,836
	12,674	Biohaven Ltd.*		165,776
	34,353	CareDx, Inc.*		277,916
	24,341	Catalyst Pharmaceuticals, Inc.*		387,509
	7,684	Deciphera Pharmaceuticals, Inc.*		109,190
	12,966	Denali Therapeutics, Inc.*		322,075
	10,436	Dynavax Technologies Corp.*		108,639
	10,964	Eagle Pharmaceuticals, Inc.*		307,869
	6,846	FibroGen, Inc.*		117,204
	34,062	Gossamer Bio, Inc.*(a)		43,940
	15,480	Halozyme Therapeutics, Inc.*		497,372
	30,253	Heron Therapeutics, Inc.*		72,305
	7,345	Insmed, Inc.*		143,228
	537	Intellia Therapeutics, Inc.*		20,272
	11,578	Intercept Pharmaceuticals, Inc.*		200,531
	8,556	Iovance Biotherapeutics, Inc.*		48,256
	4,988	Ironwood Pharmaceuticals, Inc.*		51,925
Common Stocks – (continued)
Biotechnology – (continued)
	7,284	IVERIC bio, Inc.*		239,571
	2,308	Karuna Therapeutics, Inc.*		458,000
	18,780	Kiniksa Pharmaceuticals Ltd., Class A*		201,885
	1,027	Madrigal Pharmaceuticals, Inc.*		320,424
	11,158	Praxis Precision Medicines, Inc.*		11,604
	11,610	Precigen, Inc.*		14,048
	3,224	PTC Therapeutics, Inc.*		177,771
	48,745	Rigel Pharmaceuticals, Inc.*		55,082
	828	SpringWorks Therapeutics, Inc.*		19,359
	10,691	Sutro Biopharma, Inc.*		45,544
	9,723	TG Therapeutics, Inc.*		241,422
	11,827	Travere Therapeutics, Inc.*		255,108
	7,430	Twist Bioscience Corp.*		92,726
	43,040	Vanda Pharmaceuticals, Inc.*		264,266
	7,430	Vaxcyte, Inc.*		318,227
	15,175	Vericel Corp.*		478,164
	3,123	Viridian Therapeutics, Inc.*		87,538
	26,181	Y-mAbs Therapeutics, Inc.*		156,824
				9,673,699
Broadline Retail – 0.1%
	210	Dillard’s, Inc., Class A		62,662
Building Products – 2.7%
	4,503	CSW Industrials, Inc.		606,419
	1,988	Griffon Corp.		56,559
	11,650	Janus International Group, Inc.*		104,850
	9,117	Simpson Manufacturing Co., Inc.		1,146,736
	4,324	UFP Industries, Inc.		339,521
	27,157	Zurn Elkay Water Solutions Corp.		585,233
				2,839,318
Capital Markets – 1.0%
	4,035	Hamilton Lane, Inc., Class A		297,299
	728	Houlihan Lokey, Inc.		66,524
	10,358	PJT Partners, Inc., Class A		712,320
				1,076,143
Chemicals – 0.7%
	12,864	Aspen Aerogels, Inc.*		80,529
	1,799	Innospec, Inc.		182,832
	4,540	Livent Corp.*		99,199
	14,607	LSB Industries, Inc.*		130,440
	9,252	Orion Engineered Carbons SA (Germany)		223,991
				716,991
Commercial Services & Supplies – 0.9%
	13,451	Brady Corp., Class A		686,405
	5,853	HNI Corp.		152,061
	2,193	Montrose Environmental Group, Inc.*		66,799
	3,650	Pitney Bowes, Inc.		12,811
				918,076
Communications Equipment – 1.5%
	1,732	Cambium Networks Corp.*		26,222
	18,734	CommScope Holding Co., Inc.*		92,359

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Communications Equipment – (continued)
	17,345	Extreme Networks, Inc.*	$	308,394
	29,468	Harmonic, Inc.*		415,204
	849	NetScout Systems, Inc.*		23,101
	76,757	Viavi Solutions, Inc.*		687,743
				1,553,023
Construction & Engineering – 2.1%
	7,182	Comfort Systems USA, Inc.		1,073,637
	1,239	Construction Partners, Inc., Class A*		32,140
	7,266	Dycom Industries, Inc.*		672,977
	10,751	Sterling Infrastructure, Inc.*		396,927
				2,175,681
Consumer Finance – 0.1%
	14,221	EZCORP, Inc., Class A*		122,443
Consumer Staples Distribution & Retail – 0.6%
	6,644	Chefs’ Warehouse, Inc. (The)*		220,979
	6,528	Natural Grocers by Vitamin Cottage, Inc.		70,437
	4,261	PriceSmart, Inc.		313,951
				605,367
Distributors – 0.1%
	10,152	Funko, Inc., Class A*		100,099
Diversified Consumer Services – 0.8%
	21,603	Coursera, Inc.*		268,741
	4,067	Duolingo, Inc.*		553,763
				822,504
Diversified Telecommunication Services – 0.6%
	61,687	Globalstar, Inc.*		55,889
	2,004	IDT Corp., Class B*		66,553
	8,596	Iridium Communications, Inc.		545,588
	1,138	Ooma, Inc.*		13,997
				682,027
Electrical Equipment – 2.4%
	16,032	Array Technologies, Inc.*		327,854
	7,722	Atkore, Inc.*		975,520
	11,557	Bloom Energy Corp., Class A*		192,424
	1,037	Encore Wire Corp.		162,114
	23,813	FTC Solar, Inc.*		65,010
	5,214	NEXTracker, Inc., Class A*		164,189
	5,826	Powell Industries, Inc.		233,390
	12,320	Shoals Technologies Group, Inc., Class A*		257,365
	4,061	Vicor Corp.*		174,501
				2,552,367
Electronic Equipment, Instruments & Components – 2.1%
	9,062	Advanced Energy Industries, Inc.		783,863
	391	Badger Meter, Inc.		51,741
	2,561	Belden, Inc.		202,037
	1,517	CTS Corp.		59,481
	1,250	ePlus, Inc.*		54,425
	8,364	Fabrinet (Thailand)*		794,162
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	1,620	Novanta, Inc.*		247,601
				2,193,310
Energy Equipment & Services – 1.3%
	2,793	Borr Drilling Ltd. (Mexico)*		19,411
	2,389	Cactus, Inc., Class A		96,707
	299	ChampionX Corp.		8,097
	3,150	Dril-Quip, Inc.*		85,932
	2,204	Nabors Industries Ltd.*		219,827
	22,449	NexTier Oilfield Solutions, Inc.*		181,388
	4,793	Patterson-UTI Energy, Inc.		53,634
	52,950	RPC, Inc.		391,300
	2,586	Tidewater, Inc.*		116,448
	2,308	Weatherford International PLC*		149,166
				1,321,910
Financial Services – 1.6%
	5,330	A-Mark Precious Metals, Inc.		190,814
	26,220	EVERTEC, Inc. (Puerto Rico)		909,572
	1,701	Flywire Corp.*		49,618
	10,653	I3 Verticals, Inc., Class A*		247,682
	22,225	Marqeta, Inc., Class A*		90,011
	3,110	Payoneer Global, Inc.*		16,981
	12,327	StoneCo Ltd., Class A (Brazil)*		151,869
				1,656,547
Food Products – 0.6%
	1,599	Beyond Meat, Inc.*		21,650
	2,926	Cal-Maine Foods, Inc.		138,985
	4,480	John B. Sanfilippo & Son, Inc.		465,696
	3,293	SunOpta, Inc. (Canada)*		27,991
				654,322
Ground Transportation – 1.5%
	28,962	Marten Transport Ltd.		584,743
	3,268	PAM Transportation Services, Inc.*		73,366
	2,801	Saia, Inc.*		834,054
	3,232	Universal Logistics Holdings, Inc.		82,739
				1,574,902
Health Care Equipment & Supplies – 5.5%
	21,166	Artivion, Inc.*		293,572
	4,501	AtriCure, Inc.*		197,999
	1,657	Glaukos Corp.*		78,724
	1,235	Haemonetics Corp.*		103,382
	4,129	Inari Medical, Inc.*		274,248
	2,945	Inspire Medical Systems, Inc.*		788,170
	6,387	iRadimed Corp.		265,891
	5,570	Lantheus Holdings, Inc.*		475,957
	9,301	LeMaitre Vascular, Inc.		502,254
	4,807	LivaNova PLC*		230,255
	1,008	Nevro Corp.*		29,504
	16,230	NuVasive, Inc.*		698,539
	2,026	Pulmonx Corp.*		23,806
	3,052	Shockwave Medical, Inc.*		885,568
	3,074	SI-BONE, Inc.*		67,935

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	8,538	Surmodics, Inc.*	$	196,716
	2,127	TransMedics Group, Inc.*		168,246
	4,507	Utah Medical Products, Inc.		427,444
				5,708,210
Health Care Providers & Services – 4.7%
	36,158	Alignment Healthcare, Inc.*		227,434
	4,412	AMN Healthcare Services, Inc.*		380,976
	5,736	Apollo Medical Holdings, Inc.*		203,571
	41,383	Cano Health, Inc.*		48,004
	6,325	Ensign Group, Inc. (The)		614,094
	8,740	HealthEquity, Inc.*		467,153
	42,617	Hims & Hers Health, Inc.*		493,931
	20,287	Joint Corp. (The)*		320,332
	12,682	Option Care Health, Inc.*		407,726
	4,947	Patterson Cos., Inc.		134,113
	23,286	Pennant Group, Inc. (The)*		322,977
	14,438	Progyny, Inc.*		479,919
	8,909	R1 RCM, Inc.*		138,891
	13,095	Select Medical Holdings Corp.		399,398
	6,590	Surgery Partners, Inc.*		261,360
				4,899,879
Health Care REITs – 0.1%
	270	Community Healthcare Trust, Inc. REIT		9,663
	1,790	Universal Health Realty Income Trust REIT		77,865
				87,528
Health Care Technology – 0.2%
	3,478	Evolent Health, Inc., Class A*		126,634
	3,951	Phreesia, Inc.*		125,010
				251,644
Hotel & Resort REITs – 0.8%
	40,807	Chatham Lodging Trust REIT		417,864
	5,777	DiamondRock Hospitality Co. REIT		46,851
	32,458	RLJ Lodging Trust REIT		327,826
	573	Ryman Hospitality Properties, Inc. REIT		51,375
				843,916
Hotels, Restaurants & Leisure – 5.0%
	11,867	Dave & Buster’s Entertainment, Inc.*		420,804
	25,137	Everi Holdings, Inc.*		382,083
	5,521	First Watch Restaurant Group, Inc.*		88,778
	4,811	Golden Entertainment, Inc.*		202,832
	25,117	International Game Technology PLC		706,792
	5,659	Monarch Casino & Resort, Inc.		392,508
	14,875	ONE Group Hospitality, Inc. (The)*		116,471
	26,540	Portillo’s, Inc., Class A*		573,795
	2,378	Red Rock Resorts, Inc., Class A		116,046
	17,643	Sabre Corp.*		70,572
	4,293	Shake Shack, Inc., Class A*		235,299
	6,235	Texas Roadhouse, Inc.		689,716
	6,149	Wingstop, Inc.		1,230,476
				5,226,172
Common Stocks – (continued)
Household Durables – 1.5%
	10,891	Dream Finders Homes, Inc., Class A*(a)		166,088
	1,664	Hovnanian Enterprises, Inc., Class A*		122,753
	1,876	Installed Building Products, Inc.		233,130
	802	iRobot Corp.*		31,543
	3,043	LGI Homes, Inc.*		361,508
	8,973	M/I Homes, Inc.*		606,934
				1,521,956
Independent Power and Renewable Electricity Producers – 0.1%
	4,505	Clearway Energy, Inc., Class C		136,817
	1,676	Montauk Renewables, Inc.*		11,145
				147,962
Insurance – 3.8%
	13,932	American Equity Investment Life Holding Co.		536,939
	17,181	BRP Group, Inc., Class A*		432,790
	6,705	CNO Financial Group, Inc.		150,460
	7,842	Employers Holdings, Inc.		310,465
	13,854	Goosehead Insurance, Inc., Class A*		796,605
	2,899	Kinsale Capital Group, Inc.		947,132
	13,818	Palomar Holdings, Inc.*		694,493
	2,499	Trupanion, Inc.*		87,740
				3,956,624
Interactive Media & Services – 0.6%
	27,725	DHI Group, Inc.*		101,751
	2,356	Eventbrite, Inc., Class A*		17,128
	3,576	Shutterstock, Inc.		239,592
	85,037	Vimeo, Inc.*		279,772
				638,243
IT Services – 0.2%
	9,012	Brightcove, Inc.*		37,309
	9,033	Fastly, Inc., Class A*		133,508
	612	Perficient, Inc.*		39,731
				210,548
Leisure Products – 0.0%
	2,697	Clarus Corp.		26,242
Life Sciences Tools & Services – 1.5%
	5,628	Adaptive Biotechnologies Corp.*		40,184
	11,473	CryoPort, Inc.*		241,392
	5,499	Medpace Holdings, Inc.*		1,100,570
	23,289	NanoString Technologies, Inc.*		228,232
				1,610,378
Machinery – 5.2%
	4,786	Chart Industries, Inc.*		637,017
	17,279	Douglas Dynamics, Inc.		506,448
	1,972	Federal Signal Corp.		101,321
	9,977	Franklin Electric Co., Inc.		892,642
	2,769	John Bean Technologies Corp.		301,018
	11,347	Mueller Industries, Inc.		815,282
	31,505	Mueller Water Products, Inc., Class A		422,167
	1,749	Omega Flex, Inc.		192,407

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – (continued)
	12,886	Titan International, Inc.*	$	125,767
	19,252	Wabash National Corp.		494,199
	5,850	Watts Water Technologies, Inc., Class A		946,121
				5,434,389
Marine Transportation – 0.7%
	60,843	Costamare, Inc. (Monaco)		549,413
	7,525	Eneti, Inc.		64,489
	21,435	Safe Bulkers, Inc. (Greece)		78,452
				692,354
Media – 1.2%
	330	Daily Journal Corp.*		90,139
	22,631	Gray Television, Inc.		174,485
	11,247	Sinclair Broadcast Group, Inc., Class A		223,703
	14,748	TechTarget, Inc.*		502,759
	11,523	Thryv Holdings, Inc.*		258,807
				1,249,893
Metals & Mining – 1.6%
	21,770	ATI, Inc.*		840,758
	2,653	Carpenter Technology Corp.		139,919
	4,010	Coeur Mining, Inc.*		13,634
	31,395	Constellium SE*		466,216
	1,431	Haynes International, Inc.		67,271
	21,019	Novagold Resources, Inc. (Canada)*		114,343
				1,642,141
Oil, Gas & Consumable Fuels – 5.0%
	1,408	Arch Resources, Inc.		172,128
	19,584	Ardmore Shipping Corp. (Ireland)		287,689
	1,973	Chord Energy Corp.		280,817
	33,007	Comstock Resources, Inc.		379,580
	3,169	CONSOL Energy, Inc.		188,048
	25,659	DHT Holdings, Inc.		243,504
	3,537	Frontline PLC (Norway)		54,717
	23,836	Golar LNG Ltd. (Cameroon)*		541,077
	13,001	International Seaways, Inc.		517,700
	58,610	Kosmos Energy Ltd. (Ghana)*		375,104
	7,203	Magnolia Oil & Gas Corp., Class A		152,127
	8,619	Matador Resources Co.		422,590
	39,989	Nordic American Tankers Ltd.		141,161
	1,648	Par Pacific Holdings, Inc.*		38,613
	1,200	PBF Energy, Inc., Class A		41,832
	358	Peabody Energy Corp.*		8,599
	11,721	Scorpio Tankers, Inc. (Monaco)		612,422
	13,629	SFL Corp. Ltd. (Norway)		123,888
	1,370	SilverBow Resources, Inc.*		32,675
	6,968	SM Energy Co.		195,661
	16,724	Teekay Corp. (Bermuda)*		94,491
	7,579	Teekay Tankers Ltd., Class A (Canada)*		306,874
				5,211,297
Passenger Airlines – 0.0%
	7,813	Joby Aviation, Inc.*(a)		33,830
Common Stocks – (continued)
Personal Care Products – 1.4%
	23,568	Beauty Health Co. (The)*		270,089
	4,354	BellRing Brands, Inc.*		156,700
	11,610	elf Beauty, Inc.*		1,076,944
				1,503,733
Pharmaceuticals – 2.5%
	43,953	Amneal Pharmaceuticals, Inc.*		84,829
	14,579	Amphastar Pharmaceuticals, Inc.*		521,491
	1,712	Arvinas, Inc.*		44,872
	2,634	Axsome Therapeutics, Inc.*		188,410
	1,226	Cassava Sciences, Inc.*(a)		28,468
	8,878	Collegium Pharmaceutical, Inc.*		206,591
	7,352	Harmony Biosciences Holdings, Inc.*		237,028
	2,628	Intra-Cellular Therapies, Inc.*		163,330
	27,225	Phibro Animal Health Corp., Class A		423,621
	8,928	Prestige Consumer Healthcare, Inc.*		549,340
	268	Reata Pharmaceuticals, Inc., Class A*		26,494
	15,306	SIGA Technologies, Inc.		89,234
				2,563,708
Professional Services – 3.5%
	17,727	CBIZ, Inc.*		934,036
	3,141	ExlService Holdings, Inc.*		560,292
	11,494	Exponent, Inc.		1,058,023
	3,984	Forrester Research, Inc.*		123,265
	8,372	Franklin Covey Co.*		307,420
	12,482	IBEX Holdings Ltd.*		255,506
	3,185	NV5 Global, Inc.*		301,715
	9,165	Red Violet, Inc.*		156,721
				3,696,978
Real Estate Management & Development – 0.3%
	3,778	Compass, Inc., Class A*		8,840
	17,713	Cushman & Wakefield PLC*		174,473
	21,446	Redfin Corp.*		159,773
				343,086
Residential REITs – 0.8%
	7,698	Independence Realty Trust, Inc. REIT		128,172
	16,891	NexPoint Residential Trust, Inc. REIT		725,130
				853,302
Retail REITs – 0.1%
	6,280	Tanger Factory Outlet Centers, Inc. REIT		123,151
Semiconductors & Semiconductor Equipment – 3.3%
	7,400	Ambarella, Inc.*		458,652
	7,284	Axcelis Technologies, Inc.*		861,697
	6,163	Diodes, Inc.*		491,191
	2,739	FormFactor, Inc.*		74,802
	2,574	Impinj, Inc.*		227,567
	16,827	MaxLinear, Inc.*		406,035
	2,802	Power Integrations, Inc.		203,930
	3,459	Silicon Laboratories, Inc.*		481,839
	2,444	Synaptics, Inc.*		216,441
				3,422,154

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software – 8.8%
	60,274	8x8, Inc.*	$	172,986
	8,824	Alarm.com Holdings, Inc.*		420,817
	2,349	Altair Engineering, Inc., Class A*		162,198
	803	American Software, Inc., Class A		9,588
	9,589	Amplitude, Inc., Class A*		108,835
	14,710	Appian Corp., Class A*		552,361
	24,732	Asana, Inc., Class A*		400,164
	5,031	Blackline, Inc.*		280,277
	10,167	Box, Inc., Class A*		269,019
	28,726	Clear Secure, Inc., Class A		694,882
	15,312	CommVault Systems, Inc.*		892,230
	9,607	Enfusion, Inc., Class A*		80,507
	1,965	EngageSmart, Inc.*		33,739
	6,090	Everbridge, Inc.*		160,045
	318	MicroStrategy, Inc., Class A*(a)		104,425
	8,187	PagerDuty, Inc.*		246,101
	14,243	PROS Holdings, Inc.*		404,074
	13,642	Q2 Holdings, Inc.*		335,866
	1,341	Rapid7, Inc.*		65,186
	14,586	Sapiens International Corp. NV (Israel)		293,616
	12,456	Sprout Social, Inc., Class A*		613,583
	4,648	SPS Commerce, Inc.*		684,650
	9,704	Tenable Holdings, Inc.*		358,951
	13,621	Varonis Systems, Inc.*		315,462
	10,217	Workiva, Inc.*		954,472
	56,815	Yext, Inc.*		498,836
	14,853	Zuora, Inc., Class A*		115,705
				9,228,575
Specialized REITs – 0.7%
	45,960	Outfront Media, Inc. REIT		765,694
Specialty Retail – 2.1%
	16,324	Arko Corp.		136,469
	3,139	Asbury Automotive Group, Inc.*		607,271
	2,344	Boot Barn Holdings, Inc.*		169,870
	22,418	CarParts.com, Inc.*		106,261
	3,254	Murphy USA, Inc.		895,598
	10,846	RealReal, Inc. (The)*(a)		12,148
	21,550	Sally Beauty Holdings, Inc.*		306,656
				2,234,273
Technology Hardware, Storage & Peripherals – 0.9%
	8,452	Super Micro Computer, Inc.*		891,094
Textiles, Apparel & Luxury Goods – 1.2%
	10,113	Crocs, Inc.*		1,250,675
Trading Companies & Distributors – 2.4%
	7,903	Applied Industrial Technologies, Inc.		1,072,121
	12,708	GMS, Inc.*		737,827
	2,998	H&E Equipment Services, Inc.		109,427
	2,555	Herc Holdings, Inc.		255,551
	33,877	MRC Global, Inc.*		329,962
	437	Veritiv Corp.		50,198
				2,555,086
Common Stocks – (continued)
Water Utilities – 0.1%
	1,307	Middlesex Water Co.		95,385
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $98,442,125)		$	103,898,577

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.4%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
436,572		4.766	%	$	436,572
(Cost $436,572)
TOTAL INVESTMENTS – 99.8%
(Cost $98,878,697)				$	104,335,149
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					164,396
NET ASSETS – 100.0%				$	104,499,545

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. 37

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 1.7%
	45,840	AAR Corp.*	$	2,419,435
	41,405	Ducommun, Inc.*		2,070,250
	278,839	Kratos Defense & Security Solutions, Inc.*		3,597,023
	9,230	Moog, Inc., Class A		831,715
	44,865	National Presto Industries, Inc.		3,051,717
	385,266	Triumph Group, Inc.*		4,164,726
				16,134,866
Air Freight & Logistics – 0.0%
	2,206	Hub Group, Inc., Class A*		166,332
Automobile Components – 0.6%
	101,819	Adient PLC*		3,761,194
	13,818	American Axle & Manufacturing Holdings, Inc.*		98,799
	65,704	Modine Manufacturing Co.*		1,373,870
				5,233,863
Banks – 13.1%
	70,320	1st Source Corp.		2,930,938
	168,481	Amalgamated Financial Corp.		2,742,871
	142,894	Ameris Bancorp		4,786,949
	291,084	Associated Banc-Corp.		5,190,028
	5,504	Atlantic Union Bankshares Corp.		157,524
	118,747	Axos Financial, Inc.*		4,829,441
	4,618	BancFirst Corp.		368,932
	226,247	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		5,821,335
	77,568	BankUnited, Inc.		1,749,158
	4,153	Bankwell Financial Group, Inc.		96,599
	65,001	BayCom Corp.		1,084,217
	4,024	BCB Bancorp, Inc.		47,483
	60,315	Business First Bancshares, Inc.		930,057
	13,768	Cadence Bank		278,389
	26,315	Capital Bancorp, Inc.		443,408
	39,060	Capstar Financial Holdings, Inc.		522,623
	23,392	Carter Bankshares, Inc.*		300,587
	24,017	Cathay General Bancorp		765,422
	174,686	Central Pacific Financial Corp.		2,774,014
	9,516	ConnectOne Bancorp, Inc.		150,162
	37,135	CrossFirst Bankshares, Inc.*		372,464
	70,070	CVB Financial Corp.		1,048,948
	12,211	Dime Community Bancshares, Inc.		251,547
	56,236	Enterprise Financial Services Corp.		2,404,651
	17,171	FB Financial Corp.		505,343
	20,629	Financial Institutions, Inc.		360,595
	391,530	First BanCorp. (Puerto Rico)		4,600,478
	22,026	First Commonwealth Financial Corp.		274,884
	3,817	First Financial Corp.		131,877
	102,567	Glacier Bancorp, Inc.		3,408,301
	48,692	Great Southern Bancorp, Inc.		2,477,449
	152,196	Hancock Whitney Corp.		5,558,198
	172,883	Hanmi Financial Corp.		2,793,789
	37,724	Heartland Financial USA, Inc.		1,228,293
	46,903	Heritage Commerce Corp.		398,676
	36,447	Heritage Financial Corp.		641,832
Common Stocks – (continued)
Banks – (continued)
	32,126	Home BancShares, Inc.		699,383
	34,702	HomeTrust Bancshares, Inc.		724,231
	361,194	Hope Bancorp, Inc.		3,286,865
	109,413	Independent Bank Corp.		1,949,740
	113,606	International Bancshares Corp.		4,847,568
	8,535	Macatawa Bank Corp.		79,802
	108,759	National Bank Holdings Corp., Class A		3,458,536
	34,489	Northeast Bank		1,270,920
	16,550	OFG Bancorp (Puerto Rico)		423,184
	69,023	Old National Bancorp		925,598
	100,537	Old Second Bancorp, Inc.		1,235,600
	101,235	Origin Bancorp, Inc.		2,979,346
	38,022	PCB Bancorp		525,464
	13,277	Preferred Bank		638,358
	2,716	QCR Holdings, Inc.		112,442
	54,699	Renasant Corp.		1,538,136
	6,368	Republic Bancorp, Inc., Class A		250,262
	155,387	Seacoast Banking Corp. of Florida		3,448,038
	56,544	Sierra Bancorp		926,756
	9,849	Southern First Bancshares, Inc.*		271,635
	87,729	SouthState Corp.		6,051,546
	111,654	TrustCo Bank Corp.		3,331,755
	44,229	Trustmark Corp.		1,056,631
	86,444	UMB Financial Corp.		5,498,703
	30,730	United Bankshares, Inc.		1,018,085
	16,548	Unity Bancorp, Inc.		383,086
	593,620	Valley National Bancorp		5,568,156
	185,426	Veritex Holdings, Inc.		3,191,181
	40,699	Washington Trust Bancorp, Inc.		1,144,049
	33,074	Westamerica BanCorp		1,339,828
	15,857	WSFS Financial Corp.		557,691
				121,160,037
Beverages – 0.9%
	9,183	National Beverage Corp.*		456,395
	533,886	Primo Water Corp.		8,109,728
				8,566,123
Biotechnology – 5.3%
	89,535	2seventy bio, Inc.*		851,478
	104,641	ACADIA Pharmaceuticals, Inc.*		2,231,993
	25,486	Allovir, Inc.*		87,672
	63,843	ALX Oncology Holdings, Inc.*		379,227
	22,050	Arcellx, Inc.*		941,094
	118,045	Aurinia Pharmaceuticals, Inc. (Canada)*		1,328,006
	41,704	Biohaven Ltd.*		545,488
	9,276	Bioxcel Therapeutics, Inc.*		191,271
	31,227	CareDx, Inc.*		252,626
	33,480	Celldex Therapeutics, Inc.*		1,052,611
	97,037	Cullinan Oncology, Inc.*		944,170
	58,012	Day One Biopharmaceuticals, Inc.*		719,349
	135,326	Deciphera Pharmaceuticals, Inc.*		1,922,982
	69,894	Design Therapeutics, Inc.*(a)		450,816
	67,701	Enanta Pharmaceuticals, Inc.*		2,406,771
	128,574	Erasca, Inc.*(a)		354,864

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
	167,719	Generation Bio Co.*	$	825,178
	33,055	Ideaya Biosciences, Inc.*		603,584
	137,620	Instil Bio, Inc.*		89,935
	496,411	Iovance Biotherapeutics, Inc.*		2,799,758
	98,495	iTeos Therapeutics, Inc.*		1,353,321
	166,147	KalVista Pharmaceuticals, Inc.*		1,417,234
	18,570	Kiniksa Pharmaceuticals Ltd., Class A*		199,628
	173,967	Kodiak Sciences, Inc.*		761,975
	118,022	Kronos Bio, Inc.*		194,736
	17,571	Kura Oncology, Inc.*		171,142
	15,995	Kymera Therapeutics, Inc.*		504,482
	119,176	MacroGenics, Inc.*		821,123
	192,116	MannKind Corp.*		739,647
	61,641	MeiraGTx Holdings PLC*		329,779
	109,912	Myriad Genetics, Inc.*		2,340,026
	129,036	Nurix Therapeutics, Inc.*		1,242,617
	185,334	PMV Pharmaceuticals, Inc.*		854,390
	260,912	Praxis Precision Medicines, Inc.*(a)		271,348
	22,202	Protagonist Therapeutics, Inc.*		501,765
	15,276	PTC Therapeutics, Inc.*		842,319
	78,909	Recursion Pharmaceuticals, Inc., Class A*		376,396
	23,699	REGENXBIO, Inc.*		458,813
	111,790	Replimune Group, Inc.*		1,870,247
	57,175	Rocket Pharmaceuticals, Inc.*		1,024,576
	48,279	Sage Therapeutics, Inc.*		2,358,429
	291,351	Sana Biotechnology, Inc.*(a)		1,541,247
	69,593	SpringWorks Therapeutics, Inc.*		1,627,084
	454,266	Sutro Biopharma, Inc.*		1,935,173
	506,748	Vanda Pharmaceuticals, Inc.*		3,111,433
	104,224	Veracyte, Inc.*		2,359,631
	4,213	Vericel Corp.*		132,752
	43,640	Vir Biotechnology, Inc.*		1,097,546
				49,417,732
Building Products – 0.3%
	3,651	American Woodmark Corp.*		184,448
	27,902	Griffon Corp.		793,812
	17,170	Simpson Manufacturing Co., Inc.		2,159,643
				3,137,903
Capital Markets – 1.0%
	26,662	AssetMark Financial Holdings, Inc.*		817,990
	2,392	Donnelley Financial Solutions, Inc.*		103,454
	124,537	Oppenheimer Holdings, Inc., Class A		4,656,439
	3,169	PJT Partners, Inc., Class A		217,932
	36,758	StoneX Group, Inc.*		3,604,857
				9,400,672
Chemicals – 1.0%
	646	Innospec, Inc.		65,653
	120,085	Minerals Technologies, Inc.		7,116,237
	156,019	Tronox Holdings PLC		2,135,900
				9,317,790
Common Stocks – (continued)
Commercial Services & Supplies – 1.0%
	18,502	Brady Corp., Class A		944,157
	124,256	BrightView Holdings, Inc.*		687,136
	20,569	Deluxe Corp.		311,620
	188,792	Ennis, Inc.		3,668,229
	51,027	Healthcare Services Group, Inc.		796,531
	27,953	Heritage-Crystal Clean, Inc.*		977,237
	178,806	Steelcase, Inc., Class A		1,430,448
	3,173	UniFirst Corp.		519,357
				9,334,715
Communications Equipment – 0.7%
	231,470	NetScout Systems, Inc.*		6,298,298
	62,682	Viavi Solutions, Inc.*		561,631
				6,859,929
Construction & Engineering – 1.2%
	92,199	Arcosa, Inc.		6,227,120
	12,103	Comfort Systems USA, Inc.		1,809,278
	8,414	Dycom Industries, Inc.*		779,305
	8,973	Northwest Pipe Co.*		247,116
	39,722	Primoris Services Corp.		1,004,967
	17,821	Sterling Infrastructure, Inc.*		657,951
	134,830	Tutor Perini Corp.*		714,599
				11,440,336
Construction Materials – 0.7%
	223,068	Summit Materials, Inc., Class A*		6,114,294
Consumer Finance – 0.7%
	365,237	EZCORP, Inc., Class A*		3,144,690
	19,524	FirstCash Holdings, Inc.		2,011,558
	65,468	Regional Management Corp.		1,751,924
				6,908,172
Consumer Staples Distribution & Retail – 0.2%
	17,214	Chefs’ Warehouse, Inc. (The)*		572,537
	47,638	Natural Grocers by Vitamin Cottage, Inc.		514,014
	8,854	PriceSmart, Inc.		652,363
				1,738,914
Diversified Consumer Services – 1.3%
	36,775	2U, Inc.*		203,734
	1,598	Duolingo, Inc.*		217,584
	171,973	Frontdoor, Inc.*		4,705,181
	2,470	Graham Holdings Co., Class B		1,421,658
	474,080	Laureate Education, Inc.		5,873,851
				12,422,008
Diversified REITs – 0.8%
	153,203	Alexander & Baldwin, Inc. REIT		2,946,094
	153,935	American Assets Trust, Inc. REIT		2,801,617
	48,199	Broadstone Net Lease, Inc. REIT		779,378
	22,838	Empire State Realty Trust, Inc., Class A REIT		139,540

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Diversified REITs – (continued)
	8,653	Essential Properties Realty Trust, Inc. REIT	$	214,162
	69,505	Global Net Lease, Inc. REIT		782,626
				7,663,417
Diversified Telecommunication Services – 0.0%
	173,297	Globalstar, Inc.*		157,007
	13,377	Radius Global Infrastructure, Inc., Class A*		196,508
				353,515
Electric Utilities – 0.6%
	38,975	ALLETE, Inc.		2,431,261
	53,339	Portland General Electric Co.		2,700,020
				5,131,281
Electrical Equipment – 1.6%
	22,574	Atkore, Inc.*		2,851,774
	48,052	Encore Wire Corp.		7,511,969
	64,470	Powell Industries, Inc.		2,582,668
	109,442	Thermon Group Holdings, Inc.*		2,274,205
				15,220,616
Electronic Equipment, Instruments & Components – 2.3%
	21,241	Belden, Inc.		1,675,702
	44,542	Benchmark Electronics, Inc.		950,972
	12,789	FARO Technologies, Inc.*		298,623
	21,718	Itron, Inc.*		1,159,741
	15,183	Knowles Corp.*		256,289
	43,040	nLight, Inc.*		377,461
	28,247	OSI Systems, Inc.*		3,190,781
	55,258	PC Connection, Inc.		2,225,240
	72,002	Sanmina Corp.*		3,762,825
	296,105	TTM Technologies, Inc.*		3,497,000
	72,567	Vishay Intertechnology, Inc.		1,544,951
	71,058	Vishay Precision Group, Inc.*		2,667,517
				21,607,102
Energy Equipment & Services – 0.8%
	14,063	Borr Drilling Ltd. (Mexico)*		97,738
	84,594	Dril-Quip, Inc.*		2,307,724
	6,590	Helmerich & Payne, Inc.		218,524
	250,860	Oil States International, Inc.*		1,766,054
	7,771	Patterson-UTI Energy, Inc.		86,958
	65,224	Tidewater, Inc.*		2,937,037
				7,414,035
Entertainment – 0.0%
	8,168	Lions Gate Entertainment Corp., Class B*		87,153
Financial Services – 3.2%
	148,233	A-Mark Precious Metals, Inc.		5,306,741
	248,080	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		4,465,440
	46,693	Cannae Holdings, Inc.*		851,680
Common Stocks – (continued)
Financial Services – (continued)
	3,759	Essent Group Ltd.		159,645
	83,922	EVERTEC, Inc. (Puerto Rico)		2,911,254
	164,032	Merchants Bancorp		3,805,542
	220,924	NMI Holdings, Inc., Class A*		5,169,622
	9,539	Paysafe Ltd.*		136,980
	26,300	PennyMac Financial Services, Inc.		1,643,487
	115,272	Radian Group, Inc.		2,797,652
	63,230	Repay Holdings Corp.*		396,452
	129,334	StoneCo Ltd., Class A (Brazil)*		1,593,395
				29,237,890
Food Products – 0.8%
	87,911	B&G Foods, Inc.(a)		1,410,092
	101,708	Hostess Brands, Inc.*		2,619,998
	35,770	John B. Sanfilippo & Son, Inc.		3,718,292
				7,748,382
Gas Utilities – 1.4%
	89,206	Northwest Natural Holding Co.		4,189,114
	81,298	ONE Gas, Inc.		6,255,881
	42,828	Southwest Gas Holdings, Inc.		2,398,368
				12,843,363
Ground Transportation – 0.3%
	139,489	Marten Transport Ltd.		2,816,283
Health Care Equipment & Supplies – 0.6%
	123,642	AngioDynamics, Inc.*		1,028,701
	16,954	AtriCure, Inc.*		745,807
	7,829	Utah Medical Products, Inc.		742,502
	153,736	Varex Imaging Corp.*		2,727,277
				5,244,287
Health Care Providers & Services – 1.7%
	27,719	AdaptHealth Corp.*		329,302
	349,184	Brookdale Senior Living, Inc.*		1,497,999
	316,683	Community Health Systems, Inc.*		2,007,770
	2,483	Fulgent Genetics, Inc.*		73,422
	151,103	Hims & Hers Health, Inc.*		1,751,284
	47,837	Joint Corp. (The)*		755,346
	87,765	National HealthCare Corp.		5,082,471
	795,545	OPKO Health, Inc.*		1,169,451
	198,014	Pediatrix Medical Group, Inc.*		2,837,541
	23,279	Pennant Group, Inc. (The)*		322,880
	2,250	Surgery Partners, Inc.*		89,235
				15,916,701
Health Care REITs – 0.0%
	350,257	Diversified Healthcare Trust REIT		319,925
	3,274	LTC Properties, Inc. REIT		109,515
				429,440
Health Care Technology – 0.6%
	185,284	Health Catalyst, Inc.*		2,334,578
	90,588	HealthStream, Inc.		2,232,088
	29,826	Phreesia, Inc.*		943,695
				5,510,361

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Hotel & Resort REITs – 4.6%
	484,445	Apple Hospitality REIT, Inc. REIT	$	7,213,386
	486,873	Chatham Lodging Trust REIT		4,985,580
	818,221	DiamondRock Hospitality Co. REIT		6,635,772
	21,706	Hersha Hospitality Trust, Class A REIT		136,748
	646,840	RLJ Lodging Trust REIT		6,533,084
	98,341	Ryman Hospitality Properties, Inc. REIT		8,817,254
	373,175	Service Properties Trust REIT		3,272,745
	425,895	Summit Hotel Properties, Inc. REIT		2,742,764
	185,249	Xenia Hotels & Resorts, Inc. REIT		2,345,252
				42,682,585
Hotels, Restaurants & Leisure – 3.0%
	22,237	BJ’s Restaurants, Inc.*		723,592
	73,265	Chuy’s Holdings, Inc.*		2,555,483
	17,129	Dave & Buster’s Entertainment, Inc.*		607,394
	204,595	Everi Holdings, Inc.*		3,109,844
	192,913	First Watch Restaurant Group, Inc.*		3,102,041
	265,457	International Game Technology PLC		7,469,960
	51,043	Portillo’s, Inc., Class A*		1,103,550
	51,085	Red Rock Resorts, Inc., Class A		2,492,948
	479,628	Sabre Corp.*		1,918,512
	22,555	Wingstop, Inc.		4,513,481
				27,596,805
Household Durables – 3.1%
	273,081	GoPro, Inc., Class A*		1,168,786
	33,240	Green Brick Partners, Inc.*		1,238,855
	41,594	KB Home		1,822,649
	67,950	LGI Homes, Inc.*		8,072,460
	110,912	M/I Homes, Inc.*		7,502,088
	67,694	Meritage Homes Corp.		8,668,217
	6,463	Tri Pointe Homes, Inc.*		185,359
				28,658,414
Independent Power and Renewable Electricity Producers – 0.0%
	49,440	Montauk Renewables, Inc.*		328,776
Industrial REITs – 2.8%
	601,424	LXP Industrial Trust REIT		5,653,386
	327,061	STAG Industrial, Inc. REIT		11,077,556
	144,232	Terreno Realty Corp. REIT		8,883,249
				25,614,191
Insurance – 5.4%
	200,326	American Equity Investment Life Holding Co.		7,720,564
	111,248	AMERISAFE, Inc.		6,190,951
	356,988	CNO Financial Group, Inc.		8,010,811
	164,717	Employers Holdings, Inc.		6,521,146
	478,030	Genworth Financial, Inc., Class A*		2,777,354
	110,481	Goosehead Insurance, Inc., Class A*		6,352,658
	1,728	Investors Title Co.		257,092
	66,541	James River Group Holdings Ltd.		1,295,553
	32,224	Lemonade, Inc.*(a)		349,308
	6,171	National Western Life Group, Inc., Class A		1,573,482
Common Stocks – (continued)
Insurance – (continued)
	73,172	Oscar Health, Inc., Class A*		492,448
	28,288	Palomar Holdings, Inc.*		1,421,755
	92,792	ProAssurance Corp.		1,666,544
	105,517	Stewart Information Services Corp.		4,394,783
	75,612	Tiptree, Inc.		1,041,177
				50,065,626
Interactive Media & Services – 0.3%
	116,226	Bumble, Inc., Class A*		2,116,476
	280,816	fuboTV, Inc.*(a)		320,130
				2,436,606
IT Services – 0.6%
	299,184	Fastly, Inc., Class A*		4,421,939
	43,194	Rackspace Technology, Inc.*		63,063
	47,367	Squarespace, Inc., Class A*		1,473,114
				5,958,116
Leisure Products – 0.8%
	48,688	Acushnet Holdings Corp.		2,440,730
	211,490	Topgolf Callaway Brands Corp.*		4,688,733
				7,129,463
Life Sciences Tools & Services – 0.9%
	402,961	Adaptive Biotechnologies Corp.*		2,877,142
	9,838	CryoPort, Inc.*		206,991
	25,084	Medpace Holdings, Inc.*		5,020,312
	28,213	NanoString Technologies, Inc.*		276,487
	2,023	OmniAb, Inc. 12.5 Earnout*		—
	2,023	OmniAb, Inc. 15.00 Earnout*		—
				8,380,932
Machinery – 3.7%
	81,883	Barnes Group, Inc.		3,441,543
	8,796	CIRCOR International, Inc.*		244,881
	124,689	Columbus McKinnon Corp.		4,327,955
	13,998	EnPro Industries, Inc.		1,319,591
	6,989	Franklin Electric Co., Inc.		625,306
	50,370	Greenbrier Cos., Inc. (The)		1,332,287
	76,482	Kennametal, Inc.		1,985,473
	65,174	Manitowoc Co., Inc. (The)*		996,510
	82,269	Miller Industries, Inc.		2,681,969
	112,298	Mueller Industries, Inc.		8,068,611
	27,715	RBC Bearings, Inc.*		6,291,582
	6,662	Terex Corp.		297,059
	15,217	Watts Water Technologies, Inc., Class A		2,461,045
				34,073,812
Marine Transportation – 1.4%
	637,131	Costamare, Inc. (Monaco)		5,753,293
	20,144	Eagle Bulk Shipping, Inc.		900,840
	125,885	Eneti, Inc.		1,078,834
	111,202	Golden Ocean Group Ltd. (Norway)(a)		1,017,498
	1,110,055	Safe Bulkers, Inc. (Greece)		4,062,802
				12,813,267

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media – 1.3%
	6,782	AMC Networks, Inc., Class A*	$	119,974
	50,156	Cardlytics, Inc.*		325,512
	379,930	Clear Channel Outdoor Holdings, Inc.*		482,511
	1,317	Daily Journal Corp.*		359,739
	385,074	EW Scripps Co. (The), Class A*		3,246,174
	288,640	Gray Television, Inc.		2,225,414
	46,215	Magnite, Inc.*		434,421
	28,585	TechTarget, Inc.*		974,463
	183,911	Thryv Holdings, Inc.*		4,130,641
				12,298,849
Metals & Mining – 2.8%
	32,006	Arconic Corp.*		792,149
	143,077	Carpenter Technology Corp.		7,545,881
	874,416	Coeur Mining, Inc.*		2,973,014
	93,643	Commercial Metals Co.		4,372,192
	139,522	Constellium SE*		2,071,902
	88,393	Haynes International, Inc.		4,155,355
	381,009	Hecla Mining Co.		2,305,104
	39,185	Warrior Met Coal, Inc.		1,354,625
				25,570,222
Mortgage Real Estate Investment Trusts (REITs) – 2.1%
	114,630	Arbor Realty Trust, Inc. REIT		1,314,806
	38,169	Ares Commercial Real Estate Corp. REIT		328,635
	568,209	ARMOUR Residential REIT, Inc. REIT		2,897,866
	130,516	Blackstone Mortgage Trust, Inc., Class A REIT		2,380,612
	438,858	BrightSpire Capital, Inc. REIT		2,501,491
	18,268	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		518,446
	81,435	KKR Real Estate Finance Trust, Inc. REIT		874,612
	182,097	Ladder Capital Corp. REIT		1,702,607
	370,541	MFA Financial, Inc. REIT		3,961,083
	128,999	Nexpoint Real Estate Finance, Inc. REIT		1,795,666
	140,943	TPG RE Finance Trust, Inc. REIT		1,004,923
	34,142	Two Harbors Investment Corp. REIT		475,598
				19,756,345
Multi-Utilities – 0.4%
	45,771	Black Hills Corp.		2,988,388
	4,548	NorthWestern Corp.		266,604
				3,254,992
Office REITs – 0.9%
	273,402	City Office REIT, Inc. REIT		1,591,199
	312,672	Equity Commonwealth REIT		6,478,564
				8,069,763
Oil, Gas & Consumable Fuels – 7.2%
	292,540	Ardmore Shipping Corp. (Ireland)		4,297,412
	56,744	Civitas Resources, Inc.		3,918,173
	33,014	Clean Energy Fuels Corp.*		140,970
	571,512	DHT Holdings, Inc.		5,423,649
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	73,941	Dorian LPG Ltd.		1,642,969
	249,276	Equitrans Midstream Corp.		1,283,771
	342,118	Frontline PLC (Norway)(a)		5,292,565
	309,987	Golar LNG Ltd. (Cameroon)*		7,036,705
	163,062	International Seaways, Inc.		6,493,129
	967,134	Nordic American Tankers Ltd.		3,413,983
	67,374	PBF Energy, Inc., Class A		2,348,658
	129,665	Peabody Energy Corp.*		3,114,553
	144,043	Scorpio Tankers, Inc. (Monaco)		7,526,247
	624,230	SFL Corp. Ltd. (Norway)		5,674,251
	470,709	Teekay Corp. (Bermuda)*		2,659,506
	155,340	Teekay Tankers Ltd., Class A (Canada)*		6,289,717
				66,556,258
Personal Care Products – 0.5%
	25,575	Beauty Health Co. (The)*		293,089
	50,592	elf Beauty, Inc.*		4,692,914
				4,986,003
Pharmaceuticals – 1.0%
	103,626	Atea Pharmaceuticals, Inc.*		338,857
	5,090	DICE Therapeutics, Inc.*		165,425
	21,320	Edgewise Therapeutics, Inc.*		186,977
	5,089	Ligand Pharmaceuticals, Inc.*		388,545
	31,614	Phibro Animal Health Corp., Class A		491,914
	118,213	Prestige Consumer Healthcare, Inc.*		7,273,646
	6,148	Supernus Pharmaceuticals, Inc.*		226,615
				9,071,979
Professional Services – 0.1%
	15,625	Alight, Inc., Class A*		144,531
	26,183	Conduent, Inc.*		91,903
	11,073	Exponent, Inc.		1,019,270
	4,624	IBEX Holdings Ltd.*		94,653
				1,350,357
Real Estate Management & Development – 0.3%
	367,596	Newmark Group, Inc., Class A		2,330,559
Residential REITs – 1.5%
	98,565	Apartment Investment and Management Co., Class A REIT		771,764
	7,149	Centerspace REIT		403,061
	498,587	Independence Realty Trust, Inc. REIT		8,301,474
	105,809	NexPoint Residential Trust, Inc. REIT		4,542,380
				14,018,679
Retail REITs – 1.0%
	269,263	Kite Realty Group Trust REIT		5,579,129
	141,880	Macerich Co. (The) REIT		1,417,381
	39,429	RPT Realty REIT		366,690
	163,616	SITE Centers Corp. REIT		2,019,022
				9,382,222
Semiconductors & Semiconductor Equipment – 0.4%
	11,815	Axcelis Technologies, Inc.*		1,397,715
	61,652	Cohu, Inc.*		2,086,304

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	4,722	Diodes, Inc.*	$	376,343
	3,780	Ichor Holdings Ltd.*		105,273
				3,965,635
Software – 1.8%
	28,910	Appian Corp., Class A*		1,085,571
	57,802	Asana, Inc., Class A*		935,236
	21,915	C3.ai, Inc., Class A*(a)		390,525
	90,889	Cleanspark, Inc.*(a)		355,376
	107,799	Clear Secure, Inc., Class A		2,607,658
	30,372	CommVault Systems, Inc.*		1,769,777
	15,963	Ebix, Inc.		259,558
	53,461	Instructure Holdings, Inc.*		1,418,320
	59,644	Marathon Digital Holdings, Inc.*(a)		600,615
	1,664	MicroStrategy, Inc., Class A*(a)		546,424
	39,979	ON24, Inc.*		347,817
	63,087	PROS Holdings, Inc.*		1,789,778
	13,041	Q2 Holdings, Inc.*		321,070
	97,755	Riot Platforms, Inc.*(a)		1,169,150
	16,668	Sapiens International Corp. NV (Israel)		335,527
	33,703	Sprout Social, Inc., Class A*		1,660,210
	13,505	Workiva, Inc.*		1,261,637
				16,854,249
Specialized REITs – 0.7%
	158,419	Four Corners Property Trust, Inc. REIT		4,041,269
	62,010	Outfront Media, Inc. REIT		1,033,086
	347,731	Uniti Group, Inc. REIT		1,189,240
				6,263,595
Specialty Retail – 2.8%
	46,259	Aaron’s Co., Inc. (The)		617,558
	127,978	Academy Sports & Outdoors, Inc.		8,129,163
	36,921	Asbury Automotive Group, Inc.*		7,142,737
	11,745	Cato Corp. (The), Class A		96,896
	11,032	Group 1 Automotive, Inc.		2,476,463
	12,863	MarineMax, Inc.*		374,571
	34,060	National Vision Holdings, Inc.*		716,622
	13,257	Overstock.com, Inc.*		269,912
	740,547	RealReal, Inc. (The)*(a)		829,413
	38,800	Sonic Automotive, Inc., Class A		1,727,376
	8,794	Winmark Corp.		2,936,492
	27,545	Zumiez, Inc.*		481,624
				25,798,827
Technology Hardware, Storage & Peripherals – 0.2%
	13,343	Super Micro Computer, Inc.*		1,406,753
Textiles, Apparel & Luxury Goods – 0.6%
	21,190	Crocs, Inc.*		2,620,567
	58,544	Fossil Group, Inc.*		196,708
	57,102	G-III Apparel Group Ltd.*		896,501
	57,893	Movado Group, Inc.		1,483,219
				5,196,995
Common Stocks – (continued)
Trading Companies & Distributors – 1.6%
	10,002	Boise Cascade Co.		683,236
	6,752	DXP Enterprises, Inc.*		170,150
	5,346	GMS, Inc.*		310,389
	26,734	MRC Global, Inc.*		260,389
	531,040	NOW, Inc.*		5,666,197
	119,026	Rush Enterprises, Inc., Class A		6,321,471
	38,005	Titan Machinery, Inc.*		1,191,457
				14,603,289
Wireless Telecommunication Services – 0.0%
	25,640	Gogo, Inc.*		343,832
	TOTAL COMMON STOCKS
	(Cost $935,450,104)		$	911,395,508

Shares		Dividend Rate	Value
Investment Company – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,591,917	4.766%	$	2,591,917
	(Cost $2,591,917)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $938,042,021)		$	913,987,425
Securities Lending Reinvestment Vehicle – 1.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,022,077	4.766%	$	9,022,077
	(Cost $9,022,077)
	TOTAL INVESTMENTS – 99.5%
	(Cost $947,064,098)		$	923,009,502
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			5,263,365
	NET ASSETS – 100.0%		$	928,272,867

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

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		110		06/16/23	$	9,761,400	$	(122,800	)

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Aerospace & Defense – 3.1%
	46,157	General Dynamics Corp.	$	10,077,919
	134,981	Howmet Aerospace, Inc.		5,978,308
	26,968	Lockheed Martin Corp.		12,525,288
	6,690	Textron, Inc.		447,829
				29,029,344
Air Freight & Logistics – 1.1%
	56,486	United Parcel Service, Inc., Class B		10,156,748
Automobiles – 1.7%
	279,828	General Motors Co.		9,245,517
	40,939	Tesla, Inc.*		6,726,687
				15,972,204
Banks – 3.1%
	3,587	BOK Financial Corp.		300,842
	249,003	Citigroup, Inc.		11,720,571
	46,874	East West Bancorp, Inc.		2,422,917
	67,811	JPMorgan Chase & Co.		9,374,193
	136,170	US Bancorp		4,667,907
				28,486,430
Beverages – 1.2%
	178,445	Coca-Cola Co. (The)		11,447,247
Biotechnology – 4.2%
	44,017	AbbVie, Inc.		6,651,849
	120,182	Gilead Sciences, Inc.		9,880,162
	109,854	Incyte Corp.*		8,174,236
	8,597	Moderna, Inc.*		1,142,455
	2,835	Neurocrine Biosciences, Inc.*		286,449
	36,538	Vertex Pharmaceuticals, Inc.*		12,449,593
				38,584,744
Broadline Retail – 2.0%
	170,076	Amazon.com, Inc.*		17,934,514
	18,803	eBay, Inc.		873,024
				18,807,538
Building Products – 1.4%
	61,214	Carrier Global Corp.		2,559,969
	178,600	Johnson Controls International PLC		10,687,424
				13,247,393
Capital Markets – 4.7%
	214,212	Bank of New York Mellon Corp. (The)		9,123,289
	61,729	CME Group, Inc.		11,467,396
	14,174	Moody’s Corp.		4,438,163
	10,335	MSCI, Inc.		4,986,121
	35,708	S&P Global, Inc.		12,947,007
				42,961,976
Chemicals – 2.1%
	184,712	Element Solutions, Inc.		3,352,523
	1,644	International Flavors & Fragrances, Inc.		159,402
	104,457	Mosaic Co. (The)		4,475,982
	47,762	Sherwin-Williams Co. (The)		11,345,386
				19,333,293
Common Stocks – (continued)
Commercial Services & Supplies – 2.2%
	23,539	Cintas Corp.		10,728,370
	68,136	Republic Services, Inc.		9,853,828
				20,582,198
Communications Equipment – 0.6%
	33,731	Arista Networks, Inc.*		5,402,357
Consumer Finance – 0.7%
	217,641	Synchrony Financial		6,422,586
Consumer Staples Distribution & Retail – 1.7%
	31,549	Costco Wholesale Corp.		15,876,088
Distributors – 1.1%
	3,146	Genuine Parts Co.		529,503
	171,768	LKQ Corp.		9,916,167
				10,445,670
Diversified Telecommunication Services – 0.6%
	274,031	Liberty Global PLC, Class C (United Kingdom)*		5,573,791
Electric Utilities – 0.1%
	5,409	Constellation Energy Corp.		418,657
	1,525	Edison International		112,240
				530,897
Electrical Equipment – 1.5%
	75,597	AMETEK, Inc.		10,427,094
	78,332	nVent Electric PLC		3,284,461
				13,711,555
Electronic Equipment, Instruments & Components – 0.0%
	725	Teledyne Technologies, Inc.*		300,440
Entertainment – 1.0%
	2,106	Live Nation Entertainment, Inc.*		142,745
	26,981	Netflix, Inc.*		8,901,841
	9,759	ROBLOX Corp., Class A*		347,420
				9,392,006
Financial Services – 4.1%
	78,717	Berkshire Hathaway, Inc., Class B*		25,862,470
	151,900	PayPal Holdings, Inc.*		11,544,400
	3,163	Visa, Inc., Class A		736,125
				38,142,995
Food Products – 1.9%
	44,426	General Mills, Inc.		3,937,477
	172,788	Mondelez International, Inc., Class A		13,256,295
				17,193,772
Ground Transportation – 0.1%
	14,817	Ryder System, Inc.		1,172,914
Health Care Equipment & Supplies – 1.8%
	231,372	Boston Scientific Corp.*		12,059,109
	47,480	Edwards Lifesciences Corp.*		4,177,290
				16,236,399

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – 4.8%
	129,465	Centene Corp.*	$	8,924,022
	44,133	Cigna Group (The)		11,178,447
	158,669	CVS Health Corp.		11,632,024
	12,484	Elevance Health, Inc.		5,850,627
	13,126	HCA Healthcare, Inc.		3,771,494
	1,950	Tenet Healthcare Corp.*		142,974
	5,643	UnitedHealth Group, Inc.		2,776,864
				44,276,452
Health Care REITs – 1.1%
	194,077	Ventas, Inc. REIT		9,325,400
	15,527	Welltower, Inc. REIT		1,230,049
				10,555,449
Health Care Technology – 0.0%
	666	Veeva Systems, Inc., Class A*		119,267
Hotel & Resort REITs – 1.6%
	582,763	Host Hotels & Resorts, Inc. REIT		9,423,278
	465,705	Park Hotels & Resorts, Inc. REIT		5,611,745
				15,035,023
Hotels, Restaurants & Leisure – 2.0%
	2,523	Darden Restaurants, Inc.		383,319
	57,570	Hilton Worldwide Holdings, Inc.		8,291,232
	81,506	Starbucks Corp.		9,315,321
				17,989,872
Household Durables – 0.3%
	22,874	Garmin Ltd.		2,245,541
Household Products – 0.2%
	10,371	Kimberly-Clark Corp.		1,502,654
Industrial Conglomerates – 0.1%
	6,409	Honeywell International, Inc.		1,280,775
Industrial REITs – 1.4%
	100,203	Prologis, Inc. REIT		12,550,426
Insurance – 3.6%
	42,547	Arch Capital Group Ltd.*		3,194,003
	57,533	Chubb Ltd.		11,596,351
	41,221	Marsh & McLennan Cos., Inc.		7,427,612
	174,747	MetLife, Inc.		10,717,234
				32,935,200
Interactive Media & Services – 3.4%
	6,374	Alphabet, Inc., Class A*		684,185
	221,419	Alphabet, Inc., Class C*		23,961,964
	26,197	Meta Platforms, Inc., Class A*		6,295,663
				30,941,812
IT Services – 1.7%
	32,623	Gartner, Inc.*		9,867,152
	31,079	Okta, Inc.*		2,129,844
	44,956	Wix.com Ltd. (Israel)*		3,921,512
				15,918,508
Common Stocks – (continued)
Leisure Products – 0.0%
	6,132	Hasbro, Inc.		363,137
Life Sciences Tools & Services – 2.0%
	3,805	Agilent Technologies, Inc.		515,311
	89,979	Avantor, Inc.*		1,752,791
	2,995	Bio-Rad Laboratories, Inc., Class A*		1,350,116
	51,623	IQVIA Holdings, Inc.*		9,716,997
	1,079	Mettler-Toledo International, Inc.*		1,609,329
	70,635	QIAGEN NV*		3,151,027
				18,095,571
Machinery – 1.1%
	9,459	Caterpillar, Inc.		2,069,629
	28,333	Fortive Corp.		1,787,529
	75,476	Otis Worldwide Corp.		6,438,103
				10,295,261
Media – 0.3%
	46,510	Trade Desk, Inc. (The), Class A*		2,992,453
Multi-Utilities – 0.1%
	8,865	Consolidated Edison, Inc.		872,937
Oil, Gas & Consumable Fuels – 4.2%
	58,465	Cheniere Energy, Inc.		8,945,145
	78,028	Chevron Corp.		13,153,960
	24,832	Exxon Mobil Corp.		2,938,619
	195,301	Kinder Morgan, Inc.		3,349,412
	32,834	Marathon Petroleum Corp.		4,005,748
	8,867	Phillips 66		877,833
	10,096	Valero Energy Corp.		1,157,709
	138,005	Williams Cos., Inc. (The)		4,176,031
				38,604,457
Pharmaceuticals – 3.6%
	168,465	Bristol-Myers Squibb Co.		11,248,408
	643,102	Elanco Animal Health, Inc.*		6,090,176
	12,797	Johnson & Johnson		2,094,869
	53,646	Merck & Co., Inc.		6,194,503
	18,058	Pfizer, Inc.		702,276
	195,821	Royalty Pharma PLC, Class A		6,883,108
				33,213,340
Residential REITs – 0.5%
	26,548	Mid-America Apartment Communities, Inc. REIT		4,083,082
Semiconductors & Semiconductor Equipment – 4.3%
	12,885	Advanced Micro Devices, Inc.*		1,151,532
	7,902	First Solar, Inc.*		1,442,747
	107,528	Microchip Technology, Inc.		7,848,469
	59,063	NVIDIA Corp.		16,389,392
	63,754	NXP Semiconductors NV (China)		10,439,080
	35,370	ON Semiconductor Corp.*		2,545,225
				39,816,445
Software – 11.7%
	38,606	Adobe, Inc.*		14,576,081
	8,955	ANSYS, Inc.*		2,811,154

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	53,312	Autodesk, Inc.*	$	10,384,645
	79,607	Fortinet, Inc.*		5,019,221
	166,883	Microsoft Corp.		51,276,471
	47,528	Palo Alto Networks, Inc.*		8,671,959
	10,163	Salesforce, Inc.*		2,016,034
	20,467	ServiceNow, Inc.*		9,402,949
	48,252	Splunk, Inc.*		4,161,252
				108,319,766
Specialized REITs – 1.0%
	41,655	Crown Castle, Inc. REIT		5,127,314
	16,161	CubeSmart REIT		735,164
	25,520	Lamar Advertising Co., Class A REIT		2,696,953
	3,566	SBA Communications Corp. REIT		930,334
				9,489,765
Specialty Retail – 1.0%
	12,674	Bath & Body Works, Inc.		444,858
	20,798	CarMax, Inc.*		1,456,484
	62,002	Chewy, Inc., Class A*		1,922,682
	69,759	TJX Cos., Inc. (The)		5,498,404
				9,322,428
Technology Hardware, Storage & Peripherals – 6.6%
	341,096	Apple, Inc.		57,877,169
	236,038	Hewlett Packard Enterprise Co.		3,380,064
				61,257,233
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 0.2%
	2,710	Lululemon Athletica, Inc.*		1,029,610
	21,134	Skechers USA, Inc., Class A*		1,124,118
				2,153,728
	TOTAL INVESTMENTS – 98.8%
	(Cost $768,778,075)		$	913,241,167
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%			11,533,790
	NET ASSETS – 100.0%		$	924,774,957

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		4	06/16/23	$	837,700	$	58,695

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund		Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $600,987,634, $320,103,189 and $380,242,809, respectively)(a)	$	890,531,617	$	333,318,242	$	381,980,962
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		684,000		1,428,317
Cash		7,971,677		3,151,330		5,638,149
Receivables:
Investments sold		24,553,011		—		7,429,762
Fund shares sold		555,428		47,444		240,703
Dividends		439,022		317,240		109,734
Due from broker		46,960		22,320		16,384
Reimbursement from investment adviser		27,877		23,782		27,947
Securities lending income		—		14		2,901
Variation margin on futures contracts		5,212		1,738		735
Other assets		159,944		66,317		64,457
Total assets		924,290,748		337,632,427		396,940,051
Liabilities:
Payables:
Investments purchased		23,323,819		—		7,336,674
Fund shares redeemed		932,385		686,034		456,069
Management fees		383,999		145,410		255,486
Distribution and Service fees and Transfer Agency fees		137,724		45,374		22,934
Payable upon return of securities loaned		—		684,000		1,428,317
Accrued expenses		384,956		145,709		195,705
Total liabilities		25,162,883		1,706,527		9,695,185
Net Assets:
Paid-in capital		574,537,753		323,972,215		422,039,040
Total distributable earnings (loss)		324,590,112		11,953,685		(34,794,174	)
NET ASSETS	$	899,127,865	$	335,925,900	$	387,244,866
Net Assets:
Class A	$	186,564,275	$	51,988,925	$	30,001,393
Class C		22,744,777		8,341,332		4,444,709
Institutional		220,893,494		83,155,088		120,238,917
Service		19,591,834		3,061,108		2,034,206
Investor		129,968,500		63,894,434		32,384,224
Class R6		247,975,579		75,553,353		75,837,657
Class R		24,508,424		4,239,536		11,361,026
Class P		46,880,982		45,692,124		110,942,734
Total Net Assets	$	899,127,865	$	335,925,900	$	387,244,866
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,168,344		2,439,950		1,406,824
Class C		1,353,214		395,888		267,464
Institutional		8,960,132		3,909,617		5,310,024
Service		890,774		142,795		97,934
Investor		5,833,289		3,013,509		1,526,956
Class R6		10,071,545		3,552,356		3,348,540
Class R		1,143,083		200,711		553,602
Class P		1,905,814		2,149,765		4,900,556
Net asset value, offering and redemption price per share:(b)
Class A		$22.84		$21.31		$21.33
Class C		16.81		21.07		16.62
Institutional		24.65		21.27		22.64
Service		21.99		21.44		20.77
Investor		22.28		21.20		21.21
Class R6		24.62		21.27		22.65
Class R		21.44		21.12		20.52
Class P		24.60		21.25		22.64

(a) Includes loaned securities having a market value of $—, $671,904 and $1,401,421, 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 $24.17, $22.55 and $22.57, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2023 (Unaudited)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $98,442,125, $935,450,104 and $768,778,075, respectively)(a)	$	103,898,577		$	911,395,508		$	913,241,167
Investments in affiliated issuers, at value (cost $—, $2,591,917 and $—, respectively)		—			2,591,917			—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		436,572			9,022,077			—
Cash		1,289,640			14,031,409			11,021,583
Receivables:
Fund shares sold		46,208			1,005,507			417,875
Dividends		20,773			401,190			669,555
Reimbursement from investment adviser		18,075			38,947			30,300
Securities lending income		1,725			17,269			—
Due from broker		—			760,223			59,387
Investments sold		—			—			25,647,087
Foreign tax reclaims		—			4,271			—
Variation margin on futures contracts		—			80,850			6,950
Other assets		75,414			180,681			72,654
Total assets		105,786,984			939,529,849			951,166,558
Liabilities:
Payables:
Payable upon return of securities loaned		436,572			9,022,077			—
Fund shares redeemed		155,851			1,238,953			862,255
Management fees		69,418			611,190			393,411
Distribution and Service fees and Transfer Agency fees		19,050			91,630			142,148
Investments purchased		—			—			24,731,234
Accrued expenses		606,548			293,132			262,553
Total liabilities		1,287,439			11,256,982			26,391,601
Net Assets:
Paid-in capital		129,435,994			963,801,663			788,689,576
Total distributable earnings (loss)		(24,936,449	)		(35,528,796	)		136,085,381
NET ASSETS	$	104,499,545		$	928,272,867		$	924,774,957
Net Assets:
Class A	$	30,389,680		$	109,710,872		$	286,307,696
Class C		3,237,851			3,409,269			13,320,033
Institutional		38,367,910			305,800,195			253,618,845
Service		—			—			4,920,013
Investor		16,702,417			177,091,202			90,932,033
Class R6		7,492,547			268,260,694			23,557,739
Class R		3,349,290			17,822,135			7,700,910
Class P		4,959,850			46,178,500			244,417,688
Total Net Assets	$	104,499,545		$	928,272,867		$	924,774,957
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,544,008			3,453,462			5,718,830
Class C		167,086			202,589			313,680
Institutional		1,964,965			6,288,310			4,843,975
Service		—			—			98,992
Investor		1,256,059			5,615,527			1,852,038
Class R6		382,931			5,517,883			450,493
Class R		329,208			581,576			157,189
Class P		253,631			949,948			4,673,302
Net asset value, offering and redemption price per share:(b)
Class A		$11.95			$31.77			$50.06
Class C		19.38			16.83			42.46
Institutional		19.53			48.63			52.36
Service		—			—			49.70
Investor		13.30			31.54			49.10
Class R6		19.57			48.62			52.29
Class R		10.17			30.64			48.99
Class P		19.56			48.61			52.30

(a) Includes loaned securities having a market value of $429,457, $8,728,601 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 $12.65, $33.62 and $52.97, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2023 (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 $4,926, $6,681 and $6,415, respectively)	$	4,003,118		$	4,214,571		$	3,874,868
Dividends — affiliated issuers		17,528			96			12,391
Securities lending income — affiliated issuer		218			1,291			30,222
Total investment income		4,020,864			4,215,958			3,917,481
Expenses:
Management fees		2,351,960			927,060			1,647,235
Distribution and/or Service (12b-1) fees(a)		402,701			116,919			88,900
Transfer Agency fees(a)		383,093			147,450			121,544
Professional fees		63,958			63,767			67,318
Registration fees		62,205			55,296			66,245
Custody, accounting and administrative services		59,256			30,935			45,077
Service fees — Class C		29,416			11,050			5,873
Shareholder Administration fees — Service Shares		23,076			4,048			2,740
Printing and mailing costs		19,417			13,665			15,718
Trustee fees		14,298			13,712			13,766
Other		12,425			9,958			11,203
Total expenses		3,421,805			1,393,860			2,085,619
Less — expense reductions		(214,131	)		(180,206	)		(211,321	)
Net expenses		3,207,674			1,213,654			1,874,298
NET INVESTMENT INCOME		813,190			3,002,304			2,043,183
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		50,659,690			3,370,966			2,451,019
Futures contracts		912,387			48,271			364,570
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		17,464,059			878,941			(8,612,902	)
Futures contracts		27,832			1,567			(155,676	)
Net realized and unrealized gain (loss)		69,063,968			4,299,745			(5,952,989	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	69,877,158		$	7,302,049		$	(3,909,806	)

(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 Fund	$	234,930	$	88,248	$	23,076	$	56,447	$	150,357	$	18,826	$	50,197	$	3,692	$	100,669	$	34,432	$	18,063	$	6,857
Large Cap Value Insights Fund		68,684		33,150		4,048		11,037		43,958		7,072		17,907		648		55,379		11,841		3,532		7,113
Small Cap Equity Insights Fund		39,211		17,620		2,740		29,329		25,096		3,759		25,657		439		27,298		12,053		9,385		17,857

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2023 (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 $762, $19,404 and $11,168, respectively)	$	521,264		$	14,260,818		$	6,967,198
Securities lending income — affiliated issuer		26,337			110,707			600
Dividends — affiliated issuers		278			25,527			16,971
Total investment income		547,879			14,397,052			6,984,769
Expenses:
Management fees		463,594			4,018,731			2,407,645
Professional fees		64,552			64,259			68,071
Distribution and/or Service (12b-1) fees(a)		61,750			206,072			432,869
Transfer Agency fees(a)		56,289			399,778			413,238
Registration fees		41,893			49,464			80,634
Custody, accounting and administrative services		30,757			73,350			51,295
Printing and mailing costs		13,831			76,797			16,542
Trustee fees		13,515			14,181			14,327
Service fees — Class C		4,717			5,022			17,197
Shareholder Administration fees — Service Shares		—			—			5,930
Other		2,516			15,606			6,887
Total expenses		753,414			4,923,260			3,514,635
Less — expense reductions		(164,749	)		(274,767	)		(220,103	)
Net expenses		588,665			4,648,493			3,294,532
NET INVESTMENT INCOME (LOSS)		(40,786	)		9,748,559			3,690,237
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		604,517			(4,551,713	)		25,359,486
Futures contracts		89,905			961,150			631,482
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		72,728			(46,421,331	)		8,728,094
Futures contracts		(78,893	)		(1,108,781	)		50,474
Net realized and unrealized gain (loss)		688,257			(51,120,675	)		34,769,536
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	647,471		$	(41,372,116	)	$	38,459,773

(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 Fund	$	38,921	$	14,151	$	—	$	8,678	$	24,910	$	3,019	$	8,259	$	—	$	14,635	$	1,886	$	2,777	$	803
Small Cap Value Insights Fund		145,177		15,065		—		45,830		92,914		3,214		65,321		—		175,662		41,547		14,666		6,454
U.S. Equity Insights Fund		353,780		51,592		5,930		21,567		226,421		11,007		49,909		949		77,663		2,911		6,901		37,477

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

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, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	813,190		$	4,744,886		$	3,002,304		$	5,180,545
Net realized gain		51,572,077			133,642,247			3,419,237			3,649,808
Net change in unrealized gain (loss)		17,491,891			(473,948,158	)		880,508			(31,516,580	)
Net increase (decrease) in net assets resulting from operations		69,877,158			(335,561,025	)		7,302,049			(22,686,227	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(30,529,280	)		(104,931,005	)		(1,552,876	)		(10,180,511	)
Class C Shares		(5,201,782	)		(17,126,354	)		(217,432	)		(1,631,216	)
Institutional Shares		(43,021,573	)		(158,129,393	)		(2,680,533	)		(18,555,690	)
Service Shares		(3,311,373	)		(10,860,025	)		(94,534	)		(1,087,463	)
Investor Shares		(20,289,833	)		(84,678,086	)		(2,085,678	)		(14,726,644	)
Class R6 Shares		(35,438,862	)		(89,995,214	)		(2,409,180	)		(13,318,839	)
Class R Shares		(3,837,407	)		(9,787,214	)		(128,094	)		(861,348	)
Class P Shares		(6,910,344	)		(23,693,905	)		(1,395,226	)		(7,778,305	)
Total distributions to shareholders		(148,540,454	)		(499,201,196	)		(10,563,553	)		(68,140,016	)
From share transactions:
Proceeds from sales of shares		128,993,898			368,771,652			22,077,761			111,770,968
Reinvestment of distributions		125,618,879			419,949,153			10,202,381			64,404,245
Cost of shares redeemed		(267,765,581	)		(949,098,248	)		(63,961,578	)		(131,251,860	)
Net increase (decrease) in net assets resulting from share transactions		(13,152,804	)		(160,377,443	)		(31,681,436	)		44,923,353
TOTAL DECREASE		(91,816,100	)		(995,139,664	)		(34,942,940	)		(45,902,890	)
Net Assets:
Beginning of period		990,943,965			1,986,083,629			370,868,840			416,771,730
End of period	$	899,127,865		$	990,943,965		$	335,925,900		$	370,868,840

52 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 Equity Insights Fund						Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income (loss)	$	2,043,183		$	2,559,483		$	(40,786	)	$	(228,155	)
Net realized gain (loss)		2,815,589			(37,578,400	)		694,422			(25,039,521	)
Net change in unrealized loss		(8,768,578	)		(61,559,876	)		(6,165	)		(53,051,171	)
Net increase (decrease) in net assets resulting from operations		(3,909,806	)		(96,578,793	)		647,471			(78,318,847	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(155,026	)		(10,704,326	)		(64,099	)		(48,790,883	)
Class C Shares		—			(2,167,796	)		—			(12,321,505	)
Institutional Shares		(1,091,362	)		(49,102,288	)		(156,823	)		(75,809,056	)
Service Shares		(8,258	)		(861,999	)		—			—
Investor Shares		(265,847	)		(14,260,306	)		(69,618	)		(35,980,460	)
Class R6 Shares		(706,759	)		(23,794,917	)		(60,706	)		(46,540,269	)
Class R Shares		(29,162	)		(3,915,484	)		—			(4,303,299	)
Class P Shares		(1,051,530	)		(34,137,536	)		(21,561	)		(5,274,692	)
Total distributions to shareholders		(3,307,944	)		(138,944,652	)		(372,807	)		(229,020,164	)
From share transactions:
Proceeds from sales of shares		48,733,348			195,372,500			7,432,131			77,704,590
Reinvestment of distributions		3,257,973			137,848,944			346,762			224,260,058
Cost of shares redeemed		(109,281,738	)		(255,549,233	)		(31,943,845	)		(277,436,092	)
Net increase (decrease) in net assets resulting from share transactions		(57,290,417	)		77,672,211			(24,164,952	)		24,528,556
TOTAL DECREASE		(64,508,167	)		(157,851,234	)		(23,890,288	)		(282,810,455	)
Net Assets:
Beginning of period		451,753,033			609,604,267			128,389,833			411,200,288
End of period	$	387,244,866		$	451,753,033		$	104,499,545		$	128,389,833

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

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, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	9,748,559		$	11,691,367		$	3,690,237		$	8,943,936
Net realized gain (loss)		(3,590,563	)		11,191,164			25,990,968			(29,674,746	)
Net change in unrealized gain (loss)		(47,530,112	)		(138,873,024	)		8,778,568			(145,041,511	)
Net increase (decrease) in net assets resulting from operations		(41,372,116	)		(115,990,493	)		38,459,773			(165,772,321	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(4,007,688	)		(43,779,967	)		(2,023,196	)		(82,471,108	)
Class C Shares		(240,343	)		(2,978,431	)		(11,372	)		(4,771,581	)
Institutional Shares		(8,353,206	)		(80,217,562	)		(2,676,309	)		(68,876,505	)
Service Shares		—			—			(26,865	)		(1,361,000	)
Investor Shares		(8,237,683	)		(88,616,425	)		(1,093,421	)		(29,215,058	)
Class R6 Shares		(6,994,511	)		(65,637,668	)		(187,390	)		(3,966,077	)
Class R Shares		(596,597	)		(6,680,785	)		—			(4,945,801	)
Class P Shares		(1,225,555	)		(9,546,149	)		(2,535,758	)		(65,314,484	)
Total distributions to shareholders		(29,655,583	)		(297,456,987	)		(8,554,311	)		(260,921,614	)
From share transactions:
Proceeds from sales of shares		135,282,171			558,160,960			86,724,446			300,568,482
Reinvestment of distributions		29,068,208			292,056,096			8,433,552			255,838,078
Cost of shares redeemed		(308,823,789	)		(572,442,069	)		(174,192,777	)		(378,288,855	)
Net increase (decrease) in net assets resulting from share transactions		(144,473,410	)		277,774,987			(79,034,779	)		178,117,705
TOTAL DECREASE		(215,501,109	)		(135,672,493	)		(49,129,317	)		(248,576,230	)
Net Assets:
Beginning of period		1,143,773,976			1,279,446,469			973,904,274			1,222,480,504
End of period	$	928,272,867		$	1,143,773,976		$	924,774,957		$	973,904,274

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	25.20		$	48.76		$	37.63		$	31.54		$	31.05		$	30.36
Net investment income (loss)(a)		—	(c)		0.03	(b)		(0.09	)		—	(c)		0.10			0.10
Net realized and unrealized gain (loss)		1.73			(8.25	)		15.02			7.31			3.00			1.96
Total from investment operations		1.73			(8.22	)		14.93			7.31			3.10			2.06
Distributions to shareholders from net investment income		(0.02	)		—			—			(0.10	)		(0.09	)		(0.08	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.09	)		(15.34	)		(3.80	)		(1.22	)		(2.61	)		(1.37	)
Net asset value, end of period	$	22.84		$	25.20		$	48.76		$	37.63		$	31.54		$	31.05
Total Return(d)		7.87	%		(24.27	)%		42.69	%		23.84	%		11.28	%		6.95	%
Net assets, end of period (in 000’s)	$	186,564		$	211,454		$	336,453		$	286,777		$	301,506		$	317,418
Ratio of net expenses to average net assets		0.93	%(e)		0.92	%		0.91	%		0.92	%		0.93	%		0.92	%
Ratio of total expenses to average net assets		0.98	%(e)		0.96	%		0.94	%		0.95	%		0.97	%		0.95	%
Ratio of net investment income (loss) to average net assets		(0.04	)%(e)		0.10	%(b)		(0.21	)%		(0.01	)%		0.33	%		0.32	%
Portfolio turnover rate(f)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	19.65		$	41.64		$	32.87		$	27.79		$	27.78		$	27.42
Net investment loss(a)		(0.07	)		(0.15	)(b)		(0.35	)		(0.23	)		(0.10	)		(0.12	)
Net realized and unrealized gain (loss)		1.30			(6.50	)		12.92			6.43			2.63			1.77
Total from investment operations		1.23			(6.65	)		12.57			6.20			2.53			1.65
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Net asset value, end of period	$	16.81		$	19.65		$	41.64		$	32.87		$	27.79		$	27.78
Total Return(c)		7.48	%		(24.84	)%		41.59	%		22.97	%		10.42	%		6.18	%
Net assets, end of period (in 000’s)	$	22,745		$	26,260		$	47,078		$	41,838		$	42,004		$	56,046
Ratio of net expenses to average net assets		1.68	%(d)		1.67	%		1.66	%		1.67	%		1.68	%		1.67	%
Ratio of total expenses to average net assets		1.73	%(d)		1.71	%		1.69	%		1.70	%		1.72	%		1.70	%
Ratio of net investment loss to average net assets		(0.79	)%(d)		(0.64	)%(b)		(0.96	)%		(0.76	)%		(0.40	)%		(0.42	)%
Portfolio turnover rate(e)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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 GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	26.92		$	50.98		$	39.16		$	32.77		$	32.17		$	31.39
Net investment income(a)		0.04			0.21	(b)		0.07			0.13			0.23			0.23
Net realized and unrealized gain (loss)		1.86			(8.85	)		15.66			7.61			3.09			2.02
Total from investment operations		1.90			(8.64	)		15.73			7.74			3.32			2.25
Distributions to shareholders from net investment income		(0.10	)		(0.08	)		(0.11	)		(0.23	)		(0.20	)		(0.18	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.17	)		(15.42	)		(3.91	)		(1.35	)		(2.72	)		(1.47	)
Net asset value, end of period	$	24.65		$	26.92		$	50.98		$	39.16		$	32.77		$	32.17
Total Return(c)		8.07	%		(24.00	)%		43.18	%		24.33	%		11.70	%		7.38	%
Net assets, end of period (in 000’s)	$	220,893		$	295,292		$	893,602		$	741,893		$	760,316		$	806,091
Ratio of net expenses to average net assets		0.56	%(d)		0.55	%		0.54	%		0.54	%		0.54	%		0.53	%
Ratio of total expenses to average net assets		0.61	%(d)		0.59	%		0.57	%		0.58	%		0.58	%		0.56	%
Ratio of net investment income to average net assets		0.34	%(d)		0.64	%(b)		0.16	%		0.36	%		0.72	%		0.71	%
Portfolio turnover rate(e)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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 GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Service Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	24.42		$	47.77		$	36.98		$	31.02		$	30.53		$	29.94
Net investment income (loss)(a)		(0.02	)		—	(b)(c)		(0.14	)		(0.05	)		0.07			0.07
Net realized and unrealized gain (loss)		1.67			(8.01	)		14.73			7.20			2.95			1.92
Total from investment operations		1.65			(8.01	)		14.59			7.15			3.02			1.99
Distributions to shareholders from net investment income		(0.01	)		—			—			(0.07	)		(0.01	)		(0.11	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.08	)		(15.34	)		(3.80	)		(1.19	)		(2.53	)		(1.40	)
Net asset value, end of period	$	21.99		$	24.42		$	47.77		$	36.98		$	31.02		$	30.53
Total Return(d)		7.76	%		(24.36	)%		42.50	%		23.68	%		11.15	%		6.82	%
Net assets, end of period (in 000’s)	$	19,592		$	19,093		$	34,280		$	47,346		$	50,445		$	53,347
Ratio of net expenses to average net assets		1.06	%(e)		1.05	%		1.04	%		1.04	%		1.04	%		1.03	%
Ratio of total expenses to average net assets		1.11	%(e)		1.09	%		1.07	%		1.08	%		1.08	%		1.06	%
Ratio of net investment income (loss) to average net assets		(0.18	)%(e)		0.01	%(c)		(0.34	)%		(0.13	)%		0.22	%		0.21	%
Portfolio turnover rate(f)		96	%		200	%		214	%		218	%		192	%		188	%

(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 $0.10 per share and 0.32% 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.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	24.70		$	48.07		$	37.12		$	31.13		$	30.69		$	30.03
Net investment income(a)		0.02			0.11	(b)		0.02			0.09			0.17			0.18
Net realized and unrealized gain (loss)		1.70			(8.09	)		14.80			7.21			2.95			1.93
Total from investment operations		1.72			(7.98	)		14.82			7.30			3.12			2.11
Distributions to shareholders from net investment income		(0.07	)		(0.05	)		(0.07	)		(0.19	)		(0.16	)		(0.16	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.14	)		(15.39	)		(3.87	)		(1.31	)		(2.68	)		(1.45	)
Net asset value, end of period	$	22.28		$	24.70		$	48.07		$	37.12		$	31.13		$	30.69
Total Return(c)		8.03	%		(24.10	)%		43.03	%		24.17	%		11.56	%		7.23	%
Net assets, end of period (in 000’s)	$	129,968		$	137,645		$	271,096		$	308,107		$	401,677		$	415,757
Ratio of net expenses to average net assets		0.68	%(d)		0.67	%		0.66	%		0.67	%		0.68	%		0.67	%
Ratio of total expenses to average net assets		0.73	%(d)		0.71	%		0.69	%		0.70	%		0.72	%		0.70	%
Ratio of net investment income to average net assets		0.20	%(d)		0.36	%(b)		0.04	%		0.26	%		0.58	%		0.56	%
Portfolio turnover rate(e)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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 GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	26.90		$	50.95		$	39.14		$	32.75		$	32.15		$	31.38
Net investment income(a)		0.04			0.15	(b)		0.08			0.13			0.23			0.24
Net realized and unrealized gain (loss)		1.86			(8.76	)		15.65			7.61			3.10			2.01
Total from investment operations		1.90			(8.61	)		15.73			7.74			3.33			2.25
Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.12	)		(0.23	)		(0.21	)		(0.19	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.18	)		(15.44	)		(3.92	)		(1.35	)		(2.73	)		(1.48	)
Net asset value, end of period	$	24.62		$	26.90		$	50.95		$	39.14		$	32.75		$	32.15
Total Return(c)		8.06	%		(23.97	)%		43.19	%		24.36	%		11.72	%		7.37	%
Net assets, end of period (in 000’s)	$	247,976		$	225,067		$	295,157		$	373,079		$	313,461		$	344,129
Ratio of net expenses to average net assets		0.55	%(d)		0.54	%		0.53	%		0.53	%		0.53	%		0.52	%
Ratio of total expenses to average net assets		0.60	%(d)		0.58	%		0.56	%		0.57	%		0.57	%		0.55	%
Ratio of net investment income to average net assets		0.33	%(d)		0.48	%(b)		0.17	%		0.36	%		0.75	%		0.71	%
Portfolio turnover rate(e)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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 GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	23.91		$	47.14		$	36.58		$	30.73		$	30.30		$	29.67
Net investment income (loss)(a)		(0.03	)		(0.05	)(b)		(0.19	)		(0.08	)		0.02			0.02
Net realized and unrealized gain (loss)		1.63			(7.84	)		14.55			7.12			2.93			1.92
Total from investment operations		1.60			(7.89	)		14.36			7.04			2.95			1.94
Distributions to shareholders from net investment income		—			—			—			(0.07	)		—			(0.02	)
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		(1.29	)
Total distributions		(4.07	)		(15.34	)		(3.80	)		(1.19	)		(2.52	)		(1.31	)
Net asset value, end of period	$	21.44		$	23.91		$	47.14		$	36.58		$	30.73		$	30.30
Total Return(c)		7.73	%		(24.46	)%		42.33	%		23.55	%		10.98	%		6.69	%
Net assets, end of period (in 000’s)	$	24,508		$	22,666		$	30,111		$	27,314		$	34,397		$	25,893
Ratio of net expenses to average net assets		1.18	%(d)		1.17	%		1.16	%		1.17	%		1.18	%		1.17	%
Ratio of total expenses to average net assets		1.23	%(d)		1.21	%		1.19	%		1.20	%		1.22	%		1.20	%
Ratio of net investment income (loss) to average net assets		(0.30	)%(d)		(0.17	)%(b)		(0.46	)%		(0.25	)%		0.05	%		0.08	%
Portfolio turnover rate(e)		96	%		200	%		214	%		218	%		192	%		188	%

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

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.32% 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. 61

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	26.87		$	50.93		$	39.12		$	32.74		$	32.15		$	32.07
Net investment income(b)		0.04			0.15	(c)		0.07			0.13			0.22			0.12
Net realized and unrealized gain (loss)		1.87			(8.78	)		15.66			7.61			3.10			(0.04	)
Total from investment operations		1.91			(8.63	)		15.73			7.74			3.32			0.08
Distributions to shareholders from net investment income		(0.11	)		(0.09	)		(0.12	)		(0.24	)		(0.21	)		—
Distributions to shareholders from net realized gains		(4.07	)		(15.34	)		(3.80	)		(1.12	)		(2.52	)		—
Total distributions		(4.18	)		(15.43	)		(3.92	)		(1.36	)		(2.73	)		—
Net asset value, end of period	$	24.60		$	26.87		$	50.93		$	39.12		$	32.74		$	32.15
Total Return(d)		8.10	%		(24.00	)%		43.21	%		24.34	%		11.71	%		0.25	%
Net assets, end of period (in 000’s)	$	46,881		$	53,467		$	78,307		$	59,286		$	49,099		$	39,938
Ratio of net expenses to average net assets		0.55	%(e)		0.54	%		0.53	%		0.53	%		0.53	%		0.52	%(e)
Ratio of total expenses to average net assets		0.60	%(e)		0.58	%		0.56	%		0.57	%		0.57	%		0.56	%(e)
Ratio of net investment income to average net assets		0.33	%(e)		0.47	%(c)		0.17	%		0.36	%		0.71	%		0.66	%(e)
Portfolio turnover rate(f)		96	%		200	%		214	%		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 $0.10 per share and 0.32% 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.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.53		$	27.15		$	19.23		$	21.27		$	21.59		$	21.01
Net investment income(a)		0.15			0.24	(b)		0.22	(c)		0.25			0.28			0.25
Net realized and unrealized gain (loss)		0.23			(1.47	)		7.98			(2.03	)		0.75			0.56
Total from investment operations		0.38			(1.23	)		8.20			(1.78	)		1.03			0.81
Distributions to shareholders from net investment income		(0.14	)		(0.24	)		(0.28	)		(0.26	)		(0.29	)		(0.23	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.60	)		(4.39	)		(0.28	)		(0.26	)		(1.35	)		(0.23	)
Net asset value, end of period	$	21.31		$	21.53		$	27.15		$	19.23		$	21.27		$	21.59
Total Return(d)		1.74	%		(5.42	)%		42.87	%		(8.34	)%		5.30	%		3.82	%
Net assets, end of period (in 000’s)	$	51,989		$	55,887		$	62,575		$	47,125		$	65,556		$	62,349
Ratio of net expenses to average net assets		0.93	%(e)		0.93	%		0.93	%		0.94	%		0.95	%		0.95	%
Ratio of total expenses to average net assets		1.03	%(e)		1.01	%		1.03	%		1.05	%		1.07	%		1.03	%
Ratio of net investment income to average net assets		1.43	%(e)		1.04	%(b)		0.87	%(c)		1.26	%		1.36	%		1.13	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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. 63

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.29		$	26.90		$	19.05		$	21.06		$	21.39		$	20.82
Net investment income(a)		0.07			0.07	(b)		0.04	(c)		0.10			0.12			0.08
Net realized and unrealized gain (loss)		0.23			(1.46	)		7.91			(2.01	)		0.75			0.55
Total from investment operations		0.30			(1.39	)		7.95			(1.91	)		0.87			0.63
Distributions to shareholders from net investment income		(0.06	)		(0.07	)		(0.10	)		(0.10	)		(0.14	)		(0.06	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.52	)		(4.22	)		(0.10	)		(0.10	)		(1.20	)		(0.06	)
Net asset value, end of period	$	21.07		$	21.29		$	26.90		$	19.05		$	21.06		$	21.39
Total Return(d)		1.36	%		(6.14	)%		41.85	%		(9.02	)%		4.53	%		3.00	%
Net assets, end of period (in 000’s)	$	8,341		$	8,955		$	10,713		$	8,773		$	12,694		$	10,058
Ratio of net expenses to average net assets		1.68	%(e)		1.68	%		1.68	%		1.69	%		1.70	%		1.70	%
Ratio of total expenses to average net assets		1.78	%(e)		1.76	%		1.78	%		1.80	%		1.82	%		1.78	%
Ratio of net investment income to average net assets		0.68	%(e)		0.32	%(b)		0.16	%(c)		0.52	%		0.61	%		0.37	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.49		$	27.11		$	19.20		$	21.24		$	21.57		$	20.99
Net investment income(a)		0.19			0.32	(b)		0.31	(c)		0.33			0.36			0.33
Net realized and unrealized gain (loss)		0.23			(1.47	)		7.97			(2.04	)		0.74			0.56
Total from investment operations		0.42			(1.15	)		8.28			(1.71	)		1.10			0.89
Distributions to shareholders from net investment income		(0.18	)		(0.32	)		(0.37	)		(0.33	)		(0.37	)		(0.31	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.64	)		(4.47	)		(0.37	)		(0.33	)		(1.43	)		(0.31	)
Net asset value, end of period	$	21.27		$	21.49		$	27.11		$	19.20		$	21.24		$	21.57
Total Return(d)		1.94	%		(5.08	)%		43.40	%		(7.98	)%		5.68	%		4.22	%
Net assets, end of period (in 000’s)	$	83,155		$	93,154		$	114,706		$	88,472		$	120,417		$	122,587
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%		0.56	%		0.56	%		0.57	%		0.56	%
Ratio of total expenses to average net assets		0.67	%(e)		0.64	%		0.66	%		0.67	%		0.68	%		0.64	%
Ratio of net investment income to average net assets		1.80	%(e)		1.43	%(b)		1.26	%(c)		1.64	%		1.74	%		1.52	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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. 65

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Service Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.66		$	27.28		$	19.32		$	21.36		$	21.67		$	21.09
Net investment income(a)		0.14			0.21	(b)		0.19	(c)		0.23			0.27			0.22
Net realized and unrealized gain (loss)		0.23			(1.48	)		8.02			(2.04	)		0.75			0.56
Total from investment operations		0.37			(1.27	)		8.21			(1.81	)		1.02			0.78
Distributions to shareholders from net investment income		(0.13	)		(0.20	)		(0.25	)		(0.23	)		(0.27	)		(0.20	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.59	)		(4.35	)		(0.25	)		(0.23	)		(1.33	)		(0.20	)
Net asset value, end of period	$	21.44		$	21.66		$	27.28		$	19.32		$	21.36		$	21.67
Total Return(d)		1.66	%		(5.55	)%		42.68	%		(8.44	)%		5.19	%		3.70	%
Net assets, end of period (in 000’s)	$	3,061		$	3,756		$	6,769		$	5,230		$	7,554		$	10,199
Ratio of net expenses to average net assets		1.06	%(e)		1.06	%		1.06	%		1.06	%		1.07	%		1.06	%
Ratio of total expenses to average net assets		1.17	%(e)		1.14	%		1.16	%		1.17	%		1.18	%		1.14	%
Ratio of net investment income to average net assets		1.31	%(e)		0.93	%(b)		0.76	%(c)		1.13	%		1.28	%		1.00	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.43		$	27.04		$	19.15		$	21.18		$	21.51		$	20.94
Net investment income(a)		0.18			0.30	(b)		0.28	(c)		0.31			0.32			0.29
Net realized and unrealized gain (loss)		0.22			(1.47	)		7.95			(2.03	)		0.76			0.57
Total from investment operations		0.40			(1.17	)		8.23			(1.72	)		1.08			0.86
Distributions to shareholders from net investment income		(0.17	)		(0.29	)		(0.34	)		(0.31	)		(0.35	)		(0.29	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.63	)		(4.44	)		(0.34	)		(0.31	)		(1.41	)		(0.29	)
Net asset value, end of period	$	21.20		$	21.43		$	27.04		$	19.15		$	21.18		$	21.51
Total Return(d)		1.83	%		(5.17	)%		43.24	%		(8.09	)%		5.55	%		4.07	%
Net assets, end of period (in 000’s)	$	63,894		$	74,490		$	91,133		$	70,302		$	134,069		$	84,895
Ratio of net expenses to average net assets		0.68	%(e)		0.68	%		0.68	%		0.69	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.79	%(e)		0.76	%		0.78	%		0.80	%		0.82	%		0.78	%
Ratio of net investment income to average net assets		1.69	%(e)		1.31	%(b)		1.13	%(c)		1.54	%		1.58	%		1.33	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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. 67

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.49		$	27.11		$	19.20		$	21.24		$	21.56		$	20.99
Net investment income(a)		0.19			0.32	(b)		0.31	(c)		0.32			0.40			0.33
Net realized and unrealized gain (loss)		0.23			(1.47	)		7.98			(2.02	)		0.72			0.55
Total from investment operations		0.42			(1.15	)		8.29			(1.70	)		1.12			0.88
Distributions to shareholders from net investment income		(0.18	)		(0.32	)		(0.38	)		(0.34	)		(0.38	)		(0.31	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.64	)		(4.47	)		(0.38	)		(0.34	)		(1.44	)		(0.31	)
Net asset value, end of period	$	21.27		$	21.49		$	27.11		$	19.20		$	21.24		$	21.56
Total Return(d)		1.94	%		(5.07	)%		43.42	%		(7.97	)%		5.73	%		4.19	%
Net assets, end of period (in 000’s)	$	75,553		$	82,457		$	79,348		$	65,692		$	73,981		$	149,225
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.66	%(e)		0.63	%		0.65	%		0.66	%		0.66	%		0.62	%
Ratio of net investment income to average net assets		1.81	%(e)		1.43	%(b)		1.26	%(c)		1.63	%		1.84	%		1.47	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.35		$	26.96		$	19.09		$	21.12		$	21.45		$	20.88
Net investment income(a)		0.13			0.18	(b)		0.16	(c)		0.19			0.23			0.19
Net realized and unrealized gain (loss)		0.22			(1.46	)		7.93			(2.01	)		0.74			0.56
Total from investment operations		0.35			(1.28	)		8.09			(1.82	)		0.97			0.75
Distributions to shareholders from net investment income		(0.12	)		(0.18	)		(0.22	)		(0.21	)		(0.24	)		(0.18	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.58	)		(4.33	)		(0.22	)		(0.21	)		(1.30	)		(0.18	)
Net asset value, end of period	$	21.12		$	21.35		$	26.96		$	19.09		$	21.12		$	21.45
Total Return(d)		1.58	%		(5.66	)%		42.57	%		(8.58	)%		5.01	%		3.56	%
Net assets, end of period (in 000’s)	$	4,240		$	4,764		$	5,450		$	4,885		$	5,189		$	5,651
Ratio of net expenses to average net assets		1.18	%(e)		1.18	%		1.18	%		1.19	%		1.20	%		1.20	%
Ratio of total expenses to average net assets		1.29	%(e)		1.26	%		1.28	%		1.30	%		1.32	%		1.28	%
Ratio of net investment income to average net assets		1.20	%(e)		0.81	%(b)		0.64	%(c)		0.99	%		1.12	%		0.88	%
Portfolio turnover rate(f)		94	%		209	%		215	%		212	%		225	%		202	%

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

(b) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% 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 LARGE CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	21.48		$	27.10		$	19.19		$	21.23		$	21.55		$	21.87
Net investment income(b)		0.19			0.32	(c)		0.30	(d)		0.32			0.36			0.17
Net realized and unrealized gain (loss)		0.22			(1.47	)		7.99			(2.02	)		0.76			(0.33	)
Total from investment operations		0.41			(1.15	)		8.29			(1.70	)		1.12			(0.16	)
Distributions to shareholders from net investment income		(0.18	)		(0.32	)		(0.38	)		(0.34	)		(0.38	)		(0.16	)
Distributions to shareholders from net realized gains		(0.46	)		(4.15	)		—			—			(1.06	)		—
Total distributions		(0.64	)		(4.47	)		(0.38	)		(0.34	)		(1.44	)		(0.16	)
Net asset value, end of period	$	21.25		$	21.48		$	27.10		$	19.19		$	21.23		$	21.55
Total Return(e)		1.89	%		(5.07	)%		43.44	%		(7.97	)%		5.74	%		(0.77	)%
Net assets, end of period (in 000’s)	$	45,692		$	47,406		$	46,078		$	30,086		$	33,601		$	27,967
Ratio of net expenses to average net assets		0.55	%(f)		0.55	%		0.55	%		0.55	%		0.56	%		0.55	%(f)
Ratio of total expenses to average net assets		0.65	%(f)		0.63	%		0.65	%		0.66	%		0.67	%		0.65	%(f)
Ratio of net investment income to average net assets		1.81	%(f)		1.42	%(c)		1.23	%(d)		1.63	%		1.75	%		1.38	%(f)
Portfolio turnover rate(g)		94	%		209	%		215	%		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 $0.05 per share and 0.24% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.70		$	35.35		$	22.96		$	25.62		$	25.74		$	24.77
Net investment income (loss)(a)		0.07	(b)		0.05	(c)		(0.04	)		(0.01	)		0.05			0.01	(d)
Net realized and unrealized gain (loss)		(0.34	)		(5.10	)		12.48			(2.60	)		1.23			0.96
Total from investment operations		(0.27	)		(5.05	)		12.44			(2.61	)		1.28			0.97
Distributions to shareholders from net investment income		(0.10	)		—			(0.05	)		(0.05	)		—			—
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.10	)		(8.60	)		(0.05	)		(0.05	)		(1.40	)		—
Net asset value, end of period	$	21.33		$	21.70		$	35.35		$	22.96		$	25.62		$	25.74
Total Return(e)		(1.22	)%		(17.64	)%		54.23	%		(10.18	)%		5.64	%		3.92	%
Net assets, end of period (in 000’s)	$	30,001		$	33,325		$	44,195		$	34,071		$	53,503		$	55,472
Ratio of net expenses to average net assets		1.21	%(f)		1.21	%		1.21	%		1.22	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.32	%(f)		1.29	%		1.29	%		1.30	%		1.34	%		1.31	%
Ratio of net investment income (loss) to average net assets		0.69	%(b)(f)		0.22	%(c)		(0.13	)%		(0.02	)%		0.19	%		0.04	%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	16.89		$	29.67		$	19.39		$	21.75		$	22.23		$	21.56
Net investment income (loss)(a)		—	(b)(c)		(0.10	)(d)		(0.24	)		(0.15	)		(0.12	)		(0.17	)(e)
Net realized and unrealized gain (loss)		(0.27	)		(4.08	)		10.52			(2.21	)		1.04			0.84
Total from investment operations		(0.27	)		(4.18	)		10.28			(2.36	)		0.92			0.67
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Net asset value, end of period	$	16.62		$	16.89		$	29.67		$	19.39		$	21.75		$	22.23
Total Return(f)		(1.60	)%		(18.24	)%		53.02	%		(10.82	)%		4.86	%		3.16	%
Net assets, end of period (in 000’s)	$	4,445		$	5,093		$	7,503		$	5,951		$	7,785		$	7,139
Ratio of net expenses to average net assets		1.96	%(g)		1.96	%		1.96	%		1.97	%		1.98	%		1.98	%
Ratio of total expenses to average net assets		2.07	%(g)		2.04	%		2.04	%		2.05	%		2.09	%		2.06	%
Ratio of net investment income (loss) to average net assets		(0.05	)%(b)(g)		(0.53	)%(c)		(0.88	)%		(0.78	)%		(0.57	)%		(0.72	)%(d)
Portfolio turnover rate(h)		69	%		155	%		165	%		141	%		140	%		111	%

(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 $0.07 per share and 0.29% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	23.09		$	36.92		$	23.98		$	26.74		$	26.77		$	25.73
Net investment income(a)		0.12	(b)		0.15	(c)		0.09			0.08			0.14			0.12	(d)
Net realized and unrealized gain (loss)		(0.38	)		(5.38	)		13.00			(2.69	)		1.29			0.99
Total from investment operations		(0.26	)		(5.23	)		13.09			(2.61	)		1.43			1.11
Distributions to shareholders from net investment income		(0.19	)		—			(0.15	)		(0.15	)		(0.06	)		(0.07	)
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.19	)		(8.60	)		(0.15	)		(0.15	)		(1.46	)		(0.07	)
Net asset value, end of period	$	22.64		$	23.09		$	36.92		$	23.98		$	26.74		$	26.77
Total Return(e)		(1.09	)%		(17.31	)%		54.73	%		(9.82	)%		6.03	%		4.32	%
Net assets, end of period (in 000’s)	$	120,239		$	144,712		$	226,678		$	216,274		$	290,652		$	212,229
Ratio of net expenses to average net assets		0.84	%(f)		0.84	%		0.84	%		0.84	%		0.85	%		0.84	%
Ratio of total expenses to average net assets		0.95	%(f)		0.92	%		0.93	%		0.92	%		0.96	%		0.93	%
Ratio of net investment income to average net assets		1.06	%(b)(f)		0.60	%(c)		0.28	%		0.34	%		0.54	%		0.43	%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.13		$	34.68		$	22.55		$	25.17		$	25.34		$	24.41
Net investment income (loss)(a)		0.06	(b)		0.02	(c)		(0.08	)		(0.03	)		0.01			(0.02	)(d)
Net realized and unrealized gain (loss)		(0.34	)		(4.97	)		12.25			(2.56	)		1.22			0.95
Total from investment operations		(0.28	)		(4.95	)		12.17			(2.59	)		1.23			0.93
Distributions to shareholders from net investment income		(0.08	)		—			(0.04	)		(0.03	)		—			—
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.08	)		(8.60	)		(0.04	)		(0.03	)		(1.40	)		—
Net asset value, end of period	$	20.77		$	21.13		$	34.68		$	22.55		$	25.17		$	25.34
Total Return(e)		(1.34	)%		(17.73	)%		54.06	%		(10.29	)%		5.52	%		3.81	%
Net assets, end of period (in 000’s)	$	2,034		$	2,357		$	3,701		$	2,867		$	3,141		$	2,031
Ratio of net expenses to average net assets		1.34	%(f)		1.34	%		1.34	%		1.34	%		1.35	%		1.34	%
Ratio of total expenses to average net assets		1.45	%(f)		1.42	%		1.43	%		1.42	%		1.45	%		1.42	%
Ratio of net investment income (loss) to average net assets		0.56	%(b)(f)		0.10	%(c)		(0.26	)%		(0.15	)%		0.04	%		(0.06	)%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.62		$	35.18		$	22.85		$	25.50		$	25.62		$	24.61
Net investment income(a)		0.10	(b)		0.12	(c)		0.05			0.05			0.09			0.08	(d)
Net realized and unrealized gain (loss)		(0.35	)		(5.08	)		12.40			(2.58	)		1.24			0.95
Total from investment operations		(0.25	)		(4.96	)		12.45			(2.53	)		1.33			1.03
Distributions to shareholders from net investment income		(0.16	)		—			(0.12	)		(0.12	)		(0.05	)		(0.02	)
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.16	)		(8.60	)		(0.12	)		(0.12	)		(1.45	)		(0.02	)
Net asset value, end of period	$	21.21		$	21.62		$	35.18		$	22.85		$	25.50		$	25.62
Total Return(e)		(1.12	)%		(17.42	)%		54.61	%		(9.95	)%		5.90	%		4.19	%
Net assets, end of period (in 000’s)	$	32,384		$	30,746		$	66,963		$	64,724		$	74,881		$	44,984
Ratio of net expenses to average net assets		0.96	%(f)		0.96	%		0.96	%		0.97	%		0.99	%		0.98	%
Ratio of total expenses to average net assets		1.06	%(f)		1.04	%		1.05	%		1.05	%		1.09	%		1.06	%
Ratio of net investment income to average net assets		0.94	%(b)(f)		0.50	%(c)		0.15	%		0.22	%		0.40	%		0.31	%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	23.10		$	36.93		$	23.98		$	26.74		$	26.77		$	25.73
Net investment income(a)		0.12	(b)		0.15	(c)		0.11			0.09			0.16			0.13	(d)
Net realized and unrealized gain (loss)		(0.37	)		(5.38	)		13.00			(2.70	)		1.27			0.99
Total from investment operations		(0.25	)		(5.23	)		13.11			(2.61	)		1.43			1.12
Distributions to shareholders from net investment income		(0.20	)		—			(0.16	)		(0.15	)		(0.06	)		(0.08	)
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.20	)		(8.60	)		(0.16	)		(0.15	)		(1.46	)		(0.08	)
Net asset value, end of period	$	22.65		$	23.10		$	36.93		$	23.98		$	26.74		$	26.77
Total Return(e)		(1.07	)%		(17.30	)%		54.82	%		(9.81	)%		6.05	%		4.35	%
Net assets, end of period (in 000’s)	$	75,838		$	83,140		$	100,558		$	119,496		$	153,129		$	173,112
Ratio of net expenses to average net assets		0.83	%(f)		0.83	%		0.83	%		0.83	%		0.84	%		0.83	%
Ratio of total expenses to average net assets		0.94	%(f)		0.91	%		0.91	%		0.91	%		0.94	%		0.89	%
Ratio of net investment income to average net assets		1.06	%(b)(f)		0.59	%(c)		0.34	%		0.36	%		0.63	%		0.45	%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	20.86		$	34.39		$	22.36		$	24.96		$	25.18		$	24.29
Net investment income (loss)(a)		0.04	(b)		(0.01	)(c)		(0.11	)		(0.06	)		(0.02	)		(0.06	)(d)
Net realized and unrealized gain (loss)		(0.33	)		(4.92	)		12.15			(2.54	)		1.20			0.95
Total from investment operations		(0.29	)		(4.93	)		12.04			(2.60	)		1.18			0.89
Distributions to shareholders from net investment income		(0.05	)		—			(0.01	)		—			—			—
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.05	)		(8.60	)		(0.01	)		—			(1.40	)		—
Net asset value, end of period	$	20.52		$	20.86		$	34.39		$	22.36		$	24.96		$	25.18
Total Return(e)		(1.38	)%		(17.83	)%		53.83	%		(10.39	)%		5.35	%		3.66	%
Net assets, end of period (in 000’s)	$	11,361		$	12,023		$	15,767		$	13,817		$	16,562		$	14,625
Ratio of net expenses to average net assets		1.46	%(f)		1.46	%		1.46	%		1.47	%		1.48	%		1.48	%
Ratio of total expenses to average net assets		1.57	%(f)		1.54	%		1.54	%		1.55	%		1.59	%		1.56	%
Ratio of net investment income (loss) to average net assets		0.43	%(b)(f)		0.04	%(c)		(0.36	)%		(0.28	)%		(0.08	)%		(0.22	)%(d)
Portfolio turnover rate(g)		69	%		155	%		165	%		141	%		140	%		111	%

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

(b) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.29% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	23.09		$	36.92		$	23.98		$	26.74		$	26.77		$	27.21
Net investment income(b)		0.12	(c)		0.15	(d)		0.08			0.09			0.13			0.08	(e)
Net realized and unrealized gain (loss)		(0.37	)		(5.38	)		13.02			(2.70	)		1.30			(0.52	)
Total from investment operations		(0.25	)		(5.23	)		13.10			(2.61	)		1.43			(0.44	)
Distributions to shareholders from net investment income		(0.20	)		—			(0.16	)		(0.15	)		(0.06	)		—
Distributions to shareholders from net realized gains		—			(8.60	)		—			—			(1.40	)		—
Total distributions		(0.20	)		(8.60	)		(0.16	)		(0.15	)		(1.46	)		—
Net asset value, end of period	$	22.64		$	23.09		$	36.92		$	23.98		$	26.74		$	26.77
Total Return(f)		(1.07	)%		(17.31	)%		54.78	%		(9.81	)%		6.06	%		(1.62	)%
Net assets, end of period (in 000’s)	$	110,943		$	140,356		$	144,239		$	87,170		$	106,039		$	66,823
Ratio of net expenses to average net assets		0.83	%(g)		0.83	%		0.83	%		0.83	%		0.84	%		0.83	%(g)
Ratio of total expenses to average net assets		0.94	%(g)		0.91	%		0.92	%		0.91	%		0.94	%		0.92	%(g)
Ratio of net investment income to average net assets		1.08	%(c)(g)		0.58	%(d)		0.23	%		0.36	%		0.53	%		0.48	%(e)(g)
Portfolio turnover rate(h)		69	%		155	%		165	%		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 $0.07 per share and 0.29% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.31% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% 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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	11.94		$	47.18		$	34.29		$	35.08		$	37.25		$	36.71
Net investment loss(a)		(0.02	)(b)		(0.05	)(c)		(0.28	)		(0.17	)		(0.12	)		(0.13	)(d)
Net realized and unrealized gain (loss)		0.05			(6.01	)		14.62			(0.13	)		1.76			2.20
Total from investment operations		0.03			(6.06	)		14.34			(0.30	)		1.64			2.07
Distributions to shareholders from net investment income		(0.02	)		—			(0.04	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)
Total distributions		(0.02	)		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)
Net asset value, end of period	$	11.95		$	11.94		$	47.18		$	34.29		$	35.08		$	37.25
Total Return(f)		0.29	%		(25.73	)%		42.51	%		(0.95	)%		5.65	%		5.87	%
Net assets, end of period (in 000’s)	$	30,390		$	32,695		$	59,166		$	50,865		$	84,557		$	88,316
Ratio of net expenses to average net assets		1.21	%(g)		1.21	%		1.21	%		1.22	%		1.24	%		1.22	%
Ratio of total expenses to average net assets		1.49	%(g)		1.40	%		1.33	%		1.30	%		1.32	%		1.32	%
Ratio of net investment loss to average net assets		(0.28	)%(b)(g)		(0.37	)%(c)		(0.64	)%		(0.51	)%		(0.36	)%		(0.35	)%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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. 79

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data*
Net asset value, beginning of period	$	19.39		$	306.54		$	227.34		$	235.44		$	260.82		$	262.08
Net investment loss(a)		(0.10	)(b)		(0.24	)(c)		(4.05	)		(2.79	)		(2.52	)		(2.97	)(d)
Net realized and unrealized gain (loss)		0.09			(24.29	)		96.30			(0.09	)		11.43			15.48
Total from investment operations		(0.01	)		(24.53	)		92.25			(3.69	)		8.91			12.51
Distributions to shareholders from net investment income		—			—			(0.36	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(262.62	)		(12.69	)		(4.41	)		(34.29	)		(13.77	)
Total distributions		—			(262.62	)		(13.05	)		(4.41	)		(34.29	)		(13.77	)
Net asset value, end of period	$	19.38		$	19.39		$	306.54		$	227.34		$	235.44		$	260.82
Total Return(f)		(0.05	)%		(26.49	)%		41.47	%		(1.70	)%		4.92	%		5.03	%
Net assets, end of period (in 000’s)	$	3,238		$	4,687		$	7,866		$	6,439		$	8,303		$	8,179
Ratio of net expenses to average net assets		1.96	%(g)		1.96	%		1.96	%		1.97	%		1.99	%		1.97	%
Ratio of total expenses to average net assets		2.25	%(g)		2.14	%		2.08	%		2.05	%		2.07	%		2.07	%
Ratio of net investment loss to average net assets		(0.99	)%(b)(g)		(1.10	)%(c)		(1.39	)%		(1.26	)%		(1.11	)%		(1.09	)%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

 * On June 10, 2022, the Fund’s Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	19.51		$	57.27		$	41.22		$	41.92		$	43.56		$	42.53
Net investment income (loss)(a)		0.01	(b)		0.01	(c)		(0.13	)		(0.05	)		0.01			0.02	(d)
Net realized and unrealized gain (loss)		0.08			(8.59	)		17.63			(0.16	)		2.16			2.54
Total from investment operations		0.09			(8.58	)		17.50			(0.21	)		2.17			2.56
Distributions to shareholders from net investment income		(0.07	)		—			(0.04	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)
Total distributions		(0.07	)		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)
Net asset value, end of period	$	19.53		$	19.51		$	57.27		$	41.22		$	41.92		$	43.56
Total Return(f)		0.49	%		(25.48	)%		43.04	%		(0.57	)%		6.08	%		6.26	%
Net assets, end of period (in 000’s)	$	38,368		$	43,621		$	163,028		$	200,116		$	349,348		$	307,032
Ratio of net expenses to average net assets		0.84	%(g)		0.84	%		0.84	%		0.84	%		0.85	%		0.84	%
Ratio of total expenses to average net assets		1.12	%(g)		1.01	%		0.96	%		0.92	%		0.93	%		0.93	%
Ratio of net investment income (loss) to average net assets		0.10	%(b)(g)		0.04	%(c)		(0.25	)%		(0.13	)%		0.02	%		0.03	%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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. 81

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	13.29		$	48.95		$	35.44		$	36.16		$	38.18		$	37.50
Net investment income (loss)(a)		—	(b)(e)		(0.02	)(c)		(0.15	)		(0.09	)		(0.04	)		(0.04	)(d)
Net realized and unrealized gain (loss)		0.06			(6.46	)		15.11			(0.14	)		1.83			2.25
Total from investment operations		0.06			(6.48	)		14.96			(0.23	)		1.79			2.21
Distributions to shareholders from net investment income		(0.05	)		—			(0.04	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)
Total distributions		(0.05	)		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)
Net asset value, end of period	$	13.30		$	13.29		$	48.95		$	35.44		$	36.16		$	38.18
Total Return(f)		0.46	%		(25.59	)%		42.89	%		(0.72	)%		5.93	%		6.13	%
Net assets, end of period (in 000’s)	$	16,702		$	20,880		$	66,827		$	442,743		$	378,807		$	308,366
Ratio of net expenses to average net assets		0.96	%(g)		0.96	%		0.96	%		0.97	%		0.99	%		0.97	%
Ratio of total expenses to average net assets		1.25	%(g)		1.14	%		1.06	%		1.05	%		1.07	%		1.07	%
Ratio of net investment income (loss) to average net assets		(0.02	)%(b)(g)		(0.10	)%(c)		(0.32	)%		(0.26	)%		(0.12	)%		(0.10	)%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	19.54		$	57.31		$	41.24		$	41.95		$	43.58		$	42.54
Net investment income (loss)(a)		0.01	(b)		0.02	(c)		(0.10	)		(0.05	)		—			0.02	(d)
Net realized and unrealized gain (loss)		0.09			(8.61	)		17.62			(0.17	)		2.18			2.55
Total from investment operations		0.10			(8.59	)		17.52			(0.22	)		2.18			2.57
Distributions to shareholders from net investment income		(0.07	)		—			(0.04	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)
Total distributions		(0.07	)		(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)
Net asset value, end of period	$	19.57		$	19.54		$	57.31		$	41.24		$	41.95		$	43.58
Total Return(f)		0.48	%		(25.45	)%		43.07	%		(0.57	)%		6.08	%		6.25	%
Net assets, end of period (in 000’s)	$	7,493		$	17,370		$	96,907		$	263,023		$	307,820		$	118,729
Ratio of net expenses to average net assets		0.83	%(g)		0.83	%		0.83	%		0.83	%		0.84	%		0.83	%
Ratio of total expenses to average net assets		1.14	%(g)		0.99	%		0.93	%		0.91	%		0.93	%		0.92	%
Ratio of net investment income (loss) to average net assets		0.14	%(b)(g)		0.07	%(c)		(0.19	)%		(0.12	)%		(0.01	)%		0.04	%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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. 83

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.16		$	44.83		$	32.71		$	33.58		$	35.90		$	35.53
Net investment loss(a)		—	(b)(e)		(0.08	)(c)		(0.36	)		(0.25	)		(0.20	)		(0.22	)(d)
Net realized and unrealized gain (loss)		0.01			(5.41	)		13.93			(0.13	)		1.69			2.12
Total from investment operations		0.01			(5.49	)		13.57			(0.38	)		1.49			1.90
Distributions to shareholders from net investment income		—			—			(0.04	)		—	(e)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		(1.53	)
Total distributions		—			(29.18	)		(1.45	)		(0.49	)		(3.81	)		(1.53	)
Net asset value, end of period	$	10.17		$	10.16		$	44.83		$	32.71		$	33.58		$	35.90
Total Return(f)		0.10	%		(25.92	)%		42.20	%		(1.23	)%		5.42	%		5.58	%
Net assets, end of period (in 000’s)	$	3,349		$	3,863		$	6,605		$	8,168		$	19,707		$	19,998
Ratio of net expenses to average net assets		1.46	%(g)		1.46	%		1.46	%		1.47	%		1.49	%		1.47	%
Ratio of total expenses to average net assets		1.75	%(g)		1.65	%		1.57	%		1.55	%		1.57	%		1.57	%
Ratio of net investment loss to average net assets		(0.52	)%(b)(g)		(0.64	)%(c)		(0.86	)%		(0.77	)%		(0.61	)%		(0.59	)%(d)
Portfolio turnover rate(h)		68	%		155	%		170	%		144	%		140	%		127	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(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.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Growth Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	19.54		$	57.31		$	41.24		$	41.94		$	43.58		$	44.33
Net investment income (loss)(b)		0.01	(c)		—	(d)(e)		(0.13	)		(0.05	)		0.01			0.03	(f)
Net realized and unrealized gain (loss)		0.09			(8.59	)		17.65			(0.16	)		2.16			(0.78	)
Total from investment operations		0.10			(8.59	)		17.52			(0.21	)		2.17			(0.75	)
Distributions to shareholders from net investment income		(0.08	)		—			(0.04	)		—	(d)		—			—
Distributions to shareholders from net realized gains		—			(29.18	)		(1.41	)		(0.49	)		(3.81	)		—
Total distributions		(0.08	)		(29.18	)		(1.45	)		(0.49	)		(3.81	)		—
Net asset value, end of period	$	19.56		$	19.54		$	57.31		$	41.24		$	41.94		$	43.58
Total Return(g)		0.52	%		(25.49	)%		43.07	%		(0.57	)%		6.08	%		(1.69	)%
Net assets, end of period (in 000’s)	$	4,960		$	5,274		$	10,801		$	10,241		$	12,534		$	10,878
Ratio of net expenses to average net assets		0.83	%(h)		0.83	%		0.83	%		0.83	%		0.84	%		0.83	%(h)
Ratio of total expenses to average net assets		1.11	%(h)		1.01	%		0.95	%		0.91	%		0.93	%		0.93	%(h)
Ratio of net investment income (loss) to average net assets		0.11	%(c)(h)		(0.00	)%(e)		(0.25	)%		(0.12	)%		0.02	%		0.12	%(f)(h)
Portfolio turnover rate(i)		68	%		155	%		170	%		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 0.12% of average net assets.

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

(e) Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

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

(g) 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.

(h) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	34.42		$	53.90		$	32.93		$	39.69		$	42.30		$	46.29
Net investment income(a)		0.27	(b)		0.27	(c)		0.24			0.19			0.25			0.20
Net realized and unrealized gain (loss)		(1.76	)		(4.48	)		21.00			(6.70	)		1.17			0.70
Total from investment operations		(1.49	)		(4.21	)		21.24			(6.51	)		1.42			0.90
Distributions to shareholders from net investment income		(0.50	)		(0.31	)		(0.27	)		(0.25	)		(0.19	)		(0.17	)
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.16	)		(15.27	)		(0.27	)		(0.25	)		(4.03	)		(4.89	)
Net asset value, end of period	$	31.77		$	34.42		$	53.90		$	32.93		$	39.69		$	42.30
Total Return(d)		(4.43	)%		(9.67	)%		64.75	%		(16.49	)%		4.40	%		2.08	%
Net assets, end of period (in 000’s)	$	109,711		$	119,953		$	154,971		$	98,493		$	132,886		$	112,219
Ratio of net expenses to average net assets		1.21	%(e)		1.21	%		1.21	%		1.22	%		1.25	%		1.23	%
Ratio of total expenses to average net assets		1.27	%(e)		1.26	%		1.26	%		1.31	%		1.39	%		1.40	%
Ratio of net investment income to average net assets		1.65	%(b)(e)		0.73	%(c)		0.49	%		0.56	%		0.67	%		0.44	%
Portfolio turnover rate(f)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% 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.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	18.74		$	36.61		$	22.48		$	27.24		$	30.35		$	34.65
Net investment income (loss)(a)		0.08	(b)		—	(c)(d)		(0.08	)		(0.04	)		(0.02	)		(0.10	)
Net realized and unrealized gain (loss)		(0.95	)		(2.69	)		14.32			(4.61	)		0.75			0.52
Total from investment operations		(0.87	)		(2.69	)		14.24			(4.65	)		0.73			0.42
Distributions to shareholders from net investment income		(0.38	)		(0.22	)		(0.11	)		(0.11	)		—			—
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.04	)		(15.18	)		(0.11	)		(0.11	)		(3.84	)		(4.72	)
Net asset value, end of period	$	16.83		$	18.74		$	36.61		$	22.48		$	27.24		$	30.35
Total Return(e)		(4.79	)%		(10.33	)%		63.49	%		(17.11	)%		3.67	%		1.31	%
Net assets, end of period (in 000’s)	$	3,409		$	4,536		$	7,118		$	5,313		$	7,961		$	6,903
Ratio of net expenses to average net assets		1.96	%(f)		1.96	%		1.96	%		1.97	%		2.00	%		1.98	%
Ratio of total expenses to average net assets		2.02	%(f)		2.01	%		2.01	%		2.06	%		2.14	%		2.14	%
Ratio of net investment income (loss) to average net assets		0.90	%(b)(f)		(0.02	)%(d)		(0.25	)%		(0.19	)%		(0.07	)%		(0.31	)%
Portfolio turnover rate(g)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

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

(d) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	52.11		$	73.39		$	44.70		$	53.74		$	55.71		$	59.38
Net investment income(a)		0.51	(b)		0.60	(c)		0.56			0.43			0.47			0.48
Net realized and unrealized gain (loss)		(2.70	)		(6.48	)		28.53			(9.07	)		1.73			0.90
Total from investment operations		(2.19	)		(5.88	)		29.09			(8.64	)		2.20			1.38
Distributions to shareholders from net investment income		(0.63	)		(0.44	)		(0.40	)		(0.40	)		(0.33	)		(0.33	)
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.29	)		(15.40	)		(0.40	)		(0.40	)		(4.17	)		(5.05	)
Net asset value, end of period	$	48.63		$	52.11		$	73.39		$	44.70		$	53.74		$	55.71
Total Return(d)		(4.26	)%		(9.32	)%		65.37	%		(16.19	)%		4.81	%		2.47	%
Net assets, end of period (in 000’s)	$	305,800		$	347,239		$	379,380		$	190,491		$	192,820		$	60,516
Ratio of net expenses to average net assets		0.84	%(e)		0.84	%		0.84	%		0.84	%		0.87	%		0.84	%
Ratio of total expenses to average net assets		0.90	%(e)		0.89	%		0.89	%		0.93	%		1.02	%		1.00	%
Ratio of net investment income to average net assets		2.01	%(b)(e)		1.09	%(c)		0.86	%		0.93	%		0.96	%		0.82	%
Portfolio turnover rate(f)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% 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.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	34.20		$	53.64		$	32.77		$	39.53		$	42.18		$	46.17
Net investment income(a)		0.32	(b)		0.37	(c)		0.36			0.25			0.30			0.31
Net realized and unrealized gain (loss)		(1.76	)		(4.46	)		20.88			(6.64	)		1.20			0.69
Total from investment operations		(1.44	)		(4.09	)		21.24			(6.39	)		1.50			1.00
Distributions to shareholders from net investment income		(0.56	)		(0.39	)		(0.37	)		(0.37	)		(0.31	)		(0.27	)
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.22	)		(15.35	)		(0.37	)		(0.37	)		(4.15	)		(4.99	)
Net asset value, end of period	$	31.54		$	34.20		$	53.64		$	32.77		$	39.53		$	42.18
Total Return(d)		(4.28	)%		(9.44	)%		65.17	%		(16.32	)%		4.69	%		2.33	%
Net assets, end of period (in 000’s)	$	177,091		$	336,969		$	363,808		$	273,560		$	59,800		$	18,257
Ratio of net expenses to average net assets		0.96	%(e)		0.96	%		0.96	%		0.97	%		1.01	%		0.98	%
Ratio of total expenses to average net assets		1.02	%(e)		1.01	%		1.01	%		1.06	%		1.15	%		1.17	%
Ratio of net investment income to average net assets		1.94	%(b)(e)		0.99	%(c)		0.75	%		0.77	%		0.83	%		0.70	%
Portfolio turnover rate(f)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% 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. 89

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	52.10		$	73.38		$	44.70		$	53.73		$	55.71		$	59.38
Net investment income(a)		0.51	(b)		0.62	(c)		0.57			0.43			0.45			0.50
Net realized and unrealized gain (loss)		(2.70	)		(6.49	)		28.51			(9.06	)		1.75			0.90
Total from investment operations		(2.19	)		(5.87	)		29.08			(8.63	)		2.20			1.40
Distributions to shareholders from net investment income		(0.63	)		(0.45	)		(0.40	)		(0.40	)		(0.34	)		(0.35	)
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.29	)		(15.41	)		(0.40	)		(0.40	)		(4.18	)		(5.07	)
Net asset value, end of period	$	48.62		$	52.10		$	73.38		$	44.70		$	53.73		$	55.71
Total Return(d)		(4.25	)%		(9.31	)%		65.36	%		(16.17	)%		4.83	%		2.49	%
Net assets, end of period (in 000’s)	$	268,261		$	273,667		$	306,101		$	158,330		$	118,331		$	22,460
Ratio of net expenses to average net assets		0.83	%(e)		0.83	%		0.83	%		0.83	%		0.86	%		0.83	%
Ratio of total expenses to average net assets		0.89	%(e)		0.88	%		0.88	%		0.93	%		1.00	%		1.02	%
Ratio of net investment income to average net assets		2.02	%(b)(e)		1.11	%(c)		0.86	%		0.94	%		0.91	%		0.85	%
Portfolio turnover rate(f)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% 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.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	33.20		$	52.56		$	32.21		$	38.96		$	41.63		$	45.57
Net investment income(a)		0.22	(b)		0.17	(c)		0.11			0.10			0.08			0.09
Net realized and unrealized gain (loss)		(1.71	)		(4.33	)		20.52			(6.56	)		1.22			0.69
Total from investment operations		(1.49	)		(4.16	)		20.63			(6.46	)		1.30			0.78
Distributions to shareholders from net investment income		(0.41	)		(0.24	)		(0.28	)		(0.29	)		(0.13	)		—
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		(4.72	)
Total distributions		(1.07	)		(15.20	)		(0.28	)		(0.29	)		(3.97	)		(4.72	)
Net asset value, end of period	$	30.64		$	33.20		$	52.56		$	32.21		$	38.96		$	41.63
Total Return(d)		(4.57	)%		(9.88	)%		64.31	%		(16.70	)%		4.14	%		1.83	%
Net assets, end of period (in 000’s)	$	17,822		$	18,476		$	22,584		$	14,038		$	8,514		$	2,320
Ratio of net expenses to average net assets		1.46	%(e)		1.46	%		1.46	%		1.47	%		1.53	%		1.48	%
Ratio of total expenses to average net assets		1.52	%(e)		1.51	%		1.51	%		1.56	%		1.69	%		1.66	%
Ratio of net investment income to average net assets		1.40	%(b)(e)		0.47	%(c)		0.24	%		0.30	%		0.23	%		0.20	%
Portfolio turnover rate(f)		63	%		173	%		187	%		153	%		142	%		130	%

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

(b) Reflects income recognized from special dividends which amounted to $0.16 per share and 0.38% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% 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. 91

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	52.09		$	73.38		$	44.69		$	53.72		$	55.70		$	57.05
Net investment income(b)		0.51	(c)		0.61	(d)		0.57			0.44			0.54			0.30
Net realized and unrealized gain (loss)		(2.69	)		(6.49	)		28.52			(9.07	)		1.66			(1.65	)
Total from investment operations		(2.18	)		(5.88	)		29.09			(8.63	)		2.20			(1.35	)
Distributions to shareholders from net investment income		(0.64	)		(0.45	)		(0.40	)		(0.40	)		(0.34	)		—
Distributions to shareholders from net realized gains		(0.66	)		(14.96	)		—			—			(3.84	)		—
Total distributions		(1.30	)		(15.41	)		(0.40	)		(0.40	)		(4.18	)		—
Net asset value, end of period	$	48.61		$	52.09		$	73.38		$	44.69		$	53.72		$	55.70
Total Return(e)		(4.25	)%		(9.32	)%		65.36	%		(16.18	)%		4.82	%		(2.37	)%
Net assets, end of period (in 000’s)	$	46,178		$	42,933		$	45,484		$	28,504		$	47,977		$	42,165
Ratio of net expenses to average net assets		0.83	%(f)		0.83	%		0.83	%		0.83	%		0.85	%		0.83	%(f)
Ratio of total expenses to average net assets		0.89	%(f)		0.88	%		0.88	%		0.92	%		0.99	%		1.06	%(f)
Ratio of net investment income to average net assets		2.01	%(c)(f)		1.10	%(d)		0.88	%		0.94	%		1.07	%		0.93	%(f)
Portfolio turnover rate(g)		63	%		173	%		187	%		153	%		142	%		130	%

(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 $0.16 per share and 0.38% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.15 per share and 0.33% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	48.39		$	72.68		$	53.72		$	49.48		$	47.72		$	49.73
Net investment income(a)		0.14			0.33	(b)		0.20			0.28			0.44			0.36
Net realized and unrealized gain (loss)		1.87			(8.80	)		21.27			4.67			3.14			2.46
Total from investment operations		2.01			(8.47	)		21.47			4.95			3.58			2.82
Distributions to shareholders from net investment income		(0.34	)		(0.25	)		(0.28	)		(0.71	)		(0.17	)		(0.45	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.34	)		(15.82	)		(2.51	)		(0.71	)		(1.82	)		(4.83	)
Net asset value, end of period	$	50.06		$	48.39		$	72.68		$	53.72		$	49.48		$	47.72
Total Return(c)		4.20	%		(14.87	)%		41.26	%		10.04	%		7.98	%		5.93	%
Net assets, end of period (in 000’s)	$	286,308		$	288,769		$	380,721		$	294,540		$	299,440		$	301,934
Ratio of net expenses to average net assets		0.93	%(d)		0.93	%		0.93	%		0.94	%		0.94	%		0.95	%
Ratio of total expenses to average net assets		0.98	%(d)		0.97	%		0.97	%		1.00	%		1.01	%		1.00	%
Ratio of net investment income to average net assets		0.57	%(d)		0.62	%(b)		0.31	%		0.55	%		0.93	%		0.73	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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. 93

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	40.94		$	64.06		$	47.71		$	44.04		$	42.80		$	45.08
Net investment income (loss)(a)		(0.04	)		(0.06	)(b)		(0.25	)		(0.09	)		0.08			0.01
Net realized and unrealized gain (loss)		1.59			(7.49	)		18.83			4.16			2.81			2.22
Total from investment operations		1.55			(7.55	)		18.58			4.07			2.89			2.23
Distributions to shareholders from net investment income		(0.03	)		—			—			(0.40	)		—			(0.13	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.03	)		(15.57	)		(2.23	)		(0.40	)		(1.65	)		(4.51	)
Net asset value, end of period	$	42.46		$	40.94		$	64.06		$	47.71		$	44.04		$	42.80
Total Return(c)		3.80	%		(15.50	)%		40.22	%		9.25	%		7.20	%		5.15	%
Net assets, end of period (in 000’s)	$	13,320		$	14,311		$	19,252		$	16,275		$	15,854		$	14,277
Ratio of net expenses to average net assets		1.68	%(d)		1.68	%		1.68	%		1.69	%		1.69	%		1.70	%
Ratio of total expenses to average net assets		1.73	%(d)		1.72	%		1.72	%		1.75	%		1.76	%		1.75	%
Ratio of net investment income (loss) to average net assets		(0.17	)%(d)		(0.13	)%(c)		(0.44	)%		(0.20	)%		0.18	%		0.01	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	50.70		$	75.37		$	55.60		$	51.16		$	49.30		$	51.21
Net investment income(a)		0.24			0.55	(b)		0.45			0.50			0.72			0.54
Net realized and unrealized gain (loss)		1.96			(9.20	)		22.02			4.82			3.14			2.56
Total from investment operations		2.20			(8.65	)		22.47			5.32			3.86			3.10
Distributions to shareholders from net investment income		(0.54	)		(0.45	)		(0.47	)		(0.88	)		(0.35	)		(0.63	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.54	)		(16.02	)		(2.70	)		(0.88	)		(2.00	)		(5.01	)
Net asset value, end of period	$	52.36		$	50.70		$	75.37		$	55.60		$	51.16		$	49.30
Total Return(c)		4.40	%		(14.55	)%		41.79	%		10.47	%		8.39	%		6.34	%
Net assets, end of period (in 000’s)	$	253,619		$	253,657		$	325,457		$	255,177		$	295,408		$	842,673
Ratio of net expenses to average net assets		0.56	%(d)		0.56	%		0.56	%		0.56	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.61	%(d)		0.60	%		0.60	%		0.62	%		0.60	%		0.62	%
Ratio of net investment income to average net assets		0.94	%(d)		0.99	%(b)		0.68	%		0.94	%		1.40	%		1.07	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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. 95

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	48.01		$	72.21		$	53.38		$	49.19		$	47.41		$	49.47
Net investment income(a)		0.11			0.26	(b)		0.11			0.22			0.38			0.30
Net realized and unrealized gain (loss)		1.85			(8.74	)		21.14			4.64			3.13			2.45
Total from investment operations		1.96			(8.48	)		21.25			4.86			3.51			2.75
Distributions to shareholders from net investment income		(0.27	)		(0.15	)		(0.19	)		(0.67	)		(0.08	)		(0.43	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.27	)		(15.72	)		(2.42	)		(0.67	)		(1.73	)		(4.81	)
Net asset value, end of period	$	49.70		$	48.01		$	72.21		$	53.38		$	49.19		$	47.41
Total Return(c)		4.13	%		(14.98	)%		41.08	%		9.93	%		7.86	%		5.81	%
Net assets, end of period (in 000’s)	$	4,920		$	4,781		$	6,302		$	5,761		$	6,700		$	5,925
Ratio of net expenses to average net assets		1.06	%(d)		1.06	%		1.06	%		1.06	%		1.05	%		1.06	%
Ratio of total expenses to average net assets		1.11	%(d)		1.10	%		1.10	%		1.12	%		1.13	%		1.11	%
Ratio of net investment income to average net assets		0.44	%(d)		0.49	%(b)		0.17	%		0.44	%		0.81	%		0.61	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	47.56		$	71.70		$	53.02		$	48.84		$	47.17		$	49.22
Net investment income(a)		0.20			0.46	(b)		0.36			0.42			0.54			0.46
Net realized and unrealized gain (loss)		1.83			(8.63	)		20.96			4.59			3.09			2.45
Total from investment operations		2.03			(8.17	)		21.32			5.01			3.63			2.91
Distributions to shareholders from net investment income		(0.49	)		(0.40	)		(0.41	)		(0.83	)		(0.31	)		(0.58	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.49	)		(15.97	)		(2.64	)		(0.83	)		(1.96	)		(4.96	)
Net asset value, end of period	$	49.10		$	47.56		$	71.70		$	53.02		$	48.84		$	47.17
Total Return(c)		4.33	%		(14.65	)%		41.61	%		10.33	%		8.25	%		6.20	%
Net assets, end of period (in 000’s)	$	90,932		$	87,159		$	127,076		$	88,924		$	116,633		$	103,230
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.68	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets		0.73	%(d)		0.72	%		0.72	%		0.75	%		0.76	%		0.76	%
Ratio of net investment income to average net assets		0.83	%(d)		0.87	%(b)		0.56	%		0.84	%		1.17	%		0.95	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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. 97

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	50.64		$	75.30		$	55.56		$	51.13		$	49.27		$	51.19
Net investment income(a)		0.23			0.52	(b)		0.46			0.50			0.76			0.42
Net realized and unrealized gain (loss)		1.96			(9.15	)		21.99			4.83			3.10			2.68
Total from investment operations		2.19			(8.63	)		22.45			5.33			3.86			3.10
Distributions to shareholders from net investment income		(0.54	)		(0.46	)		(0.48	)		(0.90	)		(0.35	)		(0.64	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		(0.54	)		(16.03	)		(2.71	)		(0.90	)		(2.00	)		(5.02	)
Net asset value, end of period	$	52.29		$	50.64		$	75.30		$	55.56		$	51.13		$	49.27
Total Return(c)		4.40	%		(14.54	)%		41.78	%		10.49	%		8.38	%		6.37	%
Net assets, end of period (in 000’s)	$	23,558		$	17,987		$	14,142		$	8,871		$	12,068		$	31,916
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.60	%(d)		0.59	%		0.60	%		0.61	%		0.59	%		0.63	%
Ratio of net investment income to average net assets		0.93	%(d)		0.95	%(b)		0.69	%		0.95	%		1.49	%		0.82	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	47.07		$	71.12		$	52.63		$	48.47		$	46.74		$	48.89
Net investment income(a)		0.08			0.19	(b)		0.07			0.16			0.32			0.23
Net realized and unrealized gain (loss)		1.84			(8.58	)		20.80			4.57			3.08			2.42
Total from investment operations		1.92			(8.39	)		20.87			4.73			3.40			2.65
Distributions to shareholders from net investment income		—			(0.09	)		(0.15	)		(0.57	)		(0.02	)		(0.42	)
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		(4.38	)
Total distributions		—			(15.66	)		(2.38	)		(0.57	)		(1.67	)		(4.80	)
Net asset value, end of period	$	48.99		$	47.07		$	71.12		$	52.63		$	48.47		$	46.74
Total Return(c)		4.08	%		(15.08	)%		40.91	%		9.79	%		7.72	%		5.65	%
Net assets, end of period (in 000’s)	$	7,701		$	17,488		$	22,030		$	41,005		$	44,555		$	49,993
Ratio of net expenses to average net assets		1.18	%(d)		1.18	%		1.18	%		1.19	%		1.19	%		1.20	%
Ratio of total expenses to average net assets		1.23	%(d)		1.22	%		1.22	%		1.25	%		1.26	%		1.25	%
Ratio of net investment income to average net assets		0.34	%(d)		0.37	%(b)		0.11	%		0.31	%		0.69	%		0.48	%
Portfolio turnover rate(e)		98	%		205	%		214	%		213	%		199	%		168	%

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

(b) Reflects income recognized from special dividends which amounted to $0.13 per share and 0.23% 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. 99

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	50.65		$	75.31		$	55.56		$	51.14		$	49.28		$	49.09
Net investment income(b)		0.24			0.55	(c)		0.46			0.50			0.65			0.26
Net realized and unrealized gain (loss)		1.95			(9.18	)		22.00			4.83			3.21			(0.07	)
Total from investment operations		2.19			(8.63	)		22.46			5.33			3.86			0.19
Distributions to shareholders from net investment income		(0.54	)		(0.46	)		(0.48	)		(0.91	)		(0.35	)		—
Distributions to shareholders from net realized gains		—			(15.57	)		(2.23	)		—			(1.65	)		—
Total distributions		(0.54	)		(16.03	)		(2.71	)		(0.91	)		(2.00	)		—
Net asset value, end of period	$	52.30		$	50.65		$	75.31		$	55.56		$	51.14		$	49.28
Total Return(d)		4.39	%		(14.54	)%		41.80	%		10.49	%		8.40	%		0.39	%
Net assets, end of period (in 000’s)	$	244,418		$	289,752		$	327,501		$	245,632		$	225,899		$	203,525
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.54	%		0.54	%(e)
Ratio of total expenses to average net assets		0.60	%(e)		0.59	%		0.59	%		0.61	%		0.62	%		0.62	%(e)
Ratio of net investment income to average net assets		0.96	%(e)		1.00	%(c)		0.68	%		0.94	%		1.33	%		0.93	%(e)
Portfolio turnover rate(f)		98	%		205	%		214	%		213	%		199	%		168	%

(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 $0.13 per share and 0.23% 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.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2023 (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. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, 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. 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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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

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Notes to Financial Statements (continued)

April 30, 2023 (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 and Shareholder Administration fees.

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Large Cap Value Insights	Quarterly	Annually
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights	Annually	Annually

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 the Valuation Procedures 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 Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 either due to broker/receivable for collateral on certain derivative 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.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. 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, 2023:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	15,747,428	$	—	$	—
Europe		3,032,328		—		—
North America		871,751,861		—		—
Total	$	890,531,617	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	27,832	$	—	$	—
Total	$	27,832	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,640,451		$	—	$	—
Europe		1,854,500			—		—
North America		327,823,291			—		—
Securities Lending Reinvestment Vehicle		684,000			—		—
Total	$	334,002,242		$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,567		$	—	$	—
Total	$	1,567		$	—	$	—
SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,831,826		$	—	$	—
Asia		2,368,032			—		—
Europe		11,019,717			—		—
North America		364,982,788			—		—
South America		778,599			—		—
Securities Lending Reinvestment Vehicle		1,428,317			—		—
Total	$	383,409,279		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(584	)	$	—	$	—
Total	$	(584	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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Notes to Financial Statements (continued)

April 30, 2023 (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)
Africa	$	916,181		$	—	$	—
Asia		1,087,778			—		—
Europe		1,944,549			—		—
North America		99,798,200			—		—
South America		151,869			—		—
Securities Lending Reinvestment Vehicle		436,572			—		—
Total	$	104,335,149		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	7,036,705		$	—	$	—
Asia		335,527			—		—
Europe		33,624,067			—		—
North America		868,805,813			—		—
South America		1,593,395			—		—
Investment Company		2,591,918			—		—
Securities Lending Reinvestment Vehicle		9,022,077			—		—
Total	$	923,009,502		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(122,800	)	$	—	$	—
Total	$	(122,800	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	14,360,592	$	—	$	—
Europe		5,573,791		—		—
North America		893,306,784		—		—
Total	$	913,241,167	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	58,695	$	—	$	—
Total	$	58,695	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets (Liabilities)(a)
Equity	Large Cap Growth Insights		Variation Margin on Futures Contracts	$	27,832
Equity	Large Cap Value Insights		Variation Margin on Futures Contracts		1,567
Equity	Small Cap Equity Insights		Variation Margin on Futures Contracts		(584	)
Equity	Small Cap Value Insights		Variation Margin on Futures Contracts		(122,800	)
Equity	U.S. Equity Insights		Variation Margin on Futures Contracts		58,695

(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, 2023 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, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts		Net Change in Unrealized Gain (Loss) on Futures Contracts			Average Number of Contracts(a)
Equity	Large Cap Growth Insights	$	912,387	$	27,832			31
Equity	Large Cap Value Insights		48,271		1,567			4
Equity	Small Cap Equity Insights		364,570		(155,676	)		8
Equity	Small Cap Growth Insights		89,905		(78,893	)		1
Equity	Small Cap Value Insights		961,150		(1,108,780	)		155
Equity	U.S. Equity Insights		631,482		50,474			11

(a) Average number of contracts is based on the month end balances for the six months ended April 30, 2023.

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, 2023, 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	%		0.52	%		0.52	%
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 Underlying 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 Funds’ investments of cash collateral received in connection with securities lending transactions

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

in the Underlying Money Market Fund. For the six months ended April 30, 2023, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	663
Large Cap Value Insights		4
Small Cap Equity Insights		231
Small Cap Growth Insights		3
Small Cap Value Insights		1,204
U.S. Equity Insights		868

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 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.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2023, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	4,024	$	—
Large Cap Value Insights		1,144		519
Small Cap Equity Insights		848		415
Small Cap Growth Insights		419		32
Small Cap Value Insights		1,081		—
U.S. Equity Insights		2,277		708

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.

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 are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2024, 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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2023, 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	$	663	$	213,468	$	214,131
Large Cap Value Insights		4		180,202		180,206
Small Cap Equity Insights		231		211,090		211,321
Small Cap Growth Insights		3		164,746		164,749
Small Cap Value Insights		1,204		273,563		274,767
U.S. Equity Insights		868		219,235		220,103

G.  Line of Credit Facility — As of April 30, 2023, the Funds participated in a $1,110,000,000 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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2023, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of April 30, 2023, 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		9	%		—	%
Small Cap Equity Insights		—			7

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

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, 2023:

Fund	Market Value as of October 31, 2022		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2023		Shares as of April 30, 2023		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	—	$	23,667,351	$	(23,667,351	)	$	—		—	$	17,528
Large Cap Value Insights		—		487,324		(487,324	)		—		—		96
Small Cap Equity Insights		4,438,548		15,810,860		(20,249,408	)		—		—		12,391
Small Cap Growth Insights		391,747		402,640		(794,387	)		—		—		278
Small Cap Value Insights		9,790,127		19,117,884		(26,316,094	)		2,591,917		2,591,917		25,527
U.S. Equity Insights		—		20,209,514		(20,209,514	)		—		—		16,971

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, 2023 were as follows:

Fund	Purchase		Sales and Maturities
Large Cap Growth Insights	$	878,899,223	$	1,033,343,038
Large Cap Value Insights		336,321,580		374,123,367
Small Cap Equity Insights		285,844,437		336,792,961
Small Cap Growth Insights		79,126,042		102,481,594
Small Cap Value Insights		643,131,501		791,902,476
U.S. Equity Insights		910,545,117		993,931,147

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.

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7. SECURITIES LENDING (continued)

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, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2023 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, 2023				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2023
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	—	$	187	$	—
Large Cap Value Insights		15		1,250		—
Small Cap Equity Insights		217		30,090		158,342
Small Cap Growth Insights		193		26,137		58,697
Small Cap Value Insights		699		111,408		2,211,302
U.S. Equity Insights		41		569		—

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

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, 2023.

Fund	Beginning value as of October 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2023
Large Cap Growth Insights	$	2,352,200	$	1,483,072	$	(3,835,272	)	$	—
Large Cap Value Insights		3,903,738		2,232,178		(5,451,916	)		684,000
Small Cap Equity Insights		4,780,349		11,288,837		(14,640,869	)		1,428,317
Small Cap Growth Insights		1,362,893		5,626,754		(6,553,075	)		436,572
Small Cap Value Insights		17,292,192		31,918,763		(40,188,878	)		9,022,077
U.S. Equity Insights		2,370,250		3,510,575		(5,880,825	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2022, the Fund’s 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	$	—	$	—	$	(35,717,693	)	$	(28,957,299	)	$	—	$	(20,208,924	)
Timing differences (Qualified Late Year Loss Deferral)	$	—	$	—	$	—		$	(403,774	)	$	—	$	—

As of April 30, 2023, 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	$	618,139,110		$	325,815,037		$	386,887,980		$	100,481,705		$	958,412,060		$	784,306,234
Gross unrealized gain		298,907,597			26,846,047			37,466,584			13,149,987			76,900,456			171,054,642
Gross unrealized loss		(26,515,090	)		(18,658,842	)		(40,945,285	)		(9,296,543	)		(112,303,014	)		(42,119,709	)
Net unrealized gain (loss)	$	272,392,507		$	8,187,205		$	(3,478,701	)	$	3,853,444		$	(35,402,558	)	$	128,934,933

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 company investments.

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

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9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.

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

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

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

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

9. OTHER RISKS (continued)

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.

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12. SUMMARY OF SHARE TRANSACTIONS

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		872,343		$	19,281,967			1,715,066		$	51,429,980
Reinvestment of distributions		1,176,826			25,306,363			2,688,364			88,635,361
Shares redeemed		(2,272,349	)		(52,816,638	)		(2,912,198	)		(86,773,982	)
		(223,180	)		(8,228,308	)		1,491,232			53,291,359
Class C Shares
Shares sold		87,314			1,445,694			201,147			4,612,639
Reinvestment of distributions		321,388			5,097,219			635,744			16,453,064
Shares redeemed		(391,921	)		(6,441,957	)		(631,041	)		(14,327,544	)
		16,781			100,956			205,850			6,738,159
Institutional Shares
Shares sold		833,825			19,884,946			3,036,653			100,896,763
Reinvestment of distributions		1,300,027			30,204,086			3,140,645			110,517,603
Shares redeemed		(4,141,376	)		(99,939,206	)		(12,737,817	)		(552,611,668	)
		(2,007,524	)		(49,850,174	)		(6,560,519	)		(341,197,302	)
Service Shares
Shares sold		140,411			3,080,649			156,069			4,471,341
Reinvestment of distributions		67,768			1,403,355			135,426			4,330,914
Shares redeemed		(99,423	)		(2,076,375	)		(227,120	)		(6,519,901	)
		108,756			2,407,629			64,375			2,282,354
Investor Shares
Shares sold		1,735,805			36,311,142			1,569,775			45,145,961
Reinvestment of distributions		966,205			20,289,199			2,620,037			84,626,583
Shares redeemed		(2,440,373	)		(54,756,011	)		(4,257,956	)		(120,576,490	)
		261,637			1,844,330			(68,144	)		9,196,054
Class R6 Shares
Shares sold		1,500,457			36,055,082			4,034,480			121,018,945
Reinvestment of distributions		1,406,649			32,649,484			2,334,785			82,112,342
Shares redeemed		(1,203,346	)		(28,618,698	)		(3,794,198	)		(120,122,703	)
		1,703,760			40,085,868			2,575,067			83,008,584
Class R Shares
Shares sold		179,763			3,737,427			252,827			7,061,500
Reinvestment of distributions		186,173			3,758,829			305,562			9,579,381
Shares redeemed		(170,874	)		(3,541,181	)		(249,146	)		(6,867,287	)
		195,062			3,955,075			309,243			9,773,594
Class P Shares
Shares sold		405,525			9,196,991			1,173,128			34,134,523
Reinvestment of distributions		298,069			6,910,344			674,287			23,693,905
Shares redeemed		(787,282	)		(19,575,515	)		(1,395,581	)		(41,298,673	)
		(83,688	)		(3,468,180	)		451,834			16,529,755
NET DECREASE		(28,396	)	$	(13,152,804	)		(1,531,062	)	$	(160,377,443	)

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		116,718		$	2,473,792			616,396		$	14,114,141
Reinvestment of distributions		66,859			1,446,658			408,872			9,400,741
Shares redeemed		(339,277	)		(7,241,792	)		(734,081	)		(16,740,388	)
		(155,700	)		(3,321,342	)		291,187			6,774,494
Class C Shares
Shares sold		20,655			435,842			75,200			1,637,165
Reinvestment of distributions		9,760			209,713			69,212			1,576,172
Shares redeemed		(55,102	)		(1,142,798	)		(122,042	)		(2,766,985	)
		(24,687	)		(497,243	)		22,370			446,352
Institutional Shares
Shares sold		231,161			4,975,089			1,516,511			35,176,645
Reinvestment of distributions		114,825			2,475,731			694,501			15,924,837
Shares redeemed		(770,261	)		(16,522,678	)		(2,107,686	)		(47,471,739	)
		(424,275	)		(9,071,858	)		103,326			3,629,743
Service Shares
Shares sold		19,725			427,285			41,137			934,595
Reinvestment of distributions		4,321			94,169			46,869			1,085,174
Shares redeemed		(54,664	)		(1,181,704	)		(162,728	)		(3,605,975	)
		(30,618	)		(660,250	)		(74,722	)		(1,586,206	)
Investor Shares
Shares sold		343,380			7,335,706			1,050,235			23,832,878
Reinvestment of distributions		96,949			2,085,419			643,544			14,722,947
Shares redeemed		(903,089	)		(19,474,804	)		(1,587,403	)		(35,430,094	)
		(462,760	)		(10,053,679	)		106,376			3,125,731
Class R6 Shares
Shares sold		117,486			2,520,864			693,363			15,016,623
Reinvestment of distributions		109,793			2,367,371			569,749			13,054,720
Shares redeemed		(511,397	)		(11,195,742	)		(353,238	)		(7,789,181	)
		(284,118	)		(6,307,507	)		909,874			20,282,162
Class R Shares
Shares sold		10,561			222,871			42,527			979,829
Reinvestment of distributions		5,963			128,094			37,757			861,348
Shares redeemed		(38,981	)		(820,971	)		(59,250	)		(1,358,839	)
		(22,457	)		(470,006	)		21,034			482,338
Class P Shares
Shares sold		174,327			3,686,312			886,636			20,079,092
Reinvestment of distributions		64,760			1,395,226			339,598			7,778,306
Shares redeemed		(296,318	)		(6,381,089	)		(719,702	)		(16,088,659	)
		(57,231	)		(1,299,551	)		506,532			11,768,739
NET INCREASE/(DECREASE)		(1,461,846	)	$	(31,681,436	)		1,885,977		$	44,923,353

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		65,860		$	1,428,073			182,338		$	4,353,913
Reinvestment of distributions		7,119			148,002			407,005			10,240,249
Shares redeemed		(201,697	)		(4,323,591	)		(304,087	)		(7,110,480	)
		(128,718	)		(2,747,516	)		285,256			7,483,682
Class C Shares
Shares sold		16,337			275,063			35,002			661,357
Reinvestment of distributions		—			—			109,923			2,166,576
Shares redeemed		(50,391	)		(840,423	)		(96,298	)		(1,755,830	)
		(34,054	)		(565,360	)		48,627			1,072,103
Institutional Shares
Shares sold		296,610			6,870,813			1,413,130			35,973,516
Reinvestment of distributions		47,619			1,049,527			1,821,341			48,593,389
Shares redeemed		(1,302,054	)		(30,007,410	)		(3,106,042	)		(81,062,511	)
		(957,825	)		(22,087,070	)		128,429			3,504,394
Service Shares
Shares sold		3,525			72,993			34,639			729,443
Reinvestment of distributions		408			8,258			35,155			861,999
Shares redeemed		(17,583	)		(375,180	)		(64,926	)		(1,595,231	)
		(13,650	)		(293,929	)		4,868			(3,789	)
Investor Shares
Shares sold		410,508			8,794,928			535,490			12,854,907
Reinvestment of distributions		12,874			265,847			570,066			14,257,356
Shares redeemed		(318,568	)		(6,899,809	)		(1,586,880	)		(40,477,199	)
		104,814			2,160,966			(481,324	)		(13,364,936	)
Class R6 Shares
Shares sold		119,362			2,759,169			885,919			22,899,892
Reinvestment of distributions		32,020			705,714			887,467			23,686,493
Shares redeemed		(402,588	)		(9,391,619	)		(896,707	)		(22,481,759	)
		(251,206	)		(5,926,736	)		876,679			24,104,626
Class R Shares
Shares sold		51,762			1,087,856			112,156			2,582,869
Reinvestment of distributions		1,453			29,095			161,112			3,905,346
Shares redeemed		(75,995	)		(1,581,264	)		(155,362	)		(3,524,667	)
		(22,780	)		(464,313	)		117,906			2,963,548
Class P Shares
Shares sold		1,216,300			27,444,453			5,027,798			115,316,603
Reinvestment of distributions		47,710			1,051,530			1,279,518			34,137,536
Shares redeemed		(2,442,702	)		(55,862,442	)		(4,134,989	)		(97,541,556	)
		(1,178,692	)		(27,366,459	)		2,172,327			51,912,583
NET INCREASE/(DECREASE)		(2,482,111	)	$	(57,290,417	)		3,152,768		$	77,672,211

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		87,744		$	1,043,389			877,579		$	27,274,662
Reinvestment of distributions		5,469			62,405			3,171,796			47,830,685
Shares redeemed		(288,649	)		(3,448,294	)		(2,563,878	)		(39,266,880	)
		(195,436	)		(2,342,500	)		1,485,497			35,838,467
Class C Shares
Shares sold		13,952			264,229			363,364			6,914,183
Reinvestment of distributions		—			—			4,490,243			12,303,265
Shares redeemed		(88,545	)		(1,650,461	)		(2,485,904	)		(7,819,885	)
Shares reduced by reverse share split		—			—			(2,357,001	)		—
		(74,593	)		(1,386,232	)		10,702			11,397,563
Institutional Shares
Shares sold		185,751			3,618,587			1,051,433			24,658,161
Reinvestment of distributions		7,119			132,620			2,934,400			72,098,210
Shares redeemed		(463,904	)		(8,996,025	)		(4,596,505	)		(112,414,031	)
		(271,034	)		(5,244,818	)		(610,672	)		(15,657,660	)
Investor Shares
Shares sold		75,655			1,005,629			303,538			5,111,497
Reinvestment of distributions		5,485			69,606			2,144,431			35,940,663
Shares redeemed		(395,906	)		(5,290,041	)		(2,242,252	)		(38,694,688	)
		(314,766	)		(4,214,806	)		205,717			2,357,472
Class R6 Shares
Shares sold		30,660			605,926			219,762			5,783,179
Reinvestment of distributions		3,246			60,570			1,889,851			46,509,244
Shares redeemed		(539,685	)		(10,805,453	)		(2,911,750	)		(67,070,069	)
		(505,779	)		(10,138,957	)		(802,137	)		(14,777,646	)
Class R Shares
Shares sold		29,751			302,610			102,975			1,279,083
Reinvestment of distributions		—			—			334,627			4,303,299
Shares redeemed		(80,861	)		(820,025	)		(204,616	)		(2,445,242	)
		(51,110	)		(517,415	)		232,986			3,137,140
Class P Shares
Shares sold		31,020			591,761			340,438			6,683,825
Reinvestment of distributions		1,156			21,561			214,331			5,274,692
Shares redeemed		(48,395	)		(933,546	)		(473,383	)		(9,725,297	)
		(16,219	)		(320,224	)		81,386			2,233,220
NET INCREASE/(DECREASE)		(1,428,937	)	$	(24,164,952	)		603,479		$	24,528,556

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		125,633		$	4,165,329			741,676		$	26,976,820
Reinvestment of distributions		113,442			3,729,582			1,110,993			41,255,586
Shares redeemed		(270,815	)		(8,950,786	)		(1,242,764	)		(45,205,678	)
		(31,740	)		(1,055,875	)		609,905			23,026,728
Class C Shares
Shares sold		8,016			142,604			39,790			878,125
Reinvestment of distributions		13,649			240,049			145,934			2,976,487
Shares redeemed		(61,171	)		(1,093,309	)		(138,061	)		(2,768,481	)
		(39,506	)		(710,656	)		47,663			1,086,131
Institutional Shares
Shares sold		896,567			45,557,877			2,487,092			140,827,956
Reinvestment of distributions		162,034			8,111,064			1,395,749			78,161,504
Shares redeemed		(1,434,468	)		(72,817,873	)		(2,387,969	)		(134,309,938	)
		(375,867	)		(19,148,932	)		1,494,872			84,679,522
Investor Shares
Shares sold		799,636			26,428,836			5,980,989			244,700,941
Reinvestment of distributions		251,900			8,237,437			2,401,504			88,614,645
Shares redeemed		(5,287,930	)		(178,832,816	)		(5,312,560	)		(238,137,593	)
		(4,236,394	)		(144,166,543	)		3,069,933			95,177,993
Class R6 Shares
Shares sold		744,614			38,105,847			2,286,871			129,883,436
Reinvestment of distributions		138,526			6,929,670			1,158,040			64,837,855
Shares redeemed		(618,419	)		(31,397,978	)		(2,363,169	)		(136,573,062	)
		264,721			13,637,539			1,081,742			58,148,229
Class R Shares
Shares sold		73,274			2,384,739			162,506			5,848,899
Reinvestment of distributions		18,723			594,851			186,001			6,663,870
Shares redeemed		(66,941	)		(2,145,877	)		(221,628	)		(7,624,666	)
		25,056			833,713			126,879			4,888,103
Class P Shares
Shares sold		368,963			18,496,939			178,113			9,044,783
Reinvestment of distributions		24,491			1,225,555			170,528			9,546,149
Shares redeemed		(267,684	)		(13,585,150	)		(144,345	)		(7,822,651	)
		125,770			6,137,344			204,296			10,768,281
NET INCREASE/(DECREASE)		(4,267,960	)	$	(144,473,410	)		6,635,290		$	277,774,987

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		66,063		$	3,221,619			193,178		$	10,597,907
Reinvestment of distributions		40,749			1,920,916			1,370,090			78,101,475
Shares redeemed		(355,083	)		(17,260,649	)		(834,351	)		(44,698,804	)
		(248,271	)		(12,118,114	)		728,917			44,000,578
Class C Shares
Shares sold		14,678			610,367			54,504			2,634,953
Reinvestment of distributions		283			11,368			98,696			4,769,992
Shares redeemed		(50,878	)		(2,092,223	)		(104,153	)		(4,722,157	)
		(35,917	)		(1,470,488	)		49,047			2,682,788
Institutional Shares
Shares sold		403,537			20,558,795			806,576			45,492,765
Reinvestment of distributions		54,069			2,662,353			1,146,235			68,455,553
Shares redeemed		(616,642	)		(31,317,886	)		(1,267,861	)		(71,973,665	)
		(159,036	)		(8,096,738	)		684,950			41,974,653
Service Shares
Shares sold		2,835			136,871			12,101			665,028
Reinvestment of distributions		545			25,514			22,830			1,290,452
Shares redeemed		(3,972	)		(191,872	)		(22,622	)		(1,213,889	)
		(592	)		(29,487	)		12,309			741,591
Investor Shares
Shares sold		612,691			30,069,655			427,149			24,207,316
Reinvestment of distributions		23,672			1,093,421			521,209			29,215,058
Shares redeemed		(617,061	)		(29,313,765	)		(887,915	)		(47,964,185	)
		19,302			1,849,311			60,443			5,458,189
Class R6 Shares
Shares sold		144,864			7,278,606			216,342			13,390,962
Reinvestment of distributions		3,747			184,222			65,441			3,904,300
Shares redeemed		(53,297	)		(2,723,042	)		(114,396	)		(6,301,879	)
		95,314			4,739,786			167,387			10,993,383
Class R Shares
Shares sold		13,974			665,021			70,899			3,845,960
Reinvestment of distributions		—			—			86,368			4,786,764
Shares redeemed		(228,313	)		(10,784,142	)		(95,496	)		(5,016,186	)
		(214,339	)		(10,119,121	)		61,771			3,616,538
Class P Shares
Shares sold		483,684			24,183,512			3,889,263			199,733,591
Reinvestment of distributions		51,561			2,535,758			1,094,747			65,314,484
Shares redeemed		(1,582,912	)		(80,509,198	)		(3,611,997	)		(196,398,090	)
		(1,047,667	)		(53,789,928	)		1,372,013			68,649,985
NET INCREASE/(DECREASE)		(1,591,206	)	$	(79,034,779	)		3,136,837		$	178,117,705

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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 14-15, 2023, 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, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report 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; (3) the impact of local holidays in non-U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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.

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Fund Expenses — Six Month Period Ended April 30, 2023 (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, 2022 through April 30, 2023, 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 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*
Class A
Actual	$	1,000.00	$	1,078.69		$	4.81	$	1,000.00	$	1,017.42		$	4.67	$	1,000.00	$	987.84		$	5.98
Hypothetical 5% return		1,000.00		1,020.16	+		4.68		1,000.00		1,020.16	+		4.68		1,000.00		1,018.77	+		6.08
Class C
Actual		1,000.00		1,074.80			8.66		1,000.00		1,013.64			8.41		1,000.00		984.01			9.66
Hypothetical 5% return		1,000.00		1,016.44	+		8.42		1,000.00		1,016.44	+		8.42		1,000.00		1,015.06	+		9.81
Institutional
Actual		1,000.00		1,080.73			2.91		1,000.00		1,019.35			2.82		1,000.00		989.08			4.16
Hypothetical 5% return		1,000.00		1,022.00	+		2.83		1,000.00		1,022.00	+		2.83		1,000.00		1,020.61	+		4.23
Service
Actual		1,000.00		1,077.64			5.48		1,000.00		1,016.59			5.32		1,000.00		986.60			6.62
Hypothetical 5% return		1,000.00		1,019.52	+		5.33		1,000.00		1,019.52	+		5.33		1,000.00		1,018.13	+		6.72
Investor
Actual		1,000.00		1,080.25			3.53		1,000.00		1,018.30			3.42		1,000.00		988.80			4.75
Hypothetical 5% return		1,000.00		1,021.40	+		3.43		1,000.00		1,021.40	+		3.43		1,000.00		1,020.01	+		4.83
Class R6
Actual		1,000.00		1,080.58			2.86		1,000.00		1,019.40			2.77		1,000.00		989.30			4.11
Hypothetical 5% return		1,000.00		1,022.05	+		2.78		1,000.00		1,022.05	+		2.78		1,000.00		1,020.66	+		4.18
Class R
Actual		1,000.00		1,077.29			6.10		1,000.00		1,015.83			5.92		1,000.00		986.20			7.21
Hypothetical 5% return		1,000.00		1,018.92	+		5.93		1,000.00		1,018.92	+		5.93		1,000.00		1,017.54	+		7.32
Class P
Actual		1,000.00		1,080.99			2.86		1,000.00		1,018.93			2.77		1,000.00		989.30			4.11
Hypothetical 5% return		1,000.00		1,022.05	+		2.78		1,000.00		1,022.05	+		2.78		1,000.00		1,020.66	+		4.18

* 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, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

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Fund Expenses — Six Month Period Ended April 30, 2023 (Unaudited) (continued)

	Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*
Class A
Actual	$	1,000.00	$	1,002.93		$	6.03	$	1,000.00	$	955.70		$	5.89	$	1,000.00	$	1,042.01		$	4.73
Hypothetical 5% return		1,000.00		1,018.77	+		6.08		1,000.00		1,018.78	+		6.08		1,000.00		1,020.16	+		4.68
Class C
Actual		1,000.00		999.48			9.74		1,000.00		952.11			9.50		1,000.00		1,037.98			8.51
Hypothetical 5% return		1,000.00		1,015.06	+		9.81		1,000.00		1,015.06	+		9.81		1,000.00		1,016.44	+		8.42
Institutional
Actual		1,000.00		1,004.94			4.20		1,000.00		957.38			4.10		1,000.00		1,044.00			2.86
Hypothetical 5% return		1,000.00		1,020.61	+		4.23		1,000.00		1,020.61	+		4.23		1,000.00		1,022.00	+		2.83
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,041.26			5.38
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.52	+		5.33
Investor
Actual		1,000.00		1,004.58			4.79		1,000.00		957.18			4.68		1,000.00		1,043.27			3.46
Hypothetical 5% return		1,000.00		1,020.01	+		4.83		1,000.00		1,020.02	+		4.83		1,000.00		1,021.40	+		3.43
Class R6
Actual		1,000.00		1,004.80			4.15		1,000.00		957.50			4.05		1,000.00		1,043.97			2.81
Hypothetical 5% return		1,000.00		1,020.66	+		4.18		1,000.00		1,020.66	+		4.18		1,000.00		1,022.05	+		2.78
Class R
Actual		1,000.00		1,000.98			7.26		1,000.00		954.34			7.09		1,000.00		1,040.79			5.99
Hypothetical 5% return		1,000.00		1,017.53	+		7.32		1,000.00		1,017.54	+		7.32		1,000.00		1,018.92	+		5.93
Class P
Actual		1,000.00		1,005.23			4.15		1,000.00		957.53			4.05		1,000.00		1,043.91			2.81
Hypothetical 5% return		1,000.00		1,020.66	+		4.18		1,000.00		1,020.66	+		4.18		1,000.00		1,022.05	+		2.78

* 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, 2023. 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		0.93	%		1.68	%		0.56	%		1.06	%		0.68	%		0.55	%		1.18	%		0.55	%
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.

125

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 $2.41 trillion in assets under supervision as of March 31, 2023, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond 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

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ 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

∎ 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.

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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth	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).

© 2023 Goldman Sachs. All rights reserved. 322064-OTU-1819266 DOMINSSAR-23

Goldman Sachs Funds

Semi-Annual Report	April 30, 2023
	Fundamental Equity International Funds
	China Equity
	Emerging Markets Equity
	Emerging Markets Equity ex. China
	ESG Emerging Markets Equity
	International Equity ESG
	International Equity Income

Goldman Sachs Fundamental Equity International Funds

∎ CHINA EQUITY

∎ EMERGING MARKETS EQUITY

∎ EMERGING MARKETS EQUITY EX. CHINA

∎ ESG EMERGING MARKETS EQUITY

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Market Review	1
Schedules of Investments	16
Financial Statements	32
Financial Highlights	39
China Equity	39
Emerging Markets Equity	45
Emerging Markets Equity ex. China	52
ESG Emerging Markets Equity	59
International Equity ESG	66
International Equity Income	73
Notes to the Financial Statements	80
Other Information	103

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Fundamental International Equity Funds

The following are highlights both of key factors affecting the international and emerging markets equity markets and of any key changes made to the Goldman Sachs Fundamental International Equity Funds (the “Funds”) during the six months ended April 30, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended October 31, 2023.

Market and Economic Review

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 24.19%, during the Reporting Period, outperforming the U.S. equity market, as represented by the 8.63% return of the S&P 500 Index.

• As the Reporting Period began, international equities performed strongly in November 2022, with investors focused on improving inflationary indicators across the globe. In particular, better than consensus expected inflation data in the U.S. and increased confidence around the U.S. Federal Reserve (“Fed”) pulling off a soft landing allowed both U.S. and international equities to rally. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• After a strong November, international equities were more muted but still positive in December 2022. Inflationary indicators continued to show signs of improvement but remained well above central bank targets, causing the U.S. Fed and the European Central Bank (“ECB”) to maintain their hawkish strategy. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• International equities rose more solidly in January 2023, as markets performed well on the back of softening global inflationary pressures in the U.S. and Europe, the slowing pace of central bank interest rate hikes and receding concerns about recession. Additionally, China finally lifted its stringent zero-COVID policy, which increased global hopes around both the resolution of supply-chain disruptions as well as economic recovery driven by strong domestic consumption.

• The MSCI EAFE Index then fell in February 2023. Market sentiment was governed by dampening expectations around potential peaking of interest rate hikes and continued geopolitical tensions between Russia and Ukraine one year after Russia’s initial invasion.

• International equities gained in March 2023, with market sentiment boosted, as it had been at the start of the new calendar year, by speculation around the potential peaking of inflation, the slowing pace of central bank interest rate hikes and receding concerns about a global recession — all despite banking tensions that arose during the month in the U.S. and internationally.

• International equities continued to rise in April 2023, recovering slightly from the banking turmoil that plagued March.

• Headline inflation in Europe fell sharply as energy prices continued to fall globally.

• China continued to experience reopening-driven economic growth, even as geopolitical concerns around U.S./China tensions weakened investor sentiment toward the country.

• The Japanese equity market rose for the fourth consecutive month, driven largely by new Bank of Japan governor Kazuo Ueda declaring a commitment to an ultra-loose monetary easing policy and famed U.S. investor Warren Buffet declaring he planned to add to his Japanese equity investments.

• All 11 sectors in the MSCI EAFE Index posted double-digit positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were consumer discretionary, utilities and industrials. The weakest performing sectors were energy, real estate and communication services.

• The best performing countries within the MSCI EAFE Index were Denmark, Ireland, Italy, Germany and Spain. The weakest performing countries during the Reporting Period were Israel and Norway, the only two constituents of the MSCI EAFE Index to post negative absolute returns during the Reporting Period. Finland, Australia and Japan each generated a double-digit positive absolute return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period.

1

MARKET REVIEW

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 16.36% during the Reporting Period, underperforming developed international equity markets overall but significantly outperforming the U.S. equity market. However, such robust returns mask what was a roller-coaster for emerging markets equities during the six-month Reporting Period.

• As the Reporting Period began in November 2022, the MSCI Emerging Markets Index rose sharply. Softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also strengthened returns for several countries in the MSCI Emerging Markets Index.

• In December 2022, emerging markets equity markets fell modestly, as inflation remained top of mind for investors. Central banks throughout the emerging markets universe continued to announce plans to slowly raise interest rates during the following months to get ahead of rising consumer prices.

• The MSCI Emerging Markets Index rose solidly in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 boosted investor sentiment. As had been the case two months prior, the slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed to strengthened returns for several countries.

• Continuing the pattern of ups and downs, the MSCI Emerging Markets Index fell in February 2023, reversing much of the positive return recorded in the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Federal Reserve’s (“Fed”) interest rate policy and dampened hopes for a quick end to the interest rate hiking cycle. Following this, the U.S. dollar strengthened, which proved an additional headwind for emerging markets equities.

• In March 2023, emerging markets equities overall rose, despite persistent volatility driven largely by a broad-based drawdown in market sentiment. Risk aversion heightened as the U.S. banking sector faced its worst crisis since 2008 and its fallout extended to other U.S. regional banks and in Europe.

• The MSCI Emerging Markets Index fell in April 2023 amid a rise in geopolitical tensions and investor uncertainty around various central banks’ terminal rates. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) China’s equity market was particularly weak, experiencing a significant sell-off as investors noted an uneven economic recovery following its reopening.

• The best performing sectors within the MSCI Emerging Markets Index during the Reporting Period overall were communication services, real estate, consumer discretionary and information technology. The weakest performing sector was utilities, the only sector to post a negative absolute total return for the Reporting Period. Energy, financials and health care posted positive absolute total returns but were also among the weakest sectors in the MSCI Emerging Markets Index during the Reporting Period.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Czech Republic, Poland, Greece, China and Hungary. The weakest performing countries were Qatar, Brazil, Saudi Arabia, United Arab Emirates and India — the first four of which are oil exporting countries, hurt by falling crude oil prices during the Reporting Period.

• Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of 35.36%, 26.96%, -3.00%, -5.66% and -4.80%, respectively.

Fund Changes and Highlights

Goldman Sachs China Equity Fund

• Effective April 11, 2023, Shao Ping Guan no longer served as a portfolio manager for the Fund.

• Effective the same date, Nathan Lin began serving as a portfolio manager for the Fund. Mr. Lin is a co-head of the China Equity team and portfolio manager for the Goldman Sachs Asset Management China Equity Strategies. Mr. Lin joined Goldman Sachs Asset Management in 2008.

• Basak Yavuz, Managing Director; Hiren Dasani, CFA, Managing Director; and Christine Pu, CFA, Vice President, continue to serve as portfolio managers for the Fund, as each has done since 2019.

2

MARKET REVIEW

Goldman Sachs Emerging Markets Equity ex. China Fund

• The Fund launched on December 6, 2022.

• The Fund, which seeks long-term capital appreciation, invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at the time of purchase) in a portfolio of equity investments in emerging country issuers, excluding China. Such equity investments may include exchange-traded funds, futures and other instruments with similar economic exposures.

• The Fund’s benchmark index is the MSCI Emerging Markets ex-China Index (Net, USD, Unhedged).

• The Fund’s portfolio managers are Basak Yavuz, Managing Director, and Hiren Dasani, CFA, Managing Director.

3

FUND BASICS

China Equity Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® China All Shares  Index2
Class A		25.17	%		27.35	%
Class C		24.60			27.35
Institutional		25.32			27.35
Investor		25.28			27.35
Class R6		25.36			27.35
Class P		25.34			27.35

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 4/30/233,4,5
Holding	% of Net Assets			Line of Business
Tencent Holdings Ltd.		9.5	%	Media & Entertainment
Alibaba Group Holding Ltd.		5.1		Consumer Discretionary Distribution & Retail
Ping An Insurance Group Co. of China Ltd., Class H		4.7		Insurance
Kweichow Moutai Co. Ltd., Class A		4.7		Food, Beverage & Tobacco
Meituan, Class B		4.0		Consumer Services
Contemporary Amperex Technology Co. Ltd., Class A		3.1		Capital Goods
China Merchants Bank Co. Ltd., Class H		3.0		Banks
BYD Co. Ltd., Class A		2.5		Automobiles & Components
AIA Group Ltd.		2.2		Insurance
NetEase, Inc.		2.0		Media & Entertainment

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.

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2023

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 other investment companies held by the Fund are not reflected in the graph above.

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

5

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		16.25	%		16.36	%
Class C		15.81			16.36
Institutional		16.42			16.36
Service		16.14			16.36
Investor		16.42			16.36
Class R6		16.43			16.36
Class P		16.46			16.36

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, 2023 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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 4/30/233,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		8.4	%	Semiconductors & Semiconductor Equipment	Taiwan
Tencent Holdings Ltd.		5.8		Media & Entertainment	China
Samsung Electronics Co. Ltd.		5.3		Technology Hardware & Equipment	South Korea
Alibaba Group Holding Ltd.		3.0		Consumer Discretionary Distribution & Retail	China
iShares ESG Aware MSCI EM ETF		3.0		Exchange-Traded Fund	United States
Kweichow Moutai Co. Ltd., Class A		2.3		Food, Beverage & Tobacco	China
Bank Central Asia Tbk PT		1.8		Banks	Indonesia
Meituan, Class B		1.8		Consumer Services	China
Ping An Insurance Group Co. of China Ltd., Class H		1.7		Insurance	China
ICICI Bank Ltd.		1.6		Banks	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.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2023

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 other investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.0% of the Fund’s net assets at April 30, 2023.

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.

7

FUND BASICS

Emerging Markets Equity Fund ex. China Fund

as of April 30, 2023

PERFORMANCE REVIEW
December 6th, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI EM ex China Index
Class A		2.87	%		2.14	%
Class C		2.87			2.14
Institutional		2.76			2.14
Investor		2.64			2.14
Class R6		2.88			2.14
Class P		2.78			2.14
Class R		2.87			2.14

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 ex China Index (Net, USD, Unhedged) captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 662 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of April 30, 2023 the MSCI^® Emerging Markets ex China Index consists of the following 23 emerging market country indexes: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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 4/30/233,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		11.3	%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		9.2		Technology Hardware & Equipment	South Korea
Bank Central Asia Tbk PT		3.5		Banks	Indonesia
HDFC Bank Ltd.		2.3		Banks	India
ICICI Bank Ltd.		2.1		Banks	India
MercadoLibre, Inc.		1.9		Consumer Discretionary Distribution & Retail	Brazil
Dino Polska SA		1.9		Consumer Staples Distribution & Retail	Poland
Arca Continental SAB de CV		1.9		Food, Beverage & Tobacco	Mexico
Wal-Mart de Mexico SAB de CV		1.8		Consumer Staples Distribution & Retail	Mexico
Airports of Thailand PCL		1.7		Transportation	Thailand

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.

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2023

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 other investment companies held by the Fund are not reflected in the graph above.

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

9

FUND BASICS

ESG Emerging Markets Equity Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		15.32	%		16.36	%
Class C		14.88			16.36
Institutional		15.47			16.36
Investor		15.39			16.36
Class R6		15.46			16.36
Class R		15.17			16.36
Class P		15.60			16.36

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, 2023 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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 4/30/233,4
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		9.2	%	Semiconductors & Semiconductor Equipment	Taiwan
Tencent Holdings Ltd.		6.9		Media & Entertainment	China
Samsung Electronics Co. Ltd.		5.8		Technology Hardware & Equipment	South Korea
Alibaba Group Holding Ltd.		3.1		Consumer Discretionary Distribution & Retail	China
Ping An Insurance Group Co. of China Ltd., Class H		2.4		Insurance	China
ICICI Bank Ltd.		2.3		Banks	India
Bank Central Asia Tbk PT		2.3		Banks	Indonesia
Tata Consumer Products Ltd.		2.2		Food, Beverage & Tobacco	India
HDFC Bank Ltd.		2.1		Banks	India
MercadoLibre, Inc.		2.0		Consumer Discretionary Distribution & Retail	Brazil

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.

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2023

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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

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

11

FUND BASICS

International Equity ESG Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		24.61	%		24.19	%
Class C		24.16			24.19
Institutional		24.86			24.19
Service		24.54			24.19
Investor		24.78			24.19
Class R6		24.89			24.19
Class P		24.81			24.19

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 4/30/233,4
Holding	% of Net Assets			Line of Business	Country
Rentokil Initial PLC		4.6	%	Commercial & Professional Services	United Kingdom
Nestle SA		4.4		Food, Beverage & Tobacco	United States
AstraZeneca PLC		4.2		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
DSM-Firmenich AG		4.0		Materials	Switzerland
Iberdrola SA		3.9		Utilities	Spain
Novo Nordisk A/S, Class B		3.8		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Cellnex Telecom SA		3.7		Telecommunication Services	Spain
DS Smith PLC		3.7		Materials	United Kingdom
Reckitt Benckiser Group PLC		3.3		Household & Personal Products	United Kingdom
Schneider Electric SE		3.3		Capital Goods	United States

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.

12

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2023

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 other investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 3.7% of the Fund’s net assets at April 30, 2023.

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

13

FUND BASICS

International Equity Income Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		25.58	%		24.19	%
Class C		25.12			24.19
Institutional		25.84			24.19
Investor		25.73			24.19
Class R6		25.80			24.19
Class R		25.45			24.19
Class P		25.82			24.19

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 4/30/233,4
Holding	% of Net Assets			Line of Business	Country
Nestle SA		4.1	%	Food, Beverage & Tobacco	United States
Koninklijke Ahold Delhaize NV		4.1		Consumer Staples Distribution & Retail	Netherlands
Shell PLC		3.9		Energy	Netherlands
Vinci SA		3.5		Capital Goods	France
Iberdrola SA		3.5		Utilities	Spain
BP PLC		3.5		Energy	United Kingdom
DS Smith PLC		3.4		Materials	United Kingdom
Sanofi		3.4		Pharmaceuticals, Biotechnology & Life Sciences	United States
Coca-Cola Europacific Partners PLC		3.4		Food, Beverage & Tobacco	United Kingdom
BNP Paribas SA		3.3		Banks	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.

14

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2023

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 other investment companies held by the Fund are not reflected in the graph above.

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

15

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
China – 93.0%
	112,800	Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services)	$	480,292
	5	Alibaba Group Holding Ltd. ADR (Consumer Discretionary Distribution & Retail)*		424
	300,476	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*		3,177,121
	4,542	Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		177,439
	61,200	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		760,485
	266,641	Bank of Ningbo Co. Ltd., Class A (Banks)		1,056,014
	23,200	Bethel Automotive Safety Systems Co. Ltd., Class A (Automobiles & Components)		215,161
	243,200	Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a)		702,656
	41,300	BYD Co. Ltd., Class A (Automobiles & Components)		1,530,640
	17,000	BYD Co. Ltd., Class H (Automobiles & Components)		515,546
	548,000	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		575,107
	238,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		960,704
	91,000	China Merchants Bank Co. Ltd., Class A (Banks)		442,964
	379,000	China Merchants Bank Co. Ltd., Class H (Banks)		1,829,481
	1,750,000	China Petroleum & Chemical Corp., Class H (Energy)		1,146,978
	46,500	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		396,235
	29,400	China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary Distribution & Retail)*(a)		628,906
	50,400	China Yangtze Power Co. Ltd., Class A (Utilities)		159,365
	361,000	CITIC Securities Co. Ltd., Class H (Financial Services)		760,122
	58,136	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		1,945,690
	340,291	East Money Information Co. Ltd., Class A (Financial Services)		793,139
	5,818	H World Group Ltd. ADR (Consumer Services)*		272,864
	199,500	H World Group Ltd. (Consumer Services)*		933,207
	208,000	Haidilao International Holding Ltd. (Consumer Services)*(a)		508,540
Common Stocks – (continued)
China – (continued)
	137,674	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		518,669
	84,394	Hongfa Technology Co. Ltd., Class A (Capital Goods)		381,736
	46,100	Hundsun Technologies, Inc., Class A (Software & Services)		329,729
	18,006	KE Holdings, Inc. ADR (Real Estate Management & Development)*		282,514
	192,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		295,232
	11,419	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		2,907,300
	62,500	Li Auto, Inc., Class A (Automobiles & Components)*		740,241
	112,500	Li Ning Co. Ltd. (Consumer Durables & Apparel)		804,557
	94,799	LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		478,945
	167,774	Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment)		634,623
	141,700	Mango Excellent Media Co. Ltd., Class A (Media & Entertainment)		735,255
	146,290	Meituan, Class B (Consumer Services)*(a)		2,500,163
	107,700	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)		884,117
	122,000	Minth Group Ltd. (Automobiles & Components)		353,262
	53,245	Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		469,422
	164,080	NARI Technology Co. Ltd., Class A (Capital Goods)		620,322
	69,485	NetEase, Inc. (Media & Entertainment)		1,237,000
	39,898	Ningbo Orient Wires & Cables Co. Ltd., Class A (Capital Goods)		270,586
	46,300	Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components)		339,656
	43,997	Oppein Home Group, Inc., Class A (Consumer Durables & Apparel)		732,948
	187,999	Ping An Bank Co. Ltd., Class A (Banks)		341,414
	401,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		2,929,152
	1,787,000	Postal Savings Bank of China Co. Ltd., Class H (Banks)(a)		1,165,111
	25,159	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		250,964
	16,700	SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment)		299,878

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

GOLDMAN SACHS CHINA EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	50,900	Shanghai M&G Stationery, Inc., Class A (Commercial & Professional Services)	$	341,125
	103,678	Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods)		926,624
	40,280	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		176,604
	26,698	Shenzhen Kedali Industry Co. Ltd., Class A (Automobiles & Components)		529,946
	20,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		929,304
	24,100	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		231,485
	63,212	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		1,032,648
	86,900	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		918,299
	133,300	Tencent Holdings Ltd. (Media & Entertainment)		5,920,668
	10,300	Trip.com Group Ltd. (Consumer Services)*		366,216
	86,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)		920,684
	44,300	Venustech Group, Inc., Class A (Software & Services)		198,905
	50,598	Wanhua Chemical Group Co. Ltd., Class A (Materials)*		674,653
	9,400	Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment)		124,311
	5,200	Wuliangye Yibin Co. Ltd., Class A (Food, Beverage & Tobacco)		127,066
	78,728	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		692,407
	51,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		304,105
	82,978	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)		325,743
	86,992	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples Distribution & Retail)		626,817
	384,270	Yunnan Aluminium Co. Ltd., Class A (Materials)		791,652
	176,119	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		594,634
	153,899	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Capital Goods)		491,814
				57,717,586
Common Stocks – (continued)
Hong Kong – 5.7%
	126,600	AIA Group Ltd. (Insurance)		1,378,304
	12,701	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		527,306
	1,416,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		786,300
	316,000	Sino Land Co. Ltd. (Real Estate Management & Development)		425,833
	35,000	Techtronic Industries Co. Ltd. (Capital Goods)		378,647
				3,496,390
Taiwan – 0.6%
	17,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		369,645
	TOTAL INVESTMENTS – 99.3%
	(Cost $60,336,094)		$	61,583,621
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			464,481
	NET ASSETS – 100.0%		$	62,048,102

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

Investment Abbreviations:
ADR	—American Depositary Receipt

Sector Name	% of Market Value
Consumer Discretionary		26.9	%
Financials		18.2
Communication Services		12.8
Industrials		11.3
Consumer Staples		10.1
Information Technology		7.0
Health Care		6.5
Energy		2.4
Materials		2.4
Utilities		1.2
Real Estate		1.2
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 95.4%
Brazil – 3.8%
	11,954,979	Caixa Seguridade Participacoes SA (Insurance)	$	22,674,145
	2,291,700	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)		17,114,926
	32,063	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		40,960,162
	6,520,600	Odontoprev SA (Health Care Equipment & Services)		13,073,098
	4,955,400	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)		12,210,166
	2,921,151	TIM SA (Telecommunication Services)		8,199,229
				114,231,726
China – 30.3%
	8,650,324	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*		91,465,297
	1,083,800	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		13,467,545
	6,390,100	Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a)		18,462,345
	1,097,000	BYD Co. Ltd., Class H (Automobiles & Components)		33,267,898
	6,664,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		26,899,724
	9,507,500	China Merchants Bank Co. Ltd., Class H (Banks)		45,893,901
	887,176	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		29,691,919
	1,916,000	ENN Energy Holdings Ltd. (Utilities)		26,271,440
	4,204,000	Haidilao International Holding Ltd. (Consumer Services)*(a)		10,278,372
	2,253,384	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		8,489,340
	681,793	KE Holdings, Inc. ADR (Real Estate Management & Development)*		10,697,332
	277,351	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		70,614,121
	3,304,500	Li Ning Co. Ltd. (Consumer Durables & Apparel)		23,632,522
	2,807,844	LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		14,185,839
	3,148,340	Meituan, Class B (Consumer Services)*(a)		53,806,570
	2,784,000	Minth Group Ltd. (Automobiles & Components)		8,061,314
Common Stocks – (continued)
China – (continued)
	1,815,300	NetEase, Inc. (Media & Entertainment)		32,316,699
	6,901,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		50,350,036
	775,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		5,657,676
	1,146,984	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		11,441,303
	1,913,100	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		8,820,385
	403,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		18,207,132
	2,095,300	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		20,125,704
	921,988	Silergy Corp. (Semiconductors & Semiconductor Equipment)		14,552,962
	1,308,441	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		21,375,046
	1,279,900	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		13,525,100
	707,227	Sunresin New Materials Co. Ltd. (Materials)		9,194,064
	3,915,400	Tencent Holdings Ltd. (Media & Entertainment)		173,906,860
	1,530,400	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		13,459,763
	12,362,592	Yunnan Aluminium Co. Ltd., Class A (Materials)		25,468,740
	3,705,092	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		12,509,566
				916,096,515
Egypt – 0.5%
	8,741,087	Commercial International Bank Egypt SAE (Banks)		15,157,718
Greece – 2.2%
	1,336,217	Hellenic Exchanges — Athens Stock Exchange SA (Financial Services)		5,910,289
	1,098,414	JUMBO SA (Consumer Discretionary Distribution & Retail)		25,306,892
	4,799,903	National Bank of Greece SA (Banks)*		25,118,665
	1,376,251	Sarantis SA (Household & Personal Products)		10,888,410
				67,224,256

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – 2.7%
	1,820,000	AIA Group Ltd. (Insurance)	$	19,814,478
	544,313	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		22,598,188
	38,506,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		21,374,994
	1,565,000	Techtronic Industries Co. Ltd. (Capital Goods)		16,930,936
				80,718,596
India – 13.9%
	356,903	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		8,172,246
	292,512	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		16,192,043
	1,869,397	Axis Bank Ltd. (Banks)		19,733,188
	529,897	Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)*		2,751,245
	232,385	Coforge Ltd. (Software & Services)		11,954,185
	630,565	Computer Age Management Services Ltd. (Commercial & Professional Services)		15,939,438
	3,399,584	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		10,616,513
	1,068,493	Godrej Properties Ltd. (Real Estate Management & Development)*		17,257,364
	1,800,912	HDFC Bank Ltd. (Banks)		37,234,238
	4,397,283	ICICI Bank Ltd. (Banks)		49,606,133
	244,990	Info Edge India Ltd. (Media & Entertainment)		11,367,292
	2,223,468	Infosys Ltd. (Software & Services)		34,306,265
	385,502	Navin Fluorine International Ltd. (Materials)		22,906,543
	1,037,672	Reliance Industries Ltd. (Energy)		30,815,912
	975,240	Route Mobile Ltd. (Software & Services)		15,215,157
	1,203,919	SBI Life Insurance Co. Ltd. (Insurance)(a)		16,820,487
	2,441,061	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		14,374,547
	2,327,702	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		28,156,226
	2,977,030	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		27,853,581
	359,310	TeamLease Services Ltd. (Commercial & Professional Services)*		9,361,517
	24,920,963	Zomato Ltd. (Consumer Services)*		19,928,106
				420,562,226
Indonesia – 3.9%
	66,281,200	Bank BTPN Syariah Tbk PT (Banks)		9,677,074
	89,020,600	Bank Central Asia Tbk PT (Banks)		55,090,534
Common Stocks – (continued)
Indonesia – (continued)
	186,146,700	BFI Finance Indonesia Tbk PT (Financial Services)		17,489,093
	32,300,000	Cisarua Mountain Dairy Tbk PT (Food, Beverage & Tobacco)		10,458,419
	33,752,500	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)*		10,583,606
	300,456,400	Pakuwon Jati Tbk PT (Real Estate Management & Development)		9,966,730
	10,272,471	Semen Indonesia Persero Tbk PT (Materials)*		4,178,071
				117,443,527
Mexico – 4.0%
	59,831	Alsea SAB de CV (Consumer Services)*		160,330
	3,000,074	Arca Continental SAB de CV (Food, Beverage & Tobacco)		28,549,885
	5,913,300	Banco del Bajio SA (Banks)(a)		19,453,917
	8,732,750	Gentera SAB de CV (Financial Services)		9,607,264
	9,050,008	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)		31,263,161
	7,553,700	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		30,455,113
				119,489,670
Philippines – 1.3%
	5,761,770	BDO Unibank, Inc. (Banks)		15,018,321
	3,668,128	Del Monte Pacific Ltd. (Food, Beverage & Tobacco)		647,661
	3,179,300	Jollibee Foods Corp. (Consumer Services)		12,929,148
	70,836,400	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		11,976,689
				40,571,819
Poland – 1.2%
	363,391	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)		37,059,798
Russia – 0.0%
	10,483,256	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(a)(b)		—
	2,495,750	Renaissance Insurance Group JSC (Insurance)*(b)		—
	4,327,745	Sberbank of Russia PJSC (Banks)*(b)		—
	15,182	TCS Group Holding PLC GDR (Banks)*(b)		—
	740,821	United Medical Group CY PLC GDR (Health Care Equipment & Services)*(b)		—
				—

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Saudi Arabia – 2.2%
	1,457,418	Alinma Bank (Banks)	$	12,407,386
	3,100,451	Saudi Arabian Oil Co. (Energy)(a)		29,885,437
	998,770	Saudi National Bank (The) (Banks)		13,108,514
	228,441	Saudi Tadawul Group Holding Co. (Financial Services)		10,252,908
				65,654,245
Singapore – 0.4%
	7,586,393	Nanofilm Technologies International Ltd. (Materials)		8,591,861
	573,023	TDCX, Inc. ADR (Commercial & Professional Services)*		4,028,352
				12,620,213
Slovenia – 0.6%
	1,186,774	Nova Ljubljanska Banka dd GDR (Banks)		17,980,969
South Africa – 1.9%
	1,409,615	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		20,601,146
	1,552,394	JSE Ltd. (Financial Services)		8,162,321
	1,524,222	Mr Price Group Ltd. (Consumer Discretionary Distribution & Retail)		12,533,742
	23,375,591	Old Mutual Ltd. (Insurance)		14,869,268
				56,166,477
South Korea – 10.5%
	191,538	JYP Entertainment Corp. (Media & Entertainment)		12,957,147
	396,397	Kia Corp. (Automobiles & Components)		25,105,140
	62,520	LG Chem Ltd. (Materials)		34,728,829
	381,881	LG Electronics, Inc. (Consumer Durables & Apparel)		31,359,271
	89,034	NAVER Corp. (Media & Entertainment)		12,898,836
	51,194	NCSoft Corp. (Media & Entertainment)		14,486,484
	479,269	NHN KCP Corp. (Financial Services)		4,039,988
	185,816	Orion Corp. (Food, Beverage & Tobacco)		20,145,377
	3,247,398	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		159,785,280
				315,506,352
Taiwan – 12.5%
	3,441,754	Chailease Holding Co. Ltd. (Financial Services)		25,066,738
	1,702,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		37,008,026
	330,720	momo.com, Inc. (Consumer Discretionary Distribution & Retail)		8,961,192
Common Stocks – (continued)
Taiwan – (continued)
	1,311,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		14,434,302
	15,528,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		254,294,676
	1,923,946	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)		10,672,415
	16,267,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		26,163,147
				376,600,496
Thailand – 1.6%
	14,984,900	Airports of Thailand PCL (Transportation)*		32,192,415
	1,744,079	Ngern Tid Lor PCL (Financial Services)		1,086,666
	3,764,900	PTT Exploration & Production PCL (Energy)		16,381,272
				49,660,353
United Arab Emirates – 0.9%
	11,490,348	Abu Dhabi Commercial Bank PJSC (Banks)		27,607,283
United States – 1.0%
	9,794,700	Samsonite International SA (Consumer Durables & Apparel)*(a)		31,037,883
	TOTAL COMMON STOCKS
	(Cost $2,799,674,933)		$	2,881,390,122

Shares		Description	Rate		Value
Preferred Stock – 0.7%
Brazil – 0.7%
	3,854,300	Itau Unibanco Holding SA (Banks)
	(Cost $21,062,114)			5.09%	$	20,029,563

Shares		Description	Value
Exchange-Traded Fund – 3.0%
United States – 3.0%
	2,893,894	iShares ESG Aware MSCI EM ETF(c)
	(Cost $92,511,744)		$	90,029,042

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Dividend Rate	Value
Investment Company – 0.2%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,148,234	4.766%	$	7,148,234
	(Cost $7,148,234)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,920,397,025)		$	2,998,596,961
Securities Lending Reinvestment Vehicle – 0.0%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	47,625	4.766%	$	47,625
	(Cost $47,625)
	TOTAL INVESTMENTS – 99.3%
	(Cost $2,920,444,650)		$	2,998,644,586
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			20,830,332
	NET ASSETS – 100.0%		$	3,019,474,918

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

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Financials		20.6	%
Information Technology		19.7
Consumer Discretionary		17.7
Consumer Staples		10.9
Communication Services		8.9
Industrials		4.8
Health Care		4.6
Materials		3.8
Exchange-Traded Fund		3.0
Energy		2.6
Real Estate		2.3
Utilities		0.9
Investment Company		0.2
Securities Lending Reinvestment Vehicle		0.0
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 95.1%
Brazil – 5.7%
	37,800	Caixa Seguridade Participacoes SA (Insurance)	$	71,692
	7,300	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)		54,518
	98	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		125,194
	22,000	Odontoprev SA (Health Care Equipment & Services)		44,108
	3,100	Sao Martinho SA (Food, Beverage & Tobacco)		19,516
	14,600	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)		35,974
	8,912	TIM SA (Telecommunication Services)		25,015
				376,017
Egypt – 0.6%
	22,904	Commercial International Bank Egypt SAE (Banks)		39,717
Greece – 2.6%
	4,870	Hellenic Exchanges – Athens Stock Exchange SA (Financial Services)		21,541
	2,478	JUMBO SA (Consumer Discretionary Distribution & Retail)		57,092
	16,992	National Bank of Greece SA (Banks)*		88,922
				167,555
India – 21.1%
	1,001	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		22,921
	991	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		54,857
	5,800	Axis Bank Ltd. (Banks)		61,224
	7,023	Bharti Airtel Ltd. (Telecommunication Services)		68,751
	599	Coforge Ltd. (Software & Services)		30,813
	1,778	Computer Age Management Services Ltd. (Commercial & Professional Services)		44,944
	8,359	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		26,104
	4,990	Godrej Consumer Products Ltd. (Household & Personal Products)*		55,447
	2,150	Godrej Properties Ltd. (Real Estate Management & Development)*		34,725
	4,060	Gokaldas Exports Ltd. (Consumer Durables & Apparel)*		18,149
	7,319	HDFC Bank Ltd. (Banks)		151,322
	11,045	Hindalco Industries Ltd. (Materials)		59,261
	2,297	Home First Finance Co. India Ltd. (Financial Services)*(a)		20,071
	12,101	ICICI Bank Ltd. (Banks)		136,512
	546	Info Edge India Ltd. (Media & Entertainment)		25,334
	6,425	Infosys Ltd. (Software & Services)		99,132
	4,249	Kfin Technologies Ltd. (Financial Services)*		16,341
Common Stocks – (continued)
India – (continued)
	890	Navin Fluorine International Ltd. (Materials)		52,884
	3,411	Reliance Industries Ltd. (Energy)		101,297
	1,956	Route Mobile Ltd. (Software & Services)		30,516
	2,806	SBI Life Insurance Co. Ltd. (Insurance)(a)		39,204
	5,913	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		34,820
	5,425	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		65,622
	8,636	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		80,800
	692	TeamLease Services Ltd. (Commercial & Professional Services)*		18,029
	45,511	Zomato Ltd. (Consumer Services)*		36,393
				1,385,473
Indonesia – 5.8%
	190,400	Bank BTPN Syariah Tbk PT (Banks)		27,798
	371,700	Bank Central Asia Tbk PT (Banks)		230,027
	445,100	BFI Finance Indonesia Tbk PT (Financial Services)		41,819
	78,500	Cisarua Mountain Dairy Tbk PT (Food, Beverage & Tobacco)		25,417
	94,700	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)*		29,695
	768,900	Pakuwon Jati Tbk PT (Real Estate Management & Development)		25,506
				380,262
Mexico – 7.1%
	217	Alsea SAB de CV (Consumer Services)*		581
	12,823	Arca Continental SAB de CV (Food, Beverage & Tobacco)		122,029
	24,600	Bolsa Mexicana de Valores SAB de CV (Financial Services)		54,387
	9,700	Grupo Financiero Banorte SAB de CV, Class O (Banks)		83,882
	26,700	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)		92,235
	28,700	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		115,713
				468,827
Philippines – 1.5%
	16,700	BDO Unibank, Inc. (Banks)		43,529
	8,410	Jollibee Foods Corp. (Consumer Services)		34,201
	103,800	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		17,550
				95,280
Poland – 1.9%
	1,203	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)		122,686

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Shares		Description	Value
Common Stocks – (continued)
Saudi Arabia – 3.1%
	4,710	Alinma Bank (Banks)	$	40,098
	8,924	Saudi Arabian Oil Co. (Energy)(a)		86,019
	3,112	Saudi National Bank (The) (Banks)		40,844
	820	Saudi Tadawul Group Holding Co. (Financial Services)		36,803
				203,764
Singapore – 1.3%
	22,600	Nanofilm Technologies International Ltd. (Materials)		25,595
	644	Sea Ltd. ADR (Media & Entertainment)*		49,053
	1,217	TDCX, Inc. ADR (Commercial & Professional Services)*		8,556
				83,204
Slovenia – 0.7%
	3,232	Nova Ljubljanska Banka dd GDR (Banks)		48,969
South Africa – 2.3%
	3,876	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		56,647
	4,767	JSE Ltd. (Financial Services)		25,064
	4,819	Mr Price Group Ltd. (Consumer Discretionary Distribution & Retail)		39,627
	48,557	Old Mutual Ltd. (Insurance)		30,887
				152,225
South Korea – 18.1%
	270	Hyundai Mobis Co. Ltd. (Automobiles & Components)		43,972
	476	JYP Entertainment Corp. (Media & Entertainment)		32,200
	948	Kia Corp. (Automobiles & Components)		60,040
	201	LG Chem Ltd. (Materials)		111,652
	1,118	LG Electronics, Inc. (Consumer Durables & Apparel)		91,808
	304	NAVER Corp. (Media & Entertainment)		44,042
	174	NCSoft Corp. (Media & Entertainment)		49,237
	788	NHN KCP Corp. (Financial Services)		6,643
	573	Orion Corp. (Food, Beverage & Tobacco)		62,122
	12,208	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		600,684
	162	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)		84,074
				1,186,474
Taiwan – 18.7%
	13,000	Chailease Holding Co. Ltd. (Financial Services)		94,681
	7,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		68,572
	5,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		108,719
	1,200	momo.com, Inc. (Consumer Discretionary Distribution & Retail)		32,515
	3,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		33,030
Common Stocks – (continued)
Taiwan – (continued)
	45,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		736,902
	4,000	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)		22,189
	8,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		38,011
	40,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		64,334
	2,000	Universal Vision Biotechnology Co. Ltd. (Health Care Equipment & Services)*		26,185
				1,225,138
Thailand – 2.8%
	52,600	Airports of Thailand PCL (Transportation)*		113,002
	19,688	Ngern Tid Lor PCL (Financial Services)		12,266
	14,100	PTT Exploration & Production PCL (Energy)		61,350
				186,618
United Arab Emirates – 1.8%
	31,194	Abu Dhabi Commercial Bank PJSC (Banks)		74,948
	35,237	ADNOC Drilling Co. PJSC (Energy)		41,164
				116,112
	TOTAL COMMON STOCKS
	(Cost $6,039,734)		$	6,238,321

Shares		Description	Rate			Value
Preferred Stock – 0.8%
Brazil – 0.8%
	10,100	Itau Unibanco Holding SA (Banks)
	(Cost $50,144)			5.09	%	$	52,486
Shares			Dividend Rate			Value
Investment Company – 1.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	78,202			4.766%		$	78,202
	(Cost $78,202)
	TOTAL INVESTMENTS – 97.1%
	(Cost $6,168,080)					$	6,369,009
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.9%						188,231
	NET ASSETS – 100.0%					$	6,557,240

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

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

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Information Technology		29.6	%
Financials		25.0
Consumer Staples		11.2
Consumer Discretionary		10.8
Communication Services		4.6
Energy		4.5
Materials		3.9
Health Care		3.9
Industrials		2.9
Real Estate		2.4
Investment Company		1.2
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 95.9%
Brazil – 3.6%
	207,463	Caixa Seguridade Participacoes SA (Insurance)	$	393,480
	558	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		712,839
	48,181	TIM SA (Telecommunication Services)		135,237
				1,241,556
China – 31.9%
	102,727	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*		1,086,197
	15,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		186,393
	17,500	BYD Co. Ltd., Class H (Automobiles & Components)		530,709
	98,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		395,584
	132,000	China Merchants Bank Co. Ltd., Class H (Banks)		637,181
	12,960	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		433,744
	40,900	ENN Energy Holdings Ltd. (Utilities)		560,805
	61,000	Haidilao International Holding Ltd. (Consumer Services)*(a)		149,139
	26,100	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel)		98,328
	8,860	KE Holdings, Inc. ADR (Real Estate Management & Development)*		139,013
	48,500	Li Ning Co. Ltd. (Consumer Durables & Apparel)		346,854
	29,100	LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		147,020
	40,030	Meituan, Class B (Consumer Services)*(a)		684,131
	26,100	NetEase, Inc. (Media & Entertainment)		464,643
	113,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		828,042
	10,392	Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services)		103,661
	15,000	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		69,158
	6,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		297,738
	22,500	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		216,116
	11,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		173,628
	20,800	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		339,794
	19,700	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		208,176
	54,000	Tencent Holdings Ltd. (Media & Entertainment)		2,398,470
Common Stocks – (continued)
China – (continued)
	21,900	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		192,609
	154,200	Yunnan Aluminium Co. Ltd., Class A (Materials)		317,675
	46,050	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		155,479
				11,160,287
Egypt – 0.5%
	98,957	Commercial International Bank Egypt SAE (Banks)		171,599
Greece – 2.3%
	16,346	JUMBO SA (Consumer Discretionary Distribution & Retail)		376,603
	82,058	National Bank of Greece SA (Banks)*		429,423
				806,026
Hong Kong – 4.1%
	41,800	AIA Group Ltd. (Insurance)		455,080
	12,667	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		525,895
	387,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		214,824
	23,500	Techtronic Industries Co. Ltd. (Capital Goods)		254,234
				1,450,033
India – 14.3%
	5,558	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		307,664
	27,970	Axis Bank Ltd. (Banks)		295,249
	51,374	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		160,435
	9,814	Godrej Properties Ltd. (Real Estate Management & Development)*		158,507
	35,147	HDFC Bank Ltd. (Banks)		726,672
	71,988	ICICI Bank Ltd. (Banks)		812,103
	3,872	Info Edge India Ltd. (Media & Entertainment)		179,657
	29,859	Infosys Ltd. ADR (Software & Services)		464,009
	22,904	SBI Life Insurance Co. Ltd. (Insurance)(a)		320,002
	25,162	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		148,170
	23,505	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		284,320
	81,266	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		760,338
	495,323	Zomato Ltd. (Consumer Services)*		396,086
				5,013,212

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Indonesia – 2.7%
	1,047,500	Bank BTPN Syariah Tbk PT (Banks)	$	152,935
	1,281,400	Bank Central Asia Tbk PT (Banks)		792,997
				945,932
Mexico – 4.1%
	1,152	Alsea SAB de CV (Consumer Services)*		3,087
	50,258	Arca Continental SAB de CV (Food, Beverage & Tobacco)		478,275
	64,900	Banco del Bajio SA (Banks)(a)		213,512
	95,211	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)		328,905
	100,400	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		404,794
				1,428,573
Philippines – 1.0%
	57,820	BDO Unibank, Inc. (Banks)		150,710
	14,080	Jollibee Foods Corp. (Consumer Services)		57,259
	780,700	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		131,997
				339,966
Russia – 0.0%
	96,162	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(a)(b)		—
	16,753	Renaissance Insurance Group JSC (Insurance)*(b)		—
	139	TCS Group Holding PLC GDR (Banks)*(b)		—
				—
Saudi Arabia – 1.5%
	23,830	Alinma Bank (Banks)		202,871
	10,467	Saudi National Bank (The) (Banks)		137,376
	4,150	Saudi Tadawul Group Holding Co. (Financial Services)		186,261
				526,508
South Africa – 2.2%
	29,812	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		435,694
	20,886	Mr Price Group Ltd. (Consumer Discretionary Distribution & Retail)		171,746
	273,971	Old Mutual Ltd. (Insurance)		174,274
				781,714
South Korea – 11.2%
	5,405	Kia Corp. (Automobiles & Components)		342,316
	719	LG Chem Ltd. (Materials)		399,393
Common Stocks – (continued)
South Korea – (continued)
	5,752	LG Electronics, Inc. (Consumer Durables & Apparel)		472,342
	1,548	NAVER Corp. (Media & Entertainment)		224,267
	801	NCSoft Corp. (Media & Entertainment)		226,661
	1,977	Orion Corp. (Food, Beverage & Tobacco)		214,338
	41,131	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2,023,814
				3,903,131
Taiwan – 13.9%
	57,580	Chailease Holding Co. Ltd. (Financial Services)		419,363
	31,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		674,059
	19,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		209,193
	196,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,209,616
	218,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		350,622
				4,862,853
Thailand – 1.6%
	256,100	Airports of Thailand PCL (Transportation)*		550,186
United Arab Emirates – 1.0%
	150,631	Abu Dhabi Commercial Bank PJSC (Banks)		361,914
	TOTAL COMMON STOCKS
	(Cost $35,114,790)		$	33,543,490

Shares		Description	Rate			Value
Preferred Stock – 1.0%
Brazil – 1.0%
	63,000	Itau Unibanco Holding SA (Banks)
	(Cost $339,436)			5.09	%	$	327,391

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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Shares		Dividend Rate	Value
Investment Company – 1.4%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	474,384	4.766%	$	474,384
	(Cost $474,384)
	TOTAL INVESTMENTS – 98.3%
	(Cost $35,928,610)		$	34,345,265
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%			624,940
	NET ASSETS – 100.0%		$	34,970,205

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Financials		25.4	%
Information Technology		21.1
Consumer Discretionary		18.5
Communication Services		10.6
Consumer Staples		8.2
Industrials		5.0
Health Care		4.1
Materials		2.3
Real Estate		1.8
Utilities		1.6
Investment Company		1.4
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 96.9%
Denmark – 3.8%
	173,166	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	28,806,943
Finland – 2.5%
	390,952	Neste OYJ (Energy)		18,947,263
France – 7.3%
	242,603	BNP Paribas SA (Banks)		15,675,409
	921,614	Klepierre SA REIT (Equity Real Estate Investment Trusts)		23,344,603
	132,652	Vinci SA (Capital Goods)(a)		16,407,890
				55,427,902
Germany – 2.1%
	431,246	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		15,704,595
Japan – 17.4%
	132,000	Hoya Corp. (Health Care Equipment & Services)		13,840,866
	43,200	Keyence Corp. (Technology Hardware & Equipment)		19,481,312
	197,800	NIDEC Corp. (Capital Goods)		9,787,555
	839,300	Nomura Research Institute Ltd. (Software & Services)		21,116,408
	1,291,000	ORIX Corp. (Financial Services)		21,963,168
	457,800	Shiseido Co. Ltd. (Household & Personal Products)		22,947,588
	694,773	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		23,038,092
				132,174,989
Netherlands – 5.4%
	350,208	Aalberts NV (Capital Goods)		16,174,573
	710,672	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		24,436,228
	4,821	Koninklijke DSM NV (Materials)		632,892
				41,243,693
Singapore – 2.7%
	820,280	DBS Group Holdings Ltd. (Banks)		20,269,089
Spain – 9.6%
	2,102,078	Banco Bilbao Vizcaya Argentaria SA (Banks)		15,389,295
	669,973	Cellnex Telecom SA (Telecommunication Services)*(b)		28,208,547
	2,286,695	Iberdrola SA (Utilities)		29,631,238
				73,229,080
Sweden – 2.0%
	1,307,004	Hexagon AB, Class B (Technology Hardware & Equipment)(a)		14,964,817

Shares		Description	Value
Common Stocks – (continued)
Switzerland – 8.6%
	230,507	DSM-Firmenich AG (Materials)*	$	30,164,537
	678,816	UBS Group AG (Financial Services)		13,815,647
	43,538	Zurich Insurance Group AG (Insurance)		21,113,851
				65,094,035
Taiwan – 2.3%
	207,387	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		17,482,724
United Kingdom – 20.2%
	218,004	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		32,082,148
	278,524	Compass Group PLC (Consumer Services)		7,347,737
	7,157,654	DS Smith PLC (Materials)		27,945,383
	698,769	Farfetch Ltd., Class A (Consumer Discretionary Distribution & Retail)*(a)		2,816,039
	1,698,267	Informa PLC (Media & Entertainment)		15,439,092
	112,176	InterContinental Hotels Group PLC (Consumer Services)		7,712,858
	314,310	Reckitt Benckiser Group PLC (Household & Personal Products)		25,399,356
	4,367,630	Rentokil Initial PLC (Commercial & Professional Services)		34,771,846
				153,514,459
United States – 13.0%
	552,407	Experian PLC (Commercial & Professional Services)		19,557,923
	151,584	Ferguson PLC (Capital Goods)		21,418,539
	257,913	Nestle SA (Food, Beverage & Tobacco)		33,087,549
	142,581	Schneider Electric SE (Capital Goods)		24,864,981
				98,928,992
	TOTAL COMMON STOCKS
	(Cost $686,511,712)		$	735,788,581

Shares		Dividend Rate	Value
Investment Company – 2.1%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,221,791	4.766%	$	16,221,791
	(Cost $16,221,791)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $702,733,503)		$	752,010,372

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 3.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	28,476,750	4.766%	$	28,476,750
	(Cost $28,476,750)
	TOTAL INVESTMENTS – 102.7%
	(Cost $731,210,253)		$	780,487,122
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.7)%			(20,808,431	)
	NET ASSETS – 100.0%		$	759,678,691

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Industrials		18.3	%
Financials		13.9
Consumer Staples		13.6
Health Care		12.5
Information Technology		11.4
Materials		7.5
Communication Services		5.6
Utilities		3.8
Real Estate		3.0
Energy		2.4
Consumer Discretionary		2.3
Investment Company		2.1
Securities Lending Reinvestment Vehicle		3.6
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Australia – 6.6%
	423,951	Rio Tinto PLC (Materials)	$	26,951,605
	1,644,560	Transurban Group (Transportation)		16,401,693
	768,274	Westpac Banking Corp. (Banks)		11,500,436
				54,853,734
Denmark – 2.0%
	98,804	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		16,436,490
Finland – 1.7%
	1,258,042	Nordea Bank Abp (Banks)		13,975,926
France – 10.3%
	420,117	BNP Paribas SA (Banks)		27,145,194
	141,404	Gecina SA REIT (Equity Real Estate Investment Trusts)		15,741,478
	529,895	Klepierre SA REIT (Equity Real Estate Investment Trusts)		13,422,310
	231,173	Vinci SA (Capital Goods)		28,594,075
				84,903,057
Italy – 4.2%
	2,670,845	Enel SpA (Utilities)		18,247,527
	823,134	UniCredit SpA (Banks)		16,310,802
				34,558,329
Japan – 6.6%
	1,352,900	ORIX Corp. (Financial Services)		23,016,243
	500,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		16,602,794
	128,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		14,748,309
				54,367,346
Netherlands – 11.1%
	976,953	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		33,592,214
	7,224,782	Koninklijke KPN NV (Telecommunication Services)		26,347,957
	1,041,698	Shell PLC (Energy)		32,009,504
				91,949,675
Singapore – 3.8%
	649,000	DBS Group Holdings Ltd. (Banks)		16,036,766
	2,119,100	Singapore Exchange Ltd. (Financial Services)		15,250,372
				31,287,138
Spain – 3.5%
	2,205,035	Iberdrola SA (Utilities)		28,573,079
Switzerland – 4.5%
	161,933	SGS SA (Commercial & Professional Services)		14,654,193
Common Stocks – (continued)
Switzerland – (continued)
	47,184	Zurich Insurance Group AG (Insurance)		22,881,987
				37,536,180
Taiwan – 2.8%
	1,411,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		23,105,963
United Kingdom – 22.8%
	160,259	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		23,584,214
	4,246,157	BP PLC (Energy)		28,487,472
	430,105	Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco)		27,728,869
	7,272,900	DS Smith PLC (Materials)		28,395,334
	3,275,640	HSBC Holdings PLC (Banks)		23,608,703
	1,497,756	National Grid PLC (Utilities)		21,474,732
	208,369	Reckitt Benckiser Group PLC (Household & Personal Products)		16,838,276
	313,505	Unilever PLC (Household & Personal Products)		17,456,643
				187,574,243
United States – 17.4%
	117,130	Ferguson PLC (Capital Goods)		16,550,253
	263,048	Nestle SA (Food, Beverage & Tobacco)		33,746,316
	75,318	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		23,585,094
	261,592	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		28,191,325
	99,369	Schneider Electric SE (Capital Goods)		17,329,155
	235,843	Swiss Re AG (Insurance)		23,750,313
				143,152,456
	TOTAL COMMON STOCKS
	(Cost $734,889,541)		$	802,273,616

Shares		Dividend Rate	Value
Investment Company – 3.8%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	31,313,817	4.766%	$	31,313,817
	(Cost $31,313,817)
	TOTAL INVESTMENTS – 101.1%
	(Cost $766,203,358)		$	833,587,433
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%			(9,250,727	)
	NET ASSETS – 100.0%		$	824,336,706

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

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

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

Sector Name	% of Market Value
Financials		23.2	%
Consumer Staples		15.5
Health Care		13.0
Industrials		11.2
Utilities		8.2
Energy		7.3
Materials		6.6
Information Technology		4.5
Investment Company		3.8
Real Estate		3.5
Communication Services		3.2
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

	China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund
Assets:
Investments in unaffiliated issuers, at value (cost $60,336,094, $2,913,248,791 and $6,089,878, respectively)(a)	$	61,583,621		$	2,991,448,727		$	6,290,807
Investments in affiliated issuers, at value (cost $—, $7,148,234 and $78,202, respectively)		—			7,148,234			78,202
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			47,625			—
Cash		491,253			5,828,950			97,575
Foreign currency, at value (cost $44,980, $11,947,757 and $57,800, respectively)		45,264			11,957,672			57,814
Deferred offering costs		—			—			259,989
Receivables:
Investments sold		566,971			7,336,766			33,564
Fund shares sold		440,121			2,381,514			—
Reimbursement from investment adviser		20,449			7,253			73,084
Dividends		125			3,173,075			10,367
Securities lending income		—			4,175			—
Foreign tax reclaims		—			189,204			172
Other assets		40,396			411,180			50,256
Total assets		63,188,200			3,029,934,375			6,951,830
Liabilities:
Payables:
Investments purchased		584,769			3,128,099			5,721
Fund shares redeemed		310,679			1,934,565			—
Management fees		52,722			2,252,698			4,836
Distribution and Service fees and Transfer Agency fees		6,860			311,013			224
Payable upon return of securities loaned		—			47,625			—
Offering costs		—			—			204,839
Organizational costs		—			—			12,000
Foreign capital gains taxes		—			2,242,566			—
Accrued expenses		185,068			542,891			166,970
Total liabilities		1,140,098			10,459,457			394,590
Net Assets:
Paid-in capital		101,184,115			3,793,506,048			6,440,184
Total distributable earnings (loss)		(39,136,013	)		(774,031,130	)		117,156
NET ASSETS	$	62,048,102		$	3,019,474,918		$	6,557,240
Net Assets:
Class A	$	11,185,921		$	139,003,274		$	51,605
Class C		1,080,008			17,132,044			51,204
Institutional		8,654,111			2,056,174,059			5,127,622
Service		—			23,854,711			—
Investor		416,197			131,279,252			51,202
Class R6		940,560			155,100,767			51,432
Class R		—			—			51,505
Class P		39,771,305			496,930,811			1,172,670
Total Net Assets	$	62,048,102		$	3,019,474,918		$	6,557,240
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		538,083			7,116,259			5,038
Class C		60,219			999,370			5,013
Institutional		384,310			97,946,788			499,810
Service		—			1,270,264			—
Investor		18,627			6,298,661			5,012
Class R6		41,933			7,356,964			5,014
Class R		—			—			5,013
Class P		1,772,177			23,563,233			114,383
Net asset value, offering and redemption price per share:(b)
Class A		$20.79			$19.53			$10.24
Class C		17.93			17.14			10.21
Institutional		22.52			20.99			10.26
Service		—			18.78			—
Investor		22.34			20.84			10.22
Class R6		22.43			21.08			10.26
Class R		—			—			10.27
Class P		22.44			21.09			10.25

(a) Includes loaned securities having a market value of $—, $46,665 and $—, respectively.

(b) Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $22.00, $20.67 and $10.84, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2023 (Unaudited)

	ESG Emerging Markets Equity Fund			International Equity ESG Fund		International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $35,454,226, $686,511,712 and $734,889,541, respectively)(a)	$	33,870,881		$	735,788,581	$	802,273,616
Investments in affiliated issuers, at value (cost $474,384, $16,221,791 and $31,313,817, respectively)		474,384			16,221,791		31,313,817
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			28,476,750		—
Cash		452,978			501,938		51,935
Foreign currency, at value (cost $180,362, $1,375,028 and $2,875,511, respectively)		180,165			1,371,556		2,872,512
Receivables:
Investments sold		1,192,760			554,196		931,174
Reimbursement from investment adviser		160,564			199,075		195,436
Dividends		38,893			1,903,926		1,334,057
Fund shares sold		2,092			4,001,885		1,664,750
Foreign tax reclaims		2,011			1,114,802		1,712,470
Securities lending income		—			24,298		299
Other assets		24,095			86,906		82,812
Total assets		36,398,823			790,245,704		842,432,878
Liabilities:
Payables:
Investments purchased		1,263,580			554,386		16,882,951
Management fees		26,318			495,914		509,586
Fund shares redeemed		2,029			757,974		450,488
Distribution and Service fees and Transfer Agency fees		1,836			68,495		57,447
Payable upon return of securities loaned		—			28,476,750		—
Accrued expenses		134,855			213,494		195,700
Total liabilities		1,428,618			30,567,013		18,096,172
Net Assets:
Paid-in capital		102,819,694			724,393,801		751,910,451
Total distributable earnings (loss)		(67,849,489	)		35,284,890		72,426,255
NET ASSETS	$	34,970,205		$	759,678,691	$	824,336,706
Net Assets:
Class A	$	2,118,621		$	119,451,380	$	58,905,996
Class C		91,062			8,719,250		3,112,322
Institutional		17,957,373			340,149,625		479,542,936
Service		—			937,078		—
Investor		511,429			115,778,478		186,412,171
Class R6		29,886			74,688,553		44,728,783
Class R		242,611			—		597,070
Class P		14,019,223			99,954,327		51,037,428
Total Net Assets	$	34,970,205		$	759,678,691	$	824,336,706
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		234,295			4,506,789		3,781,922
Class C		10,352			359,362		229,398
Institutional		1,983,680			12,492,453		29,016,674
Service		—			33,831		—
Investor		56,525			4,282,046		11,992,778
Class R6		3,299			2,759,519		2,710,528
Class R		27,074			—		38,127
Class P		1,548,415			3,691,999		3,094,573
Net asset value, offering and redemption price per share:(b)
Class A		$9.04			$26.50		$15.58
Class C		8.80			24.26		13.57
Institutional		9.05			27.23		16.53
Service		—			27.70		—
Investor		9.05			27.04		15.54
Class R6		9.06			27.07		16.50
Class R		8.96			—		15.66
Class P		9.05			27.07		16.49

(a) Includes loaned securities having a market value of $—, $27,164,736 and $—, respectively.

(b) Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $9.57, $28.04 and $16.49, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations

For the Six Months Ended April 30, 2023 (Unaudited)

	China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund*
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $8,826, $3,244,717 and $7,953, respectively)	$	420,537		$	32,054,952		$	51,524
Dividends — affiliated issuers		7,835			350,973			2,154
Securities lending income — affiliated issuer		305			17,489			—
Total investment income		428,677			32,423,414			53,678
Expenses:
Management fees		346,209			14,847,525			21,143
Professional fees		56,856			89,643			38,873
Registration fees		48,098			148,120			—
Custody, accounting and administrative services		33,536			826,809			71,266
Distribution and/or Service (12b-1) fees(a)		20,334			285,925			301
Transfer Agency fees(a)		20,172			753,040			1,003
Trustee fees		13,508			15,210			12,309
Printing and mailing costs		10,510			103,241			123,936
Service fees — Class C		1,461			22,937			50
Organizational costs		—			—			12,000
Shareholder Administration fees — Service Shares		—			29,267			—
Amortization of offering costs		—			—			98,028
Other		3,263			17,573			12,128
Total expenses		553,947			17,139,290			391,037
Less — expense reductions		(129,431	)		(1,406,517	)		(365,783	)
Net expenses		424,516			15,732,773			25,254
NET INVESTMENT INCOME		4,161			16,690,641			28,424
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(9,719,289	)		(187,774,719	)		(91,607	)
Futures contracts		(33,609	)		—			—
Foreign currency transactions		(15,497	)		(1,025,242	)		(8,251	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers, (including the effects of the net change in foreign capital gains tax liability of $—, $(3,643,200) and $(124), respectively)		24,726,361			612,821,847			201,053
Foreign currency translations		6,968			81,818			(46	)
Net realized and unrealized gain		14,964,934			424,103,704			101,149
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,969,095		$	440,794,345		$	129,573

* For the period December 6, 2022 (commencement of operations) through April 30, 2023.

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
China Equity Fund	$	15,950	$	4,384	$	—	$	—	$	10,208	$	935	$	1,869	$	—	$	325	$	147	$	—	$	6,688
Emerging Markets Equity Fund		187,848		68,810		29,267		—		120,223		14,679		404,113		4,683		110,049		22,787		—		76,506
Emerging Markets Equity ex. China Fund		50		151		—		100		32		32		780		—		32		6		32		89

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2023 (Unaudited)

	ESG Emerging Markets Equity Fund			International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $36,026, $912,543 and $1,897,550, respectively)	$	383,843		$	9,517,971		$	13,715,554
Dividends — affiliated issuers		12,348			366,841			380,562
Securities lending income — affiliated issuer		—			38,438			8,456
Total investment income		396,191			9,923,250			14,104,572
Expenses:
Custody, accounting and administrative services		185,748			228,231			246,123
Management fees		171,068			2,856,487			2,263,446
Professional fees		103,458			103,537			68,218
Registration fees		60,903			80,805			75,819
Printing and mailing costs		16,238			36,203			23,701
Trustee fees		14,133			13,758			13,910
Transfer Agency fees(a)		8,258			253,841			205,889
Distribution and/or Service (12b-1) fees(a)		3,749			164,951			66,579
Service fees — Class C		140			10,312			2,802
Shareholder Administration fees — Service Shares		—			965			—
Other		5,497			3,758			3,388
Total expenses		569,192			3,752,848			2,969,875
Less — expense reductions		(374,267	)		(619,334	)		(429,481	)
Net expenses		194,925			3,133,514			2,540,394
NET INVESTMENT INCOME		201,266			6,789,736			11,564,178
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(3,438,770	)		(2,354,053	)		(4,425,820	)
Foreign currency transactions		(21,303	)		166,418			60,274
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers, (including the effects of the net change in foreign capital gains tax liability of $(18), $— and $—, respectively)		7,942,695			139,134,175			106,596,498
Foreign currency translations		(953	)		93,691			68,158
Net realized and unrealized gain		4,481,669			137,040,231			102,299,110
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,682,935		$	143,829,967		$	113,863,288

(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
ESG Emerging Markets Equity Fund	$	2,739	$	419	$	—	$	591	$	1,753	$	89	$	3,397	$	—	$	643	$	10	$	189	$	2,177
International Equity ESG Fund		133,050		30,936		965		—		85,152		6,600		60,096		154		78,046		9,322		—		14,471
International Equity Income Fund		56,730		8,405		—		1,444		36,307		1,793		65,872		—		90,105		4,743		462		6,607

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

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, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income (loss)	$	4,161		$	(156,736	)	$	16,690,641		$	25,659,334
Net realized loss		(9,768,395	)		(29,277,193	)		(188,799,961	)		(618,940,219	)
Net change in unrealized gain (loss)		24,733,329			(36,116,200	)		612,903,665			(1,352,942,683	)
Net increase (decrease) in net assets resulting from operations		14,969,095			(65,550,129	)		440,794,345			(1,946,223,568	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(1,284,176	)		—			(1,742,196	)
Class C Shares		—			(117,728	)		—			(113,290	)
Institutional Shares		(20,976	)		(1,257,226	)		(4,294,893	)		(26,320,435	)
Service Shares		—			—			—			(248,453	)
Investor Shares		(623	)		(33,071	)		(148,052	)		(2,572,982	)
Class R6 Shares		(2,577	)		(75,181	)		(353,363	)		(1,248,690	)
Class R Shares		—			—			—			—
Class P Shares		(118,395	)		(4,901,721	)		(1,133,494	)		(8,752,840	)
Total distributions to shareholders		(142,571	)		(7,669,103	)		(5,929,802	)		(40,998,886	)
From share transactions:
Proceeds from sales of shares		11,983,307			31,261,078			568,040,758			2,368,356,467
Reinvestment of distributions		140,777			7,587,963			5,557,410			38,197,200
Cost of shares redeemed		(21,611,058	)		(48,696,769	)		(754,270,765	)		(2,088,783,885	)
Net increase (decrease) in net assets resulting from share transactions		(9,486,974	)		(9,847,728	)		(180,672,597	)		317,769,782
TOTAL INCREASE (DECREASE)		5,339,550			(83,066,960	)		254,191,946			(1,669,452,672	)
Net Assets:
Beginning of period		56,708,552			139,775,512			2,765,282,972			4,434,735,644
End of period	$	62,048,102		$	56,708,552		$	3,019,474,918		$	2,765,282,972

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	Emerging Markets Equity ex. China Fund			ESG Emerging Markets Equity Fund
	For the Period December 6, 2022* to April 30, 2023 (Unaudited)			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	28,424		$	201,266		$	285,078
Net realized loss		(99,858	)		(3,460,073	)		(10,216,815	)
Net change in unrealized gain (loss)		201,007			7,941,742			(9,430,223	)
Net increase (decrease) in net assets resulting from operations		129,573			4,682,935			(19,361,960	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(129	)		(223	)		(261,225	)
Class C Shares		(129	)		—			(9,013	)
Institutional Shares		(11,750	)		(66,147	)		(400,976	)
Service Shares		—			—			—
Investor Shares		(113	)		(3,402	)		(77,847	)
Class R6 Shares		(134	)		(189	)		(4,683	)
Class R Shares		(129	)		—			(17,502	)
Class P Shares		(133	)		(58,579	)		(1,441,940	)
Total distributions to shareholders		(12,517	)		(128,540	)		(2,213,186	)
From share transactions:
Proceeds from sales of shares		6,427,673			11,540,753			36,524,849
Reinvestment of distributions		12,516			128,536			2,210,725
Cost of shares redeemed		(5	)		(8,329,515	)		(20,828,195	)
Net increase (decrease) in net assets resulting from share transactions		6,440,184			3,339,774			17,907,379
TOTAL INCREASE (DECREASE)		6,557,240			7,894,169			(3,667,767	)
Net Assets:
Beginning of period		—			27,076,036			30,743,803
End of period	$	6,557,240		$	34,970,205		$	27,076,036

* Commencement of operations.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Statements of Changes in Net Assets (continued)

	International Equity ESG Fund						International Equity Income Fund
	For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	6,789,736		$	8,241,882		$	11,564,178		$	6,266,236
Net realized loss		(2,187,635	)		(18,383,001	)		(4,365,546	)		(561,008	)
Net change in unrealized gain (loss)		139,227,866			(137,432,856	)		106,664,656			(48,230,264	)
Net increase (decrease) in net assets resulting from operations		143,829,967			(147,573,975	)		113,863,288			(42,525,036	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(830,089	)		(3,927,097	)		(189,944	)		(775,823	)
Class C Shares		—			(555,440	)		(4,300	)		(53,453	)
Institutional Shares		(2,890,896	)		(7,449,330	)		(1,657,937	)		(2,546,588	)
Service Shares		(3,920	)		(20,704	)		—			—
Investor Shares		(862,387	)		(2,279,918	)		(517,725	)		(1,111,827	)
Class R6 Shares		(591,041	)		(1,253,796	)		(167,036	)		(357,317	)
Class R Shares		—			—			(2,124	)		(15,077	)
Class P Shares		(920,626	)		(7,925,666	)		(254,389	)		(853,645	)
Total distributions to shareholders		(6,098,959	)		(23,411,951	)		(2,793,455	)		(5,713,730	)
From share transactions:
Proceeds from sales of shares		195,455,710			592,034,391			424,204,898			380,795,060
Reinvestment of distributions		5,682,821			22,947,346			2,744,574			5,691,410
Cost of shares redeemed		(150,573,029	)		(235,177,840	)		(70,794,974	)		(83,223,992	)
Net increase in net assets resulting from share transactions		50,565,502			379,803,897			356,154,498			303,262,478
TOTAL INCREASE		188,296,510			208,817,971			467,224,331			255,023,712
Net Assets:
Beginning of period		571,382,181			362,564,210			357,112,375			102,088,663
End of period	$	759,678,691		$	571,382,181		$	824,336,706		$	357,112,375

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	16.62		$	35.80		$	36.99		$	25.87		$	23.13		$	27.69
Net investment income (loss)(a)		(0.02	)		(0.15	)		(0.15	)		(0.07	)		0.04			0.05
Net realized and unrealized gain (loss)		4.19			(16.89	)		0.93			11.35			4.23			(4.22	)
Total from investment operations		4.17			(17.04	)		0.78			11.28			4.27			(4.17	)
Distributions to shareholders from net investment income		—			—			—			(0.16	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		(0.39	)
Total distributions		—			(2.14	)		(1.97	)		(0.16	)		(1.53	)		(0.39	)
Net asset value, end of period	$	20.79		$	16.62		$	35.80		$	36.99		$	25.87		$	23.13
Total Return(b)		25.17	%		(50.53	)%		1.96	%		43.67	%		19.54	%		(15.32	)%
Net assets, end of period (in 000’s)	$	11,186		$	9,664		$	22,002		$	18,617		$	13,397		$	13,598
Ratio of net expenses to average net assets		1.48	%(c)		1.47	%		1.45	%		1.47	%		1.51	%		1.54	%
Ratio of total expenses to average net assets		1.89	%(c)		1.81	%		1.77	%		2.11	%		2.10	%		1.91	%
Ratio of net investment income (loss) to average net assets		(0.22	)%(c)		(0.55	)%		(0.38	)%		(0.24	)%		0.17	%		0.17	%
Portfolio turnover rate(d)		41	%		37	%		46	%		106	%		20	%		39	%

(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 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	14.39		$	31.53		$	33.03		$	23.14		$	20.95		$	25.31
Net investment loss(a)		(0.09	)		(0.36	)		(0.40	)		(0.26	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		3.63			(14.64	)		0.87			10.15			3.82			(3.84	)
Total from investment operations		3.54			(15.00	)		0.47			9.89			3.68			(3.97	)
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		(0.39	)
Net asset value, end of period	$	17.93		$	14.39		$	31.53		$	33.03		$	23.14		$	20.95
Total Return(b)		24.60	%		(50.89	)%		1.22	%		42.60	%		18.66	%		(15.94	)%
Net assets, end of period (in 000’s)	$	1,080		$	1,042		$	1,737		$	973		$	896		$	1,318
Ratio of net expenses to average net assets		2.23	%(c)		2.22	%		2.20	%		2.21	%		2.27	%		2.29	%
Ratio of total expenses to average net assets		2.64	%(c)		2.56	%		2.54	%		2.85	%		2.85	%		2.66	%
Ratio of net investment loss to average net assets		(1.01	)%(c)		(1.56	)%		(1.17	)%		(0.98	)%		(0.63	)%		(0.52	)%
Portfolio turnover rate(d)		41	%		37	%		46	%		106	%		20	%		39	%

(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.

40 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
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	18.01		$	38.50		$	39.52		$	27.63		$	24.56		$	29.28
Net investment income(a)		—	(b)		0.01			0.03			0.05			0.14			0.19
Net realized and unrealized gain (loss)		4.56			(18.36	)		0.92			12.09			4.50			(4.51	)
Total from investment operations		4.56			(18.35	)		0.95			12.14			4.64			(4.32	)
Distributions to shareholders from net investment income		(0.05	)		—			—			(0.25	)		(0.08	)		(0.01	)
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		(0.39	)
Total distributions		(0.05	)		(2.14	)		(1.97	)		(0.25	)		(1.57	)		(0.40	)
Net asset value, end of period	$	22.52		$	18.01		$	38.50		$	39.52		$	27.63		$	24.56
Total Return(c)		25.32	%		(50.35	)%		2.28	%		44.13	%		19.98	%		(14.98	)%
Net assets, end of period (in 000’s)	$	8,654		$	8,320		$	23,762		$	10,824		$	6,327		$	6,997
Ratio of net expenses to average net assets		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of total expenses to average net assets		1.52	%(d)		1.44	%		1.40	%		1.74	%		1.71	%		1.47	%
Ratio of net investment income to average net assets		0.03	%(d)		0.03	%		0.07	%		0.17	%		0.54	%		0.63	%
Portfolio turnover rate(e)		41	%		37	%		46	%		106	%		20	%		39	%

(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. 41

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	17.87		$	38.24		$	39.28		$	27.46		$	24.41		$	29.14
Net investment income (loss)(a)		—	(b)		(0.06	)		(0.01	)		0.01			0.09			0.15
Net realized and unrealized gain (loss)		4.51			(18.17	)		0.94			12.03			4.50			(4.48	)
Total from investment operations		4.51			(18.23	)		0.93			12.04			4.59			(4.33	)
Distributions to shareholders from net investment income		(0.04	)		—			—			(0.22	)		(0.05	)		(0.01	)
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		(0.39	)
Total distributions		(0.04	)		(2.14	)		(1.97	)		(0.22	)		(1.54	)		(0.40	)
Net asset value, end of period	$	22.34		$	17.87		$	38.24		$	39.28		$	27.46		$	24.41
Total Return(c)		25.28	%		(50.40	)%		2.22	%		44.01	%		19.86	%		(15.11	)%
Net assets, end of period (in 000’s)	$	416		$	298		$	636		$	762		$	226		$	392
Ratio of net expenses to average net assets		1.23	%(d)		1.22	%		1.20	%		1.22	%		1.27	%		1.29	%
Ratio of total expenses to average net assets		1.64	%(d)		1.56	%		1.49	%		1.86	%		1.85	%		1.63	%
Ratio of net investment income (loss) to average net assets		(0.01	)%(d)		(0.20	)%		(0.02	)%		0.04	%		0.35	%		0.52	%
Portfolio turnover rate(e)		41	%		37	%		46	%		106	%		20	%		39	%

(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.

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

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs China Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.95		$	38.37		$	39.39		$	27.54		$	24.56		$	30.83
Net investment income (loss)(b)		0.01			(0.05	)		0.03			(0.02	)		0.15			0.19
Net realized and unrealized gain (loss)		4.53			(18.23	)		0.92			12.13			4.48			(6.46	)
Total from investment operations		4.54			(18.28	)		0.95			12.11			4.63			(6.27	)
Distributions to shareholders from net investment income		(0.06	)		—			—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		—
Total distributions		(0.06	)		(2.14	)		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	22.43		$	17.95		$	38.37		$	39.39		$	27.54		$	24.56
Total Return(c)		25.36	%		(50.37	)%		2.29	%		44.15	%		19.96	%		(20.34	)%
Net assets, end of period (in 000’s)	$	941		$	734		$	1,389		$	631		$	432		$	8
Ratio of net expenses to average net assets		1.14	%(d)		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%(d)
Ratio of total expenses to average net assets		1.51	%(d)		1.43	%		1.38	%		1.71	%		1.70	%		1.55	%(d)
Ratio of net investment income (loss) to average net assets		0.09	%(d)		(0.18	)%		0.08	%		(0.07	)%		0.57	%		1.00	%(d)
Portfolio turnover rate(e)		41	%		37	%		46	%		106	%		20	%		39	%

(a) Commenced operations on February 28, 2018.

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

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

(d) Annualized.

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

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

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.95		$	38.39		$	39.40		$	27.55		$	24.57		$	30.61
Net investment income (loss)(b)		0.01			(0.02	)		—	(c)		0.01			0.14			0.09
Net realized and unrealized gain (loss)		4.54			(18.28	)		0.96			12.10			4.49			(6.13	)
Total from investment operations		4.55			(18.30	)		0.96			12.11			4.63			(6.04	)
Distributions to shareholders from net investment income		(0.06	)		—			—			(0.26	)		(0.16	)		—
Distributions to shareholders from net realized gains		—			(2.14	)		(1.97	)		—			(1.49	)		—
Total distributions		(0.06	)		(2.14	)		(1.97	)		(0.26	)		(1.65	)		—
Net asset value, end of period	$	22.44		$	17.95		$	38.39		$	39.40		$	27.55		$	24.57
Total Return(d)		25.34	%		(50.35	)%		2.26	%		44.17	%		19.98	%		(19.73	)%
Net assets, end of period (in 000’s)	$	39,771		$	36,651		$	90,250		$	56,345		$	52,673		$	47,901
Ratio of net expenses to average net assets		1.14	%(e)		1.14	%		1.14	%		1.14	%		1.15	%		1.14	%(e)
Ratio of total expenses to average net assets		1.51	%(e)		1.43	%		1.39	%		1.71	%		1.70	%		1.77	%(e)
Ratio of net investment income (loss) to average net assets		0.10	%(e)		(0.07	)%		0.01	%		0.04	%		0.55	%		0.59	%(e)
Portfolio turnover rate(f)		41	%		37	%		46	%		106	%		20	%		39	%

(a) Commenced operations on April 16, 2018.

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

(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.

44 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 A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	16.80		$	28.53		$	23.76		$	20.35		$	17.18		$	20.91
Net investment income (loss)(a)		0.08			0.08			(0.02	)		0.11			0.07			0.10
Net realized and unrealized gain (loss)		2.65			(11.63	)		4.81			3.49			3.18			(3.69	)
Total from investment operations		2.73			(11.55	)		4.79			3.60			3.25			(3.59	)
Distributions to shareholders from net investment income		—			(0.18	)		(0.02	)		(0.19	)		(0.08	)		(0.14	)
Net asset value, end of period	$	19.53		$	16.80		$	28.53		$	23.76		$	20.35		$	17.18
Total Return(b)		16.25	%		(40.71	)%		20.11	%		17.77	%		19.03	%		(17.32	)%
Net assets, end of period (in 000’s)	$	139,003		$	165,155		$	265,040		$	247,765		$	230,234		$	152,596
Ratio of net expenses to average net assets		1.33	%(c)		1.31	%		1.34	%		1.49	%		1.55	%		1.56	%
Ratio of total expenses to average net assets		1.48	%(c)		1.47	%		1.48	%		1.54	%		1.58	%		1.64	%
Ratio of net investment income (loss) to average net assets		0.82	%(c)		0.37	%		(0.08	)%		0.51	%		0.39	%		0.46	%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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. 45

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	14.80		$	25.23		$	21.16		$	18.12		$	15.34		$	18.72
Net investment income (loss)(a)		0.01			(0.07	)		(0.21	)		(0.06	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		2.33			(10.28	)		4.28			3.12			2.84			(3.30	)
Total from investment operations		2.34			(10.35	)		4.07			3.06			2.78			(3.35	)
Distributions to shareholders from net investment income		—			(0.08	)		—			(0.02	)		—			(0.03	)
Net asset value, end of period	$	17.14		$	14.80		$	25.23		$	21.16		$	18.12		$	15.34
Total Return(b)		15.81	%		(41.14	)%		19.23	%		16.85	%		18.12	%		(17.91	)%
Net assets, end of period (in 000’s)	$	17,132		$	18,128		$	36,367		$	23,425		$	30,115		$	33,252
Ratio of net expenses to average net assets		2.08	%(c)		2.06	%		2.09	%		2.24	%		2.30	%		2.31	%
Ratio of total expenses to average net assets		2.22	%(c)		2.22	%		2.23	%		2.29	%		2.33	%		2.39	%
Ratio of net investment income (loss) to average net assets		0.08	%(c)		(0.36	)%		(0.81	)%		(0.34	)%		(0.33	)%		(0.25	)%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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.

46 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
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	18.07		$	30.67		$	25.54		$	21.85		$	18.43		$	22.40
Net investment income(a)		0.12			0.17			0.07			0.21			0.17			0.20
Net realized and unrealized gain (loss)		2.84			(12.49	)		5.15			3.73			3.40			(3.96	)
Total from investment operations		2.96			(12.32	)		5.22			3.94			3.57			(3.76	)
Distributions to shareholders from net investment income		(0.04	)		(0.28	)		(0.09	)		(0.25	)		(0.15	)		(0.21	)
Net asset value, end of period	$	20.99		$	18.07		$	30.67		$	25.54		$	21.85		$	18.43
Total Return(b)		16.42	%		(40.52	)%		20.51	%		18.11	%		19.51	%		(16.99	)%
Net assets, end of period (in 000’s)	$	2,056,174		$	1,798,319		$	2,699,332		$	1,479,859		$	940,632		$	678,197
Ratio of net expenses to average net assets		1.02	%(c)		1.00	%		1.03	%		1.16	%		1.17	%		1.17	%
Ratio of total expenses to average net assets		1.11	%(c)		1.10	%		1.11	%		1.17	%		1.19	%		1.24	%
Ratio of net investment income to average net assets		1.14	%(c)		0.70	%		0.24	%		0.93	%		0.84	%		0.91	%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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. 47

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	16.17		$	27.54		$	22.97		$	19.68		$	16.60		$	20.21
Net investment income (loss)(a)		0.06			0.04			(0.07	)		0.07			0.06			0.07
Net realized and unrealized gain (loss)		2.55			(11.20	)		4.64			3.38			3.06			(3.56	)
Total from investment operations		2.61			(11.16	)		4.57			3.45			3.12			(3.49	)
Distributions to shareholders from net investment income		—			(0.21	)		—			(0.16	)		(0.04	)		(0.12	)
Net asset value, end of period	$	18.78		$	16.17		$	27.54		$	22.97		$	19.68		$	16.60
Total Return(b)		16.14	%		(40.80	)%		19.90	%		17.55	%		18.85	%		(17.38	)%
Net assets, end of period (in 000’s)	$	23,855		$	19,903		$	32,940		$	26,329		$	24,183		$	19,922
Ratio of net expenses to average net assets		1.52	%(c)		1.50	%		1.53	%		1.65	%		1.67	%		1.67	%
Ratio of total expenses to average net assets		1.61	%(c)		1.60	%		1.61	%		1.67	%		1.69	%		1.75	%
Ratio of net investment income (loss) to average net assets		0.66	%(c)		0.19	%		(0.26	)%		0.35	%		0.32	%		0.36	%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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.

48 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
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	17.92		$	30.43		$	25.33		$	21.66		$	18.28		$	22.24
Net investment income(a)		0.11			0.17			0.06			0.16			0.12			0.17
Net realized and unrealized gain (loss)		2.83			(12.42	)		5.11			3.73			3.38			(3.94	)
Total from investment operations		2.94			(12.25	)		5.17			3.89			3.50			(3.77	)
Distributions to shareholders from net investment income		(0.02	)		(0.26	)		(0.07	)		(0.22	)		(0.12	)		(0.19	)
Net asset value, end of period	$	20.84		$	17.92		$	30.43		$	25.33		$	21.66		$	18.28
Total Return(b)		16.42	%		(40.56	)%		20.43	%		18.02	%		19.31	%		17.07	%
Net assets, end of period (in 000’s)	$	131,279		$	140,457		$	295,910		$	147,386		$	135,484		$	139,726
Ratio of net expenses to average net assets		1.08	%(c)		1.06	%		1.08	%		1.24	%		1.30	%		1.31	%
Ratio of total expenses to average net assets		1.22	%(c)		1.22	%		1.23	%		1.29	%		1.33	%		1.38	%
Ratio of net investment income to average net assets		1.05	%(c)		0.69	%		0.20	%		0.70	%		0.58	%		0.79	%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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. 49

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	18.15		$	30.81		$	25.65		$	21.94		$	18.51		$	22.41
Net investment income(a)		0.12			0.14			0.07			0.16			0.17			0.21
Net realized and unrealized gain (loss)		2.86			(12.52	)		5.19			3.80			3.41			(4.00	)
Total from investment operations		2.98			(12.38	)		5.26			3.96			3.58			(3.79	)
Distributions to shareholders from net investment income		(0.05	)		(0.28	)		(0.10	)		(0.25	)		(0.15	)		(0.11	)
Net asset value, end of period	$	21.08		$	18.15		$	30.81		$	25.65		$	21.94		$	18.51
Total Return(b)		16.43	%		(40.51	)%		20.51	%		18.13	%		19.52	%		(16.96	)%
Net assets, end of period (in 000’s)	$	155,101		$	132,040		$	141,786		$	53,424		$	25,387		$	37,865
Ratio of net expenses to average net assets		1.01	%(c)		0.99	%		1.02	%		1.15	%		1.16	%		1.16	%
Ratio of total expenses to average net assets		1.10	%(c)		1.09	%		1.10	%		1.16	%		1.18	%		1.21	%
Ratio of net investment income to average net assets		1.16	%(c)		0.59	%		0.22	%		0.71	%		0.82	%		0.99	%
Portfolio turnover rate(d)		15	%		51	%		52	%		31	%		33	%		52	%

(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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	18.15		$	30.81		$	25.65		$	21.94		$	18.51		$	23.46
Net investment income(b)		0.12			0.18			0.08			0.19			0.17			0.10
Net realized and unrealized gain (loss)		2.87			(12.56	)		5.18			3.77			3.41			(5.05	)
Total from investment operations		2.99			(12.38	)		5.26			3.96			3.58			(4.95	)
Distributions to shareholders from net investment income		(0.05	)		(0.28	)		(0.10	)		(0.25	)		(0.15	)		—
Net asset value, end of period	$	21.09		$	18.15		$	30.81		$	25.65		$	21.94		$	18.51
Total Return(c)		16.46	%		(40.51	)%		20.50	%		18.14	%		19.47	%		(21.06	)%
Net assets, end of period (in 000’s)	$	496,931		$	491,281		$	963,360		$	471,690		$	389,019		$	311,447
Ratio of net expenses to average net assets		1.01	%(d)		0.99	%		1.01	%		1.15	%		1.16	%		1.15	%(d)
Ratio of total expenses to average net assets		1.10	%(d)		1.09	%		1.10	%		1.15	%		1.18	%		1.24	%(d)
Ratio of net investment income to average net assets		1.14	%(d)		0.72	%		0.27	%		0.86	%		0.82	%		0.94	%(d)
Portfolio turnover rate(e)		15	%		51	%		52	%		31	%		33	%		52	%

(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. 51

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Class A Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.03	(c)
Net realized and unrealized gain		0.24
Total from investment operations		0.27
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.24
Total Return(d)		2.87	%
Net assets, end of period (in 000’s)	$	52
Ratio of net expenses to average net assets		1.43	%(e)
Ratio of total expenses to average net assets		17.28	%(e)
Ratio of net investment income to average net assets		0.87	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Class C Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		—	(c)(d)
Net realized and unrealized gain		0.24
Total from investment operations		0.24
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.21
Total Return(d)		2.87	%
Net assets, end of period (in 000’s)	$	51
Ratio of net expenses to average net assets		2.18	%(e)
Ratio of total expenses to average net assets		18.03	%(e)
Ratio of net investment income to average net assets		0.12	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

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

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Institutional Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.05	(c)
Net realized and unrealized gain		0.24
Total from investment operations		0.29
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.26
Total Return(d)		2.76	%
Net assets, end of period (in 000’s)	$	5,123
Ratio of net expenses to average net assets		1.06	%(e)
Ratio of total expenses to average net assets		16.85	%(e)
Ratio of net investment income to average net assets		1.24	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Investor Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.04	(c)
Net realized and unrealized gain		0.20
Total from investment operations		0.24
Distributions to shareholders from net investment income		(0.02	)
Net asset value, end of period	$	10.22
Total Return(d)		2.64	%
Net assets, end of period (in 000’s)	$	51
Ratio of net expenses to average net assets		1.18	%(e)
Ratio of total expenses to average net assets		17.03	%(e)
Ratio of net investment income to average net assets		1.12	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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. 55

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Class R6 Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.05	(c)
Net realized and unrealized gain		0.24
Total from investment operations		0.29
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.26
Total Return(d)		2.88	%
Net assets, end of period (in 000’s)	$	51
Ratio of net expenses to average net assets		1.05	%(e)
Ratio of total expenses to average net assets		16.90	%(e)
Ratio of net investment income to average net assets		1.25	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Class R Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.02	(c)
Net realized and unrealized gain		0.28
Total from investment operations		0.30
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.27
Total Return(d)		2.87	%
Net assets, end of period (in 000’s)	$	51
Ratio of net expenses to average net assets		1.68	%(e)
Ratio of total expenses to average net assets		17.53	%(e)
Ratio of net investment income to average net assets		0.62	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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. 57

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Equity ex. China Fund
	Class P Shares
	Period Ended April 30, 2023(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	10.00
Net investment income(b)		0.05	(c)
Net realized and unrealized gain		0.23
Total from investment operations		0.28
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	10.25
Total Return(d)		2.78	%
Net assets, end of period (in 000’s)	$	1,173
Ratio of net expenses to average net assets		1.04	%(e)
Ratio of total expenses to average net assets		15.10	%(e)
Ratio of net investment income to average net assets		1.15	%(c)(e)
Portfolio turnover rate(f)		13	%

(a) Commenced operations on December 6, 2022.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.11% 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.

58 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.84		$	14.02		$	11.73		$	9.95		$	8.40		$	10.00
Net investment income (loss)(b)		0.04	(c)		0.04			(0.02	)		—	(d)		0.04			0.03
Net realized and unrealized gain (loss)		1.16			(5.28	)		2.31			1.84			1.53			(1.63	)
Total from investment operations		1.20			(5.24	)		2.29			1.84			1.57			(1.60	)
Distributions to shareholders from net investment income		—	(d)		(0.04	)		—			(0.06	)		(0.02	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Total distributions		—			(0.94	)		—			(0.06	)		(0.02	)		—
Net asset value, end of period	$	9.04		$	7.84		$	14.02		$	11.73		$	9.95		$	8.40
Total Return(e)		15.32	%		(39.89	)%		19.52	%		18.46	%		18.74	%		(16.00	)%
Net assets, end of period (in 000’s)	$	2,119		$	1,979		$	4,072		$	92		$	50		$	42
Ratio of net expenses to average net assets		1.42	%(f)		1.44	%		1.47	%		1.49	%		1.60	%		1.53	%(f)
Ratio of total expenses to average net assets		3.59	%(f)		2.89	%		3.64	%		6.33	%		7.73	%		10.28	%(f)
Ratio of net investment income (loss) to average net assets		0.91	%(c)(f)		0.39	%		(0.17	)%		0.02	%		0.44	%		0.64	%(f)
Portfolio turnover rate(g)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% of average net assets.

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

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

(f) Annualized.

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

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

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.66		$	13.77		$	11.61		$	9.87		$	8.37		$	10.00
Net investment income (loss)(b)		0.01	(c)		(0.07	)		(0.14	)		(0.09	)		(0.03	)		—	(d)
Net realized and unrealized gain (loss)		1.13			(5.14	)		2.30			1.83			1.53			(1.63	)
Total from investment operations		1.14			(5.21	)		2.16			1.74			1.50			(1.63	)
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Net asset value, end of period	$	8.80		$	7.66		$	13.77		$	11.61		$	9.87		$	8.37
Total Return(e)		14.88	%		(40.29	)%		18.60	%		17.58	%		17.92	%		(16.30	)%
Net assets, end of period (in 000’s)	$	91		$	117		$	137		$	58		$	49		$	42
Ratio of net expenses to average net assets		2.17	%(f)		2.19	%		2.20	%		2.24	%		2.35	%		2.28	%(f)
Ratio of total expenses to average net assets		4.24	%(f)		3.65	%		3.64	%		6.94	%		8.49	%		11.03	%(f)
Ratio of net investment income (loss) to average net assets		0.25	%(c)(f)		(0.64	)%		(0.96	)%		(0.84	)%		(0.31	)%		(0.11	)%(f)
Portfolio turnover rate(g)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% of average net assets.

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

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

(f) Annualized.

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

60 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.87		$	14.06		$	11.77		$	9.98		$	8.41		$	10.00
Net investment income(b)		0.05	(c)		0.09			0.01			0.03			0.08			0.04
Net realized and unrealized gain (loss)		1.17			(5.31	)		2.32			1.85			1.53			(1.63	)
Total from investment operations		1.22			(5.22	)		2.33			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.04	)		(0.07	)		(0.04	)		(0.09	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Total distributions		(0.04	)		(0.97	)		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	9.05		$	7.87		$	14.06		$	11.77		$	9.98		$	8.41
Total Return(d)		15.47	%		(39.66	)%		19.81	%		18.91	%		19.26	%		(15.90	)%
Net assets, end of period (in 000’s)	$	17,957		$	10,245		$	5,008		$	8,631		$	6,912		$	5,679
Ratio of net expenses to average net assets		1.09	%(e)		1.10	%		1.14	%		1.14	%		1.21	%		1.14	%(e)
Ratio of total expenses to average net assets		3.25	%(e)		2.27	%		3.16	%		5.83	%		7.31	%		9.89	%(e)
Ratio of net investment income to average net assets		1.19	%(c)(e)		0.86	%		0.06	%		0.26	%		0.85	%		1.03	%(e)
Portfolio turnover rate(f)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% 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 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.87		$	14.06		$	11.76		$	9.97		$	8.41		$	10.00
Net investment income(b)		0.06	(c)		0.06			0.01			0.02			0.06			0.03
Net realized and unrealized gain (loss)		1.15			(5.28	)		2.32			1.85			1.53			(1.62	)
Total from investment operations		1.21			(5.22	)		2.33			1.87			1.59			(1.59	)
Distributions to shareholders from net investment income		(0.03	)		(0.07	)		(0.03	)		(0.08	)		(0.03	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Total distributions		(0.03	)		(0.97	)		(0.03	)		(0.08	)		(0.03	)		—
Net asset value, end of period	$	9.05		$	7.87		$	14.06		$	11.76		$	9.97		$	8.41
Total Return(d)		15.39	%		(39.70	)%		19.82	%		18.79	%		19.03	%		(15.90	)%
Net assets, end of period (in 000’s)	$	511		$	829		$	1,088		$	59		$	50		$	42
Ratio of net expenses to average net assets		1.17	%(e)		1.19	%		1.22	%		1.24	%		1.35	%		1.28	%(e)
Ratio of total expenses to average net assets		3.10	%(e)		2.64	%		3.33	%		5.94	%		7.49	%		10.03	%(e)
Ratio of net investment income to average net assets		1.26	%(c)(e)		0.61	%		0.08	%		0.15	%		0.69	%		0.89	%(e)
Portfolio turnover rate(f)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% 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.

62 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.87		$	14.07		$	11.77		$	9.98		$	8.41		$	10.00
Net investment income(b)		0.05	(c)		0.11			0.02			0.03			0.08			0.04
Net realized and unrealized gain (loss)		1.17			(5.33	)		2.32			1.85			1.53			(1.63	)
Total from investment operations		1.22			(5.22	)		2.34			1.88			1.61			(1.59	)
Distributions to shareholders from net investment income		(0.03	)		(0.08	)		(0.04	)		(0.09	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Total distributions		(0.03	)		(0.98	)		(0.04	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	9.06		$	7.87		$	14.07		$	11.77		$	9.98		$	8.41
Total Return(d)		15.46	%		(39.69	)%		19.90	%		18.92	%		19.26	%		(15.90	)%
Net assets, end of period (in 000’s)	$	30		$	57		$	17		$	65		$	50		$	42
Ratio of net expenses to average net assets		1.08	%(e)		1.09	%		1.13	%		1.13	%		1.20	%		1.13	%(e)
Ratio of total expenses to average net assets		3.27	%(e)		2.05	%		3.00	%		5.84	%		7.34	%		9.88	%(e)
Ratio of net investment income to average net assets		1.19	%(c)(e)		1.09	%		0.13	%		0.26	%		0.84	%		1.04	%(e)
Portfolio turnover rate(f)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% 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. 63

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.78		$	13.92		$	11.68		$	9.94		$	8.39		$	10.00
Net investment income (loss)(b)		0.03	(c)		0.02			(0.07	)		(0.03	)		0.01			0.02
Net realized and unrealized gain (loss)		1.15			(5.25	)		2.31			1.83			1.55			(1.63	)
Total from investment operations		1.18			(5.23	)		2.24			1.80			1.56			(1.61	)
Distributions to shareholders from net investment income		—			(0.01	)		—			(0.06	)		(0.01	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—			—			—
Total distributions		—			(0.91	)		—			(0.06	)		(0.01	)		—
Net asset value, end of period	$	8.96		$	7.78		$	13.92		$	11.68		$	9.94		$	8.39
Total Return(d)		15.17	%		(40.03	)%		19.18	%		18.11	%		18.57	%		(16.10	)%
Net assets, end of period (in 000’s)	$	243		$	199		$	267		$	255		$	167		$	42
Ratio of net expenses to average net assets		1.67	%(e)		1.69	%		1.72	%		1.74	%		1.92	%		1.78	%(e)
Ratio of total expenses to average net assets		3.87	%(e)		3.10	%		4.12	%		6.53	%		7.68	%		10.53	%(e)
Ratio of net investment income (loss) to average net assets		0.69	%(c)(e)		0.15	%		(0.47	)%		(0.34	)%		0.06	%		0.39	%(e)
Portfolio turnover rate(f)		31	%		65	%		116	%		28	%		57	%		23	%

(a) Commenced operations on May 31, 2018.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% 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.

64 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, 2023 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2020(a)
				2022			2021
Per Share Data
Net asset value, beginning of period	$	7.87		$	14.07		$	11.77		$	10.87
Net investment income(b)		0.05	(c)		0.08			0.02			0.03
Net realized and unrealized gain (loss)		1.17			(5.30	)		2.32			0.87
Total from investment operations		1.22			(5.22	)		2.34			0.90
Distributions to shareholders from net investment income		(0.04	)		(0.08	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(0.90	)		—			—
Total distributions		(0.04	)		(0.98	)		(0.04	)		—
Net asset value, end of period	$	9.05		$	7.87		$	14.07		$	11.77
Total Return(d)		15.60	%		(39.69	)%		19.92	%		8.28	%
Net assets, end of period (in 000’s)	$	14,019		$	13,651		$	20,156		$	86
Ratio of net expenses to average net assets		1.08	%(e)		1.10	%		1.13	%		1.08	%(e)
Ratio of total expenses to average net assets		3.21	%(e)		2.46	%		3.46	%		6.51	%(e)
Ratio of net investment income to average net assets		1.15	%(c)(e)		0.73	%		0.17	%		0.30	%(e)
Portfolio turnover rate(f)		31	%		65	%		116	%		28	%

(a) Commenced operations on January 31, 2020.

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

(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% 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. 65

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.44		$	30.27		$	21.01		$	20.67		$	17.88		$	19.92
Net investment income(a)		0.22			0.29			0.23			0.04			0.28			0.22
Net realized and unrealized gain (loss)		5.03			(7.31	)		9.03			0.66			2.76			(2.01	)
Total from investment operations		5.25			(7.02	)		9.26			0.70			3.04			(1.79	)
Distributions to shareholders from net investment income		(0.19	)		(0.33	)		—	(b)		(0.36	)		(0.25	)		(0.25	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.19	)		(1.81	)		—			(0.36	)		(0.25	)		(0.25	)
Net asset value, end of period	$	26.50		$	21.44		$	30.27		$	21.01		$	20.67		$	17.88
Total Return(c)		24.61	%		(24.50	)%		44.15	%		3.30	%		17.33	%		(9.11	)%
Net assets, end of period (in 000’s)	$	119,451		$	87,228		$	62,250		$	33,927		$	35,181		$	34,602
Ratio of net expenses to average net assets		1.18	%(d)		1.18	%		1.18	%		1.20	%		1.26	%		1.29	%
Ratio of total expenses to average net assets		1.40	%(d)		1.36	%		1.47	%		1.69	%		1.69	%		1.58	%
Ratio of net investment income to average net assets		1.77	%(d)		1.19	%		0.82	%		0.21	%		1.52	%		1.11	%
Portfolio turnover rate(e)		13	%		35	%		39	%		55	%		41	%		38	%

(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.

66 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	19.54		$	27.80		$	19.44		$	19.16		$	16.49		$	18.39
Net investment income (loss)(a)		0.10			0.12			—	(b)		(0.10	)		0.13			0.07
Net realized and unrealized gain (loss)		4.62			(6.72	)		8.36			0.60			2.58			(1.86	)
Total from investment operations		4.72			(6.60	)		8.36			0.50			2.71			(1.79	)
Distributions to shareholders from net investment income		—			(0.18	)		—			(0.22	)		(0.04	)		(0.11	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		—			(1.66	)		—			(0.22	)		(0.04	)		(0.11	)
Net asset value, end of period	$	24.26		$	19.54		$	27.80		$	19.44		$	19.16		$	16.49
Total Return(c)		24.16	%		(25.08	)%		43.08	%		2.53	%		16.49	%		(9.79	)%
Net assets, end of period (in 000’s)	$	8,719		$	7,481		$	8,953		$	9,369		$	10,400		$	9,985
Ratio of net expenses to average net assets		1.93	%(d)		1.93	%		1.93	%		1.95	%		2.01	%		2.04	%
Ratio of total expenses to average net assets		2.15	%(d)		2.11	%		2.23	%		2.44	%		2.44	%		2.33	%
Ratio of net investment income (loss) to average net assets		0.92	%(d)		0.52	%		(0.01	)%		(0.54	)%		0.78	%		0.40	%
Portfolio turnover rate(e)		13	%		35	%		39	%		55	%		41	%		38	%

(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. 67

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	22.03		$	31.04		$	21.53		$	21.17		$	18.23		$	20.30
Net investment income(a)		0.26			0.44			0.35			0.15			0.29			0.40
Net realized and unrealized gain (loss)		5.18			(7.57	)		9.23			0.63			2.89			(2.14	)
Total from investment operations		5.44			(7.13	)		9.58			0.78			3.18			(1.74	)
Distributions to shareholders from net investment income		(0.24	)		(0.40	)		(0.07	)		(0.42	)		(0.24	)		(0.33	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.24	)		(1.88	)		(0.07	)		(0.42	)		(0.24	)		(0.33	)
Net asset value, end of period	$	27.23		$	22.03		$	31.04		$	21.53		$	21.17		$	18.23
Total Return(b)		24.86	%		(24.27	)%		44.62	%		3.62	%		17.76	%		(8.76	)%
Net assets, end of period (in 000’s)	$	340,150		$	256,615		$	111,615		$	23,137		$	7,660		$	6,835
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.86	%		0.86	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.03	%(c)		0.98	%		1.09	%		1.33	%		1.31	%		1.17	%
Ratio of net investment income to average net assets		2.09	%(c)		1.77	%		1.20	%		0.72	%		1.49	%		1.94	%
Portfolio turnover rate(d)		13	%		35	%		39	%		55	%		41	%		38	%

(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.

68 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	22.38		$	31.63		$	22.00		$	21.63		$	18.70		$	20.68
Net investment income(a)		0.22			0.32			0.17			0.01			0.28			0.22
Net realized and unrealized gain (loss)		5.25			(7.71	)		9.46			0.70			2.88			(2.10	)
Total from investment operations		5.47			(7.39	)		9.63			0.71			3.16			(1.88	)
Distributions to shareholders from net investment income		(0.15	)		(0.38	)		—			(0.34	)		(0.23	)		(0.10	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.15	)		(1.86	)		—			(0.34	)		(0.23	)		(0.10	)
Net asset value, end of period	$	27.70		$	22.38		$	31.63		$	22.00		$	21.63		$	18.70
Total Return(b)		24.54	%		(24.64	)%		43.90	%		3.16	%		17.20	%		(9.14	)%
Net assets, end of period (in 000’s)	$	937		$	575		$	260		$	4		$	4		$	4
Ratio of net expenses to average net assets		1.36	%(c)		1.36	%		1.36	%		1.34	%		1.36	%		1.34	%
Ratio of total expenses to average net assets		1.53	%(c)		1.48	%		1.58	%		1.79	%		1.75	%		1.58	%
Ratio of net investment income to average net assets		1.73	%(c)		1.27	%		0.57	%		0.07	%		1.44	%		1.07	%
Portfolio turnover rate(d)		13	%		35	%		39	%		55	%		41	%		38	%

(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. 69

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
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.88		$	30.85		$	21.41		$	21.06		$	18.20		$	20.23
Net investment income(a)		0.26			0.46			0.34			0.09			0.36			0.24
Net realized and unrealized gain (loss)		5.13			(7.55	)		9.17			0.68			2.78			(2.02	)
Total from investment operations		5.39			(7.09	)		9.51			0.77			3.14			(1.78	)
Distributions to shareholders from net investment income		(0.23	)		(0.40	)		(0.07	)		(0.42	)		(0.28	)		(0.25	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.23	)		(1.88	)		(0.07	)		(0.42	)		(0.28	)		(0.25	)
Net asset value, end of period	$	27.04		$	21.88		$	30.85		$	21.41		$	21.06		$	18.20
Total Return(b)		24.78	%		(24.30	)%		44.52	%		3.56	%		17.64	%		(8.92	)%
Net assets, end of period (in 000’s)	$	115,778		$	78,730		$	31,735		$	1,298		$	492		$	421
Ratio of net expenses to average net assets		0.93	%(c)		0.93	%		0.93	%		0.95	%		1.00	%		1.04	%
Ratio of total expenses to average net assets		1.15	%(c)		1.10	%		1.20	%		1.44	%		1.44	%		1.34	%
Ratio of net investment income to average net assets		2.12	%(c)		1.86	%		1.15	%		0.44	%		1.87	%		1.20	%
Portfolio turnover rate(d)		13	%		35	%		39	%		55	%		41	%		38	%

(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.

70 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	21.90		$	30.87		$	21.41		$	21.06		$	18.23		$	20.30
Net investment income(a)		0.27			0.44			0.36			0.14			0.45			0.31
Net realized and unrealized gain (loss)		5.15			(7.53	)		9.17			0.64			2.71			(2.05	)
Total from investment operations		5.42			(7.09	)		9.53			0.78			3.16			(1.74	)
Distributions to shareholders from net investment income		(0.25	)		(0.40	)		(0.07	)		(0.43	)		(0.33	)		(0.33	)
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.25	)		(1.88	)		(0.07	)		(0.43	)		(0.33	)		(0.33	)
Net asset value, end of period	$	27.07		$	21.90		$	30.87		$	21.41		$	21.06		$	18.23
Total Return(b)		24.89	%		(24.27	)%		44.65	%		3.63	%		17.76	%		(8.74	)%
Net assets, end of period (in 000’s)	$	74,689		$	50,922		$	15,095		$	1,981		$	470		$	11
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.85	%		0.90	%		0.89	%
Ratio of total expenses to average net assets		1.02	%(c)		0.97	%		1.08	%		1.32	%		1.31	%		1.18	%
Ratio of net investment income to average net assets		2.13	%(c)		1.81	%		1.23	%		0.69	%		2.35	%		1.53	%
Portfolio turnover rate(d)		13	%		35	%		39	%		55	%		41	%		38	%

(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. 71

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	21.91		$	30.87		$	21.42		$	21.05		$	18.23		$	20.84
Net investment income(b)		0.25			0.39			0.33			0.11			0.36			0.06
Net realized and unrealized gain (loss)		5.15			(7.47	)		9.19			0.69			2.79			(2.67	)
Total from investment operations		5.40			(7.08	)		9.52			0.80			3.15			(2.61	)
Distributions to shareholders from net investment income		(0.24	)		(0.40	)		(0.07	)		(0.43	)		(0.33	)		—
Distributions to shareholders from net realized gains		—			(1.48	)		—			—			—			—
Total distributions		(0.24	)		(1.88	)		(0.07	)		(0.43	)		(0.33	)		—
Net asset value, end of period	$	27.07		$	21.91		$	30.87		$	21.42		$	21.05		$	18.23
Total Return(c)		24.81	%		(24.25	)%		44.64	%		3.67	%		17.73	%		(12.52	)%
Net assets, end of period (in 000’s)	$	99,954		$	89,831		$	132,657		$	64,838		$	68,987		$	94,972
Ratio of net expenses to average net assets		0.85	%(d)		0.85	%		0.85	%		0.86	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		1.02	%(d)		0.98	%		1.09	%		1.30	%		1.29	%		1.22	%(d)
Ratio of net investment income to average net assets		2.02	%(d)		1.52	%		1.16	%		0.55	%		1.88	%		0.59	%(d)
Portfolio turnover rate(e)		13	%		35	%		39	%		55	%		41	%		38	%

(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.

72 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	12.47		$	15.13		$	11.54		$	13.50		$	13.25		$	14.50
Net investment income(a)		0.26			0.39			0.39			0.23			0.37			0.37
Net realized and unrealized gain (loss)		2.92			(2.64	)		3.53			(1.69	)		1.53			(1.36	)
Total from investment operations		3.18			(2.25	)		3.92			(1.46	)		1.90			(0.99	)
Distributions to shareholders from net investment income		(0.06	)		(0.41	)		(0.33	)		(0.50	)		(0.36	)		(0.26	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.07	)		(0.41	)		(0.33	)		(0.50	)		(1.65	)		(0.26	)
Net asset value, end of period	$	15.58		$	12.47		$	15.13		$	11.54		$	13.50		$	13.25
Total Return(b)		25.58	%		(15.16	)%		34.07	%		(11.23	)%		(16.95	)%		(6.98	)%
Net assets, end of period (in 000’s)	$	58,906		$	32,121		$	20,086		$	13,669		$	16,711		$	15,844
Ratio of net expenses to average net assets		1.19	%(c)		1.19	%		1.20	%		1.23	%		1.25	%		1.26	%
Ratio of total expenses to average net assets		1.36	%(c)		1.42	%		1.69	%		1.92	%		2.16	%		1.90	%
Ratio of net investment income to average net assets		3.64	%(c)		2.80	%		2.71	%		1.87	%		2.99	%		2.54	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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. 73

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.87		$	13.24		$	10.14		$	11.89		$	11.88		$	12.98
Net investment income(a)		0.18			0.24			0.25			0.13			0.25			0.25
Net realized and unrealized gain (loss)		2.55			(2.30	)		3.09			(1.50	)		1.34			(1.22	)
Total from investment operations		2.73			(2.06	)		3.34			(1.37	)		1.59			(0.97	)
Distributions to shareholders from net investment income		(0.02	)		(0.31	)		(0.24	)		(0.38	)		(0.29	)		(0.13	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.03	)		(0.31	)		(0.24	)		(0.38	)		(1.58	)		(0.13	)
Net asset value, end of period	$	13.57		$	10.87		$	13.24		$	10.14		$	11.89		$	11.88
Total Return(b)		25.12	%		(15.76	)%		33.02	%		(11.88	)%		16.01	%		7.59	%
Net assets, end of period (in 000’s)	$	3,112		$	1,653		$	2,149		$	1,514		$	1,638		$	1,673
Ratio of net expenses to average net assets		1.94	%(c)		1.94	%		1.95	%		1.97	%		2.00	%		2.01	%
Ratio of total expenses to average net assets		2.11	%(c)		2.19	%		2.44	%		2.67	%		2.91	%		2.63	%
Ratio of net investment income to average net assets		2.84	%(c)		1.92	%		1.92	%		1.19	%		2.24	%		1.89	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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.

74 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	13.22		$	16.01		$	12.20		$	14.26		$	13.88		$	15.20
Net investment income(a)		0.32			0.41			0.47			0.31			0.42			0.49
Net realized and unrealized gain (loss)		3.09			(2.75	)		3.71			(1.80	)		1.63			(1.46	)
Total from investment operations		3.41			(2.34	)		4.18			(1.49	)		2.05			(0.97	)
Distributions to shareholders from net investment income		(0.09	)		(0.45	)		(0.37	)		(0.57	)		(0.38	)		(0.35	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.10	)		(0.45	)		(0.37	)		(0.57	)		(1.67	)		(0.35	)
Net asset value, end of period	$	16.53		$	13.22		$	16.01		$	12.20		$	14.26		$	13.88
Total Return(b)		25.84	%		(14.87	)%		34.45	%		(10.86	)%		17.29	%		(6.59	)%
Net assets, end of period (in 000’s)	$	479,543		$	207,340		$	24,118		$	10,051		$	5,232		$	2,666
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.85	%		0.88	%		0.87	%
Ratio of total expenses to average net assets		0.99	%(c)		1.03	%		1.30	%		1.55	%		1.79	%		1.42	%
Ratio of net investment income to average net assets		4.12	%(c)		2.87	%		3.05	%		2.36	%		3.13	%		3.19	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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. 75

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
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	12.44		$	15.09		$	11.52		$	13.51		$	13.25		$	14.51
Net investment income(a)		0.31			0.40			0.42			0.29			0.34			0.40
Net realized and unrealized gain (loss)		2.88			(2.61	)		3.51			(1.72	)		1.59			(1.35	)
Total from investment operations		3.19			(2.21	)		3.93			(1.43	)		1.93			(0.95	)
Distributions to shareholders from net investment income		(0.08	)		(0.44	)		(0.36	)		(0.56	)		(0.38	)		(0.31	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.09	)		(0.44	)		(0.36	)		(0.56	)		(1.67	)		(0.31	)
Net asset value, end of period	$	15.54		$	12.44		$	15.09		$	11.52		$	13.51		$	13.25
Total Return(b)		25.73	%		(14.91	)%		34.25	%		(10.99	)%		17.21	%		(6.74	)%
Net assets, end of period (in 000’s)	$	186,412		$	60,051		$	20,450		$	8,958		$	3,515		$	349
Ratio of net expenses to average net assets		0.94	%(c)		0.94	%		0.95	%		0.98	%		1.09	%		1.01	%
Ratio of total expenses to average net assets		1.12	%(c)		1.16	%		1.43	%		1.71	%		1.98	%		1.65	%
Ratio of net investment income to average net assets		4.32	%(c)		2.95	%		2.92	%		2.39	%		2.67	%		2.78	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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.

76 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	13.20		$	15.99		$	12.18		$	14.25		$	13.87		$	15.20
Net investment income(a)		0.31			0.42			0.47			0.28			0.49			0.45
Net realized and unrealized gain (loss)		3.09			(2.76	)		3.72			(1.78	)		1.57			(1.43	)
Total from investment operations		3.40			(2.34	)		4.19			(1.50	)		2.06			(0.98	)
Distributions to shareholders from net investment income		(0.09	)		(0.45	)		(0.38	)		(0.57	)		(0.39	)		(0.35	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.10	)		(0.45	)		(0.38	)		(0.57	)		(1.68	)		(0.35	)
Net asset value, end of period	$	16.50		$	13.20		$	15.99		$	12.18		$	14.25		$	13.87
Total Return(b)		25.80	%		(14.89	)%		34.52	%		(10.93	)%		17.41	%		(6.62	)%
Net assets, end of period (in 000’s)	$	44,729		$	22,020		$	6,050		$	2,304		$	332		$	68
Ratio of net expenses to average net assets		0.84	%(c)		0.84	%		0.84	%		0.84	%		0.86	%		0.86	%
Ratio of total expenses to average net assets		0.98	%(c)		1.03	%		1.29	%		1.59	%		1.80	%		1.51	%
Ratio of net investment income to average net assets		4.10	%(c)		2.90	%		3.03	%		2.22	%		3.74	%		2.99	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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. 77

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	12.53		$	15.19		$	11.60		$	13.55		$	13.32		$	14.59
Net investment income(a)		0.21			0.34			0.41			0.24			0.36			0.34
Net realized and unrealized gain (loss)		2.98			(2.64	)		3.48			(1.74	)		1.52			(1.37	)
Total from investment operations		3.19			(2.30	)		3.89			(1.50	)		1.88			(1.03	)
Distributions to shareholders from net investment income		(0.05	)		(0.36	)		(0.30	)		(0.45	)		(0.36	)		(0.24	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.06	)		(0.36	)		(0.30	)		(0.45	)		(1.65	)		(0.24	)
Net asset value, end of period	$	15.66		$	12.53		$	15.19		$	11.60		$	13.55		$	13.32
Total Return(b)		25.45	%		(15.36	)%		33.62	%		(11.44	)%		(16.63	)%		(7.19	)%
Net assets, end of period (in 000’s)	$	597		$	514		$	620		$	173		$	73		$	84
Ratio of net expenses to average net assets		1.44	%(c)		1.44	%		1.44	%		1.48	%		1.50	%		1.51	%
Ratio of total expenses to average net assets		1.60	%(c)		1.69	%		1.91	%		2.19	%		2.40	%		2.18	%
Ratio of net investment income to average net assets		2.93	%(c)		2.39	%		2.79	%		1.96	%		2.90	%		2.38	%
Portfolio turnover rate(d)		11	%		12	%		28	%		51	%		27	%		87	%

(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.

78 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	13.20		$	15.98		$	12.17		$	14.23		$	13.86		$	15.62
Net investment income(b)		0.28			0.44			0.47			0.30			0.44			0.16
Net realized and unrealized gain (loss)		3.11			(2.77	)		3.72			(1.79	)		1.61			(1.84	)
Total from investment operations		3.39			(2.33	)		4.19			(1.49	)		2.05			(1.68	)
Distributions to shareholders from net investment income		(0.09	)		(0.45	)		(0.38	)		(0.57	)		(0.39	)		(0.08	)
Distributions to shareholders from net realized gains		(0.01	)		—			—			—			(1.29	)		—
Total distributions		(0.10	)		(0.45	)		(0.38	)		(0.57	)		(1.68	)		(0.08	)
Net asset value, end of period	$	16.49		$	13.20		$	15.98		$	12.17		$	14.23		$	13.86
Total Return(c)		25.82	%		(14.90	)%		34.55	%		(10.89	)%		17.34	%		(10.76	)%
Net assets, end of period (in 000’s)	$	51,037		$	33,413		$	28,616		$	20,799		$	32,643		$	30,930
Ratio of net expenses to average net assets		0.84	%(d)		0.84	%		0.84	%		0.84	%		0.85	%		0.84	%(d)
Ratio of total expenses to average net assets		0.98	%(d)		1.06	%		1.32	%		1.51	%		1.76	%		1.84	%(d)
Ratio of net investment income to average net assets		3.75	%(d)		2.95	%		3.05	%		2.33	%		3.37	%		2.00	%(d)
Portfolio turnover rate(e)		11	%		12	%		28	%		51	%		27	%		87	%

(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. 79

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements

April 30, 2023 (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
Emerging Markets Equity ex. China	A, C, Institutional, Investor, R6, R 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.

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, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, 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.

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

F.  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

81

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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 the Valuation Procedures 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 exchange-traded funds (“ETFs”) and other investment companies. 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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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 the Valuation Procedures.

82

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2023:

CHINA EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	555,802	$	61,027,819	$	—
Total	$	555,802	$	61,027,819	$	—
EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	41,297,209	$	30,026,986	$	—
Asia		35,767,709		2,387,273,916		—	(b)
Europe		10,888,410		111,376,613		—
North America		119,489,670		31,037,883		—
South America		114,231,726		20,029,563		—
Investment Company		7,148,234		—		—
Exchange-Traded Fund		90,029,042		—		—
Securities Lending Reinvestment Vehicle		47,625		—		—
Total	$	418,899,625	$	2,579,744,961	$	—
EMERGING MARKETS EQUITY EX. CHINA FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	121,338	$	70,604	$	—
Asia		153,885		4,708,440		—
Europe		—		339,210		—
North America		468,827		—		—
South America		376,017		52,486		—
Investment Company		78,202		—		—
Total	$	1,198,269	$	5,170,740	$	—

(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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

(b) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of April 30, 2023.

83

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ESG EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	607,440	$	345,873	$	—
Asia		603,022		28,511,000		—	(b)
Europe		—		806,026		—
North America		1,428,573		—		—
South America		1,241,556		327,391		—
Investment Company		474,384		—		—
Total	$	4,354,975	$	29,990,290	$	—
INTERNATIONAL EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	17,482,724	$	152,444,078	$	—
Europe		32,980,576		433,952,211		—
North America		—		98,928,992		—
Investment Company		16,221,791		—		—
Securities Lending Reinvestment Vehicle		28,476,750		—		—
Total	$	95,161,841	$	685,325,281	$	—
INTERNATIONAL EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	108,760,447	$	—
Europe		27,728,869		467,778,110		—
North America		—		143,152,456		—
Oceania		—		54,853,734		—
Investment Company		31,313,817		—		—
Total	$	59,042,686	$	774,544,747	$	—

(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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

(b) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of April 30, 2023.

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

84

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

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.

For the six months ended April 30, 2023, 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			Next $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			0.99			0.90	(1)
Emerging Markets Equity ex. China Fund		0.90			0.90			0.81			0.77			0.75			0.90			0.90
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.98			0.93	(2)
International Equity ESG		0.85			0.77			0.73			0.71			0.70			0.85			0.82	(3)
International Equity Income		0.80			0.72			0.68			0.67			0.66			0.80			0.80

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

(1) GSAM agreed to waive a portion of its management fee 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, 2024, 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 in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2024, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. Prior to February 28, 2023, GSAM agreed to waive a portion of its management fee in order to achieve an net effective management rate of 0.94%.

(3) GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2024, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2023, GSAM waived $260, $13,374, $447, $13,695 and $14,431 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.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			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/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2023, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity	$	392	$	—
Emerging Markets Equity		1,918		—
International Equity ESG		2,509		315
International Equity Income		7,149		—

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.

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.

For the six months ended April 30, 2023, the transfer agency fee waivers were as follows:

	China Equity			Emerging Markets Equity			ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)*		0.04	%		0.06	%		0.05	%(a)		0.05	%		0.03	%

* These arrangements will remain in effect through at least February 28, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

(a) Prior to February 28, 2023, the waiver was 0.04%.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the 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, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2024 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, 2023, 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	$	260	$	2,867	$	126,304	$	129,431
Emerging Markets Equity		1,306,367		91,857		8,293		1,406,517
Emerging Markets Equity ex. China		—		—		365,783		365,783
ESG Emerging Markets Equity		9,216		720		364,331		374,267
International Equity ESG		114,512		53,062		451,760		619,334
International Equity Income		14,431		24,125		390,925		429,481

G.  Line of Credit Facility — As of April 30, 2023, the Funds participated in a $1,110,000,000 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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2023, Goldman Sachs did not earn brokerage commissions from portfolio transactions, on behalf of the Funds.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2023:

Fund	Beginning Value as of October 31, 2022		Purchased at Cost		Proceeds from Sales			Ending Value as of April 30, 2023		Shares as of April 30, 2023		Dividend Income
China Equity	$	718,374	$	13,883,204		$(14,601,578)		$	—		—	$	7,835
Emerging Markets Equity		29,884,305		272,354,800		(295,090,871	)		7,148,234		7,148,234		350,973
Emerging Markets Equity ex. China		—		5,822,810		(5,744,608	)		78,202		78,202		2,154
ESG Emerging Markets Equity		234,864		10,504,647		(10,265,127	)		474,384		474,384		12,348
International Equity ESG		7,436,653		123,607,827		(114,822,689	)		16,221,791		16,221,791		366,841
International Equity Income		11,213,362		259,931,671		(239,831,216	)		31,313,817		31,313,817		380,562

As of April 30, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R
Emerging Markets Equity ex. China		100	%		100	%		94	%		100	%		100	%		100	%
ESG Emerging Markets Equity		—			8			—			—			24			—

5. PORFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2023, were as follows:

Fund	Purchases		Sales and Maturities
China Equity	$	28,001,115	$	36,411,211
Emerging Markets Equity		451,565,558		617,113,055
Emerging Markets Equity ex. China		6,785,023		603,627
ESG Emerging Markets Equity		13,713,734		10,263,421
International Equity ESG		123,994,594		84,679,979
International Equity Income		421,520,457		63,021,972

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 (in this section, 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

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6. SECURITIES LENDING (continued)

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, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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, 2023, 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, 2023				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2023
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
China Equity	$	33	$	—	$	—
Emerging Markets Equity		1,943		2,217		—
International Equity ESG		4,596		23		415,000
International Equity Income		939		—		—

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

6. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2023.

Fund	Beginning Value as of October 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2023
China Equity	$	91,000	$	219,750	$	(310,750	)	$	—
Emerging Markets Equity		42,000		90,036,411		(90,030,786	)		47,625
International Equity ESG		—		103,485,100		(75,008,350	)		28,476,750
International Equity Income		—		22,381,821		(22,381,821	)		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2022, the Funds’ capital loss carryforwards on a tax basis and certain timing differences were as follows:

	China Equity			Emerging Markets Equity			Emerging Markets Equity ex. China		ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Capital loss carryforwards:
Perpetual Short-term	$	(12,140,605	)	$	(396,706,753	)	$	—	$	(33,577,188	)	$	(2,763,341	)	$	—
Perpetual Long-term		(13,980,429	)		(212,653,342	)		—		(28,670,323	)		(2,023,664	)		—
Total capital loss carryfowards	$	(26,121,034	)	$	(609,360,095	)	$	—	$	(62,247,511	)	$	(4,787,005	)	$	—

As of April 30, 2023, 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			Emerging Markets Equity ex. China			ESG Emerging Markets Equity			International Equity ESG			International Equity Income
Tax cost	$	64,988,114		$	2,994,289,680		$	6,168,080		$	36,657,744		$	745,011,059		$	767,163,785
Gross unrealized gain		7,120,747			424,275,627			390,870			2,020,233			84,583,875			74,001,002
Gross unrealized loss		(10,525,240	)		(419,920,721	)		(189,941	)		(4,332,712	)		(49,107,812	)		(7,577,354	)
Net unrealized gain (loss)	$	(3,404,493	)	$	4,354,906		$	200,929		$	(2,312,479	)	$	35,476,063		$	66,423,648

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.

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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 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.

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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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, or economically tied to, emerging markets, these risks may be more pronounced.

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.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

8. OTHER RISKS (continued)

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

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

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

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

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

Non-Diversification Risk — Emerging Markets Equity, Emerging Markets Equity ex. China and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or 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.

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9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	China Equity Fund
	For the Six Months Ended April 30, 2023						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		332,030		$	7,786,657			270,110		$	7,466,721
Reinvestment of distributions		—			—			38,187			1,231,906
Shares redeemed		(375,538	)		(8,725,535	)		(341,195	)		(9,282,661	)
		(43,508	)		(938,878	)		(32,898	)		(584,034	)
Class C Shares
Shares sold		935			17,152			36,234			834,584
Reinvestment of distributions		—			—			4,182			117,638
Shares redeemed		(13,121	)		(232,478	)		(23,101	)		(563,799	)
		(12,186	)		(215,326	)		17,315			388,423
Institutional Shares
Shares sold		68,791			1,633,424			377,729			10,769,683
Reinvestment of distributions		884			20,319			35,229			1,228,446
Shares redeemed		(147,324	)		(3,362,908	)		(568,158	)		(14,870,995	)
		(77,649	)		(1,709,165	)		(155,200	)		(2,872,866	)
Investor Shares
Shares sold		3,045			74,723			5,550			158,365
Reinvestment of distributions		27			623			956			33,071
Shares redeemed		(1,127	)		(27,785	)		(6,448	)		(196,374	)
		1,945			47,561			58			(4,938	)
Class R6 Shares
Shares sold		6,862			157,166			18,582			529,141
Reinvestment of distributions		113			2,577			2,164			75,181
Shares redeemed		(5,945	)		(138,542	)		(16,036	)		(463,391	)
		1,030			21,201			4,710			140,931
Class P
Shares sold		113,851			2,314,185			372,081			11,502,584
Reinvestment of distributions		5,118			117,258			141,016			4,901,721
Shares redeemed		(388,209	)		(9,123,810	)		(822,791	)		(23,319,549	)
		(269,240	)		(6,692,367	)		(309,694	)		(6,915,244	)
NET DECREASE		(399,608	)	$	(9,486,974	)		(475,709	)	$	(9,847,728	)

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2023						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,437,073		$	28,458,262			4,321,728		$	101,034,587
Reinvestment of distributions		—			—			63,497			1,666,807
Shares redeemed		(4,151,857	)		(77,298,248	)		(3,844,246	)		(87,521,303	)
		(2,714,784	)		(48,839,986	)		540,979			15,180,091
Class C Shares
Shares sold		55,559			960,418			172,135			3,613,810
Reinvestment of distributions		—			—			4,469			103,985
Shares redeemed		(281,240	)		(4,754,561	)		(392,859	)		(7,963,795	)
		(225,681	)		(3,794,143	)		(216,255	)		(4,246,000	)
Institutional Shares
Shares sold		17,902,438			374,091,609			66,567,313			1,649,343,420
Reinvestment of distributions		193,789			3,928,108			839,728			23,638,350
Shares redeemed		(19,688,277	)		(407,231,370	)		(55,866,572	)		(1,306,340,317	)
		(1,592,050	)		(29,211,653	)		11,540,469			366,641,453
Service Shares
Shares sold		77,077			1,449,373			211,430			4,612,391
Reinvestment of distributions		—			—			9,770			247,171
Shares redeemed		(38,004	)		(714,544	)		(186,027	)		(4,033,856	)
		39,073			734,829			35,173			825,706
Investor Shares
Shares sold		1,183,475			24,886,073			5,878,582			145,920,913
Reinvestment of distributions		7,304			147,033			91,807			2,565,099
Shares redeemed		(2,729,371	)		(56,109,316	)		(7,857,070	)		(184,473,413	)
		(1,538,592	)		(31,076,210	)		(1,886,681	)		(35,987,401	)
Class R6 Shares
Shares sold		1,748,115			36,994,569			5,271,516			120,051,722
Reinvestment of distributions		17,156			349,131			43,244			1,222,948
Shares redeemed		(1,684,119	)		(35,668,543	)		(2,640,496	)		(63,883,314	)
		81,152			1,675,157			2,674,264			57,391,356
Class P Shares
Shares sold		4,862,910			101,200,454			13,976,255			343,779,624
Reinvestment of distributions		55,655			1,133,138			309,506			8,752,840
Shares redeemed		(8,424,024	)		(172,494,183	)		(18,482,427	)		(434,567,887	)
		(3,505,459	)		(70,160,591	)		(4,196,666	)		(82,035,423	)
NET INCREASE (DECREASE)		(9,456,341	)	$	(180,672,597	)		8,491,283		$	317,769,782

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity ex. China Fund
	For the Period December 6, 2022* to April 30, 2023
	Shares			Dollars
Class A Shares
Shares sold		5,025		$	50,250
Reinvestment of distributions		13			129
Shares redeemed		—			—
		5,038			50,379
Class C Shares
Shares sold		5,000			50,000
Reinvestment of distributions		13			129
Shares redeemed		—			—
		5,013			50,129
Institutional Shares
Shares sold		498,599			4,996,000
Reinvestment of distributions		1,211			11,750
Shares redeemed		—			—
		499,810			5,007,750
Investor Shares
Shares sold		5,000			50,000
Reinvestment of distributions		12			112
Shares redeemed		—			—
		5,012			50,112
Class R6 Shares
Shares sold		5,000			50,000
Reinvestment of distributions		14			133
Shares redeemed		—			—
		5,014			50,133
Class R Shares
Shares sold		5,000			50,000
Reinvestment of distributions		13			129
Shares redeemed		—			—
		5,013			50,129
Class P
Shares sold		114,370			1,181,423
Reinvestment of distributions		14			134
Shares redeemed		(1	)		(5	)
		114,383			1,181,552
NET INCREASE		639,283		$	6,440,184

* Commencement of operations.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	ESG Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2023						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,995		$	17,847			13,518		$	153,969
Reinvestment of distributions		25			222			20,700			259,255
Shares redeemed		(20,045	)		(181,211	)		(72,319	)		(844,089	)
		(18,025	)		(163,142	)		(38,101	)		(430,865	)
Class C Shares
Shares sold		149			1,248			8,254			75,593
Reinvestment of distributions		—			—			735			9,013
Shares redeemed		(5,068	)		(46,951	)		(3,672	)		(43,339	)
		(4,919	)		(45,703	)		5,317			41,267
Institutional Shares
Shares sold		1,099,916			9,313,918			2,201,485			25,067,650
Reinvestment of distributions		7,551			66,144			31,841			400,485
Shares redeemed		(425,254	)		(3,730,048	)		(1,287,899	)		(11,961,555	)
		682,213			5,650,014			945,427			13,506,580
Investor Shares
Shares sold		17,475			153,172			55,378			561,710
Reinvestment of distributions		388			3,402			6,195			77,847
Shares redeemed		(66,698	)		(625,209	)		(33,608	)		(380,284	)
		(48,835	)		(468,635	)		27,965			259,273
Class R6 Shares
Shares sold		986			9,001			72,480			807,603
Reinvestment of distributions		22			189			373			4,683
Shares redeemed		(4,909	)		(43,787	)		(66,828	)		(608,945	)
		(3,901	)		(34,597	)		6,025			203,341
Class R Shares
Shares sold		5,489			48,096			4,977			56,496
Reinvestment of distributions		—			—			1,409			17,502
Shares redeemed		(3,940	)		(35,483	)		(48	)		(496	)
		1,549			12,613			6,338			73,502
Class P Shares
Shares sold		216,838			1,997,471			842,845			9,801,828
Reinvestment of distributions		6,687			58,579			114,661			1,441,940
Shares redeemed		(409,251	)		(3,666,826	)		(656,256	)		(6,989,487	)
		(185,726	)		(1,610,776	)		301,250			4,254,281
NET INCREASE		422,356		$	3,339,774			1,254,221		$	17,907,379

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity ESG Fund
	For the Six Months Ended April 30, 2023						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		934,622		$	22,827,410			2,520,913		$	61,047,515
Reinvestment of distributions		26,816			627,502			131,881			3,638,112
Shares redeemed		(523,440	)		(12,806,783	)		(640,320	)		(15,715,911	)
		437,998			10,648,129			2,012,474			48,969,716
Class C Shares
Shares sold		33,586			763,331			138,310			3,319,334
Reinvestment of distributions		–			–			21,874			551,527
Shares redeemed		(57,104	)		(1,282,679	)		(99,374	)		(2,201,891	)
		(23,518	)		(519,348	)		60,810			1,668,970
Institutional Shares
Shares sold		3,840,487			97,872,133			13,281,509			342,618,458
Reinvestment of distributions		112,666			2,705,106			257,096			7,277,623
Shares redeemed		(3,107,801	)		(78,322,693	)		(5,486,949	)		(134,374,611	)
		845,352			22,254,546			8,051,656			215,521,470
Service Shares
Shares sold		10,037			253,616			26,072			696,948
Reinvestment of distributions		153			3,753			717			20,704
Shares redeemed		(2,073	)		(55,016	)		(9,295	)		(237,270	)
		8,117			202,353			17,494			480,382
Investor Shares
Shares sold		1,817,327			46,005,465			4,162,122			107,795,519
Reinvestment of distributions		36,154			862,275			81,077			2,279,918
Shares redeemed		(1,170,407	)		(29,740,250	)		(1,672,833	)		(39,966,759	)
		683,074			17,127,490			2,570,366			70,108,678
Class R6 Shares
Shares sold		877,221			22,254,843			2,461,155			60,974,798
Reinvestment of distributions		23,610			563,559			44,543			1,253,796
Shares redeemed		(466,104	)		(11,743,032	)		(669,828	)		(16,071,089	)
		434,727			11,075,370			1,835,870			46,157,505
Class P Shares
Shares sold		214,304			5,478,912			589,005			15,581,819
Reinvestment of distributions		38,568			920,626			281,627			7,925,666
Shares redeemed		(661,680	)		(16,622,576	)		(1,067,003	)		(26,610,309	)
		(408,808	)		(10,223,038	)		(196,371	)		(3,102,824	)
NET INCREASE		1,976,942		$	50,565,502			14,352,299		$	379,803,897

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2023						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,572,220		$	23,299,546			1,940,444		$	28,279,066
Reinvestment of distributions		13,473			186,282			55,173			755,006
Shares redeemed		(380,347	)		(5,573,412	)		(747,014	)		(10,191,291	)
		1,205,346			17,912,416			1,248,603			18,842,781
Class C Shares
Shares sold		88,522			1,143,059			53,031			667,633
Reinvestment of distributions		355			4,300			4,384			53,202
Shares redeemed		(11,535	)		(146,424	)		(67,632	)		(809,638	)
		77,342			1,000,935			(10,217	)		(88,803	)
Institutional Shares
Shares sold		15,900,437			246,677,784			16,803,508			244,405,874
Reinvestment of distributions		110,161			1,612,718			177,901			2,545,335
Shares redeemed		(2,675,001	)		(41,032,072	)		(2,806,587	)		(38,862,822	)
		13,335,597			207,258,430			14,174,822			208,088,387
Investor Shares
Shares sold		8,256,934			121,223,439			5,199,925			71,394,280
Reinvestment of distributions		37,574			517,725			81,851			1,111,827
Shares redeemed		(1,128,472	)		(16,355,630	)		(1,809,802	)		(24,616,165	)
		7,166,036			105,385,534			3,471,974			47,889,942
Class R6 Shares
Shares sold		1,296,267			20,160,781			1,479,930			21,504,704
Reinvestment of distributions		11,426			167,036			24,892			357,317
Shares redeemed		(265,086	)		(4,073,081	)		(215,351	)		(3,034,387	)
		1,042,607			16,254,736			1,289,471			18,827,634
Class R Shares
Shares sold		3,274			48,439			5,774			83,872
Reinvestment of distributions		153			2,124			1,077			15,077
Shares redeemed		(6,309	)		(93,631	)		(6,638	)		(90,146	)
		(2,882	)		(43,068	)		213			8,803
Class P Shares
Shares sold		771,758			11,651,850			1,063,183			14,459,631
Reinvestment of distributions		17,412			254,389			58,244			853,646
Shares redeemed		(226,840	)		(3,520,724	)		(380,425	)		(5,619,543	)
		562,330			8,385,515			741,002			9,693,734
NET INCREASE		23,386,376		$	356,154,498			20,915,868		$	303,262,478

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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 14-15, 2023, 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, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report 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; (3) the impact of local holidays in non-U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Emerging Markets Equity ex. China Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on December 6, 2022. At a meeting held on April 13, 2022 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to waive and/or reimburse the Fund’s expenses (with certain customary exceptions, such as taxes, brokerage fees, and extraordinary expenses); and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Fund’s portfolio managers were currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. The Trustees considered materials showing back-tested returns of the Fund’s proposed strategy from July 1, 2013 through December 31, 2021. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to Be Provided and Profitability

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

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

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

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

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

Economies of Scale

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

Average Daily Net Assets	Management Fee Annual Rate
First $2 billion		0.90	%
Next $3 billion		0.81	%
Next $3 billion		0.77	%
Over $8 billion		0.75	%

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to the Fund’s shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment by the Fund of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs.

Conclusion

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

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Fund Expenses — Six Month Period Ended April 30, 2023 (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, 2022 through April 30, 2023, 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							Emerging Markets Equity ex. China Fund							ESG Emerging Markets Equity Fund							International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months  ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months  ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months  ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*
Class A
Actual	$	1,000.00	$	1,251.66		$	8.28	$	1,000.00	$	1,162.50		$	7.12	$	1,000.00	$	1,028.70		$	5.75	$	1,000.00	$	1,153.18		$	7.57	$	1,000.00	$	1,246.13		$	6.57	$	1,000.00	$	1,255.80		$	6.65
Hypothetical 5% return		1,000.00		1,017.44	+		7.42		1,000.00		1,018.21	+		6.65		1,000.00		1,014.19	+		5.71		1,000.00		1,017.76	+		7.09		1,000.00		1,018.94	+		5.91		1,000.00		1,018.90	+		5.95
Class C
Actual		1,000.00		1,246.00			12.44		1,000.00		1,158.11			11.12		1,000.00		1,028.70			8.78		1,000.00		1,148.83			11.56		1,000.00		1,241.56			10.73		1,000.00		1,251.15			10.82
Hypothetical 5% return		1,000.00		1,013.72	+		11.15		1,000.00		1,014.49	+		10.38		1,000.00		1,011.20	+		8.71		1,000.00		1,014.03	+		10.84		1,000.00		1,015.22	+		9.65		1,000.00		1,015.18	+		9.69
Institutional
Actual		1,000.00		1,253.21			6.44		1,000.00		1,164.17			5.46		1,000.00		1,027.60			4.26		1,000.00		1,154.68			5.83		1,000.00		1,248.63			4.80		1,000.00		1,258.37			4.75
Hypothetical 5% return		1,000.00		1,019.08	+		5.77		1,000.00		1,019.74	+		5.10		1,000.00		1,015.66	+		4.24		1,000.00		1,019.39	+		5.46		1,000.00		1,020.53	+		4.31		1,000.00		1,020.58	+		4.25
Service
Actual		1,000.00		N/A			N/A		1,000.00		1,161.41			8.14		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,245.43			7.57		1,000.00		N/A			N/A
Hypothetical 5% return		1,000.00		N/A			N/A		1,000.00		1,017.26	+		7.59		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,018.05	+		6.81		1,000.00		N/A			N/A
Investor
Actual		1,000.00		1,252.84			6.89		1,000.00		1,164.19			5.78		1,000.00		1,026.40			4.74		1,000.00		1,153.91			6.25		1,000.00		1,247.82			5.19		1,000.00		1,257.25			5.26
Hypothetical 5% return		1,000.00		1,018.68	+		6.17		1,000.00		1,019.45	+		5.40		1,000.00		1,015.19	+		4.71		1,000.00		1,018.99	+		5.86		1,000.00		1,020.18	+		4.66		1,000.00		1,020.13	+		4.71
Class R6
Actual		1,000.00		1,253.64			6.39		1,000.00		1,164.34			5.41		1,000.00		1,028.80			4.22		1,000.00		1,154.57			5.77		1,000.00		1,248.90			4.74		1,000.00		1,258.03			4.70
Hypothetical 5% return		1,000.00		1,019.13	+		5.72		1,000.00		1,019.79	+		5.05		1,000.00		1,015.71	+		4.19		1,000.00		1,018.88	+		5.97		1,000.00		1,020.58	+		4.26		1,000.00		1,020.63	+		4.21
Class R
Actual		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,028.70			6.76		1,000.00		1,151.67			8.90		1,000.00		N/A			N/A		1,000.00		1,254.47			8.04
Hypothetical 5% return		1,000.00		N/A			N/A		1,000.00		N/A			N/A		1,000.00		1,013.20	+		6.71		1,000.00		1,016.53	+		8.34		1,000.00		N/A			N/A		1,000.00		1,017.66	+		7.20
Class P
Actual		1,000.00		1,253.35			6.39		1,000.00		1,164.61			5.41		1,000.00		1,027.80			4.21		1,000.00		1,156.00			5.78		1,000.00		1,248.08			4.74		1,000.00		1,258.24			4.70
Hypothetical 5% return		1,000.00		1,019.13	+		5.72		1,000.00		1,019.80	+		5.05		1,000.00		1,015.71	+		4.18		1,000.00		1,019.43	+		5.42		1,000.00		1,020.58	+		4.26		1,000.00		1,020.63	+		4.20

+ 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, 2023. 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
China Equity Fund		1.48	%		2.23	%		1.15	%		N/A		1.23	%		1.14	%		N/A		1.14	%
Emerging Markets Equity Fund		1.33			2.08			1.02			1.52		1.08			1.01			N/A		1.01
Emerging Markets Equity ex. China Fund		1.43			2.18			1.06			N/A		1.18			1.05			1.68		1.04
ESG Emerging Markets Equity Fund		1.42			2.17			1.09			N/A		1.17			1.08			1.67		1.08
International Equity ESG Fund		1.18			1.93			0.86			1.36		0.93			0.85			N/A		0.85
International Equity Income Fund		1.19			1.94			0.85			N/A		0.94			0.84			1.44		0.84

103

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 $2.41 trillion in assets under supervision as of March 31, 2023, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond 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

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ 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

∎ 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.

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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth	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, 2023 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).

© 2023 Goldman Sachs. All rights reserved. 322064-OTU-1819266 EQINTEMESAR-23

Goldman Sachs Funds

Semi-Annual Report	April 30, 2023
	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
Market and Economic Review	1
Fund Basics	3
Schedules of Investments	9
Financial Statements	32
Financial Highlights	36
Emerging Markets Equity Insights	36
International Equity Insights	43
International Small Cap Insights	51
Notes to the Financial Statements	57
Other Information	75

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs International Equity Insights Funds

The following are highlights both of key factors affecting the emerging markets and international equity markets and of any key changes made to the Goldman Sachs International Equity Insights Funds (the “Funds”) during the six months ended April 30, 2023 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended October 31, 2023.

Market and Economic Review

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 16.36% during the Reporting Period, underperforming developed international equity markets overall but significantly outperforming the U.S. equity market. However, such robust returns mask what was a roller-coaster for emerging markets equities during the six-month Reporting Period.

• As the Reporting Period began in November 2022, the MSCI Emerging Markets Index rose sharply. Softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also strengthened returns for several countries in the MSCI Emerging Markets Index.

• In December 2022, emerging markets equity markets fell modestly, as inflation remained top of mind for investors. Central banks throughout the emerging markets universe continued to announce plans to slowly raise interest rates during the following months to get ahead of rising consumer prices.

• The MSCI Emerging Markets Index rose solidly in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 boosted investor sentiment. As had been the case two months prior, the slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed to strengthened returns for several countries.

• Continuing the pattern of ups and downs, the MSCI Emerging Markets Index fell in February 2023, reversing much of the positive return recorded in the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Federal Reserve’s (“Fed”) interest rate policy and dampened hopes for a quick end to the interest rate hiking cycle. Following this, the U.S. dollar strengthened, which proved an additional headwind for emerging markets equities.

• In March 2023, emerging markets equities overall rose, despite persistent volatility driven largely by a broad-based drawdown in market sentiment. Risk aversion heightened as the U.S. banking sector faced its worst crisis since 2008 and its fallout extended to other U.S. regional banks and to Europe.

• The MSCI Emerging Markets Index fell in April 2023 amid a rise in geopolitical tensions and investor uncertainty around various central banks’ terminal rates. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) China’s equity market was particularly weak, experiencing a significant sell-off as investors noted an uneven economic recovery following its reopening.

• The best performing sectors within the MSCI Emerging Markets Index during the Reporting Period overall were communication services, real estate, consumer discretionary and information technology. The weakest performing sector was utilities, the only sector to post a negative absolute total return for the Reporting Period. Energy, financials and health care posted positive absolute total returns but were also among the weakest sectors in the MSCI Emerging Markets Index during the Reporting Period.

1

MARKET REVIEW

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Czech Republic, Poland, Greece, China and Hungary. The weakest performing countries were Qatar, Brazil, Saudi Arabia, United Arab Emirates and India — the first four of which are oil exporting countries, hurt by falling crude oil prices during the Reporting Period.

• Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of 35.36%, 26.96%, -3.00%, -5.66% and -4.80%, respectively.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 24.19%, during the Reporting Period, outperforming both the U.S. equity market and the emerging markets equity markets.

• As the Reporting Period began, international equities performed strongly in November 2022, with investors focused on improving inflationary indicators across the globe. In particular, softer than consensus expected inflation data in the U.S. and increased confidence around the U.S. Federal Reserve (“Fed”) pulling off a soft landing allowed both U.S. and international equities to rally. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• After a strong November, international equities were more muted but still positive in December 2022. Inflationary indicators continued to show signs of improvement but remained well above central bank targets, causing the U.S. Fed and the European Central Bank to maintain their hawkish strategy. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• International equities rose more solidly in January 2023, as markets performed well on the back of softening global inflationary pressures in the U.S. and Europe, the slowing pace of central bank interest rate hikes and receding concerns about recession. Additionally, China finally lifted its stringent zero-COVID policy, which increased global hopes around both the resolution of supply-chain disruptions as well as economic recovery driven by strong domestic consumption.

• The MSCI EAFE Index then fell in February 2023. Market sentiment was governed by dampening expectations around potential peaking of interest rate hikes and continued geopolitical tensions between Russia and Ukraine one year after Russia’s initial invasion.

• International equities gained in March 2023, with market sentiment boosted, as it had been at the start of the new calendar year, by speculation around the potential peaking of inflation, the slowing pace of central bank interest rate hikes and receding concerns about a global recession — all despite banking tensions that arose during the month in the U.S. and internationally.

• International equities continued to rise in April 2023, recovering slightly from the banking turmoil that plagued March.

• Headline inflation in Europe fell sharply as energy prices continued to fall globally.

• China continued to experience reopening-driven economic growth, even as geopolitical concerns around U.S./China tensions weakened investor sentiment toward the country.

• The Japanese equity market rose for the fourth consecutive month, driven largely by new Bank of Japan governor Kazuo Ueda declaring a commitment to an ultra-loose monetary easing policy and famed U.S. investor Warren Buffet declaring he planned to add to his Japanese equity investments.

• All 11 sectors in the MSCI EAFE Index posted double-digit positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were consumer discretionary, utilities and industrials. The weakest performing sectors were energy, real estate and communication services.

• The best performing countries within the MSCI EAFE Index were Denmark, Ireland, Italy, Germany and Spain. The weakest performing countries during the Reporting Period were Israel and Norway, the only two constituents of the MSCI EAFE Index to post negative absolute returns during the Reporting Period. Finland, Australia and Japan each generated a double-digit positive absolute return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

2

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI Emerging Markets Standard Index (Net, USD, Unhedged)2
Class A		15.27	%		16.36	%
Class C		14.72			16.36
Institutional		15.52			16.36
Investor		15.41			16.36
Class R6		15.39			16.36
Class R		15.19			16.36
Class P		15.37			16.36

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, 2023, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, 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 4/30/231
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		5.3	%	Semiconductors & Semiconductor Equipment	Taiwan
Tencent Holdings Ltd.		4.8		Media & Entertainment	China
Samsung Electronics Co. Ltd.		2.7		Technology Hardware & Equipment	South Korea
Alibaba Group Holding Ltd.		2.2		Consumer Discretionary Distribution & Retail	China
ITC Ltd.		1.8		Food, Beverage & Tobacco	India
China Construction Bank Corp., Class H		1.6		Banks	China
FirstRand Ltd.		1.5		Financial Services	South Africa
Bumrungrad Hospital PCL		1.4		Health Care Equipment & Services	Thailand
Meituan, Class B		1.4		Consumer Services	China
PICC Property & Casualty Co. Ltd., Class H		1.4		Insurance	China

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, 2023

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 0.1% of the Fund’s net assets at April 30, 2023. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 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 Equity Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® EAFE Standard  Index (Net, USD, Unhedged)2
Class A		22.28	%		24.19	%
Class C		21.83			24.19
Institutional		22.47			24.19
Service		22.26			24.19
Investor		22.39			24.19
Class R6		22.51			24.19
Class R		22.20			24.19
Class P		22.53			24.19

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, 2023, 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 4/30/231
Holding	% of Net Assets			Line of Business	Country
ASML Holding NV		2.4	%	Semiconductors & Semiconductor Equipment	Netherlands
Novo Nordisk A/S, Class B		2.0		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Novartis AG		1.9		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Sanofi		1.6		Pharmaceuticals, Biotechnology & Life Sciences	United States
BHP Group Ltd.		1.5		Materials	Australia
Shell PLC		1.5		Energy	Netherlands
SAP SE		1.5		Software & Services	Germany
Cie Financiere Richemont SA		1.4		Consumer Durables & Apparel	Switzerland
Commonwealth Bank of Australia		1.4		Banks	Australia
British American Tobacco PLC		1.4		Food, Beverage & Tobacco	United Kingdom

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

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2023

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 4.1% of the Fund’s net assets at April 30, 2023. 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

International Small Cap Insights Fund

as of April 30, 2023

PERFORMANCE REVIEW
November 1, 2022–April 30, 2023	Fund Total Return (based on NAV)1			MSCI® EAFE Small Cap  Index (Net, USD, Unhedged)2
Class A		19.36	%		18.90	%
Class C		18.92			18.90
Institutional		19.61			18.90
Investor		19.52			18.90
Class R6		19.68			18.90
Class P		19.68			18.90

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 4/30/231
Holding	% of Net Assets			Line of Business	Country
Centrica PLC		1.2	%	Utilities	United Kingdom
HUGO BOSS AG		1.2		Consumer Durables & Apparel	Germany
TeamViewer SE		1.2		Software & Services	Germany
Santen Pharmaceutical Co. Ltd.		1.1		Pharmaceuticals, Biotechnology & Life Sciences	Japan
Saab AB, Class B		1.1		Capital Goods	Sweden
Rexel SA		1.1		Capital Goods	France
IG Group Holdings PLC		1.1		Financial Services	United Kingdom
Merlin Properties Socimi SA REIT		1.0		Equity Real Estate Investment Trusts	Spain
Sankyo Co. Ltd.		1.0		Consumer Durables & Apparel	Japan
Leonardo SpA		1.0		Capital Goods	Italy

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

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of April 30, 2023

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 2.5% of the Fund’s net assets at April 30, 2023. 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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 95.7%
Australia – 0.3%
	212,090	AngloGold Ashanti Ltd. ADR (Materials)	$	5,637,352
Brazil – 5.1%
	3,795,700	Ambev SA ADR (Food, Beverage & Tobacco)		10,627,960
	753,600	Banco Bradesco SA ADR (Banks)		2,110,080
	45,200	Banco Bradesco SA (Banks)		112,552
	165,200	Banco do Brasil SA (Banks)		1,419,558
	59,200	Banco Santander Brasil SA ADR (Banks)(a)		320,272
	1,033,900	BB Seguridade Participacoes SA (Insurance)		7,111,975
	5,846,270	Cia Energetica de Minas Gerais ADR (Utilities)(a)		14,147,973
	13,039	Cia Energetica de Minas Gerais (Utilities)		52,806
	137,775	Embraer SA ADR (Capital Goods)*		2,128,624
	1,407,600	Kepler Weber SA (Capital Goods)		2,034,724
	2,142,850	Petroleo Brasileiro SA ADR (Energy)		22,757,067
	731,900	Telefonica Brasil SA (Telecommunication Services)		6,033,868
	1,564,100	Vale SA ADR (Materials)		22,538,681
				91,396,140
Chile – 0.7%
	39,541,445	Banco de Chile (Banks)		4,210,080
	11,992	Banco de Credito e Inversiones SA (Banks)		361,728
	393,347	Cencosud SA (Consumer Staples Distribution & Retail)*		801,556
	16,150	Cia Cervecerias Unidas SA ADR (Food, Beverage & Tobacco)		259,530
	20,669,482	Cia Sud Americana de Vapores SA (Transportation)		2,112,141
	122,919	Quinenco SA (Capital Goods)		504,771
	59,929	Sociedad Quimica y Minera de Chile SA ADR (Materials)		4,044,009
				12,293,815
China – 30.7%
	2,241,395	Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services)		9,543,658
	3,671,600	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*		38,822,128
	1,089,800	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		13,542,103
	128,000	Autohome, Inc. ADR (Media & Entertainment)		3,795,200
	342,100	Baidu, Inc., Class A (Media & Entertainment)*		5,149,259
	10,642,021	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		9,909,614
Common Stocks – (continued)
China – (continued)
	31,969	Beijing Kingsoft Office Software, Inc., Class A (Software & Services)		2,037,094
	110,440	Bilibili, Inc., Class Z (Media & Entertainment)*		2,246,699
	128,100	BOC Aviation Ltd. (Capital Goods)(b)		1,015,316
	2,724,000	Bosideng International Holdings Ltd. (Consumer Durables & Apparel)		1,343,416
	54,911	BYD Co. Ltd., Class A (Automobiles & Components)		2,035,085
	443,000	BYD Co. Ltd., Class H (Automobiles & Components)		13,434,529
	6,283,000	China CITIC Bank Corp. Ltd., Class H (Banks)		3,398,885
	1,294,000	China Communications Services Corp. Ltd., Class H (Capital Goods)		709,066
	1,924,200	China Construction Bank Corp., Class A (Banks)		1,753,796
	42,204,000	China Construction Bank Corp., Class H (Banks)		28,214,487
	680,000	China Education Group Holdings Ltd. (Consumer Services)		605,426
	1,239,500	China Galaxy Securities Co. Ltd., Class H (Financial Services)		673,235
	604,550	China International Marine Containers Group Co. Ltd., Class H (Capital Goods)		390,680
	1,794,000	China Lesso Group Holdings Ltd. (Capital Goods)		1,550,956
	1,019,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,691,662
	1,381,004	China Pacific Insurance Group Co. Ltd., Class A (Insurance)		6,235,494
	4,150,000	China Pacific Insurance Group Co. Ltd., Class H (Insurance)		12,396,187
	3,035,000	China Railway Group Ltd., Class H (Capital Goods)		2,333,427
	190,100	Chongqing Brewery Co. Ltd., Class A (Food, Beverage & Tobacco)		2,866,117
	306,000	CIMC Enric Holdings Ltd. (Capital Goods)		281,850
	6,001,000	CITIC Ltd. (Capital Goods)		7,533,001
	8,640	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		289,163
	2,007,960	COSCO SHIPPING Holdings Co. Ltd., Class A (Transportation)		3,230,135
	1,459,000	COSCO SHIPPING Holdings Co. Ltd., Class H (Transportation)		1,694,656
	8,934,500	CRRC Corp. Ltd., Class A (Capital Goods)		9,031,003
	7,642,000	CRRC Corp. Ltd., Class H (Capital Goods)		4,945,159

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	652,000	Dongfeng Motor Group Co. Ltd., Class H (Automobiles & Components)	$	311,950
	50,300	G-bits Network Technology Xiamen Co. Ltd., Class A (Media & Entertainment)		3,806,928
	1,639,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		2,034,727
	1,140,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services)		3,745,042
	698,000	Haidilao International Holding Ltd. (Consumer Services)*(b)		1,706,542
	304,000	Hello Group, Inc. ADR (Media & Entertainment)		2,541,440
	60,500	Hengan International Group Co. Ltd. (Household & Personal Products)		270,221
	2,460,945	Huaibei Mining Holdings Co. Ltd., Class A (Materials)		4,837,965
	2,023,065	Hundsun Technologies, Inc., Class A (Software & Services)		14,469,903
	125,200	iQIYI, Inc. ADR (Media & Entertainment)*		763,720
	875,421	JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail)		15,624,378
	45,300	Jiangsu Pacific Quartz Co. Ltd. (Semiconductors & Semiconductor Equipment)		777,221
	99,300	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care Equipment & Services)		452,985
	1,133,000	Jiangxi Copper Co. Ltd., Class H (Materials)		2,015,544
	415,300	KE Holdings, Inc. ADR (Real Estate Management & Development)*		6,516,057
	1,156,500	Kingboard Holdings Ltd. (Technology Hardware & Equipment)		3,542,049
	3,624,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		5,572,494
	564,200	Kuaishou Technology (Media & Entertainment)*(b)		3,735,084
	8,892,000	Kunlun Energy Co. Ltd. (Utilities)		8,242,954
	1,394,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		1,426,168
	659,000	Li Ning Co. Ltd. (Consumer Durables & Apparel)		4,712,916
	354,727	LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		1,792,158
	1,490,760	Meituan, Class B (Consumer Services)*(b)		25,477,770
Common Stocks – (continued)
China – (continued)
	102,500	NetDragon Websoft Holdings Ltd. (Media & Entertainment)		200,715
	1,294,300	NetEase, Inc. (Media & Entertainment)		23,041,648
	33,000	Ningbo Deye Technology Co. Ltd., Class A (Capital Goods)		1,199,911
	905,400	Nongfu Spring Co. Ltd., Class H (Food, Beverage & Tobacco)(b)		4,912,477
	49,900	PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)*		3,400,685
	13,204,000	People’s Insurance Co. Group of China Ltd. (The), Class H (Insurance)		5,193,138
	10,710,000	PetroChina Co. Ltd., Class H (Energy)		7,439,539
	20,270,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)		24,515,726
	252,800	Ping An Bank Co. Ltd., Class A (Banks)		459,096
	509,400	Ping An Insurance Group Co. of China Ltd., Class A (Insurance)		3,820,220
	200,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		1,462,752
	437,192	Shanghai Aiko Solar Energy Co. Ltd. (Semiconductors & Semiconductor Equipment)*		1,976,035
	12,300	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Food, Beverage & Tobacco)		441,991
	283,575	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		12,792,585
	9,990,000	Shougang Fushan Resources Group Ltd. (Materials)		3,395,572
	147,500	Sinopec Engineering Group Co. Ltd., Class H (Capital Goods)		76,488
	542,000	Sinopharm Group Co. Ltd., Class H (Health Care Equipment & Services)		1,919,915
	23,613	Skshu Paint Co. Ltd., Class A (Materials)*		350,043
	471,300	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		4,980,373
	1,951,300	Tencent Holdings Ltd. (Media & Entertainment)		86,669,167
	1,287,700	Tencent Music Entertainment Group ADR (Media & Entertainment)*		9,541,857
	1,196,000	Topsports International Holdings Ltd. (Consumer Discretionary Distribution & Retail)(b)		1,066,160
	8,600	Trip.com Group Ltd. (Consumer Services)*		305,772

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)
China – (continued)
	151,200	Trip.com Group Ltd. ADR (Consumer Services)*	$	5,369,112
	293,200	Tsingtao Brewery Co. Ltd., Class A (Food, Beverage & Tobacco)		4,957,429
	1,388,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)		14,859,417
	574,300	Vipshop Holdings Ltd. ADR (Consumer Discretionary Distribution & Retail)*		9,016,510
	68,100	Wanhua Chemical Group Co. Ltd., Class A (Materials)*		908,018
	49,300	Weibo Corp. ADR (Media & Entertainment)*		863,243
	847,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		5,050,525
	282,000	Yadea Group Holdings Ltd. (Automobiles & Components)(b)		659,324
	113,600	Zangge Mining Co. Ltd., Class A (Materials)		376,170
	678,890	Zhejiang Juhua Co. Ltd., Class A (Materials)		1,487,695
	21,259	Zhejiang Supor Co. Ltd., Class A (Consumer Durables & Apparel)		158,202
	114,300	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Capital Goods)		365,268
	602,800	Zhuzhou CRRC Times Electric Co. Ltd. (Capital Goods)		2,432,900
	63,400	ZTO Express Cayman, Inc. ADR (Transportation)		1,754,912
				554,495,292
Greece – 0.5%
	10,600	Danaos Corp. (Transportation)		614,058
	485,785	OPAP SA (Consumer Services)		8,283,955
				8,898,013
Hong Kong – 0.9%
	166,000	Orient Overseas International Ltd. (Transportation)		3,372,654
	24,302,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		13,490,063
	352,000	Truly International Holdings Ltd. (Technology Hardware & Equipment)		44,607
				16,907,324
India – 13.6%
	190,146	ABB India Ltd. (Capital Goods)		7,964,395
	29,404	Adani Ports & Special Economic Zone Ltd. (Transportation)		245,809
	239,966	Ambuja Cements Ltd. (Materials)*		1,166,897
Common Stocks – (continued)
India – (continued)
	185,976	APL Apollo Tubes Ltd. (Materials)		2,724,691
	155,884	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		8,628,981
	1,791,099	Axis Bank Ltd. (Banks)		18,906,681
	114,735	Bajaj Auto Ltd. (Automobiles & Components)		6,227,356
	4,391	Bajaj Holdings & Investment Ltd. (Financial Services)		368,445
	2,024,120	Bank of Baroda (Banks)		4,668,592
	12,451,875	Bharat Electronics Ltd. (Capital Goods)		15,769,910
	22,170	Britannia Industries Ltd. (Food, Beverage & Tobacco)		1,236,152
	553,402	Canara Bank (Banks)		2,159,421
	190,872	Cochin Shipyard Ltd. (Capital Goods)(b)		1,177,079
	5,602	Coromandel International Ltd. (Materials)		64,678
	206,752	Cummins India Ltd. (Capital Goods)		3,992,670
	19,022	Dr. Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,150,070
	289,879	Eicher Motors Ltd. (Automobiles & Components)		11,738,451
	2,013,275	Federal Bank Ltd. (Banks)		3,335,005
	162,121	Great Eastern Shipping Co. Ltd. (The) (Energy)		1,346,992
	73,110	Hero MotoCorp Ltd. (Automobiles & Components)		2,292,650
	306,632	Hindustan Copper Ltd. (Materials)		382,012
	72,983	Hindustan Unilever Ltd. (Household & Personal Products)		2,196,766
	1,070,594	Hindustan Zinc Ltd. (Materials)		4,124,773
	716,003	ICICI Bank Ltd. ADR (Banks)		16,289,068
	898,266	Infosys Ltd. ADR (Software & Services)		13,959,054
	6,099,328	ITC Ltd. (Food, Beverage & Tobacco)		31,806,544
	79,205	Jindal Stainless Ltd. (Materials)		274,214
	304,015	Jindal Steel & Power Ltd. (Materials)		2,175,345
	516,941	JK Paper Ltd. (Materials)		2,393,623
	631,941	JSW Steel Ltd. (Materials)		5,622,705
	23,163	Larsen & Toubro Ltd. (Capital Goods)		671,553
	64,818	Maruti Suzuki India Ltd. (Automobiles & Components)		6,826,701
	109,286	Max Healthcare Institute Ltd. (Health Care Equipment & Services)*		615,782
	17,103	Narayana Hrudayalaya Ltd. (Health Care Equipment & Services)		159,550
	405,004	NMDC Ltd. (Materials)		539,241
	418,305	Petronet LNG Ltd. (Energy)		1,214,952

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	2,228,707	Power Finance Corp. Ltd. (Financial Services)	$	4,641,518
	744,484	Power Grid Corp. of India Ltd. (Utilities)		2,164,816
	6,981,545	REC Ltd. (Financial Services)		11,312,568
	246,985	Reliance Industries Ltd. (Energy)		7,334,753
	103,651	SBI Life Insurance Co. Ltd. (Insurance)(b)		1,448,154
	2,055,234	State Bank of India (Banks)		14,595,119
	201,813	Tata Consultancy Services Ltd. (Software & Services)		7,979,017
	170,369	TVS Motor Co. Ltd. (Automobiles & Components)		2,378,260
	379,961	Varun Beverages Ltd. (Food, Beverage & Tobacco)		6,734,341
	572,911	Vedanta Ltd. (Materials)		1,965,315
	5,684	West Coast Paper Mills Ltd. (Materials)		38,424
				245,009,093
Indonesia – 2.7%
	5,346,900	AKR Corporindo Tbk PT (Energy)		591,773
	21,339,200	Aneka Tambang Tbk (Materials)		3,069,743
	2,652,600	Astra International Tbk PT (Capital Goods)		1,223,562
	19,135,200	Bank Central Asia Tbk PT (Banks)		11,841,848
	39,526,800	Bank Mandiri Persero Tbk PT (Banks)		13,972,727
	378,200	Bank Negara Indonesia Persero Tbk PT (Banks)		243,731
	8,246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks)		705,881
	23,760,200	Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks)		1,093,532
	38,035,600	Bank Rakyat Indonesia Persero Tbk PT (Banks)		13,254,617
	551,200	Indocement Tunggal Prakarsa Tbk PT (Materials)		408,221
	519,400	Merdeka Copper Gold Tbk PT (Materials)*		140,113
	4,594,600	Mitra Adiperkasa Tbk PT (Consumer Discretionary Distribution & Retail)*		429,616
	1,692,300	Sumber Alfaria Trijaya Tbk PT (Consumer Staples Distribution & Retail)		334,622
	10,787,700	Surya Esa Perkasa Tbk PT (Materials)		514,750
	226,900	United Tractors Tbk PT (Energy)		447,918
				48,272,654
Kuwait – 0.4%
	14,772	Ali Alghanim Sons Automotive Co. KSCC (Consumer Discretionary Distribution & Retail)		42,789
Common Stocks – (continued)
Kuwait – (continued)
	4,000	Humansoft Holding Co. KSC (Consumer Services)*		50,979
	22,993	Jazeera Airways Co. KSCP (Transportation)		135,054
	1,341,228	Kuwait Finance House KSCP (Banks)		3,277,415
	670,654	Mobile Telecommunications Co. KSCP (Telecommunication Services)		1,249,791
	639,997	National Bank of Kuwait SAKP (Banks)		2,101,118
				6,857,146
Mexico – 3.2%
	1,970,221	Arca Continental SAB de CV (Food, Beverage & Tobacco)		18,749,399
	257,640	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)		21,749,969
	1,167,033	Grupo Financiero Banorte SAB de CV, Class O (Banks)		10,092,065
	156,500	Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products)		354,964
	75,800	Southern Copper Corp. (Materials)		5,823,714
	42,400	Ternium SA ADR (Materials)		1,838,040
				58,608,151
Philippines – 1.1%
	949,881	Bank of the Philippine Islands (Banks)		1,847,602
	962,960	BDO Unibank, Inc. (Banks)		2,510,000
	258,400	DMCI Holdings, Inc. (Capital Goods)		45,847
	98,590	GT Capital Holdings, Inc. (Capital Goods)		852,348
	1,794,640	International Container Terminal Services, Inc. (Transportation)		7,038,013
	163,390	Jollibee Foods Corp. (Consumer Services)		664,452
	4,819,000	Megaworld Corp. (Real Estate Management & Development)		174,394
	14,356,000	Metro Pacific Investments Corp. (Financial Services)		1,148,945
	1,788,160	Metropolitan Bank & Trust Co. (Banks)		1,894,231
	1,478,000	Robinsons Land Corp. (Real Estate Management & Development)*		385,615
	64,540	Security Bank Corp. (Banks)		107,663
	173,550	SM Investments Corp. (Capital Goods)		2,812,277
				19,481,387
Poland – 0.5%
	127,394	Jastrzebska Spolka Weglowa SA (Materials)*		1,318,471
	80	LPP SA (Consumer Durables & Apparel)		230,615

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Poland – (continued)
	728,422	Powszechny Zaklad Ubezpieczen SA (Insurance)	$	6,710,872
				8,259,958
Qatar – 0.4%
	786,822	Commercial Bank PSQC (The) (Banks)		1,275,930
	484,518	Industries Qatar QSC (Capital Goods)		1,707,265
	496,243	Mesaieed Petrochemical Holding Co. (Materials)		271,501
	2,291,170	Qatar Aluminum Manufacturing Co. (Materials)		975,605
	186,384	Qatar Electricity & Water Co. QSC (Utilities)		858,698
	10,625	Qatar Fuel QSC (Energy)		48,501
	254,109	Qatar Gas Transport Co. Ltd. (Energy)		277,191
	130,203	Qatar Islamic Bank (Banks)		643,506
	340,873	Qatar National Bank QPSC (Banks)		1,443,376
				7,501,573
Russia – 0.0%
	2,397	Novatek PJSC GDR (Energy)*(c)		—
	216,156	Novolipetsk Steel PJSC GDR (Materials)*(c)		—
	106,118	PhosAgro PJSC GDR (Materials)*(c)		—
	683	PhosAgro PJSC NPV GDR (Materials)*(c)		—
	18,426	Polyus PJSC GDR (Materials)*(c)		—
	2,789,380	Sberbank of Russia PJSC (Banks)*(c)		—
	274,080,000	VTB Bank PJSC (Banks)*(c)		—
				—
Saudi Arabia – 3.6%
	36,359	Abdullah Al Othaim Markets Co. (Consumer Staples Distribution & Retail)		1,393,965
	96,510	Al Hammadi Holding (Health Care Equipment & Services)		1,450,732
	406,335	Alinma Bank (Banks)		3,459,238
	161,900	Arab National Bank (Banks)		1,187,155
	8,648	Ataa Educational Co. (Consumer Services)		157,177
	4,089	Banque Saudi Fransi (Banks)		42,428
	18,385	Bupa Arabia for Cooperative Insurance Co. (Insurance)		867,196
	143,619	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care Equipment & Services)		11,032,223
	38,788	Fawaz Abdulaziz Al Hokair & Co. (Consumer Discretionary Distribution & Retail)*		166,849
Common Stocks – (continued)
Saudi Arabia – (continued)
	33,151	Jarir Marketing Co. (Consumer Discretionary Distribution & Retail)		1,446,161
	35,560	Leejam Sports Co. JSC (Consumer Services)		1,133,625
	16,285	National Co. for Learning & Education (Consumer Services)		484,134
	12,228	National Gas & Industrialization Co. (Utilities)		201,297
	30,519	National Medical Care Co. (Health Care Equipment & Services)		772,190
	930,968	Riyad Bank (Banks)		7,508,642
	76,645	SABIC Agri-Nutrients Co. (Materials)		2,755,782
	1,037,318	Sahara International Petrochemical Co. (Materials)		10,816,054
	325,427	Saudi Arabian Mining Co. (Materials)*		6,087,694
	523,912	Saudi Arabian Oil Co. (Energy)(b)		5,050,020
	35,323	Saudi Automotive Services Co. (Consumer Discretionary Distribution & Retail)		367,290
	131,660	Saudi British Bank (The) (Banks)		1,278,251
	13,646	Saudi Cement Co. (Materials)		205,148
	52,956	Saudi Investment Bank (The) (Banks)		232,414
	417,605	Saudi National Bank (The) (Banks)		5,480,922
	159,554	Seera Group Holding (Consumer Services)*		1,059,787
	20,894	Yanbu Cement Co. (Materials)		200,192
				64,836,566
South Africa – 2.1%
	124,787	Absa Group Ltd. (Banks)		1,213,899
	53,169	Anglo American Platinum Ltd. (Materials)		3,152,309
	98,114	Bid Corp. Ltd. (Consumer Staples Distribution & Retail)		2,232,875
	166,729	DRDGOLD Ltd. (Materials)		178,347
	7,593,956	FirstRand Ltd. (Financial Services)		26,763,174
	190,328	Gold Fields Ltd. ADR (Materials)		2,961,504
	24,995	Investec Ltd. (Financial Services)		137,461
	75,161	Kumba Iron Ore Ltd. (Materials)		1,827,667
	22,467	Nedbank Group Ltd. (Banks)		259,213
	51,604	Sun International Ltd./South Africa (Consumer Services)		115,663
				38,842,112
South Korea – 12.3%
	5,280	Advanced Process Systems Corp. (Semiconductors & Semiconductor Equipment)		80,536
	7,556	Celltrion Healthcare Co. Ltd. (Health Care Equipment & Services)		393,866
	9,041	Cosmochemical Co. Ltd. (Materials)*		396,033

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	21,790	Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment)	$	353,310
	76,753	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,494,567
	107,228	DB Insurance Co. Ltd. (Insurance)		6,740,522
	17,110	Dongkuk Steel Mill Co. Ltd. (Materials)		153,357
	95,617	Doosan Bobcat, Inc. (Capital Goods)		3,668,498
	15,737	Grand Korea Leisure Co. Ltd. (Consumer Services)*		216,085
	141,800	GS Holdings Corp. (Capital Goods)		4,213,099
	46,042	HAESUNG DS Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,615,163
	80,084	Hana Financial Group, Inc. (Banks)		2,516,532
	62,266	Hanmi Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)		963,759
	3,670	Hansae Co. Ltd. (Consumer Durables & Apparel)		46,664
	160,496	Hanwha Aerospace Co. Ltd. (Capital Goods)		12,350,383
	130,762	HD Hyundai Construction Equipment Co. Ltd. (Capital Goods)		6,656,791
	23,823	HD Hyundai Electric Co. Ltd. (Capital Goods)		903,647
	22,823	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods)*		1,451,642
	446,970	Humasis Co. Ltd. (Health Care Equipment & Services)*		984,529
	350,864	JB Financial Group Co. Ltd. (Banks)		2,195,363
	18,168	JYP Entertainment Corp. (Media & Entertainment)		1,229,027
	51,755	Kangwon Land, Inc. (Consumer Services)		733,132
	407,713	KB Financial Group, Inc. (Banks)		15,132,765
	267,929	Kia Corp. (Automobiles & Components)		16,968,834
	2,567	KoMiCo Ltd. (Semiconductors & Semiconductor Equipment)		83,847
	324,006	Korea Aerospace Industries Ltd. (Capital Goods)		13,308,831
	238,897	KT&G Corp. (Food, Beverage & Tobacco)		15,308,865
	38,610	LF Corp. (Consumer Durables & Apparel)		505,526
	123,675	LIG Nex1 Co. Ltd. (Capital Goods)		7,250,803
	14,071	Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco)		1,640,138
	122,395	LX INTERNATIONAL Corp. (Capital Goods)		2,683,917
	74,068	NAVER Corp. (Media & Entertainment)		10,730,631
	6,043	Neowiz (Media & Entertainment)*		199,668
Common Stocks – (continued)
South Korea – (continued)
	55,153	Paradise Co. Ltd. (Consumer Services)*		635,069
	8,698	POSCO Holdings, Inc. (Materials)		2,461,575
	68,375	Posco International Corp. (Capital Goods)		1,374,673
	17,903	Samsung C&T Corp. (Capital Goods)		1,470,271
	986,747	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		48,551,993
	231,830	Samsung Engineering Co. Ltd. (Capital Goods)*		5,060,173
	28,487	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)		14,783,959
	5,132	SeAH Steel Holdings Corp. (Materials)		574,734
	37,288	Seoul Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)		297,848
	421,104	Shinhan Financial Group Co. Ltd. (Banks)		11,024,676
	8,382	SNT Motiv Co. Ltd. (Automobiles & Components)		299,566
				221,704,867
Taiwan – 14.4%
	75,000	ADATA Technology Co. Ltd. (Semiconductors & Semiconductor Equipment)		184,063
	204,000	Advanced International Multitech Co. Ltd. (Consumer Durables & Apparel)		601,709
	36,000	Advantech Co. Ltd. (Technology Hardware & Equipment)		435,885
	3,046,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		5,373,700
	6,032,000	ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment)		19,830,508
	136,000	Asia Vital Components Co. Ltd. (Technology Hardware & Equipment)		699,763
	58,000	Bafang Yunji International Co. Ltd. (Consumer Services)		340,239
	1,435,000	Brighton-Best International Taiwan, Inc. (Capital Goods)		1,658,176
	2,009,000	Catcher Technology Co. Ltd. (Technology Hardware & Equipment)		11,851,331
	1,855,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)		3,983,211
	1,145,000	Compal Electronics, Inc. (Technology Hardware & Equipment)		893,556

14 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)
	1,858,000	Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment)	$	2,617,364
	784,000	Continental Holdings Corp. (Capital Goods)		797,242
	150,000	eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)		8,968,768
	32,000	Feng TAY Enterprise Co. Ltd. (Consumer Durables & Apparel)		199,082
	883,000	FLEXium Interconnect, Inc. (Technology Hardware & Equipment)*		2,721,819
	24,000	Formosa Sumco Technology Corp. (Semiconductors & Semiconductor Equipment)		117,150
	80,000	Froch Enterprise Co. Ltd. (Materials)		57,885
	97,000	Fulgent Sun International Holding Co. Ltd. (Consumer Durables & Apparel)		389,375
	898,000	Gamania Digital Entertainment Co. Ltd. (Media & Entertainment)		2,159,755
	742,000	Getac Holdings Corp. (Technology Hardware & Equipment)		1,423,212
	213,000	Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,347,558
	1,406,000	Gloria Material Technology Corp. (Materials)*		2,700,478
	384,000	Goldsun Building Materials Co. Ltd. (Materials)		350,490
	106,000	Gourmet Master Co. Ltd. (Consumer Services)		537,769
	1,082,000	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		3,686,969
	189,000	Innodisk Corp. (Technology Hardware & Equipment)		1,841,819
	311,000	International Games System Co. Ltd. (Media & Entertainment)		5,431,441
	32,000	Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment)		475,889
	3,000	King Slide Works Co. Ltd. (Technology Hardware & Equipment)		40,405
	5,995,000	King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		9,200,827
	925,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		2,215,856
	222,000	M31 Technology Corp. (Semiconductors & Semiconductor Equipment)		4,051,273
Common Stocks – (continued)
Taiwan – (continued)
	477,000	Makalot Industrial Co. Ltd. (Consumer Durables & Apparel)		3,464,334
	347,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		7,545,115
	277,000	Micro-Star International Co. Ltd. (Technology Hardware & Equipment)		1,316,584
	253,000	MPI Corp. (Semiconductors & Semiconductor Equipment)		1,061,270
	186,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		2,542,828
	501,000	Orient Semiconductor Electronics Ltd. (Semiconductors & Semiconductor Equipment)		320,019
	68,000	Pegavision Corp. (Health Care Equipment & Services)		964,499
	2,492,000	Primax Electronics Ltd. (Technology Hardware & Equipment)		4,876,840
	1,005,000	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		3,703,139
	175,000	Sigurd Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		297,609
	456,000	Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment)		2,197,751
	854,000	Sunonwealth Electric Machine Industry Co. Ltd. (Capital Goods)		1,464,999
	5,846,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		95,731,720
	1,668,000	Taiwan Surface Mounting Technology Corp. (Semiconductors & Semiconductor Equipment)		5,367,710
	1,391,000	Ton Yi Industrial Corp. (Materials)		942,044
	35,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)		212,895
	32,000	United Integrated Services Co. Ltd. (Capital Goods)		226,141
	11,446,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		18,409,257
	5,960,000	Wistron Corp. (Technology Hardware & Equipment)		9,033,692
	55,000	Wiwynn Corp. (Technology Hardware & Equipment)		2,093,115
				260,956,128
Thailand – 1.6%
	3,730,300	Bumrungrad Hospital PCL (Health Care Equipment & Services)		26,050,847

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Thailand – (continued)
	590,700	Gulf Energy Development PCL (Utilities)	$	877,898
	1,294,700	Krung Thai Bank PCL (Banks)		684,465
	1,070,200	Minor International PCL (Consumer Services)		991,250
	3,217,200	Sansiri PCL (Real Estate Management & Development)		179,452
	613,200	Sino-Thai Engineering & Construction PCL (Capital Goods)		208,881
				28,992,793
Turkey – 0.8%
	615,762	Enerjisa Enerji AS (Utilities)(b)		883,057
	387,826	Haci Omer Sabanci Holding AS (Banks)		762,361
	109,825	KOC Holding AS (Capital Goods)		427,568
	216,831	Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Durables & Apparel)(b)		1,169,348
	306,283	Tofas Turk Otomobil Fabrikasi AS (Automobiles & Components)		3,023,229
	875,710	Turk Hava Yollari AO (Transportation)*		5,759,028
	3,836,610	Turkiye Is Bankasi AS, Class C (Banks)		2,138,566
				14,163,157
United Arab Emirates – 0.8%
	136,238	Abu Dhabi Islamic Bank PJSC (Banks)		422,075
	2,932,224	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary Distribution & Retail)		3,505,286
	3,845,956	Air Arabia PJSC (Transportation)		2,297,712
	2,549,556	Arkan Building Materials Co. (Materials)*		1,073,325
	876,611	Dubai Electricity & Water Authority PJSC (Utilities)		591,998
	1,697,885	Dubai Islamic Bank PJSC (Banks)		2,575,889
	184,600	Emaar Development PJSC (Real Estate Management & Development)		273,962
	988,436	Emirates NBD Bank PJSC (Banks)		3,801,811
	31,990	Emirates Telecommunications Group Co. PJSC (Telecommunication Services)		209,405
	79,910	National Marine Dredging Co. (Transportation)*		473,282
				15,224,745
	TOTAL COMMON STOCKS
	(Cost $1,639,987,633)		$	1,728,338,266

Shares	Description	Rate			Value
Preferred Stocks – 1.2%
Brazil – 0.7%
77,500	Cia Ferro Ligas da Bahia – FERBASA (Materials)		7.68	%	$	800,202
1,069,700	Metalurgica Gerdau SA (Materials)		11.09			2,500,642
1,964,800	Petroleo Brasileiro SA (Energy)		24.04			9,335,932
20,896	Unipar Carbocloro SA, Class B (Materials)		20.88			273,360
						12,910,136
South Korea – 0.5%
284,543	Mirae Asset Securities Co. Ltd. (Financial Services)		5.43			783,323
205,453	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2.61			8,588,939
						9,372,262
TOTAL PREFERRED STOCKS
(Cost $20,918,694)					$	22,282,398

Shares	Dividend Rate			Value
Investment Company – 1.7%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
29,923,777		4.766	%	$	29,923,777
(Cost $29,923,777)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,690,830,104)				$	1,780,544,441
Securities Lending Reinvestment Vehicle – 0.1%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
977,900		4.766	%	$	977,900
(Cost $977,900)
TOTAL INVESTMENTS – 98.7%
(Cost $1,691,808,004)				$	1,781,522,341
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%					25,158,389
NET ASSETS – 100.0%				$	1,806,680,730

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.

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

Sector Name	% of Market Value
Information Technology		21.1	%
Financials		19.8
Consumer Discretionary		12.2
Communication Services		9.5
Industrials		9.4
Consumer Staples		8.1
Materials		7.4
Health Care		5.7
Energy		3.1
Investment Company		1.7
Utilities		1.6
Real Estate		0.4
Securities Lending Reinvestment Vehicle		0.0
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI EAFE E-Mini Index		736		06/16/23	$	36,218,560	$	853,981

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 96.4%
Australia – 9.5%
	257,018	Allkem Ltd. (Materials)*	$	2,110,760
	825,787	ANZ Group Holdings Ltd. (Banks)		13,409,337
	211,528	ASX Ltd. (Financial Services)		9,626,543
	859,951	BHP Group Ltd. (Materials)		25,521,202
	65,702	Cochlear Ltd. (Health Care Equipment & Services)		10,773,005
	380,479	Coles Group Ltd. (Consumer Staples Distribution & Retail)		4,596,255
	338,316	Commonwealth Bank of Australia (Banks)		22,388,439
	165,237	Fortescue Metals Group Ltd. (Materials)		2,311,935
	1,971,060	Glencore PLC (Materials)		11,634,454
	348,875	Goodman Group REIT (Equity Real Estate Investment Trusts)		4,497,570
	1,658,754	Incitec Pivot Ltd. (Materials)		3,534,169
	417,522	Perseus Mining Ltd. (Materials)		617,054
	2,190,063	Qantas Airways Ltd. (Transportation)*		9,658,065
	142,407	Santos Ltd. (Energy)		674,596
	542,837	Scentre Group REIT (Equity Real Estate Investment Trusts)		1,041,756
	66,377	Suncorp Group Ltd. (Insurance)		552,657
	160,201	Technology One Ltd. (Software & Services)		1,615,118
	791,664	Telstra Group Ltd. (Telecommunication Services)		2,296,790
	1,024,060	Vicinity Ltd. REIT (Equity Real Estate Investment Trusts)		1,431,606
	316,981	Westpac Banking Corp. (Banks)		4,744,947
	73,945	WiseTech Global Ltd. (Software & Services)		3,387,105
	347,480	Woodside Energy Group Ltd. (Energy)		7,884,438
	500,957	Woolworths Group Ltd. (Consumer Staples Distribution & Retail)		12,923,111
				157,230,912
Austria – 0.1%
	127,521	Raiffeisen Bank International AG (Banks)*		1,958,939
Belgium – 0.5%
	46,975	D’ieteren Group (Consumer Discretionary Distribution & Retail)		8,844,873
China – 0.2%
	250,000	BOC Hong Kong Holdings Ltd. (Banks)		789,181
	1,922,900	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		1,793,178
				2,582,359
Denmark – 3.7%
	1,552	AP Moller – Maersk A/S, Class A (Transportation)		2,773,724
Common Stocks – (continued)
Denmark – (continued)
	37,837	Carlsberg AS, Class B (Food, Beverage & Tobacco)		6,261,902
	12,440	D/S Norden A/S (Transportation)		781,689
	83,372	Danske Bank A/S (Banks)*		1,762,049
	16,493	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		6,778,041
	118,942	Jyske Bank A/S (Banks)*		8,696,314
	202,004	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		33,604,274
				60,657,993
Finland – 1.5%
	49,020	Kesko OYJ, Class B (Consumer Staples Distribution & Retail)		1,021,962
	59,930	Kone OYJ, Class B (Capital Goods)		3,419,052
	311,955	Nokia OYJ (Technology Hardware & Equipment)		1,319,929
	621,867	Nordea Bank Abp (Banks)		6,908,488
	11,307	Orion OYJ, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		531,125
	217,247	Sampo OYJ, Class A (Insurance)		11,017,674
				24,218,230
France – 12.0%
	136,205	Airbus SE (Capital Goods)		19,073,424
	4,899	Alten SA (Software & Services)		832,869
	45,718	Cie de Saint-Gobain (Capital Goods)		2,646,832
	41,103	Dassault Aviation SA (Capital Goods)		8,032,260
	337,119	Dassault Systemes (Software & Services)		13,685,564
	203,950	Edenred (Financial Services)		13,251,382
	95,342	Eiffage SA (Capital Goods)		11,347,977
	791,105	Engie SA (Utilities)(a)		12,661,076
	82,084	EssilorLuxottica SA (Health Care Equipment & Services)		16,250,999
	10,147	Hermes International (Consumer Durables & Apparel)		22,029,918
	53,419	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		6,477,869
	140,535	Legrand SA (Capital Goods)		13,302,202
	10,338	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(a)		9,943,933
	248,228	Rexel SA (Capital Goods)*		5,749,859
	101,650	Safran SA (Capital Goods)		15,808,591
	105,337	Societe Generale SA (Banks)		2,558,455
	83,361	Thales SA (Capital Goods)		12,721,178
	107,267	Vinci SA (Capital Goods)(a)		13,267,988
				199,642,376
Germany – 8.3%
	147,353	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)		9,724,752
	106,885	Bayerische Motoren Werke AG (Automobiles & Components)		11,980,151

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	89,539	Beiersdorf AG (Household & Personal Products)	$	12,502,282
	48,484	Deutsche Boerse AG (Financial Services)		9,246,322
	227,330	Deutsche Lufthansa AG (Transportation)*		2,443,781
	1,159,322	E.ON SE (Utilities)		15,335,219
	85,201	GEA Group AG (Capital Goods)		4,007,249
	10,965	Hensoldt AG (Capital Goods)		411,243
	162,099	HUGO BOSS AG (Consumer Durables & Apparel)		12,220,896
	467,556	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		17,026,889
	5,834	Krones AG (Capital Goods)		766,558
	56,880	MTU Aero Engines AG (Capital Goods)		14,934,962
	177,553	SAP SE (Software & Services)		24,025,807
	46,800	TeamViewer SE (Software & Services)*(b)		863,731
	9,841	Wacker Chemie AG (Materials)		1,521,926
				137,011,768
Hong Kong – 1.4%
	240,000	AIA Group Ltd. (Insurance)		2,612,898
	270,000	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		11,209,563
	95,400	Jardine Matheson Holdings Ltd. (Capital Goods)		4,558,880
	242,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		3,369,437
	124,500	Swire Pacific Ltd., Class A (Real Estate Management & Development)		988,297
				22,739,075
Israel – 0.1%
	37,715	Plus500 Ltd. (Financial Services)		789,183
Italy – 1.9%
	1,437,553	Banco BPM SpA (Banks)(a)		5,845,209
	2,342	Brunello Cucinelli SpA (Consumer Durables & Apparel)		224,252
	639,291	Leonardo SpA (Capital Goods)		7,618,368
	100,316	Mediobanca Banca di Credito Finanziario SpA (Banks)		1,077,312
	92,449	Prysmian SpA (Capital Goods)		3,783,534
	23,846	Reply SpA (Software & Services)		2,778,117
	172,475	Terna – Rete Elettrica Nazionale (Utilities)		1,492,900
	469,679	UniCredit SpA (Banks)		9,306,919
				32,126,611
Common Stocks – (continued)
Japan – 19.9%
	870,700	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		13,116,716
	33,300	Central Japan Railway Co. (Transportation)		4,122,499
	108,700	Chubu Electric Power Co., Inc. (Utilities)		1,212,262
	61,200	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		338,641
	22,400	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		241,388
	154,300	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		4,435,527
	109,600	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		2,793,537
	20,000	East Japan Railway Co. (Transportation)		1,144,433
	673,500	Fujikura Ltd. (Capital Goods)		4,592,001
	98,300	Fujitsu Ltd. (Software & Services)		13,101,160
	67,300	Honda Motor Co. Ltd. (Automobiles & Components)		1,785,000
	659,600	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail)		7,282,483
	320,700	J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail)		3,372,883
	835	Japan Metropolitan Fund Invest REIT (Equity Real Estate Investment Trusts)		611,400
	627,400	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		13,499,696
	13,800	Jeol Ltd. (Health Care Equipment & Services)		402,636
	716,400	JFE Holdings, Inc. (Materials)		8,475,229
	587,500	JGC Holdings Corp. (Capital Goods)		7,349,787
	50,700	KDDI Corp. (Telecommunication Services)		1,582,759
	1,287,500	Kobe Steel Ltd. (Materials)		9,592,959
	30,500	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		560,888
	35,700	Komatsu Ltd. (Capital Goods)		887,854
	10,100	Kureha Corp. (Materials)		627,047
	47,500	Lion Corp. (Household & Personal Products)		517,837
	363,700	Mazda Motor Corp. (Automobiles & Components)		3,291,299
	336,200	Mitsubishi Corp. (Capital Goods)		12,464,909
	84,400	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		1,040,171
	2,781,800	Mitsubishi HC Capital, Inc. (Financial Services)		14,439,590
	291,800	Mitsubishi Heavy Industries Ltd. (Capital Goods)		11,065,128

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	352,000	Mitsubishi UFJ Financial Group, Inc. (Banks)	$	2,203,356
	90,300	MIXI, Inc. (Media & Entertainment)		1,909,048
	119,900	NEC Corp. (Software & Services)		4,610,793
	21,200	Nintendo Co. Ltd. (Media & Entertainment)		896,281
	33,400	NIPPON EXPRESS HOLDINGS, Inc. (Transportation)		1,959,978
	25,300	Nippon Sanso Holdings Corp. (Materials)		456,480
	551,600	Nippon Steel Corp. (Materials)		11,780,754
	283,700	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		8,656,815
	423,200	Niterra Co. Ltd. (Automobiles & Components)		8,870,207
	8,900	NS United Kaiun Kaisha Ltd. (Transportation)		260,652
	281,600	Obayashi Corp. (Capital Goods)		2,347,634
	833,000	ORIX Corp. (Financial Services)		14,171,432
	112,700	Osaka Gas Co. Ltd. (Utilities)		1,864,194
	346,700	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,794,999
	12,200	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		918,516
	497,000	Round One Corp. (Consumer Services)		2,149,907
	51,700	Sankyo Co. Ltd. (Consumer Durables & Apparel)		2,280,815
	1,399,100	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,771,510
	451,900	SBI Holdings, Inc. (Financial Services)		8,825,951
	116,400	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		9,467,889
	96,700	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		1,376,278
	7,900	Shimamura Co. Ltd. (Consumer Discretionary Distribution & Retail)		725,255
	64,700	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,896,266
	246,200	SoftBank Group Corp. (Telecommunication Services)		9,233,096
	353,200	Subaru Corp. (Automobiles & Components)		5,764,866
	361,300	SUMCO Corp. (Semiconductors & Semiconductor Equipment)		4,975,699
	317,100	Sumitomo Corp. (Capital Goods)		5,683,341
	150,900	Sumitomo Heavy Industries Ltd. (Capital Goods)		3,646,046
	523,100	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,281,739
Common Stocks – (continued)
Japan – (continued)
	270,200	Suzuki Motor Corp. (Automobiles & Components)		9,421,462
	44,200	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,908,818
	270,200	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)		3,991,483
	56,600	Toho Gas Co. Ltd. (Utilities)		1,059,008
	21,300	Tokyo Century Corp. (Financial Services)		732,766
	623,800	Tokyo Gas Co. Ltd. (Utilities)		12,777,315
	325,000	TOPPAN, Inc. (Commercial & Professional Services)		6,909,097
	65,800	Toshiba Corp. (Capital Goods)		2,120,061
	52,200	Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		2,330,571
	33,300	Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		442,089
				330,420,186
Netherlands – 6.5%
	62,705	ASML Holding NV (Semiconductors & Semiconductor Equipment)		39,793,405
	97,313	Heineken Holding NV (Food, Beverage & Tobacco)		9,340,224
	134,040	Heineken NV (Food, Beverage & Tobacco)		15,391,169
	149,203	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		5,130,297
	680,568	Koninklijke KPN NV (Telecommunication Services)		2,481,954
	777,454	Shell PLC (Energy)		24,034,802
	136,779	Universal Music Group NV (Media & Entertainment)		2,988,270
	70,161	Wolters Kluwer NV (Commercial & Professional Services)		9,295,891
				108,456,012
Norway – 0.6%
	465,005	Aker Solutions ASA (Energy)		1,659,714
	206,737	DNB Bank ASA (Banks)(a)		3,636,521
	25,640	Equinor ASA (Energy)		738,202
	13,390	Kongsberg Gruppen ASA (Capital Goods)		601,422
	340,178	MPC Container Ships ASA (Transportation)		558,248
	173,567	Telenor ASA (Telecommunication Services)		2,165,794
				9,359,901
Portugal – 0.1%
	78,544	Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail)		1,982,076

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Singapore – 1.0%
	203,100	CapitaLand Ascendas REIT REIT (Equity Real Estate Investment Trusts)	$	437,056
	420,800	Oversea-Chinese Banking Corp. Ltd. (Banks)		3,981,143
	690,100	Singapore Exchange Ltd. (Financial Services)		4,966,392
	180,905	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		7,738,591
				17,123,182
South Africa – 0.1%
	69,908	Anglo American PLC (Materials)		2,154,160
Spain – 1.3%
	580,959	Banco Bilbao Vizcaya Argentaria SA (Banks)		4,253,196
	361,755	Bankinter SA (Banks)		2,139,138
	394,488	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)(a)		13,561,223
	97,711	Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts)		863,942
	32,405	Repsol SA (Energy)		476,020
				21,293,519
Sweden – 6.0%
	127,924	Evolution AB (Consumer Services)(b)		17,091,725
	763,475	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail)(a)		11,193,144
	669,921	Hexagon AB, Class B (Technology Hardware & Equipment)		7,670,401
	230,553	Investor AB, Class A (Financial Services)(a)		5,055,529
	560,947	Investor AB, Class B (Financial Services)		12,050,908
	161,806	Saab AB, Class B (Capital Goods)		9,085,292
	417,526	Skandinaviska Enskilda Banken AB, Class A (Banks)		4,747,596
	95,672	SSAB AB, Class A (Materials)		679,449
	1,460,940	SSAB AB, Class B (Materials)		9,874,611
	844,895	Swedbank AB, Class A (Banks)		14,681,265
	86,191	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		2,097,500
	1,806,141	Telia Co. AB (Telecommunication Services)		5,028,606
				99,256,026
Switzerland – 6.2%
	303,894	ABB Ltd. (Capital Goods)		10,962,564
Common Stocks – (continued)
Switzerland – (continued)
	39,525	Alcon, Inc. (Health Care Equipment & Services)		2,878,066
	1,148	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		14,174,496
	8	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		986,095
	140,795	Cie Financiere Richemont SA (Consumer Durables & Apparel)		23,273,536
	307,942	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)		31,500,586
	37,669	Sonova Holding AG (Health Care Equipment & Services)		11,945,832
	19,573	Swatch Group AG (The) – Bearer (Consumer Durables & Apparel)		6,714,763
	2,629	Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,145,646
				103,581,584
United Kingdom – 9.6%
	158,820	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		11,628,800
	2,466,341	Aviva PLC (Insurance)		13,131,652
	82,296	BAE Systems PLC (Capital Goods)		1,048,451
	422,663	BP PLC ADR (Energy)		17,024,866
	605,283	British American Tobacco PLC (Food, Beverage & Tobacco)		22,362,679
	180,635	Burberry Group PLC (Consumer Durables & Apparel)		5,896,289
	1,950,641	Centrica PLC (Utilities)		2,802,979
	581,831	Compass Group PLC (Consumer Services)		15,349,274
	126,750	Dowlais Group PLC (Automobiles & Components)*		211,223
	80,015	DS Smith PLC (Materials)		312,400
	678,633	Imperial Brands PLC (Food, Beverage & Tobacco)		16,798,963
	233,534	Informa PLC (Media & Entertainment)		2,123,078
	745,822	JD Sports Fashion PLC (Consumer Discretionary Distribution & Retail)		1,513,697
	217,544	Man Group PLC (Financial Services)		622,170
	126,750	Melrose Industries PLC (Capital Goods)		652,902
	2,858,824	NatWest Group PLC (Banks)		9,417,257
	144,969	Next PLC (Consumer Discretionary Distribution & Retail)		12,300,169
	107,295	Reckitt Benckiser Group PLC (Household & Personal Products)		8,670,497
	1,288,018	Rolls-Royce Holdings PLC (Capital Goods)*		2,467,418
	365,100	Smiths Group PLC (Capital Goods)		7,719,921
	161,765	SSE PLC (Utilities)		3,732,434

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	466,834	Standard Chartered PLC (Banks)	$	3,698,791
	28,792	Subsea 7 SA (Energy)		329,107
				159,815,017
United States – 5.9%
	22,555	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,502,809
	585,973	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		21,112,607
	107,668	Nestle SA (Food, Beverage & Tobacco)		13,812,682
	11,239	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		3,519,383
	1,040,700	Samsonite International SA (Consumer Durables & Apparel)*(b)		3,297,817
	245,677	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		26,476,192
	90,532	Schneider Electric SE (Capital Goods)		15,788,053
	40,864	Stellantis NV (Automobiles & Components)		677,794
	626,114	Tenaris SA (Energy)		8,956,736
				98,144,073
	TOTAL COMMON STOCKS
	(Cost $1,446,968,591)		$	1,599,388,055

Shares	Description		Rate			Value
Preferred Stock – 0.1%
Germany – 0.1%
18,378		Bayerische Motoren Werke AG (Automobiles & Components)		6.13	%	$	1,953,486
(Cost $1,492,609)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,448,461,200)						$	1,601,341,541

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 4.1%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
67,923,861		4.766	%	$	67,923,861
(Cost $67,923,861)
TOTAL INVESTMENTS – 100.6%
(Cost $1,516,385,061)				$	1,669,265,402
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%					(10,172,445	)
NET ASSETS – 100.0%				$	1,659,092,957

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

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

Sector Name	% of Market Value
Industrials		17.1	%
Financials		15.6
Health Care		14.7
Consumer Discretionary		13.7
Consumer Staples		9.7
Information Technology		9.3
Materials		5.5
Energy		3.7
Utilities		3.2
Communication Services		2.4
Real Estate		1.0
Securities Lending Reinvestment Vehicle		4.1
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, 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		231		06/16/23	$	10,996,085	$	423,994
FTSE 100 Index		40		06/16/23		3,952,482		169,796
Hang Seng Index		7		05/30/23		882,842		(3,274	)
MSCI Singapore Index		14		05/30/23		313,291		(5,245	)
SPI 200 Index		14		06/15/23		1,694,813		71,827
TOPIX Index		37		06/08/23		5,588,902		312,887
Total Futures Contracts							$	969,985

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 97.7%
Australia – 8.8%
	1,815,883	Allkem Ltd. (Materials)*	$	14,912,939
	678,776	Altium Ltd. (Software & Services)		17,302,855
	248,049	AUB Group Ltd. (Insurance)		4,546,104
	1,129,288	BWP Trust REIT (Equity Real Estate Investment Trusts)		2,911,001
	2,421,327	Capricorn Metals Ltd. (Materials)*		7,124,777
	236,438	carsales.com Ltd. (Media & Entertainment)		3,749,508
	984,136	Centuria Industrial REIT REIT (Equity Real Estate Investment Trusts)		2,046,616
	4,090,405	Charter Hall Group REIT (Equity Real Estate Investment Trusts)		30,432,022
	4,660,076	Charter Hall Retail REIT (Equity Real Estate Investment Trusts)		11,995,629
	201,518	Data#3 Ltd. (Software & Services)		1,017,306
	945,886	Deterra Royalties Ltd. (Materials)		2,900,437
	12,750	Elders Ltd. (Food, Beverage & Tobacco)		68,646
	17,430	EVT Ltd. (Media & Entertainment)		139,688
	3,541,928	GrainCorp Ltd., Class A (Consumer Staples Distribution & Retail)		16,047,725
	1,194,186	Grange Resources Ltd. (Materials)		490,139
	501,343	Helia Group Ltd. (Financial Services)		1,053,114
	5,376,132	Incitec Pivot Ltd. (Materials)		11,454,478
	22,565	Jumbo Interactive Ltd. (Consumer Services)		196,287
	2,990,574	Karoon Energy Ltd. (Energy)*		4,275,047
	1,168,037	National Storage REIT REIT (Equity Real Estate Investment Trusts)		1,945,461
	729,964	NRW Holdings Ltd. (Capital Goods)		1,173,110
	763,174	Nufarm Ltd. (Materials)		2,837,653
	1,300,237	Perenti Ltd. (Materials)*		996,396
	10,137,279	Perseus Mining Ltd. (Materials)		14,981,831
	1,262,383	Premier Investments Ltd. (Consumer Discretionary Distribution & Retail)		21,969,679
	5,940	Pro Medicus Ltd. (Health Care Equipment & Services)		243,819
	525,871	Ramelius Resources Ltd. (Materials)		458,933
	334,046	Regis Resources Ltd. (Materials)		472,654
	2,468,535	Sandfire Resources Ltd. (Materials)*		10,755,049
	624,705	Seven Group Holdings Ltd. (Capital Goods)		9,867,562
	31,509,538	Tabcorp Holdings Ltd. (Consumer Services)		21,978,386
	1,860,486	Technology One Ltd. (Software & Services)		18,757,095
	2,487,963	Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts)		4,321,022
Common Stocks – (continued)
Australia – (continued)
	3,781,913	Webjet Ltd. (Consumer Services)*		18,702,878
	2,444,587	Whitehaven Coal Ltd. (Energy)		11,731,029
				273,856,875
Austria – 1.7%
	125,216	ANDRITZ AG (Capital Goods)		8,132,255
	5,242	BAWAG Group AG (Banks)*(a)		255,673
	1,278,571	Raiffeisen Bank International AG (Banks)*		19,641,021
	846,585	Wienerberger AG (Materials)		25,503,163
				53,532,112
Belgium – 0.7%
	59,153	KBC Ancora (Banks)		2,846,918
	83,624	Melexis NV (Semiconductors & Semiconductor Equipment)		7,971,449
	1,173,551	Proximus SADP (Telecommunication Services)		10,004,038
				20,822,405
China – 1.2%
	32,512,900	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		30,319,537
	9,375,310	Yanlord Land Group Ltd. (Real Estate Management & Development)		5,992,428
				36,311,965
Denmark – 2.8%
	421,374	D/S Norden A/S (Transportation)		26,477,764
	85,057	Dfds A/S (Transportation)		3,426,386
	391,742	Jyske Bank A/S (Banks)*		28,641,787
	111,621	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)(a)		2,180,192
	57,187	Spar Nord Bank A/S (Banks)		930,173
	597,878	Sydbank AS (Banks)		26,673,937
				88,330,239
Finland – 1.2%
	311,525	Cargotec OYJ, Class B (Capital Goods)		17,214,685
	183,358	Konecranes OYJ (Capital Goods)		7,182,105
	975,442	Outokumpu OYJ (Materials)		5,317,691
	636,961	Tokmanni Group Corp. (Consumer Discretionary Distribution & Retail)		8,723,345
				38,437,826
France – 4.1%
	131,030	Alten SA (Software & Services)		22,276,147
	465,884	Coface SA (Insurance)		7,131,021
	25,148	ICADE REIT (Equity Real Estate Investment Trusts)		1,181,100
	270,695	IPSOS (Media & Entertainment)		14,677,245
	92,153	Nexans SA (Capital Goods)		7,929,114
	1,464,567	Rexel SA (Capital Goods)*		33,924,675

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)
France – (continued)
	284,022	Rubis SCA (Utilities)	$	8,393,922
	394,858	SCOR SE (Insurance)		10,213,444
	97,873	SOITEC (Semiconductors & Semiconductor Equipment)*		14,456,225
	139,959	Verallia SA (Materials)(a)		5,680,982
				125,863,875
Georgia – 0.0%
	30,440	Bank of Georgia Group PLC (Banks)		1,132,363
Germany – 6.0%
	804,211	AIXTRON SE (Semiconductors & Semiconductor Equipment)		22,768,714
	70,312	Bilfinger SE (Commercial & Professional Services)		3,041,952
	20,729	CompuGroup Medical SE & Co KgaA (Health Care Equipment & Services)		1,139,744
	145,790	CTS Eventim AG & Co. KGaA (Media & Entertainment)*		9,605,403
	74,781	Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences)		3,754,126
	179,322	Duerr AG (Capital Goods)		6,221,932
	13,371	Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services)		691,528
	10,073	Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment)		761,360
	77,985	GFT Technologies SE (Software & Services)		3,079,776
	477,144	Hensoldt AG (Capital Goods)		17,895,328
	498,139	HUGO BOSS AG (Consumer Durables & Apparel)		37,555,474
	457,420	Kloeckner & Co SE (Capital Goods)		5,077,340
	134,105	Krones AG (Capital Goods)		17,620,726
	92,428	PVA TePla AG (Semiconductors & Semiconductor Equipment)*		1,979,262
	176,577	Siltronic AG (Semiconductors & Semiconductor Equipment)		12,726,820
	42,410	Stroeer SE & Co. KGaA (Media & Entertainment)		2,325,735
	1,930,809	TeamViewer SE (Software & Services)*(a)		35,634,629
	324,296	TUI AG (Consumer Services)*(b)		2,076,790
	14,378	Vitesco Technologies Group AG (Automobiles & Components)*		984,623
				184,941,262
Guernsey – 0.1%
	4,308,548	Balanced Commercial Property Trust Ltd. REIT (Equity Real Estate Investment Trusts)		4,461,626
Common Stocks – (continued)
Hong Kong – 1.0%
	9,100	ASMPT Ltd. (Semiconductors & Semiconductor Equipment)		71,546
	605,000	Fortune Real Estate Investment Trust REIT (Equity Real Estate Investment Trusts)		506,123
	619,000	Hang Lung Group Ltd. (Real Estate Management & Development)		1,088,217
	4,566,000	Kerry Properties Ltd. (Real Estate Management & Development)		11,780,763
	1,268,000	Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail)		4,063,338
	12,508,000	Pacific Basin Shipping Ltd. (Transportation)		4,352,239
	355,000	Sun Hung Kai & Co. Ltd. (Financial Services)		130,987
	11,766,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		9,526,713
				31,519,926
Indonesia – 0.2%
	6,422,400	First Resources Ltd. (Food, Beverage & Tobacco)		7,404,278
Israel – 2.3%
	88,576	Airport City Ltd. (Real Estate Management & Development)*		1,134,401
	250,362	Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development)		1,976,933
	259,752	Amot Investments Ltd. (Real Estate Management & Development)		1,376,551
	17,388	Big Shopping Centers Ltd. (Real Estate Management & Development)*		1,482,926
	45,498	Camtek Ltd./Israel (Semiconductors & Semiconductor Equipment)*		1,179,594
	119,975	Clal Insurance Enterprises Holdings Ltd. (Insurance)*		1,845,957
	3,744	Delek Group Ltd. (Energy)		407,853
	1,835	Delta Galil Ltd. (Consumer Durables & Apparel)		77,661
	12,462	Elco Ltd. (Capital Goods)		432,572
	255,502	Energix-Renewable Energies Ltd. (Utilities)		760,358
	57,107	Enlight Renewable Energy Ltd. (Utilities)*		946,401
	22,850	Fattal Holdings 1998 Ltd. (Consumer Services)*		2,053,028
	20,415	Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail)		1,717,648
	211,479	G City Ltd. (Real Estate Management & Development)		663,882

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	631,540	Harel Insurance Investments & Financial Services Ltd. (Insurance)	$	5,668,762
	197,154	Israel Canada T.R Ltd. (Real Estate Management & Development)		364,222
	11,524	Israel Corp. Ltd. (Materials)		3,375,280
	23,247	Melisron Ltd. (Real Estate Management & Development)		1,554,108
	1,458,383	Mivne Real Estate KD Ltd. (Real Estate Management & Development)		4,085,319
	47,331	Nova Ltd. (Semiconductors & Semiconductor Equipment)*		4,400,914
	1,956,177	Oil Refineries Ltd. (Energy)		544,694
	52,570	OPC Energy Ltd. (Utilities)*		375,114
	28,770	Partner Communications Co. Ltd. (Telecommunication Services)*		140,170
	47,479	Perion Network Ltd. (Media & Entertainment)*		1,711,007
	924,667	Phoenix Holdings Ltd. (The) (Insurance)		9,920,168
	947,942	Plus500 Ltd. (Financial Services)		19,835,597
	103,142	Shapir Engineering and Industry Ltd. (Capital Goods)		737,121
	122,012	Shikun & Binui Ltd. (Capital Goods)*		261,881
	522,166	Shufersal Ltd. (Consumer Staples Distribution & Retail)*		2,661,659
	31,572	Strauss Group Ltd. (Food, Beverage & Tobacco)*		703,996
				72,395,777
Italy – 4.2%
	168,105	Banca IFIS SpA (Financial Services)		2,823,239
	1,316,320	Banca Mediolanum SpA (Financial Services)		11,901,298
	1,921,033	Banca Popolare di Sondrio SPA (Banks)		8,726,828
	1,732,866	Banco BPM SpA (Banks)(b)		7,045,975
	1,426,540	BFF Bank SpA (Financial Services)(a)		13,727,809
	188,504	Brunello Cucinelli SpA (Consumer Durables & Apparel)		18,049,724
	500,288	Iren SpA (Utilities)		1,081,140
	2,679,905	Leonardo SpA (Capital Goods)		31,936,166
	3,941,462	OVS SpA (Consumer Durables & Apparel)(a)		11,849,133
	165,801	Reply SpA (Software & Services)		19,316,222
	351,778	Technogym SpA (Consumer Durables & Apparel)(a)		3,210,061
	7,617	Tod’s SpA (Consumer Durables & Apparel)*		321,960
				129,989,555
Japan – 31.7%
	842,300	Air Water, Inc. (Materials)		10,643,118
Common Stocks – (continued)
Japan – (continued)
	198,400	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		1,811,404
	54,700	Canon Marketing Japan, Inc. (Technology Hardware & Equipment)		1,367,662
	47,700	Chugoku Electric Power Co., Inc. (The) (Utilities)*		251,174
	4,980,200	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		27,557,162
	1,620,100	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		17,458,609
	61,100	Daido Steel Co. Ltd. (Materials)		2,352,973
	156,300	Descente Ltd. (Consumer Durables & Apparel)		4,964,411
	392,200	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		6,184,779
	535,900	Electric Power Development Co. Ltd. (Utilities)		8,568,901
	926,600	Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)		20,956,443
	4,197,400	Fujikura Ltd. (Capital Goods)		28,618,360
	149,400	Fukuyama Transporting Co. Ltd. (Transportation)		3,993,341
	98,700	Fuyo General Lease Co. Ltd. (Financial Services)		7,223,382
	1,284,200	Gree, Inc. (Media & Entertainment)		6,652,901
	2,273,400	H2O Retailing Corp. (Consumer Staples Distribution & Retail)		26,938,951
	183,700	Hanwa Co. Ltd. (Capital Goods)		5,688,287
	616,000	Heiwa Corp. (Consumer Services)		12,162,384
	312,200	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		8,635,326
	42,200	Hitachi Zosen Corp. (Capital Goods)		261,712
	80,200	Hokkaido Electric Power Co., Inc. (Utilities)*		302,122
	118,900	Horiba Ltd. (Technology Hardware & Equipment)		6,550,525
	973,300	Ichigo, Inc. (Real Estate Management & Development)		1,862,308
	38,300	IHI Corp. (Capital Goods)		965,088
	1,058,500	Iino Kaiun Kaisha Ltd. (Transportation)		7,965,215
	21,856	Industrial & Infrastructure Fund Investment Corp. REIT (Equity Real Estate Investment Trusts)		25,047,352
	1,061,200	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail)		11,716,451
	1,978,300	J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail)		20,806,283
	481,300	Jeol Ltd. (Health Care Equipment & Services)		14,042,654
	1,528,900	JGC Holdings Corp. (Capital Goods)		19,126,960

26 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)
	218,300	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)	$	7,744,553
	898,200	Kamigumi Co. Ltd. (Transportation)		19,684,827
	806,700	Kanematsu Corp. (Capital Goods)		10,500,613
	4,736	Kenedix Retail REIT Corp. REIT (Equity Real Estate Investment Trusts)		8,521,088
	41,200	Kinden Corp. (Capital Goods)		561,750
	3,933,000	Kobe Steel Ltd. (Materials)		29,304,162
	9,300	Kohnan Shoji Co. Ltd. (Consumer Discretionary Distribution & Retail)		250,920
	180,500	Konica Minolta, Inc. (Technology Hardware & Equipment)		752,932
	73,000	Kureha Corp. (Materials)		4,532,124
	70,500	KYB Corp. (Automobiles & Components)		2,249,069
	26,200	Kyoritsu Maintenance Co. Ltd. (Consumer Services)		1,057,592
	3,593	LaSalle Logiport REIT (Equity Real Estate Investment Trusts)		4,268,494
	34,400	Life Corp. (Consumer Staples Distribution & Retail)		729,716
	1,136,200	Lion Corp. (Household & Personal Products)		12,386,654
	111,000	Mandom Corp. (Household & Personal Products)		1,319,493
	65,000	Mani, Inc. (Health Care Equipment & Services)		850,631
	546,400	Maruha Nichiro Corp. (Food, Beverage & Tobacco)		10,172,442
	83,800	Maruichi Steel Tube Ltd. (Materials)		1,895,649
	395,800	Meitec Corp. (Commercial & Professional Services)		6,688,215
	538,000	Menicon Co. Ltd. (Health Care Equipment & Services)		11,426,751
	146,200	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,825,030
	80	Mitsubishi Estate Logistics REIT Investment Corp. REIT (Equity Real Estate Investment Trusts)		245,331
	1,243,200	Mitsubishi Logistics Corp. (Transportation)		30,805,531
	113,400	Mitsubishi Research Institute, Inc. (Software & Services)		4,114,467
	78,400	Mitsui-Soko Holdings Co. Ltd. (Transportation)		2,301,257
	737,400	MIXI, Inc. (Media & Entertainment)		15,589,501
	52,700	Mizuho Leasing Co. Ltd. (Financial Services)		1,476,772
	34,000	Monogatari Corp. (The) (Consumer Services)		714,670
	49,600	Nakanishi, Inc. (Health Care Equipment & Services)		939,663
Common Stocks – (continued)
Japan – (continued)
	217,200	NHK Spring Co. Ltd. (Automobiles & Components)		1,610,349
	75,000	Nichicon Corp. (Technology Hardware & Equipment)		710,944
	38,100	Nippon Kayaku Co. Ltd. (Materials)		345,633
	6,943	NIPPON REIT Investment Corp. REIT (Equity Real Estate Investment Trusts)		16,298,109
	22,000	Nippon Shokubai Co. Ltd. (Materials)		882,017
	37,000	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		924,779
	561,800	Nisshinbo Holdings, Inc. (Capital Goods)		4,325,063
	2,723,600	Nissui Corp. (Food, Beverage & Tobacco)		11,908,878
	37,000	Niterra Co. Ltd. (Automobiles & Components)		775,514
	772,100	NS United Kaiun Kaisha Ltd. (Transportation)		22,612,263
	8,498	NTT UD REIT Investment Corp. REIT (Equity Real Estate Investment Trusts)		8,189,946
	7,300	Ohsho Food Service Corp. (Consumer Services)		332,438
	66,600	OKUMA Corp. (Capital Goods)		2,957,481
	202,100	Open Door, Inc. (Consumer Services)*(b)		2,177,914
	567,080	Orient Corp. (Financial Services)		4,730,950
	118,900	OSG Corp. (Capital Goods)		1,670,272
	95,000	Pigeon Corp. (Household & Personal Products)		1,479,300
	16,800	Pilot Corp. (Commercial & Professional Services)		559,897
	926,500	Resorttrust, Inc. (Consumer Services)		15,299,127
	7,081,800	Round One Corp. (Consumer Services)		30,634,225
	139,100	RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,125,228
	167,400	Saizeriya Co. Ltd. (Consumer Services)		4,208,867
	14,700	SAMTY Co. Ltd. (Real Estate Management & Development)		239,935
	2,200	San-A Co. Ltd., Class A (Consumer Staples Distribution & Retail)		74,387
	47,900	Sangetsu Corp. (Consumer Durables & Apparel)		798,733
	727,100	Sankyo Co. Ltd. (Consumer Durables & Apparel)		32,076,988
	511,900	Sankyu, Inc. (Transportation)		18,054,572
	4,164,900	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		35,041,927

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	18,100	Sanyo Special Steel Co. Ltd. (Materials)	$	320,344
	12,700	Sato Holdings Corp. (Commercial & Professional Services)		214,912
	35,700	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,033,000
	371,900	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		30,250,068
	8,700	Seiko Group Corp (Consumer Durables & Apparel)		190,966
	147,400	Seino Holdings Co. Ltd. (Transportation)		1,636,435
	16,076	Sekisui House REIT, Inc. REIT (Equity Real Estate Investment Trusts)		9,112,511
	1,468,000	Shikoku Electric Power Co., Inc. (Utilities)*		8,673,528
	3,878,400	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		15,121,043
	59,800	Starts Corp., Inc. (Real Estate Management & Development)		1,130,089
	1,321,000	Sumitomo Heavy Industries Ltd. (Capital Goods)		31,918,000
	38,700	Sumitomo Osaka Cement Co. Ltd. (Materials)		1,088,402
	1,167,800	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		7,326,352
	497,700	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		21,493,632
	397,200	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)		5,867,568
	240,400	Takuma Co. Ltd. (Capital Goods)		2,515,019
	51,600	TKP Corp. (Real Estate Management & Development)*		1,035,295
	1,432,300	Toho Gas Co. Ltd. (Utilities)		26,798,898
	126,200	Tokai Carbon Co. Ltd. (Materials)		1,146,869
	280,400	Tokyo Century Corp. (Financial Services)		9,646,368
	37,700	Tokyo Steel Manufacturing Co. Ltd. (Materials)		379,385
	329,100	Tokyotokeiba Co. Ltd. (Consumer Services)		10,389,863
	5,118,500	Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)		25,975,337
	738	Tokyu REIT, Inc. REIT (Equity Real Estate Investment Trusts)		985,920
	510,400	Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		22,787,805
	193,400	Transcosmos, Inc. (Commercial & Professional Services)		4,512,481
Common Stocks – (continued)
Japan – (continued)
	61,400	United Arrows Ltd. (Consumer Discretionary Distribution & Retail)		896,136
	467,300	Universal Entertainment Corp. (Consumer Durables & Apparel)*		9,837,419
	82,300	UT Group Co. Ltd. (Commercial & Professional Services)*		1,575,396
	161,400	Yellow Hat Ltd. (Consumer Discretionary Distribution & Retail)		2,294,061
				982,784,973
Malta – 0.1%
	167,173	Kambi Group PLC (Consumer Services)*		2,795,185
Netherlands – 0.2%
	23,270	Basic-Fit NV (Consumer Services)*(a)(b)		986,809
	50,815	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)(b)		4,574,046
	136,862	Koninklijke BAM Groep NV (Capital Goods)		299,926
				5,860,781
Norway – 3.7%
	5,661,872	Aker Solutions ASA (Energy)		20,208,569
	2,325,641	Elkem ASA (Materials)*(a)		7,871,367
	1,901,899	Europris ASA (Consumer Discretionary Distribution & Retail)(a)		13,620,802
	98,523	FLEX LNG Ltd. (Energy)(b)		3,417,341
	1,616,194	Golden Ocean Group Ltd. (Transportation)		14,888,023
	1,424,905	Hoegh Autoliners ASA (Transportation)		9,239,042
	260,071	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		1,369,475
	10,005,430	MPC Container Ships ASA (Transportation)		16,419,377
	7,451,899	Norwegian Air Shuttle ASA (Transportation)*		7,241,237
	110,385	Stolt-Nielsen Ltd. (Transportation)		3,182,903
	767,878	TGS ASA (Energy)		12,042,144
	256,767	Veidekke ASA (Capital Goods)		2,953,879
	171,971	Wallenius Wilhelmsen ASA (Transportation)		1,287,037
				113,741,196
Portugal – 0.5%
	341,478	NOS SGPS SA (Telecommunication Services)		1,500,584
	225,206	REN – Redes Energeticas Nacionais SGPS SA (Utilities)		653,999
	10,793,378	Sonae SGPS SA (Consumer Staples Distribution & Retail)		12,308,218
				14,462,801

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Singapore – 0.7%
	1,490,400	ComfortDelGro Corp. Ltd. (Transportation)	$	1,334,167
	21,909	Kenon Holdings Ltd. (Utilities)		582,865
	283,200	Mapletree Industrial Trust REIT (Equity Real Estate Investment Trusts)		506,253
	5,563,300	Sembcorp Industries Ltd. (Utilities)		17,900,747
	829,700	Sheng Siong Group Ltd. (Consumer Staples Distribution & Retail)		1,101,936
				21,425,968
Spain – 1.5%
	350,200	Acerinox SA (Materials)		3,783,651
	1,045,790	Bankinter SA (Banks)		6,183,990
	18,450	Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals, Biotechnology & Life Sciences)		816,199
	492,628	Melia Hotels International SA (Consumer Services)*		3,180,781
	3,639,588	Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts)		32,180,530
				46,145,151
Sweden – 6.9%
	218,971	AddLife AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,594,725
	1,507,327	Alleima AB (Materials)*		7,737,828
	2,165,575	Arjo AB, Class B (Health Care Equipment & Services)		9,606,878
	1,835,933	Betsson AB, Class B (Consumer Services)*		19,818,312
	61,967	Bilia AB, Class A (Consumer Discretionary Distribution & Retail)		699,340
	651,892	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		8,109,261
	798,699	Bravida Holding AB (Commercial & Professional Services)(a)		9,723,960
	1,212,772	Elekta AB, Class B (Health Care Equipment & Services)		10,197,221
	125,519	Fabege AB (Real Estate Management & Development)		1,006,626
	279,026	Hexpol AB (Materials)*		3,288,547
	785,148	Inwido AB (Capital Goods)(b)		8,250,611
	61,121	Lindab International AB (Capital Goods)		978,877
	88,792	Loomis AB (Commercial & Professional Services)		2,842,125
	63,924	MEKO AB (Consumer Discretionary Distribution & Retail)		783,869
	1,040,798	Modern Times Group MTG AB, Class B (Media & Entertainment)*		8,367,174
	152,831	Mycronic AB (Technology Hardware & Equipment)		3,248,099
Common Stocks – (continued)
Sweden – (continued)
	279,024	New Wave Group AB, Class B (Consumer Durables & Apparel)		5,635,211
	500,336	Pandox AB (Real Estate Management & Development)		5,961,725
	25,299	Paradox Interactive AB (Media & Entertainment)		621,679
	611,550	Saab AB, Class B (Capital Goods)		34,338,098
	20,159	Sectra AB, Class B (Health Care Equipment & Services)*		318,317
	913,864	SSAB AB, Class A (Materials)		6,490,131
	3,940,809	SSAB AB, Class B (Materials)		26,636,246
	231,634	Stillfront Group AB (Media & Entertainment)*		493,518
	1,063,512	Trelleborg AB, Class B (Capital Goods)(b)		26,724,048
	405,849	Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences)		9,137,575
				213,610,001
Switzerland – 3.2%
	6,671,006	Aryzta AG (Food, Beverage & Tobacco)*		11,852,822
	1,492	Belimo Holding AG (Capital Goods)		720,082
	15,335	Bucher Industries AG (Capital Goods)		6,906,054
	20,788	Burckhardt Compression Holding AG (Capital Goods)		12,836,318
	62,733	DKSH Holding AG (Commercial & Professional Services)		4,996,738
	8,203	Georg Fischer AG (Capital Goods)		598,162
	159,443	Huber + Suhner AG (Capital Goods)		13,133,195
	112,079	Implenia AG (Capital Goods)		5,057,811
	198	Interroll Holding AG (Capital Goods)		722,676
	68,563	Mobilezone Holding AG (Consumer Discretionary Distribution & Retail)		1,049,249
	72,591	Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		31,633,174
	30,592	u-blox Holding AG (Semiconductors & Semiconductor Equipment)*		3,687,721
	2,790	Ypsomed Holding AG (Health Care Equipment & Services)		648,595
	55,956	Zehnder Group AG (Capital Goods)		4,570,524
				98,413,121
United Kingdom – 14.0%
	317,942	B&M European Value Retail SA (Consumer Discretionary Distribution & Retail)		1,919,402
	3,166,611	Babcock International Group PLC (Capital Goods)*		12,658,234
	3,259,527	Balfour Beatty PLC (Capital Goods)		15,689,266
	1,420,165	Beazley PLC (Insurance)		10,654,745
	359,412	Bellway PLC (Consumer Durables & Apparel)		10,897,189

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	183,963	Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts)	$	2,831,729
	140,606	Bodycote PLC (Capital Goods)		1,220,160
	1,139,314	Britvic PLC (Food, Beverage & Tobacco)		13,098,221
	747,755	Central Asia Metals PLC (Materials)		1,931,170
	26,275,959	Centrica PLC (Utilities)		37,757,315
	56,208	Clarkson PLC (Transportation)		2,189,823
	456,292	Computacenter PLC (Software & Services)		13,228,349
	476,491	Crest Nicholson Holdings PLC (Consumer Durables & Apparel)		1,610,095
	644,219	Dr Martens PLC (Consumer Durables & Apparel)		1,343,129
	681,686	Drax Group PLC (Utilities)		5,393,844
	2,445,937	DS Smith PLC (Materials)		9,549,588
	81,885	easyJet PLC (Transportation)*		513,737
	26,512	Fevertree Drinks PLC (Food, Beverage & Tobacco)		451,805
	836,788	Firstgroup PLC (Transportation)		1,180,231
	33,416	Frasers Group PLC (Consumer Discretionary Distribution & Retail)*		322,921
	29,366	Games Workshop Group PLC (Consumer Durables & Apparel)		3,665,407
	176,807	Greggs PLC (Consumer Services)		6,279,465
	1,422,716	Hays PLC (Commercial & Professional Services)		2,041,107
	3,636,556	IG Group Holdings PLC (Financial Services)		33,570,987
	2,241,032	Inchcape PLC (Consumer Discretionary Distribution & Retail)		22,814,747
	484,046	Intermediate Capital Group PLC (Financial Services)		7,947,976
	215,222	Investec PLC (Financial Services)		1,199,765
	531,590	J D Wetherspoon PLC (Consumer Services)*		4,763,384
	453,193	JET2 PLC (Transportation)		6,999,184
	133,485	Lancashire Holdings Ltd. (Insurance)		1,028,882
	21,742	Liontrust Asset Management PLC (Financial Services)		235,457
	9,774,288	Man Group PLC (Financial Services)		27,954,192
	1,237,051	Melrose Industries PLC (Capital Goods)		6,372,172
	589,462	Moneysupermarket.com Group PLC (Media & Entertainment)		2,035,495
	218,230	Morgan Sindall Group PLC (Capital Goods)		4,654,610
	1,269,510	Pagegroup PLC (Commercial & Professional Services)		7,245,018
	1,108,926	Paragon Banking Group PLC (Financial Services)		7,003,061
Common Stocks – (continued)
United Kingdom – (continued)
	971,881	Playtech PLC (Consumer Services)*		7,054,858
	3,807,480	QinetiQ Group PLC (Capital Goods)		17,790,757
	360,881	Redde Northgate PLC (Transportation)		1,705,301
	510,052	Redrow PLC (Consumer Durables & Apparel)		3,325,330
	2,462,280	Rightmove PLC (Media & Entertainment)		17,822,185
	2,884,706	Rotork PLC (Capital Goods)		11,888,711
	278,144	RS GROUP PLC (Capital Goods)		3,227,042
	1,014,382	Safestore Holdings PLC REIT (Equity Real Estate Investment Trusts)		12,644,623
	478,563	Serica Energy PLC (Energy)		1,430,432
	452,480	Spectris PLC (Technology Hardware & Equipment)		21,428,382
	3,253,474	SSP Group PLC (Consumer Services)*		10,540,945
	1,522,219	Subsea 7 SA (Energy)(b)		17,399,745
	27,451	Telecom Plus PLC (Utilities)		623,053
	236,975	TORM PLC, Class A (Energy)		7,417,205
	931,085	Tritax Big Box REIT PLC REIT (Equity Real Estate Investment Trusts)		1,819,115
	5,588,229	UK Commercial Property REIT Ltd. REIT (Equity Real Estate Investment Trusts)		3,772,678
	387,854	UNITE Group PLC (The) REIT (Equity Real Estate Investment Trusts)		4,679,959
				434,822,183
United States – 0.9%
	842,135	Signify NV (Capital Goods)(a)		28,124,317
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,799,102,303)		$	3,031,185,761

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 2.5%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
77,685,548		4.766	%	$	77,685,548
(Cost $77,685,548)
TOTAL INVESTMENTS – 100.2%
(Cost $2,876,787,851)				$	3,108,871,309
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%					(7,119,843	)
NET ASSETS – 100.0%				$	3,101,751,466

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	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 Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Industrials		24.9	%
Consumer Discretionary		14.6
Information Technology		10.9
Financials		9.8
Real Estate		8.4
Materials		7.3
Health Care		6.1
Consumer Staples		5.6
Utilities		3.8
Communication Services		3.6
Energy		2.5
Securities Lending Reinvestment Vehicle		2.5
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2023, 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		187		06/16/23	$	8,901,593	$	(23,638	)
FTSE 100 Index		41		06/16/23		4,051,294		(11,012	)
Hang Seng Index		4		05/30/23		504,481		3,782
MSCI Singapore Index		18		05/30/23		402,803		(4,125	)
SPI 200 Index		17		06/15/23		2,057,987		(21,961	)
TOPIX Index		46		06/08/23		6,948,365		34,374
Total Futures Contracts							$	(22,580	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund		International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,660,906,327, $1,448,461,200 and $2,799,102,303, respectively)(a)	$	1,750,620,664		$	1,601,341,541	$	3,031,185,761
Investments in affiliated issuers, at value (cost $29,923,777, $— and $—, respectively)		29,923,777			—		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		977,900			67,923,861		77,685,548
Cash		10,088,133			14,441,935		23,359,228
Foreign currency, at value (cost $8,572,516, $32,107,920 and $16,037,433, respectively)		8,599,890			31,701,388		16,047,279
Receivables:
Investments sold		67,563,812			46,474,267		71,128,785
Dividends		6,668,689			8,744,964		17,062,562
Fund shares sold		2,194,984			574,371		2,738,145
Collateral on certain derivative contracts		1,084,971			3,159		1,464,988
Reimbursement from investment adviser		723,197			72,797		730,291
Foreign tax reclaims		292,398			9,425,859		9,877,288
Securities lending income		9,290			113,897		224,876
Variation margin on futures contracts		184,729			102,424		125,479
Other assets		112,697			103,355		128,420
Total assets		1,879,045,131			1,781,023,818		3,251,758,650
Liabilities:
Payables:
Investments purchased		67,546,863			49,707,837		67,231,760
Management fees		1,473,866			1,055,494		2,109,033
Fund shares redeemed		1,420,236			2,827,630		1,808,127
Payable upon return of securities loaned		977,900			67,923,861		77,685,548
Distribution and Service fees and Transfer Agency fees		78,907			105,678		141,532
Accrued expenses		866,629			310,361		1,031,184
Total liabilities		72,364,401			121,930,861		150,007,184
Net Assets:
Paid-in capital		2,151,504,086			1,658,407,533		3,365,916,884
Total distributable earnings (loss)		(344,823,356	)		685,424		(264,165,418	)
NET ASSETS	$	1,806,680,730		$	1,659,092,957	$	3,101,751,466
Net Assets:
Class A	$	31,119,302		$	77,701,901	$	74,106,225
Class C		3,734,366			8,236,767		13,162,024
Institutional		1,092,874,932			715,016,969		2,362,146,761
Service		—			2,282,604		—
Investor		74,949,535			67,756,685		88,494,050
Class R6		517,587,992			413,849,474		523,444,273
Class R		20,708,294			5,706,418		—
Class P		65,706,309			368,542,139		40,398,133
Total Net Assets	$	1,806,680,730		$	1,659,092,957	$	3,101,751,466
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,016,521			6,128,299		6,286,330
Class C		487,891			661,734		1,151,424
Institutional		141,720,992			54,613,908		201,055,971
Service		—			177,508		—
Investor		9,733,362			5,440,450		7,560,306
Class R6		67,197,949			31,639,595		44,443,812
Class R		2,729,586			464,301		—
Class P		8,530,093			28,199,638		3,430,360
Net asset value, offering and redemption price per share:(b)
Class A		$7.75			$12.68		$11.79
Class C		7.65			12.45		11.43
Institutional		7.71			13.09		11.75
Service		—			12.86		—
Investor		7.70			12.45		11.71
Class R6		7.70			13.08		11.78
Class R		7.59			12.29		—
Class P		7.70			13.07		11.78

(a) Includes loaned securities having a market value of $892,586, $63,964,012 and $73,486,580, respectively.

(b) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund Funds is $8.20, $13.42 and $12.48, 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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2023 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,768,985, $1,156,062 and $6,033,313, respectively)	$	33,470,913		$	30,612,399		$	51,985,495
Dividends — affiliated issuers		185,521			4,292			3,160
Securities lending income — affiliated issuer		28,611			252,059			439,367
Total investment income		33,685,045			30,868,750			52,428,022
Expenses:
Management fees		8,682,536			6,302,079			12,669,470
Custody, accounting and administrative services		1,169,404			245,275			1,105,802
Transfer Agency fees(a)		397,792			380,217			695,764
Registration fees		140,153			84,685			92,950
Distribution and/or Service (12b-1) fees(a)		102,210			142,558			143,709
Professional fees		74,050			95,026			96,205
Printing and mailing costs		21,414			19,624			121,207
Trustee fees		14,378			14,664			15,788
Service fees — Class C		4,647			10,430			17,076
Shareholder Administration fees — Service Shares		—			2,662			—
Other		7,735			20,672			42,623
Total expenses		10,614,319			7,317,892			15,000,594
Less — expense reductions		(987,947	)		(433,250	)		(1,226,720	)
Net expenses		9,626,372			6,884,642			13,773,874
NET INVESTMENT INCOME		24,058,673			23,984,108			38,654,148
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(74,912,108	)		17,355,402			(6,266,411	)
Futures contracts		(2,845,155	)		(44,905	)		3,292,335
Foreign currency transactions		(960,751	)		729,446			620,105
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		288,933,209			288,746,839			501,080,044
Futures contracts		3,600,401			969,985			469,931
Foreign currency translations		33,170			162,393			387,018
Net realized and unrealized gain		213,848,766			307,919,160			499,583,022
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	237,907,439		$	331,903,268		$	538,237,170

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

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Equity Insights	$	38,161	$	13,942	$	—	$	50,107	$	24,424	$	2,974	$	209,904	$	—	$	60,986	$	73,030	$	16,034	$	10,440
International Equity Insights		94,384		31,289		2,662		14,223		60,406		6,675		137,423		426		55,221		62,379		4,551		53,136
International Small Cap Insights		92,480		51,229		—		—		59,188		10,929		471,313		—		71,708		76,752		—		5,874

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

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, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	24,058,673		$	48,364,466		$	23,984,108		$	58,645,100
Net realized gain (loss)		(78,718,014	)		(354,012,330	)		18,039,943			(159,155,606	)
Net change in unrealized gain (loss)		292,566,780			(305,519,942	)		289,879,217			(410,714,666	)
Net increase (decrease) in net assets resulting from operations		237,907,439			(611,167,806	)		331,903,268			(511,225,172	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(648,748	)		(8,031,963	)		(2,661,485	)		(6,018,415	)
Class C Shares		(50,511	)		(943,653	)		(214,927	)		(744,639	)
Institutional Shares		(27,005,939	)		(181,910,548	)		(26,688,203	)		(72,980,996	)
Service Shares		—			—			(69,208	)		(155,727	)
Investor Shares		(1,951,545	)		(17,824,612	)		(2,637,002	)		(5,961,017	)
Class R6 Shares		(12,780,575	)		(99,744,666	)		(16,439,891	)		(39,942,112	)
Class R Shares		(384,153	)		(4,417,480	)		(194,401	)		(452,341	)
Class P Shares		(1,800,643	)		(25,054,959	)		(13,005,096	)		(28,448,250	)
Total distributions to shareholders		(44,622,114	)		(337,927,881	)		(61,910,213	)		(154,703,497	)
From share transactions:
Proceeds from sales of shares		378,119,454			964,906,401			154,642,176			563,030,176
Reinvestment of distributions		39,227,947			318,435,948			44,885,211			124,852,157
Cost of shares redeemed		(337,313,293	)		(727,386,790	)		(390,039,806	)		(993,513,897	)
Net increase (decrease) in net assets resulting from share transactions		80,034,108			555,955,559			(190,512,419	)		(305,631,564	)
TOTAL INCREASE (DECREASE)		273,319,433			(393,140,128	)		79,480,636			(971,560,233	)
Net Assets:
Beginning of period		1,533,361,297			1,926,501,425			1,579,612,321			2,551,172,554
End of period	$	1,806,680,730		$	1,533,361,297		$	1,659,092,957		$	1,579,612,321

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)			For the Fiscal Year Ended October 31, 2022
From operations:
Net investment income	$	38,654,148		$	101,902,917
Net realized loss		(2,353,971	)		(444,735,039	)
Net change in unrealized gain (loss)		501,936,993			(669,656,280	)
Net increase (decrease) in net assets resulting from operations		538,237,170			(1,012,488,402	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,933,210	)		(3,065,760	)
Class C Shares		(224,982	)		(570,555	)
Institutional Shares		(68,595,559	)		(86,190,468	)
Investor Shares		(2,541,993	)		(4,455,953	)
Class R6 Shares		(15,528,105	)		(29,007,109	)
Class P Shares		(1,171,633	)		(1,934,023	)
Total distributions to shareholders		(89,995,482	)		(125,223,868	)
From share transactions:
Proceeds from sales of shares		414,127,591			1,080,604,320
Reinvestment of distributions		87,292,253			120,740,449
Cost of shares redeemed		(632,718,641	)		(1,116,771,975	)
Net increase (decrease) in net assets resulting from share transactions		(131,298,797	)		84,572,794
TOTAL INCREASE (DECREASE)		316,942,891			(1,053,139,476	)
Net Assets:
Beginning of period		2,784,808,575			3,837,948,051
End of period	$	3,101,751,466		$	2,784,808,575

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

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.86		$	11.87		$	10.25		$	9.34		$	8.98		$	11.00
Net investment income(a)		0.09			0.21			0.18			0.10			0.15			0.18
Net realized and unrealized gain (loss)		0.96			(3.18	)		1.53			0.96			0.36			(1.66	)
Total from investment operations		1.05			(2.97	)		1.71			1.06			0.51			(1.48	)
Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.09	)		(0.15	)		(0.15	)		(0.12	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.16	)		(2.04	)		(0.09	)		(0.15	)		(0.15	)		(0.54	)
Net asset value, end of period	$	7.75		$	6.86		$	11.87		$	10.25		$	9.34		$	8.98
Total Return(b)		15.27	%		(29.83	)%		16.60	%		11.56	%		5.74	%		(14.11	)%
Net assets, end of period (in 000’s)	$	31,119		$	27,678		$	50,146		$	52,068		$	72,886		$	82,726
Ratio of net expenses to average net assets		1.44	%(c)		1.46	%		1.46	%		1.47	%		1.48	%		1.48	%
Ratio of total expenses to average net assets		1.57	%(c)		1.51	%		1.51	%		1.53	%		1.56	%		1.54	%
Ratio of net investment income to average net assets		2.44	%(c)		2.30	%		1.45	%		1.13	%		1.61	%		1.72	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.75		$	11.69		$	10.10		$	9.19		$	8.83		$	10.88
Net investment income(a)		0.06			0.14			0.09			0.04			0.08			0.10
Net realized and unrealized gain (loss)		0.94			(3.13	)		1.50			0.94			0.36			(1.64	)
Total from investment operations		1.00			(2.99	)		1.59			0.98			0.44			(1.54	)
Distributions to shareholders from net investment income		(0.10	)		(0.08	)		—			(0.07	)		(0.08	)		(0.09	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.10	)		(1.95	)		—			(0.07	)		(0.08	)		(0.51	)
Net asset value, end of period	$	7.65		$	6.75		$	11.69		$	10.10		$	9.19		$	8.83
Total Return(b)		14.72	%		(30.36	)%		15.74	%		10.65	%		5.09	%		(14.80	)%
Net assets, end of period (in 000’s)	$	3,734		$	3,163		$	5,817		$	5,905		$	8,303		$	8,975
Ratio of net expenses to average net assets		2.19	%(c)		2.21	%		2.21	%		2.21	%		2.23	%		2.23	%
Ratio of total expenses to average net assets		2.32	%(c)		2.26	%		2.26	%		2.28	%		2.31	%		2.29	%
Ratio of net investment income to average net assets		1.68	%(c)		1.56	%		0.74	%		0.41	%		0.85	%		0.98	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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. 37

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.85		$	11.86		$	10.24		$	9.33		$	8.99		$	11.01
Net investment income(a)		0.11			0.24			0.23			0.14			0.19			0.19
Net realized and unrealized gain (loss)		0.95			(3.17	)		1.52			0.96			0.35			(1.64	)
Total from investment operations		1.06			(2.93	)		1.75			1.10			0.54			(1.45	)
Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.13	)		(0.19	)		(0.20	)		(0.15	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.20	)		(2.08	)		(0.13	)		(0.19	)		(0.20	)		(0.57	)
Net asset value, end of period	$	7.71		$	6.85		$	11.86		$	10.24		$	9.33		$	8.99
Total Return(b)		15.52	%		(29.64	)%		17.07	%		11.90	%		6.18	%		(13.83	)%
Net assets, end of period (in 000’s)	$	1,092,875		$	925,443		$	1,029,785		$	961,138		$	938,157		$	981,091
Ratio of net expenses to average net assets		1.09	%(c)		1.09	%		1.09	%		1.09	%		1.10	%		1.10	%
Ratio of total expenses to average net assets		1.20	%(c)		1.13	%		1.14	%		1.16	%		1.18	%		1.14	%
Ratio of net investment income to average net assets		2.78	%(c)		2.76	%		1.88	%		1.53	%		2.01	%		1.84	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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 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
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.84		$	11.83		$	10.22		$	9.32		$	8.97		$	10.99
Net investment income(a)		0.10			0.22			0.22			0.13			0.18			0.21
Net realized and unrealized gain (loss)		0.95			(3.14	)		1.51			0.95			0.36			(1.66	)
Total from investment operations		1.05			(2.92	)		1.73			1.08			0.54			(1.45	)
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.12	)		(0.18	)		(0.19	)		(0.15	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.19	)		(2.07	)		(0.12	)		(0.18	)		(0.19	)		(0.57	)
Net asset value, end of period	$	7.70		$	6.84		$	11.83		$	10.22		$	9.32		$	8.97
Total Return(b)		15.41	%		(29.69	)%		16.96	%		11.76	%		6.06	%		(13.90	)%
Net assets, end of period (in 000’s)	$	74,950		$	64,188		$	103,200		$	89,556		$	118,727		$	96,779
Ratio of net expenses to average net assets		1.19	%(c)		1.21	%		1.21	%		1.22	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.32	%(c)		1.26	%		1.26	%		1.28	%		1.31	%		1.29	%
Ratio of net investment income to average net assets		2.68	%(c)		2.51	%		1.78	%		1.39	%		1.92	%		1.99	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.84		$	11.85		$	10.23		$	9.33		$	8.98		$	11.00
Net investment income(a)		0.11			0.24			0.23			0.14			0.17			0.29
Net realized and unrealized gain (loss)		0.95			(3.17	)		1.52			0.95			0.38			(1.73	)
Total from investment operations		1.06			(2.93	)		1.75			1.09			0.55			(1.44	)
Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.13	)		(0.19	)		(0.20	)		(0.16	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.20	)		(2.08	)		(0.13	)		(0.19	)		(0.20	)		(0.58	)
Net asset value, end of period	$	7.70		$	6.84		$	11.85		$	10.23		$	9.33		$	8.98
Total Return(b)		15.39	%		(29.55	)%		17.10	%		11.81	%		6.32	%		(13.84	)%
Net assets, end of period (in 000’s)	$	517,588		$	417,309		$	572,973		$	465,604		$	491,306		$	621,590
Ratio of net expenses to average net assets		1.08	%(c)		1.08	%		1.08	%		1.08	%		1.09	%		1.08	%
Ratio of total expenses to average net assets		1.20	%(c)		1.13	%		1.13	%		1.15	%		1.17	%		1.15	%
Ratio of net investment income to average net assets		2.82	%(c)		2.72	%		1.90	%		1.53	%		1.89	%		2.78	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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.

40 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 R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	6.72		$	11.66		$	10.08		$	9.20		$	8.86		$	10.87
Net investment income(a)		0.08			0.18			0.13			0.08			0.12			0.15
Net realized and unrealized gain (loss)		0.94			(3.10	)		1.52			0.95			0.36			(1.64	)
Total from investment operations		1.02			(2.92	)		1.65			1.03			0.48			(1.49	)
Distributions to shareholders from net investment income		(0.15	)		(0.15	)		(0.07	)		(0.15	)		(0.14	)		(0.10	)
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			(0.42	)
Total distributions		(0.15	)		(2.02	)		(0.07	)		(0.15	)		(0.14	)		(0.52	)
Net asset value, end of period	$	7.59		$	6.72		$	11.66		$	10.08		$	9.20		$	8.86
Total Return(b)		15.19	%		(30.08	)%		16.43	%		11.19	%		5.52	%		(14.34	)%
Net assets, end of period (in 000’s)	$	20,708		$	17,352		$	24,710		$	29,635		$	27,790		$	20,852
Ratio of net expenses to average net assets		1.69	%(c)		1.71	%		1.71	%		1.72	%		1.73	%		1.73	%
Ratio of total expenses to average net assets		1.82	%(c)		1.76	%		1.76	%		1.78	%		1.82	%		1.79	%
Ratio of net investment income to average net assets		2.19	%(c)		2.08	%		1.11	%		0.91	%		1.27	%		1.46	%
Portfolio turnover rate(d)		79	%		167	%		189	%		178	%		165	%		147	%

(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 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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	6.84		$	11.85		$	10.23		$	9.33		$	8.98		$	10.84
Net investment income(b)		0.11			0.25			0.24			0.14			0.18			0.18
Net realized and unrealized gain (loss)		0.95			(3.18	)		1.51			0.95			0.37			(2.04	)
Total from investment operations		1.06			(2.93	)		1.75			1.09			0.55			(1.86	)
Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.13	)		(0.19	)		(0.20	)		—
Distributions to shareholders from net realized gains		—			(1.87	)		—			—			—			—
Total distributions		(0.20	)		(2.08	)		(0.13	)		(0.19	)		(0.20	)		—
Net asset value, end of period	$	7.70		$	6.84		$	11.85		$	10.23		$	9.33		$	8.98
Total Return(c)		15.37	%		(29.55	)%		17.10	%		11.80	%		6.33	%		(17.16	)%
Net assets, end of period (in 000’s)	$	65,706		$	78,229		$	139,870		$	112,229		$	125,429		$	130,763
Ratio of net expenses to average net assets		1.08	%(d)		1.08	%		1.08	%		1.08	%		1.09	%		1.08	%(d)
Ratio of total expenses to average net assets		1.19	%(d)		1.13	%		1.13	%		1.15	%		1.17	%		1.17	%(d)
Ratio of net investment income to average net assets		2.78	%(d)		2.73	%		1.92	%		1.48	%		1.96	%		3.36	%(d)
Portfolio turnover rate(e)		79	%		167	%		189	%		178	%		165	%		147	%

(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 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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.75		$	14.76		$	11.40		$	12.46		$	11.88		$	13.19
Net investment income(a)		0.16			0.31			0.22			0.14			0.23			0.23
Net realized and unrealized gain (loss)		2.19			(3.46	)		3.35			(0.92	)		0.52			(1.36	)
Total from investment operations		2.35			(3.15	)		3.57			(0.78	)		0.75			(1.13	)
Distributions to shareholders from net investment income		(0.42	)		(0.41	)		(0.21	)		(0.28	)		(0.17	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.42	)		(0.86	)		(0.21	)		(0.28	)		(0.17	)		(0.18	)
Net asset value, end of period	$	12.68		$	10.75		$	14.76		$	11.40		$	12.46		$	11.88
Total Return(b)		22.28	%		(22.56	)%		31.50	%		(6.44	)%		6.58	%		(8.71	)%
Net assets, end of period (in 000’s)	$	77,702		$	69,254		$	103,852		$	204,087		$	237,898		$	184,222
Ratio of net expenses to average net assets		1.19	%(c)		1.18	%		1.17	%		1.17	%		1.16	%		1.14	%
Ratio of total expenses to average net assets		1.25	%(c)		1.22	%		1.21	%		1.23	%		1.24	%		1.26	%
Ratio of net investment income to average net assets		2.65	%(c)		2.44	%		1.55	%		1.22	%		1.97	%		1.76	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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. 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 C Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.49		$	14.42		$	11.13		$	12.13		$	11.56		$	12.91
Net investment income(a)		0.11			0.21			0.15			0.05			0.14			0.14
Net realized and unrealized gain (loss)		2.15			(3.39	)		3.24			(0.90	)		0.52			(1.34	)
Total from investment operations		2.26			(3.18	)		3.39			(0.85	)		0.66			(1.20	)
Distributions to shareholders from net investment income		(0.30	)		(0.30	)		(0.10	)		(0.15	)		(0.09	)		(0.15	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.30	)		(0.75	)		(0.10	)		(0.15	)		(0.09	)		(0.15	)
Net asset value, end of period	$	12.45		$	10.49		$	14.42		$	11.13		$	12.13		$	11.56
Total Return(b)		21.83	%		(23.16	)%		30.53	%		(7.08	)%		5.79	%		(9.45	)%
Net assets, end of period (in 000’s)	$	8,237		$	8,393		$	14,406		$	13,484		$	22,427		$	32,338
Ratio of net expenses to average net assets		1.94	%(c)		1.93	%		1.92	%		1.92	%		1.91	%		1.89	%
Ratio of total expenses to average net assets		2.00	%(c)		1.97	%		1.96	%		1.98	%		1.99	%		2.01	%
Ratio of net investment income to average net assets		1.82	%(c)		1.69	%		1.05	%		0.42	%		1.25	%		1.11	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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.

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
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	11.11		$	15.23		$	11.76		$	12.83		$	12.22		$	13.57
Net investment income(a)		0.18			0.36			0.33			0.18			0.29			0.28
Net realized and unrealized gain (loss)		2.27			(3.57	)		3.40			(0.93	)		0.54			(1.41	)
Total from investment operations		2.45			(3.21	)		3.73			(0.75	)		0.83			(1.13	)
Distributions to shareholders from net investment income		(0.47	)		(0.46	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.47	)		(0.91	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)
Net asset value, end of period	$	13.09		$	11.11		$	15.23		$	11.76		$	12.83		$	12.22
Total Return(b)		22.47	%		(22.27	)%		31.93	%		(6.07	)%		7.07	%		(8.48	)%
Net assets, end of period (in 000’s)	$	715,017		$	675,506		$	1,227,429		$	810,510		$	1,256,782		$	1,323,745
Ratio of net expenses to average net assets		0.82	%(c)		0.81	%		0.80	%		0.79	%		0.79	%		0.81	%
Ratio of total expenses to average net assets		0.88	%(c)		0.85	%		0.84	%		0.85	%		0.85	%		0.87	%
Ratio of net investment income to average net assets		3.01	%(c)		2.74	%		2.25	%		1.54	%		2.41	%		2.08	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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. 45

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.88		$	14.91		$	11.52		$	12.57		$	11.98		$	13.32
Net investment income(a)		0.16			0.30			0.25			0.12			0.23			0.21
Net realized and unrealized gain (loss)		2.22			(3.52	)		3.33			(0.91	)		0.52			(1.38	)
Total from investment operations		2.38			(3.22	)		3.58			(0.79	)		0.75			(1.17	)
Distributions to shareholders from net investment income		(0.40	)		(0.36	)		(0.19	)		(0.26	)		(0.16	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.40	)		(0.81	)		(0.19	)		(0.26	)		(0.16	)		(0.17	)
Net asset value, end of period	$	12.86		$	10.88		$	14.91		$	11.52		$	12.57		$	11.98
Total Return(b)		22.26	%		(22.69	)%		31.25	%		(6.50	)%		6.45	%		(8.92	)%
Net assets, end of period (in 000’s)	$	2,283		$	1,887		$	2,927		$	3,675		$	5,386		$	4,538
Ratio of net expenses to average net assets		1.32	%(c)		1.31	%		1.30	%		1.29	%		1.29	%		1.31	%
Ratio of total expenses to average net assets		1.38	%(c)		1.35	%		1.34	%		1.35	%		1.35	%		1.37	%
Ratio of net investment income to average net assets		2.58	%(c)		2.33	%		1.71	%		1.03	%		1.93	%		1.57	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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.

46 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
	Investor Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.58		$	14.55		$	11.19		$	12.23		$	11.67		$	12.97
Net investment income(a)		0.16			0.34			0.25			0.16			0.27			0.27
Net realized and unrealized gain (loss)		2.16			(3.42	)		3.30			(0.89	)		0.50			(1.35	)
Total from investment operations		2.32			(3.08	)		3.55			(0.73	)		0.77			(1.08	)
Distributions to shareholders from net investment income		(0.45	)		(0.44	)		(0.19	)		(0.31	)		(0.21	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.45	)		(0.89	)		(0.19	)		(0.31	)		(0.21	)		(0.22	)
Net asset value, end of period	$	12.45		$	10.58		$	14.55		$	11.19		$	12.23		$	11.67
Total Return(b)		22.39	%		(22.39	)%		31.90	%		(6.21	)%		6.90	%		(8.52	)%
Net assets, end of period (in 000’s)	$	67,757		$	69,844		$	96,352		$	311,446		$	549,732		$	393,993
Ratio of net expenses to average net assets		0.94	%(c)		0.93	%		0.92	%		0.92	%		0.91	%		0.89	%
Ratio of total expenses to average net assets		1.00	%(c)		0.97	%		0.96	%		0.98	%		0.99	%		1.01	%
Ratio of net investment income to average net assets		2.81	%(c)		2.73	%		1.86	%		1.42	%		2.29	%		2.09	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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. 47

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	11.10		$	15.22		$	11.75		$	12.82		$	12.22		$	13.56
Net investment income(a)		0.18			0.37			0.33			0.19			0.30			0.33
Net realized and unrealized gain (loss)		2.27			(3.58	)		3.40			(0.94	)		0.52			(1.45	)
Total from investment operations		2.45			(3.21	)		3.73			(0.75	)		0.82			(1.12	)
Distributions to shareholders from net investment income		(0.47	)		(0.46	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.47	)		(0.91	)		(0.26	)		(0.32	)		(0.22	)		(0.22	)
Net asset value, end of period	$	13.08		$	11.10		$	15.22		$	11.75		$	12.82		$	12.22
Total Return(b)		22.51	%		(22.28	)%		31.97	%		(6.06	)%		7.10	%		(8.48	)%
Net assets, end of period (in 000’s)	$	413,849		$	407,364		$	627,430		$	522,707		$	595,264		$	415,327
Ratio of net expenses to average net assets		0.81	%(c)		0.80	%		0.79	%		0.78	%		0.78	%		0.79	%
Ratio of total expenses to average net assets		0.87	%(c)		0.84	%		0.83	%		0.84	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		2.96	%(c)		2.85	%		2.24	%		1.61	%		2.49	%		2.45	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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.

48 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 R Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.41		$	14.32		$	11.08		$	12.10		$	11.54		$	12.85
Net investment income(a)		0.14			0.27			0.21			0.11			0.21			0.19
Net realized and unrealized gain (loss)		2.13			(3.37	)		3.21			(0.89	)		0.50			(1.33	)
Total from investment operations		2.27			(3.10	)		3.42			(0.78	)		0.71			(1.14	)
Distributions to shareholders from net investment income		(0.39	)		(0.36	)		(0.18	)		(0.24	)		(0.15	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.39	)		(0.81	)		(0.18	)		(0.24	)		(0.15	)		(0.17	)
Net asset value, end of period	$	12.29		$	10.41		$	14.32		$	11.08		$	12.10		$	11.54
Total Return(b)		22.20	%		(22.79	)%		31.19	%		(6.69	)%		6.36	%		(9.01	)%
Net assets, end of period (in 000’s)	$	5,706		$	5,383		$	7,896		$	8,321		$	9,281		$	7,548
Ratio of net expenses to average net assets		1.44	%(c)		1.43	%		1.42	%		1.42	%		1.41	%		1.40	%
Ratio of total expenses to average net assets		1.50	%(c)		1.47	%		1.46	%		1.48	%		1.49	%		1.51	%
Ratio of net investment income to average net assets		2.36	%(c)		2.20	%		1.56	%		0.99	%		1.79	%		1.49	%
Portfolio turnover rate(d)		75	%		151	%		164	%		160	%		136	%		124	%

(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. 49

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	11.09		$	15.21		$	11.74		$	12.81		$	12.21		$	13.79
Net investment income(b)		0.19			0.38			0.33			0.19			0.30			0.12
Net realized and unrealized gain (loss)		2.26			(3.59	)		3.40			(0.94	)		0.52			(1.70	)
Total from investment operations		2.45			(3.21	)		3.73			(0.75	)		0.82			(1.58	)
Distributions to shareholders from net investment income		(0.47	)		(0.46	)		(0.26	)		(0.32	)		(0.22	)		—
Distributions to shareholders from net realized gains		—			(0.45	)		—			—			—			—
Total distributions		(0.47	)		(0.91	)		(0.26	)		(0.32	)		(0.22	)		—
Net asset value, end of period	$	13.07		$	11.09		$	15.21		$	11.74		$	12.81		$	12.21
Total Return(c)		22.53	%		(22.29	)%		32.00	%		(6.06	)%		7.03	%		(11.46	)%
Net assets, end of period (in 000’s)	$	368,542		$	341,982		$	470,881		$	357,875		$	372,536		$	245,618
Ratio of net expenses to average net assets		0.81	%(d)		0.80	%		0.79	%		0.78	%		0.78	%		0.78	%(d)
Ratio of total expenses to average net assets		0.87	%(d)		0.84	%		0.83	%		0.84	%		0.84	%		0.87	%(d)
Ratio of net investment income to average net assets		3.03	%(d)		2.95	%		2.24	%		1.62	%		2.43	%		1.65	%(d)
Portfolio turnover rate(e)		75	%		151	%		164	%		160	%		136	%		124	%

(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.

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 A Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.14		$	14.32		$	10.96		$	11.77		$	11.16		$	13.39
Net investment income(a)		0.12			0.32			0.27			0.08			0.17			0.17
Net realized and unrealized gain (loss)		1.82			(4.10	)		3.28			(0.52	)		0.55			(1.39	)
Total from investment operations		1.94			(3.78	)		3.55			(0.44	)		0.72			(1.22	)
Distributions to shareholders from net investment income		(0.29	)		(0.40	)		(0.19	)		(0.37	)		(0.11	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.83	)
Total distributions		(0.29	)		(0.40	)		(0.19	)		(0.37	)		(0.11	)		(1.01	)
Net asset value, end of period	$	11.79		$	10.14		$	14.32		$	10.96		$	11.77		$	11.16
Total Return(b)		19.36	%		(27.07	)%		32.65	%		(3.98	)%		6.68	%		(9.88	)%
Net assets, end of period (in 000’s)	$	74,106		$	69,230		$	150,934		$	120,602		$	163,427		$	193,465
Ratio of net expenses to average net assets		1.25	%(c)		1.24	%		1.24	%		1.25	%		1.26	%		1.26	%
Ratio of total expenses to average net assets		1.33	%(c)		1.28	%		1.30	%		1.31	%		1.33	%		1.31	%
Ratio of net investment income to average net assets		2.11	%(c)		2.63	%		1.96	%		0.76	%		1.52	%		1.34	%
Portfolio turnover rate(d)		75	%		156	%		185	%		149	%		131	%		110	%

(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. 51

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, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.77		$	13.81		$	10.56		$	11.34		$	10.73		$	12.95
Net investment income(a)		0.07			0.23			0.16			—	(b)		0.09			0.08
Net realized and unrealized gain (loss)		1.76			(3.98	)		3.17			(0.51	)		0.54			(1.35	)
Total from investment operations		1.83			(3.75	)		3.33			(0.51	)		0.63			(1.27	)
Distributions to shareholders from net investment income		(0.17	)		(0.29	)		(0.08	)		(0.27	)		(0.02	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.83	)
Total distributions		(0.17	)		(0.29	)		(0.08	)		(0.27	)		(0.02	)		(0.95	)
Net asset value, end of period	$	11.43		$	9.77		$	13.81		$	10.56		$	11.34		$	10.73
Total Return(c)		18.92	%		(27.65	)%		31.67	%		(4.71	)%		5.94	%		(10.59	)%
Net assets, end of period (in 000’s)	$	13,162		$	13,111		$	28,406		$	29,190		$	51,728		$	68,767
Ratio of net expenses to average net assets		2.00	%(d)		1.99	%		1.99	%		2.00	%		2.01	%		2.01	%
Ratio of total expenses to average net assets		2.07	%(d)		2.03	%		2.05	%		2.06	%		2.08	%		2.06	%
Ratio of net investment income (loss) to average net assets		1.31	%(d)		1.92	%		1.20	%		(0.01	)%		0.82	%		0.61	%
Portfolio turnover rate(e)		75	%		156	%		185	%		149	%		131	%		110	%

(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.

52 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
	Institutional Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.13		$	14.33		$	10.97		$	11.78		$	11.19		$	13.42
Net investment income(a)		0.14			0.38			0.33			0.12			0.22			0.21
Net realized and unrealized gain (loss)		1.82			(4.11	)		3.27			(0.52	)		0.54			(1.38	)
Total from investment operations		1.96			(3.73	)		3.60			(0.40	)		0.76			(1.17	)
Distributions to shareholders from net investment income		(0.34	)		(0.47	)		(0.24	)		(0.41	)		(0.17	)		(0.23	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.83	)
Total distributions		(0.34	)		(0.47	)		(0.24	)		(0.41	)		(0.17	)		(1.06	)
Net asset value, end of period	$	11.75		$	10.13		$	14.33		$	10.97		$	11.78		$	11.19
Total Return(b)		19.61	%		(26.80	)%		33.11	%		(3.61	)%		7.10	%		(9.53	)%
Net assets, end of period (in 000’s)	$	2,362,147		$	2,097,460		$	2,579,024		$	1,608,195		$	2,134,382		$	2,250,288
Ratio of net expenses to average net assets		0.88	%(c)		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%
Ratio of total expenses to average net assets		0.96	%(c)		0.91	%		0.92	%		0.93	%		0.95	%		0.92	%
Ratio of net investment income to average net assets		2.53	%(c)		3.14	%		2.39	%		1.13	%		1.96	%		1.67	%
Portfolio turnover rate(d)		75	%		156	%		185	%		149	%		131	%		110	%

(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. 53

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
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.08		$	14.26		$	10.92		$	11.72		$	11.12		$	13.36
Net investment income(a)		0.13			0.36			0.30			0.10			0.19			0.21
Net realized and unrealized gain (loss)		1.82			(4.09	)		3.26			(0.51	)		0.56			(1.40	)
Total from investment operations		1.95			(3.73	)		3.56			(0.41	)		0.75			(1.19	)
Distributions to shareholders from net investment income		(0.32	)		(0.45	)		(0.22	)		(0.39	)		(0.15	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.83	)
Total distributions		(0.32	)		(0.45	)		(0.22	)		(0.39	)		(0.15	)		(1.05	)
Net asset value, end of period	$	11.71		$	10.08		$	14.26		$	10.92		$	11.72		$	11.12
Total Return(b)		19.52	%		(26.90	)%		32.88	%		(3.72	)%		7.01	%		(9.72	)%
Net assets, end of period (in 000’s)	$	88,494		$	89,627		$	141,731		$	131,558		$	274,079		$	532,484
Ratio of net expenses to average net assets		1.00	%(c)		0.99	%		0.99	%		1.00	%		1.01	%		1.01	%
Ratio of total expenses to average net assets		1.08	%(c)		1.03	%		1.05	%		1.06	%		1.08	%		1.06	%
Ratio of net investment income to average net assets		2.32	%(c)		2.98	%		2.21	%		0.95	%		1.74	%		1.68	%
Portfolio turnover rate(d)		75	%		156	%		185	%		149	%		131	%		110	%

(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.

54 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 R6 Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.15		$	14.36		$	10.99		$	11.80		$	11.21		$	13.45
Net investment income(a)		0.14			0.38			0.31			0.13			0.22			0.22
Net realized and unrealized gain (loss)		1.83			(4.12	)		3.29			(0.52	)		0.54			(1.40	)
Total from investment operations		1.97			(3.74	)		3.60			(0.39	)		0.76			(1.18	)
Distributions to shareholders from net investment income		(0.34	)		(0.47	)		(0.23	)		(0.42	)		(0.17	)		(0.23	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.83	)
Total distributions		(0.34	)		(0.47	)		(0.23	)		(0.42	)		(0.17	)		(1.06	)
Net asset value, end of period	$	11.78		$	10.15		$	14.36		$	10.99		$	11.80		$	11.21
Total Return(b)		19.68	%		(26.81	)%		33.12	%		(3.60	)%		7.11	%		(9.57	)%
Net assets, end of period (in 000’s)	$	523,444		$	479,843		$	878,443		$	963,821		$	1,192,142		$	1,076,035
Ratio of net expenses to average net assets		0.87	%(c)		0.86	%		0.86	%		0.86	%		0.86	%		0.85	%
Ratio of total expenses to average net assets		0.95	%(c)		0.90	%		0.91	%		0.92	%		0.94	%		0.92	%
Ratio of net investment income to average net assets		2.51	%(c)		3.06	%		2.26	%		1.19	%		2.01	%		1.72	%
Portfolio turnover rate(d)		75	%		156	%		185	%		149	%		131	%		110	%

(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. 55

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, 2023 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.15		$	14.36		$	10.99		$	11.80		$	11.21		$	13.08
Net investment income(b)		0.14			0.38			0.33			0.12			0.22			0.08
Net realized and unrealized gain (loss)		1.83			(4.12	)		3.28			(0.51	)		0.54			(1.95	)
Total from investment operations		1.97			(3.74	)		3.61			(0.39	)		0.76			(1.87	)
Distributions to shareholders from net investment income		(0.34	)		(0.47	)		(0.24	)		(0.42	)		(0.17	)		—
Net asset value, end of period	$	11.78		$	10.15		$	14.36		$	10.99		$	11.80		$	11.21
Total Return(c)		19.68	%		(26.81	)%		33.15	%		(3.60	)%		7.11	%		(14.30	)%
Net assets, end of period (in 000’s)	$	40,398		$	35,538		$	59,410		$	43,631		$	80,926		$	90,943
Ratio of net expenses to average net assets		0.87	%(d)		0.86	%		0.86	%		0.86	%		0.86	%		0.85	%(d)
Ratio of total expenses to average net assets		0.95	%(d)		0.90	%		0.92	%		0.92	%		0.94	%		0.93	%(d)
Ratio of net investment income to average net assets		2.53	%(d)		3.15	%		2.41	%		1.08	%		1.96	%		1.20	%(d)
Portfolio turnover rate(e)		75	%		156	%		185	%		149	%		131	%		110	%

(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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2023 (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, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, 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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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.

57

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

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 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 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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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

58

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures 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 the Valuation Procedures 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 Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 either due to broker/receivable for collateral on certain derivative 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

59

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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 the Valuation Procedures. 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, 2023:

EMERGING MARKETS EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	5,706,716	$	33,135,396	$	—
Asia		86,683,341		1,427,091,646		—
Europe		614,058		16,543,913		—
North America		58,608,151		—		—
Oceania		5,637,352		—		—
South America		103,689,955		12,910,136		—
Investment Company		29,923,777		—		—
Securities Lending Reinvestment Vehicle		977,900		—		—
Total	$	291,841,250	$	1,489,681,091	$	—
Derivative Type
Assets(b)
Futures Contracts	$	853,981	$	—	$	—
Total	$	853,981	$	—	$	—

(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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	2,154,160	$	—
Asia		5,348,063			368,305,922		—
Europe		28,864,889			941,293,522		—
North America		21,112,607			77,031,466		—
Oceania		—			157,230,912		—
Securities Lending Reinvestment Vehicle		67,923,861			—		—
Total	$	123,249,420		$	1,546,015,982	$	—
Derivative Type
Assets(b)
Futures Contracts	$	978,504		$	—	$	—
Total	$	978,504		$	—	$	—
Liabilities(b)
Futures Contracts	$	(8,519	)	$	—	$	—
Total	$	(8,519	)	$	—	$	—
INTERNATIONAL SMALL CAP INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	19,835,597		$	1,132,007,290	$	—
Europe		86,777,671			1,490,584,011		—
North America		—			28,124,317		—
Oceania		—			273,856,875		—
Securities Lending Reinvestment Vehicle		77,685,548			—		—
Total	$	184,298,816		$	2,924,572,493	$	—

(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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

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

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL SMALL CAP INSIGHTS FUND (continued)
Derivative Type	Level 1			Level 2		Level 3
Assets(a)
Futures Contracts	$	38,156		$	—	$	—
Total	$	38,156		$	—	$	—
Liabilities(a)
Futures Contracts	$	(60,736	)	$	—	$	—
Total	$	(60,736	)	$	—	$	—

(a) 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, 2023. 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(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	853,981	—	$	—
International Equity Insights
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	978,504	Variation margin on futures contracts	$	(8,519)
International Small Cap Insights
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	38,156	Variation margin on futures contracts	$	(60,736)

(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, 2023 is reported within the Statements of Assets and Liabilities.

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4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2023. 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	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(2,845,155	)	$	3,600,401
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	$	(44,905	)	$	969,985
Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	3,292,335		$	469,931

For the six months ended April 30, 2023, the relevant values for each derivative type was as follows:

	Average Number of Contracts(a)
Fund	Futures Contracts
Emerging Markets Equity Insights		653
International Equity Insights		343
International Small Cap Insights		259

(a) Amounts disclosed represent average number of contracts for futures, 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, 2023.

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Notes to Financial Statements (continued)

April 30, 2023 (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, 2023, 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			0.78			0.78
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, 2023, GSAM waived $7,091, $161 and $277 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

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

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 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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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2023, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	932	$	—
International Equity Insights		878		—
International Small Cap Insights		1,037		—

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. Effective February 28, 2023, Goldman Sachs began waiving 0.06% of the average daily net assets of Class A, Class C, Investor, and Class R Shares of the Emerging Markets Equity Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and 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, 2024, 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, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Equity Insights	$	7,091	$	13,268	$	967,588	$	987,947
International Equity Insights		161		—		433,089		433,250
International Small Cap Insights		277		—		1,226,443		1,226,720

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of April 30, 2023, the Funds participated in a $1,110,000,000 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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

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, 2023:

Fund	Beginning Value as of October 31, 2022	Purchased at Cost		Proceeds from Sales			Ending Value as of April 30, 2023		Shares as of April 30, 2023		Dividend Income
Emerging Markets Equity Insights	$5,459,494	$	407,869,463	$	(383,405,180	)	$	29,923,777		29,923,777	$	185,521
International Equity Insights	—		22,749,665		(22,749,665	)		—		—		4,292
International Small Cap Insights	—		14,263,704		(14,263,704	)		—		—		3,160

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, 2023, were as follows:

Fund	Purchase		Sales and Maturities
Emerging Markets Equity Insights	$	1,376,118,134	$	1,331,217,914
International Equity Insights		1,199,553,168		1,459,860,084
International Small Cap Insights		2,267,333,525		2,421,854,774

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.

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7. SECURITIES LENDING (continued)

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, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2023, 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, 2023				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2023
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	3,180	$	2,517	$	—
International Equity Insights		29,708		17,432		—
International Small Cap Insights		49,349		137		2,166,203

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2023.

Fund	Beginning value as of October 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2023
Emerging Markets Equity Insights	$	1,701,266	$	35,085,014	$	(35,808,380	)	$	977,900
International Equity Insights		5,817,654		213,308,148		(151,201,941	)		67,923,861
International Small Cap Insights		21,447,967		268,210,595		(211,973,014	)		77,685,548

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2022, the Funds’ capital loss carryforwards were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Capital loss carryforwards:
Perpetual Short-Term	$	(311,363,543	)	$	(170,061,919	)	$	(461,587,200	)
Perpetual Long-Term		(33,279,705	)		—			—
Total Capital Loss Carryfowards	$	(344,643,248	)	$	(170,061,919	)	$	(461,587,200	)

As of April 30, 2023, 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	$	1,719,270,939		$	1,466,089,839		$	2,938,518,715
Gross unrealized gain		389,702,637			344,772,577			632,526,665
Gross unrealized loss		(328,429,135	)		(209,520,875	)		(462,174,071	)
Net unrealized gain (loss)	$	61,273,502		$	135,251,702		$	170,352,594

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, 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 and other similar instruments (collectively, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,

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9. OTHER RISKS (continued)

trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. 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, or economically tied to, 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 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 funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

9. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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 Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or 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

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		629,578		$	4,822,362			1,139,234		$	10,051,175
Reinvestment of distributions		86,134			646,869			818,417			8,011,778
Shares redeemed		(731,904	)		(5,614,859	)		(2,151,315	)		(20,226,898	)
		(16,192	)		(145,628	)		(193,664	)		(2,163,945	)
Class C Shares
Shares sold		105,823			808,363			64,582			530,995
Reinvestment of distributions		6,789			50,511			98,001			943,653
Shares redeemed		(93,085	)		(716,456	)		(191,641	)		(1,720,784	)
		19,527			142,418			(29,058	)		(246,136	)
Institutional Shares
Shares sold		31,974,934			245,189,260			74,165,248			635,424,773
Reinvestment of distributions		3,109,679			23,198,208			17,222,127			168,236,880
Shares redeemed		(28,467,347	)		(216,985,497	)		(43,144,190	)		(373,712,149	)
		6,617,266			51,401,971			48,243,185			429,949,504
Investor Shares
Shares sold		2,593,521			20,021,273			3,968,890			33,777,030
Reinvestment of distributions		261,952			1,951,545			1,822,918			17,774,994
Shares redeemed		(2,512,354	)		(19,306,738	)		(5,122,494	)		(45,918,875	)
		343,119			2,666,080			669,314			5,633,149
Class R6 Shares
Shares sold		11,873,132			91,279,593			27,005,926			229,944,414
Reinvestment of distributions		1,502,821			11,196,018			9,632,514			93,996,204
Shares redeemed		(7,166,242	)		(56,006,785	)		(24,020,041	)		(205,626,537	)
		6,209,711			46,468,826			12,618,399			118,314,081
Class R Shares
Shares sold		354,015			2,655,580			548,884			4,860,054
Reinvestment of distributions		52,195			384,153			460,887			4,417,480
Shares redeemed		(260,395	)		(2,005,999	)		(545,548	)		(4,762,576	)
		145,815			1,033,734			464,223			4,514,958
Class P
Shares sold		1,778,056			13,343,023			6,130,295			50,317,960
Reinvestment of distributions		241,697			1,800,643			2,567,811			25,054,959
Shares redeemed		(4,922,670	)		(36,676,959	)		(9,072,302	)		(75,418,971	)
		(2,902,917	)		(21,533,293	)		(374,196	)		(46,052	)
NET INCREASE		10,416,329		$	80,034,108			61,398,203		$	555,955,559

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		447,322		$	5,344,321			1,211,824		$	15,218,091
Reinvestment of distributions		205,096			2,342,201			381,838			5,244,473
Shares redeemed		(968,691	)		(11,610,328	)		(2,184,926	)		(27,873,065	)
		(316,273	)		(3,923,806	)		(591,264	)		(7,410,501	)
Class C Shares
Shares sold		30,135			350,450			38,238			478,345
Reinvestment of distributions		15,940			179,321			46,326			623,465
Shares redeemed		(184,821	)		(2,166,655	)		(283,433	)		(3,364,455	)
		(138,746	)		(1,636,884	)		(198,869	)		(2,262,645	)
Institutional Shares
Shares sold		6,967,831			86,600,681			21,174,801			272,935,937
Reinvestment of distributions		1,053,147			12,406,075			3,501,048			49,669,529
Shares redeemed		(14,231,247	)		(173,661,807	)		(44,443,531	)		(574,079,124	)
		(6,210,269	)		(74,655,051	)		(19,767,682	)		(251,473,658	)
Service Shares
Shares sold		15,254			187,188			41,614			506,533
Reinvestment of distributions		5,584			64,720			10,537			146,552
Shares redeemed		(16,742	)		(200,878	)		(75,020	)		(943,746	)
		4,096			51,030			(22,869	)		(290,661	)
Investor Shares
Shares sold		713,325			8,465,785			2,334,270			28,234,502
Reinvestment of distributions		235,237			2,637,002			441,728			5,961,017
Shares redeemed		(2,111,421	)		(25,003,196	)		(2,796,739	)		(33,840,289	)
		(1,162,859	)		(13,900,409	)		(20,741	)		355,230
Class R6 Shares
Shares sold		1,303,983			16,112,346			8,149,108			111,753,063
Reinvestment of distributions		1,194,421			14,058,339			2,426,596			34,310,169
Shares redeemed		(7,568,328	)		(93,444,426	)		(15,093,491	)		(192,897,952	)
		(5,069,924	)		(63,273,741	)		(4,517,787	)		(46,834,720	)
Class R Shares
Shares sold		33,915			397,179			91,169			1,107,258
Reinvestment of distributions		17,370			192,457			33,666			448,702
Shares redeemed		(103,902	)		(1,227,132	)		(159,219	)		(1,931,230	)
		(52,617	)		(637,496	)		(34,384	)		(375,270	)
Class P Shares
Shares sold		3,098,603			37,184,226			11,060,072			132,796,447
Reinvestment of distributions		1,105,876			13,005,096			2,013,329			28,448,250
Shares redeemed		(6,847,704	)		(82,725,384	)		(13,196,037	)		(158,584,036	)
		(2,643,225	)		(32,536,062	)		(122,636	)		2,660,661
NET DECREASE		(15,589,817	)	$	(190,512,419)			(25,276,232	)	$	(305,631,564	)

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2023 (Unaudited)						For the Fiscal Year Ended October 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		335,689		$	3,803,394			1,267,423		$	15,429,797
Reinvestment of distributions		163,045			1,773,932			202,215			2,679,347
Shares redeemed		(1,042,568	)		(11,830,292	)		(5,181,715	)		(66,968,557	)
		(543,834	)		(6,252,966	)		(3,712,077	)		(48,859,413	)
Class C Shares
Shares sold		8,357			92,381			22,692			273,534
Reinvestment of distributions		21,115			223,401			43,827			563,181
Shares redeemed		(220,186	)		(2,416,707	)		(781,977	)		(8,997,277	)
		(190,714	)		(2,100,925	)		(715,458	)		(8,160,562	)
Institutional Shares
Shares sold		33,122,951			371,613,021			77,060,400			919,038,682
Reinvestment of distributions		6,116,747			66,244,371			6,276,089			82,844,371
Shares redeemed		(45,269,706	)		(513,468,979	)		(56,214,305	)		(672,860,547	)
		(6,030,008	)		(75,611,587	)		27,122,184			329,022,506
Investor Shares
Shares sold		1,224,557			13,974,952			2,484,377			29,984,770
Reinvestment of distributions		235,588			2,541,993			338,843			4,455,780
Shares redeemed		(2,789,705	)		(31,328,188	)		(3,869,213	)		(46,089,552	)
		(1,329,560	)		(14,811,243	)		(1,045,993	)		(11,649,002	)
Class R6 Shares
Shares sold		2,120,383			24,095,469			9,392,486			115,712,651
Reinvestment of distributions		1,415,375			15,356,814			2,136,338			28,263,748
Shares redeemed		(6,354,191	)		(71,150,682	)		(25,423,719	)		(313,550,405	)
		(2,818,433	)		(31,698,399	)		(13,894,895	)		(169,574,006	)
Class P Shares
Shares sold		47,456			548,374			14,449			164,886
Reinvestment of distributions		106,151			1,151,742			146,295			1,934,022
Shares redeemed		(223,760	)		(2,523,793	)		(796,954	)		(8,305,637	)
		(70,153	)		(823,677	)		(636,210	)		(6,206,729	)
NET INCREASE/DECREASE		(10,982,702	)	$	(131,298,797)			7,117,551		$	84,572,794

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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 14-15, 2023, 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, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report 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; (3) the impact of local holidays in non-U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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.

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period  Ended April 30, 2023 (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 October 31, 2022 through April 30, 2023, 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 11/01/22		Ending Account Value 04/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*		Beginning Account Value 11/1/22		Ending Account Value 4/30/23			Expenses Paid for the 6 months ended 4/30/23*
Class A
Actual	$	1,000.00	$	1,152.65		$	7.69	$	1,000.00	$	1,222.77		$	6.58	$	1,000.00	$	1,193.60		$	6.79
Hypothetical 5% return		1,000.00		1,017.65	+		7.21		1,000.00		1,018.87	+		5.98		1,000.00		1,018.61	+		6.24
Class C
Actual		1,000.00		1,147.25			11.67		1,000.00		1,218.34			10.70		1,000.00		1,189.25			10.84
Hypothetical 5% return		1,000.00		1,013.93	+		10.94		1,000.00		1,015.15	+		9.72		1,000.00		1,014.89	+		9.98
Institutional
Actual		1,000.00		1,155.23			5.84		1,000.00		1,224.74			4.55		1,000.00		1,196.08			4.78
Hypothetical 5% return		1,000.00		1,019.38	+		5.47		1,000.00		1,020.70	+		4.13		1,000.00		1,020.44	+		4.40
Service
Actual		1,000.00		N/A			N/A		1,000.00		1,222.63			7.30		1,000.00		N/A			N/A
Hypothetical 5% return		1,000.00		N/A			N/A		1,000.00		1,018.22	+		6.63		1,000.00		N/A			N/A
Investor
Actual		1,000.00		1,154.08			6.37		1,000.00		1,223.90			5.21		1,000.00		1,195.16			5.43
Hypothetical 5% return		1,000.00		1,018.88	+		5.97		1,000.00		1,020.11	+		4.73		1,000.00		1,019.85	+		5.00
Class R6
Actual		1,000.00		1,153.87			5.78		1,000.00		1,225.10			4.50		1,000.00		1,196.76			4.73
Hypothetical 5% return		1,000.00		1,019.43	+		5.42		1,000.00		1,020.75	+		4.08		1,000.00		1,020.49	+		4.35
Class R
Actual		1,000.00		1,151.85			9.02		1,000.00		1,221.96			7.96		1,000.00		N/A			N/A
Hypothetical 5% return		1,000.00		1,016.41	+		8.46		1,000.00		1,017.63	+		7.23		1,000.00		N/A			N/A
Class P
Actual		1,000.00		1,153.69			5.78		1,000.00		1,225.32			4.50		1,000.00		1,196.76			4.73
Hypothetical 5% return		1,000.00		1,019.43	+		5.42		1,000.00		1,020.75	+		4.08		1,000.00		1,020.49	+		4.35

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

* 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, 2023. 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
Emerging Markets Equity Insights Fund		1.44	%		2.19	%		1.09	%		N/A		1.19	%		1.08	%		1.69	%		1.08	%
International Equity Insights Fund		1.19			1.94			0.82			1.32		0.94			0.81			1.44			0.81
International Small Cap Insights Fund		1.25			2.00			0.88			N/A		1.00			0.87			N/A			0.87

75

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 $2.41 trillion in assets under supervision as of March 31, 2023, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond 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

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ 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

∎ 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.

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 Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth	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).

© 2023 Goldman Sachs. All rights reserved. 323210-OTU-1819312 INTINSSAR-23

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. Kathryn A. Cassidy 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 August 26, 2022.
(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:	June 29, 2023

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:	June 29, 2023
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 29, 2023